82 FR 3058 - Self-Regulatory Organizations; ISE Mercury, LLC; Order Approving a Proposed Rule Change To Modify the Response Times in the Block Mechanism, Facilitation Mechanism, Solicited Order Mechanism, and Price Improvement Mechanism

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 6 (January 10, 2017)

Page Range		3058-3059
FR Document		2017-00215
Federal Register, Volume 82 Issue 6 (Tuesday, January 10, 2017)
[Federal Register Volume 82, Number 6 (Tuesday, January 10, 2017)]
[Notices]
[Pages 3058-3059]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-00215]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79731; File No. SR-ISEMercury-2016-21]


Self-Regulatory Organizations; ISE Mercury, LLC; Order Approving 
a Proposed Rule Change To Modify the Response Times in the Block 
Mechanism, Facilitation Mechanism, Solicited Order Mechanism, and Price 
Improvement Mechanism

January 4, 2017.

I. Introduction

    On November 8, 2016, ISE Mercury, LLC (the ``Exchange'' or ``ISE 
Mercury'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend ISE Mercury Rules 716 (Block Trades) and 
723 (Price Improvement Mechanism for Crossing Transactions) to modify 
the response times in the Block Order Mechanism, Facilitation 
Mechanism, Solicited Order Mechanism, and Price Improvement Mechanism 
(``PIM'') from 500 milliseconds to a time period designated by the 
Exchange of no less than 100 milliseconds and no more than 1 second. 
The proposed rule change was published for comment in the Federal 
Register on November 25, 2016.\3\ No comment letters were received on 
the proposed rule change. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79354 (November 18, 
2016), 81 FR 85295 (``Notice'').
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II. Description of the Proposed Rule Change

    ISE Mercury Rule 716 (Block Trades) contains the requirements 
applicable to the execution of orders using the Block Order Mechanism, 
Facilitation Mechanism, and Solicited Order Mechanism. The Block Order 
Mechanism allows ISE Mercury members to obtain liquidity for the 
execution of a block-size order.\4\ The Facilitation and Solicited 
Order Mechanisms allow ISE Mercury members to enter cross transactions 
seeking price improvement.\5\ ISE Mercury Rule 723 (Price Improvement 
Mechanism for Crossing Transactions) contains the requirements 
applicable to the execution of orders using the PIM. The PIM allows ISE 
Mercury members to enter cross transactions of any size. The 
Facilitation, Solicited Order Mechanisms, and PIM allow for ISE Mercury 
members to designate certain customer orders for price improvement and 
submit such orders into one of the mechanisms with a matching contra 
order. Once such an order is submitted, ISE Mercury commences an 
auction by broadcasting a message to all ISE Mercury members that 
includes the series, price, size, and side of the market.\6\ Further, 
responses within the PIM (i.e., Improvement Orders), are also broadcast 
to market participants during the auction.
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    \4\ Block-size orders are orders for 50 contracts or more. See 
ISE Mercury Rule 716(a).
    \5\ Only block-size orders can be entered into the Facilitation 
Mechanism, whereas only orders for 500 contracts or more can be 
entered into the Solicited Order Mechanism. See ISE Mercury Rule 
716(d) and (e).
    \6\ ISE Mercury members may choose to hide the size, side, and 
price when entering orders into the Block Order Mechanism.
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    Orders entered into the Block Order Mechanism, Facilitation 
Mechanism, Solicited Order Mechanism, and PIM are currently exposed to 
all market participants for 500 milliseconds, giving them an 
opportunity to enter additional trading interest before the orders are

