Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Add EDGX Exchange, Inc. (“EDGX”) as a Plan Sponsor, 1251-1252 [2016-257]

Download as PDF Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices 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– NASDAQ–2015–164 and should be submitted on or before February 1, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–255 Filed 1–8–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76822; File No. 4–443] Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Add EDGX Exchange, Inc. (‘‘EDGX’’) as a Plan Sponsor January 5, 2016. mstockstill on DSK4VPTVN1PROD with NOTICES Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder,2 notice is hereby given that on October 27, 2015, EDGX Exchange, Inc. (‘‘EDGX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) an amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options (‘‘OLPP’’).3 The 14 17 CFR 200.30–3(a)(12). U.S.C. 78k–1(a)(3). 2 17 CFR 242.608. 3 On July 6, 2001, the Commission approved the OLPP, which was proposed by the American Stock Exchange LLC (‘‘Amex’’), Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), International Securities Exchange LLC (‘‘ISE’’), Options Clearing Corporation (‘‘OCC’’), Philadelphia Stock Exchange, Inc. (‘‘Phlx’’), and Pacific Exchange, Inc. (n/k/a 1 15 VerDate Sep<11>2014 18:17 Jan 08, 2016 Jkt 238001 amendment proposes to add EDGX as a Sponsor of the OLPP. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Description and Purpose of the Amendment The current Sponsors of the OLPP are Amex, BATS, BOX, BX, CBOE, C2, ISE, MIAX, Nasdaq, NYSE Arca, OCC, Phlx, and Topaz. The proposed amendment to the OLPP would add EDGX as a Sponsor of the OLPP. A national securities exchange may become a Sponsor if it satisfies the requirement of Section 7 of the OLPP. Specifically an Eligible Exchange 4 may become a Sponsor of the OLPP by: (i) Executing a copy of the OLPP, as then in effect; (ii) providing each current Plan Sponsor with a copy of such executed Plan; and (iii) effecting an amendment to the OLPP, as specified in Section 7(ii) of the OLPP. Section 7(ii) of the OLPP sets forth the process by which an Eligible Exchange may effect an amendment to the OLPP. Specifically, an Eligible Exchange must: (a) Execute a copy of the OLPP with the only change being the addition of the new sponsor’s name in Section 8 of the OLPP; 5 and (b) submit the executed OLPP to the Commission. The OLPP then provides that such an amendment will be effective when it has been approved by the Commission or ‘‘NYSE Arca’’). See Securities Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). See also Securities Exchange Act Release Nos. 49199 (February 5, 2004), 69 FR 7030 (February 12, 2004) (adding Boston Stock Exchange, Inc. as a Sponsor to the OLPP); 57546 (March 21, 2008), 73 FR 16393 (March 27, 2008) (adding Nasdaq Stock Market, LLC (‘‘Nasdaq’’) as a Sponsor to the OLPP); 61528 (February 17, 2010), 75 FR 8415 (February 24, 2010) (adding BATS Exchange, Inc. (‘‘BATS’’) as a Sponsor to the OLPP); 63162 (October 22, 2010), 75 FR 66401 (October 28, 2010) (adding C2 Options Exchange Incorporated (‘‘C2’’) as a sponsor to the OLPP); 66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) (adding BOX Options Exchange LLC (‘‘BOX’’) as a Sponsor to the OLPP); 67327 (June 29, 2012), 77 FR 40125 (July 6, 2012) (adding Nasdaq OMX BX, Inc. (‘‘BX’’) as a Sponsor to the OLPP); 70765 (October 28, 2013), 78 FR 65739 (November 1, 2013) (adding Topaz Exchange, LLC as a Sponsor to the OLPP (‘‘Topaz’’); and 70764 (October 28, 2013), 78 FR 65733 (November 1, 2013) (adding Miami International Securities Exchange, LLC (‘‘MIAX’’) as a Sponsor to the OLPP). 4 The OLPP defines an ‘‘Eligible Exchange’’ as a national securities exchange registered with the Commission pursuant to Section 6(a) of the Exchange Act, 15 U.S.C. 78f(a), that (1) has effective rules for the trading of options contracts issued and cleared by the OCC approved in accordance with the provisions of the Exchange Act and the rules and regulations thereunder and (2) is a party to the Plan for Reporting Consolidated Options Last Sale Reports and Quotation Information (the ‘‘OPRA Plan’’). EDGX has represented that it has met both the requirements for being considered an Eligible Exchange. 5 The Commission notes that the list of plan sponsors is set forth in Section 9 of the OLPP. PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 1251 otherwise becomes effective pursuant to Section 11A of the Act. EDGX has submitted a signed copy of the OLPP to the Commission and to each Plan Sponsor in accordance with the procedures set forth in the OLPP regarding new Plan Sponsors. II. Effectiveness of the Proposed OLPP Amendment The foregoing proposed OLPP amendment has become effective pursuant to Rule 608(b)(3)(iii) 6 because it involves solely technical or ministerial matters. At any time within sixty days of the filing of this amendment, the Commission may summarily abrogate the amendment and require that it be refiled pursuant to paragraphs (a)(1) of Rule 608,7 if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors or the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed amendment 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 4– 443 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 4–443. 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 6 17 7 17 E:\FR\FM\11JAN1.SGM CFR 242.608(b)(3)(iii). CFR 242.608(a)(1). 11JAN1 1252 Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at EDGX’s principal office. 