Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing of Proposed Rule Change To Amend Rule 11.230 To Rename the “Router Plus” Routing Option to “Router”, 50572-50573 [2016-18056]
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Federal Register / Vol. 81, No. 147 / Monday, August 1, 2016 / Notices
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.
[FR Doc. 2016–18173 Filed 7–29–16; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78420; File No. SR–IEX–
2016–02]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing of Proposed Rule Change To
Amend Rule 11.230 To Rename the
‘‘Router Plus’’ Routing Option to
‘‘Router’’
July 26, 2016.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on July 13,
2016, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Exchange has designated this proposal
as a ‘‘non-controversial’’ proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 4 and Rule 19b–4(f)(6)(iii)
thereunder,5 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
subparagraph (c)(2) of Rule 11.230
(Order Execution) to rename the Router
Plus routing option to Router.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.iextrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
sradovich on DSK3GMQ082PROD with NOTICES
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 statement [sic] may be
examined at the places specified in Item
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6)(iii).
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to change the references in
Rule 11.230(c)(2) from ‘‘Router Plus’’ to
‘‘Router,’’ consistent with the
Exchange’s re-branding of its routing
options prior to Exchange launch. The
name change from Router Plus to Router
is a non-substantive change. No changes
to the functionality of this routing
option are proposed.
Currently, subparagraph (c) of Rule
11.230 describes two routing options
offered by the Exchange: Router Basic
and Router Plus. The proposed change
would merely rename Router Plus to
Router. Router Basic is a routing option
under which an order is sent to
destinations on the System routing
table. If shares remain unexecuted after
routing, they are posted on the Order
Book or canceled, as per User
instruction. Once posted on the Order
Book, the unexecuted portion of such an
order is eligible for the re-sweep
behavior described in paragraph (3),
market conditions permitting. Router
Plus (which as proposed, would be
retitled Router) is a routing option
under which an order is sent to the
Order Book to check for available shares
and then any remainder is sent to
destinations on the System routing
table. If shares remain unexecuted after
routing, they are posted on the Order
Book or canceled, as per User
instruction. Once posted on the Order
Book, the unexecuted portion of such an
order is eligible for the re-sweep
behavior described in paragraph (3),
market conditions permitting. As stated
above, the proposed change would
merely rename Router Plus to Router.
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act 6 in general and
with Sections 6(b) 7 of the Act 8 in
particular, in that it is designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
2 15
VerDate Sep<11>2014
20:16 Jul 29, 2016
6 15
U.S.C. 78f(b).
U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
7 15
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PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
Specifically, the proposed rule change
is a stylistic change to remove the word
‘‘plus’’ in the name of the router option
consistent with the Exchange’s rebranding of its routing options prior to
Exchange launch. Accordingly, the
Exchange believes this nonsubstantive
change will make the Exchange’s rules
clearer for market participants by
removing unnecessary verbiage.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will impose any
burden on competition, because the
Exchange is not proposing any
substantive changes to Rule
11.230(c)(2).
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the Proposed
Rule Change and Timing for
Commission Action
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 9 of the Act and Rule
19b–4(f)(6) 10 thereunder. Because the
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 if consistent
with the protection of investors and the
public interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act and Rule 19b–4(f)(6) thereunder.11
The Exchange notes that its proposal
makes a stylistic, non-substantive
change and has asked the Commission
to waive the 30-day operative delay,
making this proposal operative upon
filing. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because the Exchange is not
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 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.
10 17
E:\FR\FM\01AUN1.SGM
01AUN1
Federal Register / Vol. 81, No. 147 / Monday, August 1, 2016 / Notices
substantively altering the routing
options it offers but rather is amending
the terminology it uses to identify one
particular routing option. Therefore, the
Commission hereby waives the
operative delay and designates the
proposed rule change operative upon
filing.12
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
under Section 19(b)(2)(B) 13 of the Act to
determine whether the proposed rule
change 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:
sradovich on DSK3GMQ082PROD with NOTICES
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 SR–IEX–
2016–02 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–IEX–2016–02. 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 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–IEX–
2016–02 and should be submitted on or
before August 22, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–18056 Filed 7–29–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78416; File No. SR–IEX–
2016–01]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Collection of Exchange Fees and Other
Claims and Billing Policy
July 26, 2016.
