Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized By PSX, 29127-29131 [2015-12146]
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Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices
differences, such differences are not
substantive and are still consistent with
the scope of prior self-regulatory
organization rulemaking.
Finally, the Exchange believes that as
Rule 6.7 will now govern the liability of
the Exchange for claims arising out of
any errors or omissions by agents of the
Exchange (which would include Order
Book Officials, PAR Officials and their
respective assistants or clerks), Rule
7.11 is superfluous and unnecessary to
maintain in the rules. Additionally, the
Exchange no longer believes it is
necessary to single out the errors or
omissions of Order Book Officials and
PAR Officials in the manner described
under Rule 7.11 as compared to other
errors and omissions that are subject to
Rule 6.7. The Exchange notes that
although the Exchange’s reciprocal right
to bring a claim against Trading Permit
Holders and the arbitration process for
disputed claims will be eliminated,
such language is no longer necessary.30
As such, the Exchange believes that
eliminating Rule 7.11 maintains clarity
in the rules and avoids potential
confusion, which removes impediments
and perfects the mechanism of a free
and open market and a national market
system, and, in general, protects
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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The Exchange believes that this
proposed rule change does not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. As stated
above, the Exchange believes that these
policies would promote fairness in the
national market system. The proposed
rule change would allow CBOE to
address Trading Permit Holder requests
for compensation under various
circumstances and would allow CBOE
to act in a fashion similar to many of its
competitors. In addition, as stated
above, several exchanges have
substantially similar rules to those
proposed here, except as otherwise
noted, and the Exchange believes that
the proposed rule change would place
CBOE in a similar position to address
Trading Permit Holder requests.31
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
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) of the Act 32 and Rule 19b–
4(f)(6) 33 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. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic 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–
CBOE–2015–042 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2015–042. This file
32 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
33 17
30 In practice, there have not been any disputed
claims submitted to the arbitration process under
Rule 7.11 for several years.
31 Id.
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29127
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 St. 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 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–CBOE–
2015–042, and should be submitted on
or before June 10, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–12148 Filed 5–19–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74967; File No. SR–Phlx–
2015–39]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Update the
Public Disclosure of Sources of Data
Utilized By PSX
May 14, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 5,
2015, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
34 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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.
handling and execution; (2) order
routing; and (3) related compliance
processes.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are
bracketed.
*
*
*
*
*
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to update the
public disclosure of the sources of data
that PSX, the PHLX equities facility,
utilizes when performing (1) order
3304. Data Feeds Utilized
[Phlx shall publicly disclose the
proprietary and network processor feeds
utilized by the System for the handling,
routing, and execution of orders, as well
as for the regulatory compliance
processes related to those functions.
This information shall be displayed on
www.nasdaqtrader.com, and it shall be
updated promptly each time Phlx
determines to add, subtract, or
otherwise modify a data source.]
The PSX System utilizes the below
proprietary and network processor feeds
utilized by the System for the handling,
routing, and execution of orders, as well
as for the regulatory compliance
processes related to those functions. The
Secondary Source of data is utilized
only in emergency market conditions
and only until those emergency
conditions are resolved.
Secondary
source
Market center
Primary source
A—NYSE MKT (AMEX) ..............................................................
B—NASDAQ OMX BX ................................................................
D—FINRA ADF ...........................................................................
J—DirectEdge A ..........................................................................
K—DirectEdge X .........................................................................
M—CSX .......................................................................................
N—NYSE .....................................................................................
P—NYSE Arca ............................................................................
T/Q—NASDAQ ............................................................................
X—NASDAQ OMX PSX ..............................................................
Y—BATS Y-Exchange ................................................................
Z—BATS Exchange ....................................................................
CQS/UQDF .................................................................................
BX ITCH 5.0 ................................................................................
CQS/UQDF .................................................................................
EdgeBook ....................................................................................
EdgeBook ....................................................................................
CQS/UQDF .................................................................................
NYSE OpenBook Ultra ................................................................
ArcaBook Binary uncompacted ...................................................
ITCH 5.0 ......................................................................................
PSX ITCH 5.0 .............................................................................
