82 FR 61067 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Type of MIAX Express Orders Interface Port Known as a MEO Purge Port and To Amend MIAX PEARL Rule 519C, Mass Cancellation of Trading Interest, To Adopt a New Purge Message, as Well as To Amend Its Fee Schedule To Identify the New MEO Purge Port
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 246 (December 26, 2017)
Federal Register Volume 82, Issue 246 (December 26, 2017)
| Page Range | 61067-61070 | |
| FR Document | 2017-27689 |
[Federal Register Volume 82, Number 246 (Tuesday, December 26, 2017)] [Notices] [Pages 61067-61070] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-27689] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82349; File No. SR-PEARL-2017-38] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Type of MIAX Express Orders Interface Port Known as a MEO Purge Port and To Amend MIAX PEARL Rule 519C, Mass Cancellation of Trading Interest, To Adopt a New Purge Message, as Well as To Amend Its Fee Schedule To Identify the New MEO Purge Port December 19, 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 December 15, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items 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. --------------------------------------------------------------------------- \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 is filing a proposal to amend Rule 519C, Mass Cancellation of Trading Interest, to adopt new rule text to reflect the proposed MEO Purge Port functionality, as well as to make clarifying changes to existing rule text to more accurately describe current functionality. The Exchange is also proposing to amend its Fee Schedule to identify the New MEO Purge Ports. The text of the proposed rule change is available on the Exchange's website at http://www.miaxoptions.com/rule-filings/pearl at MIAX PEARL'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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to offer Members \3\ that connect to the Exchange using the MIAX Express Orders interface (``MEO Interface'') \4\ a new type of connection port, named MEO Purge Port, to be used as a dedicated port for sending purge messages to the Exchange. The Exchange also proposes to amend its Fee Schedule to identify the new MEO Purge Port. Finally, the Exchange proposes to amend Exchange Rule 519C, Mass Cancellation of Trading Interest, to adopt new rule text to reflect the proposed MEO Purge Port functionality, as well as to make clarifying changes to existing rule text to [[Page 61068]] more accurately describe current functionality. --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization that is registered with the Exchange pursuant to Chapter II of the MIAX PEARL Rules for purposes of trading on the Exchange as an ``Electronic Exchange Member'' or ``Market Maker.'' Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. \4\ The term ``MEO Interface'' means a binary order interface used for submitting certain order types (as set forth in Rule 516) to the MIAX PEARL System. See Exchange Rule 100. --------------------------------------------------------------------------- Members connect to the Exchange's System \5\ via their assigned MEO ports. Currently, the Exchange offers Members three different types of MEO port connections. The first is a Full Service MEO Port--Bulk \6\ which supports all MEO input message types and binary bulk order entry; the second is a Full Service MEO Port--Single \7\ which supports all MEO input messages and binary order entry on a single order-by-order basis, but not bulk orders; the third is a Limited Service MEO Port \8\ which supports all MEO input message types, but does not support bulk order entry and only supports limited order types, as specified by the Exchange via Regulatory Circular. The Exchange limits Members to two (2) Full Service MEO Ports of either type per Matching Engine \9\ and allows up to eight (8) Limited Service MEO Ports per Matching Engine.\10\ --------------------------------------------------------------------------- \5\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \6\ See MIAX PEARL Fee Schedule, Definitions. \7\ See MIAX PEARL Fee Schedule, Definitions. \8\ See MIAX PEARL Fee Schedule, Definitions. \9\ ``Matching Engine'' is a part of the MIAX PEARL electronic system that processes options orders and trades on a symbol-by- symbol basis. Some Matching Engines will process option classes with multiple root symbols, and other Matching Engines may be dedicated to one single option root symbol (for example, options on SPY may be processed by one single Matching Engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated Matching Engine. A particular root symbol may not be assigned to multiple Matching Engines. See MIAX PEARL Fee Schedule, Definitions. \10\ See MIAX PEARL Fee Schedule, Section 5(d). --------------------------------------------------------------------------- The proposed MEO Purge Ports are a new, optional type of MEO port dedicated solely to handling purge messages which would enable a Member, by MPID,\11\ to (i) remove all or a subset of its quotations \12\ in the System and (ii) block all or a subset of new inbound quotations from being received; \13\ or cancel all of its MEO Day orders \14\ in the System and block all new inbound MEO Day orders from being received by MPID.\15\ Sending a purge message to cancel and block MEO Day orders will not cancel or block MEO immediate-or-cancel (``IOC'') orders.\16\ MEO IOC orders allow Members to continue to provide targeted liquidity to the market and to interact with Public Customer \17\ orders. When quotes have been purged as described above, the block will remain in effect until the Member requests that the Exchange remove the block. --------------------------------------------------------------------------- \11\ The term ``MPID'' means unique market participant identifier. See Exchange Rule 100. \12\ The term ``quote'' or ``quotation'' means a bid or offer entered by a Market Maker as a firm order that updates the Market Maker's previous bid or offer, if any. When the term order is used in these Rules and a bid or offer is entered by the Market Maker in the option series to which such Market Maker is registered, such order shall, as applicable, constitute a quote for purposes of MIAX PEARL Rules. See Exchange Rule 100. \13\ A Member currently has the ability to send a purge message to remove all or a subset of its quotations and block all or a subset of its new inbound quotations via its MEO port or