[[Page 3059]]

automatically executed. Under the proposal, ISE Mercury would determine 
an exposure period for each of the four mechanisms that is no less than 
100 milliseconds and no more than 1 second.\7\
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    \7\ While the proposed rule change would allow ISE Mercury to 
increase the exposure period up to 1 second, ISE Mercury stated that 
it currently intends to decrease the time period allowed for 
responses to 100 milliseconds. See Notice, supra note 3, at 85297. 
ISE Mercury further noted that its proposal is consistent with 
exposure periods permitted in similar mechanisms on other options 
exchanges. See id. at 85296. See also Securities Exchange Act 
Release Nos. 76301 (October 29, 2015), 80 FR 68347 (November 4, 
2015) (SR-BX-2015-032) and 77557 (April 7, 2016), 81 FR 21935 (April 
13, 2016) (SR-Phlx-2016-40).
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III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\8\ 
In particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\9\ which requires, among 
other things, that the rules of a national securities exchange be 
designed to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system and, 
in general, to protect investors and the public interest, and not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Commission also finds that the proposed rule 
change is consistent with Section 6(b)(8) of the Act,\10\ which 
requires that the rules of an exchange not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
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    \8\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ 15 U.S.C. 78f(b)(8).
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    The Commission believes that, given the electronic environment of 
ISE Mercury, reducing each of the exposure periods from 500 
milliseconds to no less than 100 milliseconds could facilitate the 
prompt execution of orders, while continuing to provide market 
participants with an opportunity to compete for exposed bids and 
offers. To substantiate that its members could receive, process, and 
communicate a response back to ISE Mercury within 100 milliseconds, ISE 
Mercury stated that it surveyed all International Securities Exchange, 
LLC (``ISE'') and ISE Gemini, LLC (``ISE Gemini'') members that 
responded to an auction in the period beginning July 1, 2015 and ending 
January 15, 2016.\11\ Each of the twenty-one members surveyed indicated 
that they can currently receive, process, and communicate a response 
back to the exchange within 100 milliseconds.\12\ To implement the 
reduced exposure periods and help ensure that ISE Mercury's and its 
members' systems are working properly given the faster response times, 
ISE Mercury will reduce the auction time over a period of weeks, ending 
at 100 milliseconds. Upon effectiveness of the proposal, and at least 
six weeks prior to implementation of the proposed rule change, ISE 
Mercury will issue a circular to its members, informing them of the 
implementation date of the reduction of the auction from 500 
milliseconds to the auction time designated by ISE Mercury (100 
milliseconds) to allow members the opportunity to perform systems 
changes. ISE Mercury also represented that it will issue a circular at 
least four weeks prior to any future changes, as permitted by its 
rules, to the auction time.\13\ In addition, ISE Mercury reviewed all 
executions occurring in the mechanisms by ISE Mercury members from 
March 28, 2016 to April 25, 2016. This review of executions in the 
mechanisms indicated that approximately 98% of responses that resulted 
in price improving executions at the conclusion of an auction were 
submitted within 500 milliseconds. Approximately 94% of responses that 
resulted in price improving executions at the conclusion of an auction 
were submitted within 100 milliseconds, and 83% were submitted within 
50 milliseconds of the initial order.\14\ Furthermore, with regard to 
the impact of the proposal on system capacity, ISE Mercury has analyzed 
its capacity and represented that it has the necessary systems capacity 
to handle the potential additional traffic associated with the 
additional transactions that may occur with the implementation of the 
reduction in the auction duration to no less than 100 milliseconds.\15\
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    \11\ ISE Mercury launched on February 16, 2016, after the survey 
had been completed. ISE and ISE Gemini are affiliates of ISE Mercury 
that also offer a Block Order Mechanism, Facilitation Mechanism, 
Solicited Order Mechanism, and PIM. See Notice, supra note 3, at 
85297 n.12.
    \12\ ISE Mercury believes the survey results apply equally to 
ISE Mercury as all current ISE Mercury members are also members of 
ISE or ISE Gemini, which are affiliates of ISE Mercury, and the same 
functionality for auction responses offered on ISE Mercury is also 
offered on these affiliated exchanges. See Notice, supra note 3, at 
85297. ISE Mercury further represents that its trading system has 
comparable latency to both ISE and ISE Gemini. See id.
    \13\ See id. at 85298.
    \14\ See id. at 85297.
    \15\ See id.
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    Based on ISE Mercury's statements, the Commission believes that 
market participants should continue to have opportunities to compete 
for exposed bids and offers within an exposure period of no less than 
100 milliseconds and no more than 1 second.\16\ Accordingly, the 
Commission believes that it is consistent with the Act for the Exchange 
to modify the response times in the Block Mechanism, Facilitation 
Mechanism, Solicited Order Mechanism, and PIM from 500 milliseconds to 
a time period designated by the Exchange of no less than 100 
milliseconds and no more than 1 second.
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    \16\ The Commission notes that the ability to designate such an 
exposure time period is consistent with the rules of other options 
exchanges. See supra note 7. See also NASDAQ Phlx Rule 
1080(n)(ii)(A)(4) and NASDAQ BX Options Rules Chapter VI, Section 
9(ii)(A)(3).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\17\ that the proposed rule change (SR-ISEMercury-2016-21) be, and 
hereby is, approved.
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    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-00215 Filed 1-9-17; 8:45 am]
 BILLING CODE 8011-01-P
3058 Federal Register / Vol. 82, No. 6 / Tuesday, January 10, 2017 / Notices

