82 FR 9865 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX PEARL Rules 100, 404, 519C and Adopt MIAX PEARL 1018
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 25 (February 8, 2017)
Federal Register Volume 82, Issue 25 (February 8, 2017)
| Page Range | 9865-9869 | |
| FR Document | 2017-02552 |
[Federal Register Volume 82, Number 25 (Wednesday, February 8, 2017)] [Notices] [Pages 9865-9869] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-02552] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79947; File No. SR-PEARL-2017-03] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX PEARL Rules 100, 404, 519C and Adopt MIAX PEARL 1018 February 2, 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 January 24, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 MIAX PEARL Rules 100, 404, 519C, and to adopt new MIAX PEARL Rule 1018, in order to bring MIAX PEARL Rules up to date with recent changes that have been made to the rules of the Exchange's affiliate, Miami International Securities Exchange, LLC (``MIAX Options''). The text of the proposed rule change is available on the Exchange's Web site 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 [[Page 9866]] proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend MIAX PEARL Rules 100, 404, 519C, and to adopt MIAX PEARL Rule 1018, in order to bring the MIAX PEARL Rules up to date with the changes that were made to the rules of MIAX Options while MIAX PEARL's Form 1 Application to register as a national securities exchange was pending approval. Background MIAX PEARL plans to commence operations as a national securities exchange registered under Section 6 of the Act \3\ on February 6, 2017. As described more fully in MIAX PEARL's Form 1 application,\4\ the Exchange is an affiliate of MIAX Options. MIAX PEARL Rules, in their current form, were filed as Exhibit B to its Form 1 on August 12, 2016, and at that time, the above mentioned rules, were substantially similar to the rules of the MIAX Options exchange. In the time between when the Exchange filed its Form 1 and the time the Exchange received its approval order, MIAX Options made several changes to its rule book. In order to ensure consistent operation of both MIAX PEARL and MIAX Options through having consistent rules, the Exchange proposes to amend MIAX PEARL Rules as described below. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78f. \4\ See Securities Exchange Act Release No. 79543 (December 13, 2016), 81 FR 92901 (December 20, 2016) (File No. 10-227) (order approving application of MIAX PEARL, LLC for registration as a national securities exchange.) --------------------------------------------------------------------------- Series of Option Contracts Open for Trading The Exchange proposes to expand the Short Term Option Series Program outlined in Rule 404, Interpretations and Policies .02, to allow the listing and trading of SPDR S&P 500 ETF Trust (``SPY'') options with Wednesday expirations. These changes would make MIAX PEARL Rule 404 consistent with MIAX Options Rule 404 and are identical to changes made by MIAX Options when it modified its rule.\5\ The Exchange further notes that the MIAX Options filing was a competitive filing based on a filing submitted by the BOX Options Exchange, LLC (``BOX''), which was approved by the Commission.\6\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 78772 (September 6, 2016), 81 FR 62784 (September 12, 2016) (SR-MIAX-2016-31). \6\ See Securities Exchange Act Release No. 78668 (August 24, 2016), 81 FR 59696 (August 30, 2016) (order approving SR-BOX-2016- 28). --------------------------------------------------------------------------- Currently, under the Short Term Option Series Program the Exchange may open for trading on any Thursday or Friday that is a business day (``Short Term Option Opening Date'') series of options on that class that expire at the close of business on each of the next five Fridays that are business days, and are not Fridays in which monthly option series or Quarterly Options Series expire (``Short Term Option Expiration Dates''). The Exchange is now proposing to amend MIAX PEARL Rule 404, Interpretations and Policies .02, to permit the listing of SPY options expiring on Wednesdays. Specifically, the Exchange is proposing that it may open for trading on any Tuesday or Wednesday that is a business day, series of SPY options that expire on any Wednesday of the month that is a business day, and is not a Wednesday on which Quarterly Options Series expire (``Wednesday SPY Expirations''). The proposed Wednesday SPY Expiration series would be similar to the current Short Term Options Series, with certain exceptions.\7\ The Exchange notes that Wednesday expirations are not a novel a proposition as other option exchanges list and trade Wednesday SPY Expirations.\8\ --------------------------------------------------------------------------- \7\ The Commission notes that these exceptions are further discussed in MIAX-2016-31, supra note 5. \8\ See MIAX Options Rule 404; BOX Rule 5050; and ISE Rule 504. --------------------------------------------------------------------------- The Exchange represents that is has an adequate surveillance program in place to detect manipulative trading in Wednesday SPY Expirations in the same way it monitors trading in the current Short Term Option Series. Additionally, the Exchange represents that it has the necessary system capacity to support the new options series. Definitions The Exchange proposes to amend Exchange Rule 100, which sets forth the definition of Short Term Option Series. The definition set forth in Rule 100 is redundant to the terms for Short Term Option Series set forth in Rule 404, Interpretations and Policies .02. As a result, the Exchange believes that amending Rule 100 by including an internal cross reference to Rule 404, Interpretations and Policies .02 and by deleting redundant language would result in a clearer definition and would make the Rulebook more precise. Additionally, this change is identical to changes made by MIAX Options when it modified its rule.