82 FR 51312 - Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rules 700, 1322, and 517

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 212 (November 3, 2017)

Page Range		51312-51313
FR Document		2017-23922
Federal Register, Volume 82 Issue 212 (Friday, November 3, 2017)
[Federal Register Volume 82, Number 212 (Friday, November 3, 2017)]
[Notices]
[Pages 51312-51313]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-23922]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81976; File No. SR-MIAX-2017-43]


Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend MIAX Options Rules 700, 1322, and 517

October 30, 2017.
    Pursuant to the provisions of 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 October 16, 2017, Miami International 
Securities Exchange, LLC (``MIAX Options'' or the ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') a 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to make minor corrective changes 
to Exchange Rule 700, Exercise of Option Contracts; Rule 1322, Options 
Communications; and Rule 517, Quote Types Defined.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.miaxoptions.com/rule-filings/ at MIAX Options' 
principal office, 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 Exchange proposes to amend Exchange Rule 700, Exercise of 
Option Contracts; Rule 1322, Options Communications; and Rule 517, 
Quote Types Defined, to make minor non-substantive corrective changes.
    First, the Exchange proposes to amend Exchange Rule 700 to remove a 
duplicate item identifier. The Exchange recently amended Rule 700 by 
adding new paragraph (h).\3\ However, the Exchange inadvertently 
numbered the paragraph as (h) when it should have been numbered as (l). 
The Exchange is not proposing any change to the wording of the Rule or 
to its application. The Exchange is only proposing to amend Rule 700(h) 
to be renumbered to Rule 700(l).
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    \3\ See Securities Exchange Act Release No. 81739 (September 27, 
2017), 82 FR 46111 (October 3, 2017) (SR-MIAX-2017-39).
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    Second, the Exchange proposes to amend Exchange Rule 1322, Options 
Communications to make minor corrective changes to the numerical list 
item identifiers to properly conform to the hierarchical heading scheme 
used throughout the Exchange's rulebook. Paragraph (a) currently reads, 
``Definitions. For purposes of this Rule and any interpretation 
thereof, `options communications' consist of:.'' The language after the 
word ``Definition'' should be in a separate sub-paragraph, therefore, 
the Exchange proposes to amend this Rule to move the language after the 
word ``Definition'' to sub-paragraph (a)(1). Accordingly, sub-
paragraphs (a)(1) through (a)(3) will be renumbered as (a)(1)(i) 
through (a)(1)(iii); sub-paragraph (a)(4) will be renumbered as (a)(2); 
sub-paragraphs (a)(4)(1) through (a)(4)(3) will be renumbered as 
(a)(2)(i) through (a)(2)(iii); sub-paragraph (a)(5) will be renumbered 
as (a)(3); sub-paragraphs (a)(5)(A) through (a)(5)(F) will be 
renumbered as (a)(3)(i) through (a)(3)(vi); sub-paragraphs (h)(i) 
through (h)(viii) will be renumbered as (h)(1) through (h)(8); and 
finally, the reference to Rule (a)(4) located in current Rule (a)(5) 
will be renumbered to reference Rule (a)(2).
    Finally, the Exchange proposes to amend Exchange Rule 517(a)(2)(i) 
to correct a typographical error. Currently, the second to last 
sentence reads ``[i]f the Exchange determines to establish a limit, it 
will be no more ten Day eQuotes on the same side of an individual 
option.'' The word ``than'' is missing between the words ``more'' and 
``ten.'' Therefore, the Exchange proposes to amend the sentence to read 
``[i]f the Exchange determines to establish a limit, it will be no more 
than ten Day eQuotes on the same side of an individual option.''
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \4\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \5\ in particular, in that 
they are designed to prevent fraudulent and manipulative acts and 
practices, 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 
mechanisms of a free and open market and a national market system and, 
in general, to protect investors and the public interest.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the proposed changes promote just and 
equitable principles of trade and remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because the proposed rule change corrects minor

