82 FR 55892 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7300
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 225 (November 24, 2017)
Federal Register Volume 82, Issue 225 (November 24, 2017)
| Page Range | 55892-55894 | |
| FR Document | 2017-25357 |
[Federal Register Volume 82, Number 225 (Friday, November 24, 2017)] [Notices] [Pages 55892-55894] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25357] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82113; File No. SR-BOX-2017-35] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7300 November 17, 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 November 8, 2017, BOX Options Exchange LLC (the ``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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule 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 7300. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxoptions.com. 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 self-regulatory organization 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 self-regulatory organization 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 Rule 7300. Specifically, the Exchange is proposing to amend how the quoting requirements for Preferred Market Makers \3\ are calculated. A Preferred Market Maker must maintain a continuous two-sided market, pursuant to Rule 8050(c)(1), throughout the trading day, in 99% of the non-adjusted option series of each class for which it accepts Preferenced Orders,\4\ for 90% of the time the Exchange is open for trading in each such option class.\5\ Compliance with the Preferred Market Maker quoting requirement is determined on a monthly basis; however, determining compliance with this requirement on a monthly basis does not relieve a Preferred Market Maker from meeting this quoting requirement on a daily basis, nor does it prohibit the Exchange from taking disciplinary action against a Preferred Market Maker for failing to meet this requirement each trading day. --------------------------------------------------------------------------- \3\ The term ``Preferred Market Maker'' means a Market Maker designated as such by a Participant with respect to an order submitted by such Participant to BOX. See Rule 7300(a)(2). \4\ The term ``Preferenced Order'' means any order, whether on a single option instrument or on a Complex Order Strategy, for which a Preferred Market Maker is designated with respect to such order, upon submission of such order to BOX. See Rule 7300(a)(1). \5\ For purposes of this requirement, a Preferred Market Maker is not required to quote in intra-day add-on series or series that have a time to expiration of nine months or more in the classes for which it receives Preferenced Orders and a Market Maker may still be a Preferred Market Maker in any such series if the Market Maker otherwise complies with the requirements. --------------------------------------------------------------------------- Currently, the Exchange applies the quoting requirements on a class-by-class basis. The Exchange is now proposing that compliance with the quoting requirements apply to all of a Preferred Market Maker's classes for which it receives Preferenced Orders collectively. This change is being proposed as a competitive response to the rules of another exchange.\6\ The Exchange is not proposing any change to the actual quoting requirements, only to how the requirements are applied to Preferred Market Makers. --------------------------------------------------------------------------- \6\ See CBOE Rule 8.13(d). --------------------------------------------------------------------------- The Exchange believes that applying the continuous electronic quoting requirements for Preferred Market Makers collectively across all classes is a fair and efficient way for the Exchange and market participants to evaluate compliance with the continuous electronic quoting obligation. Applying the continuous electronic quoting requirements collectively across all classes rather than on a class-by- class basis is beneficial to Preferred Market Makers by providing some flexibility to choose which series in their appointed classes they will continuously electronically quote--increasing the continuous electronic quoting in the series of one class while allowing for a decrease in the continuous electronic quoting in the series of another class. This flexibility, however, does not diminish the Preferred Market Maker's obligation to continuously electronically quote in a significant percentage of series for a significant part of the trading day. This flexibility is especially important for classes that have relatively few series and may prevent a Preferred Market Maker from reaching the continuous electronic quoting obligation when failing to quote 90% of the trading day in more than one series in an appointed class. The Exchange believes that the proposed rule change will not diminish, and may in fact increase, market making activity on the Exchange, by applying continuous electronic quoting obligations in a reasonable manner, which is already in place on other options exchanges.\7\ --------------------------------------------------------------------------- \7\ See e.g., Nasdaq ISE, LLC (``ISE'') Rule 713, Supplementary Material .03 and Rule 804(e); and NYSE Arca, Inc. (``NYSE Arca'') Options Rule 6.88-O. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposal is consistent with the [[Page 55893]] requirements of Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\8\ in general, and Section 6(b)(5) of the Act,\9\ in particular, 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 mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. In particular, the proposed change will more closely align how the Exchange applies the quoting requirements for Preferred Market Makers with another options exchange.