\9\ --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 78772 (September 6, 2016), 81 FR 62784 (September 12, 2016) (SR-MIAX-2016-31). --------------------------------------------------------------------------- Mass Cancellation of Trading Interest The Exchange also proposes to amend Exchange Rule 519C, Mass Cancellation of Trading Interest, to align the process and procedure of cancelling orders and quotes from the order book to that of MIAX Options. The proposed rule change will amend the first paragraph for clarity and ease of reference and adopt new section (b) to provide that Exchange staff, upon request from a Member,\10\ may remove all of the Member's quotations \11\ and cancel all of the Member's orders \12\ in the System \13\ and block new incoming quotations and orders from entering the System. The block will remain in effect until the Member contacts Exchange staff \14\ to have the block removed. --------------------------------------------------------------------------- \10\ The term ``Member'' means an individual or organization that is registered with the Exchange pursuant to Chapter II of 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. \11\ 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 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 or quotation for purposes of these Rules. See Exchange Rule 100. \12\ The term ``order'' means a firm commitment to buy or sell option contracts. See Exchange Rule 100. \13\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \14\ The Exchange's Help Desk would receive such communication. The Help Desk is the Exchange's control room consisting of Exchange staff authorized to make certain trading determinations on behalf of the Exchange. The Help Desk shall report to and be supervised by a senior executive officer of the Exchange. See Exchange Rule 100. --------------------------------------------------------------------------- The Exchange proposes to add a new heading entitled ``Cancel'' to the first paragraph, and proposes to identify the first paragraph with the letter ``(a)'' for clarity and ease of reference. Additionally, the Exchange proposes to make a clarifying change to the wording of the first paragraph. The paragraph currently states that, ``[a] Member may cancel all of its quotations and/or all or any subset of its orders [. . .].'' The Exchange proposes to replace the word ``cancel'' with ``remove'' and to insert the word ``cancel'' after ``and/or,'' as this language more accurately describes [[Page 9867]] the actions being performed by the Exchange. Additionally, the Exchange is proposing to insert language indicating that a Member may effect the removal of its quotations and/or the cancellation of its orders, ``by firm name or by Market Participant Identifier (``MPID'')''.\15\ --------------------------------------------------------------------------- \15\ The term ``MPID'' means unique market participant identifier. See Exchange Rule 100. --------------------------------------------------------------------------- MIAX PEARL currently offers two Membership types, Market Maker (``MM'') \16\ and Electronic Exchange Member (``EEM'').\17\ Market Makers self-assign the series for which they choose to act as a Market Maker \18\ and have an obligation to maintain a two-sided market, pursuant to Rule 605(d)(1), in those series in which they register to trade.\19\ Exchange Rule 605, Market Maker Quotations, details various requirements associated with a Market Maker's quotes, such as ``Size Associated with Quotes'', ``Firm Quotes'', and ``Continuous Quotes''.\20\ A ``quote'' on the Exchange is defined as, ``[. . .] 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 [. . .].'' \21\ Currently, there is not a separate Market Maker quote transaction available on the Exchange. The Exchange's definition of a quote further provides that, ``[w]hen 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 or quotation for purposes of these Rules.'' \22\ --------------------------------------------------------------------------- \16\ The term ``Market Maker'' or ``MM'' means a Member registered with the Exchange for the purpose of making markets in options contracts traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter VI of MIAX PEARL Rules. See Exchange Rule 100. \17\ The term ``Electronic Exchange Member'' or ``EEM'' means the holder of a Trading Permit who is a Member representing as agent Public Customer Orders or Non-Customer Orders on the Exchange and those non-Market Maker Members conducting proprietary trading. Electronic Exchange Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. \18\ See Exchange Rule 602. \19\ See Exchange Rule 604(a)(1). \20\ See Exchange Rule 605. \21\ See Exchange Rule 100. \22\ See Exchange Rule 100. --------------------------------------------------------------------------- The proposal would allow a Member to submit a request to remove all of its outstanding quotations, as described above, and cancel all of its open orders and block all new inbound quotations and orders by firm name or Market Participant Identifier (``MPID''). The form of such requests includes, but is not limited to, email or a phone call from authorized individuals. The removal of quotes and the cancellation of orders as described herein does not disconnect Members from the Exchange's System. The proposed changes would make MIAX PEARL Rule 519C, Mass Cancellation of Trading Interest, consistent with MIAX Options Rule 519C, Mass Cancellation of Trading Interest, and are identical to changes made by MIAX Options when it modified its rule.\23\ --------------------------------------------------------------------------- \23\ See Securities Exchange Act Release Nos. 78023 (June 8, 2016), 81 FR 38751 (June 14, 2016) (SR-MIAX-2016-14) (adoption of Rule 519C); 78974 (September 29, 2016), 81 FR 69090 (October 5, 2016) (SR-MIAX-2016-34) (amendment of Rule 519C). --------------------------------------------------------------------------- Expedited Suspension Proceeding MIAX PEARL incorporates certain chapters of the MIAX Options Rulebook into its rulebook in their entirety by reference. Specifically, MIAX Options Rulebook, Chapter III, Business Conduct, is incorporated by reference, and contains Rule 322, Disruptive Quoting and Trading Activity Prohibited, which was adopted by MIAX Options to prohibit disruptive quoting and trading on MIAX Options.\24\ In connection with this rule, MIAX Options adopted new MIAX Options Rule 1018, Expedited Suspension Proceeding, to permit MIAX Options to take prompt action to suspend Members or their clients that violate MIAX Options Rule 322.\25\ The Exchange now proposes to adopt new Rule 1018, Expedited Suspension Proceeding, to align the rules of MIAX Options and MIAX PEARL. --------------------------------------------------------------------------- \24\ See MIAX Options Rule 322. \25\ See MIAX Options Rule 1018. --------------------------------------------------------------------------- The Exchange proposes to adopt new Rule 1018, to set forth procedures for issuing suspension orders, immediately prohibiting a Member from conducting continued disruptive quoting and trading activity on the Exchange. Importantly, these procedures would also provide the Exchange the authority to order a Member to cease and desist from providing access to the Exchange to a client of the Member that is conducting disruptive quoting and trading activity in violation of Rule 322. The Exchange notes that the proposed change would make MIAX PEARL Rule 1018 consistent with MIAX Options Rule 1018 and is identical to the rule text adopted by MIAX Options when it adopted its rule.