Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change To Make Permanent Its Pilot Program Regarding Minimum Value Sizes for Opening Transactions in Flexible Exchange Options and Establish New Minimum Value Sizes Applicable to Other FLEX Transactions and FLEX Quotes, 19162-19165 [2014-07637]
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Federal Register / Vol. 79, No. 66 / Monday, April 7, 2014 / Notices
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–2014–26 and should be
submitted on or before April 28, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–07641 Filed 4–4–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing of Proposed
Rule Change To Make Permanent Its
Pilot Program Regarding Minimum
Value Sizes for Opening Transactions
in Flexible Exchange Options and
Establish New Minimum Value Sizes
Applicable to Other FLEX Transactions
and FLEX Quotes
April 1, 2014.
mstockstill on DSK4VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b-4 thereunder,3
notice is hereby given that, on March
18, 2014, NYSE MKT LLC. (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. 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 proposes to make
permanent its pilot program (‘‘Pilot
Program’’) regarding minimum value
[sic] scheduled to expire on March 31,
2014, and to establish new minimum
value sizes applicable to other FLEX
transactions and FLEX [sic]. The text of
the proposed rule change is available on
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b-4.
1 15
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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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–71840; File No. SR–
NYSEMKT–2014–21]
20 17
the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
1. Purpose
The Exchange proposes to make
permanent its Pilot Program regarding
minimum value sizes for FLEX
Options,4 currently scheduled to expire
on March 31, 2014.5 The Exchange
believes that the Pilot Program has been
successful and well-received by its
membership and the investing public
for the period that it has been in
operation as a Pilot Program.6
Minimum Value Sizes for FLEX Options
Prior to the initiation of the Pilot
Program, the minimum value size
requirement for every FLEX Request for
Quotes and every responsive FLEX
Quote [sic] under Rule 903G(a)(4)(ii)
was as follows:
• For an opening transaction (other
than FLEX Quotes responsive to a FLEX
Request for Quotes) in any FLEX series
in which there is no open interest at the
time the Request for Quotes is
submitted, the minimum value size was,
(i) for FLEX Equity Options, the lesser
of 250 contracts or the number of
contracts overlying $1 million in the
underlying securities; and (ii) for FLEX
Index Options, $10 million Underlying
4 FLEX Options provide investors with the ability
to customize basic option features including size,
expiration date, exercise style, and certain exercise
prices. FLEX Options can be FLEX Index Options
or FLEX Equity Options. The trading of FLEX
Options is governed by NYSE MKT Rules 900G–
909G.
5 See Securities Exchange Act Release No. 69255
(March 28, 2013), 78 FR 20158 (April 3, 2013) (SR–
NYSEMKT–2013–28).
6 The Pilot Program was initiated on May 12,
2010. See Securities Exchange Act Release No.
62084 (May 12, 2010), 75 FR 28091 (May 19, 2010)
(SR–NYSEAmex–2010–40).
PO 00000
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Equivalent Value in the case of Broad
Stock Index Group FLEX Index Options
and $5 million Underlying Equivalent
Value in the case of Stock Index
Industry Group FLEX Index Options.
Under a prior pilot program (which was
superseded by the minimum value size
Pilot Program), the ‘‘250 contracts’’
component above had been reduced to
‘‘150 contracts.’’ 7
Pursuant to the Pilot Program,
notwithstanding the above-described
rule text, the minimum size for an
opening transaction in a new FLEX
series is one contract. As mentioned
above, the minimum value size Pilot
Program is currently set to expire on
March 31, 2014.
In addition to the minimum value size
applicable to opening FLEX transactions
in new series, as described above, Rule
903(G)(a)(iii)–(iv) prescribes minimum
value sizes for other FLEX transactions
and FLEX Quotes as follows:
• For a transaction in any currentlyopened FLEX series, the minimum
value size is (i) for FLEX Equity
Options, the lesser of 100 contracts or
the number of contracts overlying $1
million in the underlying securities in
the case of opening transactions, and 25
contracts in the case of closing
transactions; and (ii) for FLEX Index
Options, $1 million Underlying
Equivalent Value in the case of both
opening and closing transactions; or (iii)
for either case, the remaining
underlying size or Underlying
Equivalent Value on a closing
transaction, whichever is less.
• The minimum value size for FLEX
Quotes responsive to a Request for
Quotes is 25 contracts in the case of
FLEX Equity Options and $1 million
Underlying Equivalent Value in the case
of FLEX Index Options or for either case
the remaining underlying size or
Underlying Equivalent Value on a
closing transaction, whichever is less.
Proposal
The Exchange is proposing to make
the Pilot Program permanent. To
accomplish this change, the Exchange is
proposing to eliminate the rule text
describing the Pilot Program, which is
contained in Commentary .01 to Rule
903G, and to eliminate the rule text
describing the pre-Pilot Program
minimum value size requirements,
which is contained in Rule 903G(a)(4).
7 See Securities Exchange Act Release No. 58037
(June 26, 2008), 73 FR 38008 (July 2, 2008) (SR–
Amex–2008–50) (approval of rule change that,
among other things, established a pilot program that
reduced the minimum number of contracts required
for a FLEX Equity Option opening transaction in a
new series).
