83 FR 50131 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Order Approving a Proposed Rule Change Relating to Anticipatory Hedging

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 193 (October 4, 2018)

Page Range		50131-50132
FR Document		2018-21586
Federal Register, Volume 83 Issue 193 (Thursday, October 4, 2018)
[Federal Register Volume 83, Number 193 (Thursday, October 4, 2018)]
[Notices]
[Pages 50131-50132]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21586]



[[Page 50131]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84311; File No. SR-Phlx-2018-55]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Order Approving a 
Proposed Rule Change Relating to Anticipatory Hedging

September 28, 2018.

I. Introduction

    On August 3, 2018, Nasdaq PHLX LLC (``Exchange'' or ``Phlx'') filed 
with the Securities and Exchange Commission (``Commission''), pursuant 
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') 
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change amending 
Phlx's Rule 1064(d), relating to anticipatory hedging of crossing, 
facilitation, and solicited orders. The proposed rule change was 
published for comment in the Federal Register on August 16, 2018.\3\ 
The Commission received no comment letters on the proposed rule change. 
This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 83826 (Aug. 10, 
2018), 83 FR 40797 (``Notice'').
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II. Description of the Proposed Rule Change

    The Exchange has proposed to amend Phlx Rule 1064(d), governing 
anticipatory hedging relating to crossing, facilitation, and 
solicitation orders. Specifically, the Exchange has proposed to lower 
the eligibility size for the ``tied hedge'' exception to the 
anticipatory hedging prohibition from 500 contracts to 50 contracts per 
order \4\ for options on the Nasdaq 100 Index, including options with 
nonstandard expiration dates (``NDX'' and ``NDXP'').\5\ The tied hedge 
exception eligibility size for all other options orders will remain at 
500 contracts per order.\6\
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    \4\ See Proposed Phlx Rule 1064(d)(iii)(A).
    \5\ NDX represents A.M.-settled options on the Nasdaq 
100[supreg] Index. NDXP represent P.M.-settled options on the Nasdaq 
100[supreg] Index.
    \6\ See Proposed Phlx Rule 1064(d)(iii)(A).
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    Phlx Rule 1064(d) governing anticipatory hedging prohibits member 
organizations and associated persons of members and member 
organizations who have knowledge of the material terms and conditions 
of a solicited, facilitated, or crossed order that is to be imminently 
executed from entering, based on such knowledge, an order to buy or 
sell the underlying security, an option for the same underlying 
security, or any related instrument \7\ until certain conditions set 
forth in the rule are met.\8\ Specifically, the order may only be 
entered when (i) the terms and conditions of the order and any changes 
in the terms of the order that the member, member organization, or 
associated person has knowledge of are disclosed to the trading crowd, 
or (ii) the trade can no longer reasonably be considered imminent in 
view of the passage of time since the order was received.
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    \7\ See Phlx Rule 1064(d)(ii), which states that an order to buy 
or sell a ``related instrument'' means, in reference to an index 
option, an order to buy or sell securities comprising 10% or more of 
the component securities in the index or an order to buy or sell a 
futures contract on an economically equivalent index.
    \8\ See Phlx Rule 1064(d).
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    Phlx Rule 1064(d)(iii) sets forth an exception to this rule, known 
as the ``tied hedge'' exception. Under such exception, a member or 
member organization is not prohibited from buying or selling a stock, 
security futures, or future position following the receipt of an option 
order, including a complex order, but prior to announcing such order to 
the trading crowd, provided that the option order is in a class 
designated as eligible for ``tied hedge'' transactions,\9\ as 
determined by the Exchange, and is within the designated tied hedge 
eligibility size parameters, also determined by the Exchange and which 
may not be smaller than 500 contracts per order.\10\
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    \9\ See Phlx Rule 1064(d)(iii)(C)-(H).
    \10\ See Phlx Rule 1064(d)(iii)(A). The rule also provides that 
there shall be no aggregation of multiple orders to satisfy the size 
parameters.
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    The Exchange now proposes to lower the minimum tied hedge 
eligibility size threshold for NDX and NDXP, from 500 contracts to 50 
contracts. The Exchange asserts that this smaller eligibility size for 
NDX and NDXP is appropriate because the index value for NDX and NDXP is 
high as compared to other securities instruments and would reduce the 
minimum notional value required for a trade to be eligible for the tied 
hedge exception.
    The Exchange also proposes to amend Phlx Rule 1066 to delete the 
term ``Phlx XL'' and replace it with the term ``System.'' \11\ It also 
proposes to amend an incorrect cross-reference to the tied hedge 
exception, Commentary .04 to Phlx Rule 1064, and replace it with the 
correct cross-reference, Rule 1064(d)(iii).\12\
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    \11\ See Proposed Phlx Rule 1066. See also Phlx Rule 1000(b)(45) 
(defining ``System'').
    \12\ See Proposed Phlx Rule 1066(f)(4).
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act \13\ and the 
rules and regulations thereunder applicable to a national securities 
exchange.\14\ In particular, the Commission finds that the proposed 
rule change is consistent with Section 6(b)(5) of the Act,\15\ which 
requires that the rules of an exchange be designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest.
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    \13\ 15 U.S.C. 78f.
    \14\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \15\ 15 U.S.C. 78f(b)(5).
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    When adopting the tied-hedge exception, Phlx described the 
provision as a limited exception that remained in keeping with the 
original design of the anticipatory hedging prohibition,\16\ while 
responding to increased trading in the over-the-counter market and 
changes in the marketplace that favored volatility trading 
strategies.\17\ The Exchange explained that the primary purpose of the 
500 contracts minimum eligibility size provision of the tied hedge 
exception was to limit the use of the tied hedge procedures to larger 
orders that might benefit from the member's or member organization's 
ability to execute a facilitating hedge.\18\
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    \16\ The Exchange stated that when it originally adopted the 
anticipatory hedging prohibition, it believed the prohibition was 
necessary to prevent members and associated persons from using 
undisclosed, non-public information about imminent solicited options 
transactions to trade in advance of persons represented in the 
options crowd. See Notice, supra note 3, at 40798. See also 
Securities Exchange Act Release No. 44740 (August 23, 2001), 66 FR 
45721 (August 29, 2001) (SR-Phlx-2001-61).
    \17\ See Securities Exchange Act Release No. 61066 (November 25, 
2009), 74 FR 63162 (December 2, 2009) (SR-Phlx-2009-98).
    \18\ Id.

