82 FR 49912 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1, Definitions, To Modify Stop Orders and Stop Limit Orders Applicable to the Exchange's Equity Options Platform in Preparation for the C2 Options Exchange, Incorporated Technology Migration
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 207 (October 27, 2017)
Federal Register Volume 82, Issue 207 (October 27, 2017)
| Page Range | 49912-49914 | |
| FR Document | 2017-23373 |
[Federal Register Volume 82, Number 207 (Friday, October 27, 2017)] [Notices] [Pages 49912-49914] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-23373] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81920; File No. SR-BatsEDGX-2017-39] Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1, Definitions, To Modify Stop Orders and Stop Limit Orders Applicable to the Exchange's Equity Options Platform in Preparation for the C2 Options Exchange, Incorporated Technology Migration October 23, 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 October 10, 2017, Bats EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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 update Rule 21.1 to make modifications to the Exchange's rules and functionality applicable to the Exchange's options platform (``EDGX Options'') in preparation for the technology migration of the Exchange's affiliated options exchange, C2 Options Exchange, Incorporated (``C2''), onto the same technology as the Exchange. 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 In 2016, the Exchange and its affiliates Bats BZX Exchange, Inc. (``BZX''), Bats BYX Exchange, Inc. (``BYX''), and Bats EDGA Exchange, Inc. (``EDGA'') received approval to affect a merger (the ``Merger'') of the Exchange's indirect parent company, Bats Global Markets, Inc. (``BGM''), with CBOE Holdings, Inc. (``CBOE Holdings''), the direct parent of Chicago Board Options Exchange, Incorporated (``CBOE'') and C2 Options Exchange, Incorporated (``C2'', and together with the Exchange, BZX, BYX, EDGA, and CBOE the ``CBOE Affiliated Exchanges'').\5\ The CBOE Affiliated Exchanges are working to align certain system functionality, retaining only intended differences between the CBOE Affiliated Exchanges, in the context of a technology migration. Thus, the proposals set forth below are intended to add certain system functionality that is more similar to functionality offered by CBOE and C2 in order to ultimately provide a consistent technology offering for market participants who interact with the CBOE Affiliated Exchanges. Although the Exchange intentionally offers certain features that differ from those offered by its affiliates and will continue to do so, the Exchange believes that offering similar functionality to the extent practicable will reduce potential confusion for Users. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 79585 (December 16, 2016), 81 FR 93988 (December 22, 2016) (SR-BatsBZX-2016-68; SR- BatsBYX-2016-29; SR-BatsEDGA-2016-24; SR-BatsEDGX-2016-60). --------------------------------------------------------------------------- The Exchange adopt Stop Orders and Stop Limit Orders, to be defined in Rules 21.1(d)(11) and (d)(12), respectively. In order to adopt such rules, the Exchange also proposes to re-number current Rule 21.1(d)(10) (related to ``Intermarket Sweep Orders'') as Rule 21.1(d)(9) (currently reserved), and current Rule 21.1(d)(11) (related to ``Qualified Continent Cross Orders'') as Rule 21.1(d)(10). A Stop Order would be defined in Rule 21.1(d)(11) as an order that becomes a Market Order \6\ when the stop price is elected. A Stop Order to buy would be elected when the consolidated last sale in the option occurs at or above, or the NBB is equal to or higher than, the specified stop price. A Stop Order to sell would be elected when the consolidated last sale in the option occurs at or below, or the NBO is equal to or lower than, the specified stop price. --------------------------------------------------------------------------- \6\ ``Market Orders'' are orders to buy or sell at the best price available at the time of execution. Market Orders to buy or sell an option traded on are rejected if they are received when the underlying security is subject to a ``Limit State'' or ``Straddle State'' as defined in the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan''). Any portion of a Market Order that would execute at a price more than $0.50 or 5 percent worse than the NBBO at the time the order initially reaches BZX Options, whichever is greater, will be cancelled. See Exchange Rule 21.1(d)(5). --------------------------------------------------------------------------- In addition, the Exchange proposes to restrict Stop Orders, which, as described above, are converted to Market Orders when elected, from being elected when the underlying security is in a Limit State, as defined in the Limit Up-Limit Down Plan. Such an order would be held until the end of the Limit State, at which point the order would again become eligible to be elected. This aspect of the proposal is also based on the rules of CBOE \7\ and C2 \8\ and is consistent with the Exchange's current handling of Market Orders, which are not accepted when the underlying security is in a Limit State.