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Federal Register / Vol. 79, No. 66 / Monday, April 7, 2014 / Notices
In support of approving the Pilot
Program on a permanent basis, and as
required by the Pilot Program’s approval
order, the Exchange is submitting to the
Commission a Pilot Program report
(‘‘Report’’), which is a public report
detailing the Exchange’s experience
with the program.8 Specifically, the
Exchange is providing the Commission
an annual report, containing data and
analysis of underlying equivalent
values, open interest and trading
volume, and analysis of the types of
investors that initiated opening FLEX
Equity and Index Options transactions
(i.e., institutional, high net worth, or
retail) in new FLEX series.
The Exchange believes that there is
sufficient investor interest and demand
in the Pilot Program to warrant its
permanent approval. The Exchange
believes that, for the period that the
Pilot Program has been in operation, it
has provided investors with additional
means of managing their risk exposures
and carrying out their investment
objectives. Furthermore, as discussed in
more detail below, the Exchange has not
experienced any adverse market effects
with respect to the Pilot Program.
The Exchange believes that
eliminating the minimum value size
requirements for opening transactions in
new FLEX series on a permanent basis
is important and necessary to the
Exchange’s efforts to create a product
and market that provide its membership
and investors interested in FLEX-type
options with an improved but
comparable alternative to the over-thecounter (‘‘OTC’’) market in customized
options, which can take on contract
characteristics similar to FLEX Options
but are not subject to the same
restrictions. By making the Pilot
Program permanent, market participants
would continue to have greater
flexibility in determining whether to
execute their customized options in an
exchange environment or in the OTC
market. The Exchange believes that
market participants would benefit from
being able to trade these customized
options in an exchange environment in
several ways, including, but not limited
to, the following: (i) Enhanced
efficiency in initiating and closing out
positions; (ii) increased market
transparency; and (iii) heightened
contra-party creditworthiness due to the
role of The Options Clearing
Corporation (‘‘OCC’’) as issuer and
guarantor of FLEX Options. The
Exchange also believes that the Pilot
Program is wholly consistent with
comments by then Secretary of the
8 A copy of the Report has been attached as
Exhibit 3 to this filing.
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Treasury Timothy F. Geithner, to the
U.S. Senate. In particular, Secretary
Geithner stated that:
Market efficiency and price transparency
should be improved in derivatives markets
by requiring the clearing of standardized
contracts through regulated [central
counterparties] and by moving the
standardized part of these markets onto
regulated exchanges and regulated
transparent electronic trade execution
systems for OTC derivatives and by requiring
development of a system for timely reporting
of trades and prompt dissemination of prices
and other trade information. Furthermore,
regulated financial institutions should be
encouraged to make greater use of regulated
exchange-traded derivatives. Competition
between appropriately regulated OTC
derivatives markets and regulated exchanges
will make both sets of markets more efficient
and thereby better serve end-users of
derivatives.9
The Exchange believes that the
elimination of the minimum value size
requirements for opening transactions in
new FLEX series on a permanent basis
would provide FLEX-participating ATP
Holders with greater flexibility in
structuring the terms of FLEX Options
that best comports with their and their
customers’ particular needs. In this
regard, the Exchange notes that the
minimum value size requirements for
opening transactions in new FLEX
series were originally put in place to
limit participation in FLEX Options to
sophisticated, high net worth investors
rather than retail investors.10 However,
the Exchange believes that the
restriction is no longer necessary and is
overly restrictive. The Exchange has
also not experienced any adverse market
effects with respect to the Pilot Program
eliminating the minimum value size
requirements for opening transactions in
new FLEX series. Again, based on the
Exchange’s experience to date and
throughout the Pilot Program period, the
minimum value size requirements are
too large to accommodate the needs of
ATP Holders and their customers—who
may be institutional, high net worth or
retail—that currently participate in the
OTC market. In this regard, the
Exchange notes that, prior to
establishing the Pilot Program, it
received numerous requests from
broker-dealers representing
institutional, high net worth and retail
investors indicating that the minimum
value size requirements prevented them
from bringing transactions that are
9 See letter from Secretary Geithner to the
Honorable Harry Reid, United States Senate (May
13, 2009), located at https://
www.financialstability.gov/docs/OTCletter.pdf.
10 See Securities Exchange Act Release No. 37336
(June 19, 1996), 61 FR 33558 (June 27, 1996) (SR–
Amex–95–57).
PO 00000
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19163
already taking place in the OTC market
to an exchange environment. The
Exchange believes that eliminating the
minimum value size requirements for
opening transactions in new FLEX
series on a permanent basis would
further broaden the base of investors
that use FLEX Options to manage their
trading and investment risk, including
investors that currently trade in the OTC
market for customized options, where
similar size restrictions do not apply.