BATS PITCH ...............................................................................
BATS PITCH ...............................................................................
*
*
*
*
*
(b) Not applicable.
(c) Not applicable.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
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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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In her June 5, 2014 market structure
speech, the Chair requested that all
national securities exchanges review
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and disclose their policies and
procedures governing the market data
used when performing important
exchange functions.3 In a letter dated
June 20, 2014, the Director of the
Division of Trading and Markets
codified this request:
We believe there is a need for clarity
regarding whether (1) the SIP data feeds, (2)
proprietary data feeds, or (3) a combination
thereof, are used by the exchanges for
purposes of (1) order handling and execution
(e.g., with pegged or midpoint orders), (2)
order routing, and (3) regulatory compliance,
as applicable. . . . Accordingly, we ask that
proposed rule changes be filed that disclose
the particular market data feeds that are used
for each of these purposes. Consistent with
your recent discussions with Commission
staff, we ask that each SRO file these
proposed rule changes with the Commission
by July 15, 2014.4
PHLX fully supports the
Commission’s efforts to provide more
clarity in this area. Through this
proposed rule change, PHLX is publicly
clarifying on a market-by-market basis
the specific network processor and
proprietary data feeds that PHLX
3 See Mary Jo White, Chair, Securities and
Exchange Commission, Speech at the Sandler
O’Neill & Partners L.P. Global Exchange and
Brokerage Conference (June 5, 2014).
4 See Letter from Steven Luparello, Director, SEC
Division of Trading and Markets, to Robert Greifeld,
Chief Executive Officer, NASDAQ OMX Group,
Inc., dated June 20, 2014.
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utilizes for the handling, routing, and
execution of orders, and for performing
the regulatory compliance checks
related to each of those functions. These
complex practices are governed by a
few, simple principles that are designed
to ensure that PHLX has the most
accurate view of the trading interest
available across multiple markets, and
to maximize the synchronization of the
many exchange functions that depend
upon the calculation of an accurate
NBBO and top-of-book for each market.
These principles are:
1. PHLX uses a proprietary data feed
from each exchange that provides a
reliable proprietary data feed. Where no
reliable proprietary data feed is
available, PHLX uses the network
processor feed;
2. Where PHLX uses a proprietary
data feed for an exchange quote, it also
maintains access to the network
processor feed as a back-up in the event
a specific proprietary feed become [sic]
unavailable or unusable for any reason;
3. PHLX uses the same proprietary
data feed when performing order
handling, routing, and execution
functions, and also when the execution
and routing system performs internal
compliance checks related to those
functions; and
4. PHLX acquires and processes all
proprietary and network processor feeds
via the same technological configuration
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(i.e., telecommunication circuitry,
switches, and feed handlers) to the
greatest extent possible.
5. PHLX calculates the National Best
Bid and Offer (‘‘NBBO’’) and top-ofbook for each exchange at a single point
within the PHLX System, and then
distributes that data simultaneously to
numerous applications performing order
handling, routing, execution, and
internal compliance functions
throughout the PHLX System.
6. PHLX aggregates odd-lot orders,
including those in its own and affiliated
markets, when calculating the NBBO
based upon a direct feed from an away
exchange. PHLX processes odd-lot
orders from each exchange direct feed in
the same manner that that exchange
aggregates odd-lots when reporting its
own quotations to the SIP.
7. PHLX utilizes the NBBO and topof-book calculations described above for
the handling of orders that use those
reference points, including all variations
of midpoint orders, pegged orders, and
price-to-comply orders described in
PHLX Rule 3301(f).
8. When calculating the NBBO, the
PHLX System does not utilize feedback
from other venues when calculating the
NBBO. The PHLX System assumes that
a protected quotation to which it has
routed an order has been executed and
can be removed from the NBBO; it does
not await or respond to execution
reports from such routing activity. As of
the date of this filing, PHLX utilizes the
following data feeds for the handling,
execution and routing of orders, as well
as for performing related compliance
checks:
Secondary
source
Primary source
A—NYSE MKT (AMEX) ..............................................................
B—NASDAQ OMX BX ................................................................
D—FINRA ADF ...........................................................................
