82 FR 8450 - Self-Regulatory Organizations; BOX Options Exchange LLC; Order Granting Approval of Proposed Rule Change To Amend Interpretive Material to Rule 7150 (Price Improvement Period “PIP”) and Interpretive Material to Rule 7245 (Complex Order Price Improvement Period “COPIP”) To Make Permanent the Pilot Programs That Permit the Exchange to Have No Minimum Size Requirement for Orders Entered Into the PIP (“PIP Pilot Program”) and COPIP (“COPIP Pilot Program”)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 15 (January 25, 2017)
Federal Register Volume 82, Issue 15 (January 25, 2017)
| Page Range | 8450-8452 | |
| FR Document | 2017-01610 |
[Federal Register Volume 82, Number 15 (Wednesday, January 25, 2017)] [Notices] [Pages 8450-8452] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-01610] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79831; File No. SR-BOX-2016-58] Self-Regulatory Organizations; BOX Options Exchange LLC; Order Granting Approval of Proposed Rule Change To Amend Interpretive Material to Rule 7150 (Price Improvement Period ``PIP'') and Interpretive Material to Rule 7245 (Complex Order Price Improvement Period ``COPIP'') To Make Permanent the Pilot Programs That Permit the Exchange to Have No Minimum Size Requirement for Orders Entered Into the PIP (``PIP Pilot Program'') and COPIP (``COPIP Pilot Program'') January 18, 2017. I. Introduction On December 9, 2016, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend the eligibility requirements for its Price Improvement Period auction (``PIP'' or ``Auction'') and make permanent pilot programs for the PIP and Complex Order Price Improvement Period (``COPIP'') programs. The proposed rule change was published for comment in the Federal Register on December 16, 2016.\3\ The Commission received no comments regarding the proposal. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 79531 (December 12, 2016), 81 FR 91227 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposal Pursuant to BOX Rule 7150, Options Participants executing agency orders (``Initiating Participants'') may designate Market Orders and marketable limit Customer Orders for price improvement and submission to the PIP (``PIP Orders'') along with a matching contra order equal to the full size of the PIP Order. The PIP was introduced with the launch of the BOX Options Exchange facility (``BOX Facility'') in 2004.\4\ The COPIP mechanism allows complex orders to be submitted to the COPIP in substantially the same manner as orders for single options series instruments currently are submitted to the PIP. The COPIP was established in January 2014.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release Nos. 49068 (January 13, 2004), 69 FR 2775 (January 20, 2004) (SR-BSE-2003-04) (``PIP Approval Order''). \5\ See Securities Exchange Act Release No. 71148 (December 19, 2013) 78 FR 78437 (December 26, 2013) (``COPIP Approval Order''). --------------------------------------------------------------------------- The PIP Pilot Program and COPIP Pilot Program (``Pilot Programs'') guarantee Participants the right to trade with their customer orders that are less than 50 contracts. The rules permitting an Initiating Participant to enter an agency order into the PIP and COPIP with no minimum size requirement were approved on a pilot basis.\6\ Any order entered into the PIP is guaranteed an execution at the end of the auction at a price at least equal to the National Best Bid and Offer (``NBBO'').\7\ Any order entered into the COPIP is guaranteed an execution at the end of the auction at a price at least equal to or better than the cNBBO,\8\ cBBO \9\ and BBO on the Complex Order Book for the Strategy at the time of commencement.\10\ Both Pilot Programs are scheduled to expire on January 18, 2017.\11\ --------------------------------------------------------------------------- \6\ See PIP Approval Order, supra note 4, and COPIP Approval Order, supra note 5. \7\ See BOX Rule 7150(f). \8\ The term ``cNBBO'' means the best net bid and offer price for a Complex Order Strategy based on the NBBO for the individual options components of such Strategy. See BOX Rule 7240(a)(3). \9\ The term ``cBBO'' means the best net bid and offer price for a Complex Order Strategy based on the BBO on the BOX Book for the individual options components of such Strategy. See BOX Rule 7240(a)(1). \10\ See BOX Rule 7245(f). \11\ See Securities Exchange Act Release No. 78353 (July 18, 2016), 81 FR 47843 (July 22, 2016) (SR-BOX-2016-32). --------------------------------------------------------------------------- [[Page 8451]] BOX proposes to amend the PIP and COPIP to make permanent the Pilot Programs that permit the Exchange to have no minimum size requirement for orders entered into the PIP. In addition, BOX proposes to modify the eligibility requirements for the PIP where the NBBO is only $0.01 wide. A. PIP Eligibility Requirements The Exchange proposes to amend the PIP eligibility requirements. Currently, a PIP Order may be submitted to BOX with a matching contra order that is equal to the full size of the PIP Order and at a price equal to or better than that of the NBBO at the time of the commencement of the PIP, at any NBBO spread. BOX proposes to amend the PIP to reject any Auction where the quoted NBBO spread \12\ is less than or equal to $0.01.