The Exchange also believes that this
may open up FLEX Options to more
retail investors. The Exchange does not
believe that this raises any unique
regulatory concerns because existing
safeguards—such as certain position
limit, exercise limit, and reporting
requirements—continue to apply.11 In
addition, the Exchange notes that FLEX
Options are subject to the options
disclosure document (‘‘ODD’’)
requirements of Rule 9b–112 under the
Securities Exchange Act of 1934 (the
‘‘Act’’).13 No broker or dealer can accept
an order from a customer to purchase or
sell an option contract relating to an
options class that is the subject of a
definitive ODD (including FLEX
Options), or approve the customer’s
account for the trading of such an
option, unless the broker or dealer
furnishes or has furnished to the
customer a copy of the definitive ODD.
The ODD contains a description, special
features, and special risks of FLEX
Options. Lastly, similar to any other
options, FLEX Options are subject to
ATP Holder organization supervision
and suitability requirements, such as in
Rules 922 (Supervision of Accounts)
and 923 (Suitability).
In proposing the Pilot Program itself
and in now proposing to make it
permanent, the Exchange is cognizant of
the need for market participants to have
substantial options transaction capacity
and flexibility to hedge their substantial
investment portfolios, on the one hand,
and the potential for adverse effects that
the minimum value size restrictions
were originally designed to address, on
the other. However, the Exchange has
not experienced any adverse market
effects with respect to the Pilot Program.
The Exchange is also cognizant of the
OTC market, in which similar
restrictions on minimum value size do
not apply. In light of these
11 The Exchange also notes that certain position
limit, aggregation and exercise limit requirements
continue to apply to FLEX Options in accordance
with Rules 906G (Position Limits) and 907G
(Exercise Limits). The Commission notes that
certain FLEX Options do not have position or
exercise limits.
12 17 CFR 240.9b–1.
13 15 U.S.C. 78a et seq.
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Federal Register / Vol. 79, No. 66 / Monday, April 7, 2014 / Notices
considerations and Secretary Geithner’s
comments on moving the standardized
parts of OTC contracts onto regulated
exchanges, the Exchange believes that
making the Pilot Program permanent is
appropriate and reasonable and will
provide market participants with
additional flexibility in determining
whether to execute their customized
options in an exchange environment or
in the OTC market. The Exchange
believes that market participants benefit
from being able to trade these
customized options in an exchange
environment in several ways, including,
but not limited to, enhanced efficiency
in initiating and closing out positions,
increased market transparency, and
heightened contra-party
creditworthiness due to the role of OCC
as issuer and guarantor of FLEX
Options.
Pursuant to this filing, the Exchange
proposes to adopt the existing Pilot
Program,14 on a permanent basis.
Specifically, the Exchange proposes to
eliminate all references to minimum
size applicable to opening transactions
in new FLEX series as presently
described in Rule 903G(a)(4)(ii). The
proposal to eliminate the minimum
value size applicable to opening
transactions in new FLEX series is
similar to a rule change by the CBOE
when adopting their Pilot Program on a
permanent basis.15
Present Rules 903G(a)(4)(iii)(A)–(B)
govern the minimum value size for
FLEX Equity and FLEX Index Options
transactions in currently opened FLEX
series. Subsection (A) states that the
minimum value size for FLEX Equity
Options shall be the lesser of 100
contracts or the number of contracts
overlying $1 million in the underlying
securities in the case of opening
transactions, and 25 contracts in the
case of closing transactions. Subsection
(B) states for FLEX Index Options, the
minimum value size shall be $1 million
Underlying Equivalent Value in the case
of both opening and closing
transactions. Additionally, Rule
903G(a)(4)(iv) states that the minimum
value size for FLEX Quotes responsive
to a Request for Quotes (‘‘RFQ’’) shall be
25 contracts in the case of FLEX Equity
Options and $1 million Underlying
Equivalent Value in the case of FLEX
Index Options, or for either case the
remaining underlying size or
Underlying Equivalent Value on a
closing transaction, whichever is less.
14 See
supra note 5.
Securities Exchange Act Release Nos.
66934 (May 7, 2012), 77 FR 27822 (May 11, 2012)
(SR–CBOE–2012–040); 67624 (August 8, 2012), 77
FR 48580 (August 14, 2012) (SR–CBOE–2012–040).
15 See
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The Exchange now proposes to adopt a
minimum value size of one contract
when opening and closing any Equity or
Index FLEX Options transaction in
previously opened FLEX series and for
responses to Requests for Quotes. This
change, coupled with the proposed
change to the minimum value size for
opening transaction in new FLEX series
(described above) will effectively
establish a one contract minimum value
size for all FLEX transactions and FLEX
Quotes. A one contract minimum value
size for all FLEX Options transactions
and FLEX Quotes is based on similar
rules governing minimum value size for
FLEX Options approved for the CBOE.16
Adopting the same minimum value
size for all FLEX transactions and FLEX
Quotes would afford market
participants, both those trading in new
a FLEX series, and those trading in an
existing FLEX series, equal opportunity
to tailor FLEX transactions to meet their
own investment objectives without
being encumbered by a minimum value
size. The Exchange does not believe that
the difference between effecting a FLEX
transaction in an existing series and
effecting a FLEX transaction in a new
series is material to the extent that there
should be different minimum value
sizes for the two types of transactions.