J—DirectEdge A ..........................................................................
K—DirectEdge X .........................................................................
M—CSX .......................................................................................
N—NYSE .....................................................................................
P—NYSE Arca ............................................................................
T/Q—NASDAQ ............................................................................
X—NASDAQ OMX PSX ..............................................................
Y—BATS Y-Exchange ................................................................
Z—BATS Exchange ....................................................................
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Market center
CQS/UQDF .................................................................................
BX ITCH 5.0 ................................................................................
CQS/UQDF .................................................................................
EdgeBook ....................................................................................
EdgeBook ....................................................................................
CQS/UQDF .................................................................................
NYSE OpenBook Ultra ................................................................
ArcaBook Binary uncompacted ...................................................
ITCH 5.0 ......................................................................................
PSX ITCH 5.0 .............................................................................
BATS PITCH ...............................................................................
BATS PITCH ...............................................................................
PHLX uses these feeds to calculate the
NBBO via an application called the
‘‘NMSFeed.’’ The NMSFeed consumes
the PHLX Protected Quote Service
(‘‘NPQS’’), which provides an internal
view of that exchange’s own market data
as PHLX ITCH, plus the proprietary and
network processor market data feeds
listed above. The NMSFeed calculates a
Regulation NMS-Compliant ‘‘Best Bid or
Offer’’ (‘‘Compliant BBO’’), and then
delivers that information throughout the
PHLX System, including to the ‘‘OUCH’’
order entry ports,5 the routing system,
and various compliance applications
described below.
Upon receipt of an update to a
protected quote for a specific venue, the
NMSFeed updates its quote for that
venue, recalculates the consolidated
BBO based upon the update, and
recalculates the Compliant BBO after
applying PHLX’s own BBO. Any portion
of a quote that crosses PHLX’s BBO is
ignored for purposes of calculating the
NBBO. PHLX odd lot orders at the same
price are aggregated and considered in
the NBBO calculation if the sum is
greater than or equal to a round lot.
Otherwise, they are not considered in
the NBBO calculation. Out of the
5 OUCH is a protocol that allows PHLX
participants to enter, replace and cancel orders and
receive executions. In addition to OUCH, PHLX
offers the FLITE protocol as an option for
participants. In this document, references to OUCH
also include FLITE because they are
interchangeable for these purposes.
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remaining quotes, the most aggressive
remaining bid and offer (excluding
PHLX 6 and any destination which has
been excluded from the NBBO in
compliance with the self-help
procedures under Regulation NMS) is
selected and reported as the best quote.
If away markets are crossing the market
after applying PHLX’s BBO, orders will
be accepted as originally priced and
have the potential to execute. Any order
sent to PHLX that is not an Intermarket
Sweep Order (‘‘ISO’’) will have the
Compliant BBO check enforced by the
system.7
The PHLX Routing and Special
Handling System (‘‘RASH’’) utilizes the
Compliant BBO to determine if and
when an order with special processing
directives is marketable either against
one or more orders in either the Core
Matching System or a remote trading
venue. RASH also receives market data
feeds from certain venues not displaying
6 Deletion of PHLX’s quote at this stage of the
process is necessary because otherwise the system
would prevent valid executions on PHLX in the
erroneous belief that such executions would be
‘‘trade throughs’’ in violation of Regulation NMS.
7 In general, any order that is sent to PHLX with
an ISO flag is not re-priced and will be processed
at its original price. There are a limited number of
circumstances in which an order marked as an ISO
will be determined not to be executable at its
original price and will be re-priced. These include
re-pricing under the Plan to Address Extraordinary
Market Volatility, re-pricing to comply with
Regulation SHO, and the re-pricing of an order with
a post-only condition if PHLX has an order at that
price at the time the order is accepted.
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CQS/UQDF
protected quotes in the national market
system for use in ‘‘XDRK’’ and ‘‘XCST’’
routing strategies set forth in PHLX Rule
3308(a)(1)(A)(xiii) [sic] and (xiv) [sic],
respectively. RASH maintains a number
of routing processes, or Routers, unique
to each venue that the System accesses.