\13\ While the Exchange believes that opportunities remain for price improvement where the NBBO spread is less than or equal to $0.01, the Exchange notes that the data for the current pilot shows small amounts of price improvement in these orders.\14\ --------------------------------------------------------------------------- \12\ The NBBO spread is the difference between the NBBO Bid and the NBBO Ask. \13\ All PIP Auctions where the NBBO spread is more than $0.01 will continue to be allowed. \14\ See Notice, supra note 3, at 91229. During the six month time period, .05% of auctions where the NBBO spread was less than or equal to $0.01 received price improvement. See id. --------------------------------------------------------------------------- B. PIP Pilot Program The Exchange has provided the Commission with a summary report containing Auction data for the period between January through June 2015.\15\ BOX believes that the data gathered demonstrates there is an active and liquid market functioning on the Exchange outside of the auction mechanism.\16\ In the period between January and June 2015, 30.5 million contracts were executed through the BOX PIP, approximately 64% of BOX total contract volume. While during this period average daily contract volume traded through the PIP fell from 339,088 contracts per day in January 2015 to 255,150 contracts per day in June 2015, overall contract volume outside of the PIP also fell during that period. Additionally, with an average number of 4.0 participants in each auction, the data shows there is meaningful competition in PIP auctions for all size orders.\17\ --------------------------------------------------------------------------- \15\ See Notice, supra note 3, at 91228. See Exhibit 3 to SR- BOX-2016-58. \16\ See Notice, supra note 3, at 91229. \17\ See id. --------------------------------------------------------------------------- The Exchange believes, based on the data, that there is significant price improvement and significant opportunity for price improvement when the NBBO spread is greater than $0.01.\18\ During the period between January through June 2015, there was an average price improvement of $0.05 per contract for contracts executed through the PIP when BOX was at the NBBO, and $0.01 per contract for contracts executed through the PIP when BOX was not at the NBBO regardless of size.\19\ --------------------------------------------------------------------------- \18\ See id. \19\ See id. --------------------------------------------------------------------------- The Exchange has also gathered data on the premature terminations in the PIP. Between January and June 2015, the number of auctions that terminated early was less than 0.05% of all PIP auctions.\20\ --------------------------------------------------------------------------- \20\ See id. --------------------------------------------------------------------------- C. COPIP Pilot Program With respect to the COPIP Pilot Program, the Exchange notes that between January through June 2015, COPIP volume accounted for 41% of all complex order volume on BOX.\21\ The average price improvement amount (when improved) was $0.11 for this same period. The average number of responders is higher for COPIP Orders of 50 contracts and under (0.23) when compared to COPIP Orders greater than 50 contracts (0.01). While the average numbers of responders in the COPIP is lower than that of the PIP, the Exchange believes that as volume in the COPIP increases, the overall average number of responders will also increase.\22\ --------------------------------------------------------------------------- \21\ See id. \22\ See id. --------------------------------------------------------------------------- The Exchange has also gathered data on the premature terminations in the COPIP to determine if these could result in a COPIP Order being disadvantaged by the early conclusion of or COPIP. Between January and June 2015, the number of auctions that terminated early was less than 0.09% of all COPIP auctions.\23\ --------------------------------------------------------------------------- \23\ See id. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange and, in particular, with Section 6(b) of the Act.\24\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\25\ which requires, among other things, that the rules of a national securities exchange be 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 mechanism of a free and open market and a national market system, and, in general, to protect customers, issuers, brokers and dealers. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78f(b). In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \25\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- As part of its proposal, the Exchange provided summary data on Exhibit 3 of its filing for the period January through June 2015, which the Exchange and Commission both publicly posted on their respective Web sites. Among other things, this data is useful in assessing the level of price improvement in the auction, in particular for orders for fewer than 50 contracts; the degree of competition for order flow in such auctions; and a comparison of liquidity in the auctions with liquidity on the Exchange generally.