83 FR 10533 - Self-Regulatory Organizations; MIAX PEARL, LLC ; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 403, Withdrawal of Approval of Underlying Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 47 (March 9, 2018)
Federal Register Volume 83, Issue 47 (March 9, 2018)
| Page Range | 10533-10536 | |
| FR Document | 2018-04790 |
[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)] [Notices] [Pages 10533-10536] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-04790] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82812; File No. SR-PEARL-2018-05] Self-Regulatory Organizations; MIAX PEARL, LLC ; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 403, Withdrawal of Approval of Underlying Securities March 6, 2018. 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 February 21, 2018, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 Exchange Rule 403, Withdrawal of Approval of Underlying Securities, to allow the Exchange to delist an option class if open for trading on another national securities exchange, and to not open for trading or restrict securities with open interest to closing transactions, if open for trading solely on the Exchange. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange seeks to amend Rule 403 to add Interpretations and Policies .02, to allow the Exchange to delist an option class if it is open for trading on another securities exchange; restrict option series to closing transactions when an option class is open for trading solely on the Exchange and the underlying security continues to meet the requirements for approval; restrict series with open interest to closing transactions, provided that, opening transactions by Market Makers executed to accommodate closing transactions of other market participants may be permitted; and to delist the option class [[Page 10534]] when all series within that class have expired. The Exchange believes the ability to restrict option series to closing transactions when an option class is open for trading solely on the Exchange and the underlying security continues to meet the requirements for approval will allow the Exchange to delist option series in a timely and efficient manner. The Exchange believes the proposed rule amendment is necessary in connection with the listing and trading of option classes that are open for trading solely on the Exchange, including, but not limited to, cash-settled index option products.\3\ The proposed rule change is based on a proposal recently submitted by Cboe Exchange, Inc. (``Cboe'').\4\ --------------------------------------------------------------------------- \3\ MIAX PEARL recently submitted a filing to list cash-settled index option products, which, if approved, will be applicable to this proposed rule amendment. See SR-PEARL-2018-02 (filed February 8, 2018). \4\ See Securities Exchange Act Release No. 82346 (December 18, 2017), 82 FR 60778 (December 22, 2017)(SR-CBOE-2017-076). --------------------------------------------------------------------------- Currently, whenever the Exchange determines that an underlying security previously approved for Exchange options transactions does not meet the then current requirements for continuance of such approval or for any other reason should no longer be approved, the Exchange will not open for trading any additional series of options of the class covering that underlying security and may prohibit any opening transactions in series of options of that class previously opened (except that opening transactions by Market Makers executed to accommodate closing transactions of other market participants may be permitted). The Exchange seeks to add Interpretations and Policies .02 to provide that when an option class is trading on another exchange, MIAX PEARL may delist such option class immediately, regardless of whether the option class continues to meet the requirements for approval. When an option class that no longer meets the requirements for approval is trading solely on the Exchange, the Exchange may not add any additional series, may restrict series with open interest to closing transactions, and may delist any series without open interest. However, when an option class continues to meet the requirements for approval and is trading solely on the Exchange, the Exchange may not restrict series with open interest to closing transactions; instead, the Exchange may only delist series with no open interest and determine to not open for trading any additional series in that option class, and may delist the option class when all series within that class have expired. There are various business reasons why the Exchange may choose to no longer list an option class (e.g., lack of trading interest, lack of market-making interest, etc.). The Exchange believes restricting such classes to closing transactions will allow open interest to be closed in a timelier and more efficient manner. When seeking to delist an option class the Exchange believes that restricting series to closing transactions is a better way to transition the class to a delisted state than the current method of not adding additional series and allowing market participants to continue to add new positions in the existing series. Restricting trading to closing transactions encourages market participants to close transactions, which helps to limit any potential negative effects associated with delisting a class. For example, restricting trading to closing transactions helps prevent market participants from adding new positions that cannot be rolled into the following expiration (a common options strategy). The Exchange notes that this proposal is consistent with the manner in which Rule 403 operates in relation to option classes with underlying securities that no longer meet the requirements for approval--additional series are not added, series with open interest are restricted to closing only, and series without open interest are delisted. As proposed, when the Exchange seeks to delist an option class with an underlying security that continues to meet the requirements for approval the Exchange will not open additional series in the option class and will restrict trading to closing transactions. Allowing Market Makers to facilitate closing transactions of other market participants will help market participants close positions in classes that will be delisted by the Exchange, which helps to protect investors and the public interest. It is reasonable to restrict series to closing only pursuant to current Rule 403 when underlying securities no longer meet requirements for approval. The Exchange believes it is also reasonable to restrict series to closing when the options class no longer satisfies business justifications for listing the class. The Exchange will announce the implementation date of the proposed rule change by Regulatory Circular to be published no later than 90 days following the operative date of the proposed rule. The implementation date will be no later than 90 days following the issuance of the Regulatory Circular. The Exchange notes that this filing is substantially similar to a companion MIAX Options filing, amending Rule 403 to allow the Exchange to delist an option class if open for trading on another national securities exchange, and to not open for trading or restrict securities with open interest to closing transactions, if open for trading solely on the Exchange. 