Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Rename the Exchange as Nasdaq ISE, LLC, 16445-16447 [2017-06560]

Download as PDF Federal Register / Vol. 82, No. 63 / Tuesday, April 4, 2017 / Notices markets.22 In particular, the Exchange noted that the proposed rules with respect to the treatment of Market Maker quotations would enable Market Makers to simultaneously update both sides of their resting quote when one side of the quote received a partial fill but was subsequently cancelled, and to leave undisturbed valid opposite-side interest where one side of a quote is rejected and not booked.23 This proposal does not relieve a Market Maker of its continuous quoting, or firm quote, obligations pursuant to Rules 6.37B and 6.86, respectively. For these reasons, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act and the rules and regulations thereunder applicable to a national securities exchange. The subject matter of the closed meeting will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; 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 30, 2017. Brent J. Fields, Secretary. [FR Doc. 2017–06691 Filed 3–31–17; 11:15 am] IV. Conclusion BILLING CODE 8011–01–P It is therefore ordered, pursuant to Section 19(b)(2) of the Act,24 that the proposed rule change (SR–NYSEArca– 2017–17) be, and hereby is, approved. SECURITIES AND EXCHANGE COMMISSION For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.25 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–06564 Filed 4–3–17; 8:45 am] BILLING CODE 8011–01–P asabaliauskas on DSK3SPTVN1PROD with NOTICES 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, April 6, 2017 at 2 p.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. Commissioner Stein, as duty officer, voted to consider the items listed for the closed meeting in closed session. id. id. 24 15 U.S.C. 78s(b)(2). 25 17 CFR 200.30–3(a)(12). 16:21 Apr 03, 2017 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 17, 2017, the International Securities Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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 its Second Amended and Restated Constitution, Third Amended and Restated LLC Agreement, Rule Book and Fee Schedule to rename itself Nasdaq ISE, LLC. In addition this rule change proposes to amend references to the names of certain affiliated markets within the ISE Rulebook.3 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The affiliated markets are ISE Gemini, LLC and ISE Mercury, LLC. 23 See VerDate Sep<11>2014 Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Rename the Exchange as Nasdaq ISE, LLC March 29, 2017. SECURITIES AND EXCHANGE COMMISSION 22 See [Release No. 34–80325; File No. SR–ISE– 2017–25] 2 17 Jkt 241001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 16445 The text of the proposed rule change is available on the Exchange’s Web site at www.ise.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 Exchange 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 Exchange 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 rename the Exchange to reflect its new placement within the Nasdaq, Inc. corporate structure in connection with the March 9, 2016 acquisition by Nasdaq of the capital stock of U.S. Exchange Holdings, and the thereby indirectly acquiring all of the interests of the International Securities Exchange, LLC, ISE Gemini, LLC and ISE Mercury, LLC.4 Specifically, all references in the Exchange’s Second Amended and Restated Constitution and Third Amended and Restated Limited Liability Company Agreement, Rule Book and Fee Schedule to ‘‘International Securities Exchange, LLC,’’ ‘‘ISE, LLC,’’ or ‘‘ISE’’ shall be amended to ‘‘Nasdaq ISE, LLC’’ or ‘‘Nasdaq ISE.’’ Moreover, consistent with changes already filed for ISE Gemini, LLC, the rule change proposes to amend references to ‘‘ISE Gemini’’ to ‘‘Nasdaq GEMX,’’ and references to ‘‘ISE Mercury’’ and ‘‘Mercury’’ to ‘‘Nasdaq MRX.’’ 5 The Exchange also proposes minor grammatical changes which are necessary as a result of the name change, i.e., amending ‘‘a’’ to ‘‘an.’’ The 4 See Securities Exchange Act Release No. 78119 (June 27, 2016), 81 FR 41611 (SR–ISE–2016–11; SR– ISE Gemini–2016–05; SR–ISE Mercury–2016–10) (Order Granting Accelerated Approval of Proposed Rule Changes, Each as Modified by Amendment No. 1 Thereto, Relating to a Corporate Transaction in Which Nasdaq, Inc. Will Become the Indirect Parent of ISE, ISE Gemini, and ISE Mercury). 5 See Securities Exchange Act Release No. 80248 (March 15, 2017) (SR–ISEGemini–2017–13). See also SR–ISEMercury–2017–05. E:\FR\FM\04APN1.SGM 04APN1 16446 Federal Register / Vol. 82, No. 63 / Tuesday, April 4, 2017 / Notices Exchange proposes to amend its name for ISE on April 3, 2017. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular, in that it is designed to promote just and equitable principles of trade, 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 by renaming the Exchange and updating the names of certain affiliated markets to reflect its current ownership. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impact the intense competition that exists in the options market. The name change will reflect the current ownership structure and unify the options markets operated by Nasdaq, Inc. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b– 4(f)(6) thereunder.9 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 10 normally does not become asabaliauskas on DSK3SPTVN1PROD with NOTICES 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). As required under Rule 19b–4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. 10 17 CFR 240.19b–4(f)(6). 7 15 VerDate Sep<11>2014 16:21 Apr 03, 2017 Jkt 241001 operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the Exchange may amend its name as of April 3, 2017. The Exchange stated that it intends to announce the name change for ISE and certain of its affiliated markets on the same date to reflect the unified ownership of these markets by Nasdaq, Inc.12 The Exchange believes that changing the names of all three affiliated markets at the same time is consistent with the protection of investors and the public interest because it will avoid any confusion that may arise with respect to the ownership by Nasdaq of the three markets, and will relieve various administrative burdens associated with the name changes.13 The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.14 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if 11 17 CFR 240.19b–4(f)(6)(iii). Gemini, LLC and ISE Mercury, LLC have proposed in separate rule changes to amend their names as of April 3, 2017. See Securities Exchange Act Release No. 80248 (March 15, 2017), 82 FR 14547 (March 21, 2017) (SR–ISEGemini–2017–13) (‘‘Nasdaq GEMX Proposal’’). See also Securities Exchange Act Release No. 34–80326 (March 29, 2017) (SR–ISEMercury–2017–05) (‘‘Nasdaq MRX Proposal’’). 