Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Delay of Implementation Related to the Volume-Based and Multi-Trigger Thresholds, 46610-46612 [2015-19128]

Download as PDF 46610 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices Authorization No. Agency name Organization name Position title Department of Justice .................... Department of Labor ...................... Office of Legislative Affairs ............ Office of the Secretary ................... Attorney Advisor ............................. Special Assistant to the Secretary Special Assistant ............................ Policy Advisor ................................ Special Advisor .............................. Senior Advisor ................................ DJ130073 DL130043 DL100020 DL140007 SB130025 DS110135 5/2/15 5/2/15 5/9/15 5/2/15 5/2/15 5/2/15 Staff Assistant ................................ DS130124 5/2/15 White House Liaison ...................... Deputy White House Liaison ......... DT130041 DT140050 5/2/15 5/2/15 Small Business Administration ....... Department of State ....................... Department of Transportation ........ Wage and Hour Division ................ Office of Investment ....................... Office of the Deputy Secretary for Management and Resources. Office of the Under Secretary for Management. Office of the Secretary ................... Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR, 1954–1958 Comp., p. 218. U.S. Office of Personnel Management. Beth F. Cobert, Acting Director. [FR Doc. 2015–19215 Filed 8–4–15; 8:45 am] BILLING CODE 6325–39–P POSTAL REGULATORY COMMISSION [Docket No. CP2015–115; Order No. 2627] New Postal Product AGENCY: ACTION: Postal Regulatory Commission. Notice. The Commission is noticing a recent Postal Service filing concerning an additional Global Expedited Package Services 3 negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. SUMMARY: DATES: Comments are due: August 6, 2015. Submit comments electronically via the Commission’s Filing Online system at http:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. ADDRESSES: FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202–789–6820. asabaliauskas on DSK5VPTVN1PROD with NOTICES SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Notice of Commission Action III. Ordering Paragraphs I. Introduction On July 29, 2015, the Postal Service filed notice that it has entered into an additional Global Expedited Package VerDate Sep<11>2014 16:54 Aug 04, 2015 Jkt 235001 Services 3 (GEPS 3) negotiated service agreement (Agreement).1 To support its Notice, the Postal Service filed a copy of the Agreement, a copy of the Governors’ Decision authorizing the product, a certification of compliance with 39 U.S.C. 3633(a), and an application for non-public treatment of certain materials. It also filed supporting financial workpapers. II. Notice of Commission Action The Commission establishes Docket No. CP2015–115 for consideration of matters raised by the Notice. The Commission invites comments on whether the Postal Service’s filing is consistent with 39 U.S.C. 3632, 3633, or 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comments are due no later than August 6, 2015. The public portions of the filing can be accessed via the Commission’s Web site (http:// www.prc.gov). The Commission appoints John P. Klingenberg to serve as an officer of the Commission to represent the interests of the general public in this proceeding (Public Representative). III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. CP2015–115 for consideration of the matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, John P. Klingenberg is appointed as the Public Representative in this proceeding. 3. Comments are due no later than August 6, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. 1 Notice of United States Postal Service of Filing a Functionally Equivalent Global Expedited Package Services 3 Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal, July 29, 2015 (Notice). PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 Vacate date By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2015–19117 Filed 8–4–15; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75558; File No. SR–Phlx– 2015–67] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Delay of Implementation Related to the Volume-Based and Multi-Trigger Thresholds July 30, 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 July 21, 2015, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the implementation timeframe for adopting two new Phlx Market Maker 3 risk 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 A ‘‘Market Maker’’ includes Registered Options Traders (‘‘ROTs’’) (Rule 1014(b)(i) and (ii)), which includes Streaming Quote Traders (‘‘SQTs’’) (See Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (‘‘RSQTs’’) (See Rule 1014(b)(ii)(B)). An SQT is defined in Exchange Rule 1014(b)(ii)(A) as an ROT who has received permission from the Exchange to generate and submit option quotations electronically in options to which such SQT is assigned. An RSQT is defined in Exchange Rule 2 17 E:\FR\FM\05AUN1.SGM 05AUN1 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices protections, a volume-based threshold and a multi-trigger threshold. The text of the proposed rule change is available on the Exchange’s Web site at http:// 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 asabaliauskas on DSK5VPTVN1PROD with NOTICES The purpose of the proposal is to extend the implementation of the Exchange’s amendments to Phlx Exchange Rule 1095 entitled ‘‘Automated Removal of Market Maker Quotes.’’ 4 In its rule change regarding the two new risk protections, the Exchange stated that it proposes to ‘‘. . . implement this rule within thirty (30) days of the operative date. The Exchange will issue an Options Trader Alert in advance to inform market participants of such date.’’ 5 At this time, the Exchange desires to extend the implementation of this rule change and request that it implement the rule within (60) days of the operative date. The Exchange will announce the date of implementation by issuing an Options Trader Alert. By way of background, these risk protections are intended to assist Market 1014(b)(ii)(B) as an ROT that is a member or member organization with no physical trading floor presence who has received permission from the Exchange to generate and submit option quotations electronically in options to which such RSQT has been assigned. An RSQT may only submit such quotations electronically from off the floor of the Exchange. A Market Maker also includes a specialist, an Exchange member who is registered as an options specialist pursuant to Rule 1020(a). 4 This rule became immediately effective on June 22, 2015. Securities Exchange Act Release No. 75372 (July 7, 2015), 80 FR 40107 (July 13, 2015) (SR–Phlx–2015–52). 