In addition, the Exchange believes it
would be consistent to apply the same
minimum value size to closing
transactions so that investors may elect
to close just a portion of their FLEX
position, without being subject to a
minimum value size that may be greater
than the equivalent value size necessary
to meet their investment objectives.
Lastly, the Exchange believes that it
would be consistent to apply the same
minimum value size to FLEX Quotes so
that market participants may respond to
an RFQ with the precise number of
contracts or underlying equivalent value
needed to trade with a submitting OTP
Holder who has requested the RFQ.
As previously stated the Exchange is
submitting to the Commission a Report
detailing the Exchange’s experience
with the Pilot Program. The Report is
attached as Exhibit 3 to this filing. The
Exchange notes that the Report includes
data specific to the trade activity under
Rule 903G(a)(4)(ii) and does not include
data pursuant to subsections (iii)-(iv)
dealing with opening transactions of
less than 100 contracts in previously
opened FLEX series, and closing
transactions and responses to RFQs of
less than 25 contracts, which the
Exchange is proposing to amend at this
time. Based on the Exchange’s internal
review, the Exchange believes that these
16 See
PO 00000
supra note 15.
Frm 00120
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types of FLEX transactions, had they
been part of the Pilot Program, would be
de minimis and does not believe that the
absence of trade data specific to opening
transactions of less than 100 contracts in
previously opened FLEX series, or
closing transactions and responses to
RFQs of less than 25 contracts would be
material to the extent that the findings
in the Report would fail to provide
evidence supporting the elimination of
specific contract and value sizes for all
FLEX transactions.
For the foregoing reasons, the
Exchange believes that the proposed
changes to the minimum value size for
FLEX transactions and FLEX Quotes are
reasonable and appropriate, promote
just and equitable principles of trade,
and facilitate transactions in securities
while continuing to foster the public
interest and investor protection.
The Exchange will continue to
monitor the usage of FLEX Options and
review whether changes need to be
made to its Rules or the ODD to address
any changes in retail FLEX Option
participation or any other issues that
may occur as a result of the elimination
of the minimum value sizes on FLEX
transactions.
In conjunction with these changes,
the Exchange is proposing certain nonsubstantive changes to reorganize the
rule text. In particular, text from Rule
903G(a)(4)(i) pertaining to the maximum
15-year term for a FLEX Option would
be relocated and renumbered as Rule
903G(a)(2)(vi), [sic] As proposed, Rule
903G(a)(2)(vi) would state that the
maximum term for both equity and
index FLEX Options shall be 15 years
[sic] In addition, the Exchange proposes
to relocate relevant text pertaining to the
minimum value size for FLEX Options
from Commentary .02 and renumber it
as Rule 903G(a)(2)(vii). As proposed,
Rule 903G(a)(2)(vii) would state that the
minimum value size for all FLEX Equity
and FLEX Index Options transactions
shall be 1 contract. The Exchange
proposes renumbering present
Commentary .02 as Commentary .01.
These changes are proposed simply to
reorganize the rule text in light of the
other changes being proposed. As noted
above, the changes are not substantive.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,
in general, and furthers the objectives of
Section 6(b)(5), 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,
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and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
Specifically, the Exchange believes
that the permanent approval of the Pilot
Program, which eliminates minimum
value size requirements for opening
transactions in new FLEX series, would
provide greater opportunities for
investors to manage risk through the use
of FLEX Options. Further, the Exchange
notes that it has not experienced any
adverse effects from the operation of the
Pilot Program. The Exchange also
believes that making the Pilot Program
permanent does not raise any unique
regulatory concerns.
The Exchange also believes that
eliminating the minimum value size
requirements for all other FLEX
transactions and FLEX Quotes, thus
affording market participants on NYSE
Amex Options with an equal
opportunity to tailor FLEX transactions
to meet their own investment objectives
without being encumbered by a
minimum contract size, will help to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system. In
addition, offering those same market
participants similar investment tools
available to their counterparts on the
CBOE will foster cooperation and
coordination with persons engaged in
facilitating transactions in securities and
will help to remove impediments to a
free and open market and a national
market system. The Exchange believes
that adopting rules similar to those
approved for and utilized by the CBOE
does not raise any unique regulatory
concerns.
Lastly, the Exchange also believes that
the proposed rule change, which
provides all market participants,
including public investors, with
additional opportunities to trade
customized options in an exchange
environment and subject to exchangebased rules, is appropriate in the public
interest and for the protection of
investors.