\26\ --------------------------------------------------------------------------- \26\ See Securities Exchange Act Release No. 79182 (October 28, 2016), 81 FR 76639 (November 3, 2016) (SR-MIAX-2016-40). --------------------------------------------------------------------------- 2. Statutory Basis MIAX PEARL believes that its proposed rule change is consistent with Section 6(b) of the Act \27\ in general, and furthers the objectives of Section 6(b)(5) of the Act \28\ 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 mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \27\ 15 U.S.C. 78f(b). \28\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange is proposing to amend Rule 404, Series of Option Contracts Open for Trading. The Exchange believes the Short Term Option Series Program has been successful to date and that Wednesday SPY Expirations simply expand the ability of investors to hedge risk against market movements stemming from economic releases or market events that occur throughout the month in the same way that the Short Term Option Series Program has expanded the landscape of hedging. Similarly, the Exchange believes Wednesday SPY Expirations should create greater trading and hedging opportunities and flexibility, and provide customers with the ability to more closely tailor their investment objectives. The Exchange believes that allowing Wednesday SPY Expirations and monthly SPY expirations in the same week would benefit investors and minimize investor confusion by providing Wednesday SPY Expirations in a continuous and uniform manner. The Exchange is also proposing to amend Rule 100, Definitions, which sets forth the definition of Short Term Option Series. The definition set forth in current Rule 100 is redundant to the terms for Short Term Option Series set forth in Rule 404, Interpretations and Policies .02. As a result, the Exchange believes that amending Rule 100 by including an internal cross reference to Rule 404, Interpretations and Policies .02 and deleting redundant language would result in a clearer definition and would make the Rulebook more precise and user friendly. Clarity and transparency of the Exchange's rules benefits investors and the public by eliminating the potential for confusion. The Exchange is also proposing to amend Rule 519C, Mass Cancellation of Trading Interest, to add another risk protection tool for Members and provide that the Exchange may take action on their behalf. The proposed rule protects investors and the public interest by increasing the number of risk protection tools available to Members on the Exchange. The Exchange is also making [[Page 9868]] minor non-substantive amendments to the rule which organize the rule text for clarity and clarifies the actions being performed by the Exchange, and are intended to remove impediments to and perfect the mechanisms of a free and open market by adding precision and ease of reference to the Exchange's rules, thus promoting transparency and clarity for Exchange Members. The Exchange is also proposing to adopt Rule 1018, Expedited Suspension Proceeding, which will provide the Exchange a mechanism to promptly initiate expedited suspension proceedings in the event the Exchange believes that it has sufficient proof that a violation of Rule 322 has occurred and is ongoing. The Exchange believes that the proposal is consistent with Sections 6(b)(1) and 6(b)(6) of the Act,\29\ which require that the rules of an exchange enforce compliance with, and provide appropriate discipline for, violations of the Commission and Exchange rules. The Exchange also believes that the proposal is consistent with the public interest, and the protection of investors, or otherwise in furtherance of the purposes of the Act because the proposal helps to strengthen the Exchange's ability to carry out its oversight and enforcement responsibilities as a self- regulatory organization in cases where awaiting the conclusion of a full disciplinary proceeding is unsuitable in view of the potential harm to Members and their customers. --------------------------------------------------------------------------- \29\ 15 U.S.C. 78f(b)(1) and 78f(b)(6). --------------------------------------------------------------------------- Also, the Exchange notes that if this type of conduct is allowed to continue on the Exchange, the Exchange's reputation could be harmed because it may appear to the public that the Exchange is not acting to address the behavior. The expedited process would enable the Exchange to address the behavior with greater speed. The Exchange notes that is has defined the prohibited disruptive quoting and trading activity by modifying the traditional definitions of layering \30\ and spoofing \31\ to eliminate an express intent element that would not be proven on an expedited basis and would instead require a thorough investigation into the activity. As noted, the Exchange believes it is necessary for the protection of investors to make such modifications in order to adopt an expedited process rather than allowing disruptive quoting and trading activity to occur for several years. --------------------------------------------------------------------------- \30\ ``Layering' is a form of market manipulation in which multiple, non-bona fide limit orders are entered on one side of the market at various price levels in order to create the appearance of a change in the levels of supply and demand, thereby artificially moving the price of a security. An order is then executed on the opposite side of the market at the artificially created price, and the non-bona fide orders are cancelled. \31\ ``Spoofing'' is a form of market manipulation that involves the market manipulator placing non-bona fide orders that are intended to trigger some type of market movement and/or response from other market participants, from which the market manipulator might benefit by trading bona fide orders. --------------------------------------------------------------------------- The Exchange believes that this proposal will provide the Exchange with the necessary means to enforce against such behavior in an expedited manner while providing Members with the necessary due process. The Exchange believes that its proposal is consistent with the Act because it provides the Exchange with the ability 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 from such ongoing behavior. Further, the Exchange believes that adopting a rule applicable to market participants is consistent with the Act because the Exchange believes that this type of behavior should be prohibited for all Members. While this behavior may not be as prevalent on the options markets today, the Exchange does not believe the possibility of such behavior in the future would not have the same market impact and thereby warrant an expedited process. The Exchange believes that the proposal is consistent Section 6(b)(7) of the Act,\32\ which requires that the rules of an exchange ``provide a fair procedure for the disciplining of members and persons associated with members . . . and the prohibition