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 No. 4–443 and should be submitted on or before February 1, 2016. By the Commission. Robert W. Errett, Deputy Secretary. [FR Doc. 2016–257 Filed 1–8–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76832; File No. SR–BATS– 2015–119] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.22, Data Products, To Describe IPO Auction Viewer mstockstill on DSK4VPTVN1PROD with NOTICES January 5, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 23, 2015, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6)(iii) thereunder,4 which renders it effective upon filing with the Commission. 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). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6)(iii). 2 17 VerDate Sep<11>2014 18:17 Jan 08, 2016 Jkt 238001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.22 to describe a new market data product known as IPO Auction Viewer. The proposed rule change is based on Nasdaq Stock Market LLC’s (‘‘Nasdaq’’) Rule 7015(j).5 The text of the proposed rule change is available at the Exchange’s Web site at www.batstrading.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 parts 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 amend Rule 11.22 describing a new market data product known as IPO Auction Viewer, which would be provided free of charge. IPO Auction Viewer would be a data feed that is available to designated associated persons of a Member 6 that is acting as the Stabilizing Agent for an IPO Security. ‘‘IPO Security’’ would be defined under proposed paragraph (l)(2)(A) to Exchange Rule 11.22 as ‘‘a BATS listed security in an initial public offering for which the initial pricing procedures described in Rule 11.23(d) are available.’’ 7 The proposed rule change also adds to Rule 11.22(l) definitions of ‘‘IPO Auction’’, ‘‘Stabilizing’’, and ‘‘Stabilizing Agent’’. 5 See also Securities Exchange Act Release No. 75863 (September 9, 2015), 80 FR 55406 (September 15, 2015) (SR–Nasdaq–2015–082) (Order Approving Proposed Rule Change to Introduce an Additional Data Element to the IPO Indicator Service). 6 The term ‘‘Member’’ is defined as ‘‘any registered broker or dealer that has been admitted to membership in the Exchange.’’ See Exchange Rule 1.5(n). 7 Exchange Rule 11.23(d) sets forth the Exchange’s procedures for conducting an auction for a BATS listed security in an initial public offering. PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 ‘‘IPO Auction’’ would be defined under proposed paragraph (l)(2)(B) as ‘‘the initial pricing procedures described in Rule 11.23(d).’’ ‘‘Stabilizing’’ would be defined under proposed paragraph (l)(2)(C) as ‘‘Stabilizing as defined in Rule 100 of Regulation M of the Securities Exchange Act of 1934, including engaging in syndicate covering transactions.’’ Lastly, ‘‘Stabilizing Agent’’ would be defined under proposed paragraph (l)(2)(D) as ‘‘a Member that will engage in Stabilizing with respect to an IPO Security on the day of its initial public offering.’’ IPO Auction Viewer would assist Members who are acting as a Stabilizing Agent in monitoring the orders they have entered for execution in the auction process for an IPO Security. The auction process under Exchange Rule 11.23(d) is designed to provide an orderly, single priced opening of securities subject to an intra-day halt, including securities that are the subject of an IPO. Prior to the execution of the auction process for an IPO Security (‘‘IPO Auction’’), Members enter orders eligible for participation in the IPO Auction, and the Exchange disseminates certain information regarding buying and selling interest and indicative execution price information. The quotation only period with respect to an IPO Auction currently commences fifteen (15) minutes plus a short random period prior to the IPO Auction (‘‘Quote-Only Period’’).8 Coinciding with the beginning of the Quote-Only Period for a security and updated every five seconds thereafter, the Reference Price,9 Indicative Price,10 Auction Only Price,11 and the lesser of Reference Buy Shares 12 and Reference Sell Shares 13 associated with the IPO Auction will be disseminated.14 The IPO Auction executes and regular market trading commences in the IPO Security at the conclusion of the IPO Auction.15 The representative of the underwriting syndicate that serves as lead underwriter also serves as the Stabilizing Agent for the IPO Security. As discussed above, the Stabilizing Agent has responsibility for monitoring the submission of buying and selling interest into the IPO Auction and informing the Exchange when the IPO Security is ready to initiate trading. Thus, the Stabilizing Agent stands ready 8 See Exchange Rule 11.23(a)(17). Exchange Rule 11.23(a)(19). 10 See Exchange Rule 11.23(a)(10). 11 See Exchange Rule 11.23(a)(2). 12 See Exchange Rule 11.23(a)(18). 13 See Exchange Rule 11.23(a)(21). 14 See Exchange Rule 11.23(d)(1) and (2). 15 See Exchange Rule 11.23(d)(3). 9 See E:\FR\FM\11JAN1.SGM 11JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)]
[Notices]
[Pages 1251-1252]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-257]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76822; File No. 4-443]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan for the Purpose of Developing and Implementing 
Procedures Designed To Facilitate the Listing and Trading of 
Standardized Options To Add EDGX Exchange, Inc. (``EDGX'') as a Plan 
Sponsor