\9\ As Stop Orders become Market Orders when elected, the Exchange believes that this change is merely an extension of its existing functionality. --------------------------------------------------------------------------- \7\ See CBOE Rule 6.53, Interpretation and Policy .01C. \8\ See C2 Rule 6.10, Interpretation and Policy .01C. \9\ See Exchange Rule 21.1(d)(5). --------------------------------------------------------------------------- A Stop Limit Order would be defined in Rule 21.1(d)(12) as an order that becomes a limit order when the stop price is elected. A Stop Limit Order to buy would be elected and would become a buy limit order when the consolidated last sale in the option [[Page 49913]] occurs at or above, or the NBB is equal to or higher than, the specified stop price. A Stop Limit Order to sell would be elected and would become a sell limit order when the consolidated last sale in the option occurs at or below, or the NBO is equal to or lower than, the specified stop price. The Exchange notes that CBOE and C2 also trigger stop orders based trades and quotations.\10\ The Exchange further notes that it has proposed to elect Stop Orders and Stop Limit Orders based on consolidated quotations (the NBB and NBO) rather than quotations only on the Exchange.\11\ --------------------------------------------------------------------------- \10\ See CBOE Rules 6.53(c)(iii) and (c)(iv) and C2 Rules 6.10(c)(3) and (c)(4). \11\ Simultaneous with this proposal, the Exchange's affiliate, BZX, is filing a proposal to elect Stop Orders and Stop Limit Orders based on consolidated quotations. As such, the Exchange's rules, as proposed, would be identical to the rules of BZX. BZX currently elects Stop Orders and Stop Limit Orders based on consolidated trades only. See BZX Rules 21.1(d)(11) and (d)(12). --------------------------------------------------------------------------- Below are examples of the proposed functionality for Stop Orders and Stop Limit Orders. Example 1A--Stop Order Is Triggered (Trade) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Order to buy 500 shares with a stop price of 8.05.Assume the NBBO updates to 8.00 by 8.05. An execution reported by another exchange at 8.05 will trigger the stop price of the Stop Order, which will convert into a Market Order to buy. Example 1B--Stop Order Is Triggered (Quotation) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Order to buy 500 shares with a stop price of 8.05. Assume the NBBO updates to 8.05 by 8.10. The NBB equal to the stop price of the order will trigger the stop price of the Stop Order, which will convert into a Market Order to buy. The result would be the same if the NBB were instead higher than the stop price, such as with an NBBO of 8.10 by 8.15. Example 2A--Stop Limit Order Is Triggered (Trade) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Limit Order to buy 500 shares at 8.04 with stop limit price of 8.05. Assume the NBBO updates to 8.03 by 8.05. An execution reported by another exchange at 8.05 will trigger the stop price of the Stop Limit Order, which will convert into a limit order to buy at 8.04. Example 2B--Stop Limit Order Is Triggered (Quotation) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Limit Order to buy 500 shares at 8.04 with stop limit price of 8.05. Assume the NBBO updates to 8.05 by 8.10. The NBB equal to the stop price of the order will trigger the stop price of the Stop Limit Order, which will convert into a limit order to buy at 8.04. The result would be the same if the NBB were instead higher than the stop price, such as with an NBBO of 8.10 by 8.15. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \12\ in general, and furthers the objectives of Section 6(b)(5) of the Act \13\ in particular, in that it is designed to promote just and equitable principles of trade, 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. In particular, consistent rules and functionality between the Exchange and its affiliated exchanges will reduce complexity and help avoid potential confusion by the Users of the Exchange that are also participants on other CBOE Affiliated Exchanges.