or limitation by the exchange of any person with respect to access to services offered by the exchange or a member thereof.'' Finally, the Exchange believes the proposal is consistent with Sections 6(d)(1) and 6(d)(2) of the Act,\33\ which require that the rules of an exchange with respect to a disciplinary proceeding or proceeding that would limit or prohibit access to or membership in the exchange require the exchange to: Provide adequate and specific notice of the charges brought against a member or person associated with a member, provide an opportunity to defend against such charges, keep a record, and provide details regarding the findings and applicable sanctions in the event a determination to impose a disciplinary sanction is made. The Exchange believes that each of these requirements is addressed by the notice and due process provisions included within Rule 1018. Importantly, the Exchange will use the authority only in clear and egregious cases when necessary to protect investors, other Members and the Exchange, and in such cases, the Respondent will be afforded due process in connection with the suspension proceedings. --------------------------------------------------------------------------- \32\ 15 U.S.C. 78f(b)(7). \33\ 15 U.S.C. 78f(d)(1) and 78f(d)(2). --------------------------------------------------------------------------- The Exchange believes the proposal removes impediments to and perfects the mechanisms of a free and open market. Specifically, the Exchange believes that although MIAX PEARL rules may, in certain instances, intentionally differ from MIAX Options rules, the proposed changes will promote uniformity with MIAX Options with respect to rules that are intended to be identical but which were not modified while MIAX PEARL's Form 1 application was pending approval. The Exchange believes that it will reduce the potential for confusion by its members that are also members of MIAX Options if it commences operations with only those differences between MIAX PEARL and the MIAX Options Exchange rules that are intentional. 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. 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 \34\ and Rule 19b-4(f)(6) \35\ thereunder. --------------------------------------------------------------------------- \34\ 15 U.S.C. 78s(b)(3)(A). \35\ 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \36\ normally does not become [[Page 9869]] operative for 30 days after the date of its filing. However, Rule 19b- 4(f)(6)(iii) \37\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. In its filing with the Commission, the Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The Commission notes that waiver of the operative delay will allow the proposed rules to become operative before the Exchange intends to commence operations as a national exchange on February 6, 2017. The Commission notes that the proposed rule change is based on substantively identical rules of MIAX Options and thus raises no new novel or substantive issues. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\38\ --------------------------------------------------------------------------- \36\ 17 CFR 240.19b-4(f)(6). \37\ 17 CFR 240.19b-4(f)(6)(iii). \38\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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-2017-03 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-2017-03. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-PEARL-2017-03 and should be submitted on or before March 1, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\39\ --------------------------------------------------------------------------- \39\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-02552 Filed 2-7-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices 9865
failure of an issue of Managed Fund B. institute proceedings to determine For the Commission, by the Division of
Shares to comply with Rule 16.135. whether the proposed rule change Trading and Markets, pursuant to delegated
should be disapproved. authority.45
Prior to listing pursuant to proposed
Robert W. Errett,
amended Rule 16.136(b)(1), an issuer IV. Solicitation of Comments
would be required to represent to the Deputy Secretary.
Exchange that it will advise the [FR Doc. 2017–02544 Filed 2–7–17; 8:45 am]
Interested persons are invited to
Exchange of any failure by a series of submit written data, views and BILLING CODE 8011–01–P
Managed Fund Shares to comply with arguments concerning the foregoing,
the continued listing requirements, and, including whether the proposed rule
pursuant to its obligations under SECURITIES AND EXCHANGE
change is consistent with the Act.
Section 19(g)(1) of the Act, the Exchange COMMISSION
Comments may be submitted by any of
will monitor for compliance with the the following methods: [Release No. 34–79947; File No. SR–
continued listing requirements. If the PEARL–2017–03]
Fund is not in compliance with the Electronic Comments
applicable listing requirements, the Self-Regulatory Organizations; MIAX
Exchange will commence delisting • Use the Commission’s Internet PEARL, LLC; Notice of Filing and
procedures under IEX Rule Series comment form (http://www.sec.gov/ Immediate Effectiveness of a Proposed
14.500. rules/sro.shtml); or Rule Change To Amend MIAX PEARL
Accordingly, based on the foregoing, • Send an email to rule-comments@ Rules 100, 404, 519C and Adopt MIAX
the Exchange believes that the proposed sec.gov. Please include File Number SR– PEARL 1018
generic listing standards for Managed IEX–2017–03 in the subject line. February 2, 2017.
Fund Shares are consistent with Section Paper Comments: Pursuant to the provisions of Section
6(b)(5) of the Act. 19(b)(1) of the Securities Exchange Act
B. Self-Regulatory Organization’s • Send paper comments in triplicate of 1934 (‘‘Act’’) 1 and Rule 19b–4
Statement on Burden on Competition to Secretary, Securities and Exchange thereunder,2 notice is hereby given that
Commission, 100 F Street NE., on January 24, 2017, MIAX PEARL, LLC
IEX does not believe that the Washington, DC 20549–1090. (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed
proposed rule change will result in any with the Securities and Exchange
burden on competition that is not All submissions should refer to File
Commission (‘‘Commission’’) a
necessary or appropriate in furtherance Number SR–IEX–2017–03. This file
proposed rule change as described in
of the purposes of the Act. number should be included in the
Items I and II below, which Items have
subject line if email is used. To help the
The Exchange believes that the been prepared by the Exchange. The
Commission process and review your Commission is publishing this notice to
proposed change would facilitate the
listing and trading of additional types of comments more efficiently, please use solicit comments on the proposed rule
Managed Fund Shares and result in a only one method. The Commission will change from interested persons.