These Routers maintain a limited set of
details for orders that are configured as
routable by the user, while also
monitoring the current best bid and best
offer prices on each exchange.
The PHLX System includes internal
compliance applications related to
locked and crossed markets, trade
throughs, limit-up/limit-down, and
Regulation SHO compliance. Each of
these applications utilizes the
Compliant BBO to ensure compliance
with applicable regulations.
PHLX operates a separate real-time
surveillance system that is external to
the execution systems and that monitors
the execution system’s compliance with
applicable rules and regulations. The
real-time surveillance system utilizes a
‘‘mirrored’’ version of the internal
NMSFeed in various realtime
surveillance patterns, including (1)
Lock/Cross, which detects lock/cross
events across all markets, regardless of
whether or not PHLX is a participant in
the event; (2) Trade Through, which
detects potential trade through events
for all three NASDAQ equity markets;
and (3) RegSho, which detects potential
RegSho violations, alerting when a trade
executes at or below the NBB at the time
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of order entry while the stock is in a
RegSho restricted state.
2. Statutory Basis
PHLX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,8 in general and
with Sections [sic] 6(b)(5) of the Act,9 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 regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
The Exchange believes that its
proposal to describe the Exchange’s use
of data feeds removes impediments to
and perfects the mechanism of a free
and open market and protects investors
and the public interest because it
provides additional specificity and
transparency. The Exchange’s proposal
will enable investors to better assess the
quality of the Exchange’s execution and
routing services. The proposal does not
change the operation of the Exchange or
its use of data feeds; rather it describes
how, and for what purposes, the
Exchange uses the quotes disseminated
from data feeds to calculate the NBBO
for a security for purposes of Regulation
NMS, Regulation SHO and various order
types that update based on changes to
the applicable NBBO. The Exchange
believes the additional transparency
into the operation of the Exchange as
described in the proposal will remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, protect investors and the public
interest.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
To the contrary, the Exchange believes
the proposal would enhance
competition because describing the
Exchange’s use of data feeds enhances
transparency and enables investors to
better assess the quality of the
Exchange’s execution and routing
services.
8 15
9 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)
thereunder.11
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 12 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 13
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing, noting that waiver of the
operative delay would permit the
Exchange to immediately enhance
transparency. The Commission believes
the waiver of the operative delay is
consistent with the protection of
investors and the public interest.
Therefore, the Commission hereby
waives the operative delay and
designates the proposal operative upon
filing.14
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
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:
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
11 17
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IV. Solicitation of Comments
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–
Phlx–2015–39 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-Phlx–2015–39. 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 will also 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–Phlx–
2015–39 and should be submitted on or
before June 10, 2015.
E:\FR\FM\20MYN1.SGM
20MYN1
29131
Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–12146 Filed 5–19–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74963; File No. SR–CBOE–
2015–012]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of a
Proposed Rule Change Relating to
Trading Permit Holder Qualifications
May 14, 2015.
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 May 4,
2015, Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) 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 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 proposed to amend its
rules related to Trading Permit Holder
requirements and direct access to the
Exchange’s Hybrid Trading System (the
‘‘System’’). The text of the proposed rule
change is provided below.
(Additions Are Italicized; Deletions Are
[Bracketed])
*
*
*
*
*
Chicago Board Options Exchange,
Incorporated Rules
mstockstill on DSK4VPTVN1PROD with NOTICES
*
*
*
*
*
Rule 3.4. Foreign Trading Permit
Holders
[(a) ]A Trading Permit Holder that
does not maintain an office in the
United States responsible for preparing
and maintaining financial and other
reports required to be filed with the
Securities and Exchange Commission
and the Exchange must:
([i]a) prepare all such reports, and
maintain a general ledger chart of
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
23:50 May 19, 2015
Jkt 235001
account and any description thereof, in
English and U.S. dollars;
([ii]b) reimburse the Exchange for any
expense incurred in connection with
examination of the Trading Permit
Holder to the extent that such expenses
exceed the cost of examining a Trading
Permit Holder located within the
continental United States; and
([iii]c) ensure the availability of an
individual fluent in English
knowledgeable in securities and
financial matters to assist the
representatives of the Exchange during
examinations.