\26\ Based on the data provided by the Exchange, the Commission believes that the Exchange's price improvement auction generally delivers a meaningful opportunity for price improvement to orders, including orders for fewer than 50 contracts, when the spread in the option is $0.02 or more. At the same time, as the Exchange has recognized, the data do not demonstrate that such orders have realized significant price improvement when the NBBO has a bid/ask differential of $0.01.\27\ Recognizing this, the Exchange has proposed to amend the auction eligibility requirements to reject any Auction where the quoted NBBO spread is less than or equal to $0.01. The Exchange's proposal to modify the auction eligibility requirements and seek permanent approval of the Pilot Programs, as amended with the new provision, will, in the Commission's view, promote opportunities for price improvement. --------------------------------------------------------------------------- \26\ See Exhibit 3 to SR-BOX-2016-58. \27\ See Notice, supra note 3, at 91229. --------------------------------------------------------------------------- The Commission believes that, particularly for auctions for fewer than 50 contracts when the bid/ask differential is wider than $0.01, the data provided by the Exchange support its proposal to make the Pilot Programs permanent. The data demonstrate that the auction generally provides price improvement opportunities to simple and complex orders, including orders of retail customers and particularly when the bid/ask differential is wider than $0.01, that there is meaningful [[Page 8452]] competition for orders on the Exchange; and that there exists an active and liquid market functioning on the Exchange outside of the auction.\28\ The Commission further believes that the proposed revisions to the eligibility requirements for simple PIP Orders with respect to circumstances when the NBBO is $0.01 wide should help to enhance the operation of the auction by limiting its use to circumstances when there are more meaningful opportunities for price improvement, and should benefit investors and others in a manner that is consistent with the Act. Thus, the Commission has determined to approve the Exchange's proposed revisions to Rule 7150 and to approve the Pilot Programs, as proposed to be modified, on a permanent basis. --------------------------------------------------------------------------- \28\ See Exhibit 3 to SR-BOX-2016-58. --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\29\ that the proposed rule change (SR-BOX-2016-58), be and hereby is approved. --------------------------------------------------------------------------- \29\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\30\ --------------------------------------------------------------------------- \30\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-01610 Filed 1-24-17; 8:45 am] BILLING CODE 8011-01-P
![8450 Federal Register / Vol. 82, No. 15 / Wednesday, January 25, 2017 / Notices
For the Commission, by the Division of ‘‘STAC Contracts’’) and Standard was published for comment in the
Trading and Markets, pursuant to delegated Australian Financial Corporate Single Federal Register on December 16,
authority.56 Name CDS contracts (collectively, 2016.3 The Commission received no
Eduardo A. Aleman, ‘‘STAFC Contracts’’). The Commission comments regarding the proposal. This
Assistant Secretary. finds it is appropriate to designate a order approves the proposed rule
[FR Doc. 2017–01613 Filed 1–24–17; 8:45 am] longer period within which to take change.
BILLING CODE 8011–01–P action on the proposed rule change so
II. Description of the Proposal
that it has sufficient time to consider
ICC’s proposed rule change. Pursuant to BOX Rule 7150, Options
SECURITIES AND EXCHANGE Accordingly, the Commission, Participants executing agency orders
COMMISSION pursuant to Section 19(b)(2) 5 of the Act, (‘‘Initiating Participants’’) may designate
designates February 24, 2017, as the Market Orders and marketable limit
[Release No. 34–79821; File No. SR–ICC–
2016–014] date by which the Commission should Customer Orders for price improvement
either approve or disapprove, or and submission to the PIP (‘‘PIP
Self-Regulatory Organizations; ICE institute proceedings to determine Orders’’) along with a matching contra
Clear Credit LLC; Notice of whether to disapprove, the proposed order equal to the full size of the PIP
Designation of Longer Period for rule change (File No. SR–ICC–2016– Order. The PIP was introduced with the
Commission Action on Proposed Rule 014). launch of the BOX Options Exchange
Change To Provide for the Clearance facility (‘‘BOX Facility’’) in 2004.4 The
For the Commission, by the Division of
of Additional Credit Default Swap Trading and Markets, pursuant to delegated COPIP mechanism allows complex
Contracts authority.6 orders to be submitted to the COPIP in
Eduardo A. Aleman, substantially the same manner as orders
January 18, 2017. for single options series instruments
On November 18, 2016, ICE Clear Assistant Secretary.