significantly more efficient process for post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
the listing and trading of Managed Fund
rules/sro.shtml). Copies of the Statement of the Terms of Substance of
Shares, thereby enhancing competition
submission, all subsequent the Proposed Rule Change
among market participants, including
issuers and exchanges. Further, the amendments, all written statements The Exchange is filing a proposal to
Exchange believes that applying with respect to the proposed rule amend MIAX PEARL Rules 100, 404,
uniform and transparent listing change that are filed with the 519C, and to adopt new MIAX PEARL
standards would make the process for Commission, and all written Rule 1018, in order to bring MIAX
listing Managed Fund Shares more communications relating to the PEARL Rules up to date with recent
competitive. proposed rule change between the changes that have been made to the
Commission and any person, other than rules of the Exchange’s affiliate, Miami
C. Self-Regulatory Organization’s those that may be withheld from the International Securities Exchange, LLC
Statement on Comments on the public in accordance with the (‘‘MIAX Options’’).
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be The text of the proposed rule change
Members, Participants, or Others available for Web site viewing and is available on the Exchange’s Web site
Written comments were neither printing in the Commission’s Public at http://www.miaxoptions.com/rule-
solicited nor received. Reference Room, 100 F Street NE., filings/pearl at MIAX PEARL’s principal
Washington, DC 20549, on official office, and at the Commission’s Public
III. Date of Effectiveness of the business days between the hours of Reference Room.
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the
Commission Action II. Self-Regulatory Organization’s
filing will also be available for Statement of the Purpose of, and
Within 45 days of the date of inspection and copying at the principal Statutory Basis for, the Proposed Rule
publication of this notice in the Federal office of the Exchange. All comments Change
Register or within such longer period received will be posted without change;
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the Commission does not edit personal In its filing with the Commission, the
up to 90 days (i) as the Commission may
identifying information from Exchange included statements
designate if it finds such longer period
submissions. You should submit only concerning the purpose of and basis for
to be appropriate and publishes its
the proposed rule change and discussed
reasons for so finding or (ii) as to which information that you wish to make
any comments it received on the
the self-regulatory organization available publicly. All submissions
consents, the Commission will: should refer to File Number SR–IEX– 45 17 CFR 200.30–3(a)(12).
A. By order approve or disapprove 2017–03 and should be submitted on or 1 15 U.S.C. 78s(b)(1).
such proposed rule change; or before March 1, 2017. 2 17 CFR 240.19b-4.
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![9866 Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices
proposed rule change. The text of these Options when it modified its rule.5 The Interpretations and Policies .02 and by
statements may be examined at the Exchange further notes that the MIAX deleting redundant language would
places specified in Item IV below. The Options filing was a competitive filing result in a clearer definition and would
Exchange has prepared summaries, set based on a filing submitted by the BOX make the Rulebook more precise.
forth in sections A, B, and C below, of Options Exchange, LLC (‘‘BOX’’), which Additionally, this change is identical to
the most significant aspects of such was approved by the Commission.6 changes made by MIAX Options when
statements. Currently, under the Short Term it modified its rule.9
Option Series Program the Exchange
A. Self-Regulatory Organization’s may open for trading on any Thursday Mass Cancellation of Trading Interest
Statement of the Purpose of, and or Friday that is a business day (‘‘Short The Exchange also proposes to amend
Statutory Basis for, the Proposed Rule Term Option Opening Date’’) series of Exchange Rule 519C, Mass Cancellation
Change options on that class that expire at the of Trading Interest, to align the process
close of business on each of the next and procedure of cancelling orders and
1. Purpose
five Fridays that are business days, and quotes from the order book to that of
The Exchange proposes to amend are not Fridays in which monthly MIAX Options. The proposed rule
MIAX PEARL Rules 100, 404, 519C, and option series or Quarterly Options change will amend the first paragraph
to adopt MIAX PEARL Rule 1018, in Series expire (‘‘Short Term Option for clarity and ease of reference and
order to bring the MIAX PEARL Rules Expiration Dates’’). The Exchange is adopt new section (b) to provide that
up to date with the changes that were now proposing to amend MIAX PEARL Exchange staff, upon request from a
made to the rules of MIAX Options Rule 404, Interpretations and Policies Member,10 may remove all of the
while MIAX PEARL’s Form 1 .02, to permit the listing of SPY options Member’s quotations 11 and cancel all of
Application to register as a national expiring on Wednesdays. Specifically, the Member’s orders 12 in the System 13
securities exchange was pending the Exchange is proposing that it may and block new incoming quotations and
approval. open for trading on any Tuesday or orders from entering the System. The
Wednesday that is a business day, series block will remain in effect until the
Background of SPY options that expire on any Member contacts Exchange staff 14 to
Wednesday of the month that is a have the block removed.
MIAX PEARL plans to commence The Exchange proposes to add a new
operations as a national securities business day, and is not a Wednesday
on which Quarterly Options Series heading entitled ‘‘Cancel’’ to the first
exchange registered under Section 6 of paragraph, and proposes to identify the
expire (‘‘Wednesday SPY Expirations’’).
the Act 3 on February 6, 2017. As first paragraph with the letter ‘‘(a)’’ for
The proposed Wednesday SPY
described more fully in MIAX PEARL’s clarity and ease of reference.
