82 FR 46317 - Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.7, Opening Process, and Rule 13.4, Usage of Data Feeds, To Reflect the Name Change of NYSE MKT to NYSE American
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 191 (October 4, 2017)
Federal Register Volume 82, Issue 191 (October 4, 2017)
| Page Range | 46317-46319 | |
| FR Document | 2017-21276 |
[Federal Register Volume 82, Number 191 (Wednesday, October 4, 2017)] [Notices] [Pages 46317-46319] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21276] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81748; File No. SR-BatsEDGA-2017-25] Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.7, Opening Process, and Rule 13.4, Usage of Data Feeds, To Reflect the Name Change of NYSE MKT to NYSE American September 28, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 25, 2017, Bats EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend paragraph (c)(1) of Rule 11.7, [[Page 46318]] Opening Process, and paragraph (a) of Rule 13.4, Usage of Data Feeds, to reflect the name change of NYSE MKT to NYSE American. The text of the proposed rule change is available at the Exchange's Web site at www.bats.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On March 21, 2017, NYSE MKT LLC filed a proposed rule change to change its name to NYSE American LLC.\5\ The Exchange now proposes to replace references to NYSE MKT within its rules with NYSE American. In particular, the Exchange proposes to replace references to NYSE MKT with NYSE American in Rule 11.7(c)(1), Opening Process; and Rule 13.4(a), Usage of Data Feeds. The Exchange does not proposed [sic] to amend the operation of these rules in any other respect. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The non-substantive amendments to Rules 11.7(c)(1) and 13.4(a) are intended solely to reflect the name change from NYSE MKT to NYSE American. The proposed rule change, therefore, removes impediments to and perfects the mechanism of a free and open market and a national market system because it updates the rule to reflect the name change and does not alter the way in which orders in NYSE American listed securities are handled and routed. (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will have any impact on competition as it is not designed to alter the way in which orders in NYSE American listed securities are handled and routed. It is simply intended to reflect the name change from NYSE MKT to NYSE American. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (A) Significantly affect the protection of investors or the public interest; (B) impose any significant burden on competition; and (C) by its terms, become operative for 30 days from the date on which it was filed or such shorter time as the Commission may designate it has become effective pursuant to Section 19(b)(3)(A) of the Act \8\ and paragraph (f)(6) of Rule 19b-4 thereunder,\9\ the Exchange has designated this rule filing as non-controversial. The Exchange has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-BatsEDGA-2017-25 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BatsEDGA-2017-25. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BatsEDGA-2017-25 and should be submitted on or before October 25, 2017. [[Page 46319]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-21276 Filed 10-3-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 191 / Wednesday, October 4, 2017 / Notices 46317
the protection of investors and the At any time within 60 days of the filing also will be available for
public interest by clarifying the filing of the proposed rule change, the inspection and copying at the principal
Exchange’s rules. The Exchange believes Commission summarily may office of the Exchange. All comments
that additional clarity and transparency temporarily suspend such rule change if received will be posted without change;
in the Exchange’s rules will strengthen it appears to the Commission that such the Commission does not edit personal
investor confidence in the market and action is necessary or appropriate in the identifying information from
facilitate fair competition among market public interest, for the protection of submissions. You should submit only
participants. The Exchange notes that investors, or otherwise in furtherance of information that you wish to make
other option exchanges that offer similar the purposes of the Act. If the available publicly. All submissions
functionality have similar rules in Commission takes such action, the should refer to File Number SR–MIAX–
place.27 Commission shall institute proceedings 2017–41 and should be submitted on or
to determine whether the proposed rule before October 25, 2017. For the
B. Self-Regulatory Organization’s should be approved or disapproved. Commission, by the Division of Trading
Statement on Burden on Competition and Markets, pursuant to delegated
IV. Solicitation of Comments
The Exchange does not believe that authority.30
the proposed rule change will result in Interested persons are invited to
submit written data, views, and Eduardo A. Aleman,
any burden on competition that is not
arguments concerning the foregoing, Assistant Secretary.
