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]
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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
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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
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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.
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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
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16:21 Apr 03, 2017
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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 (https://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 (https://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–
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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
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16:21 Apr 03, 2017
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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
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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
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]]>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\
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\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.
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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\
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\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).
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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 (https://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 (https://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