by request to the Exchange's Help Desk. That ability is not changing with this proposal. What is changing with this proposal is the ability of a Member to send that purge message via the proposed MEO Purge Ports. \14\ This would include both Day Limit Orders and Post-Only Orders entered via the MEO interface. A Day Limit Order is an order to buy or sell which, if not executed, expires at the end of the trading in the security on the day on which it was entered. See Exchange Rule 516(h). Post-Only Orders are orders that will not remove liquidity from the Book. See Exchange Rule 516(j). \15\ The Exchange is introducing a new purge message that will cancel all of a Member's MEO Day orders and block all of its new inbound MEO Day orders. This request may only be sent electronically via a Member's existing MEO port, or via the new proposed MEO Purge Ports. \16\ An immediate-or-cancel order is an order that is to be executed in whole or in part upon receipt. Any portion not so executed is canceled. See Exchange Rule 516(e). \17\ The term ``Public Customer'' means a person that is not a broker or dealer in securities. See Exchange Rule 100. --------------------------------------------------------------------------- The purge messages described above may be sent via any type of MEO port, however, purge messages received on the proposed MEO Purge Ports will be handled by the System in a way that ensures minimum possible latency (as MEO Purge Ports solely process purge messages, as opposed to Full Service MEO Ports--Bulk, Full Service MEO Ports--Single, and Limited Service MEO Ports, which also process additional message types), thereby providing Members with a faster, more efficient means to have their quotes removed from the System, which will provide Members with an enhanced level of risk protection. The proposed MEO Purge Ports are designed to assist Members in the management of, and risk control over, their orders, particularly if the Member has resting orders in a large number of options. For example, if a Member detects market indications that may influence the direction or bias of its orders, the Member may use the proposed MEO Purge Ports to reduce uncertainty and to manage risk by purging all orders in a number of options seamlessly to avoid unintended executions, while continuing to evaluate the direction of the market. The Exchange also proposes to amend Section 5(d) of its Fee Schedule to identify the new MEO Purge Ports. Members are allocated two (2) Full Service MEO Ports of either type and up to eight (8) Limited Service MEO Ports per Matching Engine to which they connect.\18\ The Exchange currently waives monthly MEO Port fees for all Members and will similarly waive MEO Purge Port fees until such time as the Exchange submits a rule filing to the Commission \19\ to establish the fee amount, and any related requirements, and provides notice to expire the applicable Waiver Period.\20\ --------------------------------------------------------------------------- \18\ See MIAX PEARL Fee Schedule, Section 5(d). \19\ The term ``SEC'' or ``Commission'' means the United States Securities and Exchange Commission. See Exchange Rule 100. \20\ ``Waiver Period'' means, for each applicable fee, the period of time from the initial effective date of the MIAX PEARL Fee Schedule until such time that the Exchange has an effective fee filing establishing the applicable fee. The Exchange will issue a Regulatory Circular announcing the establishment of an applicable fee that was subject to a Waiver Period at least fifteen (15) days prior to the termination of the Waiver Period and effective date of any such applicable fee. --------------------------------------------------------------------------- With the introduction of MEO Purge Ports, the Exchange proposes to amend Section 5(d) of its Fee Schedule to provide that a Member may request and be allocated two (2) MEO Purge Ports per Matching Engine to which it connects via a Full Service MEO Port. Specifically, a Member must have either a Full Service MEO Port--Bulk, or a Full Service MEO Port--Single connection to a Matching Engine in order to be eligible to receive MEO Purge Ports with respect to that Matching Engine. The Exchange also proposes to amend Exchange Rule 519C, Mass Cancellation of Trading Interest, to adopt new rule text for new functionality being introduced in this proposal which provides that a Member may cancel all of its MEO Day orders and block all new inbound MEO Day orders by MPID. This request may only be submitted to the Exchange's System electronically via the Member's MEO port; either via its existing MEO ports, or via the new proposed MEO Purge Ports. The Exchange also proposes to amend Exchange Rule 519C, Mass Cancellation of Trading Interest, to clarify functionality, in light of the new proposed functionality. Specifically, the Exchange proposes to amend 519C(b) which reads, ``[a] Member may request Exchange staff to (i) remove all of its quotations and cancel all of its orders in the System and (ii) block all new inbound quotations and orders, by firm name or by MPID.'' Accordingly, the Exchange is proposing to delete the reference to staff in the first sentence as a Member may either contact Exchange staff to have this action performed on their behalf or, by utilizing the new [[Page 61069]] purge message, may submit a request to the Exchange's System via its MEO Port to cancel all of its MEO Day orders and block all new inbound MEO Day orders by MPID. Additionally, the Exchange proposes to amend the last sentence of 519C(b) which currently states that, ``[t]he block will remain in effect until the Member requests Exchange staff to remove the block,'' by removing the word ``staff.'' To remove a block a Member may (i) send an electronic message directly into the Exchange's System; or (ii) contact Exchange staff. The Exchange believes removing the word ``staff'' from the rule text more accurately encompasses the activity under both scenarios. The Exchange notes that this proposal does not preclude Members from using the existing purge messages provided by either the MEO protocol or the cancel messages provided by the FIX protocol. Under the MEO protocol, Members may request that all quotations for all underlyings, or for a specific underlying, be removed, and that new inbound quotations for all underlyings, or specific underlyings, be blocked. Under the FIX protocol, Members may also request that all, or a subset, of orders for an MPID, or all Day or GTC orders for an MPID, on the requesting session, be canceled. Additionally, the Exchange notes that this functionality is similar to functionality recently adopted by the Exchange's affiliate, Miami International Securities Exchange, LLC (``MIAX Options'').