necessary or appropriate in furtherance
of the purposes of the Act. Specifically, including whether the proposed rule [FR Doc. 2017–21278 Filed 10–3–17; 8:45 am]
the Exchange believes the proposed rule change is consistent with the Act. BILLING CODE 8011–01–P
change will not impose any burden on Comments may be submitted by any of
competition as the Exchange is merely the following methods:
SECURITIES AND EXCHANGE
providing supplemental information Electronic Comments COMMISSION
that may be derived by market
• Use the Commission’s Internet
participants independently. The [Release No. 34–81748; File No. SR–
comment form (http://www.sec.gov/ BatsEDGA–2017–25]
Exchange’s proposal does not
rules/sro.shtml); or
substantively modify any Exchange • Send an email to rule-comments@
functionality and is not designed to Self-Regulatory Organizations; Bats
sec.gov. Please include File Number SR- EDGA Exchange, Inc.; Notice of Filing
address any competitive issues, but MIAX–2017–41 on the subject line.
rather to provide additional information and Immediate Effectiveness of a
in the Route Notification message and Paper Comments Proposed Rule Change to Rule 11.7,
Opening Process, and Rule 13.4,
add further clarity to the Exchange’s • Send paper comments in triplicate Usage of Data Feeds, To Reflect the
rules. Since the Exchange does not to Secretary, Securities and Exchange Name Change of NYSE MKT to NYSE
propose to substantively modify the Commission, 100 F Street NE., American
operation of exchange functionality, the Washington, DC 20549–1090.
proposed rule change will not impose All submissions should refer to File September 28, 2017.
any burden on inter-market Number SR–MIAX–2017–41. This file Pursuant to Section 19(b)(1) of the
competition. Additionally, the Exchange number should be included on the Securities Exchange Act of 1934 (the
does not believe the proposed rule subject line if email is used. To help the ‘‘Act’’),1 and Rule 19b–4 thereunder,2
change will impose any burden on intra- Commission process and review your notice is hereby given that on
market competition as the Rules apply comments more efficiently, please use September 25, 2017, Bats EDGA
equally to all Exchange Members. only one method. The Commission will Exchange, Inc. (the ‘‘Exchange’’ or
C. Self-Regulatory Organization’s post all comments on the Commission’s ‘‘EDGA’’) filed with the Securities and
Statement on Comments on the Internet Web site (http://www.sec.gov/ Exchange Commission (‘‘Commission’’)
Proposed Rule Change Received From rules/sro.shtml). Copies of the the proposed rule change as described
submission, all subsequent in Items I and II below, which Items
Members, Participants, or Others
amendments, all written statements have been prepared by the Exchange.
Written comments were neither with respect to the proposed rule The Exchange has designated this
solicited nor received. change that are filed with the proposal as a ‘‘non-controversial’’
III. Date of Effectiveness of the Commission, and all written proposed rule change pursuant to
Proposed Rule Change and Timing for communications relating to the Section 19(b)(3)(A) of the Act 3 and Rule
Commission Action proposed rule change between the 19b–4(f)(6)(iii) thereunder,4 which
Commission and any person, other than renders it effective upon filing with the
Because the foregoing proposed rule Commission. The Commission is
those that may be withheld from the
change does not: (i) Significantly affect publishing this notice to solicit
public in accordance with the
the protection of investors or the public comments on the proposed rule change
provisions of 5 U.S.C. 552, will be
interest; (ii) impose any significant from interested persons.
available for Web site viewing and
burden on competition; and (iii) become
printing in the Commission’s Public I. Self-Regulatory Organization’s
operative for 30 days after the date of
Reference Room, 100 F Street NE., Statement of the Terms of Substance of
the filing, or such shorter time as the
Washington, DC 20549, on official the Proposed Rule Change
Commission may designate, it has
sradovich on DSK3GMQ082PROD with NOTICES
business days between the hours of The Exchange filed a proposal to
become effective pursuant to 19(b)(3)(A)
10:00 a.m. and 3:00 p.m. Copies of the amend paragraph (c)(1) of Rule 11.7,
of the Act 28 and Rule 19b–4(f)(6) 29
thereunder.
the Commission written notice of its intent to file 30 17 CFR 200.30–3(a)(12).
the proposed rule change at least five business days 1 15
27 See supra note 21. prior to the date of filing of the proposed rule U.S.C. 78s(b)(1).
28 15 U.S.C. 78s(b)(3)(A). 2 17 CFR 240.19b–4.
change, or such shorter time as designated by the
29 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 3 15 U.S.C. 78s(b)(3)(A).
