Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Rule 108, 79394-79396 [2015-31928]
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79394
Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
Revised Index weight is composed of
maturities that are part of a minimum
original principal amount outstanding
of $100 million or more, and in view of
the substantial total dollar amount
outstanding and the average dollar
amount outstanding of Revised Index
issues, as referenced above. In addition,
the Exchange notes that the average
daily notional trading volume for
Revised Index components for the
period from June 30, 2014 to June 30,
2015 was approximately $323.6 million,
and the sum of the notional trading
volumes for the same period was $82.2
billion.
The Revised Index value, calculated
and disseminated at least once daily, as
well as the components of the Revised
Index and their percentage weighting,
will be available from major market data
vendors. In addition, the portfolio of
securities held by the Fund will be
disclosed daily on the Fund’s Web site
at www.marketvectorsetfs.com.
The Exchange represents that: (1)
Except for Commentary .02(a)(2) to
NYSE Arca Equities Rule 5.2(j)(3), the
Shares currently satisfy all of the
generic listing standards under NYSE
Arca Equities Rule 5.2(j)(3); (2) the
continued listing standards under NYSE
Arca Equities Rules 5.2(j)(3) and
5.5(g)(2) applicable to Units shall apply
to the Shares; and (3) the Trust is
required to comply with Rule 10A–3
under the Act 11 for the initial and
continued listing of the Shares. In
addition, the Exchange represents that
the Shares will comply with all other
requirements applicable to Units
including, but not limited to,
requirements relating to the
dissemination of key information such
as the value of the Revised Index and
the applicable Intraday Indicative Value
(‘‘IIV’’); 12 rules governing the trading of
equity securities, trading hours, trading
halts, surveillance, and the Information
Bulletin to Equity Trading Permit
Holders (‘‘ETP Holders’’), as set forth in
Exchange rules applicable to Units; and
prior Commission orders approving the
generic listing rules applicable to the
listing and trading of Units.13
11 17
CFR 240.10A–3.
IIV will be widely disseminated by one or
more major market data vendors at least every 15
seconds during the Exchange’s Core Trading
Session of 9:30 a.m. to 4:00 p.m., Eastern time.
Currently, it is the Exchange’s understanding that
several major market data vendors display or make
widely available IIVs taken from the Consolidated
Tape Association or other data feeds.
13 See, e.g., Securities Exchange Act Release Nos.
55783 (May 17, 2007), 72 FR 29194 (May 24, 2007)
(SR–NYSEArca–2007–36) (order approving NYSE
Arca generic listing standards for Units based on a
fixed income index); 44551 (July 12, 2001), 66 FR
37716 (July 19, 2001) (SR–PCX–2001–14) (order
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12 The
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The value of the Revised Index will be
widely disseminated by one or more
major market data vendors at least once
per day, as required by NYSE Arca
Equities Rule 5.2(j)(3), Commentary
.02(b)(ii). The IIV for the Shares will be
disseminated by one or more major
market data vendors, updated at least
every 15 seconds during the Exchange’s
Core Trading Session, as required by
NYSE Arca Equities Rule 5.2(j)(3),
Commentary .02(c).
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the Exchange’s proposal to
permit the Fund to track the Revised
Index is consistent with the Exchange
Act and the rules and regulations
thereunder applicable to a national
securities exchange.14 In particular, the
Commission finds that the proposed
rule change is consistent with section
6(b)(5) of the Exchange Act,15 which
requires, among other things, that the
Exchange’s rules be 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.
The Commission believes that the
Revised Index is unlikely to be more
susceptible to manipulation than the
existing Index. The weight of the
Revised Index components with a
minimum original principal amount
outstanding of $100 million or more was
30.10% as of June 30, 2015,16 which is
heavier than the weight of such
components in the Index as of
November 27, 2012.17 Additionally, the
number of components and the number
of unique issuers is greater for the
Revised Index than for the Index.18
Further, the average daily notional
trading volume was much greater for
approving generic listing standards for Units and
Portfolio Depositary Receipts); 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR–PCX–
98–29) (order approving rules for listing and trading
of Units).
14 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
15 15 U.S.C. 78f(b)(5).
16 See Notice, supra note 3, 80 FR at 55703.
17 See Order, supra note 4, 79 FR at 1663–4 (‘‘only
15.66% of the weight of the Index components, as
of November 27, 2012, had a minimum original
principal amount outstanding of $100 million or
more’’).
18 As of June 30, 2015, the Revised Index was
composed of 9,481 issues and 900 unique issuers.
See Notice, supra note 3, 80 FR at 55704. As of
November 27, 2012, the Index was composed of
1,935 issues and 530 unique issuers. See Order,
supra note 4, 79 FR at 1664.
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Sfmt 4703
Revised Index components than for
Index components.19
The Commission notes that the
Exchange represents that: (1) The Shares
and the Revised Index satisfy all of the
requirements for generic listing
standards under NYSE Arca Equities
Rule 5.2(j)(3) except for Commentary
.02(a)(2) to NYSE Arca Equities Rule
5.2(j)(3); and (2) except as noted, all
other representations made in support
of the Release remain unchanged.