13 For example, the Exchange states that it is notifying a number of parties of the name change along with members of all three of the markets; the Exchange and members may have to update contractual agreements or forms as a result of the name change; and administrative changes can be accomplished at the same time if the operative dates of all three of the entities are aligned. The Exchange believes that it is in the interest of the members of ISE and the members of other markets, as well as the public, to change the names of the three markets at the same time to avoid additional administrative burdens if it were to change the names of the three markets on different dates. See Item 7 of SR–ISE–2017–25, Form 19b–4. The Exchange further states that it will provide notification of the name changes to the members of all three affiliated markets. Id. 14 The Commission notes that it has also waived the operative delay for the proposed rule changes associated with the renaming of ISE Gemini, LLC to Nasdaq GEMX, LLC, and ISE Mercury, LLC to Nasdaq MRX, LLC. See Nasdaq GEMX Proposal, supra note 12; and Nasdaq MRX Proposal, supra note 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). 12 ISE PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 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 to determine whether the proposed rule 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: 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 SR– ISE–2017–25 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 SR–ISE–2017–25. 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 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 such 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–ISE– E:\FR\FM\04APN1.SGM 04APN1 Federal Register / Vol. 82, No. 63 / Tuesday, April 4, 2017 / Notices 2017–25, and should be submitted on or before April 25, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–06560 Filed 4–3–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80336; File No. SR– NYSEMKT–2017–04] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to Market Makers Applicable When the Exchange Transitions Trading to Pillar, the Exchange’s New Trading Technology Platform asabaliauskas on DSK3SPTVN1PROD with NOTICES March 29, 2017. On January 25, 2017, NYSE MKT LLC (‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to adopt the rules relating to market makers that would be applicable when the Exchange transitions trading to Pillar, the Exchange’s new trading technology platform. The proposed rule change was published for comment in the Federal Register on February 13, 2017.3 The Commission received no comments on the proposed rule change. Section 19(b)(2) of the Act 4 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be approved or disapproved. The 45th day after publication of the notice for this proposed rule change is March 30, 2017. The Commission is extending this 45day time period. 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 79982 (Feb. 7, 2017), 82 FR 10508. 4 15 U.S.C. 78s(b)(2). 1 15 VerDate Sep<11>2014 16:21 Apr 03, 2017 Jkt 241001 The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates May 14, 2017, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR– NYSEMKT–2017–04). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–06568 Filed 4–3–17; 8:45 am] BILLING CODE 8011–01–P 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 Equity Market Structure Advisory Committee will hold a public meeting on Wednesday, April 5, 2017, in the Multipurpose Room, LL–006 at the Commission’s headquarters, 100 F Street NE., Washington, DC. The meeting will begin at 9:30 a.m. (EDT) and will be open to the public. Seating will be on a first-come, firstserved basis. Doors will be open at 9:00 a.m. Visitors will be subject to security checks. The meeting will be webcast on the Commission’s Web site at www.sec.gov. On March 14, 2017, the Commission published notice of the Committee meeting (Release No. 34–80245), indicating that the meeting is open to the public and inviting the public to submit written comments to the Committee. This Sunshine Act notice is being issued because a majority of the Commission may attend the meeting. No earlier notice of this Meeting was practicable. The agenda for the meeting will focus on potential recommendations and updates from the four subcommittees. For further information, please contact Brent J. Fields from the Office of the Secretary at (202) 551–5400. 5 15 6 17 PO 00000 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). Frm 00114 Fmt 4703 16447 Dated: March 30, 2017. Brent J. Fields, Secretary. [FR Doc. 2017–06690 Filed 3–31–17; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80330; File No. SR– NYSEMKT–2017–08] Self-Regulatory Organizations; NYSE MKT LLC; Order Approving Proposed Rule Change To Amend Rule 925.1NY Regarding Market Maker Quotations, Including To Adopt a Market Maker Light Only Quotation March 29, 2017. I. Introduction On February 10, 2017, NYSE MKT LLC (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Rule 925.1NY regarding Market Maker Quotations, including to adopt a Market Maker Light Only Quotation. The proposed rule change was published for comment in the Federal Register on February 27, 2017.3 The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. II. Description of the Proposed Rule Change The Exchange proposes to amend Rule 925.1NY(a), which provides that a Market Maker may enter quotes in the option issues included in its appointment, to define a Market Maker ‘‘quote,’’ add a new quote type, and specify how such quotes would be processed when a series is open for trading. First, the Exchange proposes to define a Market Maker quote to provide that ‘‘[t]he term ‘quote’ or ‘quotation’ means a bid or offer entered by a Market Maker that updates the Market Maker’s previous bid or offer, if any.’’ 4 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 80073 (February 21, 2017), 82 FR 11952 (‘‘Notice’’). 4 See proposed Rule 925.1NY(a)(1). The Exchange notes that its proposed definition is identical or substantially similar to related definitions on other options exchanges. See, e.g., International Securities Exchange, LLC Rule 100(a)(42); BOX Options Exchange LLC Rule 100(a)(55). The Exchange also proposes to modify the current definition of ‘‘Quote with Size’’ to include a cross 2 17 Continued Sfmt 4703 E:\FR\FM\04APN1.SGM 04APN1

