Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add MIAX PEARL, LLC as a Participant, 9264-9265 [2017-02265]

Download as PDF 9264 Federal Register / Vol. 82, No. 22 / Friday, February 3, 2017 / Notices II. Effectiveness of the OLPP Amendment The foregoing OLPP amendment has become effective pursuant to Rule 608(b)(3)(iii) 9 because it involves solely technical or ministerial matters. At any time within sixty days of the filing of the amendment, the Commission may summarily abrogate the amendment and require that it be refiled pursuant to paragraph (a)(1) of Rule 608,10 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 amendment is consistent with the Act. Comments may be submitted by any of the following methods: asabaliauskas on DSK3SPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://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 (http://www.sec.gov/rules/ sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the plan that are filed with the Commission, and all written communications relating to the plan 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 9 17 CFR 242.608(b)(3)(iii). CFR 242.608(b)(1). 10 17 VerDate Sep<11>2014 17:26 Feb 02, 2017 Jkt 241001 filing also will be available for inspection and copying at MIAX PEARL’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 Number 4–443, and should be submitted on or before February 24, 2017. By the Commission. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–02266 Filed 2–2–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79896; File No. 4–546] Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add MIAX PEARL, LLC as a Participant January 30, 2017. 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 January 17, 2017, MIAX PEARL, LLC (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) an amendment to the Options Order Protection and Locked/ Crossed Market Plan (‘‘Plan’’).3 The Commission approved the application of MIAX PEARL to register as a national 1 15 U.S.C. 78k–1(a)(3). CFR 242.608. 3 On July 30, 2009, the Commission approved the Plan, which was proposed by Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), International Securities Exchange, LLC (‘‘ISE’’), The NASDAQ Stock Market LLC (‘‘Nasdaq’’), NASDAQ OMX BX, Inc. (‘‘BX’’), NASDAQ OMX PHLX, Inc. (‘‘Phlx’’), NYSE Amex, LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE Arca’’). See Securities Exchange Act Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See also Securities Exchange Act Release No. 61546 (February 19, 2010), 75 FR 8762 (February 25, 2010) (adding BATS Exchange, Inc. (‘‘BATS’’) as a Participant); 63119 (October 15, 2010), 75 FR 65536 (October 25, 2010) (adding C2 Options Exchange, Incorporated (‘‘C2’’) as a Participant); 66969 (May 11, 2015), 77 FR 29396 (May 17, 2012) (adding BOX Options Exchange LLC (‘‘BOX Options’’ as a Participant); 70763 (October 28, 2013), 78 FR 65734 (November 1, 2013) (adding Topaz Exchange, LLC (‘‘Topaz’’) as a Participant); 70762 (October 28, 2013), 78 FR 65740 (November 1, 2013) (adding MIAX International Securities Exchange, LLC (‘‘MIAX’’) as a Participant); 76823 (January 5, 2016), 81 FR 1260 (January 11, 2016) (adding EDGX Exchange, Inc. (‘‘EDGX’’) as a Participant); 77324 (March 8, 2016), 81 FR 13425 (March 14, 2016) (adding ISE MERCURY, LLC (‘‘ISE Mercury’’) as a Participant). 2 17 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 securities exchange on December 13, 2016.4 One of the conditions of the Commission’s approval was the requirement for MIAX PEARL to join the Plan. The amendment adds MIAX PEARL as a Participant 5 to the Plan.6 The Commission is publishing this notice to solicit comments on the amendment from interested persons. I. Description and Purpose of the Amendment The Plan requires the options exchanges to establish a framework for providing order protection and addressing locked and crossed markets in eligible options classes. The amendment to the Plan adds MIAX PEARL as a Participant. The other Plan Participants are BATS, BOX, BX, C2, CBOE, EDGX, ISE, ISE Gemini, ISE Mercury, MIAX, Nasdaq, Phlx, NYSE MKT, and NYSE Arca. MIAX PEARL has submitted an executed copy of the Plan to the Commission in accordance with the procedures set forth in the Plan regarding new Participants. Section 3(c) of the Plan provides for the entry of new Participants to the Plan. Specifically, Section 3(c) of the Plan provides that an Eligible Exchange 7 may become a Participant in the Plan by: (i) Executing a copy of the Plan, as then in effect; (ii) providing each current Participant with a copy of such executed Plan; and (iii) effecting an amendment to the Plan, as specified in Section 4(b) of the Plan. Section 4(b) of the Plan sets forth the process by which an Eligible Exchange may effect an amendment to the Plan. Specifically, an Eligible Exchange must: (a) Execute a copy of the Plan with the only change being the addition of the new Participant’s name in Section 3(a) of the Plan; and (b) submit the executed Plan to the Commission. The Plan then 4 See Securities and Exchange Act Release No. 79543 (Dec. 13, 2016), 81 FR 92901 (Dec. 20, 2016) (File No. 10–227). 