Product Change-Priority Mail Express Negotiated Service Agreement, 11248 [2017-03287]
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11248
Federal Register / Vol. 82, No. 33 / Tuesday, February 21, 2017 / Notices
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on February 14,
2017, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 294 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2017–91,
CP2017–125.
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail Express
Negotiated Service Agreement
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
DATES:
Effective date: February 21, 2017.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on February 14,
2017, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Express Contract 45 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2017–92,
CP2017–126.
SUPPLEMENTARY INFORMATION:
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2017–03287 Filed 2–17–17; 8:45 am]
sradovich on DSK3GMQ082PROD with NOTICES
BILLING CODE 7710–12–P
VerDate Sep<11>2014
17:15 Feb 17, 2017
[Release No. 34–80040; File No. SR–CBOE–
2016–088]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
of a Proposed Rule Change, as
Modified by Amendment No. 1, Related
to the Nullification and Adjustment of
Options Transactions
February 14, 2017.
[FR Doc. 2017–03286 Filed 2–17–17; 8:45 am]
AGENCY:
SECURITIES AND EXCHANGE
COMMISSION
Jkt 241001
I. Introduction
On December 14, 2016, Chicago Board
Options Exchange, Incorporated (the
‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Exchange Rule 6.25, relating to
the adjustment and nullification of
erroneous complex order and stockoption order transactions. The proposed
rule change was published for comment
in the Federal Register on January 3,
2017.3 On February 13, 2017, the
Exchange submitted Amendment No. 1
to the proposed rule change.4 The
Commission received no comments
regarding the proposal. This order
approves the proposed rule change, as
modified by Amendment No. 1.
II. Description of the Proposed Rule
Change
The Exchange proposes to amend
Rule 6.25, entitled ‘‘Nullification and
Adjustment of Options Transactions’’ by
adding Interpretation and Policy .07 (a)–
(c) related to the adjustment and
nullification of erroneous complex order
and stock-option order transactions.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 79697
(December 27, 2016), 82 FR 167 (‘‘Notice’’).
4 In Amendment No. 1, the Exchange proposed an
implementation date of April 17, 2017, to allow all
the other options exchanges that permit complex
order or stock-option order transactions the time
necessary to harmonize their obvious error rules
with the proposed rule change. Because
Amendment No. 1 does not materially alter the
substance of the proposed rule change or raise
unique or novel regulatory issues, Amendment No.
1 is not subject to notice and comment. To promote
transparency of its proposed amendment, when
CBOE filed Amendment No. 1 with the
Commission, it also submitted Amendment No. 1 as
a comment letter to the file, which the Commission
posted on its Web site and placed in the public
comment file for SR–CBOE–2016–088 (available at
https://www.sec.gov/comments/sr-cboe-2016-088/
cboe2016088-1581994-131907.pdf). The Exchange
also posted a copy of its Amendment No. 1 on its
Web site (https://www.cboe.com/aboutcboe/legal/
submittedsecfilings.aspx), when it filed it with the
Commission.
2 17
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
A. Background
The Exchange and other options
exchanges previously adopted new,
harmonized rules related to the
adjustment and nullification of
erroneous options transactions.5 The
Exchange believes that the changes the
options exchanges implemented with
the new, harmonized rule have led to
increased transparency and finality with
respect to the adjustment and
nullification of erroneous options
transactions. However, as part of the
initial initiative, the Exchange and other
options exchanges deferred a few
specific matters for further discussion,
including how erroneous complex
orders and stock-option orders should
be handled.
Since the adopting of the initial
harmonized rule, the exchanges that
offer complex orders and/or stockoption orders discussed the adoption of
a rule—described below—that they
collectively believe will improve the
handling of erroneous options
transactions that result from the
execution of complex orders and stockoption orders.6
B. Proposed Rule
The proposed rule applies much of
the initial harmonized rule to complex
orders and stock-option orders. The
proposed rule, however, deviates from
the initial harmonized rule to account
for unique qualities of complex orders
and stock-option orders. Specifically,
the proposed rule reflects the fact that
complex orders can execute against
other complex orders or can execute
against individual simple orders in the
leg markets. When a complex order
executes against the leg markets, there
may be different counterparties on each
leg of the complex order, and not every
leg will necessarily be executed at an
erroneous price. With regards to stockoption orders, the proposed rule reflects
the fact that stock-option orders contain
a stock component that is executed on
a stock trading venue, and the Exchange
may not be able to ensure that the stock
trading venue will adjust or nullify the
stock execution in the event of an
obvious or catastrophic error. In order to
account for the unique characteristics of
complex orders and stock-option orders,
5 See, e.g., Securities Exchange Act Release Nos.
74898 (May 7, 2015), 80 FR 27354 (May 13, 2015)
(SR–CBOE–2015–039); and 74556 (March 20, 2015),
80 FR 16031 (March 26, 2015) (SR–BATS–2014–
067) (‘‘BATS Order’’).
6 See Notice, supra note 3, at 167. An exchange
that does not offer complex orders and/or stockoption orders will not adopt these new provisions
until such time as the exchange offers complex
orders and/or stock-option orders. See id. at 167
n.5.
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]]>Agencies
[Federal Register Volume 82, Number 33 (Tuesday, February 21, 2017)]
[Notices]
[Page 11248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03287]
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POSTAL SERVICE
Product Change--Priority Mail Express Negotiated Service
Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Effective date: February 21, 2017.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
February 14, 2017, it filed with the Postal Regulatory Commission a
Request of the United States Postal Service to Add Priority Mail
Express Contract 45 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2017-92, CP2017-126.
Stanley F. Mires,
Attorney, Federal Compliance.
[FR Doc. 2017-03287 Filed 2-17-17; 8:45 am]
BILLING CODE 7710-12-P