Rule 3.4A. Additional Trading Permit
Holder Qualifications
(a) In addition to the qualifications set
forth in Rules 3.2 through 3.4, a Trading
Permit Holder applicant:
(i) must be domiciled in (with respect
to individuals), or organized under the
laws of (with respect to organizations),
a jurisdiction expressly approved by the
Exchange. When determining whether to
approve a jurisdiction, the Exchange
will consider whether:
(A) The applicant will be able to
supply the Exchange with such
information with respect to its dealings
with the Exchange as set forth in the
Rules;
(B) the Exchange will be able to
examine the applicant’s books and
records to verify the accuracy of any
information so supplied;
(C) approval of the applicant as a
Trading Permit Holder will comply with
all applicable laws, rules and
regulations; and
(D) other factors that the Exchange
reasonably and objectively determines
may impact the applicant’s ability to
comply with the Rules and the Act or
the Exchange’s ability to accept Trading
Permit Holders from the applicable
jurisdiction.
This approval may be limited to one
or more specified categories of Trading
Permit Holders or Trading Permit
Holder activities in a jurisdiction or be
contingent upon the satisfaction of
specified conditions by all applicants
from a jurisdiction to the extent such
limits or conditions are necessary to
satisfy clauses (A) through (D);
(ii) will be subject to the jurisdiction
of the federal courts of the United States
and the courts of the state of Illinois;
and
(iii) prior to acting as agent for a
customer, must be able to provide
information regarding the customer and
the customer’s trading activities to the
Exchange in response to a regulatory
request for information pursuant to the
Rules. To the extent an individual or
organization is required by an
PO 00000
Frm 00203
Fmt 4703
Sfmt 4703
applicable law, rule or regulation to
obtain written consent from a customer
to permit the provision of this
information to the Exchange, the
applicant must obtain such consent.
(b) The Exchange may at any time
determine that a Trading Permit Holder
can no longer comply with this Rule
3.4A. In that event, the Trading Permit
Holder will have three months following
the date of that determination to come
into compliance with this Rule 3.4A. If
a Trading Permit Holder does not come
into compliance during that time
period, the Exchange may terminate the
Trading Permit Holder’s status as a
Trading Permit Holder.
*
*
*
*
*
Rule 6.20A. Sponsored Users
(a)–(b) No change.
(c) A Sponsoring Trading Permit
Holder must ensure that a Sponsored
User satisfies the requirements set forth
in Rule 3.4A(a) and only directly
accesses the System from an approved
jurisdiction as set forth in Rule
6.23A(d).
. . . Interpretations and Policies:
*
.01 No change.
*
*
*
*
Rule 6.23A. Trading Permit Holder
Connectivity
(a)–(c) No change.
(d) The Hybrid Trading System shall
be available for entry and execution of
orders only to Trading Permit Holders,
[and ]persons associated with Trading
Permit Holders, and Sponsored Users
(pursuant to Rule 6.20A) with
authorized access. Such persons may
only directly access the System from a
jurisdiction expressly approved by the
Exchange pursuant to Rule 3.4A(a). The
Exchange will require a Trading Permit
Holder to enter into a software user or
license agreement with the Exchange in
such form or forms as the Exchange may
prescribe in order to obtain authorized
access to the Hybrid Trading System, if
the Trading Permit Holder elects to use
an API for which the Exchange has
determined such an agreement is
necessary.
(e)–(f) No change.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s Web
site (https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
E:\FR\FM\20MYN1.SGM
20MYN1
]]>Agencies
[Federal Register Volume 80, Number 97 (Wednesday, May 20, 2015)]
[Notices]
[Pages 29127-29131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-12146]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74967; File No. SR-Phlx-2015-39]
Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Update
the Public Disclosure of Sources of Data Utilized By PSX
May 14, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 5, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed
with the
[[Page 29128]]
Securities and Exchange Commission (``SEC'' or ``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 proposes to update the public disclosure of the
sources of data that PSX, the PHLX equities facility, utilizes when
performing (1) order handling and execution; (2) order routing; and (3)
related compliance processes.
The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are bracketed.