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. Specifically,
the proposal is structured to offer the
same enhancement to all market
participants, regardless of account type,
and will not impose a competitive
burden on any participant. The
Exchange believes that adopting similar
FLEX rules to those [sic] the CBOE will
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17:49 Apr 04, 2014
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allow NYSE Amex Options to more
efficiently compete for FLEX Options
orders. In addition, the Exchange
believes that adopting the Pilot Program
on a permanent basis will enable the
Exchange to compete with the OTC
market, in which similar restrictions on
minimum value size do not apply.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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 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–2014–21 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–NYSEMKT–2014–21. 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
PO 00000
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19165
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–2014–21 and should be
submitted on or before April 28, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–07637 Filed 4–4–14; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[License No. 07/07–0116]
Eagle Fund III, L.P.; Notice Seeking
Exemption Under Section 312 of the
Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that Eagle
Fund III, L.P., 101 S. Hanley Road, Suite
1250, St. Louis, Missouri 63105, a
Federal Licensee under the Small
Business Investment Act of 1958, as
amended (‘‘the Act’’), in connection
with the financing of a small concern,
has sought an exemption under Section
312 of the Act and Section 107.730,
Financings which constitute Conflicts of
Interest of the Small Business
Administration (‘‘SBA’’) Rules and
Regulations (13 CFR 107). Eagle Fund
III, L.P., proposes to provide debt and
equity financing to Oliver Street
Dermatology Holdings, LLC, 5310
Harvest Hill Road, Suite 229, Dallas, TX
75230.
The financing was contemplated to
provide capital that contributes to the
growth and overall sound financing of
17 17
E:\FR\FM\07APN1.SGM
CFR 200.30–3(a)(12).
07APN1
]]>Agencies
[Federal Register Volume 79, Number 66 (Monday, April 7, 2014)]
[Notices]
[Pages 19162-19165]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-07637]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71840; File No. SR-NYSEMKT-2014-21]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of
Proposed Rule Change To Make Permanent Its Pilot Program Regarding
Minimum Value Sizes for Opening Transactions in Flexible Exchange
Options and Establish New Minimum Value Sizes Applicable to Other FLEX
Transactions and FLEX Quotes
April 1, 2014.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 18, 2014, NYSE MKT LLC. (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to make permanent its pilot program (``Pilot
Program'') regarding minimum value [sic] scheduled to expire on March
31, 2014, and to establish new minimum value sizes applicable to other
FLEX transactions and FLEX [sic]. The text of the proposed rule change
is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, 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 self-regulatory organization
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 those 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 parts 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 make permanent its Pilot Program regarding
minimum value sizes for FLEX Options,\4\ currently scheduled to expire
on March 31, 2014.\5\ The Exchange believes that the Pilot Program has
been successful and well-received by its membership and the investing
public for the period that it has been in operation as a Pilot
Program.\6\
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\4\ FLEX Options provide investors with the ability to customize
basic option features including size, expiration date, exercise
style, and certain exercise prices. FLEX Options can be FLEX Index
Options or FLEX Equity Options. The trading of FLEX Options is
governed by NYSE MKT Rules 900G-909G.
\5\ See Securities Exchange Act Release No. 69255 (March 28,
2013), 78 FR 20158 (April 3, 2013) (SR-NYSEMKT-2013-28).
\6\ The Pilot Program was initiated on May 12, 2010. See
Securities Exchange Act Release No. 62084 (May 12, 2010), 75 FR
28091 (May 19, 2010) (SR-NYSEAmex-2010-40).
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Minimum Value Sizes for FLEX Options
Prior to the initiation of the Pilot Program, the minimum value
size requirement for every FLEX Request for Quotes and every responsive
FLEX Quote [sic] under Rule 903G(a)(4)(ii) was as follows:
For an opening transaction (other than FLEX Quotes
responsive to a FLEX Request for Quotes) in any FLEX series in which
there is no open interest at the time the Request for Quotes is
submitted, the minimum value size was, (i) for FLEX Equity Options, the
lesser of 250 contracts or the number of contracts overlying $1 million
in the underlying securities; and (ii) for FLEX Index Options, $10
million Underlying Equivalent Value in the case of Broad Stock Index
Group FLEX Index Options and $5 million Underlying Equivalent Value in
the case of Stock Index Industry Group FLEX Index Options. Under a
prior pilot program (which was superseded by the minimum value size
Pilot Program), the ``250 contracts'' component above had been reduced
to ``150 contracts.'' \7\
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\7\ See Securities Exchange Act Release No. 58037 (June 26,
2008), 73 FR 38008 (July 2, 2008) (SR-Amex-2008-50) (approval of
rule change that, among other things, established a pilot program
that reduced the minimum number of contracts required for a FLEX
Equity Option opening transaction in a new series).
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Pursuant to the Pilot Program, notwithstanding the above-described
rule text, the minimum size for an opening transaction in a new FLEX
series is one contract. As mentioned above, the minimum value size
Pilot Program is currently set to expire on March 31, 2014.
In addition to the minimum value size applicable to opening FLEX
transactions in new series, as described above, Rule 903(G)(a)(iii)-
(iv) prescribes minimum value sizes for other FLEX transactions and
FLEX Quotes as follows:
For a transaction in any currently-opened FLEX series, the
minimum value size is (i) for FLEX Equity Options, the lesser of 100
contracts or the number of contracts overlying $1 million in the
underlying securities in the case of opening transactions, and 25
contracts in the case of closing transactions; and (ii) for FLEX Index
Options, $1 million Underlying Equivalent Value in the case of both
opening and closing transactions; or (iii) for either case, the
remaining underlying size or Underlying Equivalent Value on a closing
transaction, whichever is less.
The minimum value size for FLEX Quotes responsive to a
Request for Quotes is 25 contracts in the case of FLEX Equity Options
and $1 million Underlying Equivalent Value in the case of FLEX Index
Options or for either case the remaining underlying size or Underlying
Equivalent Value on a closing transaction, whichever is less.
Proposal
The Exchange is proposing to make the Pilot Program permanent. To
accomplish this change, the Exchange is proposing to eliminate the rule
text describing the Pilot Program, which is contained in Commentary .01
to Rule 903G, and to eliminate the rule text describing the pre-Pilot
Program minimum value size requirements, which is contained in Rule
903G(a)(4).
[[Page 19163]]
In support of approving the Pilot Program on a permanent basis, and
as required by the Pilot Program's approval order, the Exchange is
submitting to the Commission a Pilot Program report (``Report''), which
is a public report detailing the Exchange's experience with the
program.\8\ Specifically, the Exchange is providing the Commission an
annual report, containing data and analysis of underlying equivalent
values, open interest and trading volume, and analysis of the types of
investors that initiated opening FLEX Equity and Index Options
transactions (i.e., institutional, high net worth, or retail) in new
FLEX series.
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\8\ A copy of the Report has been attached as Exhibit 3 to this
filing.
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The Exchange believes that there is sufficient investor interest
and demand in the Pilot Program to warrant its permanent approval. The
Exchange believes that, for the period that the Pilot Program has been
in operation, it has provided investors with additional means of
managing their risk exposures and carrying out their investment
objectives. Furthermore, as discussed in more detail below, the
Exchange has not experienced any adverse market effects with respect to
the Pilot Program.
The Exchange believes that eliminating the minimum value size
requirements for opening transactions in new FLEX series on a permanent
basis is important and necessary to the Exchange's efforts to create a
product and market that provide its membership and investors interested
in FLEX-type options with an improved but comparable alternative to the
over-the-counter (``OTC'') market in customized options, which can take
on contract characteristics similar to FLEX Options but are not subject
to the same restrictions. By making the Pilot Program permanent, market
participants would continue to have greater flexibility in determining
whether to execute their customized options in an exchange environment
or in the OTC market. The Exchange believes that market participants
would benefit from being able to trade these customized options in an
exchange environment in several ways, including, but not limited to,
the following: (i) Enhanced efficiency in initiating and closing out
positions; (ii) increased market transparency; and (iii) heightened
contra-party creditworthiness due to the role of The Options Clearing
Corporation (``OCC'') as issuer and guarantor of FLEX Options. The
Exchange also believes that the Pilot Program is wholly consistent with
comments by then Secretary of the Treasury Timothy F. Geithner, to the
U.S. Senate. In particular, Secretary Geithner stated that:
Market efficiency and price transparency should be improved in
derivatives markets by requiring the clearing of standardized
contracts through regulated [central counterparties] and by moving
the standardized part of these markets onto regulated exchanges and
regulated transparent electronic trade execution systems for OTC
derivatives and by requiring development of a system for timely
reporting of trades and prompt dissemination of prices and other
trade information. Furthermore, regulated financial institutions
should be encouraged to make greater use of regulated exchange-
traded derivatives. Competition between appropriately regulated OTC
derivatives markets and regulated exchanges will make both sets of
markets more efficient and thereby better serve end-users of
derivatives.\9\
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\9\ See letter from Secretary Geithner to the Honorable Harry
Reid, United States Senate (May 13, 2009), located at https://www.financialstability.gov/docs/OTCletter.pdf.
The Exchange believes that the elimination of the minimum value
size requirements for opening transactions in new FLEX series on a
permanent basis would provide FLEX-participating ATP Holders with
greater flexibility in structuring the terms of FLEX Options that best
comports with their and their customers' particular needs. In this
regard, the Exchange notes that the minimum value size requirements for
opening transactions in new FLEX series were originally put in place to
limit participation in FLEX Options to sophisticated, high net worth
investors rather than retail investors.\10\ However, the Exchange
believes that the restriction is no longer necessary and is overly
restrictive. The Exchange has also not experienced any adverse market
effects with respect to the Pilot Program eliminating the minimum value
size requirements for opening transactions in new FLEX series. Again,
based on the Exchange's experience to date and throughout the Pilot
Program period, the minimum value size requirements are too large to
accommodate the needs of ATP Holders and their customers--who may be
institutional, high net worth or retail--that currently participate in
the OTC market. In this regard, the Exchange notes that, prior to
establishing the Pilot Program, it received numerous requests from
broker-dealers representing institutional, high net worth and retail
investors indicating that the minimum value size requirements prevented
them from bringing transactions that are already taking place in the
OTC market to an exchange environment. The Exchange believes that
eliminating the minimum value size requirements for opening
transactions in new FLEX series on a permanent basis would further
broaden the base of investors that use FLEX Options to manage their
trading and investment risk, including investors that currently trade
in the OTC market for customized options, where similar size
restrictions do not apply. The Exchange also believes that this may
open up FLEX Options to more retail investors. The Exchange does not
believe that this raises any unique regulatory concerns because
existing safeguards--such as certain position limit, exercise limit,
and reporting requirements--continue to apply.\11\ In addition, the
Exchange notes that FLEX Options are subject to the options disclosure
document (``ODD'') requirements of Rule 9b-1\12\ under the Securities
Exchange Act of 1934 (the ``Act'').\13\ No broker or dealer can accept
an order from a customer to purchase or sell an option contract
relating to an options class that is the subject of a definitive ODD
(including FLEX Options), or approve the customer's account for the
trading of such an option, unless the broker or dealer furnishes or has
furnished to the customer a copy of the definitive ODD. The ODD
contains a description, special features, and special risks of FLEX
Options. Lastly, similar to any other options, FLEX Options are subject
to ATP Holder organization supervision and suitability requirements,
such as in Rules 922 (Supervision of Accounts) and 923 (Suitability).
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\10\ See Securities Exchange Act Release No. 37336 (June 19,
1996), 61 FR 33558 (June 27, 1996) (SR-Amex-95-57).
\11\ The Exchange also notes that certain position limit,
aggregation and exercise limit requirements continue to apply to
FLEX Options in accordance with Rules 906G (Position Limits) and
907G (Exercise Limits). The Commission notes that certain FLEX
Options do not have position or exercise limits.
\12\ 17 CFR 240.9b-1.
\13\ 15 U.S.C. 78a et seq.
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In proposing the Pilot Program itself and in now proposing to make
it permanent, the Exchange is cognizant of the need for market
participants to have substantial options transaction capacity and
flexibility to hedge their substantial investment portfolios, on the
one hand, and the potential for adverse effects that the minimum value
size restrictions were originally designed to address, on the other.
However, the Exchange has not experienced any adverse market effects
with respect to the Pilot Program. The Exchange is also cognizant of
the OTC market, in which similar restrictions on minimum value size do
not apply. In light of these
[[Page 19164]]
considerations and Secretary Geithner's comments on moving the
standardized parts of OTC contracts onto regulated exchanges, the
Exchange believes that making the Pilot Program permanent is
appropriate and reasonable and will provide market participants with
additional flexibility in determining whether to execute their
customized options in an exchange environment or in the OTC market. The
Exchange believes that market participants benefit from being able to
trade these customized options in an exchange environment in several
ways, including, but not limited to, enhanced efficiency in initiating
and closing out positions, increased market transparency, and
heightened contra-party creditworthiness due to the role of OCC as
issuer and guarantor of FLEX Options.
Pursuant to this filing, the Exchange proposes to adopt the
existing Pilot Program,\14\ on a permanent basis. Specifically, the
Exchange proposes to eliminate all references to minimum size
applicable to opening transactions in new FLEX series as presently
described in Rule 903G(a)(4)(ii). The proposal to eliminate the minimum
value size applicable to opening transactions in new FLEX series is
similar to a rule change by the CBOE when adopting their Pilot Program
on a permanent basis.\15\
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\14\ See supra note 5.
\15\ See Securities Exchange Act Release Nos. 66934 (May 7,
2012), 77 FR 27822 (May 11, 2012) (SR-CBOE-2012-040); 67624 (August
8, 2012), 77 FR 48580 (August 14, 2012) (SR-CBOE-2012-040).
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Present Rules 903G(a)(4)(iii)(A)-(B) govern the minimum value size
for FLEX Equity and FLEX Index Options transactions in currently opened
FLEX series. Subsection (A) states that the minimum value size for FLEX
Equity Options shall be the lesser of 100 contracts or the number of
contracts overlying $1 million in the underlying securities in the case
of opening transactions, and 25 contracts in the case of closing
transactions. Subsection (B) states for FLEX Index Options, the minimum
value size shall be $1 million Underlying Equivalent Value in the case
of both opening and closing transactions. Additionally, Rule
903G(a)(4)(iv) states that the minimum value size for FLEX Quotes
responsive to a Request for Quotes (``RFQ'') shall be 25 contracts in
the case of FLEX Equity Options and $1 million Underlying Equivalent
Value in the case of FLEX Index Options, or for either case the
remaining underlying size or Underlying Equivalent Value on a closing
transaction, whichever is less. The Exchange now proposes to adopt a
minimum value size of one contract when opening and closing any Equity
or Index FLEX Options transaction in previously opened FLEX series and
for responses to Requests for Quotes. This change, coupled with the
proposed change to the minimum value size for opening transaction in
new FLEX series (described above) will effectively establish a one
contract minimum value size for all FLEX transactions and FLEX Quotes.
A one contract minimum value size for all FLEX Options transactions and
FLEX Quotes is based on similar rules governing minimum value size for
FLEX Options approved for the CBOE.\16\
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\16\ See supra note 15.
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Adopting the same minimum value size for all FLEX transactions and
FLEX Quotes would afford market participants, both those trading in new
a FLEX series, and those trading in an existing FLEX series, equal
opportunity to tailor FLEX transactions to meet their own investment
objectives without being encumbered by a minimum value size. The
Exchange does not believe that the difference between effecting a FLEX
transaction in an existing series and effecting a FLEX transaction in a
new series is material to the extent that there should be different
minimum value sizes for the two types of transactions. In addition, the
Exchange believes it would be consistent to apply the same minimum
value size to closing transactions so that investors may elect to close
just a portion of their FLEX position, without being subject to a
minimum value size that may be greater than the equivalent value size
necessary to meet their investment objectives. Lastly, the Exchange
believes that it would be consistent to apply the same minimum value
size to FLEX Quotes so that market participants may respond to an RFQ
with the precise number of contracts or underlying equivalent value
needed to trade with a submitting OTP Holder who has requested the RFQ.
As previously stated the Exchange is submitting to the Commission a
Report detailing the Exchange's experience with the Pilot Program. The
Report is attached as Exhibit 3 to this filing. The Exchange notes that
the Report includes data specific to the trade activity under Rule
903G(a)(4)(ii) and does not include data pursuant to subsections (iii)-
(iv) dealing with opening transactions of less than 100 contracts in
previously opened FLEX series, and closing transactions and responses
to RFQs of less than 25 contracts, which the Exchange is proposing to
amend at this time. Based on the Exchange's internal review, the
Exchange believes that these types of FLEX transactions, had they been
part of the Pilot Program, would be de minimis and does not believe
that the absence of trade data specific to opening transactions of less
than 100 contracts in previously opened FLEX series, or closing
transactions and responses to RFQs of less than 25 contracts would be
material to the extent that the findings in the Report would fail to
provide evidence supporting the elimination of specific contract and
value sizes for all FLEX transactions.
For the foregoing reasons, the Exchange believes that the proposed
changes to the minimum value size for FLEX transactions and FLEX Quotes
are reasonable and appropriate, promote just and equitable principles
of trade, and facilitate transactions in securities while continuing to
foster the public interest and investor protection.
The Exchange will continue to monitor the usage of FLEX Options and
review whether changes need to be made to its Rules or the ODD to
address any changes in retail FLEX Option participation or any other
issues that may occur as a result of the elimination of the minimum
value sizes on FLEX transactions.
In conjunction with these changes, the Exchange is proposing
certain non-substantive changes to reorganize the rule text. In
particular, text from Rule 903G(a)(4)(i) pertaining to the maximum 15-
year term for a FLEX Option would be relocated and renumbered as Rule
903G(a)(2)(vi), [sic] As proposed, Rule 903G(a)(2)(vi) would state that
the maximum term for both equity and index FLEX Options shall be 15
years [sic] In addition, the Exchange proposes to relocate relevant
text pertaining to the minimum value size for FLEX Options from
Commentary .02 and renumber it as Rule 903G(a)(2)(vii). As proposed,
Rule 903G(a)(2)(vii) would state that the minimum value size for all
FLEX Equity and FLEX Index Options transactions shall be 1 contract.
The Exchange proposes renumbering present Commentary .02 as Commentary
.01. These changes are proposed simply to reorganize the rule text in
light of the other changes being proposed. As noted above, the changes
are not substantive.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act, in general, and furthers the objectives of Section 6(b)(5), 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,
[[Page 19165]]
and to remove impediments to and perfect the mechanism of a free and
open market and a national market system.
Specifically, the Exchange believes that the permanent approval of
the Pilot Program, which eliminates minimum value size requirements for
opening transactions in new FLEX series, would provide greater
opportunities for investors to manage risk through the use of FLEX
Options. Further, the Exchange notes that it has not experienced any
adverse effects from the operation of the Pilot Program. The Exchange
also believes that making the Pilot Program permanent does not raise
any unique regulatory concerns.
The Exchange also believes that eliminating the minimum value size
requirements for all other FLEX transactions and FLEX Quotes, thus
affording market participants on NYSE Amex Options with an equal
opportunity to tailor FLEX transactions to meet their own investment
objectives without being encumbered by a minimum contract size, will
help to remove impediments to and perfect the mechanism of a free and
open market and a national market system. In addition, offering those
same market participants similar investment tools available to their
counterparts on the CBOE will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
help to remove impediments to a free and open market and a national
market system. The Exchange believes that adopting rules similar to
those approved for and utilized by the CBOE does not raise any unique
regulatory concerns.
Lastly, the Exchange also believes that the proposed rule change,
which provides all market participants, including public investors,
with additional opportunities to trade customized options in an
exchange environment and subject to exchange-based rules, is
appropriate in the public interest and for the protection of investors.
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. Specifically, the proposal
is structured to offer the same enhancement to all market participants,
regardless of account type, and will not impose a competitive burden on
any participant. The Exchange believes that adopting similar FLEX rules
to those [sic] the CBOE will allow NYSE Amex Options to more
efficiently compete for FLEX Options orders. In addition, the Exchange
believes that adopting the Pilot Program on a permanent basis will
enable the Exchange to compete with the OTC market, in which similar
restrictions on minimum value size do not apply.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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 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-2014-21 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-NYSEMKT-2014-21. 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-2014-21 and should
be submitted on or before April 28, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-07637 Filed 4-4-14; 8:45 am]
BILLING CODE 8011-01-P