Commission. The Exchange has satisfied this
4(f)(6) requires a self-regulatory organization to give requirement. 4 17 CFR 240.19b–4(f)(6)(iii).
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![46318 Federal Register / Vol. 82, No. 191 / Wednesday, October 4, 2017 / Notices
Opening Process, and paragraph (a) of The non-substantive amendments to furtherance of the purposes of the Act.
Rule 13.4, Usage of Data Feeds, to reflect Rules 11.7(c)(1) and 13.4(a) are intended If the Commission takes such action, the
the name change of NYSE MKT to NYSE solely to reflect the name change from Commission shall institute proceedings
American. NYSE MKT to NYSE American. The to determine whether the proposed rule
The text of the proposed rule change proposed rule change, therefore, should be approved or disapproved.
is available at the Exchange’s Web site removes impediments to and perfects
IV. Solicitation of Comments
at www.bats.com, at the principal office the mechanism of a free and open
of the Exchange, and at the market and a national market system Interested persons are invited to
Commission’s Public Reference Room. because it updates the rule to reflect the submit written data, views, and
name change and does not alter the way arguments concerning the foregoing,
II. Self-Regulatory Organization’s in which orders in NYSE American including whether the proposed rule
Statement of the Purpose of, and listed securities are handled and routed. change is consistent with the Act.
Statutory Basis for, the Proposed Rule Comments may be submitted by any of
Change (B) Self-Regulatory Organization’s the following methods:
Statement on Burden on Competition
In its filing with the Commission, the Electronic Comments
Exchange included statements The Exchange does not believe that
concerning the purpose of and basis for the proposed rule change will have any • Use the Commission’s Internet
the proposed rule change and discussed impact on competition as it is not comment form (http://www.sec.gov/
any comments it received on the designed to alter the way in which rules/sro.shtml); or
proposed rule change. The text of these orders in NYSE American listed • Send an email to rule-comments@
statements may be examined at the securities are handled and routed. It is sec.gov. Please include File Number SR–
places specified in Item IV below. The simply intended to reflect the name BatsEDGA–2017–25 on the subject line.
Exchange has prepared summaries, set change from NYSE MKT to NYSE
Paper Comments
forth in Sections A, B, and C below, of American.
the most significant parts of such • Send paper comments in triplicate
(C) Self-Regulatory Organization’s
statements. to Brent J. Fields, Secretary, Securities
Statement on Comments on the
and Exchange Commission, 100 F Street
(A) Self-Regulatory Organization’s Proposed Rule Change Received From
NE., Washington, DC 20549–1090.
Statement of the Purpose of, and Members, Participants or Others
All submissions should refer to File
Statutory Basis for, the Proposed Rule The Exchange has neither solicited Number SR–BatsEDGA–2017–25. This
Change nor received written comments on the file number should be included on the
proposed rule change. subject line if email is used. To help the
1. Purpose
III. Date of Effectiveness of the Commission process and review your
On March 21, 2017, NYSE MKT LLC Proposed Rule Change and Timing for comments more efficiently, please use
filed a proposed rule change to change Commission Action only one method. The Commission will
its name to NYSE American LLC.5 The post all comments on the Commission’s
Exchange now proposes to replace Because the foregoing proposed rule
change does not: (A) Significantly affect Internet Web site (http://www.sec.gov/
references to NYSE MKT within its rules/sro.shtml). Copies of the
rules with NYSE American. In the protection of investors or the public
interest; (B) impose any significant submission, all subsequent
particular, the Exchange proposes to amendments, all written statements
replace references to NYSE MKT with burden on competition; and (C) by its
terms, become operative for 30 days with respect to the proposed rule
NYSE American in Rule 11.7(c)(1), change that are filed with the
Opening Process; and Rule 13.4(a), from the date on which it was filed or
such shorter time as the Commission Commission, and all written
Usage of Data Feeds. The Exchange does communications relating to the
not proposed [sic] to amend the may designate it has become effective
pursuant to Section 19(b)(3)(A) of the proposed rule change between the
operation of these rules in any other Commission and any person, other than
respect. Act 8 and paragraph (f)(6) of Rule 19b–
4 thereunder,9 the Exchange has those that may be withheld from the
2. Statutory Basis designated this rule filing as non- public in accordance with the
controversial. The Exchange has given provisions of 5 U.S.C. 552, will be
The Exchange believes that its available for Web site viewing and
proposal is consistent with Section 6(b) the Commission written notice of its