* * * * *
3304. Data Feeds Utilized
[Phlx shall publicly disclose the proprietary and network processor
feeds utilized by the System for the handling, routing, and execution
of orders, as well as for the regulatory compliance processes related
to those functions. This information shall be displayed on
www.nasdaqtrader.com, and it shall be updated promptly each time Phlx
determines to add, subtract, or otherwise modify a data source.]
The PSX System utilizes the below proprietary and network processor
feeds utilized by the System for the handling, routing, and execution
of orders, as well as for the regulatory compliance processes related
to those functions. The Secondary Source of data is utilized only in
emergency market conditions and only until those emergency conditions
are resolved.
------------------------------------------------------------------------
Market center Primary source Secondary source
------------------------------------------------------------------------
A--NYSE MKT (AMEX)............. CQS/UQDF.......... n/a
B--NASDAQ OMX BX............... BX ITCH 5.0....... CQS/UQDF
D--FINRA ADF................... CQS/UQDF.......... n/a
J--DirectEdge A................ EdgeBook.......... CQS/UQDF
K--DirectEdge X................ EdgeBook.......... CQS/UQDF
M--CSX......................... CQS/UQDF.......... n/a
N--NYSE........................ NYSE OpenBook CQS/UQDF
Ultra.
P--NYSE Arca................... ArcaBook Binary CQS/UQDF
uncompacted.
T/Q--NASDAQ.................... ITCH 5.0.......... CQS/UQDF
X--NASDAQ OMX PSX.............. PSX ITCH 5.0...... CQS/UQDF
Y--BATS Y-Exchange............. BATS PITCH........ CQS/UQDF
Z--BATS Exchange............... BATS PITCH........ CQS/UQDF
------------------------------------------------------------------------
* * * * *
(b) Not applicable.
(c) Not applicable.
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaqomxphlx.cchwallstreet.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In her June 5, 2014 market structure speech, the Chair requested
that all national securities exchanges review and disclose their
policies and procedures governing the market data used when performing
important exchange functions.\3\ In a letter dated June 20, 2014, the
Director of the Division of Trading and Markets codified this request:
---------------------------------------------------------------------------
\3\ See Mary Jo White, Chair, Securities and Exchange
Commission, Speech at the Sandler O'Neill & Partners L.P. Global
Exchange and Brokerage Conference (June 5, 2014).
We believe there is a need for clarity regarding whether (1) the
SIP data feeds, (2) proprietary data feeds, or (3) a combination
thereof, are used by the exchanges for purposes of (1) order
handling and execution (e.g., with pegged or midpoint orders), (2)
order routing, and (3) regulatory compliance, as applicable. . . .
Accordingly, we ask that proposed rule changes be filed that
disclose the particular market data feeds that are used for each of
these purposes. Consistent with your recent discussions with
Commission staff, we ask that each SRO file these proposed rule
changes with the Commission by July 15, 2014.\4\
---------------------------------------------------------------------------
\4\ See Letter from Steven Luparello, Director, SEC Division of
Trading and Markets, to Robert Greifeld, Chief Executive Officer,
NASDAQ OMX Group, Inc., dated June 20, 2014.
PHLX fully supports the Commission's efforts to provide more
clarity in this area. Through this proposed rule change, PHLX is
publicly clarifying on a market-by-market basis the specific network
processor and proprietary data feeds that PHLX utilizes for the
handling, routing, and execution of orders, and for performing the
regulatory compliance checks related to each of those functions. These
complex practices are governed by a few, simple principles that are
designed to ensure that PHLX has the most accurate view of the trading
interest available across multiple markets, and to maximize the
synchronization of the many exchange functions that depend upon the
calculation of an accurate NBBO and top-of-book for each market. These
principles are:
1. PHLX uses a proprietary data feed from each exchange that
provides a reliable proprietary data feed. Where no reliable
proprietary data feed is available, PHLX uses the network processor
feed;
2. Where PHLX uses a proprietary data feed for an exchange quote,
it also maintains access to the network processor feed as a back-up in
the event a specific proprietary feed become [sic] unavailable or
unusable for any reason;
3. PHLX uses the same proprietary data feed when performing order
handling, routing, and execution functions, and also when the execution
and routing system performs internal compliance checks related to those
functions; and
4. PHLX acquires and processes all proprietary and network
processor feeds via the same technological configuration
[[Page 29129]]
(i.e., telecommunication circuitry, switches, and feed handlers) to the
greatest extent possible.