currently are submitted to the PIP. The
Credit LLC (‘‘ICC’’) filed with the [FR Doc. 2017–01606 Filed 1–24–17; 8:45 am]
COPIP was established in January
Securities and Exchange Commission BILLING CODE 8011–01–P
2014.5
(‘‘Commission’’), pursuant to Section The PIP Pilot Program and COPIP
19(b)(1) of the Securities Exchange Act Pilot Program (‘‘Pilot Programs’’)
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a SECURITIES AND EXCHANGE guarantee Participants the right to trade
proposed rule change to provide for the COMMISSION with their customer orders that are less
clearance of additional credit default [Release No. 34–79831; File No. SR–BOX– than 50 contracts. The rules permitting
swap contracts. (File No. SR–ICC–2016– 2016–58] an Initiating Participant to enter an
014). The proposed rule change was agency order into the PIP and COPIP
published for comment in the Federal Self-Regulatory Organizations; BOX with no minimum size requirement
Register on December 7, 2016.3 To date, Options Exchange LLC; Order were approved on a pilot basis.6 Any
the Commission has not received Granting Approval of Proposed Rule order entered into the PIP is guaranteed
comments on the proposed rule change. Change To Amend Interpretive Material an execution at the end of the auction
Section 19(b)(2) of the Act 4 provides to Rule 7150 (Price Improvement at a price at least equal to the National
that within 45 days of the publication of Period ‘‘PIP’’) and Interpretive Material Best Bid and Offer (‘‘NBBO’’).7 Any
notice of the filing of a proposed rule to Rule 7245 (Complex Order Price order entered into the COPIP is
change, or within such longer period up Improvement Period ‘‘COPIP’’) To Make guaranteed an execution at the end of
to 90 days as the Commission may Permanent the Pilot Programs That the auction at a price at least equal to
designate if it finds such longer period Permit the Exchange to Have No or better than the cNBBO,8 cBBO 9 and
to be appropriate and publishes its Minimum Size Requirement for Orders BBO on the Complex Order Book for the
reasons for so finding or as to which the Entered Into the PIP (‘‘PIP Pilot Strategy at the time of
self-regulatory organization consents, Program’’) and COPIP (‘‘COPIP Pilot commencement.10 Both Pilot Programs
the Commission shall either approve the Program’’) are scheduled to expire on January 18,
proposed rule change, disapprove the 2017.11
proposed rule change, or institute January 18, 2017.
proceedings to determine whether the I. Introduction 3 See Securities Exchange Act Release No. 79531
proposed rule change should be On December 9, 2016, BOX Options
(December 12, 2016), 81 FR 91227 (‘‘Notice’’).
4 See Securities Exchange Act Release Nos. 49068
disapproved. The 45th day from the Exchange LLC (the ‘‘Exchange’’) filed (January 13, 2004), 69 FR 2775 (January 20, 2004)
publication of notice of filing of this with the Securities and Exchange (SR–BSE–2003–04) (‘‘PIP Approval Order’’).
proposed rule change is January 20, Commission (‘‘Commission’’), pursuant 5 See Securities Exchange Act Release No. 71148
2017. to Section 19(b)(1) of the Securities (December 19, 2013) 78 FR 78437 (December 26,
The Commission is extending the 45- 2013) (‘‘COPIP Approval Order’’).
