Self-Regulatory Organization; BATS Y-Exchange, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program, 4728 [2016-01534]
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Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices
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
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submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2016–13, and should be
submitted on or before February 17,
2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Brent J. Fields,
Secretary.
[FR Doc. 2016–01668 Filed 1–26–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76953; File No. SR–BYX–
2012–019]
Self-Regulatory Organization; BATS YExchange, Inc.; Order Granting an
Extension to Limited Exemption From
Rule 612(c) of Regulation NMS in
Connection With the Exchange’s Retail
Price Improvement Program
January 21, 2016.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
On November 27, 2012, the Securities
and Exchange Commission
(‘‘Commission’’) issued an order
pursuant to its authority under Rule
612(c) of Regulation NMS (‘‘Sub-Penny
Rule) 1 that granted the BATS YExchange, Inc. (‘‘BYX’’ or the
‘‘Exchange’’) a limited exemption from
the Sub-Penny Rule in connection with
the operation of the Exchange’s Retail
Price Improvement (‘‘RPI’’) Program (the
‘‘Program’’). The limited exemption was
granted concurrently with the
Commission’s approval of the
Exchange’s proposal to adopt the
Program for a one-year pilot term. 2 The
exemption was granted coterminous
with the effectiveness of the pilot
Program and has been extended twice; 3
10 17
CFR 200.30–3(a)(12).
CFR 242.612(c).
2 See Securities Exchange Act Release No. 68303
(November 27, 2012), 77 FR 71652 (December 3,
2012) (‘‘RPI Approval Order’’) (SR–BXY–2012–019).
3 See Securities Exchange Act Release Nos. 71249
(January 7, 2014), 79 FR 2229 (January 13, 2012)
(SR–BYX–2014–001) (extending the pilot period);
71250 (January 7, 2014), 79 FR 2234 (January 13,
2012) (Order Granting an Extension to Limited
1 17
VerDate Sep<11>2014
19:41 Jan 26, 2016
Jkt 238001
both the pilot Program and exemption
are scheduled to expire on January 31,
2016.
The Exchange now seeks to extend
the exemption until July 31, 2016. 4 The
Exchange’s request was made in
conjunction with an immediately
effective filing that extends the
operation of the Program until July 31,
2015. 5 In its request to extend the
exemption, the Exchange notes that the
Program was implemented gradually
over time. Accordingly, the Exchange
has asked for additional time to allow
itself and the Commission to analyze
data concerning the Program, which the
Exchange committed to provide to the
Commission. 6 For this reason and the
reasons stated in the Order originally
granting the limited exemption, the
Commission finds that extending the
exemption, pursuant to its authority
under Rule 612(c) of Regulation NMS, is
appropriate in the public interest and
consistent with the protection of
investors.
Therefore, it is hereby ordered, that,
pursuant to Rule 612(c) of Regulation
NMS, the Exchange is granted a limited
exemption from Rule 612(c) of
Regulation NMS that allows it to accept
and rank orders priced equal to or
greater than $1.00 per share in
increments of $0.001, in connection
with the operation of its RPI Program.
The limited and temporary exemption
extended by this Order is subject to
modification or revocation if at any time
the Commission determines that such
action is necessary or appropriate in
furtherance of the purposes of the
Securities Exchange Act of 1934.
Responsibility for compliance with any
applicable provisions of the federal
securities laws must rest with the
persons relying on the exemptions that
are the subject of this Order.
Exemption From Rule 612(c) of Regulation NMS in
Connection With the Exchange’s Retail Price
Improvement Program); 74111 (January 22, 2015),
80 FR 4598 (January 28, 2015) (SR–BYX–2015–05)
(extending the pilot period); and 74115 (January 22,
2015), 80 FR 4324 (January 27, 2015) (Order
Granting an Extension to Limited Exemption From
Rule 612(c) of Regulation NMS in Connection With
the Exchange’s Retail Price Improvement Program).
4 See letter from Anders Franzon, Senior Vice
President and Associate General Counsel, BYX, to
Elizabeth M. Murphy, Secretary, Commission, dated
January 12, 2016.
5 See SR–BYX–2016–01.
6 See RPI Approval Order, supra note 2, at 77 FR
at 71657.
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority. 7
Brent J. Fields,
Secretary.
[FR Doc. 2016–01534 Filed 1–26–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76960; File No. SR–CBOE–
2015–107]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Amendment No. 2 and Order Granting
Accelerated Approval of Proposed
Rule Change, as Modified by
Amendment Nos. 1 and 2 Thereto,
Relating to Price Protection
Mechanisms for Quotes and Orders
January 21, 2016.
I. Introduction
Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) filed on November 24, 2015,
with the Securities and Exchange
Commission (the ‘‘Commission’’),
pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposal to enhance its current price
protection mechanisms and adopt
certain new price protection
functionality for orders and quotes. On
December 4, 2015, the Exchange filed
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
modified by Amendment No. 1, was
published for comment in the Federal
Register on December 11, 2015.3 On
December 29, 2015, the Exchange filed
Amendment No. 2 to the proposed rule
change.4 The Commission received no
7 17
CFR 200.30–3(a)(83).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 76585
(December 8, 2015), 80 FR 77038 (December 11,
2015) (‘‘Notice’’).