5. PHLX calculates the National Best Bid and Offer (``NBBO'') and
top-of-book for each exchange at a single point within the PHLX System,
and then distributes that data simultaneously to numerous applications
performing order handling, routing, execution, and internal compliance
functions throughout the PHLX System.
6. PHLX aggregates odd-lot orders, including those in its own and
affiliated markets, when calculating the NBBO based upon a direct feed
from an away exchange. PHLX processes odd-lot orders from each exchange
direct feed in the same manner that that exchange aggregates odd-lots
when reporting its own quotations to the SIP.
7. PHLX utilizes the NBBO and top-of-book calculations described
above for the handling of orders that use those reference points,
including all variations of midpoint orders, pegged orders, and price-
to-comply orders described in PHLX Rule 3301(f).
8. When calculating the NBBO, the PHLX System does not utilize
feedback from other venues when calculating the NBBO. The PHLX System
assumes that a protected quotation to which it has routed an order has
been executed and can be removed from the NBBO; it does not await or
respond to execution reports from such routing activity. As of the date
of this filing, PHLX utilizes the following data feeds for the
handling, execution and routing of orders, as well as for performing
related compliance checks:
------------------------------------------------------------------------
Market center Primary source Secondary source
------------------------------------------------------------------------
A--NYSE MKT (AMEX)............. CQS/UQDF.......... n/a
B--NASDAQ OMX BX............... BX ITCH 5.0....... CQS/UQDF
D--FINRA ADF................... CQS/UQDF.......... n/a
J--DirectEdge A................ EdgeBook.......... CQS/UQDF
K--DirectEdge X................ EdgeBook.......... CQS/UQDF
M--CSX......................... CQS/UQDF.......... n/a
N--NYSE........................ NYSE OpenBook CQS/UQDF
Ultra.
P--NYSE Arca................... ArcaBook Binary CQS/UQDF
uncompacted.
T/Q--NASDAQ.................... ITCH 5.0.......... CQS/UQDF
X--NASDAQ OMX PSX.............. PSX ITCH 5.0...... CQS/UQDF
Y--BATS Y-Exchange............. BATS PITCH........ CQS/UQDF
Z--BATS Exchange............... BATS PITCH........ CQS/UQDF
------------------------------------------------------------------------
PHLX uses these feeds to calculate the NBBO via an application
called the ``NMSFeed.'' The NMSFeed consumes the PHLX Protected Quote
Service (``NPQS''), which provides an internal view of that exchange's
own market data as PHLX ITCH, plus the proprietary and network
processor market data feeds listed above. The NMSFeed calculates a
Regulation NMS-Compliant ``Best Bid or Offer'' (``Compliant BBO''), and
then delivers that information throughout the PHLX System, including to
the ``OUCH'' order entry ports,\5\ the routing system, and various
compliance applications described below.
---------------------------------------------------------------------------
\5\ OUCH is a protocol that allows PHLX participants to enter,
replace and cancel orders and receive executions. In addition to
OUCH, PHLX offers the FLITE protocol as an option for participants.
In this document, references to OUCH also include FLITE because they
are interchangeable for these purposes.
---------------------------------------------------------------------------
Upon receipt of an update to a protected quote for a specific
venue, the NMSFeed updates its quote for that venue, recalculates the
consolidated BBO based upon the update, and recalculates the Compliant
BBO after applying PHLX's own BBO. Any portion of a quote that crosses
PHLX's BBO is ignored for purposes of calculating the NBBO. PHLX odd
lot orders at the same price are aggregated and considered in the NBBO
calculation if the sum is greater than or equal to a round lot.