\10\ The Exchange believes the proposed change will provide increased flexibility to Preferred Market Makers in their ability to provide liquidity, which in turn, will benefit the public. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ See supra note 7. --------------------------------------------------------------------------- With respect to the application of continuous electronic quoting obligations collectively, the Exchange believes that providing Preferred Market Makers with flexibility to satisfy their continuous electronic quoting obligations collectively across their appointed classes will not diminish Preferred Market Makers' obligations to provide continuous electronic quotes in a significant percentage of series for a significant part of the trading day. BOX believes that the balance between the obligations imposed on and benefits provided to Preferred Market Makers under the rules is appropriate. The proposed rule change does not diminish any of the obligations imposed on Preferred Market Makers. Rather, it merely changes how the continuous electronic quoting obligation is applied. The Exchange notes that Preferred Market Makers are subject to many obligations under the rules, including the obligation to satisfy bid/ask differential requirements, to meet minimum quote size requirements, and to contribute to the maintenance of a fair and orderly market in their appointed classes, which the Exchange believes will ensure continued liquidity on the Exchange. BOX believes that its proposed rule change is consistent with the Act in that providing flexibility does not detract from the overall market making obligations of Preferred Market Makers. The proposed rule change better supports a Preferred Market Maker's continuous obligation to engage in dealings for its own account. Accordingly, any benefits of the proposed rule change to provide flexibility to Preferred Market Makers are offset by the continued responsibilities to provide significant liquidity to the market to the benefit of all market participants. 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. As discussed above, the proposed change simply aligns the rules of the Exchange with those of other options exchanges.\11\ Additionally, the proposed change is only amending how the quoting obligations are calculated; not the quoting obligations themselves. --------------------------------------------------------------------------- \11\ See supra note 7. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with 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. --------------------------------------------------------------------------- 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 change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-BOX-2017-35 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-BOX-2017-35. 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, on official business days between the hours of 10:00 a.m. and 3:00 p.m., located at 100 F Street NE., Washington, DC 20549. Copies of such 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-BOX-2017-35 and should be submitted on or before December 15, 2017. [[Page 55894]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-25357 Filed 11-22-17; 8:45 am] BILLING CODE 8011-01-P
![55892 Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices
self-regulatory organization consents, I. Self-Regulatory Organization’s Maker from meeting this quoting
the Commission shall either approve the Statement of the Terms of Substance of requirement on a daily basis, nor does
proposed rule change, disapprove the the Proposed Rule Change it prohibit the Exchange from taking
proposed rule change, or institute The Exchange proposes to amend disciplinary action against a Preferred
proceedings to determine whether the Rule 7300. The text of the proposed rule Market Maker for failing to meet this
proposed rule change should be change is available from the principal requirement each trading day.
disapproved. The 45th day after office of the Exchange, at the Currently, the Exchange applies the
publication of the notice for this quoting requirements on a class-by-class
Commission’s Public Reference Room
proposed rule change is November 25, basis. The Exchange is now proposing
and also on the Exchange’s Internet Web
2017. The Commission is extending this that compliance with the quoting
site at http://boxoptions.com.
requirements apply to all of a Preferred
45-day time period.
II. Self-Regulatory Organization’s Market Maker’s classes for which it
The Commission finds that it is Statement of the Purpose of, and receives Preferenced Orders
appropriate to designate a longer period Statutory Basis for, the Proposed Rule collectively. This change is being
within which to take action on the Change proposed as a competitive response to
proposed rule change so that it has In its filing with the Commission, the the rules of another exchange.6 The
sufficient time to consider the proposed self-regulatory organization included Exchange is not proposing any change
rule change. Accordingly, the statements concerning the purpose of, to the actual quoting requirements, only
Commission, pursuant to Section and basis for, the proposed rule change to how the requirements are applied to
19(b)(2) of the Act,5 designates January and discussed any comments it received Preferred Market Makers.
9, 2018 as the date by which the The Exchange believes that applying
on the proposed rule change. The text
Commission shall either approve or the continuous electronic quoting
of these statements may be examined at
disapprove or institute proceedings to requirements for Preferred Market
the places specified in Item IV below.
determine whether to disapprove the Makers collectively across all classes is
The self-regulatory organization has
proposed rule change (File Number SR– a fair and efficient way for the Exchange
prepared summaries, set forth in
BatsBZX–2017–58). and market participants to evaluate
Sections A, B, and C below, of the most
compliance with the continuous
For the Commission, by the Division of significant aspects of such statements.
electronic quoting obligation. Applying
Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s the continuous electronic quoting
authority.6 Statement of the Purpose of, and requirements collectively across all
Eduardo A. Aleman, Statutory Basis for, the Proposed Rule classes rather than on a class-by-class
Assistant Secretary. Change basis is beneficial to Preferred Market
[FR Doc. 2017–25346 Filed 11–22–17; 8:45 am] Makers by providing some flexibility to
1. Purpose choose which series in their appointed
BILLING CODE 8011–01–P
The Exchange proposes to amend classes they will continuously
Rule 7300. Specifically, the Exchange is electronically quote—increasing the
SECURITIES AND EXCHANGE proposing to amend how the quoting continuous electronic quoting in the
COMMISSION requirements for Preferred Market series of one class while allowing for a
Makers 3 are calculated. A Preferred decrease in the continuous electronic
Market Maker must maintain a quoting in the series of another class.
[Release No. 34–82113; File No. SR–BOX– continuous two-sided market, pursuant This flexibility, however, does not
2017–35] to Rule 8050(c)(1), throughout the diminish the Preferred Market Maker’s
trading day, in 99% of the non-adjusted obligation to continuously electronically
Self-Regulatory Organizations; BOX
option series of each class for which it quote in a significant percentage of
Options Exchange LLC; Notice of series for a significant part of the trading
accepts Preferenced Orders,4 for 90% of
Filing and Immediate Effectiveness of day. This flexibility is especially
the time the Exchange is open for
a Proposed Rule Change To Amend trading in each such option class.5 important for classes that have relatively
Rule 7300 Compliance with the Preferred Market few series and may prevent a Preferred
November 17, 2017. Maker quoting requirement is Market Maker from reaching the
determined on a monthly basis; continuous electronic quoting obligation
Pursuant to Section 19(b)(1) of the however, determining compliance with when failing to quote 90% of the trading
Securities Exchange Act of 1934 this requirement on a monthly basis day in more than one series in an
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 does not relieve a Preferred Market appointed class. The Exchange believes
notice is hereby given that on November that the proposed rule change will not
8, 2017, BOX Options Exchange LLC 3 The term ‘‘Preferred Market Maker’’ means a diminish, and may in fact increase,
(the ‘‘Exchange’’) filed with the Market Maker designated as such by a Participant market making activity on the Exchange,
Securities and Exchange Commission with respect to an order submitted by such by applying continuous electronic
Participant to BOX. See Rule 7300(a)(2).
(‘‘Commission’’) the proposed rule 4 The term ‘‘Preferenced Order’’ means any order, quoting obligations in a reasonable
change as described in Items I and II whether on a single option instrument or on a manner, which is already in place on
below, which Items have been prepared Complex Order Strategy, for which a Preferred other options exchanges.7
by the self-regulatory organization. The Market Maker is designated with respect to such
order, upon submission of such order to BOX. See 2. Statutory Basis
sradovich on DSK3GMQ082PROD with NOTICES
Commission is publishing this notice to Rule 7300(a)(1).
solicit comments on the proposed rule 5 For purposes of this requirement, a Preferred
The Exchange believes that the
from interested persons. Market Maker is not required to quote in intra-day proposal is consistent with the
add-on series or series that have a time to expiration
of nine months or more in the classes for which it 6 See
CBOE Rule 8.13(d).
5 Id.
receives Preferenced Orders and a Market Maker 7 See
e.g., Nasdaq ISE, LLC (‘‘ISE’’) Rule 713,
6 17 CFR 200.30–3(a)(31). may still be a Preferred Market Maker in any such Supplementary Material .03 and Rule 804(e); and
1 15 U.S.C. 78s(b)(1). series if the Market Maker otherwise complies with NYSE Arca, Inc. (‘‘NYSE Arca’’) Options Rule 6.88–
2 17 CFR 240.19b–4. the requirements. O.