Expiration series would be similar to the
Form 1 application,4 the Exchange is an Additionally, the Exchange proposes to
current Short Term Options Series, with
affiliate of MIAX Options. MIAX PEARL make a clarifying change to the wording
certain exceptions.7 The Exchange notes
Rules, in their current form, were filed of the first paragraph. The paragraph
that Wednesday expirations are not a
as Exhibit B to its Form 1 on August 12, currently states that, ‘‘[a] Member may
novel a proposition as other option
2016, and at that time, the above cancel all of its quotations and/or all or
exchanges list and trade Wednesday
mentioned rules, were substantially any subset of its orders [. . .].’’ The
SPY Expirations.8
similar to the rules of the MIAX Options The Exchange represents that is has Exchange proposes to replace the word
exchange. In the time between when the an adequate surveillance program in ‘‘cancel’’ with ‘‘remove’’ and to insert
Exchange filed its Form 1 and the time place to detect manipulative trading in the word ‘‘cancel’’ after ‘‘and/or,’’ as
the Exchange received its approval Wednesday SPY Expirations in the same this language more accurately describes
order, MIAX Options made several way it monitors trading in the current
changes to its rule book. In order to Short Term Option Series. Additionally, 9 See Securities Exchange Act Release No. 78772
ensure consistent operation of both the Exchange represents that it has the (September 6, 2016), 81 FR 62784 (September 12,
MIAX PEARL and MIAX Options 2016) (SR–MIAX–2016–31).
necessary system capacity to support 10 The term ‘‘Member’’ means an individual or
through having consistent rules, the the new options series. organization that is registered with the Exchange
Exchange proposes to amend MIAX pursuant to Chapter II of MIAX PEARL Rules for
PEARL Rules as described below. Definitions purposes of trading on the Exchange as an
‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’
Series of Option Contracts Open for The Exchange proposes to amend Members are deemed ‘‘members’’ under the
Trading Exchange Rule 100, which sets forth the Exchange Act. See Exchange Rule 100.
definition of Short Term Option Series. 11 The term ‘‘quote’’ or ‘‘quotation’’ means a bid
The Exchange proposes to expand the The definition set forth in Rule 100 is or offer entered by a Market Maker as a firm order
redundant to the terms for Short Term that updates the Market Maker’s previous bid or
Short Term Option Series Program offer, if any. When the term is used in these Rules
outlined in Rule 404, Interpretations Option Series set forth in Rule 404, and a bid or offer is entered by the Market Maker
and Policies .02, to allow the listing and Interpretations and Policies .02. As a in the option series to which such Market Maker is
trading of SPDR S&P 500 ETF Trust result, the Exchange believes that registered, such order shall, as applicable,
amending Rule 100 by including an constitute a quote or quotation for purposes of these
(‘‘SPY’’) options with Wednesday Rules. See Exchange Rule 100.
expirations. These changes would make internal cross reference to Rule 404, 12 The term ‘‘order’’ means a firm commitment to
MIAX PEARL Rule 404 consistent with buy or sell option contracts. See Exchange Rule 100.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
5 See Securities Exchange Act Release No. 78772
MIAX Options Rule 404 and are 13 The term ‘‘System’’ means the automated
(September 6, 2016), 81 FR 62784 (September 12, trading system used by the Exchange for the trading
identical to changes made by MIAX 2016) (SR–MIAX–2016–31). of securities. See Exchange Rule 100.
6 See Securities Exchange Act Release No. 78668 14 The Exchange’s Help Desk would receive such
3 15 U.S.C. 78f. (August 24, 2016), 81 FR 59696 (August 30, 2016) communication. The Help Desk is the Exchange’s
4 See Securities Exchange Act Release No. 79543 (order approving SR–BOX–2016–28). control room consisting of Exchange staff
7 The Commission notes that these exceptions are
(December 13, 2016), 81 FR 92901 (December 20, authorized to make certain trading determinations
2016) (File No. 10–227) (order approving further discussed in MIAX–2016–31, supra note 5. on behalf of the Exchange. The Help Desk shall
application of MIAX PEARL, LLC for registration as 8 See MIAX Options Rule 404; BOX Rule 5050; report to and be supervised by a senior executive
a national securities exchange.) and ISE Rule 504. officer of the Exchange. See Exchange Rule 100.
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![Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices 9867
the actions being performed by the disconnect Members from the furthers the objectives of Section 6(b)(5)
Exchange. Additionally, the Exchange is Exchange’s System. of the Act 28 in particular, in that it is
proposing to insert language indicating The proposed changes would make designed to prevent fraudulent and
that a Member may effect the removal of MIAX PEARL Rule 519C, Mass manipulative acts and practices, to
its quotations and/or the cancellation of Cancellation of Trading Interest, promote just and equitable principles of
its orders, ‘‘by firm name or by Market consistent with MIAX Options Rule trade, to foster cooperation and
Participant Identifier (‘‘MPID’’)’’.15 519C, Mass Cancellation of Trading coordination with persons engaged in
MIAX PEARL currently offers two Interest, and are identical to changes facilitating transactions in securities, to
Membership types, Market Maker made by MIAX Options when it remove impediments to and perfect the
(‘‘MM’’) 16 and Electronic Exchange modified its rule.23 mechanisms of a free and open market
Member (‘‘EEM’’).17 Market Makers self- and a national market system and, in
Expedited Suspension Proceeding
assign the series for which they choose general, to protect investors and the
to act as a Market Maker 18 and have an MIAX PEARL incorporates certain public interest.