\14\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). \14\ The Exchange notes that its affiliate, EDGX, also intends to adopt Stop Orders and Stop Limit Orders that would function identical to Stop Orders and Stop Limit Orders on the Exchange, as amended by this proposal. In addition, as CBOE and C2 migrate to the same technology platform as the Exchange, CBOE and C2 intend to modify rules and functionality to be consistent with the Exchange and EDGX, unless the retention of differences is intended. --------------------------------------------------------------------------- The Exchange believes the proposed amendment will reduce complexity and increase the understanding of the Exchange's operations for all Users of the Exchange. In particular, by offering Stop Orders and Stop Limit Orders, the Exchange's functionality will be more similar to that of CBOE and C2. In turn, when CBOE and C2 are migrated to the same technology as that of the Exchange, Users of the Exchange and other CBOE Affiliated Exchanges will have access to similar functionality. As such, the proposed rule change would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national market system. With respect to Stop Orders not being elected when the underlying security is in a Limit State, this proposal is based on the rules of CBOE and C2 and is also consistent with the Exchange's current handling of Market Orders, which are not accepted when the underlying security is in a Limit State.\15\ As Stop Orders become Market Orders when elected, the Exchange believes that this change is merely an extension of its existing functionality in the context of the Exchange's adoption of Stop Orders. --------------------------------------------------------------------------- \15\ See supra, notes 8-10. --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that the proposal will further promote consistency between the Exchange and its affiliated exchanges, and is part of a larger technology integration that will ultimately reduce complexity for Users of the Exchange that are also participants on other CBOE Affiliated Exchanges. The Exchange does not believe that the proposed changes will have any direct impact on competition. Thus, the Exchange does not believe that the proposal creates any significant impact on competition. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. 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 \16\ and paragraph (f)(6) of Rule 19b-4 thereunder,\17\ the Exchange has [[Page 49914]] designated this rule filing as non-controversial. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4. 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) \18\ normally does not become operative prior to 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) \19\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Exchange notes that the proposed rule change will promote consistency between the Exchange and CBOE Affiliated Exchanges, and is part of a larger technology integration that will ultimately reduce complexity for Users of the Exchange that are also participants on other CBOE Affiliated Exchanges. --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investor and the public interest. The Commission notes that the proposed rule change is based on rules of its affiliated exchanges, CBOE and C2, and thus does not raise any new or novel issues. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.\20\ --------------------------------------------------------------------------- \20\ For purposes only of waiving the 30-day operative delay, the Commission has also 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: (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 Comments Use 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-BatsEDGX-2017-39 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-BatsEDGX-2017-39. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BatsEDGX-2017-39 and should be submitted on or before November 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-23373 Filed 10-26-17; 8:45 am] BILLING CODE 8011-01-P
![49912 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
to make available publicly. All Exchange, Incorporated (‘‘C2’’), onto the practicable will reduce potential
submissions should refer to File same technology as the Exchange. confusion for Users.
Number SR–MSRB–2017–08 and should The text of the proposed rule change The Exchange adopt Stop Orders and
be submitted on or before November 17, is available at the Exchange’s Web site Stop Limit Orders, to be defined in
2017. at www.bats.com, at the principal office Rules 21.1(d)(11) and (d)(12),
For the Commission, pursuant to delegated of the Exchange, and at the respectively. In order to adopt such
authority.27 Commission’s Public Reference Room. rules, the Exchange also proposes to re-
Eduardo A. Aleman,
number current Rule 21.1(d)(10) (related
II. Self-Regulatory Organization’s to ‘‘Intermarket Sweep Orders’’) as Rule
Assistant Secretary. Statement of the Purpose of, and 21.1(d)(9) (currently reserved), and
[FR Doc. 2017–23374 Filed 10–26–17; 8:45 am] Statutory Basis for, the Proposed Rule current Rule 21.1(d)(11) (related to
BILLING CODE 8011–01–P Change ‘‘Qualified Continent Cross Orders’’) as
In its filing with the Commission, the Rule 21.1(d)(10).