Agencies

[Federal Register Volume 82, Number 63 (Tuesday, April 4, 2017)]
[Notices]
[Pages 16445-16447]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06560]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80325; File No. SR-ISE-2017-25]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change To Rename the Exchange as Nasdaq ISE, LLC

March 29, 2017.
    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 17, 2017, the International Securities Exchange, LLC 
(``ISE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``SEC'' or ``Commission'') the proposed rule change as 
described in Items I and II below, which Items have been prepared by 
the Exchange. 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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Second Amended and Restated 
Constitution, Third Amended and Restated LLC Agreement, Rule Book and 
Fee Schedule to rename itself Nasdaq ISE, LLC. In addition this rule 
change proposes to amend references to the names of certain affiliated 
markets within the ISE Rulebook.\3\
---------------------------------------------------------------------------

    \3\ The affiliated markets are ISE Gemini, LLC and ISE Mercury, 
LLC.
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's 
Web site at www.ise.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 Exchange 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 Exchange 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 rename the Exchange 
to reflect its new placement within the Nasdaq, Inc. corporate 
structure in connection with the March 9, 2016 acquisition by Nasdaq of 
the capital stock of U.S. Exchange Holdings, and the thereby indirectly 
acquiring all of the interests of the International Securities 
Exchange, LLC, ISE Gemini, LLC and ISE Mercury, LLC.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 78119 (June 27, 
2016), 81 FR 41611 (SR-ISE-2016-11; SR-ISE Gemini-2016-05; SR-ISE 
Mercury-2016-10) (Order Granting Accelerated Approval of Proposed 
Rule Changes, Each as Modified by Amendment No. 1 Thereto, Relating 
to a Corporate Transaction in Which Nasdaq, Inc. Will Become the 
Indirect Parent of ISE, ISE Gemini, and ISE Mercury).
---------------------------------------------------------------------------