2. Statutory Basis MIAX PEARL believes that its proposed rule change is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(5) of the Act \6\ 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. Additionally, the Exchange believes the proposed rule change is consistent with Section 6(b)(5) \7\ requirements that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). \7\ Id. --------------------------------------------------------------------------- In particular, when seeking to delist an option class--whether or not the underlying security continues to meet the requirements for approval--the Exchange believes that restricting series to closing transactions is a better way to transition the class to a delisted state than the current method of not adding additional series and allowing market participants to continue to add new positions in the existing series. Restricting trading to closing transactions encourages market participants to close transactions, which helps to limit any potential negative effects associated with delisting a class and helps to protect customers and the public interest. The Exchange notes that this proposal is consistent with the manner in which Rule 403 operates in relation to option classes with underlying securities that no longer meet the requirements for approval--additional series are not added, series with open interest are restricted to closing only, and series without open interest are delisted. As proposed, when the Exchange seeks to delist an option class with an underlying security that continues to meet the requirements for approval the [[Page 10535]] Exchange will not open additional series in the option class and will restrict trading to closing transactions. Also consistent with current Rule 403, opening transactions by Market Makers executed to accommodate closing transactions of other market participants may be permitted. Allowing Market Makers and market participants to facilitate closing transactions will help close positions in classes that will be delisted by the Exchange, which helps to protect investors and the public interest. It is reasonable to restrict series to closing only pursuant to current Rule 403 when underlying securities no longer meet requirements for approval. The Exchange believes it is also reasonable to restrict series to closing when the option class no longer satisfies business justifications for listing the class. The Exchange also believes the proposed changes promote just and equitable principles of trade and remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposed rule is designed to allow the Exchange to facilitate transactions in products solely listed on the Exchange in a uniform manner. Additionally, the proposed amendment would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national exchange system because the proposed amendment would make the rules of Exchange consistent with other options exchanges which trade index options.\8\ In particular, the Exchange believes that the proposed changes will provide greater clarity to Members \9\ and the public regarding the Exchange's Rules as they pertain to index options. It is in the public interest for rules to be uniform and consistent across options exchanges so as to eliminate the potential for confusion. --------------------------------------------------------------------------- \8\ See supra notes 3 and 4. \9\ The term ``Member'' means an individual or organization that is registered with the Exchange, pursuant to Exchange rules, for the purposes of trading on the Exchange as an ``Electronic Exchange Member'' or ``Market Maker.'' See Exchange Rule 100. --------------------------------------------------------------------------- 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. The proposed rule change is consistent with the manner in which Rule 403 operates in relation to option classes with underlying securities that no longer meet the requirements for approval--additional series are not added, series with open interest are restricted to closing only, and series without open interest are delisted. Also consistent with current Rule 403, opening transactions by Market Makers executed to accommodate closing transactions of other market participants may be permitted. Allowing Market Makers to facilitate closing transactions of other market participants will help close positions in classes that will be delisted by the Exchange, which helps to protect investors and the public interest and does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Additionally, the proposed rule change is consistent with the rules of other options exchanges that currently list for trading index options, therefore, the Exchange believes that this proposed rule change will add clarity and uniformity to the rule governing index options.\10\ --------------------------------------------------------------------------- \10\ See supra note 3. --------------------------------------------------------------------------- The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition as the Rules apply equally to all Exchange Members. 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 \11\ and Rule 19b-4(f)(6) \12\ thereunder. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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-2018-05 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-2018-05. 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-2018-05, and [[Page 10536]] should be submitted on or before March 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-04790 Filed 3-8-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices 10533
stated? If yes, would that trading pattern Commission process and review your filed with the Securities and Exchange
continue after an announcement of a comments more efficiently, please use Commission (‘‘Commission’’) a
business combination? only one method. The Commission will proposed rule change as described in
3. Without any continued listing post all comments on the Commission’s Items I, II, and III below, which Items
holder requirement, could shares of internet website (http://www.sec.gov/ have been prepared by the Exchange.