\21\ --------------------------------------------------------------------------- \21\ See Securities Exchange Act Release No. 81252 (July 28, 2017), 82 FR 36172 (August 3, 2017) (SR-MIAX-2017-36). --------------------------------------------------------------------------- The Exchange will announce the implementation date of the proposed rule change by Regulatory Circular to be published no later than 60 days following the operative date of the proposed rule. The implementation date will be no later than 60 days following the issuance of the Regulatory Circular. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Act \22\ in general, and furthers the objectives of Section 6(b)(5) of the Act \23\ 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 regulating, clearing, settling, processing information with respect to, and 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. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78f(b). \23\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is consistent with Section 6(b)(5) of the Act,\24\ in that it promotes just and equitable principles of trade and removes impediments to and perfects the mechanism of a free and open market. Offering Members designated MEO Purge Ports would enhance their ability to manage quotes, quote traffic, and quoting obligations for Members that are Market Makers,\25\ which would, in turn, improve their risk controls to the benefit of all market participants. The Exchange believes that MEO Purge Ports would foster cooperation and coordination with persons engaged in facilitating transactions in securities because designating MEO Purge Ports for purges only may encourage better use of dedicated ports. This may, concurrent with the ports that carry quotes and other information necessary for market making activities, enable more efficient, as well as fair and reasonable, use of Members' resources. As MEO Purge Ports are only available for purging and not for activities such as order or quote entry, the MEO Purge Ports are not designed to permit unfair discrimination but rather are designed to enable Members to better manage their market risk, which, in turn, benefits all market participants. The Exchange also notes that similar connectivity and functionality is offered by other exchanges.\26\ --------------------------------------------------------------------------- \24\ Id. \25\ See Exchange Rule 604 and 605(d)(1). \26\ See Securities Exchange Act Release Nos. 81252 (July 28, 2017), 82 FR 36172 (August 3, 2017) (SR-MIAX-2017-36); 77613 (April 13, 2016), 81 FR 23023 (April 19, 2016) (SR-Phlx-2016-45); 79956 (February 3, 2017), 82 FR 10102 (February 9, 2017) (SR-BatsBZX-2017- 05); and 81095 (July 7, 2017), 82 FR 32409 (July 13, 2017) (SR-ISE- 2017-62). --------------------------------------------------------------------------- The Exchange notes that the proposed rule change will not relieve Market Makers of their continuous quoting obligations under Exchange Rule 604 and under Regulation NMS Rule 602.\27\ Specifically, any interest that is executable against a Market Maker's quotes that is received by the Exchange's Matching Engine prior to the time that the purge message is received by the Exchange's Matching Engine will automatically execute at that price, up to the quote's size. Market Makers that purge their quotes will not be relieved of the obligation to provide continuous two-sided quotes on a daily basis, nor will it prohibit the Exchange from taking disciplinary action against a Market Maker for failing to meet its continuous quoting obligation each trading day. --------------------------------------------------------------------------- \27\ 17 CFR 242.602. --------------------------------------------------------------------------- In addition, the Exchange believes that the proposal removes impediments to and perfects the mechanisms of a free and open market and a national market system and, in general, protects investors and the public interest by providing Members with an additional purge message which allows them to cancel their MEO Day orders by MPID and blocks new inbound MEO Day orders from being received yet preserves their ability to continue to provide liquidity to the market and interact with Public Customer orders via MEO IOC orders. Further, the Exchange is clarifying existing rule text in Rule 519C to better describe current functionality available on the Exchange. The Exchange believes that clarifying current functionality promotes the protection of investors and the public interest by helping market participants better understand the risk protection tools available on the Exchange. The Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\28\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among Members and other persons using any facility or system which the Exchange operates or controls. Even though the Exchange is proposing to waive this particular fee during the Waiver Period,\29\ the Exchange believes that it is appropriate to provide market participants with the overall structure of the fee by outlining the structure on the Fee Schedule without setting forth a specific fee amount, so that there is a general awareness that the Exchange intends to assess such a fee in the future. --------------------------------------------------------------------------- \28\ 15 U.S.C. 78f(b)(4). \29\ See supra note 20. --------------------------------------------------------------------------- The Exchange also believes that the proposed amendments to its fee schedule are non-discriminatory because they will apply uniformly to all Members. The proposed MEO Purge Ports are completely voluntary and no Member is required, or under any regulatory obligation, to utilize them. All Members have the option to select any connectivity option, and fees, when charged, are charged uniformly for the services offered by the Exchange. 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 [[Page 61070]] of the purposes of the Act. The Exchange believes the proposed rule change will enhance competition because it will enable it to offer similar connectivity and functionality as its competitor exchanges.