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 July 12,
2016, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) 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 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) thereunder,4
which renders it effective upon filing
with the Commission. The Commission
is publishing this notice to solicit
12 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 15 U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
20:16 Jul 29, 2016
Jkt 238001
PO 00000
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
1 15
Frm 00114
Fmt 4703
Sfmt 4703
50573
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 adopt Rule
15.120 and entitle it ‘‘Collection of
Exchange Fees and Other Claims and
Billing Policy’’ that (a) requires each IEX
Member, and all applications for
membership, to provide a clearing
account number for an account at the
National Securities Clearing Corporation
(‘‘NSCC’’) for purposes of permitting the
Exchange to debit certain fees, fines,
charges and/or other monetary sanctions
or other monies due and owing to the
Exchange; and (b) require [sic] IEX
Members to submit billing disputes
within a certain time period.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.iextrading.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 statement [sic] 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to adopt Rule 15.120 to (a)
require each IEX Member, and all
applications for membership, to provide
a clearing account number for an
account at the National Securities
Clearing Corporation (‘‘NSCC’’) for
purposes of permitting the Exchange to
debit certain fees, fines, charges and/or
other monetary sanctions or other
monies due and owing to the Exchange;
and (b) require IEX Members to submit
billing disputes within a certain time
period.
Direct Debit Process
As proposed, paragraph (a) of Rule
15.120 requires IEX Members, and all
applicants for membership, to provide a
E:\FR\FM\01AUN1.SGM
01AUN1
]]>Agencies
[Federal Register Volume 81, Number 147 (Monday, August 1, 2016)]
[Notices]
[Pages 50572-50573]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-18056]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78420; File No. SR-IEX-2016-02]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing of Proposed Rule Change To Amend Rule 11.230 To Rename the
``Router Plus'' Routing Option to ``Router''
July 26, 2016.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 13, 2016, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the self-regulatory
organization. The Exchange has designated this proposal as a ``non-
controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of
the Act \4\ and Rule 19b-4(f)(6)(iii) thereunder,\5\ 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).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend subparagraph (c)(2) of Rule 11.230
(Order Execution) to rename the Router Plus routing option to Router.
The text of the proposed rule change is available at the Exchange's
Web site at www.iextrading.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 statement [sic] 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 purpose of the proposed rule change is to change the references
in Rule 11.230(c)(2) from ``Router Plus'' to ``Router,'' consistent
with the Exchange's re-branding of its routing options prior to
Exchange launch. The name change from Router Plus to Router is a non-
substantive change. No changes to the functionality of this routing
option are proposed.
Currently, subparagraph (c) of Rule 11.230 describes two routing
options offered by the Exchange: Router Basic and Router Plus. The
proposed change would merely rename Router Plus to Router. Router Basic
is a routing option under which an order is sent to destinations on the
System routing table. If shares remain unexecuted after routing, they
are posted on the Order Book or canceled, as per User instruction. Once
posted on the Order Book, the unexecuted portion of such an order is
eligible for the re-sweep behavior described in paragraph (3), market
conditions permitting. Router Plus (which as proposed, would be
retitled Router) is a routing option under which an order is sent to
the Order Book to check for available shares and then any remainder is
sent to destinations on the System routing table. If shares remain
unexecuted after routing, they are posted on the Order Book or
canceled, as per User instruction. Once posted on the Order Book, the
unexecuted portion of such an order is eligible for the re-sweep
behavior described in paragraph (3), market conditions permitting. As
stated above, the proposed change would merely rename Router Plus to
Router.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act \6\ in general and with Sections
6(b) \7\ of the Act \8\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the proposed rule change is a stylistic change to
remove the word ``plus'' in the name of the router option consistent
with the Exchange's re-branding of its routing options prior to
Exchange launch. Accordingly, the Exchange believes this nonsubstantive
change will make the Exchange's rules clearer for market participants
by removing unnecessary verbiage.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will impose any
burden on competition, because the Exchange is not proposing any
substantive changes to Rule 11.230(c)(2).
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(6) \10\
thereunder. Because the 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 if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\11\ The Exchange notes that its proposal makes a
stylistic, non-substantive change and has asked the Commission to waive
the 30-day operative delay, making this proposal operative upon filing.
The Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest
because the Exchange is not
[[Page 50573]]
substantively altering the routing options it offers but rather is
amending the terminology it uses to identify one particular routing
option. Therefore, the Commission hereby waives the operative delay and
designates the proposed rule change operative upon filing.\12\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 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.
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 under
Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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 SR-IEX-2016-02 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-IEX-2016-02. 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 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-IEX-2016-02 and should be
submitted on or before August 22, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-18056 Filed 7-29-16; 8:45 am]
BILLING CODE 8011-01-P