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[[Page 50132]]

    As noted above, the Exchange asserts that a lower tied hedge 
minimum eligibility size is appropriate for options on the Nasdaq 100 
Index because the index value for NDX and NDXP is high compared to the 
index values of other security instruments, adding that a size of 50 
contracts for NDX is still considered a large size order given NDX's 
higher notional value.\19\ To illustrate the high notional value of 
options on the Nasdaq 100 Index, Phlx stated that based on the index 
value, the multiplier, and the premium value, the current 500 minimum 
contract size parameter would require an NDX options transaction with a 
premium of approximately $6.5 million in order to qualify for the 
rule's tied hedge exception.\20\
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    \19\ See Notice, supra note 3, at 40798-99.
    \20\ See Notice, supra note 3, at 40798.
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    The Commission believes that the reduced tied hedge eligibility 
size requirement of 50 contracts for options on the Nasdaq 100 Index is 
in line with the original intent of the provision, as it will continue 
to be limited to larger orders, given the relatively higher index value 
and notional value of NDX and NDXP.\21\ While the reduction in the 
minimum size requirement may allow more transactions to qualify for the 
tied hedge exception, the Commission believes that the proposed change 
is narrow in scope as it relates only to options in NDX and NDXP and 
will continue to provide only a limited exception for larger orders 
meeting the conditions of the rule.\22\
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    \21\ See Notice, supra note 3, at 40798-99. The Commission also 
notes that the Exchange represented that it conducts surveillance in 
connection with anticipatory hedging. Specifically, the Exchange 
represented that it conducts on-floor surveillance to ensure both 
the stock and option components of the trade were exposed in open 
outcry and that the trading crowd had a reasonable opportunity to 
participate in the transaction. The Exchange asserted that it also 
conducts post-trade surveillance. The Exchange also noted that prior 
to entering tied hedge orders on behalf of customers, the member or 
member organization must deliver to the customer a written 
notification informing the customer that his order may be executed 
using the Exchange's tied hedge procedures. See Phlx Rule 
1064(d)(iii)(G).
    \22\ The Commission notes that the Exchange represented that 
tied hedge transactions do not occur with great frequency on the 
Exchange's trading floor. Id.
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    The Commission also finds that the non-substantive changes to Phlx 
Rule 1066 are designed to protect investors and the public interest by 
adding clarity and transparency to the rules.
    For the reasons noted above, the Commission finds that the proposed 
rule change is consistent with the Act.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\23\ that the proposed rule change (SR-Phlx-2018-55) be, and hereby 
is, approved.
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    \23\ 15 U.S.C. 78s(b)(2).
    \24\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-21586 Filed 10-3-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 193 / Thursday, October 4, 2018 / Notices 50131