[[Page 51313]]

typographical errors and corrects errors in the hierarchical heading 
scheme to provide uniformity in the Exchange's rulebook. The Exchange 
notes that the proposed changes to Exchange Rule 700, Exercise of 
Option Contracts; Rule 1322, Options Communications; and Rule 517, 
Quote Types Defined do not alter the application of each rule. As such, 
the proposed amendments 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 exchange system. In particular, the Exchange 
believes that the proposed changes will provide greater clarity to 
Members \6\ and the public regarding the Exchange's Rules. It is in the 
public interest for rules to be accurate and concise so as to eliminate 
the potential for confusion.
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    \6\ The term ``Member'' means an individual or organization 
approved to exercise the trading rights associated with a Trading 
Permit. Members are deemed ``members'' under the Exchange Act. See 
Exchange Rule 100.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX Options does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change will 
have no impact on competition as it is not designed to address any 
competitive issues but rather is designed to add additional clarity to 
existing rules and to remedy minor non-substantive issues in the text 
of various rules identified in this proposal.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition as the Rules apply equally 
to all Exchange Members.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) 
\8\ thereunder, the Exchange has designated this proposal as one that 
effects a change that: (i) Does not significantly affect the protection 
of investors or the public interest; (ii) does not impose any 
significant burden on competition; and (iii) by its terms, does not 
become operative for 30 days after the date of the filing, or such 
shorter time as the Commission may designate if consistent with the 
protection of investors and the public interest.\9\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and the 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. The Exchange has satisfied this requirement.
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    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 necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.

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- MIAX-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-MIAX-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. 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-MIAX-2017-43 and should be 
submitted on or before November 24, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23922 Filed 11-2-17; 8:45 am]
BILLING CODE 8011-01-P
51312 Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices

Commission determines that a longer I. Self-Regulatory Organization’s Paragraph (a) currently reads,
period is appropriate and publishes the Statement of the Terms of Substance of ‘‘Definitions. For purposes of this Rule
reasons for such determination. The the Proposed Rule Change and any interpretation thereof, ‘options
proposed rule change was published for The Exchange is filing a proposal to communications’ consist of:.’’ The
notice and comment in the Federal make minor corrective changes to language after the word ‘‘Definition’’
Register on May 4, 2017.11 October 31, should be in a separate sub-paragraph,
Exchange Rule 700, Exercise of Option
2017, is 180 days from that date, and therefore, the Exchange proposes to
Contracts; Rule 1322, Options
December 30, 2017, is an additional 60 amend this Rule to move the language
Communications; and Rule 517, Quote
days from that date. after the word ‘‘Definition’’ to sub-
Types Defined.
The Commission finds it appropriate paragraph (a)(1). Accordingly, sub-
The text of the proposed rule change
to designate a longer period within paragraphs (a)(1) through (a)(3) will be
is available on the Exchange’s Web site
which to issue an order approving or renumbered as (a)(1)(i) through
at http://www.miaxoptions.com/rule-
disapproving the proposed rule change (a)(1)(iii); sub-paragraph (a)(4) will be
filings/ at MIAX Options’ principal
so that it has sufficient time to consider renumbered as (a)(2); sub-paragraphs
office, and at the Commission’s Public
the proposed rule change and the issues (a)(4)(1) through (a)(4)(3) will be
Reference Room.
raised in the comment letters that have renumbered as (a)(2)(i) through
been submitted in connection therewith. II. Self-Regulatory Organization’s (a)(2)(iii); sub-paragraph (a)(5) will be
Accordingly, the Commission, pursuant Statement of the Purpose of, and renumbered as (a)(3); sub-paragraphs
Statutory Basis for, the Proposed Rule (a)(5)(A) through (a)(5)(F) will be
to Section 19(b)(2) of the Act,12
Change renumbered as (a)(3)(i) through
designates December 30, 2017, as the
(a)(3)(vi); sub-paragraphs (h)(i) through
date by which the Commission should In its filing with the Commission, the
(h)(viii) will be renumbered as (h)(1)
either approve or disapprove the Exchange included statements
through (h)(8); and finally, the reference
proposed rule change (File No SR– concerning the purpose of and basis for
to Rule (a)(4) located in current Rule
NYSEArca–2017–36). the proposed rule change and discussed
(a)(5) will be renumbered to reference
For the Commission, by the Division of any comments it received on the
Rule (a)(2).
Trading and Markets, pursuant to delegated proposed rule change. The text of these Finally, the Exchange proposes to
authority.13 statements may be examined at the amend Exchange Rule 517(a)(2)(i) to
Eduardo A. Aleman, places specified in Item IV below. The correct a typographical error. Currently,
Assistant Secretary. Exchange has prepared summaries, set the second to last sentence reads ‘‘[i]f
[FR Doc. 2017–23923 Filed 11–2–17; 8:45 am]
forth in sections A, B, and C below, of the Exchange determines to establish a
the most significant aspects of such limit, it will be no more ten Day
BILLING CODE 8011–01–P
statements. eQuotes on the same side of an
A. Self-Regulatory Organization’s individual option.’’ The word ‘‘than’’ is
SECURITIES AND EXCHANGE Statement of the Purpose of, and missing between the words ‘‘more’’ and
COMMISSION Statutory Basis for, the Proposed Rule ‘‘ten.’’ Therefore, the Exchange proposes
Change to amend the sentence to read ‘‘[i]f the
[Release No. 34–81976; File No. SR–MIAX– Exchange determines to establish a
2017–43]
1. Purpose limit, it will be no more than ten Day
The Exchange proposes to amend eQuotes on the same side of an
Self-Regulatory Organizations; Miami Exchange Rule 700, Exercise of Option individual option.’’
International Securities Exchange, Contracts; Rule 1322, Options
LLC; Notice of Filing and Immediate 2. Statutory Basis
Communications; and Rule 517, Quote
Effectiveness of a Proposed Rule Types Defined, to make minor non- The Exchange believes that its
Change To Amend MIAX Options Rules substantive corrective changes. proposed rule change is consistent with
700, 1322, and 517 First, the Exchange proposes to Section 6(b) of the Act 4 in general, and
amend Exchange Rule 700 to remove a furthers the objectives of Section 6(b)(5)
October 30, 2017. of the Act 5 in particular, in that they are
duplicate item identifier. The Exchange
Pursuant to the provisions of Section recently amended Rule 700 by adding designed to prevent fraudulent and
19(b)(1) of the Securities Exchange Act new paragraph (h).3 However, the manipulative acts and practices, to
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Exchange inadvertently numbered the promote just and equitable principles of
thereunder,2 notice is hereby given that paragraph as (h) when it should have trade, to foster cooperation and
on October 16, 2017, Miami been numbered as (l). The Exchange is coordination with persons engaged in
International Securities Exchange, LLC not proposing any change to the facilitating transactions in securities, to
(‘‘MIAX Options’’ or the ‘‘Exchange’’) wording of the Rule or to its application. remove impediments to and perfect the
filed with the Securities and Exchange The Exchange is only proposing to mechanisms of a free and open market
Commission (‘‘Commission’’) a amend Rule 700(h) to be renumbered to and a national market system and, in
proposed rule change as described in Rule 700(l). general, to protect investors and the
Items I and II below, which Items have Second, the Exchange proposes to public interest.
been prepared by the Exchange. The amend Exchange Rule 1322, Options The Exchange believes the proposed
Commission is publishing this notice to Communications to make minor changes promote just and equitable
solicit comments on the proposed rule principles of trade and remove
ethrower on DSK3G9T082PROD with NOTICES