Exchange included statements A Stop Order would be defined in
SECURITIES AND EXCHANGE concerning the purpose of and basis for Rule 21.1(d)(11) as an order that
COMMISSION the proposed rule change and discussed becomes a Market Order 6 when the stop
any comments it received on the price is elected. A Stop Order to buy
[Release No. 34–81920; File No. SR–
BatsEDGX–2017–39] proposed rule change. The text of these would be elected when the consolidated
statements may be examined at the last sale in the option occurs at or
Self-Regulatory Organizations; Bats places specified in Item IV below. The above, or the NBB is equal to or higher
EDGX Exchange, Inc.; Notice of Filing Exchange has prepared summaries, set than, the specified stop price. A Stop
and Immediate Effectiveness of a forth in Sections A, B, and C below, of Order to sell would be elected when the
Proposed Rule Change to Rule 21.1, the most significant parts of such consolidated last sale in the option
Definitions, To Modify Stop Orders and statements. occurs at or below, or the NBO is equal
Stop Limit Orders Applicable to the to or lower than, the specified stop
(A) Self-Regulatory Organization’s price.
Exchange’s Equity Options Platform in Statement of the Purpose of, and
Preparation for the C2 Options In addition, the Exchange proposes to
Statutory Basis for, the Proposed Rule restrict Stop Orders, which, as described
Exchange, Incorporated Technology Change
Migration above, are converted to Market Orders
1. Purpose when elected, from being elected when
October 23, 2017. the underlying security is in a Limit
In 2016, the Exchange and its State, as defined in the Limit Up-Limit
Pursuant to Section 19(b)(1) of the affiliates Bats BZX Exchange, Inc.
Securities Exchange Act of 1934 (the Down Plan. Such an order would be
(‘‘BZX’’), Bats BYX Exchange, Inc. held until the end of the Limit State, at
‘‘Act’’),1 and Rule 19b–4 thereunder,2 (‘‘BYX’’), and Bats EDGA Exchange, Inc.
notice is hereby given that on October which point the order would again
(‘‘EDGA’’) received approval to affect a become eligible to be elected. This
10, 2017, Bats EDGX Exchange, Inc. (the merger (the ‘‘Merger’’) of the Exchange’s
‘‘Exchange’’ or ‘‘EDGX’’) filed with the aspect of the proposal is also based on
indirect parent company, Bats Global the rules of CBOE 7 and C2 8 and is
Securities and Exchange Commission Markets, Inc. (‘‘BGM’’), with CBOE
(‘‘Commission’’) the proposed rule consistent with the Exchange’s current
Holdings, Inc. (‘‘CBOE Holdings’’), the handling of Market Orders, which are
change as described in Items I and II direct parent of Chicago Board Options
below, which Items have been prepared not accepted when the underlying
Exchange, Incorporated (‘‘CBOE’’) and security is in a Limit State.9 As Stop
by the Exchange. The Exchange has C2 Options Exchange, Incorporated
designated this proposal as a ‘‘non- Orders become Market Orders when
(‘‘C2’’, and together with the Exchange, elected, the Exchange believes that this
controversial’’ proposed rule change BZX, BYX, EDGA, and CBOE the ‘‘CBOE
pursuant to Section 19(b)(3)(A) of the change is merely an extension of its
Affiliated Exchanges’’).5 The CBOE existing functionality.