SECURITIES AND EXCHANGE buy or sell the underlying security, an correct cross-reference, Rule
COMMISSION option for the same underlying security, 1064(d)(iii).12
or any related instrument 7 until certain
[Release No. 34–84311; File No. SR–Phlx–
conditions set forth in the rule are met.8 III. Discussion and Commission
2018–55] Findings
Specifically, the order may only be
Self-Regulatory Organizations; Nasdaq entered when (i) the terms and After careful review, the Commission
PHLX LLC; Order Approving a conditions of the order and any changes finds that the proposed rule change is
Proposed Rule Change Relating to in the terms of the order that the consistent with the requirements of the
Anticipatory Hedging member, member organization, or Act 13 and the rules and regulations
associated person has knowledge of are thereunder applicable to a national
September 28, 2018. disclosed to the trading crowd, or (ii)
securities exchange.14 In particular, the
I. Introduction the trade can no longer reasonably be
Commission finds that the proposed
considered imminent in view of the
On August 3, 2018, Nasdaq PHLX LLC rule change is consistent with Section
passage of time since the order was
(‘‘Exchange’’ or ‘‘Phlx’’) filed with the 6(b)(5) of the Act,15 which requires that
received.
Securities and Exchange Commission Phlx Rule 1064(d)(iii) sets forth an the rules of an exchange be designed to
(‘‘Commission’’), pursuant to Section exception to this rule, known as the prevent fraudulent and manipulative
19(b)(1) of the Securities Exchange Act ‘‘tied hedge’’ exception. Under such acts and practices, to promote just and
of 1934 (‘‘Act’’) 1 and Rule 19b–4 exception, a member or member equitable principles of trade, to foster
thereunder,2 a proposed rule change organization is not prohibited from cooperation and coordination with
amending Phlx’s Rule 1064(d), relating buying or selling a stock, security persons engaged in regulating, clearing,
to anticipatory hedging of crossing, futures, or future position following the settling, processing information with
facilitation, and solicited orders. The receipt of an option order, including a respect to, and facilitating transactions
proposed rule change was published for complex order, but prior to announcing in securities, to remove impediments to
comment in the Federal Register on such order to the trading crowd, and perfect the mechanism of a free and
August 16, 2018.3 The Commission provided that the option order is in a open market and a national market
received no comment letters on the class designated as eligible for ‘‘tied system, and, in general, to protect
proposed rule change. This order hedge’’ transactions,9 as determined by investors and the public interest.
approves the proposed rule change. the Exchange, and is within the When adopting the tied-hedge
designated tied hedge eligibility size exception, Phlx described the provision
II. Description of the Proposed Rule
parameters, also determined by the as a limited exception that remained in
Change
Exchange and which may not be smaller keeping with the original design of the
The Exchange has proposed to amend than 500 contracts per order.10 anticipatory hedging prohibition,16
Phlx Rule 1064(d), governing The Exchange now proposes to lower while responding to increased trading in
anticipatory hedging relating to the minimum tied hedge eligibility size the over-the-counter market and
crossing, facilitation, and solicitation threshold for NDX and NDXP, from 500 changes in the marketplace that favored
orders. Specifically, the Exchange has contracts to 50 contracts. The Exchange volatility trading strategies.17 The
proposed to lower the eligibility size for asserts that this smaller eligibility size Exchange explained that the primary
the ‘‘tied hedge’’ exception to the for NDX and NDXP is appropriate purpose of the 500 contracts minimum
anticipatory hedging prohibition from because the index value for NDX and eligibility size provision of the tied
500 contracts to 50 contracts per order 4 NDXP is high as compared to other hedge exception was to limit the use of
for options on the Nasdaq 100 Index, securities instruments and would the tied hedge procedures to larger
including options with nonstandard reduce the minimum notional value orders that might benefit from the
expiration dates (‘‘NDX’’ and ‘‘NDXP’’).5 required for a trade to be eligible for the member’s or member organization’s
The tied hedge exception eligibility size tied hedge exception. ability to execute a facilitating hedge.18
for all other options orders will remain The Exchange also proposes to amend
at 500 contracts per order.6 Phlx Rule 1066 to delete the term ‘‘Phlx 12 See Proposed Phlx Rule 1066(f)(4).
Phlx Rule 1064(d) governing XL’’ and replace it with the term 13 15 U.S.C. 78f.
anticipatory hedging prohibits member ‘‘System.’’ 11 It also proposes to amend 14 In approving this proposed rule change, the
organizations and associated persons of an incorrect cross-reference to the tied Commission has considered the proposed rule’s
members and member organizations hedge exception, Commentary .04 to impact on efficiency, competition, and capital
who have knowledge of the material Phlx Rule 1064, and replace it with the formation. See 15 U.S.C. 78c(f).
15 15 U.S.C. 78f(b)(5).
terms and conditions of a solicited,
16 The Exchange stated that when it originally
facilitated, or crossed order that is to be 7 See Phlx Rule 1064(d)(ii), which states that an