4 In Amendment No. 2, the Exchange amended
the proposed rule language to (i) clarify that it will
notify Trading Permit Holders by electronic
message if the Exchange determines that the put
strike price or call underlying value check should
not apply in the interest of maintaining a fair and
orderly market under proposed Exchange Rule
6.14(a)(ii) and (ii) limit the potential range of the
percentage amount used to calculate the maximum
value acceptable price range check in proposed
Exchange Rule 6.53C, Interpretation and Policy
.08(g)(1)(iii). In Amendment No. 2, CBOE also
represented that it will document, retain, and
periodically review any Exchange decision to not
apply the put check or call check under proposed
Exchange Rule 6.14(a)(ii), including the reason for
the decision. See Amendment No. 2 to File No. SR–
CBOE–2015–107, dated December 29, 2015
1 15
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27JAN1
]]>Agencies
[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)]
[Notices]
[Page 4728]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-01534]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76953; File No. SR-BYX-2012-019]
Self-Regulatory Organization; BATS Y-Exchange, Inc.; Order
Granting an Extension to Limited Exemption From Rule 612(c) of
Regulation NMS in Connection With the Exchange's Retail Price
Improvement Program
January 21, 2016.
On November 27, 2012, the Securities and Exchange Commission
(``Commission'') issued an order pursuant to its authority under Rule
612(c) of Regulation NMS (``Sub-Penny Rule) \1\ that granted the BATS
Y-Exchange, Inc. (``BYX'' or the ``Exchange'') a limited exemption from
the Sub-Penny Rule in connection with the operation of the Exchange's
Retail Price Improvement (``RPI'') Program (the ``Program''). The
limited exemption was granted concurrently with the Commission's
approval of the Exchange's proposal to adopt the Program for a one-year
pilot term. \2\ The exemption was granted coterminous with the
effectiveness of the pilot Program and has been extended twice; \3\
both the pilot Program and exemption are scheduled to expire on January
31, 2016.
---------------------------------------------------------------------------
\1\ 17 CFR 242.612(c).
\2\ See Securities Exchange Act Release No. 68303 (November 27,
2012), 77 FR 71652 (December 3, 2012) (``RPI Approval Order'') (SR-
BXY-2012-019).
\3\ See Securities Exchange Act Release Nos. 71249 (January 7,
2014), 79 FR 2229 (January 13, 2012) (SR-BYX-2014-001) (extending
the pilot period); 71250 (January 7, 2014), 79 FR 2234 (January 13,
2012) (Order Granting an Extension to Limited Exemption From Rule
612(c) of Regulation NMS in Connection With the Exchange's Retail
Price Improvement Program); 74111 (January 22, 2015), 80 FR 4598
(January 28, 2015) (SR-BYX-2015-05) (extending the pilot period);
and 74115 (January 22, 2015), 80 FR 4324 (January 27, 2015) (Order
Granting an Extension to Limited Exemption From Rule 612(c) of
Regulation NMS in Connection With the Exchange's Retail Price
Improvement Program).
---------------------------------------------------------------------------
The Exchange now seeks to extend the exemption until July 31, 2016.
\4\ The Exchange's request was made in conjunction with an immediately
effective filing that extends the operation of the Program until July
31, 2015. \5\ In its request to extend the exemption, the Exchange
notes that the Program was implemented gradually over time.
Accordingly, the Exchange has asked for additional time to allow itself
and the Commission to analyze data concerning the Program, which the
Exchange committed to provide to the Commission. \6\ For this reason
and the reasons stated in the Order originally granting the limited
exemption, the Commission finds that extending the exemption, pursuant
to its authority under Rule 612(c) of Regulation NMS, is appropriate in
the public interest and consistent with the protection of investors.
---------------------------------------------------------------------------
\4\ See letter from Anders Franzon, Senior Vice President and
Associate General Counsel, BYX, to Elizabeth M. Murphy, Secretary,
Commission, dated January 12, 2016.
\5\ See SR-BYX-2016-01.
\6\ See RPI Approval Order, supra note 2, at 77 FR at 71657.
---------------------------------------------------------------------------
Therefore, it is hereby ordered, that, pursuant to Rule 612(c) of
Regulation NMS, the Exchange is granted a limited exemption from Rule
612(c) of Regulation NMS that allows it to accept and rank orders
priced equal to or greater than $1.00 per share in increments of
$0.001, in connection with the operation of its RPI Program.
The limited and temporary exemption extended by this Order is
subject to modification or revocation if at any time the Commission
determines that such action is necessary or appropriate in furtherance
of the purposes of the Securities Exchange Act of 1934. Responsibility
for compliance with any applicable provisions of the federal securities
laws must rest with the persons relying on the exemptions that are the
subject of this Order.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority. \7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(83).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2016-01534 Filed 1-26-16; 8:45 am]
BILLING CODE 8011-01-P