Act 3 and Rule 19b–4(f)(6)(iii)
Affiliated Exchanges are working to A Stop Limit Order would be defined
thereunder,4 which renders it effective align certain system functionality,
upon filing with the Commission. The in Rule 21.1(d)(12) as an order that
retaining only intended differences becomes a limit order when the stop
Commission is publishing this notice to between the CBOE Affiliated Exchanges,
solicit comments on the proposed rule price is elected. A Stop Limit Order to
in the context of a technology migration. buy would be elected and would
change from interested persons. Thus, the proposals set forth below are become a buy limit order when the
I. Self-Regulatory Organization’s intended to add certain system consolidated last sale in the option
Statement of the Terms of Substance of functionality that is more similar to
the Proposed Rule Change functionality offered by CBOE and C2 in 6 ‘‘Market Orders’’ are orders to buy or sell at the
order to ultimately provide a consistent best price available at the time of execution. Market
The Exchange filed a proposal to Orders to buy or sell an option traded on are
technology offering for market
update Rule 21.1 to make modifications rejected if they are received when the underlying
participants who interact with the CBOE
to the Exchange’s rules and security is subject to a ‘‘Limit State’’ or ‘‘Straddle
Affiliated Exchanges. Although the State’’ as defined in the Plan to Address
functionality applicable to the
Exchange intentionally offers certain Extraordinary Market Volatility Pursuant to Rule
Exchange’s options platform (‘‘EDGX 608 of Regulation NMS under the Act (the ‘‘Limit
features that differ from those offered by
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Options’’) in preparation for the Up-Limit Down Plan’’). Any portion of a Market
its affiliates and will continue to do so,
technology migration of the Exchange’s Order that would execute at a price more than $0.50
the Exchange believes that offering or 5 percent worse than the NBBO at the time the
affiliated options exchange, C2 Options
similar functionality to the extent order initially reaches BZX Options, whichever is
greater, will be cancelled. See Exchange Rule
27 17 CFR 200.30–3(a)(12). 5 See Securities Exchange Act Release No. 79585 21.1(d)(5).
1 15 U.S.C. 78s(b)(1). 7 See CBOE Rule 6.53, Interpretation and Policy
(December 16, 2016), 81 FR 93988 (December 22,
2 17 CFR 240.19b–4. .01C.
2016) (SR–BatsBZX–2016–68; SR–BatsBYX–2016–
3 15 U.S.C. 78s(b)(3)(A). 8 See C2 Rule 6.10, Interpretation and Policy .01C.
29; SR–BatsEDGA–2016–24; SR–BatsEDGX–2016–
4 17 CFR 240.19b–4(f)(6)(iii). 60). 9 See Exchange Rule 21.1(d)(5).
VerDate Sep<11>2014 17:54 Oct 26, 2017 Jkt 244001 PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1](https://thefederalregister.org/doc/82_FR_50119/page/1.svg)
![49914 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
designated this rule filing as non- Electronic Comments SECURITIES AND EXCHANGE
controversial. COMMISSION
• Use the Commission’s Internet
A proposed rule change filed under comment form (http://www.sec.gov/ [Release No. 34–81922; File No. SR–IEX–
Rule 19b–4(f)(6) 18 normally does not rules/sro.shtml); or 2017–37]
become operative prior to 30 days after
the date of the filing. However, Rule • Send an email to rule-comments@ Self-Regulatory Organizations;
19b–4(f)(6)(iii) 19 permits the sec.gov. Please include File Number SR– Investors Exchange LLC; Notice of
Commission to designate a shorter time BatsEDGX–2017–39 on the subject line. Filing and Immediate Effectiveness of
if such action is consistent with the Proposed Rule Change To Amend Rule
Paper Comments
protection of investors and the public 11.152 To Add Provisions Related to
interest. The Exchange has asked the • Send paper comments in triplicate Market Maker Withdrawals of
to Brent J. Fields, Secretary, Securities Quotations in Securities Listed on the
Commission to waive the 30-day
and Exchange Commission, 100 F Street Investors Exchange
operative delay so that the proposed
rule change may become operative NE., Washington, DC 20549–1090. October 23, 2017.
immediately upon filing. The Exchange All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
notes that the proposed rule change will Number SR–BatsEDGX–2017–39. This Securities Exchange Act of 1934 (the
promote consistency between the file number should be included on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Exchange and CBOE Affiliated subject line if email is used. To help the notice is hereby given that, on October
Exchanges, and is part of a larger Commission process and review your 19, 2017, the Investors Exchange LLC
technology integration that will comments more efficiently, please use (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
ultimately reduce complexity for Users only one method. The Commission will Securities and Exchange Commission
of the Exchange that are also (the ‘‘Commission’’) the proposed rule
post all comments on the Commission’s
participants on other CBOE Affiliated change as described in Items I and II
Internet Web site (http://www.sec.gov/
Exchanges. below, which Items have been prepared
rules/sro.shtml). Copies of the
by the self-regulatory organization. The
The Commission believes that waiver submission, all subsequent Commission is publishing this notice to
of the 30-day operative delay is amendments, all written statements solicit comments on the proposed rule
consistent with the protection of with respect to the proposed rule change from interested persons.