Exchange Act of 1934 (‘‘Act’’),1 and 6 See PIP Approval Order, supra note 4, and
day time period for Commission action
Rule 19b–4 thereunder,2 a proposed rule COPIP Approval Order, supra note 5.
on the proposed rule change. ICC’s
change to amend the eligibility 7 See BOX Rule 7150(f).
proposes to revise the ICC Rulebook (the
requirements for its Price Improvement 8 The term ‘‘cNBBO’’ means the best net bid and
‘‘Rules’’) to provide for the clearance of offer price for a Complex Order Strategy based on
Period auction (‘‘PIP’’ or ‘‘Auction’’) and
Standard Australian Corporate Single the NBBO for the individual options components of
make permanent pilot programs for the such Strategy. See BOX Rule 7240(a)(3).
Name CDS contracts (collectively,
mstockstill on DSK3G9T082PROD with NOTICES
PIP and Complex Order Price 9 The term ‘‘cBBO’’ means the best net bid and
56 17 CFR 200.30–3(a)(12).
Improvement Period (‘‘COPIP’’) offer price for a Complex Order Strategy based on
programs. The proposed rule change the BBO on the BOX Book for the individual
1 15 U.S.C. 78s(b)(1). options components of such Strategy. See BOX Rule
2 17 CFR 240.19b–4. 7240(a)(1).
3 Securities Exchange Act Release No. 79439 (Dec. 5 15 U.S.C. 78s(b)(2). 10 See BOX Rule 7245(f).
6 17 CFR 200.30–3(a)(31).
1, 2016), 81 FR 88291 (Dec. 7, 2016) (SR–ICC–2016– 11 See Securities Exchange Act Release No. 78353
014). 1 15 U.S.C. 78s(b)(1).
(July 18, 2016), 81 FR 47843 (July 22, 2016) (SR–
4 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. BOX–2016–32).
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![8452 Federal Register / Vol. 82, No. 15 / Wednesday, January 25, 2017 / Notices
competition for orders on the Exchange; was published for comment in the SECURITIES AND EXCHANGE
and that there exists an active and Federal Register on December 7, 2016.3 COMMISSION
liquid market functioning on the The Commission has received one
Exchange outside of the auction.28 The comment letter on the proposed rule [Release No. 34–79841; File No. SR–
Commission further believes that the change.4 ISEMercury–2016–25]
proposed revisions to the eligibility
Section 19(b)(2) of the Act 5 provides
requirements for simple PIP Orders with Self-Regulatory Organizations; ISE
respect to circumstances when the that, within 45 days of the publication
Mercury LLC; Order Granting Approval
NBBO is $0.01 wide should help to of notice of the filing of a proposed rule
of Proposed Rule Change To Amend
enhance the operation of the auction by change, or within such longer period up
ISE Mercury Rule 723 and To Make
limiting its use to circumstances when to 90 days as the Commission may
Pilot Program Permanent
there are more meaningful opportunities designate if it finds such longer period
for price improvement, and should to be appropriate and publishes its January 18, 2017.
benefit investors and others in a manner reasons for so finding or as to which the
I. Introduction
that is consistent with the Act. Thus, the self-regulatory organization consents,
Commission has determined to approve the Commission shall either approve the On December 12, 2016, ISE Mercury,
the Exchange’s proposed revisions to proposed rule change, disapprove the LLC (the ‘‘Exchange’’ or ‘‘ISE Mercury’’)
Rule 7150 and to approve the Pilot proposed rule change, or institute filed with the Securities and Exchange
Programs, as proposed to be modified, proceedings to determine whether the Commission (‘‘Commission’’), pursuant
on a permanent basis. proposed rule change should be to Section 19(b)(1) of the Securities
disapproved. The 45th day after Exchange Act of 1934 (‘‘Act’’) 1, and
IV. Conclusion
publication of the notice for this Rule 19b–4 thereunder,2 a proposed rule
It is therefore ordered, pursuant to proposed rule change is January 21, change to amend the eligibility
Section 19(b)(2) of the Act,29 that the 2017. The Commission is extending this requirements for its Price Improvement
proposed rule change (SR–BOX–2016– 45-day time period. Mechanism (‘‘PIM’’ or ‘‘Auction’’) and
58), be and hereby is approved. make permanent those aspects of the
The Commission finds that it is PIM that are currently operating on a
For the Commission, by the Division of
Trading and Markets, pursuant to delegated appropriate to designate a longer period pilot basis. The proposed rule change
authority.30 within which to take action on the was published for comment in the
Eduardo A. Aleman, proposed rule change so that it has Federal Register on December 19,
Assistant Secretary. sufficient time to consider the proposed 2016.3 The Commission received no
[FR Doc. 2017–01610 Filed 1–24–17; 8:45 am] rule change. Accordingly, the comments regarding the proposal. This
BILLING CODE 8011–01–P
Commission, pursuant to Section order approves the proposed rule
19(b)(2) of the Act,6 designates March 7, change.