January 5, 2016.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on October 27, 2015, EDGX Exchange, Inc. (``EDGX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Plan for the Purpose of Developing 
and Implementing Procedures Designed to Facilitate the Listing and 
Trading of Standardized Options (``OLPP'').\3\ The amendment proposes 
to add EDGX as a Sponsor of the OLPP. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 6, 2001, the Commission approved the OLPP, which was 
proposed by the American Stock Exchange LLC (``Amex''), Chicago 
Board Options Exchange, Incorporated (``CBOE''), International 
Securities Exchange LLC (``ISE''), Options Clearing Corporation 
(``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx''), and Pacific 
Exchange, Inc. (n/k/a ``NYSE Arca''). See Securities Exchange Act 
Release No. 44521, 66 FR 36809 (July 13, 2001). See also Securities 
Exchange Act Release Nos. 49199 (February 5, 2004), 69 FR 7030 
(February 12, 2004) (adding Boston Stock Exchange, Inc. as a Sponsor 
to the OLPP); 57546 (March 21, 2008), 73 FR 16393 (March 27, 2008) 
(adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to the 
OLPP); 61528 (February 17, 2010), 75 FR 8415 (February 24, 2010) 
(adding BATS Exchange, Inc. (``BATS'') as a Sponsor to the OLPP); 
63162 (October 22, 2010), 75 FR 66401 (October 28, 2010) (adding C2 
Options Exchange Incorporated (``C2'') as a sponsor to the OLPP); 
66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) (adding BOX Options 
Exchange LLC (``BOX'') as a Sponsor to the OLPP); 67327 (June 29, 
2012), 77 FR 40125 (July 6, 2012) (adding Nasdaq OMX BX, Inc. 
(``BX'') as a Sponsor to the OLPP); 70765 (October 28, 2013), 78 FR 
65739 (November 1, 2013) (adding Topaz Exchange, LLC as a Sponsor to 
the OLPP (``Topaz''); and 70764 (October 28, 2013), 78 FR 65733 
(November 1, 2013) (adding Miami International Securities Exchange, 
LLC (``MIAX'') as a Sponsor to the OLPP).
---------------------------------------------------------------------------