shares beyond the limits of section to the Feeder Fund beyond the Transactions) to modify the response
12(d)(1)(A) of the Act; and the Funds, limitations in section 12(d)(1)(B). times in the Block Order Mechanism,
and any principal underwriter for the 10. Section 6(c) of the Act permits the Facilitation Mechanism, Solicited Order
Funds, and/or any broker or dealer Commission to exempt any persons or Mechanism, and Price Improvement
registered under the Exchange Act, to transactions from any provision of the Mechanism (‘‘PIM’’) from 500
sell shares to Funds of Funds beyond Act if such exemption is necessary or milliseconds to a time period designated
the limits of section 12(d)(1)(B) of the appropriate in the public interest and by the Exchange of no less than 100
Act. The application’s terms and consistent with the protection of milliseconds and no more than 1
conditions are designed to, among other investors and the purposes fairly second. The proposed rule change was
things, help prevent any potential (i) intended by the policy and provisions of published for comment in the Federal
undue influence over a Fund through the Act. Section 12(d)(1)(J) of the Act Register on November 25, 2016.3 No
control or voting power, or in provides that the Commission may comment letters were received on the
connection with certain services, exempt any person, security, or proposed rule change. This order
transactions, and underwritings, (ii) transaction, or any class or classes of approves the proposed rule change.
excessive layering of fees, and (iii) persons, securities, or transactions, from
any provision of section 12(d)(1) if the II. Description of the Proposed Rule
overly complex fund structures, which Change
are the concerns underlying the limits exemption is consistent with the public
in sections 12(d)(1)(A) and (B) of the interest and the protection of investors. ISE Mercury Rule 716 (Block Trades)
Act. Section 17(b) of the Act authorizes the contains the requirements applicable to
8. Applicants request an exemption Commission to grant an order the execution of orders using the Block
from sections 17(a)(1) and 17(a)(2) of the permitting a transaction otherwise Order Mechanism, Facilitation
Act to permit persons that are Affiliated prohibited by section 17(a) if it finds Mechanism, and Solicited Order
Persons, or Second-Tier Affiliates, of the that (a) the terms of the proposed Mechanism. The Block Order
Funds, solely by virtue of certain transaction are fair and reasonable and Mechanism allows ISE Mercury
do not involve overreaching on the part members to obtain liquidity for the
ownership interests, to effectuate
of any person concerned; (b) the execution of a block-size order.4 The
purchases and redemptions in-kind. The
proposed transaction is consistent with Facilitation and Solicited Order
deposit procedures for in-kind
the policies of each registered Mechanisms allow ISE Mercury
purchases of Creation Units and the
investment company involved; and (c) members to enter cross transactions
redemption procedures for in-kind
the proposed transaction is consistent seeking price improvement.5 ISE
redemptions of Creation Units will be
with the general purposes of the Act. Mercury Rule 723 (Price Improvement
the same for all purchases and
For the Commission, by the Division of
Mechanism for Crossing Transactions)
redemptions and Deposit Instruments
Investment Management, under delegated contains the requirements applicable to
and Redemption Instruments will be
authority. the execution of orders using the PIM.
valued in the same manner as those The PIM allows ISE Mercury members
Portfolio Instruments currently held by Eduardo A. Aleman,
Assistant Secretary.
to enter cross transactions of any size.
the Funds. Applicants also seek relief The Facilitation, Solicited Order
from the prohibitions on affiliated [FR Doc. 2017–00227 Filed 1–9–17; 8:45 am]
Mechanisms, and PIM allow for ISE
transactions in section 17(a) to permit a BILLING CODE 8011–01–P
Mercury members to designate certain
Fund to sell its shares to and redeem its customer orders for price improvement
shares from a Fund of Funds, and to and submit such orders into one of the
engage in the accompanying in-kind SECURITIES AND EXCHANGE
COMMISSION mechanisms with a matching contra
transactions with the Fund of Funds.2 order. Once such an order is submitted,
The purchase of Creation Units by a [Release No. 34–79731; File No. SR– ISE Mercury commences an auction by
Fund of Funds directly from a Fund will ISEMercury–2016–21] broadcasting a message to all ISE
be accomplished in accordance with the Mercury members that includes the
policies of the Fund of Funds and will Self-Regulatory Organizations; ISE series, price, size, and side of the
be based on the NAVs of the Funds. Mercury, LLC; Order Approving a market.6 Further, responses within the
9. Applicants also request relief to Proposed Rule Change To Modify the PIM (i.e., Improvement Orders), are also
permit a Feeder Fund to acquire shares Response Times in the Block broadcast to market participants during
of another registered investment Mechanism, Facilitation Mechanism, the auction.
company managed by the Adviser Solicited Order Mechanism, and Price Orders entered into the Block Order
having substantially the same Improvement Mechanism Mechanism, Facilitation Mechanism,
investment objectives as the Feeder Solicited Order Mechanism, and PIM
January 4, 2017.
Fund (‘‘Master Fund’’) beyond the are currently exposed to all market
limitations in section 12(d)(1)(A) and I. Introduction participants for 500 milliseconds, giving
permit the Master Fund, and any On November 8, 2016, ISE Mercury, them an opportunity to enter additional
principal underwriter for the Master LLC (the ‘‘Exchange’’ or ‘‘ISE Mercury’’) trading interest before the orders are
Fund, to sell shares of the Master Fund filed with the Securities and Exchange
3 See Securities Exchange Act Release No. 79354
Commission (‘‘Commission’’) pursuant
2 The requested relief would apply to direct sales (November 18, 2016), 81 FR 85295 (‘‘Notice’’).
to Section 19(b)(1) of the Securities 4 Block-size orders are orders for 50 contracts or
pmangrum on DSK3GDR082PROD with NOTICES