SPACs be more prone to manipulation, rules/sro.shtml). Copies of the The Commission is publishing this
either post-IPO or at the time of the submission, all subsequent notice to solicit comments on the
business combination announcement amendments, all written statements proposed rule change from interested
(but before consummation of the with respect to the proposed rule persons.
business combination)? change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s
4. Has the Exchange demonstrated
communications relating to the Statement of the Terms of Substance of
with specific data, analysis, and studies
proposed rule change between the the Proposed Rule Change
that the shares of SPACs trade
consistently as stated in the proposal, Commission and any person, other than The Exchange is filing a proposal to
and does the analysis support the those that may be withheld from the amend Exchange Rule 403, Withdrawal
proposed reductions in the holder public in accordance with the of Approval of Underlying Securities, to
initial and continued listing standards? provisions of 5 U.S.C. 552, will be allow the Exchange to delist an option
If not, what data should be reviewed available for website viewing and class if open for trading on another
and analyzed? How many SPACs have printing in the Commission’s Public national securities exchange, and to not
not been able to meet the Exchange’s Reference Room, 100 F Street NE, open for trading or restrict securities
initial or continued listing applicable Washington, DC 20549, on official with open interest to closing
holder requirements? In the Exchange’s business days between the hours of transactions, if open for trading solely
examination of SPACs that were below 10:00 a.m. and 3:00 p.m. Copies of such on the Exchange.
the continued public holder listing filing also will be available for The text of the proposed rule change
requirement, if any, how few holders inspection and copying at the principal is available on the Exchange’s website at
did these SPACs have? office of the Exchange. All comments http://www.miaxoptions.com/rule-
5. The Exchange asserted that it is received will be posted without change. filings/pearl at MIAX PEARL’s principal
time consuming and burdensome for a Persons submitting comments are office, and at the Commission’s Public
SPAC to obtain a list of holders to cautioned that we do not redact or edit Reference Room.
demonstrate the number of holders, personal identifying information from
comment submissions. You should II. Self-Regulatory Organization’s
because many shares are held in street Statement of the Purpose of, and
name with broker-dealers. The submit only information that you wish
to make available publicly. All Statutory Basis for, the Proposed Rule
Commission notes that the process of Change
obtaining number of holders is similar submissions should refer to File
for all listed companies. Do commenters Number SR–NYSE–2017–53 and should In its filing with the Commission, the
think SPACs are particularly burdened be submitted on or before March 30, Exchange included statements
by this process and the costs? Is the fact 2018. concerning the purpose of and basis for
the costs are usually borne by the For the Commission, by the Division of the proposed rule change and discussed
sponsors relevant? Trading and Markets, pursuant to delegated any comments it received on the
6. Under its proposal, should the authority.43 proposed rule change. The text of these
Exchange monitor SPACS that fall Eduardo A. Aleman, statements may be examined at the
below the $5 million net tangible assets Assistant Secretary. places specified in Item IV below. The
standard to assist broker-dealers in [FR Doc. 2018–04713 Filed 3–8–18; 8:45 am] Exchange has prepared summaries, set
complying with the penny stock rules, BILLING CODE 8011–01–P forth in sections A, B, and C below, of
including during any period when the most significant aspects of such
immediate suspension under Section statements.
804.00 of the Manual has not been SECURITIES AND EXCHANGE
A. Self-Regulatory Organization’s
imposed? COMMISSION
Statement of the Purpose of, and
Comments may be submitted by any [Release No. 34–82812; File No. SR– Statutory Basis for, the Proposed Rule
of the following methods: PEARL–2018–05] Change
Electronic Comments Self-Regulatory Organizations; MIAX 1. Purpose
• Use the Commission’s internet PEARL, LLC ; Notice of Filing and The Exchange seeks to amend Rule
comment form (http://www.sec.gov/ Immediate Effectiveness of a Proposed 403 to add Interpretations and Policies
rules/sro.shtml); or Rule Change To Amend Exchange .02, to allow the Exchange to delist an
• Send an email to rule-comments@ Rule 403, Withdrawal of Approval of option class if it is open for trading on
sec.gov. Please include File Number SR– Underlying Securities another securities exchange; restrict
NYSE–2017–53 on the subject line. option series to closing transactions
March 6, 2018.
