82 FR 46564 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 716(c) on the Block Order Mechanism
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 192 (October 5, 2017)
Federal Register Volume 82, Issue 192 (October 5, 2017)
| Page Range | 46564-46566 | |
| FR Document | 2017-21406 |
[Federal Register Volume 82, Number 192 (Thursday, October 5, 2017)] [Notices] [Pages 46564-46566] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21406] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81770; File No. SR-GEMX-2017-43] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 716(c) on the Block Order Mechanism September 29, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 18, 2017, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') 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 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 716(c) to more accurately describe the allocation methodology used in the Block Order Mechanism, and add language regarding how the block execution price is determined. The text of the proposed rule change is available on the Exchange's Web site at www.ise.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 aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Block Order Mechanism is a process by which a member can obtain liquidity for the execution of block-sized orders,\3\ defined as orders for fifty contracts or more.\4\ When an order is entered in the Block Order Mechanism, that order is exposed to members who are given an opportunity to respond with the prices and sizes at which they would be willing to trade with the block-sized order.\5\ The exposure period is designated by the Exchange via circular, but must be no less than 100 milliseconds and no more than 1 second.\6\ At the conclusion of the exposure period, either an execution will occur at a single block execution price,\7\ or the order will be cancelled.\8\ The purpose of the proposed rule change is to amend Rule 716(c) to more accurately describe the allocation methodology used in the Block Order Mechanism, and add language regarding how the block execution price is determined. The Exchange believes that these changes will increase transparency around the operation of the Block Order Mechanism to the benefit of members and market participants. --------------------------------------------------------------------------- \3\ See Rule 716(c). \4\ See Rule 716(a). \5\ A ``Response'' is an electronic message that is sent by members in response to a broadcast message. See Rule 716(b). \6\ See Supplementary Material .04 to Rule 716. \7\ Responses and orders and quotes on the order book at the time the block order is executed that are priced better than the block execution price are executed at the block execution price. See Rule 716(c)(2)(i). \8\ See Rule 716(c)(2). --------------------------------------------------------------------------- Currently, Rule 716(c)(2)(ii) provides that Responses, quotes, and Professional Orders \9\ at the block execution price will participate in the execution of the block-size order according to Rule 713(e)-- i.e., the Exchange's regular allocation rule. As implemented today, however, interest that is executed in the Block Order Mechanism follows the customer priority pro-rata allocation methodology designed for the Exchange's auction mechanisms, including, for example, the Facilitation Mechanism,\10\ Solicited Order Mechanism,\11\ and Price Improvement Mechanism,\12\ with the exception that those two-sided auction mechanisms also allocate contracts against the contra order. This auction allocation methodology is similar to the Exchange's regular allocation methodology but does not provide enhanced allocations to the Primary Market Maker (``PMM'') pursuant to [[Page 46565]] Rule 713(e) and Supplementary Material .01(b) to Rule 713.\13\ The Exchange therefore proposes to amend Rule 716(c)(2)(ii) to provide that, at the block execution price, Priority Customer Orders and Priority Customer Responses will be executed first in time priority, and then quotes, Professional Orders, and Professional Responses will participate in the execution of the block-size order based upon the percentage of the total number of contracts available at the block execution price that is represented by the size of the quote, Professional Order, or Professional Response. In addition, the Exchange proposes to specify in Rule 716(c)(2)(i) that interest that is priced better than the block execution price is executed in full. In particular, the Exchange proposes to amend this rule to state that bids (offers) on the Exchange at the time the block order is executed that are priced higher (lower) than the block execution price, as well as Responses that are priced higher (lower) than the block execution price, will be executed in full at the block execution price. Although Rule 716(c)(2)(ii) described above explains how allocations are handled at the block execution price, the Exchange believes that additional the additional clarity that interest that is priced better than the block execution price is executed in full would be helpful to members. With these two proposed changes, Rule 716(c) will more accurately describe the allocation methodology used in the Block Order Mechanism. --------------------------------------------------------------------------- \9\ The term ``Professional Order'' means an order that is for the account of a person or entity that is not a Priority Customer. See Rule 