\30\ In addition, the proposed MEO Purge Ports are completely voluntary and no Member is required or under any regulatory obligation to utilize them. --------------------------------------------------------------------------- \30\ See supra note 26. --------------------------------------------------------------------------- The Exchange believes its proposed amendments to its Fee Schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes the proposed rule change will enhance competition because it will enable it to offer similar connectivity and functionality as its competitor exchanges.\31\ In addition, the proposed MEO Purge Ports are completely voluntary and no Member is required or under any regulatory obligation to utilize them. Accordingly, the Exchange does not believe that the proposed change will impair the ability of Members or competing venues to maintain their competitive standing in the financial markets. --------------------------------------------------------------------------- \31\ Id. --------------------------------------------------------------------------- The Exchange also does not believe the proposed rule change would impact intramarket competition as it would apply to all Members and non-Members equally. 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) of the Act \32\ and Rule 19b-4(f)(6) \33\ thereunder. --------------------------------------------------------------------------- \32\ 15 U.S.C. 78s(b)(3)(A). \33\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- 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. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-PEARL-2017-38 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-PEARL-2017-38. 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 website (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 website 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-PEARL-2017-38 and should be submitted on or before January 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\34\ --------------------------------------------------------------------------- \34\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-27689 Filed 12-22-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 246 / Tuesday, December 26, 2017 / Notices 61067
rule change as operative upon filing Reference Room, 100 F Street NE, I. Self-Regulatory Organization’s
with the Commission.12 Washington, DC 20549, on official Statement of the Terms of Substance of
At any time within 60 days of the business days between the hours of the Proposed Rule Change
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the The Exchange is filing a proposal to
Commission summarily may filing also will be available for amend Rule 519C, Mass Cancellation of
temporarily suspend such rule change if inspection and copying at the principal Trading Interest, to adopt new rule text
it appears to the Commission that such office of the Exchange. All comments to reflect the proposed MEO Purge Port
action is necessary or appropriate in the received will be posted without change. functionality, as well as to make
public interest, for the protection of Persons submitting comments are clarifying changes to existing rule text to
investors, or otherwise in furtherance of cautioned that we do not redact or edit more accurately describe current
the purposes of the Act. If the personal identifying information from functionality. The Exchange is also
Commission takes such action, the comment submissions. The Commission proposing to amend its Fee Schedule to
Commission shall institute proceedings does not edit personal identifying identify the New MEO Purge Ports.
under Section 19(b)(2)(B) 13 of the Act to information from submissions. You The text of the proposed rule change
determine whether the proposed rule should submit only information that is available on the Exchange’s website at
change should be approved or you wish to make available publicly. http://www.miaxoptions.com/rule-
disapproved. filings/pearl at MIAX PEARL’s principal
All submissions should refer to File office, and at the Commission’s Public
IV. Solicitation of Comments Number SR–ISE–2017–107 and should Reference Room.
Interested persons are invited to be submitted on or before January 16,
submit written data, views, and 2018. II. Self-Regulatory Organization’s
arguments concerning the foregoing, Statement of the Purpose of, and
For the Commission, by the Division of
including whether the proposed rule Statutory Basis for, the Proposed Rule
Trading and Markets, pursuant to delegated
change is consistent with the Act. Change
authority.14
Comments may be submitted by any of In its filing with the Commission, the
Eduardo A. Aleman,
the following methods: Exchange included statements
Assistant Secretary.
Electronic Comments concerning the purpose of and basis for
[FR Doc. 2017–27697 Filed 12–22–17; 8:45 am] the proposed rule change and discussed
• Use the Commission’s internet BILLING CODE 8011–01–P any comments it received on the
comment form (http://www.sec.gov/ proposed rule change. The text of these
rules/sro.shtml); or statements may be examined at the
• Send an email to rule-comments@ SECURITIES AND EXCHANGE places specified in Item IV below. The
sec.gov. Please include File Number SR– COMMISSION Exchange has prepared summaries, set
ISE–2017–107 on the subject line. forth in sections A, B, and C below, of
Paper Comments [Release No. 34–82349; File No. SR– the most significant aspects of such
• Send paper comments in triplicate PEARL–2017–38] statements.
to Secretary, Securities and Exchange Self-Regulatory Organizations; MIAX A. Self-Regulatory Organization’s
Commission, 100 F Street NE, Statement of the Purpose of, and the
PEARL, LLC; Notice of Filing and
Washington, DC 20549–1090. Statutory Basis for, the Proposed Rule
All submissions should refer to File Immediate Effectiveness of a Proposed
Change
Number SR–ISE–2017–107. This file Rule Change To Adopt a New Type of
number should be included on the MIAX Express Orders Interface Port 1. Purpose
subject line if email is used. To help the Known as a MEO Purge Port and To The Exchange proposes to offer
Commission process and review your Amend MIAX PEARL Rule 519C, Mass Members 3 that connect to the Exchange
comments more efficiently, please use Cancellation of Trading Interest, To using the MIAX Express Orders
only one method. The Commission will Adopt a New Purge Message, as Well interface (‘‘MEO Interface’’) 4 a new type
post all comments on the Commission’s as To Amend Its Fee Schedule To of connection port, named MEO Purge
internet website (http://www.sec.gov/ Identify the New MEO Purge Port Port, to be used as a dedicated port for
rules/sro.shtml). sending purge messages to the
December 19, 2017.
