Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rule 804(g), 3217-3218 [2016-00903]

Download as PDF Federal Register / Vol. 81, No. 12 / Wednesday, January 20, 2016 / Notices establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. The existence of numerous alternatives to the Exchange’s products, including proprietary data from other sources, ensures that the Exchange cannot set unreasonable fees, or fees that are unreasonably discriminatory, when vendors and subscribers can elect these alternatives or choose not to purchase a specific proprietary data product if the attendant fees are not justified by the returns that any particular vendor or data recipient would achieve through the purchase. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to section 19(b)(3)(A) 23 of the Act and subparagraph (f)(2) of Rule 19b–4 24 thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under section 19(b)(2)(B) 25 of the Act to determine whether the proposed rule change should be approved or disapproved. tkelley on DSK4VPTVN1PROD with NOTICES 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: NYSEArca–2015–130 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 No. SR–NYSEArca–2015–130. 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–NYSEArca– 2015–130, and should be submitted on or before February 10, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–00901 Filed 1–19–16; 8:45 am] BILLING CODE 8011–01–P 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 No. SR– U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 25 15 U.S.C. 78s(b)(2)(B). 18:12 Jan 19, 2016 26 17 Jkt 238001 [Release No. 34–76893; File No. SR–ISE– 2015–30] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rule 804(g) January 13, 2016. On November 10, 2015, International Securities Exchange, LLC (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to require clearing member approval before a market maker could resume trading after the activation of a market-wide speed bump under Exchange Rule 804(g). The proposed rule change was published for comment in the Federal Register on November 30, 2015.3 The Commission has received no comment letters on the proposal. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether these proposed rule changes should be disapproved. The 45th day for this filing is January 14, 2016. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider and take action on the Exchange’s proposed rule change. Accordingly, pursuant to section 19(b)(2)(A)(ii)(I) of the Act 5 and for the reasons stated above, the Commission designates February 28, 2016 as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 76506 (November 23, 2015), 80 FR 74829. 4 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2)(A)(ii)(I). 2 17 24 17 VerDate Sep<11>2014 SECURITIES AND EXCHANGE COMMISSION 1 15 23 15 PO 00000 CFR 200.30–3(a)(12). Frm 00124 Fmt 4703 Sfmt 4703 3217 E:\FR\FM\20JAN1.SGM 20JAN1 3218 Federal Register / Vol. 81, No. 12 / Wednesday, January 20, 2016 / Notices disapprove, the proposed rule change (File No. SR–ISE–2015–30). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–00903 Filed 1–19–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76891; File No. SR–BATS– 2015–102] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Adopt Rule 11.27 Regarding the Data Collection Requirements of the Tick Size Pilot Program should be disapproved. The 45th day for this filing is January 15, 2016. The Commission is extending this 45day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposal. Accordingly, pursuant to section 19(b)(2) of the Act,7 the Commission designates February 29, 2016, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File No. SR–BATS–2015–102). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Robert W. Errett. Deputy Secretary. [FR Doc. 2016–00902 Filed 1–19–16; 8:45 am] BILLING CODE 8011–01–P January 13, 2016. On November 13, 2015, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to adopt Exchange Rule 11.27 to implement the data collection requirements set forth in the Regulation NMS Plan to Implement a Tick Size Pilot Program.3 The proposed rule change was published for comment in the Federal Register on December 1, 2015.4 The Commission has received one comment letter on the proposal.5 Section 19(b)(2) of the Act 6 provides that, within 45 days of the publication of the notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015) (order approving the Tick Size Pilot) (‘‘Approval Order’’). 4 See Securities Exchange Act Release No. 76524 (November 25, 2015), 80 FR 75141. 5 See Letter from Mary Lou Von Kaenel, Managing Director, Financial Information Forum, to Robert W. Errett, Deputy Secretary, Commission, dated December 22, 2015. 6 15 U.S.C. 78s(b)(2). tkelley on DSK4VPTVN1PROD with NOTICES 1 15 VerDate Sep<11>2014 18:12 Jan 19, 2016 Jkt 238001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76887; File No. SR–DTC– 2015–011] Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change Regarding the Acknowledgment of End-of-Day Net-Net Settlement Balances by Settling Banks January 13, 2016. On November 16, 2015, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change SR–DTC–2015–011 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 to amend DTC’s Settlement Service Guide (‘‘Guide’’) 3 in order to establish a new practice whereby any Settling Bank 4 that (i) fails to affirmatively acknowledge its end-of-day net-net settlement balance,5 or (ii) does not 7 Id. 8 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Available at https://www.dtcc.com/∼/media/ Files/Downloads/legal/service-guides/ Settlement.pdf for an overview of the end-of-day net settlement process. 