corrective changes to the numerical list
change from interested persons. item identifiers to properly conform to impediments to and perfect the
the hierarchical heading scheme used mechanism of a free and open market
11 See supra note 3. throughout the Exchange’s rulebook. and a national market system because
12 15 U.S.C. 78s(b)(2). the proposed rule change corrects minor
13 17 CFR 200.30–3(a)(57). 3 See Securities Exchange Act Release No. 81739
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
(September 27, 2017), 82 FR 46111 (October 3,
2 17 CFR 240.19b–4. 2017) (SR–MIAX–2017–39). 5 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 51313

typographical errors and corrects errors significant burden on competition; and available for Web site viewing and
in the hierarchical heading scheme to (iii) by its terms, does not become printing in the Commission’s Public
provide uniformity in the Exchange’s operative for 30 days after the date of Reference Room, 100 F Street NE.,
rulebook. The Exchange notes that the the filing, or such shorter time as the Washington, DC 20549, on official
proposed changes to Exchange Rule 700, Commission may designate if consistent business days between the hours of
Exercise of Option Contracts; Rule 1322, with the protection of investors and the 10:00 a.m. and 3:00 p.m. Copies of the
Options Communications; and Rule 517, public interest.9 filing also will be available for
Quote Types Defined do not alter the At any time within 60 days of the inspection and copying at the principal
application of each rule. As such, the filing of the proposed rule change, the office of the Exchange. All comments
proposed amendments would foster Commission summarily may received will be posted without change.
cooperation and coordination with temporarily suspend such rule change if Persons submitting comments are
persons engaged in facilitating it appears to the Commission that such cautioned that we do not redact or edit
transactions in securities and would action is necessary or appropriate in the personal identifying information from
remove impediments to and perfect the public interest, for the protection of comment submissions. You should
mechanism of a free and open market investors, or otherwise in furtherance of submit only information that you wish
and a national exchange system. In the purposes of the Act. to make available publicly. All
particular, the Exchange believes that submissions should refer to File
the proposed changes will provide IV. Solicitation of Comments
Number SR–MIAX–2017–43 and should
greater clarity to Members 6 and the Interested persons are invited to be submitted on or before November 24,
public regarding the Exchange’s Rules. submit written data, views, and 2017.
It is in the public interest for rules to be arguments concerning the foregoing, For the Commission, by the Division of
accurate and concise so as to eliminate including whether the proposed rule Trading and Markets, pursuant to delegated
the potential for confusion. change is consistent with the Act. authority.10
Comments may be submitted by any of Eduardo A. Aleman,
B. Self-Regulatory Organization’s
the following methods: Assistant Secretary.
Statement on Burden on Competition
MIAX Options does not believe that Electronic Comments [FR Doc. 2017–23922 Filed 11–2–17; 8:45 am]
the proposed rule change will impose • Use the Commission’s Internet BILLING CODE 8011–01–P