Copies of the submission, all Exchange. The Exchange also proposes
subsequent amendments, all written Pursuant to the provisions of Section to amend its Fee Schedule to identify
statements with respect to the proposed 19(b)(1) of the Securities Exchange Act the new MEO Purge Port. Finally, the
rule change that are filed with the of 1934 (‘‘Act’’) 1 and Rule 19b–4 Exchange proposes to amend Exchange
Commission, and all written thereunder,2 notice is hereby given that Rule 519C, Mass Cancellation of
communications relating to the on December 15, 2017, MIAX PEARL, Trading Interest, to adopt new rule text
proposed rule change between the LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’) to reflect the proposed MEO Purge Port
Commission and any person, other than filed with the Securities and Exchange functionality, as well as to make
those that may be withheld from the Commission (‘‘Commission’’) a clarifying changes to existing rule text to
public in accordance with the proposed rule change as described in
provisions of 5 U.S.C. 552, will be Items II and III below, which Items have 3 The term ‘‘Member’’ means an individual or
available for website viewing and been prepared by the Exchange. The organization that is registered with the Exchange
ethrower on DSK3G9T082PROD with NOTICES
pursuant to Chapter II of the MIAX PEARL Rules
printing in the Commission’s Public Commission is publishing this notice to for purposes of trading on the Exchange as an
solicit comments on the proposed rule ‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’
12 For purposes only of waiving the operative Members are deemed ‘‘members’’ under the
change from interested persons.
delay for this proposal, the Commission has Exchange Act. See Exchange Rule 100.
considered the proposed rule’s impact on 4 The term ‘‘MEO Interface’’ means a binary order
14 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See interface used for submitting certain order types (as
15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1). set forth in Rule 516) to the MIAX PEARL System.
13 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. See Exchange Rule 100.
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![61068 Federal Register / Vol. 82, No. 246 / Tuesday, December 26, 2017 / Notices
more accurately describe current orders 14 in the System and block all Service MEO Ports of either type and up
functionality. new inbound MEO Day orders from to eight (8) Limited Service MEO Ports
Members connect to the Exchange’s being received by MPID.15 Sending a per Matching Engine to which they
System 5 via their assigned MEO ports. purge message to cancel and block MEO connect.18 The Exchange currently
Currently, the Exchange offers Members Day orders will not cancel or block MEO waives monthly MEO Port fees for all
three different types of MEO port immediate-or-cancel (‘‘IOC’’) orders.16 Members and will similarly waive MEO
connections. The first is a Full Service MEO IOC orders allow Members to Purge Port fees until such time as the
MEO Port—Bulk 6 which supports all continue to provide targeted liquidity to Exchange submits a rule filing to the
the market and to interact with Public Commission 19 to establish the fee
MEO input message types and binary
Customer 17 orders. When quotes have amount, and any related requirements,
bulk order entry; the second is a Full
been purged as described above, the and provides notice to expire the
Service MEO Port—Single 7 which
block will remain in effect until the applicable Waiver Period.20
supports all MEO input messages and With the introduction of MEO Purge
binary order entry on a single order-by- Member requests that the Exchange
remove the block. Ports, the Exchange proposes to amend
order basis, but not bulk orders; the Section 5(d) of its Fee Schedule to
third is a Limited Service MEO Port 8 The purge messages described above
may be sent via any type of MEO port, provide that a Member may request and
which supports all MEO input message be allocated two (2) MEO Purge Ports
however, purge messages received on
types, but does not support bulk order per Matching Engine to which it
the proposed MEO Purge Ports will be
entry and only supports limited order connects via a Full Service MEO Port.
handled by the System in a way that
types, as specified by the Exchange via Specifically, a Member must have either
ensures minimum possible latency (as
Regulatory Circular. The Exchange a Full Service MEO Port—Bulk, or a
MEO Purge Ports solely process purge
limits Members to two (2) Full Service Full Service MEO Port—Single
messages, as opposed to Full Service
MEO Ports of either type per Matching connection to a Matching Engine in
MEO Ports—Bulk, Full Service MEO
Engine 9 and allows up to eight (8) order to be eligible to receive MEO
Ports—Single, and Limited Service MEO
Limited Service MEO Ports per Purge Ports with respect to that
Ports, which also process additional
Matching Engine.10 message types), thereby providing Matching Engine.
The proposed MEO Purge Ports are a Members with a faster, more efficient The Exchange also proposes to amend
new, optional type of MEO port means to have their quotes removed Exchange Rule 519C, Mass Cancellation
dedicated solely to handling purge from the System, which will provide of Trading Interest, to adopt new rule
messages which would enable a Members with an enhanced level of risk text for new functionality being
Member, by MPID,11 to (i) remove all or protection. introduced in this proposal which
a subset of its quotations 12 in the The proposed MEO Purge Ports are provides that a Member may cancel all
System and (ii) block all or a subset of designed to assist Members in the of its MEO Day orders and block all new
new inbound quotations from being management of, and risk control over, inbound MEO Day orders by MPID. This
received; 13 or cancel all of its MEO Day their orders, particularly if the Member request may only be submitted to the
has resting orders in a large number of Exchange’s System electronically via the
5 The term ‘‘System’’ means the automated options. For example, if a Member Member’s MEO port; either via its
trading system used by the Exchange for the trading detects market indications that may existing MEO ports, or via the new
of securities. See Exchange Rule 100.
influence the direction or bias of its proposed MEO Purge Ports.
