Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule 504, Trading Halts, 69468-69469 [2013-27628]
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Federal Register / Vol. 78, No. 223 / Tuesday, November 19, 2013 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEMKT–2013–90 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
TKELLEY on DSK3SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NYSEMKT–2013–90. 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 (https://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–
NYSEMKT–2013–90 and should be
submitted on or before December 10,
2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–27620 Filed 11–18–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70862; File No. SR–MIAX–
2013–51]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend Exchange Rule 504,
Trading Halts
November 13, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
1, 2013, Miami International Securities
Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Rule 504, Trading Halts. The text
of the proposed rule change is available
on the Exchange’s Web site at https://
www.miaxoptions.com/filter/wotitle/
rule_filing, at MIAX’s principal office,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 504 in order to provide for an
automated notification between five and
twenty seconds prior to the resumption
3 See Exchange Rule 504(d) (specifically carving
out regulatory halts, trading pauses or market-wide
trading halts from the Post-Halt Notification).
1 15
17 17
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
17:21 Nov 18, 2013
Jkt 232001
PO 00000
Frm 00107
Fmt 4703
of trading in an option class (a ‘‘PostHalt Notification’’) following a
regulatory halt, trading pause or marketwide trading halt.
Currently, the Exchange’s Trading
Operations staff at the MIAX Help Desk
issues a Post-Halt Notification twenty
seconds before trading resumes in an
option class that has been halted
pursuant to Rule 504(a). The Post-Halt
Notification states the time at which
trading in the option class or classes is
expected to resume providing
subscribers of the Exchange’s data feeds
with a brief notice period (twenty
seconds) to prepare for the beginning or
resumption of trading after a trading
system halt has ended. For trading halts
initiated by the System due to a
regulatory halt, trading pause or marketwide trading halt, no Post-Halt
Notification currently is provided to
market participants.3 Not providing a
Post-Halt Notification for these types of
trading halts while providing one for
halts pursuant to Rule 504(a) potentially
creates unnecessary confusion on the
part of market participants seeking
information about when options trading
may restart following a trading halt. In
addition, without the Post-Halt
Notification after a regulatory halt,
trading pause or market-wide trading
halt, market participants may not be
able to be in a position to resume
quoting and/or submitting orders as
soon as such an option class begins
trading following a trading halt, thus
delaying reopening. The Exchange
proposes to eliminate any potential
confusion that may be caused by the
disparate treatment resulting from
providing Post-Halt Notifications after
trading halts pursuant to Rule 504(a),
but not regulatory halts, trading pauses
or market-wide trading halts.
The Exchange proposes to amend
Rule 504 to provide that in situations of
a regulatory halt, trading pause or
market-wide trading halt, a Post-Halt
Notification will be broadcast between
five and twenty seconds before trading
will begin or resume. The Post-Halt
Notification period for a regulatory halt,
trading pause or market-wide trading
halt will be configurable in the MIAX
System for a time period between five
and twenty seconds before trading in
the option class resumes. The MIAX
System will send a broadcast message
indicating that trading in the option
class will begin or resume within the
configurable Post-Halt Notification
period. The Exchange will announce the
duration of the Post-Halt Notification
Sfmt 4703
E:\FR\FM\19NON1.SGM
19NON1
Federal Register / Vol. 78, No. 223 / Tuesday, November 19, 2013 / Notices
TKELLEY on DSK3SPTVN1PROD with NOTICES
period through a Regulatory Circular,
and will issue a Regulatory Circular
prior to the beginning of trading on any
day that the Post-Halt Notification
period is reconfigured.4 The Exchange
believes that the new Post-Halt
Notification will eliminate potential
confusion on the timing of reopening
after a regulatory halt, trading pause or
market-wide trading halt and thus
provide market participants with the
opportunity to be in a position to
resume quoting and/or submitting
orders as soon as such an option class
begins trading in a manner that
facilitates the reopening of trading after
a halt and benefits all market
participants on the Exchange.
The Exchange notes that in the
situation of a halt pursuant to Rule
504(a), just as today, the Post-Halt
Notification will continue to be initiated
by Help Desk staff and broadcast twenty
seconds before trading will begin or
resume.
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) 5 of the Act in general, and
furthers the objectives of Section
6(b)(5) 6 of the Act 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.
The proposal is designed to enhance
the Exchange’s ability to notify
participants when a previously halted
option class will begin or resume
trading, which removes impediments to,
and perfects the mechanisms of, a free
and open market and the national
market system as a whole, by ensuring
that participants are in a position to
resume quoting and/or submitting
orders as soon as such an option class
begins trading following a regulatory
halt, trading pause or market-wide
trading halt. The system change also
fosters cooperation and coordination
with persons engaged in facilitating
transactions in securities by ensuring
that all subscribers to the Exchange’s
data feeds receive automatic notification
of the trading status of a halted issue.
4 The
Post-Halt Notification period will not be
reconfigured on an intra-day basis. The Exchange
does not anticipate changing the configuration on
a frequent basis.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
VerDate Mar<15>2010
17:21 Nov 18, 2013
Jkt 232001
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 not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the Post-Halt
Notification broadcast by the MIAX
System actually enhances competition
by expeditiously notifying Members that
an affected option class will begin or
resume trading, thus incenting market
participants to resume quoting
competitively and/or to submit orders to
the Exchange for execution upon such
resumption.
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 from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6) 8
thereunder.
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.