Paper Comments Pursuant to the provisions of Section when an option class is open for trading
19(b)(1) of the Securities Exchange Act solely on the Exchange and the
• Send paper comments in triplicate underlying security continues to meet
to Secretary, Securities and Exchange of 1934 (‘‘Act’’) 1 and Rule 19b–4
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thereunder,2 notice is hereby given that the requirements for approval; restrict
Commission, 100 F Street NE, series with open interest to closing
Washington, DC 20549–1090. on February 21, 2018, MIAX PEARL,
LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’) transactions, provided that, opening
All submissions should refer to File transactions by Market Makers executed
Number SR–NYSE–2017–53. This file 43 17 CFR 200.30–3(a)(12). to accommodate closing transactions of
number should be included on the 1 15 U.S.C. 78s(b)(1). other market participants may be
subject line if email is used. To help the 2 17 CFR 240.19b–4. permitted; and to delist the option class
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![10536 Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
should be submitted on or before March Commission with the notice required by Exchange Act to amend their respective
30, 2018. Rule 19b–4(f)(6) thereunder.8 rules for automated reopenings
For the Commission, by the Division of The text of the proposed rule change following a Trading Pause, and to
Trading and Markets, pursuant to delegated is available at the Exchange’s website at preclude Members from requesting a
authority.13 www.iextrading.com, at the principal review of reopening executions as
Eduardo A. Aleman, office of the Exchange, and at the clearly erroneous.11 On January 19,
Assistant Secretary.
Commission’s Public Reference Room. 2017, the Commission approved
II. Self-Regulatory Organization’s Amendment No. 12.12 On April 13,
[FR Doc. 2018–04790 Filed 3–8–18; 8:45 am]
Statement of the Purpose of, and the 2017, the Commission approved the
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule Thirteenth Amendment to the Plan,
Change which extended the pilot period of the
SECURITIES AND EXCHANGE Plan from April 21, 2017, to April 16,
In its filing with the Commission, the 2018, and required the Processor to
COMMISSION self-regulatory organization included publish certain data regarding the
[Release No. 34–82815; File No. SR–IEX– statements concerning the purpose of reopening processes of the Primary
2018–05] and basis for the proposed rule change Listing Exchanges.13 On April 28, 2017,
and discussed any comments it received the Commission noticed for immediate
Self-Regulatory Organizations; on the proposed rule change. The text effectiveness the Fourteenth
Investors Exchange LLC; Notice of of these statement [sic] may be Amendment to the Plan, which
Filing and Immediate Effectiveness of examined at the places specified in Item extended the implementation date of
Proposed Rule Change To Amend Rule IV below. The self-regulatory Amendment No. 12 to the end of the
11.270 (Clearly Erroneous Executions) organization has prepared summaries, third quarter of 2017.14 Finally, on
To Preclude Members From set forth in Sections A, B, and C below, September 26, 2017, the Commission
Requesting a Review of a Volatility of the most significant aspects of such noticed for immediate effectiveness the
Auction as a Clearly Erroneous statements. Fifteenth Amendment to the Plan,
Execution which extended the implementation
A. Self-Regulatory Organization’s
March 6, 2018. Statement of the Purpose of, and the date of Amendment No. 12 to no later
Pursuant to Section 19(b)(1) 1 of the Statutory Basis for, the Proposed Rule than November 30, 2017.15
On August 4, 2017, the Commission
Securities Exchange Act of 1934 (the Change
approved a proposed rule change filed
‘‘Act’’),2 and Rule 19b–4 thereunder,3
1. Purpose by the Exchange to adopt rules
notice is hereby given that, on February
The purpose of this proposed rule governing auctions in IEX-listed
23, 2018, the Investors Exchange LLC
change is to amend Rule 11.270 (Clearly securities, including a Volatility
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Erroneous Executions) to preclude Auction process to resume trading after
Securities and Exchange Commission
Members from requesting a review of a a Trading Pause in an IEX-listed
(the ‘‘Commission’’) the proposed rule
Volatility Auction as a clearly erroneous security pursuant to the Plan.16 The
change as described in Items I and II
execution. Exchange’s rules governing auctions
below, which Items have been prepared
On September 19, 2016, Plan include the enhancements to the
by the self-regulatory organization. The reopening process following a Trading
Commission is publishing this notice to Participants, with input from the
Advisory Committee and staff of the Pause as set forth in Amendment No.