4 A ‘‘Settling Bank’’ is a DTC participant (‘‘Participant’’) that is a bank and that settles for itself and may settle for other Participants, including other bank Participants. 5 The end-of-day net-net figure is the net of all Participants’ net balances after cross-endorsement with the National Securities Clearing Corporation for which a Settling Bank settles, including its own accounts. 1 15 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 notify DTC of its refusal to settle on behalf of a Participant or Participants for which it is the designated Settling Bank will be deemed to have acknowledged its end-of-day net-net settlement balance and to make related technical changes and corrections to the Rules, as more fully described below. The proposed rule change was published for comment in the Federal Register on November 30, 2015.6 The Commission did not receive any comment letters on the proposed rule change. For the reasons discussed below, the Commission is granting approval of the proposed rule change. I. Description of the Proposed Rule Change The following is a description of the proposed rule change, as provided by DTC: Background. The DTC 7 end-of-day net settlement structure depends upon the use of Settling Banks.8 Each Participant must designate a Settling Bank to settle on its behalf. Any Participant that is a bank may settle for itself.9 Today, a Settling Bank that settles for other Participants must acknowledge its end-of-day net-net settlement balance for the group of Participants for which it settles, or notify DTC if it refuses to settle for any Participant for which it is the designated Settling Bank, by the later of 4:15 p.m. and the time that is 30 minutes after the Settling Bank end-ofday net-net settlement balances are first made available by DTC (‘‘Acknowledgment Cutoff Time’’).10 If a Settling Bank notifies DTC that it refuses to settle for a Participant, DTC would recalculate the Settling Bank’s net-net settlement balance by excluding the net settlement balance of the Participant for which the Settling Bank refused to settle.11 DTC would then provide the Settling Bank with its adjusted net-net settlement balance (‘‘Post-Refusal Adjusted Balance’’). The Settling Bank may not refuse to settle for any other Participant on that day and must immediately respond to DTC to 6 See Securities Exchange Act Release No. 76510 (November 23, 2015), 80 FR 74819 (November 30, 2015) (SR–DTC–2015–011). 7 Terms not otherwise defined herein have the meaning set forth in the DTC Rules (the ‘‘Rules’’), available at https://www.dtcc.com/legal/rules-andprocedures.aspx. 8 See the Guide, supra note 3, pp. 17–18. 9 See Rule 9(B), supra note 7. 10 Currently, a Settling Bank that settles only for itself may opt out of the requirement to acknowledge its balance, but it cannot refuse to settle for itself. 11 Any Participant for which its designated Settling Bank has refused to settle on its behalf remains obligated to DTC for the payment of any net debit balance and must make another arrangement to timely pay that amount by Fedwire. E:\FR\FM\20JAN1.SGM 20JAN1

Agencies

[Federal Register Volume 81, Number 12 (Wednesday, January 20, 2016)]
[Notices]
[Pages 3217-3218]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00903]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76893; File No. SR-ISE-2015-30]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Amend Rule 804(g)

January 13, 2016.
    On November 10, 2015, International Securities Exchange, LLC 
(``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to require clearing member approval before a 
market maker could resume trading after the activation of a market-wide 
speed bump under Exchange Rule 804(g). The proposed rule change was 
published for comment in the Federal Register on November 30, 2015.\3\ 
The Commission has received no comment letters on the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 76506 (November 23, 
2015), 80 FR 74829.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether these proposed rule changes should be disapproved. 
The 45th day for this filing is January 14, 2016.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider and 
take action on the Exchange's proposed rule change.
    Accordingly, pursuant to section 19(b)(2)(A)(ii)(I) of the Act \5\ 
and for the reasons stated above, the Commission designates February 
28, 2016 as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to

[[Page 3218]]

disapprove, the proposed rule change (File No. SR-ISE-2015-30).
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    \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00903 Filed 1-19-16; 8:45 am]
BILLING CODE 8011-01-P
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