5 See note 4. VerDate Sep<11>2014 16:54 Aug 04, 2015 Jkt 235001 Makers to control their trading risks.6 Specifically, the risk protections establish: (1) A threshold used to calculate each Market Maker’s total volume executed in all series of an underlying security within a specified time period and to compare that to a pre-determined threshold (‘‘VolumeBased Threshold’’), and (2) a threshold used to measure the number of times the Phlx XL system (‘‘System’’) has triggered 7 based on the Risk Monitor Mechanism (‘‘Percentage-Based Threshold’’) pursuant to Rule 1093 and Volume-Based Thresholds within a specified time period and to compare that total to a pre-determined threshold (‘‘Multi-Trigger Threshold’’).8 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 9 in general, and furthers the objectives of Section 6(b)(5) of the Act 10 in particular, in that it is designed to promote just and equitable principles of trade, 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, by enhancing the risk protections available to Exchange members. The proposal promotes policy goals of the Commission, which has encouraged execution venues, exchange and nonexchange alike, to enhance risk protection tools and other mechanisms to decrease risk and increase stability. The delay of the implementation of Phlx Rule 1095 will permit the Exchange an additional thirty days within which to implement these risk protections that will be utilized by Phlx Market Makers. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. With respect to the risk protections, the proposal will not impose a burden on intra-market or inter-market competition; rather it provides Market Makers with the opportunity to avail themselves of 6 See Rule 1014 entitled ‘‘Obligations and Restrictions Applicable to Specialists and Registered Options Traders.’’ 7 A trigger is defined as the event which causes the System to automatically remove all quotes in all options series in an underlying issue. 8 The details of the two risk protections are described in the initial filing. See Securities Exchange Act Release No. 75372 (July 7, 2015), 80 FR 40107 (July 13, 2015) (SR–Phlx–2015–52). 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(5). PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 46611 similar risk tools that are currently available on other exchanges.11 The proposal does not impose a burden on inter-market competition, because members may choose to become market makers on a number of other options exchanges, which may have similar but not identical features.12 The proposed rule change is meant to protect Market Makers from inadvertent exposure to excessive risk. Accordingly, the proposed rule change will have no impact on competition. The delay of the implementation of Phlx Rule 1095 will permit the Exchange additional time to implement these risk protections that will be utilized by Phlx Market Makers. 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 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 13 and subparagraph (f)(6) of Rule 19b–4 thereunder.14 The Exchange has requested that the Commission waive the thirty-day operative delay so that the proposal may become operative immediately. The Exchange states that waiving the thirty-day operative delay will enable it to implement these risk protections within the new timeframe. The Commission believes that waiving the thirty day delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the thirty11 See Section 8 of Form 19b–4 with respect to this proposed rule change. 12 See BATS Rule 21.16, BOX Rules 8100 and 8110, C2 Rule 8.12, CBOE Rule 8.18, ISE Rule 804(g), MIAX Rule 612, NYSE MKT Rule 928NY and NYSE Arca Rule 6.40. 13 15 U.S.C. 78s(b)(3)(a)(ii). 14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. E:\FR\FM\05AUN1.SGM 05AUN1 46612 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices day operative delay and designates the proposal effective upon filing.15 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– Phlx–2015–67 on the subject line. 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–Phlx–2015–67 and should be submitted on or before August 26, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–19128 Filed 8–4–15; 8:45 am] BILLING CODE 8011–01–P [File No. 500–1] In the Matter of Wonder International Education and Investment Group Corp.; Order of Suspension of Trading asabaliauskas on DSK5VPTVN1PROD with NOTICES August 3, 2015. • 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–2015–67. 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 (http://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 It appears to the Securities and Exchange Commission (‘‘Commission’’) that there is a lack of current and accurate information concerning the securities of Wonder International Education and Investment Group Corp. (CIK No. 0001456137) (‘‘WIEI’’) because WIEI has not filed any periodic reports since it filed a Form 10–Q for the quarter ended September 30, 2013 on November 14, 2013. The company has not filed audited financials since July 25, 2013, when it filed its amended Form 10–K for the year ended December 31, 2012. In particular, it appears to the Commission that there is a lack of accurate and reliable information concerning WIEI’s financial condition and the current status of its business. WIEI is an Arizona corporation originally based in Scottsdale, Arizona. Its stock is quoted on OTC Link, operated by OTC Markets Group Inc., under the ticker: WIEI. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. VerDate Sep<11>2014 16:54 Aug 04, 2015 Jkt 235001 By the Commission. Brent J. Fields, Secretary. [FR Doc. 2015–19311 Filed 8–3–15; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75566; File No. SR– NYSEArca–2015–42] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendments No. 1 and No. 2, To List and Trade of Shares of Newfleet MultiSector Unconstrained Bond ETF Under NYSE Arca Equities Rule 8.600 July 30, 2015. SECURITIES AND EXCHANGE COMMISSION Paper Comments 15 For purposes of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). EDT on August 3, 2015, through 11:59 p.m. EDT on August 14, 2015. 16 17 PO 00000 CFR 200.30–3(a)(12). Frm 00075 Fmt 4703 Sfmt 4703 I. Introduction On June 5, 2015, NYSE Arca, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares (‘‘Shares’’) of the Newfleet Multi-Sector Unconstrained Bond ETF (‘‘Fund’’), a series of the ETFis Series Trust I (‘‘Trust’’) under NYSE Arca Equities Rule 8.600, which governs the listing and trading of Managed Fund Shares. On June 15, 2015, the Exchange filed Amendment No. 1 to the proposed rule change.3 The Commission published notice of the proposed rule change, as modified by Amendment No. 1 thereto, in the Federal Register on June 24, 2015.4 On July 23, 2015, the Exchange filed Amendment No. 2 to the proposed rule change.5 The Commission received no comments on the proposal. This 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 to the proposed rule change replaced and superseded the original filing in its entirety. 4 See Securities Exchange Act Release No. 75247 (June 18, 2015), 80 FR 36372 (‘‘Notice’’). 5 Amendment No. 2 clarified that the Adviser expects that, under normal market conditions, the Fund will seek to invest at least 75% of its corporate bond assets in issuances that have at least $100,000,000 par amount outstanding in developed countries or at least $200,000,000 par amount outstanding in emerging market countries. Because it only makes this clarification and does not materially affect the substance of the proposed rule change or raise unique or novel regulatory issues, Amendment No. 2 to the proposed rule change does not require notice and comment. The text of Amendment No. 2 is available at: http:// www.sec.gov/comments/sr-nysearca-2015-42/ nysearca201542-2.pdf. 2 17 E:\FR\FM\05AUN1.SGM 05AUN1

