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]
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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 https://
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 (https://
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
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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
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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 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
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.
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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
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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 (https://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 (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
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: https://
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]
=======================================================================
-----------------------------------------------------------------------
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 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
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.
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\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.
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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\
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\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).
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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 (https://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 (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
All submissions should refer to File Number SR-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
