Self-Regulatory Organizations; ISE Mercury, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Price Improvement Mechanism Pilot Program, 47481-47483 [2016-17195]
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Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices
agreement. In addition, as noted above,
investors will have ready access to
information regarding the Fund’s
holdings, the Intraday Indicative Value,
the Disclosed Portfolio, and quotation
and last sale information for the Shares.
For the above reasons, the Exchange
believes that the proposed rule change
is consistent with the requirements of
Section 6(b)(5) of the Act.
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 that is not
necessary or appropriate in furtherance
of the purpose of the Act. The Exchange
notes that the proposed rule change,
rather will facilitate the listing and
trading of additional actively-managed
exchange-traded products that will
enhance competition among both
market participants and listing venues,
to the benefit of investors and the
marketplace.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will: (a) By
order approve or disapprove such
proposed rule change; or (b) institute
proceedings to determine whether the
proposed rule change should be
disapproved.
asabaliauskas on DSK3SPTVN1PROD 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:
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–BatsBZX–2016–34. 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 will also 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–
BatsBZX–2016–34 and should be
submitted on or before August 11, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–17199 Filed 7–20–16; 8:45 am]
BILLING CODE 8011–01–P
VerDate Sep<11>2014
17:15 Jul 20, 2016
Jkt 238001
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78342; File No. SR–
ISEMercury-2016–13]
Self-Regulatory Organizations; ISE
Mercury, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Extend the Price
Improvement Mechanism Pilot
Program
July 15, 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 July 14,
2016, ISE Mercury, LLC (the
‘‘Exchange’’ or ‘‘ISE Mercury’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 two
pilot programs related to its Price
Improvement Mechanism (‘‘PIM’’). The
text of the proposed rule change is
available on the Exchange’s Web site
www.ise.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
self-regulatory organization 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 self-regulatory organization 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
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–
BatsBZX–2016–34 on the subject line.
47481
1. Purpose
The Exchange currently has two pilot
programs related to its PIM (collectively,
the ‘‘PIM Pilot Programs’’ or ‘‘Pilot
1 15
24 17
CFR 200.30–3(a)(12).
Frm 00138
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\21JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
21JYN1
47482
Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Programs’’). The current Pilot Period
provided in paragraphs .03 and .05 of
the Supplementary Material to Rule 723
is set to expire on July 18, 2016.3
Paragraph .03 provides that there is no
minimum size requirement for orders to
be eligible for the Price Improvement
Mechanism. Paragraph .05 concerns the
termination of the exposure period by
unrelated orders. The Exchange has
continually submitted certain data in
support of extending the current Pilot
Programs. The Exchange proposes to
extend these Pilot Programs in their
present form, through January 18, 2017,
to give the Exchange and the
Commission additional time to evaluate
the effects of these Pilot Programs before
the Exchange requests permanent
approval of the rules.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
Specifically, the proposed rule change is
consistent with Section 6(b)(5) of the
Act,5 because it is designed to promote
just and equitable principles of trade,
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes the Pilot
Programs are consistent with the Act
because they provide opportunity for
price improvement for all orders
executed in the Exchange’s Price
Improvement Mechanism. The proposed
extension would allow the Pilot
Programs to continue uninterrupted,
thereby avoiding any potential investor
confusion that could result from a
temporary interruption to the pilot.
Further, the Exchange believes that the
data demonstrates that there is sufficient
investor interest and demand to extend
the Pilot Programs for an additional six
months. The Exchange further believes
it is appropriate to extend the Pilot
Programs to provide the Exchange and
Commission more data upon which to
evaluate the rules. With this data, the
Commission can evaluate whether the
new data shows there is meaningful
competition for all size orders within
the PIM, whether there is significant
3 See Securities Exchange Act Release No. 76998
(January 29, 2016), 81 FR 6066 (February 4, 2016)
(Order Granting the Application of ISE Mercury,
LLC for Registration as a National Securities
Exchange).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
17:15 Jul 20, 2016
Jkt 238001
price improvement for all orders
executed through the PIM, and whether
there is an active and liquid market
functioning on the Exchange outside of
the PIM.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Pilot Programs, the
proposed rule change will allow for
further analysis of the PIM. In doing so,
the proposed rule change will also serve
to promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
comments from members or other
interested parties.