of shares in Creation Units by a Fund to a Fund of
Funds and redemptions of those shares. Applicants,
Exchange Act of 1934 (‘‘Act’’) 1 and Rule more. See ISE Mercury Rule 716(a).
moreover, are not seeking relief from section 17(a) 19b–4 thereunder,2 a proposed rule 5 Only block-size orders can be entered into the

for, and the requested relief will not apply to, change to amend ISE Mercury Rules 716 Facilitation Mechanism, whereas only orders for
transactions where a Fund could be deemed an (Block Trades) and 723 (Price 500 contracts or more can be entered into the
Affiliated Person, or a Second-Tier Affiliate, of a Solicited Order Mechanism. See ISE Mercury Rule
Fund of Funds because an Adviser or an entity
Improvement Mechanism for Crossing 716(d) and (e).
controlling, controlled by or under common control 6 ISE Mercury members may choose to hide the
1 15 U.S.C. 78s(b)(1).
with an Adviser provides investment advisory size, side, and price when entering orders into the
services to that Fund of Funds. 2 17 CFR 240.19b–4. Block Order Mechanism.

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Federal Register / Vol. 82, No. 6 / Tuesday, January 10, 2017 / Notices 3059

automatically executed. Under the Securities Exchange, LLC (‘‘ISE’’) and with the implementation of the
proposal, ISE Mercury would determine ISE Gemini, LLC (‘‘ISE Gemini’’) reduction in the auction duration to no
an exposure period for each of the four members that responded to an auction less than 100 milliseconds.15
mechanisms that is no less than 100 in the period beginning July 1, 2015 and Based on ISE Mercury’s statements,
milliseconds and no more than 1 ending January 15, 2016.11 Each of the the Commission believes that market
second.7 twenty-one members surveyed indicated participants should continue to have
that they can currently receive, process, opportunities to compete for exposed
III. Discussion and Commission’s
and communicate a response back to the bids and offers within an exposure
Findings
exchange within 100 milliseconds.12 To period of no less than 100 milliseconds
After careful review, the Commission implement the reduced exposure and no more than 1 second.16
finds that the proposed rule change is periods and help ensure that ISE Accordingly, the Commission believes
consistent with the requirements of the Mercury’s and its members’ systems are that it is consistent with the Act for the
Act and the rules and regulations working properly given the faster Exchange to modify the response times
thereunder applicable to a national response times, ISE Mercury will reduce in the Block Mechanism, Facilitation
securities exchange.8 In particular, the the auction time over a period of weeks, Mechanism, Solicited Order
Commission finds that the proposed ending at 100 milliseconds. Upon Mechanism, and PIM from 500
rule change is consistent with Section effectiveness of the proposal, and at milliseconds to a time period designated
6(b)(5) of the Act,9 which requires, least six weeks prior to implementation by the Exchange of no less than 100
among other things, that the rules of a of the proposed rule change, ISE milliseconds and no more than 1
national securities exchange be Mercury will issue a circular to its second.
designed to promote just and equitable members, informing them of the
principles of trade, to foster cooperation implementation date of the reduction of IV. Conclusion
and coordination with persons engaged the auction from 500 milliseconds to the It is therefore ordered, pursuant to
in regulating transactions in securities, auction time designated by ISE Mercury Section 19(b)(2) of the Act,17 that the
to remove impediments to and perfect (100 milliseconds) to allow members the proposed rule change (SR–ISEMercury–
the mechanism of a free and open opportunity to perform systems 2016–21) be, and hereby is, approved.