intent to file the proposed rule change, printing in the Commission’s Public
of the Act 6 in general, and furthers the Reference Room, 100 F Street NE.,
objectives of Section 6(b)(5) of the Act 7 along with a brief description and text
of the proposed rule change at least five Washington, DC 20549, on official
in particular, in that it is designed to business days between the hours of
promote just and equitable principles of business days prior to the date of filing
of the proposed rule change, or such 10:00 a.m. and 3:00 p.m. Copies of the
trade, to foster cooperation and filing also will be available for
coordination with persons engaged in shorter time as designated by the
Commission. inspection and copying at the principal
facilitating transactions in securities, to office of the Exchange. All comments
remove impediments to and perfect the At any time within 60 days of the
filing of the proposed rule change, the received will be posted without change;
mechanism of a free and open market the Commission does not edit personal
and a national market system and, in Commission summarily may
identifying information from
sradovich on DSK3GMQ082PROD with NOTICES
general, to protect investors and the temporarily suspend such rule change if
it appears to the Commission that such submissions. You should submit only
public interest. information that you wish to make
action is: (1) Necessary or appropriate in
the public interest; (2) for the protection available publicly. All submissions
5 See Securities Exchange Act Release No. 80283
of investors; or (3) otherwise in should refer to File Number SR–
(March 21, 2017), 82 FR 15244 (March 27, 2017)
(SR–NYSEMKT–2017–14).
BatsEDGA–2017–25 and should be
6 15 U.S.C. 78f(b). 8 15 U.S.C. 78s(b)(3)(A). submitted on or before October 25,
7 15 U.S.C. 78f(b)(5). 9 17 CFR 240.19b–4. 2017.
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![Federal Register / Vol. 82, No. 191 / Wednesday, October 4, 2017 / Notices 46319
For the Commission, by the Division of A. Self-Regulatory Organization’s market sentiment without undertaking
Trading and Markets, pursuant to delegated Statement of the Purpose of, and complex calculations. Although tailored
authority.10 Statutory Basis for, the Proposed Rule for different audiences, the Analytic
Eduardo A. Aleman, Change Bundles and Single- and Multi-Factor
Assistant Secretary. Intellicators are all designed to increase
1. Purpose
[FR Doc. 2017–21276 Filed 10–3–17; 8:45 am] visibility into options transactions and
BILLING CODE 8011–01–P
The purpose of the proposed rule democratize information to provide the
change is to introduce the Intellicator benefits of sophisticated analytical
Analytic Tool, a new, optional market techniques to firms without the
SECURITIES AND EXCHANGE data product available for a technology, staff or wherewithal to
COMMISSION corresponding fee 3 that is designed to conduct a comparable analysis on their
analyze options market transactions and own.
[Release No. 34–81754; File No. SR–Phlx– synthesize that analysis to assist The Analytic Bundles and Single- and
2017–74] investors in assessing the equities Multi-Factor Intellicators are described
underlying those transactions.4 in further detail below.
Self-Regulatory Organizations; Options market transactions can be
NASDAQ PHLX LLC; Notice of Filing of complex; the purpose of the Intellicator Single-Factor Analytic Bundle
Proposed Rule Change To Introduce Analytic Tool is to distill options data
into a form that will help investors A Single-Factor Analytic Bundle is a
the Intellicator Analytic Tool set of calculations of ‘‘factors,’’ or
understand options market movements
September 28, 2017. and provide them with actionable standard measures of options market
Pursuant to Section 19(b)(1) of the insight in changing market conditions. activity, often used as indicia of market
Securities Exchange Act of 1934 The Intellicator Analytic Tool will offer sentiment. The Intellicator Analytic
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 three increasingly sophisticated levels Tool will calculate four factors—Put/
notice is hereby given that on of analysis. The first level, the Single- Call Ratio, Moneyness Ratio, Volume-
September 20, 2017, NASDAQ PHLX Factor Analytic Bundle, calculates Weighted Average Delta, and Weighted
LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with fundamental measures, or ‘‘factors,’’ of Average Stock Price—defined as
the Securities and Exchange options market activity—Put/Call Ratio, follows: 5
Commission (‘‘SEC’’ or ‘‘Commission’’) Moneyness Ratio, Volume-Weighted (i) Put/Call Ratio: The total number of
the proposed rule change as described Average Delta, and Weighted Average put contracts traded divided by the total
in Items I, II, and III, below, which Items Strike Price—and applies those factors number of put and call contracts traded
have been prepared by the Exchange. to certain segments of activity on the within the prior 60 seconds for each
The Commission is publishing this Exchange. The second level, the Single- underlying symbol.