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) of the Act and Rule 19b–
4(f)(6) thereunder.6
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 7 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 8
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay period
because the Pilot Programs are set to
6 17 CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the text of 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.
7 17 CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii).
PO 00000
Frm 00139
Fmt 4703
Sfmt 4703
expire on July 18, 2016. The Exchange
noted that such waiver will allow the
Pilot Programs to continue
uninterrupted.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the Pilot Programs to
continue uninterrupted, thereby
avoiding any potential investor
confusion that could result from a
temporary interruption in the Pilot
Programs. For this reason, the
Commission designates the proposed
rule change to be operative on July 18,
2016.9
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 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
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–
ISEMercury–2016–13 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISEMercury–2016–13. 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
9 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\21JYN1.SGM
21JYN1
Federal Register / Vol. 81, No. 140 / Thursday, July 21, 2016 / Notices
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 Number SR–
ISEMercury–2016–13, and should be
submitted on or before August 11, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–17195 Filed 7–20–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78343; File No. SR–
ISEGemini–2016–07]
Self-Regulatory Organizations; ISE
Gemini, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Price
Improvement Mechanism Pilot
Program
asabaliauskas on DSK3SPTVN1PROD with NOTICES
July 15, 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 July 14,
2016, ISE Gemini, LLC (the ‘‘Exchange’’
or ‘‘ISE Gemini’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17:15 Jul 20, 2016
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend two
pilot programs related to its Price
Improvement Mechanism (‘‘PIM’’). The
text of the proposed rule change is
available on the Exchange’s Web site
www.ise.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
self-regulatory organization 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 self-regulatory organization 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 currently has two pilot
programs related to its PIM (collectively,
the ‘‘PIM Pilot Programs’’ or ‘‘Pilot
Programs’’). The current Pilot Period
provided in paragraphs .03 and .05 of
the Supplementary Material to Rule 723
is set to expire on July 18, 2016.3
Paragraph .03 provides that there is no
minimum size requirement for orders to
be eligible for the Price Improvement
Mechanism. Paragraph .05 concerns the
termination of the exposure period by
unrelated orders. The Exchange has
continually submitted certain data in
support of extending the current Pilot
Programs. The Exchange proposes to
extend these Pilot Programs in their
present form, through January 18, 2017,
to give the Exchange and the
Commission additional time to evaluate
the effects of these Pilot Programs before
the Exchange requests permanent
approval of the rules.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
3 See Securities Exchange Act Release No. 75481
(July 17, 2015), 80 FR 43826 (July 23, 2015) (SR–
ISE Gemini–2015–13).
1 15
VerDate Sep<11>2014
solicit comments on the proposed rule
change from interested persons.
Jkt 238001
PO 00000
Frm 00140
Fmt 4703
Sfmt 4703
47483
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
Specifically, the proposed rule change is
consistent with Section 6(b)(5) of the
Act,5 because it is designed to promote
just and equitable principles of trade,
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes the Pilot
Programs are consistent with the Act
because they provide opportunity for
price improvement for all orders
executed in the Exchange’s Price
Improvement Mechanism. The proposed
extension would allow the Pilot
Programs to continue uninterrupted,
thereby avoiding any potential investor
confusion that could result from a
temporary interruption to the pilot.