5 The term ‘‘Participant’’ is defined as an Eligible Exchange whose participation in the Plan has become effective pursuant to Section 3(c) of the Plan. 6 See Letter from Barbara J. Comly, Executive Vice President, General Counsel, and Corporate Secretary, MIAX PEARL, to Brent J. Fields, Secretary, Commission, dated January 13, 2017. 7 Section 2(6) of the Plan defines an ‘‘Eligible Exchange’’ as a national securities exchange registered with the Commission pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is a ‘‘Participant Exchange’’ in the Options Clearing Corporation (‘‘OCC’’) (as defined in OCC By-laws, Section VII); (b) is a party to the Options Price Reporting Authority (‘‘OPRA’’) Plan (as defined in the OPRA Plan, Section 1); and (c) if the national securities exchange chooses not to become part to this Plan, is a participant in another plan approved by the Commission providing for comparable Trade-Through and Locked and Crossed Market protection. MIAX PEARL has represented that it has met the requirements for being considered an Eligible Exchange. See supra note 6. E:\FR\FM\03FEN1.SGM 03FEN1 Federal Register / Vol. 82, No. 22 / Friday, February 3, 2017 / Notices provides that such an amendment will be effective when the amendment is approved by the Commission or otherwise becomes effective pursuant to Section 11A of the Act and Rule 608 thereunder. II. Effectiveness of the Linkage Plan Amendment The foregoing Plan amendment has become effective pursuant to Rule 608(b)(3)(iii) 8 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 paragraph (a)(1) of Rule 608,9 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 amendment is consistent with the Act. Comments may be submitted by any of the following methods: asabaliauskas on DSK3SPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number 4– 546 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 4–546. 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 (http://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 amendment between the Commission and any person, other than those that 8 17 9 17 CFR 242.608(b)(3)(iii). CFR 242.608(a)(1). VerDate Sep<11>2014 17:26 Feb 02, 2017 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 MIAX PEARL. 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 4–546 and should be submitted on or before February 24, 2017. Internet Web site at http:// boxexchange.com. 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. By the Commission. Eduardo A. Aleman, Assistant Secretary. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2017–02265 Filed 2–2–17; 8:45 am] 1. Purpose BILLING CODE 8011–01–P The purpose of the proposed rule change is to amend Rule 7150 (The Price Improvement Period (‘‘PIP’’)) to provide that if at the start of the auction the quoted NBBO spread is less than or equal to a $0.01, only PIP Orders for less than 50 contracts will be rejected. The Exchange recently filed to amend the BOX Rules to make permanent the pilot programs that permit the Exchange to have no minimum size requirement for orders entered into the PIP (‘‘PIP Pilot Program’’) and COPIP (‘‘COPIP Pilot Program’’), collectively known as the (‘‘Programs’’).3 As part of this filing, BOX also modified the requirements for the PIP to specify where the National Best Bid and Offer (‘‘NBBO’’) spread is less than equal to $0.01, the PIP Order and corresponding Primary Improvement Order will be rejected. The Exchange now proposes to modify the requirements of the PIP to specify where the NBBO spread is less than or equal to $0.01; only PIP Orders for less than 50 contracts will be rejected. This is a competitive filing based on the price improvement auction proposed rules of the Miami International Securities Exchange, LLC (‘‘MIAX’’).4 Specifically, under MIAX Rule 515A(a)(1)(iii), with respect to Agency Orders that have a size of less than 50 contracts, if at the receipt of the Agency Order, the NBBO has a bid/ask differential of $0.01, the System will reject the Agency Order. Further, SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79900; File No. SR–BOX– 2017–06] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7150 (The Price Improvement Period (‘‘PIP’’)) January 30, 2017. 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 January 18, 2017, BOX Options Exchange LLC (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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 7150 (The Price Improvement Period (‘‘PIP’’)). The text of the proposed rule change is available from the principal office of the Exchange, at the Commission’s Public Reference Room and also on the Exchange’s 1 15 2 17 Jkt 241001 9265 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00075 Fmt 4703 Sfmt 4703 3 See Securities Exchange Act Release No. 79531 (December 12, 2016), 81 FR 91227 (December 16, 2016) (SR–BOX–2016–58). 4 See Securities Exchange Act Release No. 79500 (December 7, 2016), 81 FR 90030 (December 13, 2016). See also MIAX Rule 515A.(a)(1)(iii). E:\FR\FM\03FEN1.SGM 03FEN1