2017, as the date by which the
Commission shall either approve or II. Description of the Proposal
SECURITIES AND EXCHANGE
COMMISSION disapprove or institute proceedings to The Exchange adopted PIM as part of
[Release No. 34–79839; File No. SR–
determine whether to disapprove the its application to be registered as a
BatsBZX–2016–80] proposed rule change (File Number SR– national securities exchange.4 Pursuant
BatsBZX–2016–80). to ISE Mercury Rule 723, an Electronic
Self-Regulatory Organizations; Bats For the Commission, by the Division of Access Member (‘‘EAM’’) may
BZX Exchange, Inc.; Notice of Trading and Markets, pursuant to delegated electronically submit for execution an
Designation of a Longer Period for authority.7 order it represents as agent (‘‘Agency
Commission Action on Proposed Rule Order’’) against principal interest or
Eduardo A. Aleman,
Changes to BZX Rule 14.11, Other against a solicited order for the full size
Securities, and BZX Rule 14.12, Failure Assistant Secretary.
of the Agency Order, provided it
To Meet Listing Standards [FR Doc. 2017–01617 Filed 1–24–17; 8:45 am]
submits the Agency Order for electronic
January 18, 2017.
BILLING CODE 8011–01–P execution into the PIM (a ‘‘Crossing
Transaction’’). Parts of the PIM are
On November 18, 2016, Bats BZX
currently operating on a pilot basis
Exchange, Inc. (‘‘BZX’’) filed with the
(‘‘Pilot’’),5 which is set to expire on
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section January 18, 2017.6 The Exchange
19(b)(1) of the Securities Exchange Act proposes to make the Pilot permanent,
of 1934 (‘‘Act’’) 1 and Rule 19b–4 and also proposes to amend the Auction
eligibility requirements for certain
thereunder,2 a proposed rule change to,
among other things: (1) Amend the
1 15 U.S.C. 78s(b)(1).
listing rules relating to exchange-traded 2 17 CFR 240.19b–4.
products in BZX Rule 14.11 to add 3 See Securities Exchange Act Release No. 79539
additional continued listing standards; (December 13, 2016), 81 FR 91982 (‘‘Notice’’).
and (2) incorporate certain changes to 4 See Securities Exchange Act Release No. 76998
mstockstill on DSK3G9T082PROD with NOTICES
BZX Rule 14.12 (Failure to Meet Listing 3 See Securities Exchange Act Release No. 79450 (January 29, 2016), 81 FR 6066 (February 4, 2016)
Standards). The proposed rule change (December 1, 2016), 81 FR 88284. (File No. 10–221) (‘‘Exchange Approval Order’’).
4 See letter from David W. Blass, General Counsel, 5 Two components of PIM were approved by the
28 See Investment Company Institute, to Brent J. Fields, Commission on a pilot basis: (1) The early
Exhibit 3 to SR–BOX–2016–58. conclusion of the PIM; and (2) no minimum size
29 15 U.S.C. 78s(b)(2). Secretary, Commission, dated January 12, 2017.
requirement of orders.
30 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2).
6 See Securities Exchange Act Release No. 78342
1 15 U.S.C. 78s(b)(1). 6 Id.
(July 15, 2016), 81 FR 47481 (July 21, 2016) (SR–
2 17 CFR 240.19b–4. 7 17 CFR 200.30–3(a)(31). ISEMercury–2016–13) (‘‘PIM July 2016 Extension’’).
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Document Created: 2017-01-25 00:08:56
Document Modified: 2017-01-25 00:08:56
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