Sunshine Act Meeting, 15393 [2017-06152]
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Federal Register / Vol. 82, No. 58 / Tuesday, March 28, 2017 / Notices
For the Board of Actuaries.
Kathleen M. McGettigan,
Acting Director.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80298; File No. SR–C2–
2017–011]
[FR Doc. 2017–06028 Filed 3–27–17; 8:45 am]
BILLING CODE 6325–63–P
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Related to Rule 6.15
SECURITIES AND EXCHANGE
COMMISSION
March 22, 2017.
Sunshine Act Meeting
sradovich on DSK3GMQ082PROD with NOTICES
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a closed meeting
on Thursday, March 30, 2017 at 11 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at
the closed meeting.
Acting Chairman Piwowar, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matter of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Adjudicatory matters; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed; please
contact Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
Dated: March 23, 2017.
Brent J. Fields,
Secretary.
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 March 15,
2017, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
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 Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 seeks to amend Rule
6.15. The text of the proposed rule
change is provided below, (additions are
in italics; deletions are [bracketed])
*
*
*
*
*
C2 Options Exchange, Incorporated
Rules
Rule 6.15. Nullification and Adjustment of
Options Transactions including Obvious
Errors
The Exchange may nullify a transaction or
adjust the execution price of a transaction in
accordance with this Rule. However, the
determination as to whether a trade was
executed at an erroneous price may be made
by mutual agreement of the affected parties
to a particular transaction. A trade may be
nullified or adjusted on the terms that all
parties to a particular transaction agree,
provided, however, that such agreement to
nullify or adjust must be conveyed to the
Exchange in a manner prescribed by the
Exchange prior to 7:30 a.m. Central Time on
the first trading day following execution. It
is considered conduct inconsistent with just
and equitable principles of trade for any
participant to use the mutual adjustment
process to circumvent any applicable
Exchange rule, the Act or any of the rules and
regulations thereunder.
[FR Doc. 2017–06152 Filed 3–24–17; 11:15 am]
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
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15393
(a)–(m) No change.
. . . Interpretations and Policies:
.01–.06 No change.
.07 Complex Orders and Stock-Option
Orders:
(a) If a complex order executes against
individual legs and at least one of the legs
qualifies as an Obvious Error under
paragraph (c)(1) or a Catastrophic Error
under paragraph (d)(1), then the leg(s) that is
an Obvious or Catastrophic Error will be
adjusted in accordance with paragraphs
(c)(4)(A) or (d)(3), respectively, regardless of
whether one of the parties is a Customer.
However, any Customer order subject to this
paragraph (a) will be nullified if the
adjustment would result in an execution
price higher (for buy transactions) or lower
(for sell transactions) than the Customer’s
limit price on the complex order or
individual leg(s). If any leg of a complex
order is nullified, the entire transaction is
nullified.
(b) If a complex order executes against
another complex order and at least one of the
legs qualifies as an Obvious Error under
paragraph (c)(1) or a Catastrophic Error
under paragraph (d)(1), then the leg(s) that is
an Obvious or Catastrophic Error will be
adjusted or busted in accordance with
paragraph (c)(4) or (d)(3), respectively, so
long as either: (i) the width of the National
Spread Market for the complex order strategy
just prior to the erroneous transaction was
equal to or greater than the amount set forth
in the wide quote table of paragraph (b)(3) or
(ii) the net execution price of the complex
order is higher (lower) than the offer (bid) of
the National Spread Market for the complex
order strategy just prior to the erroneous
transaction by an amount equal to at least
the amount shown in the table in paragraph
(c)(1). If any leg of a complex order is
nullified, the entire transaction is nullified.
For purposes of Rule 6.15, the National
Spread Market for a complex order strategy
is determined by the National Best Bid/Offer
of the individual legs of the strategy.
(c) If the option leg of a stock-option order
qualifies as an Obvious Error under
paragraph (c)(1) or a Catastrophic Error
under paragraph (d)(1), then the option leg
that is an Obvious or Catastrophic Error will
be adjusted in accordance with paragraph
(c)(4)(A) or (d)(3), respectively, regardless of
whether one of the parties is a Customer.
However, the option leg of any Customer
order subject to this paragraph (c) will be
nullified if the adjustment would result in an
execution price higher (for buy transactions)
or lower (for sell transactions) than the
Customer’s limit price on the stock-option
order, and the Exchange will attempt to
nullify the stock leg. Whenever a stock
trading venue nullifies the stock leg of a
stock-option order or whenever the stock leg
cannot be executed, the Exchange will nullify
the option leg upon request of one of the
parties to the transaction or in accordance
with paragraph (c)(3).
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s Web
site (https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
E:\FR\FM\28MRN1.SGM
28MRN1
]]>Agencies
[Federal Register Volume 82, Number 58 (Tuesday, March 28, 2017)]
[Notices]
[Page 15393]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06152]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a closed meeting on Thursday, March
30, 2017 at 11 a.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the closed meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or her designee, has
certified that, in her opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at the closed meeting.
Acting Chairman Piwowar, as duty officer, voted to consider the
items listed for the closed meeting in closed session.
The subject matter of the closed meeting will be:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Adjudicatory matters; and
Other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed; please contact Brent J. Fields from
the Office of the Secretary at (202) 551-5400.
Dated: March 23, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-06152 Filed 3-24-17; 11:15 am]
BILLING CODE 8011-01-P