notice to solicit comments on the Factor Intellicator, uses machine (ii) Moneyness Ratio: The natural log
proposed rule change from interested learning—an analytical technique that of the ratio of the price of the
persons. employs algorithms that iteratively underlying equity to the strike price of
‘‘learn’’ from data to find hidden the options contract traded within the
I. Self-Regulatory Organization’s insights without explicit prior 60 seconds.6
Statement of the Terms of Substance of programming—to summarize in a single
the Proposed Rule Change (iii) Volume-Weighted Average Delta:
numeral the information contained A calculation of the projected change to
The Exchange proposes to introduce within a Single-Factor Analytic Bundle. an option price given a $1 change in the
the Intellicator Analytic Tool. The third level, the Multi-Factor equity price, weighted by the number of
The text of the proposed rule change Intellicator, uses machine learning to contracts traded within the prior 60
is available on the Exchange’s Web summarize in a single numeral all of the seconds.
site at http://nasdaqphlx.cchwall information contained within all of the (iv) Weighted Average Strike Price: A
street.com/, at the principal office of the five [sic] Single-Factor Analytic Bundles calculation of the strike price of the
Exchange, and at the Commission’s offered with this product. options contracts traded within the
Public Reference Room. The Exchange will propose, in a prior 60 seconds, weighted by the
forthcoming fee filing, separate fees for number of days to expiration.7
II. Self-Regulatory Organization’s the Single-Factor Analytic Bundle, the
Statement of the Purpose of, and Each of these Single-Factor Analytic
Single-Factor Intellicator, and the Multi-
Statutory Basis for, the Proposed Rule Bundles will provide separate
Factor Intellicator, as well as special
Change calculations of a specific factor for
rates for the purchase of any
between five and fifty different
In its filing with the Commission, the combination of these, to allow investors
segments, or subsets, of the options
Exchange included statements to choose the tool that best fits their
market.8 Segments may be simple or
concerning the purpose of and basis for needs. The Single-Factor Analytic
complex. A simple segment may be all
the proposed rule change and discussed Bundles are designed to be used by
transactions with a certain range of
any comments it received on the sophisticated investors to supplement,
expiration dates. Examples of complex
proposed rule change. The text of these test and inform their own analytic
statements may be examined at the models. The Single- and Multi-Factor 5 The Exchange may introduce new factors that
places specified in Item IV below. The Intellicators are designed for the use of are found to have value in assessing market
sradovich on DSK3GMQ082PROD with NOTICES
Exchange has prepared summaries, set investors who seek to understand sentiment, but will submit a new filing for approval
forth in sections A, B, and C below, of if other factors are added.
the most significant aspects of such 3 A separate filing will address the pricing for the 6 The ratios for calls are multiplied by 1, while
statements. Intellicator Analytic Tool, which will also be ratios for puts are multiplied by ¥1.
implemented on October 27, 2017, if approved by 7 A higher weighting is given to contracts near
the Commission. expiration.
10 17 CFR 200.30–3(a)(12). 4 The Exchange initially filed the proposed 8 Factor calculations for specific segments of the
1 15 U.S.C. 78s(b)(1). changes on August 2, 2017 (SR–Phlx 2017–62). On market will not be sold by the Exchange separately
2 17 CFR 240.19b–4. August 11, 2017, the Exchange withdrew that filing. from the Analytic Bundles.
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Document Created: 2018-10-25 09:54:57
Document Modified: 2018-10-25 09:54:57
| 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 46317 |
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