investor and the public interest. The change that are filed with the
Commission notes that the proposed Commission, and all written I. Self-Regulatory Organization’s
rule change is based on rules of its communications relating to the Statement of the Terms of Substance of
affiliated exchanges, CBOE and C2, and proposed rule change between the the Proposed Rule Change
thus does not raise any new or novel Commission and any person, other than Pursuant to the provisions of Section
issues. Accordingly, the Commission those that may be withheld from the 19(b)(1) under the Securities Exchange
hereby waives the 30-day operative public in accordance with the Act of 1934 (‘‘Act’’),4 and Rule 19b–4
delay and designates the proposed rule provisions of 5 U.S.C. 552, will be thereunder,5 Investors Exchange LLC
change as operative upon filing.20 available for Web site viewing and (‘‘IEX’’ or ‘‘Exchange’’) is filing with the
At any time within 60 days of the printing in the Commission’s Public Commission a proposed rule change to
filing of the proposed rule change, the Reference Room, 100 F Street NE., amend Rule 11.152 to add provisions
Washington, DC 20549, on official related to Market Maker withdrawals of
Commission summarily may
business days between the hours of quotations in securities listed on IEX,
temporarily suspend such rule change if
10:00 a.m. and 3:00 p.m. Copies of the remove an incorrect cross reference in
it appears to the Commission that such
filing also will be available for paragraph (c), and to correct a
action is: (1) Necessary or appropriate in typographical error in a cross-reference
the public interest; (2) for the protection inspection and copying at the principal
in paragraph (d). The Exchange has
of investors; or (3) otherwise in office of the Exchange. All comments
designated this proposal as ‘‘non-
furtherance of the purposes of the Act. received will be posted without change.
controversial’’ and provided the
If the Commission takes such action, the Persons submitting comments are
Commission with the notice required by
Commission shall institute proceedings cautioned that we do not redact or edit Rule 19b–4(f)(6)(iii) under the Act.6 The
to determine whether the proposed rule personal identifying information from text of the proposed rule change is
should be approved or disapproved. comment submissions. You should available at the Exchange’s Web site at
submit only information that you wish www.iextrading.com, at the principal
IV. Solicitation of Comments to make available publicly. All office of the Exchange, and at the
Interested persons are invited to submissions should refer to File Commission’s Public Reference Room.
submit written data, views, and Number SR–BatsEDGX–2017–39 and
should be submitted on or before II. Self-Regulatory Organization’s
arguments concerning the foregoing, Statement of the Purpose of, and
including whether the proposed rule November 17, 2017.
Statutory Basis for, the Proposed Rule
change is consistent with the Act. For the Commission, by the Division of Change
Comments may be submitted by any of
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Trading and Markets, pursuant to delegated
the following methods: authority.21 In its filing with the Commission, the
self-regulatory organization included
Eduardo A. Aleman,
18 17 CFR 240.19b–4(f)(6). Assistant Secretary. 1 15 U.S.C. 78s(b)(1).
19 17 CFR 240.19b–4(f)(6)(iii).
20 For purposes only of waiving the 30-day
[FR Doc. 2017–23373 Filed 10–26–17; 8:45 am] 2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
operative delay, the Commission has also BILLING CODE 8011–01–P
4 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
5 17 CFR 240.19b–4.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12). 6 17 CFR 240.19b–4(f)(6)(iii).
VerDate Sep<11>2014 17:54 Oct 26, 2017 Jkt 244001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\27OCN1.SGM 27OCN1](https://thefederalregister.org/doc/82_FR_50119/page/3.svg)
Document Created: 2017-10-27 02:05:52
Document Modified: 2017-10-27 02:05:52
| 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 49912 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR