Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Price Improvement Mechanism Pilot Program, 37378-37380 [2014-15325]
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Federal Register / Vol. 79, No. 126 / Tuesday, July 1, 2014 / Notices
Rule 19b–4(f)(6)(iii) 8 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange requested that the
Commission waive the 30-day operative
delay. The Exchange noted that such
waiver will permit the pilot programs to
continue without interruption.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the pilot programs to
continue uninterrupted, thereby
avoiding any potential investor
confusion that could result from a
temporary interruption in the pilot
program. Further, the Commission notes
that, because the filing was submitted
for immediate effectiveness on June 20,
2014, the fact that the current rule
provisions do not expire until July 18,
2014 will afford interested parties the
opportunity to comment on the proposal
before the Exchange requires it to
become operative. For this reason, the
Commission designates the proposed
rule change to be operative on July 17,
2014.9
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:
emcdonald on DSK67QTVN1PROD with 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–
ISE–2014–33 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–ISE–2014–33. This file
8 17
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
9 For
VerDate Mar<15>2010
19:00 Jun 30, 2014
Jkt 232001
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 Commissions
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 such
filing also will be available for
inspection and copying at the principal
office of the ISE. 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–ISE–
2014–33 and should be submitted by
July 22, 2014.
Securities and Exchange Commission
the proposed rule change as described
in Items I and II 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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2014–15326 Filed 6–30–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72466; File No. SR–ISE
Gemini–2014–17]
Self-Regulatory Organizations; ISE
Gemini, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Price
Improvement Mechanism Pilot
Program
June 25, 2014.
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 June 20,
2014, ISE Gemini, LLC (the ‘‘Exchange’’
or ‘‘ISE Gemini’’) filed with the
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE Gemini proposes to extend two
pilot programs related to its Price
Improvement Mechanism (‘‘PIM’’). The
text of the proposed rule change is
available on the Exchange’s Web site
www.ise.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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
1. Purpose
The Exchange currently has two pilot
programs related to its PIM.3 The
current pilot period provided in
paragraphs .03 and .05 of the
Supplementary Material to Rule 723 is
set to expire on July 18, 2014.4
Paragraph .03 provides that there is no
minimum size requirement for orders to
be eligible for the PIM. Paragraph .05
concerns the termination of the
exposure period by unrelated orders.
The Exchange has continually
submitted certain data in support of the
current pilot programs. The Exchange
proposes to extend these pilot programs
in their present form, through July 17,
2015, to give the Exchange and the
Commission additional time to evaluate
3 See Securities Exchange Act Release Nos. 70050
(July 26, 2013), 78 FR 46622 (August 1, 2013)
(Order Granting the Application of Topaz Exchange,
LLC for Registration as a National Securities
Exchange).
4 See Exchange Act Release No. 70636 (October 9,
2013), 78 FR 62838 (October 22, 2013) (SR–
TOPAZ–2013–05).
E:\FR\FM\01JYN1.SGM
01JYN1
Federal Register / Vol. 79, No. 126 / Tuesday, July 1, 2014 / Notices
the effects of these pilot programs before
the Exchange requests permanent
approval of the rules. To aid the
Commission in its evaluation of the PIM
Functionality, ISE Gemini will also
continue to provide additional PIMrelated data as requested by the
Commission.
2. Basis
The basis under the Securities
Exchange Act of 1934 (the ‘‘Exchange
Act’’) for this proposed rule change is
found in Section 6(b)(5), in that the
proposed rule change is designed to
promote just and equitable principles of
trade, 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. In
particular, the Exchange believes the
pilot programs are consistent with the
Exchange Act because they provide
opportunity for price improvement for
all orders executed in the Exchange’s
PIM. Since the PIM has only been
operating on ISE Gemini for less than
one year, the Exchange believes it is
appropriate to extend the pilot periods
for an additional twelve months to
provide the Exchange and the
Commission more data upon which to
evaluate the rules.
emcdonald on DSK67QTVN1PROD with NOTICES
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 Exchange Act.
Specifically, the Exchange believes that,
by extending the expiration of the pilot
programs, the proposed rule change will
allow for further analysis of the PIM. In
doing so, the proposed rule change will
also serve to promote regulatory clarity
and consistency, thereby reducing
burdens on the marketplace and
facilitating investor protection.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
comments from members or other
interested parties.
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
VerDate Mar<15>2010
19:00 Jun 30, 2014
Jkt 232001
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 Section
19(b)(3)(A)(ii) of the Act 5 and
subparagraph (f)(6) of Rule 19b–4
thereunder.6
A proposed rule change filed under
Rule 19b–4(f)(6) 7 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 8 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange requested that the
Commission waive the 30-day operative
delay. The Exchange noted that such
waiver will permit the pilot programs to
continue without interruption.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the pilot programs to
continue uninterrupted, thereby
avoiding any potential investor
confusion that could result from a
temporary interruption in the pilot
program. Further, the Commission notes
that, because the filing was submitted
for immediate effectiveness on June 20,
2014, the fact that the current rule
provisions do not expire until July 18,
2014 will afford interested parties the
opportunity to comment on the proposal
before the Exchange requires it to
become operative. For this reason, the
Commission designates the proposed
rule change to be operative on July 17,
2014.9
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.
5 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and text of 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.
7 17 CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii).
9 For purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
6 17
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
37379
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 rulecomments@sec.gov. Please include File
Number SR–ISE Gemini–2014–17 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–ISE Gemini-2014–17. 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 such
filing also will be available for
inspection and copying at the principal
office of the ISE. 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–ISE
Gemini–2014–17 and should be
submitted by July 22, 2014.
E:\FR\FM\01JYN1.SGM
01JYN1
37380
Federal Register / Vol. 79, No. 126 / Tuesday, July 1, 2014 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–15325 Filed 6–30–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72469; File No. SR–
NYSEMKT–2014–52]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE
Amex Options Fee Schedule by
Adopting Fees and Rebates for a New
Electronic Crossing Mechanism Called
the CUBE Auction
June 25, 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 June 12,
2014, NYSE MKT LLC (the ‘‘Exchange’’
or ‘‘NYSE MKT’’) filed with the
Securities and Exchange Commission
(‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Amex Options Fee Schedule
(‘‘Fee Schedule’’) by adopting fees and
rebates for a new electronic crossing
mechanism called the CUBE Auction.
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 the
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedule to adopt fees and rebates
for ATP Holders who participate in an
electronic crossing mechanism known
as a Customer Best Execution Auction
(‘‘CUBE Auction’’ or ‘‘Auction’’)
pursuant to Rule 971.1NY.4 The
Exchange anticipates that the CUBE
Auction mechanism will be
implemented in June 2014 5 and
therefore proposes to add the CUBE
Auction fees and rebates to the Fee
Schedule effective with this filing so
that such fees and rebates will be in
place once the CUBE Auction
mechanism is implemented.
The CUBE Auction allows an ATP
Holder to guarantee the execution of a
limit order it represents as agent on
behalf of a public customer, broker
dealer, or any other entity via the CUBE
Auction. This agency order is referred to
as the CUBE Order.6 The ATP Holder
that submits the CUBE Order (the
‘‘Initiating Participant’’) agrees to
guarantee the execution of the CUBE
Order by submitting a contra-side order
(‘‘Contra Order’’) representing principal
interest or interest it has solicited to
trade with the CUBE Order.7
Although the Contra Order would
guarantee the CUBE Order an execution,
the purpose of the Auction is to provide
the opportunity for price improvement
for the CUBE Order as well as the
opportunity for other market
participants to interact with the CUBE
Order. Accordingly, the Exchange will
notify market participants when an
Auction is occurring so that they may
have an opportunity to participate.
Once initiated, a CUBE Auction is
announced via a broadcast message,
known as a Request For Response
(‘‘RFR’’).8 Any ATP Holder may respond
to the RFR, either as principal or on an
agency basis, provided that such
response is properly marked specifying
price, size, and side of the market (‘‘RFR
Response’’) and is submitted during the
Response Time Interval. RFR Responses
include GTX Orders, which are nondisplayed orders with a time-in-force
condition for the Response Time
Interval of the CUBE Auction, as well as
any other quote or order on the opposite
side of the market in the same series as
the CUBE Order that is not marked GTX,
is received during the Response Time
Interval, and is eligible to participate
within the range of permissible
executions specified for that Auction.9
As described above, there are three
ways to participate in a CUBE Auction:
(i) As an agency order, which is known
as the CUBE Order; (ii) As the order
guaranteeing the execution of the CUBE
Order, which is known as the Contra
Order; and (iii) any other interest that is
eligible to participate in the Auction,
which is known as an RFR Response.
The Exchange is proposing to charge for
participation in the CUBE Auction
based on the following schedule of fees:
Rate per contract
standard options
emcdonald on DSK67QTVN1PROD with NOTICES
CUBE Order Fee Customer—both Penny Pilot and Non-Penny Pilot ................................................................................
CUBE Order Fee Non-Customer—both Penny Pilot and Non-Penny Pilot ........................................................................
Contra Order Fee—both Penny Pilot and Non-Penny Pilot 10 ............................................................................................
RFR Response Fee Customer—both Penny Pilot and Non-Penny Pilot ...........................................................................
RFR Response Fee Non-Customer—Penny Pilot ..............................................................................................................
RFR Response Fee Non-Customer—Non-Penny Pilot ......................................................................................................
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 See Securities Exchange Act Release No. 72025
(April 25, 2014) (SR–NYSEMKT–2014–17) (Order
approving adoption of new Rule 971.1NY).
1 15
VerDate Mar<15>2010
19:00 Jun 30, 2014
Jkt 232001
5 The Exchange will not implement the CUBE
Auction mechanism until the proposed rule
changes to Rule 971.1NY set forth in SR–
NYSEMKT–2014–51 are operative.
6 See Rule 971.1NY(a).
7 Id.
8 See Rule 971.1NY(c)(2)(A).
9 See Rule 971.1NY(c)(2)(C).
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
$0.00
0.20
0.05
0.00
0.55
0.90
10 As Exchange noted in its recent filing related
to the CUBE Auction (see SR–NYSEMKT–2014–51),
the Exchange intends to issue guidance advising
ATP Holders that Contra Orders for the account of
a Customer may not be entered into a CUBE
Auction, which guidance is consistent with how
other markets operate electronic auction
mechanisms. See id., n. 9. As such, the Contra
Order Fee will only apply to Non-Customers.
E:\FR\FM\01JYN1.SGM
01JYN1
]]>Agencies
[Federal Register Volume 79, Number 126 (Tuesday, July 1, 2014)]
[Notices]
[Pages 37378-37380]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-15325]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72466; File No. SR-ISE Gemini-2014-17]
Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Extend the Price
Improvement Mechanism Pilot Program
June 25, 2014.
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 June 20, 2014, ISE Gemini, LLC (the ``Exchange'' or ``ISE
Gemini'') filed with the Securities and Exchange Commission the
proposed rule change as described in Items I and II 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.
---------------------------------------------------------------------------
\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
ISE Gemini proposes to extend two pilot programs related to its
Price Improvement Mechanism (``PIM''). The text of the proposed rule
change is available on the Exchange's Web site www.ise.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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange currently has two pilot programs related to its
PIM.\3\ The current pilot period provided in paragraphs .03 and .05 of
the Supplementary Material to Rule 723 is set to expire on July 18,
2014.\4\ Paragraph .03 provides that there is no minimum size
requirement for orders to be eligible for the PIM. Paragraph .05
concerns the termination of the exposure period by unrelated orders.
The Exchange has continually submitted certain data in support of the
current pilot programs. The Exchange proposes to extend these pilot
programs in their present form, through July 17, 2015, to give the
Exchange and the Commission additional time to evaluate
[[Page 37379]]
the effects of these pilot programs before the Exchange requests
permanent approval of the rules. To aid the Commission in its
evaluation of the PIM Functionality, ISE Gemini will also continue to
provide additional PIM-related data as requested by the Commission.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release Nos. 70050 (July 26,
2013), 78 FR 46622 (August 1, 2013) (Order Granting the Application
of Topaz Exchange, LLC for Registration as a National Securities
Exchange).
\4\ See Exchange Act Release No. 70636 (October 9, 2013), 78 FR
62838 (October 22, 2013) (SR-TOPAZ-2013-05).
---------------------------------------------------------------------------
2. Basis
The basis under the Securities Exchange Act of 1934 (the ``Exchange
Act'') for this proposed rule change is found in Section 6(b)(5), in
that the proposed rule change is designed to promote just and equitable
principles of trade, 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. In particular, the
Exchange believes the pilot programs are consistent with the Exchange
Act because they provide opportunity for price improvement for all
orders executed in the Exchange's PIM. Since the PIM has only been
operating on ISE Gemini for less than one year, the Exchange believes
it is appropriate to extend the pilot periods for an additional twelve
months to provide the Exchange and the Commission more data upon which
to evaluate the rules.
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 Exchange Act. Specifically, the
Exchange believes that, by extending the expiration of the pilot
programs, the proposed rule change will allow for further analysis of
the PIM. In doing so, the proposed rule change will also serve to
promote regulatory clarity and consistency, thereby reducing burdens on
the marketplace and facilitating investor protection.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.
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 Section 19(b)(3)(A)(ii) of the Act \5\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \7\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii) \8\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requested
that the Commission waive the 30-day operative delay. The Exchange
noted that such waiver will permit the pilot programs to continue
without interruption.
---------------------------------------------------------------------------
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest, as
it will allow the pilot programs to continue uninterrupted, thereby
avoiding any potential investor confusion that could result from a
temporary interruption in the pilot program. Further, the Commission
notes that, because the filing was submitted for immediate
effectiveness on June 20, 2014, the fact that the current rule
provisions do not expire until July 18, 2014 will afford interested
parties the opportunity to comment on the proposal before the Exchange
requires it to become operative. For this reason, the Commission
designates the proposed rule change to be operative on July 17,
2014.\9\
---------------------------------------------------------------------------
\9\ For purposes only of waiving the operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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-ISE Gemini-2014-17 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-ISE Gemini-2014-17. 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 such filing also will be available
for inspection and copying at the principal office of the ISE. 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-ISE Gemini-2014-17 and
should be submitted by July 22, 2014.
[[Page 37380]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-15325 Filed 6-30-14; 8:45 am]
BILLING CODE 8011-01-P