Agencies

[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46610-46612]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19128]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75558; File No. SR-Phlx-2015-67]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
a Delay of Implementation Related to the Volume-Based and Multi-Trigger 
Thresholds

July 30, 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 July 21, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the 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 extend the implementation timeframe for 
adopting two new Phlx Market Maker \3\ risk

[[Page 46611]]

protections, a volume-based threshold and a multi-trigger threshold.
---------------------------------------------------------------------------

    \3\ A ``Market Maker'' includes Registered Options Traders 
(``ROTs'') (Rule 1014(b)(i) and (ii)), which includes Streaming 
Quote Traders (``SQTs'') (See Rule 1014(b)(ii)(A)) and Remote 
Streaming Quote Traders (``RSQTs'') (See Rule 1014(b)(ii)(B)). An 
SQT is defined in Exchange Rule 1014(b)(ii)(A) as an ROT who has 
received permission from the Exchange to generate and submit option 
quotations electronically in options to which such SQT is assigned. 
An RSQT is defined in Exchange Rule 1014(b)(ii)(B) as an ROT that is 
a member or member organization with no physical trading floor 
presence who has received permission from the Exchange to generate 
and submit option quotations electronically in options to which such 
RSQT has been assigned. An RSQT may only submit such quotations 
electronically from off the floor of the Exchange. A Market Maker 
also includes a specialist, an Exchange member who is registered as 
an options specialist pursuant to Rule 1020(a).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's 
Web site at http://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
    The purpose of the proposal is to extend the implementation of the 
Exchange's amendments to Phlx Exchange Rule 1095 entitled ``Automated 
Removal of Market Maker Quotes.'' \4\ In its rule change regarding the 
two new risk protections, the Exchange stated that it proposes to ``. . 
. implement this rule within thirty (30) days of the operative date. 
The Exchange will issue an Options Trader Alert in advance to inform 
market participants of such date.'' \5\ At this time, the Exchange 
desires to extend the implementation of this rule change and request 
that it implement the rule within (60) days of the operative date. The 
Exchange will announce the date of implementation by issuing an Options 
Trader Alert.
---------------------------------------------------------------------------