100(a)(37C). \10\ See Rule 716(d). \11\ See Rule 716(e). \12\ See Rule 723. \13\ Supplementary Material .01(b) to Rule 713 provides that, if the PMM is quoting at the best price, it has participation rights equal to the greater of the proportion of the total size at the best price represented by the size of its quote, or a percentage allocation entitlement based on the number of other Professional Orders and market maker quotations at the best price. --------------------------------------------------------------------------- Furthermore, the Exchange proposes add language to Rule 716(c)(2)(i) that explains the price at which orders entered into the Block Order Mechanism are executed. In particular, the Exchange proposes to state that Responses, orders, and quotes will be executed at a single block execution price that is the price for the block-size order at which the maximum number of contracts can be executed consistent with the member's instruction. For example, if a member enters a block-sized order to buy 100 contracts at $1.00 into the Block Order Mechanism, and members enter Response A to sell 50 contracts at $0.90 and Response B to sell 40 contracts at $0.95, the block execution price would be $0.95 as this is the price at which the maximum number of contracts could be executed. The block-sized order and both Responses would then be executed at this single block execution price. Responses A and B would be executed in full since there is sufficient size to execute both Responses against the block-size order. In addition, if two other members also enter Responses C (Priority Customer) and D (non-Priority Customer) to sell at $0.98 for 10 contracts each, the block execution price would be $0.98 as additional contracts could be executed at that price. In that instance, Responses A and B, which are priced better than the block execution price, would be executed in full, while Responses B and C, which are priced at the block execution price, would participate in accordance with the allocation methodology described in this proposed rule change--i.e., the remaining 10 contracts would go to Response C, which is a Priority Customer Response. The Block Order Mechanism is designed to provide an opportunity for members to receive liquidity for their block-sized orders and therefore trades at a price that allows the maximum number of contracts of such order to be executed against Responses entered to trade against the block-size order and interest on the Exchange's order book. The Exchange believes that describing how the block execution price is determined in Rule 716(c)(2)(i) will increase transparency around pricing of executions in the Block Order Mechanism. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\14\ In particular, the proposal is consistent with Section 6(b)(5) of the Act,\15\ because is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed changes to the allocation language in Rule 716(c)(2)(i)-(ii) are consistent with the protection of investors and the public interest as the proposed allocation language more accurately reflects the Exchange's process for allocating contracts executed in the Block Order Mechanism. Although the Exchange's allocation rule for the Block Order Mechanism currently references the allocation process for regular trading, the allocation methodology does not include certain parts of the regular allocation procedure. In particular, the Exchange does not grant any special allocation to the PMM for interest executed in the Block Order Mechanism. The Exchange believes that it is appropriate to not provide an enhanced allocation entitlement to the PMM for interest executed in the Block Order Mechanism, as the Block Order Mechanism provides an auction process that does not rely on market maker quoting and other obligations to source liquidity. Furthermore, the Exchange believes that it is helpful to explain in this rule that interest that is priced better than the block execution price would be executed in full. The allocation process used for the Block Order Mechanism is similar to how the Exchange allocates contracts in other auction mechanisms, including, for example, the Facilitation Mechanism, Solicited Order Mechanism, and Price Improvement Mechanism, with the exception that those two-sided auction mechanisms also allocate contracts against the contra order.\16\ --------------------------------------------------------------------------- \16\ See supra notes 10-12 and accompanying text. --------------------------------------------------------------------------- The Exchange also believes that the proposed changes to describe how the block execution price is determined is consistent with the protection of investors and the public interest as this change will increase transparency around the price at which interest is executed in the Block Order Mechanism. As explained above, the Block Order Mechanism is designed to provide an opportunity for members to receive liquidity for their block-sized orders and therefore trades at a price that allows the maximum number of contracts of such order to be executed against Responses entered to trade against the block-size order and interest on the Exchange's order book. The Exchange believes that describing how the block execution price is determined in Rule 716(c)(2)(i) will increase transparency around pricing of executions in the Block Order Mechanism. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\17\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance [[Page 46566]] of the purposes of the Act. The proposed rule change is designed to correct the Exchange's rules to more accurately reflect the handling of auctions in the Block Order Mechanism. No changes are proposed to the operation of the Exchange's trading system, and no members will be impacted by the proposed rule, which merely reflects current functionality offered to members that trade in the Block Order Mechanism. The proposed rule change is therefore not designed to impose any significant burden on competition. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) 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)(iii) of the Act \18\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A)(iii). \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay. The Exchange notes that a waiver is consistent with the protection of investors and the public interest because it will allow the Exchange to correct its Block Order Mechanism rules to reflect the current functionality of the system without undue delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\22\ --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6). \21\ 17 CFR 240.19b-4(f)(6)(iii). \22\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 [email protected]. Please include File Number SR-GEMX-2017-43 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-GEMX-2017-43. 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-GEMX-2017-43 and should be submitted on or before October 26, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-21406 Filed 10-4-17; 8:45 am] BILLING CODE 8011-01-P
![46564 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
Electronic Comments SECURITIES AND EXCHANGE liquidity for the execution of block-
COMMISSION sized orders,3 defined as orders for fifty
• Use the Commission’s Internet contracts or more.4 When an order is
comment form (http://www.sec.gov/ [Release No. 34–81770; File No. SR–GEMX–
2017–43]
entered in the Block Order Mechanism,
rules/sro.shtml); or that order is exposed to members who
• Send an email to rule-comments@ Self-Regulatory Organizations; Nasdaq are given an opportunity to respond
sec.gov. Please include File No. SR– GEMX, LLC; Notice of Filing and with the prices and sizes at which they
CHX–2017–13 on the subject line. Immediate Effectiveness of Proposed would be willing to trade with the
Rule Change To Amend Rule 716(c) on block-sized order.5 The exposure period
Paper Comments the Block Order Mechanism is designated by the Exchange via
circular, but must be no less than 100
• Send paper comments in triplicate September 29, 2017. milliseconds and no more than 1
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the second.6 At the conclusion of the
Commission, 100 F Street NE., Securities Exchange Act of 1934 exposure period, either an execution
Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 will occur at a single block execution
All submissions should refer to File No. notice is hereby given that on price,7 or the order will be cancelled.8
September 18, 2017, Nasdaq GEMX, The purpose of the proposed rule
SR–CHX–2017–13. This file number
LLC (‘‘GEMX’’ or ‘‘Exchange’’) filed change is to amend Rule 716(c) to more
should be included on the subject line
with the Securities and Exchange accurately describe the allocation
if email is used. To help the Commission (‘‘Commission’’) the methodology used in the Block Order
Commission process and review your proposed rule change as described in Mechanism, and add language regarding
comments more efficiently, please use Items I and II, below, which Items have how the block execution price is
only one method. The Commission will been prepared by the Exchange. The determined. The Exchange believes that
post all comments on the Commission’s Commission is publishing this notice to these changes will increase
Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule transparency around the operation of
rules/sro.shtml). Copies of the change from interested persons. the Block Order Mechanism to the
submission, all subsequent benefit of members and market
I. Self-Regulatory Organization’s
amendments, all written statements participants.
Statement of the Terms of Substance of
with respect to the proposed rule Currently, Rule 716(c)(2)(ii) provides
the Proposed Rule Change
change that are filed with the that Responses, quotes, and Professional
Commission, and all written The Exchange proposes to amend Orders 9 at the block execution price
communications relating to the Rule 716(c) to more accurately describe will participate in the execution of the
proposed rule changes between the the allocation methodology used in the block-size order according to Rule
Block Order Mechanism, and add 713(e)—i.e., the Exchange’s regular
Commission and any person, other than
language regarding how the block allocation rule. As implemented today,
those that may be withheld from the
execution price is determined. however, interest that is executed in the
public in accordance with the The text of the proposed rule change
provisions of 5 U.S.C. 552, will be Block Order Mechanism follows the
is available on the Exchange’s Web site
available for Web site viewing and customer priority pro-rata allocation
at www.ise.com, at the principal office
printing in the Commission’s Public methodology designed for the
of the Exchange, and at the
Reference Room, 100 F Street NE., Exchange’s auction mechanisms,
Commission’s Public Reference Room.