any burden on competition not comment form (http://www.sec.gov/
necessary or appropriate in furtherance rules/sro.shtml); or
SECURITIES AND EXCHANGE
of the purposes of the Act. The • Send an email to rule-comments@
proposed rule change will have no COMMISSION
sec.gov. Please include File Number SR–
impact on competition as it is not MIAX–2017–43 on the subject line.
designed to address any competitive [Release No. 34–81980; File No. SR–Phlx–
issues but rather is designed to add Paper Comments 2017–34]
additional clarity to existing rules and • Send paper comments in triplicate Self-Regulatory Organizations; Nasdaq
to remedy minor non-substantive issues to Secretary, Securities and Exchange PHLX LLC; Notice of Filing of
in the text of various rules identified in Commission, 100 F Street NE., Amendment No. 1, and Order Granting
this proposal. Washington, DC 20549–1090. Accelerated Approval of a Proposed
The Exchange does not believe that All submissions should refer to File Rule Change, as Modified by
the proposed rule change will impose Number SR–MIAX–2017–43. This file Amendment No. 1, To add an
any burden on intermarket competition number should be included on the Exception to Phlx Rule 1000(f)(iii) for
as the Rules apply equally to all subject line if email is used. To help the Certain Floor Broker Transactions and
Exchange Members. Commission process and review your add the Snapshot Functionality to the
C. Self-Regulatory Organization’s comments more efficiently, please use Options Floor Broker Management
Statement on Comments on the only one method. The Commission will System
Proposed Rule Change Received From post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ October 30, 2017.
Members, Participants, or Others
rules/sro.shtml). Copies of the I. Introduction
Written comments were neither
submission, all subsequent
solicited nor received. On July 18, 2017, Nasdaq PHLX LLC
amendments, all written statements
III. Date of Effectiveness of the with respect to the proposed rule (‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Proposed Rule Change and Timing for change that are filed with the Securities and Exchange Commission
Commission Action Commission, and all written (‘‘Commission’’), pursuant to Section
communications relating to the 19(b)(1) of the Securities Exchange Act
Pursuant to Section 19(b)(3)(A) of the of 1934 (‘‘Act’’) 1 and Rule 19b–4
Act 7 and Rule 19b–4(f)(6) 8 thereunder, proposed rule change between the
Commission and any person, other than thereunder,2 a proposed rule change to
the Exchange has designated this add an exception to Phlx Rule
proposal as one that effects a change those that may be withheld from the
public in accordance with the 1000(f)(iii) to permit Floor Brokers to
that: (i) Does not significantly affect the execute (1) multi-leg orders and (2)
protection of investors or the public provisions of 5 U.S.C. 552, will be
simple orders in options on Exchange
interest; (ii) does not impose any Trade Funds (‘‘ETFs’’) that are included
ethrower on DSK3G9T082PROD with NOTICES

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–

6 The
4(f)(6)(iii) requires a self-regulatory organization to in the Options Penny Pilot,3 in the
term ‘‘Member’’ means an individual or give the Commission written notice of its intent to
organization approved to exercise the trading rights file the proposed rule change, along with a brief 10 17CFR 200.30–3(a)(12).
associated with a Trading Permit. Members are description and the text of the proposed rule
deemed ‘‘members’’ under the Exchange Act. See change, at least five business days prior to the date
1 15U.S.C. 78s(b)(1).
Exchange Rule 100. of filing of the proposed rule change, or such 2 17 CFR 240.19b–4.
7 15 U.S.C. 78s(b)(3)(A).
shorter time as designated by the Commission. The 3 See Phlx Rule 1034 (defining terms of the
8 17 CFR 240.19b–4(f)(6). Exchange has satisfied this requirement. Options Penny Pilot).

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Document Created: 2018-10-25 10:20:53
Document Modified: 2018-10-25 10:20:53
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 51312