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![55894 Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices
For the Commission, by the Division of Commission instituted proceedings
Trading and Markets, pursuant to delegated Counsel and Corporate Secretary, New York Stock under Section 19(b)(2)(B) of the
authority.14 Exchange, dated June 13, 2017 (‘‘NYSE Letter 1’’);
(7) John M. Bowers, Bowers Securities, dated June
Exchange Act 6 to determine whether to
Eduardo A. Aleman, approve or disapprove the proposed
14, 2017 (‘‘Bowers Letter’’); (8) Jonathan D. Corpina,
Assistant Secretary. Senior Managing Partner, Meridian Equity Partners, rule change.7 Since then, the
[FR Doc. 2017–25357 Filed 11–22–17; 8:45 am] dated June 16, 2017 (‘‘Meridian Letter’’); (9) Fady Commission has received four more
Tanios, Chief Executive Officer, and Brian Fraioli, comment letters, including a response
BILLING CODE 8011–01–P
Chief Compliance Officer, Americas Executions,
LLC, dated June 16, 2017 (‘‘Americas Executions from the Exchange.8
Letter’’); (10) Ari M. Rubenstein, Co-Founder and Section 19(b)(2) of the Act 9 provides
SECURITIES AND EXCHANGE Chief Executive Officer, GTS Securities LLC, dated that, after initiating proceedings, the
COMMISSION June 22, 2017 (‘‘GTS Securities Letter 1’’); (11) John Commission shall issue an order
Ramsay, Chief Market Policy Officer, Investors approving or disapproving the proposed
[Release No. 34–82108; File No. SR– Exchange LLC, dated June 23, 2017 (‘‘IEX Letter’’);
(12) Jay S. Sidhu, Chairman, Chief Executive rule change not later than 180 days after
BatsBZX–2017–34]
Officer, Customers Bancorp, Inc., dated June 27, the date of publication of notice of filing
Self-Regulatory Organizations; Bats 2017 (‘‘Customers Bancorp Letter’’); (13) Joanne of the proposed rule change. The
Freiberger, Vice President, Treasurer, Masonite Commission may, however, extend the
BZX Exchange, Inc.; Notice of International Corporation, dated June 27, 2017
Designation of a Longer Period for (‘‘Masonite International Letter’’); (14) David B.
period for issuing an order approving or
Commission Action on Proceedings To Griffith, Investor Relations Manager, Orion Group
Holdings, Inc., dated June 27, 2017 (‘‘Orion Group ViableMkts, dated August 3, 2017 (‘‘ViableMkts
Determine Whether To Approve or Letter’’); (39) Charles Beck, Chief Financial Officer,
Letter’’); (15) Kieran O’Sullivan, Chairman,
Disapprove a Proposed Rule Change President and CEO, CTS Corporation, dated June Digimarc Corporation, dated August 3, 2017
To Introduce Bats Market Close, a 28, 2017 (‘‘CTS Corporation Letter’’); (16) Sherri (‘‘Digimarc Letter’’); (40) Elizabeth K. King, General
Closing Match Process for Non-BZX Brillon, Executive Vice-President and Chief Counsel and Corporate Secretary, New York Stock
Financial Officer, Encana Corporation, dated June Exchange, dated August 9, 2017 (‘‘NYSE Letter 2’’);
Listed Securities Under New Exchange (41) Representative Sean P. Duffy and
29, 2017 (‘‘Encana Letter’’); (17) Steven C. Lilly,
Rule 11.28 Chief Financial Officer, Triangle Capital Representative Gregory W. Meeks, dated August 9,
Corporation, dated June 29, 2017 (‘‘Triangle Capital 2017 (‘‘Duffy/Meeks Letter’’); (42) Michael J.