Washington, DC 20549 on official including, for example, the Facilitation
business days between the hours of II. Self-Regulatory Organization’s Mechanism,10 Solicited Order
10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and Mechanism,11 and Price Improvement
Statutory Basis for, the Proposed Rule Mechanism,12 with the exception that
filing also will be available for
Change those two-sided auction mechanisms
inspection and copying at the principal
In its filing with the Commission, the also allocate contracts against the contra
office of the CHX. All comments order. This auction allocation
received will be posted without change; Exchange included statements
concerning the purpose of and basis for methodology is similar to the
the Commission does not edit personal Exchange’s regular allocation
identifying information from the proposed rule change and discussed
any comments it received on the methodology but does not provide
submissions. You should submit only enhanced allocations to the Primary
information that you wish to make proposed rule change. The text of these
statements may be examined at the Market Maker (‘‘PMM’’) pursuant to
available publicly. All submissions
places specified in Item IV below. The
should refer to File No. SR–CHX–2017– 3 See Rule 716(c).
Exchange has prepared summaries, set
13 and should be submitted on or before forth in sections A, B, and C below, of
4 See Rule 716(a).
5 A ‘‘Response’’ is an electronic message that is
October 26, 2017. the most significant aspects of such sent by members in response to a broadcast
For the Commission, by the Division of statements. message. See Rule 716(b).
Trading and Markets, pursuant to delegated 6 See Supplementary Material .04 to Rule 716.
A. Self-Regulatory Organization’s 7 Responses and orders and quotes on the order
authority.16
Statement of the Purpose of, and book at the time the block order is executed that
Eduardo A. Aleman, Statutory Basis for, the Proposed Rule are priced better than the block execution price are
Assistant Secretary. Change executed at the block execution price. See Rule
ethrower on DSK3G9T082PROD with NOTICES
716(c)(2)(i).
[FR Doc. 2017–21401 Filed 10–4–17; 8:45 am]
1. Purpose 8 See Rule 716(c)(2).
BILLING CODE 8011–01–P 9 The term ‘‘Professional Order’’ means an order
The Block Order Mechanism is a that is for the account of a person or entity that is
process by which a member can obtain not a Priority Customer. See Rule 100(a)(37C).
10 See Rule 716(d).
1 15 U.S.C. 78s(b)(1). 11 See Rule 716(e).
16 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 12 See Rule 723.
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![46566 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
of the purposes of the Act. The Commission hereby waives the 30-day Washington, DC 20549, on official
proposed rule change is designed to operative delay and designates the business days between the hours of
correct the Exchange’s rules to more proposed rule change operative upon 10:00 a.m. and 3:00 p.m. Copies of the
accurately reflect the handling of filing.22 filing also will be available for
auctions in the Block Order Mechanism. At any time within 60 days of the inspection and copying at the principal
No changes are proposed to the filing of the proposed rule change, the office of the Exchange. All comments
operation of the Exchange’s trading Commission summarily may received will be posted without change;
system, and no members will be temporarily suspend such rule change if the Commission does not edit personal
impacted by the proposed rule, which it appears to the Commission that such identifying information from
merely reflects current functionality action is: (i) Necessary or appropriate in submissions. You should submit only
offered to members that trade in the the public interest; (ii) for the protection information that you wish to make
Block Order Mechanism. The proposed of investors; or (iii) otherwise in available publicly. All submissions
rule change is therefore not designed to furtherance of the purposes of the Act. should refer to File Number SR–GEMX–
impose any significant burden on If the Commission takes such action, the 2017–43 and should be submitted on or
competition. Commission shall institute proceedings before October 26, 2017.
C. Self-Regulatory Organization’s to determine whether the proposed rule For the Commission, by the Division of
Statement on Comments on the should be approved or disapproved. Trading and Markets, pursuant to delegated
Proposed Rule Change Received From IV. Solicitation of Comments authority.23
Members, Participants, or Others Eduardo A. Aleman,
Interested persons are invited to Assistant Secretary.