obligation to maintain a two-sided chapters of the MIAX Options Rulebook The Exchange is proposing to amend
market, pursuant to Rule 605(d)(1), in into its rulebook in their entirety by Rule 404, Series of Option Contracts
those series in which they register to reference. Specifically, MIAX Options Open for Trading. The Exchange
trade.19 Exchange Rule 605, Market Rulebook, Chapter III, Business believes the Short Term Option Series
Maker Quotations, details various Conduct, is incorporated by reference, Program has been successful to date and
requirements associated with a Market and contains Rule 322, Disruptive that Wednesday SPY Expirations simply
Maker’s quotes, such as ‘‘Size Quoting and Trading Activity expand the ability of investors to hedge
Associated with Quotes’’, ‘‘Firm Prohibited, which was adopted by risk against market movements
Quotes’’, and ‘‘Continuous Quotes’’.20 A MIAX Options to prohibit disruptive stemming from economic releases or
‘‘quote’’ on the Exchange is defined as, quoting and trading on MIAX Options.24 market events that occur throughout the
‘‘[. . .] a bid or offer entered by a In connection with this rule, MIAX month in the same way that the Short
Market Maker as a firm order that Options adopted new MIAX Options Term Option Series Program has
updates the Market Maker’s previous Rule 1018, Expedited Suspension expanded the landscape of hedging.
bid or offer, if any [. . .].’’ 21 Currently, Proceeding, to permit MIAX Options to Similarly, the Exchange believes
there is not a separate Market Maker take prompt action to suspend Members Wednesday SPY Expirations should
quote transaction available on the or their clients that violate MIAX create greater trading and hedging
Exchange. The Exchange’s definition of Options Rule 322.25 The Exchange now opportunities and flexibility, and
a quote further provides that, ‘‘[w]hen proposes to adopt new Rule 1018, provide customers with the ability to
the term order is used in these Rules Expedited Suspension Proceeding, to more closely tailor their investment
and a bid or offer is entered by the align the rules of MIAX Options and objectives. The Exchange believes that
Market Maker in the option series to MIAX PEARL. allowing Wednesday SPY Expirations
which such Market Maker is registered, The Exchange proposes to adopt new and monthly SPY expirations in the
such order shall, as applicable, Rule 1018, to set forth procedures for same week would benefit investors and
constitute a quote or quotation for issuing suspension orders, immediately minimize investor confusion by
purposes of these Rules.’’ 22 prohibiting a Member from conducting providing Wednesday SPY Expirations
The proposal would allow a Member continued disruptive quoting and in a continuous and uniform manner.
to submit a request to remove all of its trading activity on the Exchange. The Exchange is also proposing to
outstanding quotations, as described Importantly, these procedures would amend Rule 100, Definitions, which sets
above, and cancel all of its open orders also provide the Exchange the authority forth the definition of Short Term
and block all new inbound quotations to order a Member to cease and desist Option Series. The definition set forth
and orders by firm name or Market from providing access to the Exchange in current Rule 100 is redundant to the
Participant Identifier (‘‘MPID’’). The to a client of the Member that is terms for Short Term Option Series set
form of such requests includes, but is conducting disruptive quoting and forth in Rule 404, Interpretations and
not limited to, email or a phone call trading activity in violation of Rule 322. Policies .02. As a result, the Exchange
from authorized individuals. The The Exchange notes that the proposed believes that amending Rule 100 by
removal of quotes and the cancellation change would make MIAX PEARL Rule including an internal cross reference to
of orders as described herein does not 1018 consistent with MIAX Options Rule 404, Interpretations and Policies
Rule 1018 and is identical to the rule .02 and deleting redundant language
15 The term ‘‘MPID’’ means unique market text adopted by MIAX Options when it would result in a clearer definition and
participant identifier. See Exchange Rule 100. adopted its rule.26 would make the Rulebook more precise
16 The term ‘‘Market Maker’’ or ‘‘MM’’ means a
2. Statutory Basis and user friendly. Clarity and
Member registered with the Exchange for the transparency of the Exchange’s rules
purpose of making markets in options contracts MIAX PEARL believes that its
traded on the Exchange and that is vested with the benefits investors and the public by
rights and responsibilities specified in Chapter VI proposed rule change is consistent with eliminating the potential for confusion.
of MIAX PEARL Rules. See Exchange Rule 100. Section 6(b) of the Act 27 in general, and The Exchange is also proposing to
17 The term ‘‘Electronic Exchange Member’’ or
amend Rule 519C, Mass Cancellation of
‘‘EEM’’ means the holder of a Trading Permit who 23 See Securities Exchange Act Release Nos.
is a Member representing as agent Public Customer
Trading Interest, to add another risk
78023 (June 8, 2016), 81 FR 38751 (June 14, 2016)
protection tool for Members and provide
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Orders or Non-Customer Orders on the Exchange (SR–MIAX–2016–14) (adoption of Rule 519C);
and those non-Market Maker Members conducting 78974 (September 29, 2016), 81 FR 69090 (October that the Exchange may take action on
proprietary trading. Electronic Exchange Members 5, 2016) (SR–MIAX–2016–34) (amendment of Rule their behalf. The proposed rule protects
are deemed ‘‘members’’ under the Exchange Act. 519C).
See Exchange Rule 100.
investors and the public interest by
24 See MIAX Options Rule 322.
18 See Exchange Rule 602. 25 See MIAX Options Rule 1018.
increasing the number of risk protection
19 See Exchange Rule 604(a)(1). 26 See Securities Exchange Act Release No. 79182
tools available to Members on the
20 See Exchange Rule 605.
(October 28, 2016), 81 FR 76639 (November 3, 2016) Exchange. The Exchange is also making
21 See Exchange Rule 100. (SR–MIAX–2016–40).
22 See Exchange Rule 100. 27 15 U.S.C. 78f(b). 28 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices 9869
operative for 30 days after the date of its Commission, 100 F Street NE., CONTACT PERSON FOR MORE INFORMATION:
filing. However, Rule 19b–4(f)(6)(iii) 37 Washington, DC 20549–1090. For further information and to ascertain
permits the Commission to designate a All submissions should refer to File what, if any, matters have been added,
shorter time if such action is consistent Number SR–PEARL–2017–03. This file deleted or postponed, please contact the
with the protection of investors and the number should be included on the Office of the Secretary at (202) 551–
public interest. In its filing with the subject line if email is used. To help the 5400.