November 17, 2017. Letter’’); (18) Robert F. McCadden, Executive Vice Chewens, Senior Executive Vice President & Chief
On May 5, 2017, Bats BZX Exchange, President and Chief Financial Officer, Pennsylvania Financial Officer, NBT Bancorp Inc., dated August
11, 2017 (‘‘NBT Bancorp Letter’’); (43) Barry
Inc. (now known as Cboe BZX Real Estate Investment Trust, dated June 29, 2017
Zwarenstein, Chief Financial Officer, Five9, Inc.,
Exchange, Inc.) (‘‘BZX’’ or ‘‘Exchange’’) (‘‘Pennsylvania REIT Letter’’); (19) Andrew Stevens,
General Counsel, IMC Financial Markets, dated dated August 11, 2017 (‘‘Five9 Letter’’); (44)
filed with the Securities and Exchange June 30, 2017 (‘‘IMC Letter’’); (20) Daniel S. Tucker,
William A. Backus, Chief Financial Officer &
Commission (‘‘Commission’’), pursuant Treasurer, Balchem Corporation, dated August 15,
Senior Vice President and Treasurer, Southern
2017 (‘‘Balchem Letter’’); (45) Raiford Garrabrant,
to Section 19(b)(1) of the Securities Company, dated July 5, 2017 (‘‘Southern Company
Director, Investor Relations, Cree, Inc., dated
Exchange Act of 1934 (‘‘Act’’) 1 and Rule Letter’’); (21) Cole Stevens, Investor Relations
August 15, 2017 (‘‘Cree Letter’’); (46) Steven
Associate, Nobilis Health, dated July 6, 2017
19b–4 thereunder,2 a proposed rule (‘‘Nobilis Health Letter’’); (22) Mehmet Kinak, Head
Paladino, Executive Vice President & Chief
change to adopt Bats Market Close, a Financial Officer, Henry Schein, Inc., dated August
of Global Equity Market Structure & Electronic 16, 2017 (‘‘Henry Schein Letter’’); (47) Theodore
closing match process for non-BZX Trading, et. al., T. Rowe Price Associates, Inc., Jenkins, Senior Director, Investor Relations and
Listed Securities. The proposed rule dated July 7, 2017 (‘‘T. Rowe Price Letter’’); (23) Communications, Corbus Pharmaceuticals, Inc.,
David L. Dragics, Senior Vice President, Investor
change was published for comment in Relations, CACI International Inc., dated July 7,
dated August 17, 2017 (‘‘Corbus Letter’’); (48) Ari
the Federal Register on May 22, 2017.3 M. Rubenstein, Co-Founder and Chief Executive
2017 (‘‘CACI Letter’’); (24) Mark A. Stegeman, Officer, GTS Securities LLC, dated August 17, 2017
On July 3, 2017, the Commission Senior Vice President & CFO, Turning Point Brands, (‘‘GTS Securities Letter 2’’); (49) Cameron Bready,
designated a longer period within which Inc., dated July 12, 2017 (‘‘Turning Point Letter’’); Senior Executive VP, Chief Financial Officer, Global
to approve the proposed rule change, (25) Jon R. Moeller, Vice Chair and Chief Financial Payments Inc., dated August 17, 2017 (‘‘Global
Officer, and Deborah J. Majoras, Chief Legal Officer Payments Letter’’); (50) Mike Gregoire, CEO, CA
disapprove the proposed rule change, or and Secretary, The Proctor & Gamble Company, Technologies, dated August 17, 2017 (‘‘CA
institute proceedings to determine dated July 12, 2017 (‘‘P&G Letter’’); (26) Christopher Technologies Letter’’); (51) Patrick L. Donnelly,
whether the proposed rule change A. Iacovella, Chief Executive Officer, Equity Dealers Executive Vice President & General Counsel, Sirius
should be disapproved.4 The of America, dated July 12, 2017 (‘‘EDA Letter’’); (27) XMHoldings Inc., dated August 17, 2017 (‘‘Sirius
Rob Bernshteyn, Chief Executive Officer, Chairman Letter’’); (52) Theodore R. Lazo, Managing Director
Commission received 54 comment Board of Directors, Coupa Software, Inc., dated July and Associate General Counsel, SIFMA, dated
letters on the proposed rule change, 12, 2017 (‘‘Coupa Software Letter’’); (28) Sally J. August 18, 2017 (‘‘SIFMA Letter 2’’); (53) Donald
including a response from the Curley, Senior Vice President, Investor Relations, Bollerman, dated August 18, 2017 (‘‘Bollerman
Exchange.5 On August 18, 2017, the Cardinal Health, Inc., dated July 14, 2017 Letter’’); and (54) Sarah A. O’Dowd, Senior Vice
(‘‘Cardinal Health Letter’’); (29) Mickey Foster, Vice President, Chief Legal Officer and Secretary, Lam
President, Investor Relations, FedEx Corporation, Research Corporation, dated August 18, 2017 (‘‘Lam
14 17 CFR 200.30–3(a)(12). dated July 14, 2017 (‘‘FedEx Letter’’); (30) Letter’’).