order to buy or sell a ‘‘related instrument’’ means, adopted the anticipatory hedging prohibition, it
imminently executed from entering,
in reference to an index option, an order to buy or believed the prohibition was necessary to prevent
based on such knowledge, an order to sell securities comprising 10% or more of the members and associated persons from using
component securities in the index or an order to undisclosed, non-public information about
1 15 U.S.C. 78s(b)(1). buy or sell a futures contract on an economically imminent solicited options transactions to trade in
2 17 CFR 240.19b–4. equivalent index. advance of persons represented in the options
3 See Securities Exchange Act Release No. 83826 8 See Phlx Rule 1064(d). crowd. See Notice, supra note 3, at 40798. See also
(Aug. 10, 2018), 83 FR 40797 (‘‘Notice’’). 9 See Phlx Rule 1064(d)(iii)(C)–(H). Securities Exchange Act Release No. 44740 (August
4 See Proposed Phlx Rule 1064(d)(iii)(A). 10 See Phlx Rule 1064(d)(iii)(A). The rule also 23, 2001), 66 FR 45721 (August 29, 2001) (SR–Phlx–
daltland on DSKBBV9HB2PROD with NOTICES

5 NDX represents A.M.-settled options on the provides that there shall be no aggregation of 2001–61).
Nasdaq 100® Index. NDXP represent P.M.-settled multiple orders to satisfy the size parameters. 17 See Securities Exchange Act Release No. 61066
options on the Nasdaq 100® Index. 11 See Proposed Phlx Rule 1066. See also Phlx (November 25, 2009), 74 FR 63162 (December 2,
6 See Proposed Phlx Rule 1064(d)(iii)(A). Rule 1000(b)(45) (defining ‘‘System’’). 2009) (SR–Phlx–2009–98).
18 Id.

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50132 Federal Register / Vol. 83, No. 193 / Thursday, October 4, 2018 / Notices