market and a national market system changes. ISE Mercury also represented For the Commission, by the Division of
and, in general, to protect investors and that it will issue a circular at least four Trading and Markets, pursuant to delegated
the public interest, and not be designed weeks prior to any future changes, as authority.18
to permit unfair discrimination between permitted by its rules, to the auction Eduardo A. Aleman,
customers, issuers, brokers, or dealers. time.13 In addition, ISE Mercury Assistant Secretary.
The Commission also finds that the reviewed all executions occurring in the [FR Doc. 2017–00215 Filed 1–9–17; 8:45 am]
proposed rule change is consistent with mechanisms by ISE Mercury members
BILLING CODE 8011–01–P
Section 6(b)(8) of the Act,10 which from March 28, 2016 to April 25, 2016.
requires that the rules of an exchange This review of executions in the
not impose any burden on competition mechanisms indicated that SECURITIES AND EXCHANGE
that is not necessary or appropriate in approximately 98% of responses that COMMISSION
furtherance of the purposes of the Act. resulted in price improving executions
The Commission believes that, given at the conclusion of an auction were [Release No. 34–79740; File No. SR–
the electronic environment of ISE submitted within 500 milliseconds. ISEMercury–2016–26]
Mercury, reducing each of the exposure Approximately 94% of responses that
periods from 500 milliseconds to no less Self-Regulatory Organizations; ISE
resulted in price improving executions
than 100 milliseconds could facilitate Mercury, LLC; Notice of Filing and
at the conclusion of an auction were
the prompt execution of orders, while submitted within 100 milliseconds, and Immediate Effectiveness of Proposed
continuing to provide market 83% were submitted within 50 Rule Change To Amend its Rules to
participants with an opportunity to milliseconds of the initial order.14 Extend a Pilot Program
compete for exposed bids and offers. To Furthermore, with regard to the impact January 4, 2017.
substantiate that its members could of the proposal on system capacity, ISE Pursuant to Section 19(b)(1) of the
receive, process, and communicate a Mercury has analyzed its capacity and Securities Exchange Act of 1934
response back to ISE Mercury within represented that it has the necessary (‘‘Act’’),1 and Rule 19b–4 thereunder,2
100 milliseconds, ISE Mercury stated systems capacity to handle the potential notice is hereby given that on December
that it surveyed all International additional traffic associated with the 23, 2016, ISE Mercury, LLC (‘‘ISE
additional transactions that may occur Mercury’’ or ‘‘Exchange’’) filed with the
7 While the proposed rule change would allow
Securities and Exchange Commission
ISE Mercury to increase the exposure period up to 11 ISE Mercury launched on February 16, 2016,
1 second, ISE Mercury stated that it currently (‘‘SEC’’ or ‘‘Commission’’) the proposed
after the survey had been completed. ISE and ISE
intends to decrease the time period allowed for Gemini are affiliates of ISE Mercury that also offer rule change as described in Items I and
responses to 100 milliseconds. See Notice, supra a Block Order Mechanism, Facilitation Mechanism, II, below, which Items have been
note 3, at 85297. ISE Mercury further noted that its Solicited Order Mechanism, and PIM. See Notice, prepared by the Exchange. The
proposal is consistent with exposure periods supra note 3, at 85297 n.12.
permitted in similar mechanisms on other options 12 ISE Mercury believes the survey results apply
15 See id.
exchanges. See id. at 85296. See also Securities equally to ISE Mercury as all current ISE Mercury
16 The Commission notes that the ability to
Exchange Act Release Nos. 76301 (October 29, members are also members of ISE or ISE Gemini,
pmangrum on DSK3GDR082PROD with NOTICES