6 See MIAX PEARL Fee Schedule, Definitions.
orders, the Member may use the The Exchange also proposes to amend
7 See MIAX PEARL Fee Schedule, Definitions.
proposed MEO Purge Ports to reduce Exchange Rule 519C, Mass Cancellation
8 See MIAX PEARL Fee Schedule, Definitions.
9 ‘‘Matching Engine’’ is a part of the MIAX PEARL uncertainty and to manage risk by of Trading Interest, to clarify
electronic system that processes options orders and purging all orders in a number of functionality, in light of the new
trades on a symbol-by-symbol basis. Some Matching options seamlessly to avoid unintended proposed functionality. Specifically, the
Engines will process option classes with multiple
executions, while continuing to evaluate Exchange proposes to amend 519C(b)
root symbols, and other Matching Engines may be which reads, ‘‘[a] Member may request
dedicated to one single option root symbol (for the direction of the market.
example, options on SPY may be processed by one The Exchange also proposes to amend Exchange staff to (i) remove all of its
single Matching Engine that is dedicated only to Section 5(d) of its Fee Schedule to quotations and cancel all of its orders in
SPY). A particular root symbol may only be
identify the new MEO Purge Ports. the System and (ii) block all new
assigned to a single designated Matching Engine. A inbound quotations and orders, by firm
particular root symbol may not be assigned to Members are allocated two (2) Full
multiple Matching Engines. See MIAX PEARL Fee name or by MPID.’’ Accordingly, the
Schedule, Definitions. 14 This would include both Day Limit Orders and Exchange is proposing to delete the
10 See MIAX PEARL Fee Schedule, Section 5(d). Post-Only Orders entered via the MEO interface. A reference to staff in the first sentence as
11 The term ‘‘MPID’’ means unique market Day Limit Order is an order to buy or sell which, a Member may either contact Exchange
participant identifier. See Exchange Rule 100. if not executed, expires at the end of the trading in
the security on the day on which it was entered.
staff to have this action performed on
12 The term ‘‘quote’’ or ‘‘quotation’’ means a bid
or offer entered by a Market Maker as a firm order See Exchange Rule 516(h). Post-Only Orders are their behalf or, by utilizing the new
that updates the Market Maker’s previous bid or orders that will not remove liquidity from the Book.
offer, if any. When the term order is used in these See Exchange Rule 516(j). 18 See MIAX PEARL Fee Schedule, Section 5(d).
15 The Exchange is introducing a new purge
Rules and a bid or offer is entered by the Market 19 The term ‘‘SEC’’ or ‘‘Commission’’ means the
Maker in the option series to which such Market message that will cancel all of a Member’s MEO Day United States Securities and Exchange Commission.
Maker is registered, such order shall, as applicable, orders and block all of its new inbound MEO Day See Exchange Rule 100.
constitute a quote for purposes of MIAX PEARL orders. This request may only be sent electronically 20 ‘‘Waiver Period’’ means, for each applicable
ethrower on DSK3G9T082PROD with NOTICES
Rules. See Exchange Rule 100. via a Member’s existing MEO port, or via the new fee, the period of time from the initial effective date
13 A Member currently has the ability to send a proposed MEO Purge Ports. of the MIAX PEARL Fee Schedule until such time
16 An immediate-or-cancel order is an order that
purge message to remove all or a subset of its that the Exchange has an effective fee filing
quotations and block all or a subset of its new is to be executed in whole or in part upon receipt. establishing the applicable fee. The Exchange will
inbound quotations via its MEO port or by request Any portion not so executed is canceled. See issue a Regulatory Circular announcing the
to the Exchange’s Help Desk. That ability is not Exchange Rule 516(e). establishment of an applicable fee that was subject
changing with this proposal. What is changing with 17 The term ‘‘Public Customer’’ means a person to a Waiver Period at least fifteen (15) days prior
this proposal is the ability of a Member to send that that is not a broker or dealer in securities. See to the termination of the Waiver Period and
purge message via the proposed MEO Purge Ports. Exchange Rule 100. effective date of any such applicable fee.
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![Federal Register / Vol. 82, No. 246 / Tuesday, December 26, 2017 / Notices 61069
purge message, may submit a request to remove impediments to and perfect the taking disciplinary action against a
the Exchange’s System via its MEO Port mechanisms of a free and open market Market Maker for failing to meet its
to cancel all of its MEO Day orders and and a national market system and, in continuous quoting obligation each
block all new inbound MEO Day orders general, to protect investors and the trading day.
by MPID. Additionally, the Exchange public interest. In addition, the Exchange believes
proposes to amend the last sentence of The Exchange believes that the that the proposal removes impediments
519C(b) which currently states that, proposed rule change is consistent with to and perfects the mechanisms of a free
‘‘[t]he block will remain in effect until Section 6(b)(5) of the Act,24 in that it and open market and a national market
the Member requests Exchange staff to promotes just and equitable principles system and, in general, protects
remove the block,’’ by removing the of trade and removes impediments to investors and the public interest by
word ‘‘staff.’’ To remove a block a and perfects the mechanism of a free providing Members with an additional
Member may (i) send an electronic and open market. Offering Members purge message which allows them to
message directly into the Exchange’s designated MEO Purge Ports would cancel their MEO Day orders by MPID
System; or (ii) contact Exchange staff. enhance their ability to manage quotes, and blocks new inbound MEO Day
The Exchange believes removing the quote traffic, and quoting obligations for orders from being received yet preserves
word ‘‘staff’’ from the rule text more Members that are Market Makers,25 their ability to continue to provide
accurately encompasses the activity which would, in turn, improve their risk liquidity to the market and interact with
under both scenarios. controls to the benefit of all market Public Customer orders via MEO IOC
The Exchange notes that this proposal participants. The Exchange believes that orders. Further, the Exchange is
does not preclude Members from using MEO Purge Ports would foster clarifying existing rule text in Rule 519C
the existing purge messages provided by cooperation and coordination with to better describe current functionality
either the MEO protocol or the cancel persons engaged in facilitating available on the Exchange. The
messages provided by the FIX protocol. transactions in securities because Exchange believes that clarifying
Under the MEO protocol, Members may designating MEO Purge Ports for purges current functionality promotes the
request that all quotations for all only may encourage better use of protection of investors and the public
underlyings, or for a specific dedicated ports. This may, concurrent interest by helping market participants
underlying, be removed, and that new with the ports that carry quotes and better understand the risk protection
inbound quotations for all underlyings, other information necessary for market tools available on the Exchange.