I. Description and Purpose of the Amendment

    The current Sponsors of the OLPP are Amex, BATS, BOX, BX, CBOE, C2, 
ISE, MIAX, Nasdaq, NYSE Arca, OCC, Phlx, and Topaz. The proposed 
amendment to the OLPP would add EDGX as a Sponsor of the OLPP. A 
national securities exchange may become a Sponsor if it satisfies the 
requirement of Section 7 of the OLPP. Specifically an Eligible Exchange 
\4\ may become a Sponsor of the OLPP by: (i) Executing a copy of the 
OLPP, as then in effect; (ii) providing each current Plan Sponsor with 
a copy of such executed Plan; and (iii) effecting an amendment to the 
OLPP, as specified in Section 7(ii) of the OLPP.
---------------------------------------------------------------------------

    \4\ The OLPP defines an ``Eligible Exchange'' as a national 
securities exchange registered with the Commission pursuant to 
Section 6(a) of the Exchange Act, 15 U.S.C. 78f(a), that (1) has 
effective rules for the trading of options contracts issued and 
cleared by the OCC approved in accordance with the provisions of the 
Exchange Act and the rules and regulations thereunder and (2) is a 
party to the Plan for Reporting Consolidated Options Last Sale 
Reports and Quotation Information (the ``OPRA Plan''). EDGX has 
represented that it has met both the requirements for being 
considered an Eligible Exchange.
---------------------------------------------------------------------------

    Section 7(ii) of the OLPP sets forth the process by which an 
Eligible Exchange may effect an amendment to the OLPP. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the OLPP with the only 
change being the addition of the new sponsor's name in Section 8 of the 
OLPP; \5\ and (b) submit the executed OLPP to the Commission. The OLPP 
then provides that such an amendment will be effective when it has been 
approved by the Commission or otherwise becomes effective pursuant to 
Section 11A of the Act. EDGX has submitted a signed copy of the OLPP to 
the Commission and to each Plan Sponsor in accordance with the 
procedures set forth in the OLPP regarding new Plan Sponsors.
---------------------------------------------------------------------------

    \5\ The Commission notes that the list of plan sponsors is set 
forth in Section 9 of the OLPP.
---------------------------------------------------------------------------

II. Effectiveness of the Proposed OLPP Amendment

    The foregoing proposed OLPP amendment has become effective pursuant 
to Rule 608(b)(3)(iii) \6\ because it involves solely technical or 
ministerial matters. At any time within sixty days of the filing of 
this amendment, the Commission may summarily abrogate the amendment and 
require that it be refiled pursuant to paragraphs (a)(1) of Rule 
608,\7\ if it appears to the Commission that such action is necessary 
or appropriate in the public interest, for the protection of investors 
or the maintenance of fair and orderly markets, to remove impediments 
to, and perfect the mechanisms of, a national market system or 
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \6\ 17 CFR 242.608(b)(3)(iii).
    \7\ 17 CFR 242.608(a)(1).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
amendment 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 4-443 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 4-443. 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

[[Page 1252]]

proposed rule change between the Commission and any person, other than 
those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at EDGX's principal office. 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 No. 4-443 and should be submitted on 
or before February 1, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-257 Filed 1-8-16; 8:45 am]
BILLING CODE 8011-01-P

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