Agencies

[Federal Register Volume 82, Number 22 (Friday, February 3, 2017)]
[Notices]
[Pages 9264-9265]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02265]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79896; File No. 4-546]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Order Protection and Locked/Crossed Market 
Plan To Add MIAX PEARL, LLC as a Participant

January 30, 2017.
    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 January 17, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Order Protection and 
Locked/Crossed Market Plan (``Plan'').\3\ The Commission approved the 
application of MIAX PEARL to register as a national securities exchange 
on December 13, 2016.\4\ One of the conditions of the Commission's 
approval was the requirement for MIAX PEARL to join the Plan. The 
amendment adds MIAX PEARL as a Participant \5\ to the Plan.\6\ The 
Commission is publishing this notice to solicit comments on the 
amendment from interested persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 30, 2009, the Commission approved the Plan, which 
was proposed by Chicago Board Options Exchange, Incorporated 
(``CBOE''), International Securities Exchange, LLC (``ISE''), The 
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BX''), 
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), 
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act 
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See 
also Securities Exchange Act Release No. 61546 (February 19, 2010), 
75 FR 8762 (February 25, 2010) (adding BATS Exchange, Inc. 
(``BATS'') as a Participant); 63119 (October 15, 2010), 75 FR 65536 
(October 25, 2010) (adding C2 Options Exchange, Incorporated 
(``C2'') as a Participant); 66969 (May 11, 2015), 77 FR 29396 (May 
17, 2012) (adding BOX Options Exchange LLC (``BOX Options'' as a 
Participant); 70763 (October 28, 2013), 78 FR 65734 (November 1, 
2013) (adding Topaz Exchange, LLC (``Topaz'') as a Participant); 
70762 (October 28, 2013), 78 FR 65740 (November 1, 2013) (adding 
MIAX International Securities Exchange, LLC (``MIAX'') as a 
Participant); 76823 (January 5, 2016), 81 FR 1260 (January 11, 2016) 
(adding EDGX Exchange, Inc. (``EDGX'') as a Participant); 77324 
(March 8, 2016), 81 FR 13425 (March 14, 2016) (adding ISE MERCURY, 
LLC (``ISE Mercury'') as a Participant).
    \4\ See Securities and Exchange Act Release No. 79543 (Dec. 13, 
2016), 81 FR 92901 (Dec. 20, 2016) (File No. 10-227).
    \5\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation in the Plan has become effective pursuant to 
Section 3(c) of the Plan.
    \6\ See Letter from Barbara J. Comly, Executive Vice President, 
General Counsel, and Corporate Secretary, MIAX PEARL, to Brent J. 
Fields, Secretary, Commission, dated January 13, 2017.
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I. Description and Purpose of the Amendment

    The Plan requires the options exchanges to establish a framework 
for providing order protection and addressing locked and crossed 
markets in eligible options classes. The amendment to the Plan adds 
MIAX PEARL as a Participant. The other Plan Participants are BATS, BOX, 
BX, C2, CBOE, EDGX, ISE, ISE Gemini, ISE Mercury, MIAX, Nasdaq, Phlx, 
NYSE MKT, and NYSE Arca. MIAX PEARL has submitted an executed copy of 
the Plan to the Commission in accordance with the procedures set forth 
in the Plan regarding new Participants. Section 3(c) of the Plan 
provides for the entry of new Participants to the Plan. Specifically, 
Section 3(c) of the Plan provides that an Eligible Exchange \7\ may 
become a Participant in the Plan by: (i) Executing a copy of the Plan, 
as then in effect; (ii) providing each current Participant with a copy 
of such executed Plan; and (iii) effecting an amendment to the Plan, as 
specified in Section 4(b) of the Plan.
---------------------------------------------------------------------------

    \7\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as 
a national securities exchange registered with the Commission 
pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is 
a ``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1); and (c) if the national securities 
exchange chooses not to become part to this Plan, is a participant 
in another plan approved by the Commission providing for comparable 
Trade-Through and Locked and Crossed Market protection. MIAX PEARL 
has represented that it has met the requirements for being 
considered an Eligible Exchange. See supra note 6.
---------------------------------------------------------------------------

    Section 4(b) of the Plan sets forth the process by which an 
Eligible Exchange may effect an amendment to the Plan. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the Plan with the only 
change being the addition of the new Participant's name in Section 3(a) 
of the Plan; and (b) submit the executed Plan to the Commission. The 
Plan then

[[Page 9265]]

provides that such an amendment will be effective when the amendment is 
approved by the Commission or otherwise becomes effective pursuant to 
Section 11A of the Act and Rule 608 thereunder.

II. Effectiveness of the Linkage Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) \8\ 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 paragraph (a)(1) of Rule 608,\9\ 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.
---------------------------------------------------------------------------

    \8\ 17 CFR 242.608(b)(3)(iii).
    \9\ 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 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number 4-546 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 4-546. 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 (http://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 
amendment 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 MIAX PEARL. 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 4-546 and should be submitted 
on or before February 24, 2017.

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02265 Filed 2-2-17; 8:45 am]
BILLING CODE 8011-01-P