or specific underlyings, be blocked. making activities, enable more efficient, The Exchange believes that the
Under the FIX protocol, Members may as well as fair and reasonable, use of proposed rule change is consistent with
also request that all, or a subset, of Members’ resources. As MEO Purge Section 6(b)(4) of the Act,28 in that it
orders for an MPID, or all Day or GTC Ports are only available for purging and provides for the equitable allocation of
orders for an MPID, on the requesting not for activities such as order or quote reasonable dues, fees and other charges
session, be canceled. entry, the MEO Purge Ports are not among Members and other persons
Additionally, the Exchange notes that designed to permit unfair using any facility or system which the
this functionality is similar to discrimination but rather are designed Exchange operates or controls. Even
functionality recently adopted by the to enable Members to better manage though the Exchange is proposing to
Exchange’s affiliate, Miami International their market risk, which, in turn, waive this particular fee during the
Securities Exchange, LLC (‘‘MIAX benefits all market participants. The Waiver Period,29 the Exchange believes
Options’’).21 Exchange also notes that similar that it is appropriate to provide market
The Exchange will announce the connectivity and functionality is offered participants with the overall structure of
implementation date of the proposed by other exchanges.26 the fee by outlining the structure on the
rule change by Regulatory Circular to be The Exchange notes that the proposed Fee Schedule without setting forth a
published no later than 60 days rule change will not relieve Market specific fee amount, so that there is a
following the operative date of the Makers of their continuous quoting general awareness that the Exchange
proposed rule. The implementation date obligations under Exchange Rule 604 intends to assess such a fee in the
will be no later than 60 days following and under Regulation NMS Rule 602.27 future.
Specifically, any interest that is The Exchange also believes that the
the issuance of the Regulatory Circular.
executable against a Market Maker’s proposed amendments to its fee
2. Statutory Basis quotes that is received by the schedule are non-discriminatory
The Exchange believes that its Exchange’s Matching Engine prior to the because they will apply uniformly to all
proposed rule change is consistent with time that the purge message is received Members. The proposed MEO Purge
Section 6(b) of the Act 22 in general, and by the Exchange’s Matching Engine will Ports are completely voluntary and no
furthers the objectives of Section 6(b)(5) automatically execute at that price, up Member is required, or under any
of the Act 23 in particular, in that it is to the quote’s size. Market Makers that regulatory obligation, to utilize them.
designed to prevent fraudulent and purge their quotes will not be relieved All Members have the option to select
manipulative acts and practices, to of the obligation to provide continuous any connectivity option, and fees, when
promote just and equitable principles of two-sided quotes on a daily basis, nor charged, are charged uniformly for the
trade, to foster cooperation and will it prohibit the Exchange from services offered by the Exchange.
coordination with persons engaged in B. Self-Regulatory Organization’s
24 Id.
regulating, clearing, settling, processing Statement on Burden on Competition
ethrower on DSK3G9T082PROD with NOTICES
25 See Exchange Rule 604 and 605(d)(1).
information with respect to, and 26 See The Exchange does not believe that
Securities Exchange Act Release Nos.
facilitating transactions in securities, to 81252 (July 28, 2017), 82 FR 36172 (August 3, 2017) the proposed rule change will impose
(SR–MIAX–2017–36); 77613 (April 13, 2016), 81 FR any burden on competition that is not
21 See Securities Exchange Act Release No. 81252
23023 (April 19, 2016) (SR–Phlx–2016–45); 79956
(July 28, 2017), 82 FR 36172 (August 3, 2017) (SR– (February 3, 2017), 82 FR 10102 (February 9, 2017) necessary or appropriate in furtherance
MIAX–2017–36). (SR–BatsBZX–2017–05); and 81095 (July 7, 2017),
22 15 U.S.C. 78f(b). 82 FR 32409 (July 13, 2017) (SR–ISE–2017–62). 28 15 U.S.C. 78f(b)(4).
23 15 U.S.C. 78f(b)(5). 27 17 CFR 242.602. 29 See supra note 20.