As noted above, the Exchange asserts IV. Conclusion are pending effectiveness; (ii) specify
that a lower tied hedge minimum It is therefore ordered, pursuant to when associated persons of a Member
eligibility size is appropriate for options Section 19(b)(2) of the Act,23 that the are required to be registered with the
on the Nasdaq 100 Index because the proposed rule change (SR–Phlx–2018– Exchange; and (iii) delete Rule 2.150
index value for NDX and NDXP is high 55) be, and hereby is, approved. related to a temporary membership
compared to the index values of other application process and waive-in, which
For the Commission, by the Division of
security instruments, adding that a size Trading and Markets, pursuant to delegated is obsolete. The Exchange has
of 50 contracts for NDX is still authority.24 designated this rule change as ‘‘non-
considered a large size order given Eduardo A. Aleman, controversial’’ under Section 19(b)(3)(A)
NDX’s higher notional value.19 To Assistant Secretary.
of the Act 7 and provided the
illustrate the high notional value of Commission with the notice required by
[FR Doc. 2018–21586 Filed 10–3–18; 8:45 am]
options on the Nasdaq 100 Index, Phlx Rule 19b–4(f)(6) thereunder.8
BILLING CODE 8011–01–P
stated that based on the index value, the The text of the proposed rule change
multiplier, and the premium value, the is available at the Exchange’s website at
current 500 minimum contract size SECURITIES AND EXCHANGE www.iextrading.com, at the principal
parameter would require an NDX COMMISSION office of the Exchange, and at the
options transaction with a premium of Commission’s Public Reference Room.
[Release No. 34–84320; File No. SR–IEX–
approximately $6.5 million in order to
2018–19] II. Self-Regulatory Organization’s
qualify for the rule’s tied hedge
exception.20 Statement of the Purpose of, and the
Self-Regulatory Organizations;
Statutory Basis for, the Proposed Rule
The Commission believes that the Investors Exchange LLC; Notice of
Change
reduced tied hedge eligibility size Filing and Immediate Effectiveness of
requirement of 50 contracts for options Proposed Rule Change To Amend Rule In its filing with the Commission, the
on the Nasdaq 100 Index is in line with 2.160 Related to the Qualification and self-regulatory organization included
the original intent of the provision, as it Registration Requirements for statements concerning the purpose of
will continue to be limited to larger Associated Persons of a Member and and basis for the proposed rule change
orders, given the relatively higher index To Delete Rule 2.150 Which is Obsolete and discussed any comments it received
value and notional value of NDX and September 28, 2018. on the proposed rule change. The text
NDXP.21 While the reduction in the Pursuant to Section 19(b)(1)1 of the of these statement [sic] may be
minimum size requirement may allow Securities Exchange Act of 1934 (the examined at the places specified in Item
more transactions to qualify for the tied ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 IV below. The self-regulatory
hedge exception, the Commission notice is hereby given that, on organization has prepared summaries,
believes that the proposed change is September 25, 2018, the Investors set forth in Sections A, B, and C below,
narrow in scope as it relates only to Exchange LLC (‘‘IEX’’ or the of the most significant aspects of such
options in NDX and NDXP and will ‘‘Exchange’’) filed with the Securities statements.
continue to provide only a limited and Exchange Commission (the A. Self-Regulatory Organization’s
exception for larger orders meeting the ‘‘Commission’’) the proposed rule Statement of the Purpose of, and the
conditions of the rule.22 change as described in Items I and II
Statutory Basis for, the Proposed Rule
The Commission also finds that the below, which Items have been prepared
Change
non-substantive changes to Phlx Rule by the self-regulatory organization. The
1066 are designed to protect investors Commission is publishing this notice to 1. Purpose
and the public interest by adding clarity solicit comments on the proposed rule
change from interested persons. The Exchange is proposing to amend
and transparency to the rules. Rule 2.160 to (i) harmonize with certain
For the reasons noted above, the I. Self-Regulatory Organization’s FINRA rules related to qualification and
Commission finds that the proposed Statement of the Terms of Substance of registration requirements for associated
rule change is consistent with the Act. the Proposed Rule Change persons of a Member which are pending
Pursuant to the provisions of Section effectiveness; (ii) specify when
19 See Notice, supra note 3, at 40798–99. 19(b)(1) under the Securities Exchange associated persons of a Member are
20 See Notice, supra note 3, at 40798. Act of 1934 (‘‘Act’’),4 and Rule 19b–4 required to be registered with the
21 See Notice, supra note 3, at 40798–99. The
thereunder,5 IEX is filing with the Exchange; and (iii) delete Rule 2.150
Commission also notes that the Exchange Commission a proposed rule change to
represented that it conducts surveillance in
related to a temporary membership
connection with anticipatory hedging. Specifically, amend IEX Rule 2.160 to (i) harmonize application process and waive-in, which
the Exchange represented that it conducts on-floor IEX rules with certain Financial is obsolete. Each proposed change is
surveillance to ensure both the stock and option Industry Regulatory Authority, Inc. described below.
components of the trade were exposed in open (‘‘FINRA’’) rules related to qualification
outcry and that the trading crowd had a reasonable
opportunity to participate in the transaction. The and registration requirements for partner, officer, director, or branch manager of a
Exchange asserted that it also conducts post-trade associated persons of a Member 6 which Member (or person occupying a similar status or
surveillance. The Exchange also noted that prior to performing similar functions), any person directly
entering tied hedge orders on behalf of customers, 23 15 U.S.C. 78s(b)(2). or indirectly controlling, controlled by, or under
daltland on DSKBBV9HB2PROD with NOTICES

the member or member organization must deliver 24 17 common control with such Member, or any
CFR 200.30–3(a)(12).
to the customer a written notification informing the 1 15 U.S.C. 78s(b)(1).
employee of such Member, except that any person
customer that his order may be executed using the associated with a Member whose functions are
2 15 U.S.C. 78a.
Exchange’s tied hedge procedures. See Phlx Rule solely clerical or ministerial shall not be included
3 17 CFR 240.19b–4.
1064(d)(iii)(G). in the meaning of such term for purposes of these
22 The Commission notes that the Exchange 4 15 U.S.C. 78s(b)(1). Rules. See IEX Rule 1.160(y). See also 15 U.S.C.
represented that tied hedge transactions do not 5 17 CRF 240.19b–4. 78c(a)(18).
7 15 U.S.C. 78s(b)(3)(A).
occur with great frequency on the Exchange’s 6 ‘‘Person Associated with a Member’’ or

trading floor. Id. ‘‘Associated Person of a Member’’ mean [sic] any 8 17 CFR 240.19b–4.

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Document Created: 2018-10-04 02:02:39
Document Modified: 2018-10-04 02:02:39
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 50131