Further, the Exchange believes that the
data demonstrates that there is sufficient
investor interest and demand to extend
the Pilot Programs for an additional six
months. The Exchange further believes
it is appropriate to extend the Pilot
Programs to provide the Exchange and
Commission more data upon which to
evaluate the rules. With this data, the
Commission can evaluate whether the
new data shows there is meaningful
competition for all size orders within
the PIM, whether there is significant
price improvement for all orders
executed through the PIM, and whether
there is an active and liquid market
functioning on the Exchange outside of
the PIM.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Pilot Programs, the
proposed rule change will allow for
further analysis of the PIM. In doing so,
the proposed rule change will also serve
to promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
4 15
5 15
E:\FR\FM\21JYN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
21JYN1
]]>Agencies
[Federal Register Volume 81, Number 140 (Thursday, July 21, 2016)]
[Notices]
[Pages 47481-47483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17195]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78342; File No. SR-ISEMercury-2016-13]
Self-Regulatory Organizations; ISE Mercury, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Extend the Price
Improvement Mechanism Pilot Program
July 15, 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 July 14, 2016, ISE Mercury, LLC (the ``Exchange'' or ``ISE
Mercury'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. 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 two pilot programs related to its
Price Improvement Mechanism (``PIM''). The text of the proposed rule
change is available on the Exchange's Web site www.ise.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 self-regulatory organization
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 self-regulatory organization
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 currently has two pilot programs related to its PIM
(collectively, the ``PIM Pilot Programs'' or ``Pilot
[[Page 47482]]
Programs''). The current Pilot Period provided in paragraphs .03 and
.05 of the Supplementary Material to Rule 723 is set to expire on July
18, 2016.\3\ Paragraph .03 provides that there is no minimum size
requirement for orders to be eligible for the Price Improvement
Mechanism. Paragraph .05 concerns the termination of the exposure
period by unrelated orders. The Exchange has continually submitted
certain data in support of extending the current Pilot Programs. The
Exchange proposes to extend these Pilot Programs in their present form,
through January 18, 2017, to give the Exchange and the Commission
additional time to evaluate the effects of these Pilot Programs before
the Exchange requests permanent approval of the rules.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 76998 (January 29,
2016), 81 FR 6066 (February 4, 2016) (Order Granting the Application
of ISE Mercury, LLC for Registration as a National Securities
Exchange).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6(b) of the Act.\4\
Specifically, the proposed rule change is consistent with Section
6(b)(5) of the Act,\5\ because it is designed to promote just and
equitable principles of trade, remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the Pilot Programs are consistent with the
Act because they provide opportunity for price improvement for all
orders executed in the Exchange's Price Improvement Mechanism. The
proposed extension would allow the Pilot Programs to continue
uninterrupted, thereby avoiding any potential investor confusion that
could result from a temporary interruption to the pilot. Further, the
Exchange believes that the data demonstrates that there is sufficient
investor interest and demand to extend the Pilot Programs for an
additional six months. The Exchange further believes it is appropriate
to extend the Pilot Programs to provide the Exchange and Commission
more data upon which to evaluate the rules. With this data, the
Commission can evaluate whether the new data shows there is meaningful
competition for all size orders within the PIM, whether there is
significant price improvement for all orders executed through the PIM,
and whether there is an active and liquid market functioning on the
Exchange outside of the PIM.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. Specifically, the Exchange
believes that, by extending the expiration of the Pilot Programs, the
proposed rule change will allow for further analysis of the PIM. In
doing so, the proposed rule change will also serve to promote
regulatory clarity and consistency, thereby reducing burdens on the
marketplace and facilitating investor protection.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.
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) of the Act and Rule 19b-
4(f)(6) thereunder.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \7\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \8\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay
period because the Pilot Programs are set to expire on July 18, 2016.
The Exchange noted that such waiver will allow the Pilot Programs to
continue uninterrupted.
---------------------------------------------------------------------------
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest, as
it will allow the Pilot Programs to continue uninterrupted, thereby
avoiding any potential investor confusion that could result from a
temporary interruption in the Pilot Programs. For this reason, the
Commission designates the proposed rule change to be operative on July
18, 2016.\9\
---------------------------------------------------------------------------
\9\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 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 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-ISEMercury-2016-13 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISEMercury-2016-13. 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
[[Page 47483]]
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 Number SR-ISEMercury-2016-13, and
should be submitted on or before August 11, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17195 Filed 7-20-16; 8:45 am]
BILLING CODE 8011-01-P