    \4\ This rule became immediately effective on June 22, 2015. 
Securities Exchange Act Release No. 75372 (July 7, 2015), 80 FR 
40107 (July 13, 2015) (SR-Phlx-2015-52).
    \5\ See note 4.
---------------------------------------------------------------------------

    By way of background, these risk protections are intended to assist 
Market Makers to control their trading risks.\6\ Specifically, the risk 
protections establish: (1) A threshold used to calculate each Market 
Maker's total volume executed in all series of an underlying security 
within a specified time period and to compare that to a pre-determined 
threshold (``Volume-Based Threshold''), and (2) a threshold used to 
measure the number of times the Phlx XL system (``System'') has 
triggered \7\ based on the Risk Monitor Mechanism (``Percentage-Based 
Threshold'') pursuant to Rule 1093 and Volume-Based Thresholds within a 
specified time period and to compare that total to a pre-determined 
threshold (``Multi-Trigger Threshold'').\8\
---------------------------------------------------------------------------

    \6\ See Rule 1014 entitled ``Obligations and Restrictions 
Applicable to Specialists and Registered Options Traders.''
    \7\ A trigger is defined as the event which causes the System to 
automatically remove all quotes in all options series in an 
underlying issue.
    \8\ The details of the two risk protections are described in the 
initial filing. See Securities Exchange Act Release No. 75372 (July 
7, 2015), 80 FR 40107 (July 13, 2015) (SR-Phlx-2015-52).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \9\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \10\ in particular, in that it is designed to 
promote just and equitable principles of trade, 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, by enhancing the risk protections available to Exchange 
members. The proposal promotes policy goals of the Commission, which 
has encouraged execution venues, exchange and non-exchange alike, to 
enhance risk protection tools and other mechanisms to decrease risk and 
increase stability.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The delay of the implementation of Phlx Rule 1095 will permit the 
Exchange an additional thirty days within which to implement these risk 
protections that will be utilized by Phlx Market Makers.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. With respect to the risk 
protections, the proposal will not impose a burden on intra-market or 
inter-market competition; rather it provides Market Makers with the 
opportunity to avail themselves of similar risk tools that are 
currently available on other exchanges.\11\ The proposal does not 
impose a burden on inter-market competition, because members may choose 
to become market makers on a number of other options exchanges, which 
may have similar but not identical features.\12\ The proposed rule 
change is meant to protect Market Makers from inadvertent exposure to 
excessive risk. Accordingly, the proposed rule change will have no 
impact on competition.
---------------------------------------------------------------------------

    \11\ See Section 8 of Form 19b-4 with respect to this proposed 
rule change.
    \12\ See BATS Rule 21.16, BOX Rules 8100 and 8110, C2 Rule 8.12, 
CBOE Rule 8.18, ISE Rule 804(g), MIAX Rule 612, NYSE MKT Rule 928NY 
and NYSE Arca Rule 6.40.
---------------------------------------------------------------------------

    The delay of the implementation of Phlx Rule 1095 will permit the 
Exchange additional time to implement these risk protections that will 
be utilized by Phlx Market Makers.

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 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 \13\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\14\ The Exchange has 
requested that the Commission waive the thirty-day operative delay so 
that the proposal may become operative immediately. The Exchange states 
that waiving the thirty-day operative delay will enable it to implement 
these risk protections within the new timeframe. The Commission 
believes that waiving the thirty day delay is consistent with the 
protection of investors and the public interest. Therefore, the 
Commission hereby waives the thirty-

[[Page 46612]]

day operative delay and designates the proposal effective upon 
filing.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(a)(ii).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
    \15\ For purposes of waiving the 30-day 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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2015-67 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-2015-67. 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 (http://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-Phlx-2015-67 and 
should be submitted on or before August 26, 2015.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19128 Filed 8-4-15; 8:45 am]
 BILLING CODE 8011-01-P