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with section
6(b)(5) of the Exchange Act 20 and the
rules and regulations thereunder
applicable to a national securities
exchange.
IV. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Exchange Act,21
that the proposed rule change (SR–
NYSEArca–2015–74), be, and it hereby
is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–31932 Filed 12–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76657; File No. SR–Phlx–
2015–104]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delete Rule
108
December 15, 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 December
9, 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, II,
19 Between June 30, 2014, and June 30, 2015, the
average daily notional trading volume for Revised
Index components was approximately $323.6
million. See Notice, supra note 3, 80 FR at 55704.
The average daily notional trading volume for Index
components between October 31, 2011, and October
31, 2012 was $2,839,895. See Securities Exchange
Act Release No. 71232, supra note 4, 78 FR at
69505.
20 15 U.S.C. 78f(b)(5).
21 15 U.S.C. 78s(b)(2).
22 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
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 proposes to delete Rule
108, Bids and Offers to Be Made Within
Six Feet of Post.
The text of the proposed rule change
is below; proposed new language is in
italics; proposed deletions are in
brackets.
*
*
*
*
*
Rule 108. Reserved. [Bids and Offers to
Be Made Within Six Feet of Post
All bids and offers in any security on
the floor shall be made within six feet
of the post assigned to such security by
the Exchange.]
*
*
*
*
*
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.
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to update its
rules to delete Rule 108, Bids and Offers
to Be Made Within Six Feet of Post.
Rule 108 applied to both the equity and
options trading floors for a long time.
Now, there is no equity trading floor
and the options trading floor is
configured in a way that this provision
does not make sense. The number of
people on the options floor has
decreased over time due to increased
automation such that the layout of the
floor is more compact. The Exchange
does not believe that the number of feet
is the relevant measure of where bids
and offers should be made, because the
number of feet is not determinative of
whether crowd participants are aware of
and can reasonably participate in crowd
trades.
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17:38 Dec 18, 2015
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Instead, the Exchange relies on a
number of other rules to ensure that the
options trading floor operates in a fair
and orderly manner. Specifically, Rules
110 and 1000(g) provide that bids and
offers must be made in an audible tone
of voice. In addition, Options Floor
Procedure Advice C–7(b) provides that
a Floor Broker must be loud and audible
when representing a market and/or
representing an order in the trading
crowd. A Floor Broker must make
reasonable efforts to position himself in
the trading crowd to be heard by the
majority of the trading crowd. A number
of other provisions also refer to similar
requirements, such as the loud and
audible requirement.3
Accordingly, the Exchange believes
that the rules relating to exposing orders
in the options trading crowd in an
audible manner are sufficient and that
Rule 108 can be deleted.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 4 in general, and furthers the
objectives of Section 6(b)(5) of the Act 5
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest by making clear that the
bids and offers made on the options
trading floor are not subject to a ‘‘six
foot’’ rule but rather to the requirement
that bids and offers occur in a loud and
audible fashion. This should promote
just and equitable principles of trade by
helping ensure maximum participation
from the trading crowd, including the
opportunity for price improvement. The
opportunity for price improvement
should, in turn, 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 impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The proposal
applies equally to all participants in the
options trading crowd.
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.
3 See
Rules 1014(g)(v)(D)(1)(a) and 1064(a)(i).
U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
4 15
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79395
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)(iii) of the Act 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
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–2015–104 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–2015–104. 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/
6 15
U.S.C. 78s(b)(3)(A)(iii).
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.
7 17
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79396
Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices
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–
2015–104 and should be submitted on
or before January 11, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–31928 Filed 12–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76654; File No. SR–Phlx–
2015–105]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Exchange’s Certificate of Formation,
By-Laws and First Amended Limited
Liability Company Agreement
mstockstill on DSK4VPTVN1PROD with NOTICES
December 15, 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 December
9, 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, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
8 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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17:38 Dec 18, 2015
Jkt 238001
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange is filing this proposed
rule change with respect to amendments
of its Certificate of Formation (the
‘‘Charter’’), By-Laws (the ‘‘By-Laws’’)
and First Amended Limited Liability
Company Agreement (the ‘‘LLC
Agreement’’) to change its name to
NASDAQ PHLX LLC. The proposed
amendments will be implemented on a
date designated by the Exchange, which
shall be at least 30 days from the date
of this filing. 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
As part of an ongoing global
rebranding initiative, the Exchange’s
parent company and sole member (the
‘‘Parent’’) recently changed its legal
name from The NASDAQ OMX Group,
Inc. to Nasdaq, Inc.3 For purposes of
consistency, the Parent also has decided
to change the legal names of certain of
its subsidiaries to eliminate references
to OMX. The Exchange therefore
proposes to amend its Charter, By-Laws
and LLC Agreement to change its legal
name from NASDAQ OMX PHLX LLC
to NASDAQ PHLX LLC.