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![61070 Federal Register / Vol. 82, No. 246 / Tuesday, December 26, 2017 / Notices
of the purposes of the Act. The Commission summarily may submit only information that you wish
Exchange believes the proposed rule temporarily suspend such rule change if to make available publicly. All
change will enhance competition it appears to the Commission that such submissions should refer to File
because it will enable it to offer similar action is necessary or appropriate in the Number SR–PEARL–2017–38 and
connectivity and functionality as its public interest, for the protection of should be submitted on or before
competitor exchanges.30 In addition, the investors, or otherwise in furtherance of January 16, 2018.
proposed MEO Purge Ports are the purposes of the Act. If the For the Commission, by the Division of
completely voluntary and no Member is Commission takes such action, the Trading and Markets, pursuant to delegated
required or under any regulatory Commission shall institute proceedings authority.34
obligation to utilize them. to determine whether the proposed rule Eduardo A. Aleman,
The Exchange believes its proposed should be approved or disapproved. Assistant Secretary.
amendments to its Fee Schedule would
not impose any burden on competition IV. Solicitation of Comments [FR Doc. 2017–27689 Filed 12–22–17; 8:45 am]
that is not necessary or appropriate in Interested persons are invited to BILLING CODE 8011–01–P
furtherance of the purposes of the Act. submit written data, views, and
On the contrary, the Exchange believes arguments concerning the foregoing,
the proposed rule change will enhance including whether the proposed rule SECURITIES AND EXCHANGE
competition because it will enable it to change is consistent with the Act. COMMISSION
offer similar connectivity and Comments may be submitted by any of
the following methods: [Release No. 34–82365; File No. SR–
functionality as its competitor
NASDAQ–2017–130]
exchanges.31 In addition, the proposed Electronic Comments
MEO Purge Ports are completely Self-Regulatory Organizations; The
voluntary and no Member is required or • Use the Commission’s internet
comment form (http://www.sec.gov/ Nasdaq Stock Market LLC; Notice of
under any regulatory obligation to Filing and Immediate Effectiveness of
utilize them. Accordingly, the Exchange rules/sro.shtml); or
• Send an email to rule-comments@ Proposed Rule Change To Extend the
does not believe that the proposed Penny Pilot Program
change will impair the ability of sec.gov. Please include File Number SR–
Members or competing venues to PEARL–2017–38 on the subject line. December 19, 2017.
maintain their competitive standing in Paper Comments Pursuant to Section 19(b)(1) of the
the financial markets. Securities Exchange Act of 1934
The Exchange also does not believe • Send paper comments in triplicate
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2
the proposed rule change would impact notice is hereby given that on December
intramarket competition as it would Commission, 100 F Street NE,
Washington, DC 20549–1090. 12, 2017, The Nasdaq Stock Market LLC
apply to all Members and non-Members (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
equally. All submissions should refer to File
Securities and Exchange Commission
Number SR–PEARL–2017–38. This file
C. Self-Regulatory Organization’s (‘‘SEC’’ or ‘‘Commission’’) the proposed
number should be included on the
Statement on Comments on the rule change as described in Items I and
subject line if email is used. To help the
Proposed Rule Change Received From II, below, which Items have been
Commission process and review your
Members, Participants, or Others prepared by the Exchange. The
comments more efficiently, please use
Commission is publishing this notice to
Written comments were neither only one method. The Commission will
solicit comments on the proposed rule
solicited nor received. post all comments on the Commission’s
change from interested persons.
internet website (http://www.sec.gov/
III. Date of Effectiveness of the rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
Proposed Rule Change and Timing for submission, all subsequent Statement of the Terms of Substance of
Commission Action
amendments, all written statements the Proposed Rule Change
Because the foregoing proposed rule with respect to the proposed rule The Exchange proposes to amend
change does not: (i) Significantly affect change that are filed with the
the protection of investors or the public Chapter VI, Section 5 (Minimum
Commission, and all written Increments) 3 of the rules of the
interest; (ii) impose any significant communications relating to the
burden on competition; and (iii) become NASDAQ Options Market (‘‘NOM’’) to
proposed rule change between the extend through June 30, 2018 or the date
operative for 30 days after the date of Commission and any person, other than
the filing, or such shorter time as the of permanent approval, if earlier, the
those that may be withheld from the Penny Pilot Program in options classes
Commission may designate, it has public in accordance with the
become effective pursuant to 19(b)(3)(A) in certain issues (‘‘Penny Pilot’’ or
provisions of 5 U.S.C. 552, will be ‘‘Pilot’’), and to change the date when
of the Act 32 and Rule 19b–4(f)(6) 33 available for website viewing and
thereunder. delisted classes may be replaced in the
printing in the Commission’s Public Penny Pilot.
At any time within 60 days of the Reference Room, 100 F Street NE,
filing of the proposed rule change, the The text of the proposed rule change
Washington, DC 20549 on official is set forth below. Proposed new
business days between the hours of language is underlined; deleted text is
30 See supra note 26.
31 Id.
10:00 a.m. and 3:00 p.m. Copies of the in brackets.
filing also will be available for
ethrower on DSK3G9T082PROD with NOTICES
32 15 U.S.C. 78s(b)(3)(A).
inspection and copying at the principal * * * * *
33 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give office of the Exchange. All comments
34 17 CFR 200.30–3(a)(12).
the Commission written notice of its intent to file received will be posted without change. 1 15
the proposed rule change at least five business days U.S.C. 78s(b)(1).
Persons submitting comments are 2 17 CFR 240.19b–4.
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
cautioned that we do not redact or edit 3 References herein to Chapter and Series refer to
Commission. The Exchange has satisfied this personal identifying information from rules of the NASDAQ Options Market (‘‘NOM’’),
requirement. comment submissions. You should unless otherwise noted.
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Document Created: 2017-12-23 03:08:06
Document Modified: 2017-12-23 03:08:06
| 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 61067 |
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