82 FR 51897 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 215 (November 8, 2017)

Page Range		51897-51899
FR Document		2017-24252
Federal Register, Volume 82 Issue 215 (Wednesday, November 8, 2017)
[Federal Register Volume 82, Number 215 (Wednesday, November 8, 2017)]
[Notices]
[Pages 51897-51899]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24252]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81998; File No. SR-MIAX-2017-45]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule

November 2, 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 October 30, 2017, Miami International Securities Exchange LLC 
(``MIAX Options'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change as 
described in Items I, II, and III 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 amend the MIAX Options Fee 
Schedule (the ``Fee Schedule'').
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.miaxoptions.com/rule-filings, at MIAX's 
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 the list of MIAX Select Symbols \3\ 
contained in the Priority Customer Rebate Program (the ``Program'') \4\ 
of the Exchange's Fee Schedule to 1. delete the symbol ``SUNE'' 
associated with SunEdison, Inc. (``SunEdison'') and 2. replace the 
symbol ``BBRY'' with ``BB'' associated with BlackBerry Limited 
(``BlackBerry'').
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    \3\ The term ``MIAX Select Symbols'' means options overlying 
AAL, AAPL, AIG, AMAT, AMD, AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, 
CBS, CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, GILD, GLD, GM, 
GOOGL, GPRO, HAL, HTZ, INTC, IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, 
NFLX, NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, S, SPY, SUNE, T, 
TSLA, USO, VALE, VXX, WBA, WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM, 
and XOP.
    \4\ See section 1)a)iii) of the Fee Schedule for a complete 
description of the Program.
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    The Exchange initially created the list of MIAX Select Symbols on 
March 1, 2014,\5\ and has added and removed option classes from that 
list since that

[[Page 51898]]

time.\6\ On April 26, 2016, the New York Stock Exchange announced that 
it was delisting SunEdison since it was no longer suitable for listing. 
SunEdison had announced on the same day that it and certain of its 
domestic and international subsidiaries had filed voluntary petitions 
for reorganization under Chapter 11 of the U.S. Bankruptcy Code.\7\
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    \5\ See Securities Exchange Act Release No. 71700 (March 12, 
2014), 79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
    \6\ See Securities Exchange Act Release Nos. 8109 (June 26, 
2017), 82 FR 29962 (June 30, 2017) (SR-MIAX-2017-29); 79301 
(November 14, 2016), 81 FR 81854 (November 18, 2016) (SR-MIAX-2016-
42); 74291(February 18, 2015), 80 FR 9841 (February 24, 2015) (SR-
MIAX-2015-09); 74288 (February 18, 2015), 80 FR 9837 (February 24, 
2015) (SR-MIAX-2015-08); 73328 (October 9, 2014), 79 FR 62230 
(October 16, 2014) (SR-MIAX-2014-50); 72567 (July 8, 2014), 79 FR 
40818 (July 14, 2014) (SR-MIAX-2014-34); 72356 (June 10, 2014), 79 
FR 34384 (June 16, 2014) (SR-MIAX-2014-26); 71700 (March 12, 2014), 
79 FR 15188 (March 18, 2014) (SR-MIAX-2014-13).
    \7\ See the press release located at http://ir.theice.com/press/press-releases/nyse-regulation/2016/042116suspensionrelease.
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    As a result, the Exchange delisted SunEdison options. Accordingly, 
the Exchange is amending its Fee Schedule to delete the symbol SUNE 
from the list of MIAX Select Symbols contained in the Program to 
correspond with the delisting. This amendment is intended to eliminate 
any potential confusion and to make it clear to market participants 
that SunEdison will not be a MIAX Select Symbol contained in the 
Program as SunEdison options are no longer listed on the Exchange.
    BlackBerry recently announced that it was transferring its listing 
from the Nasdaq Global Select Market to the New York Stock Exchange 
and, as a result, BlackBerry changed its symbol from ``BBRY'' and is 