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78s(b)(2)(B).
Alexander J. Matturri, CEO, S&P Dow Jones Indices,
2 17 CFR 240.19b–4.
dated July 18, 2017 (‘‘SPDJI Letter’’); (31) John L. 7 See Securities Exchange Act Release No. 81437,
3 See Securities Exchange Act Release No. 80683 Killea, Chief Legal Officer, Stewart Information 82 FR 40202 (August 24, 2017).
(May 16, 2017), 82 FR 23320. Services, dated July 19, 2017 (‘‘Stewart Letter’’); 8 See Letters to Brent J. Fields, Secretary,
4 See Securities Exchange Act Release No. 81072, (32) M. Farooq Kathwari, Chairman, President & Commission, from: (1) Gabrielle Rabinovitch, VP,
82 FR 31792 (July 10, 2017). CEO, Ethan Allen Interiors, Inc., dated July 24, 2017 Investor Relations, PayPal Holdings, Inc., dated
5 See Letters to Brent J. Fields, Secretary, (‘‘Ethan Allen Letter’’); (33) Jeff Green, Founder, September 12, 2017 (‘‘PayPal Letter’’); (2) Edward
Commission, from: (1) Donald K. Ross, Jr., Chief Executive Officer and Chairman of the Board S. Knight, Executive Vice President and General
Executive Chairman, PDQ Enterprise, LLC, dated of Directors, The Trade Desk Inc., dated July 26, Counsel, Nasdaq, Inc., dated September 18, 2017
June 6, 2017 (‘‘PDQ Letter’’); (2) Edward S. Knight, 2017 (‘‘Trade Desk Letter’’); (34) James J. Angel, (‘‘Nasdaq Letter 2’’); (3) Joanne Moffic-Silver,
Executive Vice President and General Counsel, Associate Professor, McDonough School of Executive Vice President, General Counsel, and
sradovich on DSK3GMQ082PROD with NOTICES
Nasdaq, Inc., dated June 12, 2017 (‘‘Nasdaq Letter Business, Georgetown University, dated July 30, Corporate Secretary, Bats Global Markets, Inc.,
1’’); (3) Ray Ross, Chief Technology Officer, 2017 (‘‘Angel Letter’’); (35) Jon Stonehouse, CEO, dated October 11, 2017 (‘‘BZX Letter 2’’); and (4)
Clearpool Group, dated June 12, 2017 (‘‘Clearpool and Tom Staab, CFO, BioCryst Pharmaceuticals, Elizabeth K. King, General Counsel and Corporate
Letter’’); (4) Venu Palaparthi, SVP, Compliance, Inc., dated July 31, 2017 (‘‘BioCryst Letter’’); (36) Secretary, New York Stock Exchange, dated
Regulatory and Government Affairs, Virtu Peter Campbell, Chief Financial Officer, Mimecast, November 3, 2017 (‘‘NYSE Letter 3’’). All comments
Financial, dated June 12, 2017 (‘‘Virtu Letter’’); (5) dated July 31, 2017 (‘‘Mimecast Letter’’); (37) Joanne on the proposed rule change are available at:
Theodore R. Lazo, Managing Director and Associate Moffic-Silver, Executive Vice President, General https://www.sec.gov/comments/sr-batsbzx-2017-34/
General Counsel, SIFMA, dated June 13, 2017 Counsel, and Corporate Secretary, Bats Global batsbzx201734.htm.
(‘‘SIFMA Letter 1’’); (6) Elizabeth K. King, General Markets, Inc., dated August 2, 2017 (‘‘BZX Letter 9 15 U.S.C. 78s(b)(2).
1’’); (38) David M. Weisberger, Head of Equities,
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Document Created: 2017-11-22 23:34:19
Document Modified: 2017-11-22 23:34:19
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 55892 |
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