solicit comments on the proposed rule 12, but do not include amendments to
change from interested persons. Commission, proposed the twelfth
amendment to the Plan to Address the Exchange’s rules governing clearly
I. Self-Regulatory Organization’s Extraordinary Market Volatility erroneous executions.17 Accordingly, in
Statement of the Terms of Substance of Pursuant to Rule 608 of Regulation NMS order to ensure the Exchange’s rules are
the Proposed Rule Change under the Act (the ‘‘Limit Up-Limit consistent with the Plan and the rules
Down Plan’’ or ‘‘Plan’’),9 which of other Primary Listing Exchanges, the
Pursuant to the provisions of Section
contained certain enhancements to the Exchange is proposing to amend Rule
19(b)(1) under the Securities Exchange
reopening process following a Trading 11.270 (Clearly Erroneous Executions)
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
Pause (‘‘Amendment No. 12’’).10 The to preclude Members from requesting a
thereunder,5 Investors Exchange LLC
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the Exchange is a Participant of the Plan 11 See Securities Exchange Act Release Nos.
Securities and Exchange Commission and a member of the Operating 79162 (October 26, 2016), 81 FR 75875 (November
(‘‘Commission’’) a proposed rule change Committee, and intends on launching a 1, 2016) (SR–BatsBZX–2016–61); 79158 (October
to amend Rule 11.270 (Clearly listings program for corporate issuers in 26, 2016), 81 FR 75879 (November 1, 2016) (SR–
2018, at which point IEX will be a NASDAQ–2016–131); and 79107 (October 18,
Erroneous Executions) to preclude 2016), 81 FR 73159 (October 24, 2016) (File No. SR–
Members from requesting a review of a Primary Listing Exchange. In NYSEArca–2016–130). See also Cboe BZX
Volatility Auction 6 as a clearly conjunction with Amendment No. 12, Exchange, Inc. (‘‘Cboe Bats’’) Rule 11.17(a); the
erroneous execution. The Exchange has each Primary Listing Exchange filed Nasdaq Stock Market LLC (‘‘Nasdaq’’) Rule
11890(a)(1); and NYSE Arca, Inc. (‘‘Arca’’) Rule
designated this rule change as ‘‘non- proposed rule changes with the 7.10–E(a).
controversial’’ under Section 19(b)(3)(A) Commission under Section 19(b) of the 12 See Securities Exchange Act Release No. 79845
of the Act 7 and provided the (January 19, 2017), 82 FR 8551 (January 26, 2017).
8 17 13 See Securities Exchange Act Release No. 80455
CFR 240.19b–4.
9 See also Securities Exchange Act Release No. (April 13, 2017), 82 FR 18519 (April 19, 2017).
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13 17 CFR 200.30–3(a)(12). 14 See Securities Exchange Act Release No. 80549
1 15 U.S.C. 78s(b)(1). 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012)
2 15 U.S.C. 78a. (the ‘‘Limit Up-Limit Down Release’’). Note, unless (April 28, 2017), 82 FR 20928 (May 4, 2017).
otherwise specified, capitalized terms used herein 15 See Securities Exchange Act Release No. 81720
3 17 CFR 240.19b–4.
have the same meaning as set forth in the Plan or (September 26, 2017), 82 FR 45922 (October 2,
4 15 U.S.C. 78s(b)(1).
in Exchange rules. 2017).
5 17 CFR 240.19b–4. 10 See letter from Elizabeth K. King, General 16 See Securities Exchange Act Release No. 81316
6 See Rule 11.350(f). (August 4, 2017), 82 FR 37474 (August 10, 2017).
Counsel, NYSE, to Brent J. Fields, Secretary,
7 15 U.S.C. 78s(b)(3)(A). Commission, dated September 16, 2016. 17 See supra note 6 [sic].
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Document Created: 2018-03-09 03:48:00
Document Modified: 2018-03-09 03:48:00
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