now trading under the new symbol ``BB'' effective October 16, 2017.\8\ 
The Exchange is amending its Fee Schedule to change BlackBerry's symbol 
in the MIAX Select Symbols from ``BBRY'' to ``BB'' to correspond with 
this change. This amendment is designed to ensure that there is no 
confusion amongst market participants that BlackBerry, under its new 
ticker, will continue to remain in the MIAX Selected Symbols.
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    \8\ See the press release located at https://us.blackberry.com/company/newsroom/press?id=21b4315.
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2. Statutory Basis
    The Exchange believes that its proposal to amend its fee schedule 
is consistent with Section 6(b) of the Act \9\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act,\10\ in that it is an 
equitable allocation of reasonable fees and other charges among 
Exchange members and other persons using its facilities, and 6(b)(5) of 
the Act,\11\ in that it is 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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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
    \11\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    In particular, the proposal to delete the symbol SUNE from the list 
of MIAX Select Symbols contained in the Program and to change the 
symbol from BBRY to BB is consistent with Section 6(b)(4) of the Act 
because the proposed changes will allow for continued benefit to 
investors by providing them an updated list of MIAX Select Symbols 
contained in the Program on the Fee Schedule. In particular, the 
proposal to change the BlackBerry symbol to its new designation is 
consistent with the Act because the proposed change is merely updating 
the corresponding symbol to allow for BlackBerry to continue to remain 
in the MIAX Select Symbols.
    The Exchange believes that the proposal to amend an option class 
that qualifies for the credit for transactions in MIAX Select Symbols 
is fair, equitable and not unreasonably discriminatory. The Exchange 
believes that the Program itself is reasonably designed because it 
incentivizes providers of Priority Customer \12\ order flow to send 
that Priority Customer order flow to the Exchange in order to receive a 
credit in a manner that enables the Exchange to improve its overall 
competitiveness and strengthen its market quality for all market 
participants. The Program, which provides increased incentives in 
certain tiers in high volume select symbols, is also reasonably 
designed to increase the competitiveness of the Exchange with other 
options exchanges that also offer increased incentives to higher volume 
symbols.
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    \12\ The term ``Priority Customer'' means a person or entity 
that 1. is not a broker or dealer in securities, and 2. does not 
place more than 390 orders in listed options per day on average 
during a calendar month for its own beneficial account(s). See 
Exchange Rule 100.
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    The Exchange also believes that its proposal is consistent with 
Section 6(b)(5) of the Act because it will apply equally to all 
Priority Customer orders in MIAX Select Symbols in the Program. All 
similarly situated Priority Customer orders in MIAX Select Symbols are 
subject to the same rebate schedule, and access to the Exchange is 
offered on terms that are not unfairly discriminatory.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The proposed 
rule change is a not a competitive filing but rather is designed to 
update the list of MIAX Select Symbols contained in the Program in 
order to avoid potential confusion on the part of market participants.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act,\13\ and Rule 19b-4(f)(2) \14\ thereunder. 
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. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
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    \13\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \14\ 17 CFR 240.19b-4(f)(2).
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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-2017-45 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.


