Product Change-Priority Mail Express Negotiated Service Agreement, 11248 [2017-03287]

Download as PDF 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 (http://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. E:\FR\FM\21FEN1.SGM 21FEN1

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.

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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