    Specifically, all references in the Exchange's Second Amended and 
Restated Constitution and Third Amended and Restated Limited Liability 
Company Agreement, Rule Book and Fee Schedule to ``International 
Securities Exchange, LLC,'' ``ISE, LLC,'' or ``ISE'' shall be amended 
to ``Nasdaq ISE, LLC'' or ``Nasdaq ISE.'' Moreover, consistent with 
changes already filed for ISE Gemini, LLC, the rule change proposes to 
amend references to ``ISE Gemini'' to ``Nasdaq GEMX,'' and references 
to ``ISE Mercury'' and ``Mercury'' to ``Nasdaq MRX.'' \5\ The Exchange 
also proposes minor grammatical changes which are necessary as a result 
of the name change, i.e., amending ``a'' to ``an.'' The

[[Page 16446]]

Exchange proposes to amend its name for ISE on April 3, 2017.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 80248 (March 15, 
2017) (SR-ISEGemini-2017-13). See also SR-ISEMercury-2017-05.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote 
just and equitable principles of trade, 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 by 
renaming the Exchange and updating the names of certain affiliated 
markets to reflect its current ownership.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange does not believe 
that the proposed rule change will impact the intense competition that 
exists in the options market. The name change will reflect the current 
ownership structure and unify the options markets operated by Nasdaq, 
Inc.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    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, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of 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.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \10\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the Exchange may amend its name as of April 3, 2017. The Exchange 
stated that it intends to announce the name change for ISE and certain 
of its affiliated markets on the same date to reflect the unified 
ownership of these markets by Nasdaq, Inc.\12\ The Exchange believes 
that changing the names of all three affiliated markets at the same 
time is consistent with the protection of investors and the public 
interest because it will avoid any confusion that may arise with 
respect to the ownership by Nasdaq of the three markets, and will 
relieve various administrative burdens associated with the name 
changes.\13\ The Commission believes the waiver of the operative delay 
is consistent with the protection of investors and the public interest. 
Accordingly, the Commission hereby waives the operative delay and 
designates the proposed rule change operative upon filing.\14\
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ ISE Gemini, LLC and ISE Mercury, LLC have proposed in 
separate rule changes to amend their names as of April 3, 2017. See 
Securities Exchange Act Release No. 80248 (March 15, 2017), 82 FR 
14547 (March 21, 2017) (SR-ISEGemini-2017-13) (``Nasdaq GEMX 
Proposal''). See also Securities Exchange Act Release No. 34-80326 
(March 29, 2017) (SR-ISEMercury-2017-05) (``Nasdaq MRX Proposal'').
    \13\ For example, the Exchange states that it is notifying a 
number of parties of the name change along with members of all three 
of the markets; the Exchange and members may have to update 
contractual agreements or forms as a result of the name change; and 
administrative changes can be accomplished at the same time if the 
operative dates of all three of the entities are aligned. The 
Exchange believes that it is in the interest of the members of ISE 
and the members of other markets, as well as the public, to change 
the names of the three markets at the same time to avoid additional 
administrative burdens if it were to change the names of the three 
markets on different dates. See Item 7 of SR-ISE-2017-25, Form 19b-
4. The Exchange further states that it will provide notification of 
the name changes to the members of all three affiliated markets. Id.
    \14\ The Commission notes that it has also waived the operative 
delay for the proposed rule changes associated with the renaming of 
ISE Gemini, LLC to Nasdaq GEMX, LLC, and ISE Mercury, LLC to Nasdaq 
MRX, LLC. See Nasdaq GEMX Proposal, supra note 12; and Nasdaq MRX 
Proposal, supra note 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 to 
determine whether the proposed rule 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:

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 SR-ISE-2017-25 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 SR-ISE-2017-25. 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 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 such 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-ISE-

[[Page 16447]]

2017-25, and should be submitted on or before April 25, 2017.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-06560 Filed 4-3-17; 8:45 am]
 BILLING CODE 8011-01-P