Otherwise, they are not considered in the NBBO calculation. Out of the
remaining quotes, the most aggressive remaining bid and offer
(excluding PHLX \6\ and any destination which has been excluded from
the NBBO in compliance with the self-help procedures under Regulation
NMS) is selected and reported as the best quote. If away markets are
crossing the market after applying PHLX's BBO, orders will be accepted
as originally priced and have the potential to execute. Any order sent
to PHLX that is not an Intermarket Sweep Order (``ISO'') will have the
Compliant BBO check enforced by the system.\7\
---------------------------------------------------------------------------
\6\ Deletion of PHLX's quote at this stage of the process is
necessary because otherwise the system would prevent valid
executions on PHLX in the erroneous belief that such executions
would be ``trade throughs'' in violation of Regulation NMS.
\7\ In general, any order that is sent to PHLX with an ISO flag
is not re-priced and will be processed at its original price. There
are a limited number of circumstances in which an order marked as an
ISO will be determined not to be executable at its original price
and will be re-priced. These include re-pricing under the Plan to
Address Extraordinary Market Volatility, re-pricing to comply with
Regulation SHO, and the re-pricing of an order with a post-only
condition if PHLX has an order at that price at the time the order
is accepted.
---------------------------------------------------------------------------
The PHLX Routing and Special Handling System (``RASH'') utilizes
the Compliant BBO to determine if and when an order with special
processing directives is marketable either against one or more orders
in either the Core Matching System or a remote trading venue. RASH also
receives market data feeds from certain venues not displaying protected
quotes in the national market system for use in ``XDRK'' and ``XCST''
routing strategies set forth in PHLX Rule 3308(a)(1)(A)(xiii) [sic] and
(xiv) [sic], respectively. RASH maintains a number of routing
processes, or Routers, unique to each venue that the System accesses.
These Routers maintain a limited set of details for orders that are
configured as routable by the user, while also monitoring the current
best bid and best offer prices on each exchange.
The PHLX System includes internal compliance applications related
to locked and crossed markets, trade throughs, limit-up/limit-down, and
Regulation SHO compliance. Each of these applications utilizes the
Compliant BBO to ensure compliance with applicable regulations.
PHLX operates a separate real-time surveillance system that is
external to the execution systems and that monitors the execution
system's compliance with applicable rules and regulations. The real-
time surveillance system utilizes a ``mirrored'' version of the
internal NMSFeed in various realtime surveillance patterns, including
(1) Lock/Cross, which detects lock/cross events across all markets,
regardless of whether or not PHLX is a participant in the event; (2)
Trade Through, which detects potential trade through events for all
three NASDAQ equity markets; and (3) RegSho, which detects potential
RegSho violations, alerting when a trade executes at or below the NBB
at the time
[[Page 29130]]
of order entry while the stock is in a RegSho restricted state.
2. Statutory Basis
PHLX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\8\ in general and with Sections
[sic] 6(b)(5) of the Act,\9\ 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 regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to describe the Exchange's
use of data feeds removes impediments to and perfects the mechanism of
a free and open market and protects investors and the public interest
because it provides additional specificity and transparency. The
Exchange's proposal will enable investors to better assess the quality
of the Exchange's execution and routing services. The proposal does not
change the operation of the Exchange or its use of data feeds; rather
it describes how, and for what purposes, the Exchange uses the quotes
disseminated from data feeds to calculate the NBBO for a security for
purposes of Regulation NMS, Regulation SHO and various order types that
update based on changes to the applicable NBBO. The Exchange believes
the additional transparency into the operation of the Exchange as
described in the proposal will remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, protect investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. To
the contrary, the Exchange believes the proposal would enhance
competition because describing the Exchange's use of data feeds
enhances transparency and enables investors to better assess the
quality of the Exchange's execution and routing services.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the 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, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6)
thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \12\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \13\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing, noting that
waiver of the operative delay would permit the Exchange to immediately
enhance transparency. The Commission believes the waiver of the
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the operative
delay and designates the proposal operative upon filing.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic 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-Phlx-2015-39 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-Phlx-2015-39. 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 will also 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-Phlx-2015-39 and should be
submitted on or before June 10, 2015.
[[Page 29131]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12146 Filed 5-19-15; 8:45 am]
BILLING CODE 8011-01-P