[[Page 51899]]


All submissions should refer to File Number SR-MIAX-2017-45. 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-2017-45 and should be 
submitted on or before November 29, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24252 Filed 11-7-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices 51897

their purchases of other products sold rules/sro.shtml). Copies of the Commission is publishing this notice to
by the Exchange. submission, all subsequent solicit comments on the proposed rule
For all of the reasons set forth above, amendments, all written statements change from interested persons.
the Exchange does not believe that the with respect to the proposed rule
I. Self-Regulatory Organization’s
proposed rule changes will impose any change that are filed with the
Commission, and all written Statement of the Terms of Substance of
burden on competition not necessary or
communications relating to the the Proposed Rule Change
appropriate in furtherance of the
purposes of the Act. proposed rule change between the The Exchange is filing a proposal to
Commission and any person, other than amend the MIAX Options Fee Schedule
C. Self-Regulatory Organization’s
those that may be withheld from the (the ‘‘Fee Schedule’’).
Statement on Comments on the public in accordance with the
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be The text of the proposed rule change
Members, Participants, or Others available for Web site viewing and is available on the Exchange’s Web site
No written comments were either printing in the Commission’s Public at http://www.miaxoptions.com/rule-
solicited or received. Reference Room, 100 F Street NE., filings, at MIAX’s principal office, and
Washington, DC 20549, on official at the Commission’s Public Reference
III. Date of Effectiveness of the Room.
business days between the hours of
Proposed Rule Change and Timing for
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
Commission Action
filing also will be available for Statement of the Purpose of, and
The foregoing rule change has become inspection and copying at the principal Statutory Basis for, the Proposed Rule
effective pursuant to Section office of the Exchange. All comments Change
19(b)(3)(A)(ii) of the Act.17 received will be posted without change.
At any time within 60 days of the Persons submitting comments are In its filing with the Commission, the
filing of the proposed rule change, the cautioned that we do not redact or edit Exchange included statements
Commission summarily may personal identifying information from concerning the purpose of and basis for
temporarily suspend such rule change if comment submissions. You should the proposed rule change and discussed
it appears to the Commission that such submit only information that you wish any comments it received on the
action is: (i) Necessary or appropriate in to make available publicly. All proposed rule change. The text of these
the public interest; (ii) for the protection submissions should refer to File statements may be examined at the
of investors; or (iii) otherwise in Number SR–NASDAQ–2017–113 and places specified in Item IV below. The
furtherance of the purposes of the Act. should be submitted on or before Exchange has prepared summaries, set
If the Commission takes such action, the November 29, 2017. forth in sections A, B, and C below, of
Commission shall institute proceedings For the Commission, by the Division of the most significant aspects of such
to determine whether the proposed rule Trading and Markets, pursuant to delegated statements.
should be approved or disapproved. authority.18
A. Self-Regulatory Organization’s
IV. Solicitation of Comments Eduardo A. Aleman, Statement of the Purpose of, and
Assistant Secretary. Statutory Basis for, the Proposed Rule
Interested persons are invited to
[FR Doc. 2017–24254 Filed 11–7–17; 8:45 am] Change
submit written data, views, and
BILLING CODE 8011–01–P
arguments concerning the foregoing, 1. Purpose
including whether the proposed rule
change is consistent with the Act. The Exchange proposes to amend the
SECURITIES AND EXCHANGE
Comments may be submitted by any of list of MIAX Select Symbols 3 contained
COMMISSION
the following methods: in the Priority Customer Rebate Program
[Release No. 34–81998; File No. SR–MIAX– (the ‘‘Program’’) 4 of the Exchange’s Fee
Electronic Comments 2017–45] Schedule to 1. delete the symbol
• Use the Commission’s Internet ‘‘SUNE’’ associated with SunEdison,
comment form (http://www.sec.gov/ Self-Regulatory Organizations; Miami Inc. (‘‘SunEdison’’) and 2. replace the
rules/sro.shtml); or International Securities Exchange LLC; symbol ‘‘BBRY’’ with ‘‘BB’’ associated
• Send an email to rule-comments@ Notice of Filing and Immediate with BlackBerry Limited
sec.gov. Please include File Number SR– Effectiveness of a Proposed Rule
(‘‘BlackBerry’’).
NASDAQ–2017–113 on the subject line. Change To Amend Its Fee Schedule
The Exchange initially created the list
Paper Comments November 2, 2017. of MIAX Select Symbols on March 1,
Pursuant to Section 19(b)(1) of the 2014,5 and has added and removed
• Send paper comments in triplicate Securities Exchange Act of 1934
to Secretary, Securities and Exchange option classes from that list since that
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
Commission, 100 F Street NE., notice is hereby given that on October 3 The term ‘‘MIAX Select Symbols’’ means
Washington, DC 20549–1090. 30, 2017, Miami International Securities options overlying AAL, AAPL, AIG, AMAT, AMD,
All submissions should refer to File Exchange LLC (‘‘MIAX Options’’ or AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS,
Number SR–NASDAQ–2017–113. This ‘‘Exchange’’) filed with the Securities CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE,
file number should be included on the GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC,
and Exchange Commission IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX,
subject line if email is used. To help the (‘‘Commission’’) the proposed rule
ethrower on DSK3G9T082PROD with NOTICES

NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG,
Commission process and review your change as described in Items I, II, and S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WBA,
comments more efficiently, please use III below, which Items have been WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM,
only one method. The Commission will and XOP.
prepared by the Exchange. The 4 See section 1)a)iii) of the Fee Schedule for a
post all comments on the Commission’s complete description of the Program.
Internet Web site (http://www.sec.gov/ 18 17 CFR 200.30–3(a)(12). 5 See Securities Exchange Act Release No. 71700
1 15 U.S.C. 78s(b)(1). (March 12, 2014), 79 FR 15188 (March 18, 2014)
17 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. (SR–MIAX–2014–13).

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Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices 51899