2015), 80 FR 68347 (November 4, 2015) (SR–BX– which are affiliates of ISE Mercury, and the same designate such an exposure time period is
2015–032) and 77557 (April 7, 2016), 81 FR 21935 functionality for auction responses offered on ISE consistent with the rules of other options
(April 13, 2016) (SR–Phlx–2016–40). Mercury is also offered on these affiliated exchanges. See supra note 7. See also NASDAQ
8 In approving this proposed rule change, the exchanges. See Notice, supra note 3, at 85297. ISE Phlx Rule 1080(n)(ii)(A)(4) and NASDAQ BX
Commission has considered the proposed rule’s Mercury further represents that its trading system Options Rules Chapter VI, Section 9(ii)(A)(3).
17 15 U.S.C. 78s(b)(2).
impact on efficiency, competition, and capital has comparable latency to both ISE and ISE Gemini.
formation. See 15 U.S.C. 78c(f). See id. 18 17 CFR 200.30–3(a)(12).
9 15 U.S.C. 78f(b)(5). 13 See id. at 85298. 1 15 U.S.C. 78s(b)(1).
10 15 U.S.C. 78f(b)(8). 14 See id. at 85297. 2 17 CFR 240.19b–4.

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Document Created: 2018-02-01 14:54:17
Document Modified: 2018-02-01 14:54:17
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 3058