No written comments were either submit written data, views, and
solicited or received. [FR Doc. 2017–21406 Filed 10–4–17; 8:45 am]
arguments concerning the foregoing,
BILLING CODE 8011–01–P
III. Date of Effectiveness of the including whether the proposed rule
Proposed Rule Change and Timing for change is consistent with the Act.
Commission Action Comments may be submitted by any of SECURITIES AND EXCHANGE
the following methods: COMMISSION
Because the foregoing proposed rule
change does not: (i) Significantly affect Electronic Comments
the protection of investors or the public [Release No. 34–81766; File No. SR–
• Use the Commission’s Internet NYSEArca–2017–86]
interest; (ii) impose any significant comment form (http://www.sec.gov/
burden on competition; and (iii) become rules/sro.shtml); or Self-Regulatory Organizations; NYSE
operative for 30 days from the date on • Send an email to rule-comments@ Arca, Inc.; Notice of Filing of Proposed
which it was filed, or such shorter time Rule Change To List and Trade Shares
sec.gov. Please include File Number SR–
as the Commission may designate, it has of the JPMorgan Managed Futures ETF
GEMX–2017–43 on the subject line.
become effective pursuant to Section Under NYSE Arca Rule 8.600–E
19(b)(3)(A)(iii) of the Act 18 and Paper Comments
subparagraph (f)(6) of Rule 19b–4 • Send paper comments in triplicate September 29, 2017.
thereunder.19 to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
A proposed rule change filed under Securities Exchange Act of 1934
Commission, 100 F Street NE.,
Rule 19b–4(f)(6) 20 normally does not (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Washington, DC 20549–1090.
become operative prior to 30 days after notice is hereby given that, on
the date of the filing. However, pursuant All submissions should refer to File
September 14, 2017, NYSE Arca, Inc.
to Rule 19b–4(f)(6)(iii),21 the Number SR–GEMX–2017–43. This file
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
Commission may designate a shorter number should be included on the
with the Securities and Exchange
time if such action is consistent with the subject line if email is used. To help the
Commission (‘‘Commission’’) the
protection of investors and the public Commission process and review your
proposed rule change as described in
interest. The Exchange requests that the comments more efficiently, please use
Items I and II below, which Items have
Commission waive the 30-day operative only one method. The Commission will
been prepared by the self-regulatory
delay. The Exchange notes that a waiver post all comments on the Commission’s
organization. The Commission is
is consistent with the protection of Internet Web site (http://www.sec.gov/
publishing this notice to solicit
investors and the public interest rules/sro.shtml). Copies of the
comments on the proposed rule change
because it will allow the Exchange to submission, all subsequent
from interested persons.
correct its Block Order Mechanism rules amendments, all written statements
to reflect the current functionality of the with respect to the proposed rule I. Self-Regulatory Organization’s
system without undue delay. The change that are filed with the Statement of the Terms of Substance of
Commission believes that waiving the Commission, and all written the Proposed Rule Change
30-day operative delay is consistent communications relating to the The Exchange proposes to list and
with the protection of investors and the proposed rule change between the trade shares of the following under
public interest. Accordingly, the Commission and any person, other than NYSE Arca Rule 8.600–E (‘‘Managed
those that may be withheld from the Fund Shares’’): JPMorgan Managed
18 15 U.S.C. 78s(b)(3)(A)(iii). public in accordance with the Futures ETF. The proposed change is
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– provisions of 5 U.S.C. 552, will be available on the Exchange’s Web site at
ethrower on DSK3G9T082PROD with NOTICES
4(f)(6) requires a self-regulatory organization to give available for Web site viewing and
the Commission written notice of its intent to file www.nyse.com, at the principal office of
the proposed rule change at least five business days printing in the Commission’s Public the Exchange, and at the Commission’s
prior to the date of filing of the proposed rule Reference Room, 100 F Street NE., Public Reference Room.
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this 22 For purposes only of waiving the 30-day
requirement. 23 17 CFR 200.30–3(a)(12).
operative delay, the Commission has considered the
20 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition,
21 17 CFR 240.19b–4(f)(6)(iii). and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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Document Created: 2017-10-05 00:53:45
Document Modified: 2017-10-05 00:53:45
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| FR Citation | 82 FR 46564 |
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