Specifically, the Exchange proposes to
file a Certificate of Amendment to its
3 See Securities Exchange Act Release No. 75421
(July 10, 2015), 80 FR 42136 (July 16, 2015) (SR–
BSECC–2015–001, SR–BX–2015–030, SR–
NASDAQ–2015–058, SR–Phlx–2015–46, SR–SCCP–
2015–01).
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
Charter with the Secretary of State of the
State of Delaware to amend Article First
of the Charter to reflect the new name.4
In addition, the Exchange proposes to
amend the title and Article I(k) of the
By-Laws to reflect the new name. The
Exchange also proposes to amend the
first paragraph of the By-Laws to refer
to the Exchange’s Second Amended
Limited Liability Company Agreement,
which it will enter into in connection
with the name change and which will
replace the current LLC Agreement.
With respect to the current LLC
Agreement, the Exchange proposes to
amend the title, the first paragraph, the
recitals and the signature page to reflect
the Exchange’s proposed name change,
the Parent’s recent name change and the
entry by the Parent into the Second
Amended Limited Liability Company
Agreement to effectuate both of the
aforementioned changes. The Exchange
also proposes to update section 1 and
Schedule A to reflect its proposed name
change, sections 13 and 17 to use the
defined term ‘‘Stockholder’’ for the
Parent and Schedules A and B to reflect
the Parent’s recent name change.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Act,5 in general, and furthers the
objectives of section 6(b)(5) of the Act,6
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. The
Exchange is proposing amendments to
its Charter, By-Laws and LLC
Agreement to effectuate its name change
to NASDAQ PHLX LLC and to reflect
the Parent’s recent name change to
Nasdaq, Inc. The Exchange believes that
the changes will protect investors and
the public interest by eliminating
confusion that may exist because of
differences between its corporate name
and the current global branding of the
Parent and its affiliated entities,
including the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Because the proposed rule change
relates to the governance and not to the
operations of the Exchange, the
4 On the Exchange’s Web site (https://
nasdaqomxphlx.cchwallstreet.com), the Certificate
of Formation and Certificate of Amendment will
appear as two separate documents, which is
consistent with how they will appear in the records
of the Secretary of State of the State of Delaware.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\21DEN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79394-79396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31928]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76657; File No. SR-Phlx-2015-104]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Delete
Rule 108
December 15, 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 December 9, 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, II,
[[Page 79395]]
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.
---------------------------------------------------------------------------
\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 delete Rule 108, Bids and Offers to Be
Made Within Six Feet of Post.
The text of the proposed rule change is below; proposed new
language is in italics; proposed deletions are in brackets.
* * * * *
Rule 108. Reserved. [Bids and Offers to Be Made Within Six Feet of Post
All bids and offers in any security on the floor shall be made
within six feet of the post assigned to such security by the Exchange.]
* * * * *
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 Exchange proposes to update its rules to delete Rule 108, Bids
and Offers to Be Made Within Six Feet of Post. Rule 108 applied to both
the equity and options trading floors for a long time. Now, there is no
equity trading floor and the options trading floor is configured in a
way that this provision does not make sense. The number of people on
the options floor has decreased over time due to increased automation
such that the layout of the floor is more compact. The Exchange does
not believe that the number of feet is the relevant measure of where
bids and offers should be made, because the number of feet is not
determinative of whether crowd participants are aware of and can
reasonably participate in crowd trades.
Instead, the Exchange relies on a number of other rules to ensure
that the options trading floor operates in a fair and orderly manner.
Specifically, Rules 110 and 1000(g) provide that bids and offers must
be made in an audible tone of voice. In addition, Options Floor
Procedure Advice C-7(b) provides that a Floor Broker must be loud and
audible when representing a market and/or representing an order in the
trading crowd. A Floor Broker must make reasonable efforts to position
himself in the trading crowd to be heard by the majority of the trading
crowd. A number of other provisions also refer to similar requirements,
such as the loud and audible requirement.\3\
---------------------------------------------------------------------------
\3\ See Rules 1014(g)(v)(D)(1)(a) and 1064(a)(i).
---------------------------------------------------------------------------
Accordingly, the Exchange believes that the rules relating to
exposing orders in the options trading crowd in an audible manner are
sufficient and that Rule 108 can be deleted.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \4\ in general, and furthers the objectives of Section
6(b)(5) of the Act \5\ in particular, in that it is designed to promote
just and equitable principles of trade and to protect investors and the
public interest by making clear that the bids and offers made on the
options trading floor are not subject to a ``six foot'' rule but rather
to the requirement that bids and offers occur in a loud and audible
fashion. This should promote just and equitable principles of trade by
helping ensure maximum participation from the trading crowd, including
the opportunity for price improvement. The opportunity for price
improvement should, in turn, protect investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. The proposal applies equally to
all participants in the options trading crowd.
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)(iii) of the Act \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 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.
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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-2015-104 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-2015-104. 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/
[[Page 79396]]
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-2015-104 and should be submitted on or before January 11, 2016.
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\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31928 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P