All submissions should refer to File notice is hereby given that on October commenced, an Auction may not be
Number SR–MIAX–2017–45. This file 26, 2017, Nasdaq PHLX LLC (‘‘Phlx’’ or cancelled and would proceed as
number should be included on the ‘‘Exchange’’) filed with the Securities described herein. To initiate the
subject line if email is used. To help the and Exchange Commission (‘‘SEC’’ or Auction, the Initiating Member must
Commission process and review your ‘‘Commission’’) the proposed rule mark the PIXL Order for Auction
comments more efficiently, please use change as described in Items I, II, and processing, and specify either: (a) A
only one method. The Commission will III, below, which Items have been single price at which it seeks to execute
post all comments on the Commission’s prepared by the Exchange. The the PIXL Order (a ‘‘stop price’’); (b) that
Internet Web site (http://www.sec.gov/ Commission is publishing this notice to it is willing to automatically match as
rules/sro.shtml). Copies of the solicit comments on the proposed rule principal or as agent on behalf of an
submission, all subsequent change from interested persons. Initiating Order the price and size of all
amendments, all written statements
I. Self-Regulatory Organization’s PIXL Auction Notifications (‘‘PAN’’)
with respect to the proposed rule
Statement of the Terms of Substance of responses, and trading interest (‘‘auto-
change that are filed with the
the Proposed Rule Change match’’) in which case the PIXL Order
Commission, and all written
communications relating to the The Exchange proposes to amend will be stopped at the better of the
proposed rule change between the Rule 1080(n) related to Phlx’s Price NBBO or the Reference BBO 3 on the
Commission and any person, other than Improvement XL (‘‘PIXL’’) auction. Initiating Order side; 4 or (c) that it is
those that may be withheld from the The text of the proposed rule change willing to either: (i) Stop the entire
public in accordance with the is available on the Exchange’s Web site order at a single stop price and auto-
provisions of 5 U.S.C. 552, will be at http://nasdaqphlx.cchwallstreet.com/ match PAN responses and trading
available for Web site viewing and , at the principal office of the Exchange, interest at a price or prices that improve
printing in the Commission’s Public and at the Commission’s Public the stop price to a specified price (a ‘‘No
Reference Room, 100 F Street NE., Reference Room. Worse Than’’ or ‘‘NWT’’ price); (ii) stop
Washington, DC 20549, on official II. Self-Regulatory Organization’s the entire order at a single stop price
business days between the hours of Statement of the Purpose of, and and auto-match all PAN responses and
10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule trading interest at or better than the stop
filing also will be available for Change price; or (iii) stop the entire order at the
inspection and copying at the principal better of the NBBO or Reference BBO on
office of the Exchange. All comments In its filing with the Commission, the
Exchange included statements the Initiating Order side, and auto-
received will be posted without change. match PAN responses and trading
Persons submitting comments are concerning the purpose of and basis for
the proposed rule change and discussed interest at a price or prices that improve
cautioned that we do not redact or edit the stop price up to the NWT price. In
personal identifying information from any comments it received on the
proposed rule change. The text of these all cases, if the PBBO on the same side
comment submissions. You should of the market as the PIXL Order
submit only information that you wish statements may be examined at the
places specified in Item IV below. The represents a limit order on the book, the
to make available publicly. All stop price must be at least one
submissions should refer to File Exchange has prepared summaries, set
forth in sections A, B, and C below, of minimum price improvement increment
Number SR–MIAX–2017–45 and should
the most significant aspects of such better than the booked limit order’s
be submitted on or before November 29,
2017. statements. limit price. Once the Initiating Member
has submitted a PIXL Order for
For the Commission, by the Division of A. Self-Regulatory Organization’s processing as described herein, such
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
authority.15 PIXL Order may not be modified or
Statutory Basis for, the Proposed Rule
Eduardo A. Aleman,
cancelled.5
Change
Assistant Secretary. Proposed PIXL Amendment
1. Purpose
[FR Doc. 2017–24252 Filed 11–7–17; 8:45 am]
BILLING CODE 8011–01–P
The Exchange proposes to amend the At this time, the Exchange proposes to
PIXL rule at 1080(n) to: 1. Include a add a paragraph to Rule
surrender provision; 2. update a 1080(n)(ii)(A)(1) stating that, when
SECURITIES AND EXCHANGE reference to the NBBO to provide starting an Auction, the Initiating
COMMISSION specificity to the rule; and 3. correct a Member may submit the Initiating Order
typographical error, update a cross- with a designation of ‘‘surrender’’ to
[Release No. 34–81999; File No. SR–Phlx– reference and relocate rule text.
2017–85] other PIXL participants (‘‘Surrender’’),
Surrender which will result in the Initiating
Self-Regulatory Organizations; Nasdaq Member forfeiting priority and trade
The Exchange proposes to adopt a
PHLX LLC; Notice of Filing and allocation privileges which he or she is
surrender provision within Rule 1080(n)
Immediate Effectiveness of Proposed otherwise entitled to as per subsection
for its PIXL auction similar to the
Rule Change To Amend the Price
surrender provision that is applicable to
Improvement XL Auction 3 The Reference BBO shall mean the internal best
Nasdaq BX, Inc.’s (‘‘BX’’) surrender bid and offer on Phlx.
November 2, 2017. provision in the BX price improvement
ethrower on DSK3G9T082PROD with NOTICES

4 This is accomplished by marking the Initiating

Pursuant to Section 19(b)(1) of the auction (‘‘PRISM’’) at Chapter VI, Order with a market price.
Securities Exchange Act of 1934 Section 9. 5 Under no circumstances will the Initiating

(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Member receive an allocation percentage, at the
Current PIXL final price point, of more than 50% with one
competing quote, order or PAN response or 40%
15 17 CFR 200.30–3(a)(12). By way of background, today, only with multiple competing quotes, orders or PAN
1 15 U.S.C. 78s(b)(1). one PIXL Auction may be conducted at responses when competing quotes, orders or PAN
2 17 CFR 240.19b–4. a time in any given series. Once responses have contracts available for execution.

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Document Created: 2017-11-08 01:20:59
Document Modified: 2017-11-08 01:20:59
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 51897