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:
7 15
U.S.C. 78s(b)(3)(A).
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.
8 17
PO 00000
Frm 00108
Fmt 4703
Sfmt 9990
69469
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2013–51 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–MIAX–2013–51. 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 (https://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–MIAX–
2013–51 and should be submitted on or
before December 10, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–27628 Filed 11–18–13; 8:45 am]
BILLING CODE 8011–01–P
9 17
E:\FR\FM\19NON1.SGM
CFR 200.30–3(a)(12).
19NON1
]]>Agencies
[Federal Register Volume 78, Number 223 (Tuesday, November 19, 2013)]
[Notices]
[Pages 69468-69469]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-27628]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70862; File No. SR-MIAX-2013-51]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend Exchange Rule 504, Trading Halts
November 13, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 1, 2013, Miami International Securities Exchange LLC
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the 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 Rule 504, Trading Halts.
The text of the proposed rule change is available on the Exchange's Web
site at https://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 504 in order to provide for an
automated notification between five and twenty seconds prior to the
resumption of trading in an option class (a ``Post-Halt Notification'')
following a regulatory halt, trading pause or market-wide trading halt.
Currently, the Exchange's Trading Operations staff at the MIAX Help
Desk issues a Post-Halt Notification twenty seconds before trading
resumes in an option class that has been halted pursuant to Rule
504(a). The Post-Halt Notification states the time at which trading in
the option class or classes is expected to resume providing subscribers
of the Exchange's data feeds with a brief notice period (twenty
seconds) to prepare for the beginning or resumption of trading after a
trading system halt has ended. For trading halts initiated by the
System due to a regulatory halt, trading pause or market-wide trading
halt, no Post-Halt Notification currently is provided to market
participants.\3\ Not providing a Post-Halt Notification for these types
of trading halts while providing one for halts pursuant to Rule 504(a)
potentially creates unnecessary confusion on the part of market
participants seeking information about when options trading may restart
following a trading halt. In addition, without the Post-Halt
Notification after a regulatory halt, trading pause or market-wide
trading halt, market participants may not be able to be in a position
to resume quoting and/or submitting orders as soon as such an option
class begins trading following a trading halt, thus delaying reopening.
The Exchange proposes to eliminate any potential confusion that may be
caused by the disparate treatment resulting from providing Post-Halt
Notifications after trading halts pursuant to Rule 504(a), but not
regulatory halts, trading pauses or market-wide trading halts.
---------------------------------------------------------------------------
\3\ See Exchange Rule 504(d) (specifically carving out
regulatory halts, trading pauses or market-wide trading halts from
the Post-Halt Notification).
---------------------------------------------------------------------------
The Exchange proposes to amend Rule 504 to provide that in
situations of a regulatory halt, trading pause or market-wide trading
halt, a Post-Halt Notification will be broadcast between five and
twenty seconds before trading will begin or resume. The Post-Halt
Notification period for a regulatory halt, trading pause or market-wide
trading halt will be configurable in the MIAX System for a time period
between five and twenty seconds before trading in the option class
resumes. The MIAX System will send a broadcast message indicating that
trading in the option class will begin or resume within the
configurable Post-Halt Notification period. The Exchange will announce
the duration of the Post-Halt Notification
[[Page 69469]]
period through a Regulatory Circular, and will issue a Regulatory
Circular prior to the beginning of trading on any day that the Post-
Halt Notification period is reconfigured.\4\ The Exchange believes that
the new Post-Halt Notification will eliminate potential confusion on
the timing of reopening after a regulatory halt, trading pause or
market-wide trading halt and thus provide market participants with the
opportunity to be in a position to resume quoting and/or submitting
orders as soon as such an option class begins trading in a manner that
facilitates the reopening of trading after a halt and benefits all
market participants on the Exchange.
---------------------------------------------------------------------------
\4\ The Post-Halt Notification period will not be reconfigured
on an intra-day basis. The Exchange does not anticipate changing the
configuration on a frequent basis.
---------------------------------------------------------------------------
The Exchange notes that in the situation of a halt pursuant to Rule
504(a), just as today, the Post-Halt Notification will continue to be
initiated by Help Desk staff and broadcast twenty seconds before
trading will begin or resume.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) \5\ of the Act in general, and furthers the
objectives of Section 6(b)(5) \6\ of the Act 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposal is designed to enhance the Exchange's ability to
notify participants when a previously halted option class will begin or
resume trading, which removes impediments to, and perfects the
mechanisms of, a free and open market and the national market system as
a whole, by ensuring that participants are in a position to resume
quoting and/or submitting orders as soon as such an option class begins
trading following a regulatory halt, trading pause or market-wide
trading halt. The system change also fosters cooperation and
coordination with persons engaged in facilitating transactions in
securities by ensuring that all subscribers to the Exchange's data
feeds receive automatic notification of the trading status of a halted
issue.
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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
Post-Halt Notification broadcast by the MIAX System actually enhances
competition by expeditiously notifying Members that an affected option
class will begin or resume trading, thus incenting market participants
to resume quoting competitively and/or to submit orders to the Exchange
for execution upon such resumption.
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 from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6)
\8\ thereunder.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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.
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 Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-MIAX-2013-51 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-MIAX-2013-51. 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 (https://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-MIAX-2013-51 and should be
submitted on or before December 10, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-27628 Filed 11-18-13; 8:45 am]
BILLING CODE 8011-01-P