Commission, the Exchange has asked Commission process and review your Dated: February 3, 2017.
the Commission to waive the 30-day comments more efficiently, please use Lynn M. Powalski,
operative delay so that the proposal may only one method. The Commission will Deputy Secretary.
become operative immediately upon post all comments on the Commission’s [FR Doc. 2017–02636 Filed 2–6–17; 11:15 am]
filing. The Commission believes that Internet Web site (http://www.sec.gov/ BILLING CODE 8011–01–P
waiving the 30-day operative delay is rules/sro.shtml). Copies of the
consistent with the protection of submission, all subsequent
investors and the public interest. The amendments, all written statements SECURITIES AND EXCHANGE
Commission notes that waiver of the with respect to the proposed rule COMMISSION
operative delay will allow the proposed change that are filed with the
rules to become operative before the [Release No. 34–79946; File No. SR–
Commission, and all written PEARL–2017–05]
Exchange intends to commence communications relating to the
operations as a national exchange on proposed rule change between the Self-Regulatory Organizations; MIAX
February 6, 2017. The Commission Commission and any person, other than PEARL, LLC; Notice of Filing and
notes that the proposed rule change is those that may be withheld from the Immediate Effectiveness of a Proposed
based on substantively identical rules of public in accordance with the Rule Change To Amend Exchange
MIAX Options and thus raises no new provisions of 5 U.S.C. 552, will be Rule 515, Execution of Orders and
novel or substantive issues. available for Web site viewing and Quotes
Accordingly, the Commission hereby printing in the Commission’s Public
waives the operative delay and Reference Room, 100 F Street NE., February 2, 2017.
designates the proposal operative upon Washington, DC 20549, on official Pursuant to the provisions of Section
filing.38 business days between the hours of 19(b)(1) of the Securities Exchange Act
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the of 1934 (‘‘Act’’) 1 and Rule 19b–4
filing of the proposed rule change, the filing also will be available for thereunder,2 notice is hereby given that
Commission summarily may inspection and copying at the principal on January 31, 2017, MIAX PEARL, LLC
temporarily suspend such rule change if office of the Exchange. All comments (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed
it appears to the Commission that such received will be posted without change; with the Securities and Exchange
action is necessary or appropriate in the the Commission does not edit personal Commission (‘‘Commission’’) a
public interest, for the protection of identifying information from proposed rule change as described in
investors, or otherwise in furtherance of submissions. You should submit only Items I and II below, which Items have
the purposes of the Act. If the information that you wish to make been prepared by the Exchange. The
Commission takes such action, the available publicly. All submissions Commission is publishing this notice to
Commission shall institute proceedings should refer to File Number SR– solicit comments on the proposed rule
to determine whether the proposed rule change from interested persons.
PEARL–2017–03 and should be
should be approved or disapproved. submitted on or before March 1, 2017. I. Self-Regulatory Organization’s
IV. Solicitation of Comments For the Commission, by the Division of Statement of the Terms of Substance of
Trading and Markets, pursuant to delegated the Proposed Rule Change
Interested persons are invited to authority.39
submit written data, views, and The Exchange is filing a proposal rule
Robert W. Errett, change to amend Exchange Rule 515,
arguments concerning the foregoing,
including whether the proposed rule Deputy Secretary. Execution of Orders and Quotes.
change is consistent with the Act. [FR Doc. 2017–02552 Filed 2–7–17; 8:45 am] The text of the proposed rule change
is available on the Exchange’s Web site
Comments may be submitted by any of BILLING CODE 8011–01–P
at http://www.miaxoptions.com/filter/
the following methods:
wotitle/rule_filing, at MIAX’s principal
Electronic Comments SECURITIES AND EXCHANGE office, and at the Commission’s Public
• Use the Commission’s Internet COMMISSION Reference Room.
comment form (http://www.sec.gov/ II. Self-Regulatory Organization’s
Sunshine Act Meeting; Additional Item
rules/sro.shtml); or Statement of the Purpose of, and
• Send an email to rule-comments@ FEDERAL REGISTER CITATION OF PREVIOUS
Statutory Basis for, the Proposed Rule
sec.gov. Please include File Number SR– ANNOUNCEMENT: To be published.
Change
PEARL–2017–03 on the subject line. In its filing with the Commission, the
PREVIOUSLY ANNOUNCED TIME AND DATE OF
Paper Comments THE MEETING: Thursday, February 9,
Exchange included statements
asabaliauskas on DSK3SPTVN1PROD with NOTICES
concerning the purpose of and basis for
• Send paper comments in triplicate 2017.
the proposed rule change and discussed
to Secretary, Securities and Exchange CHANGES IN THE MEETING: The following any comments it received on the
matter will also be considered during proposed rule change. The text of these
37 17 CFR 240.19b–4(f)(6)(iii). the 2 p.m. Closed Meeting scheduled for statements may be examined at the
38 For purposes only of waiving the 30-day Thursday, February 9, 2017: Exemption places specified in Item IV below. The
operative delay, the Commission has also Relief Order.
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 39 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2017-02-08 02:59:17
Document Modified: 2017-02-08 02:59:17
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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