Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating to the Exposure Periods of the Automated Improvement Mechanism and the Solicitation Auction Mechanism, 24417-24418 [2017-10790]

Download as PDF Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices 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 these filings 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–CHX– 2017–04 and should be submitted on or before June 16, 2017. Rebuttal comments should be submitted by June 30, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.84 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–10807 Filed 5–25–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80738; File No. SR–CBOE– 2017–029] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change Relating to the Exposure Periods of the Automated Improvement Mechanism and the Solicitation Auction Mechanism May 22, 2017. I. Introduction On March 31, 2017, 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 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend CBOE Rules 6.74A and 6.74B to reduce the exposure periods of the Exchange’s Automated Improvement Mechanism (‘‘AIM’’) and Solicitation Auction Mechanism (‘‘SAM’’) from 1 84 17 CFR 200.30–3(a)(57). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 second to a time period designated by the Exchange of no less than 100 milliseconds and no more than 1 second. The proposed rule change was published for comment in the Federal Register on April 14, 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 CBOE’s AIM auction allows a Trading Permit Holder (‘‘TPH’’) to execute electronically an order it represents as agent against principal interest or against a solicited order.4 CBOE’s SAM auction allows a TPH to execute electronically an agency order of 500 contracts or more against solicited orders.5 After an agency order is properly designated for AIM or SAM processing, the Exchange will send a Request for Responses (‘‘RFR’’) to all TPHs who have elected to receive RFRs.6 Orders entered in the AIM or SAM are currently exposed for a period of 1 second, during which time competitive responses to the auction may be submitted. The Exchange proposes to revise the RFR response periods for AIM and SAM to permit the Exchange to designate a specific time within a range of no less than 100 milliseconds and no more than 1 second.7 3 See Securities Exchange Act Release No. 80421 (April 10, 2017), 82 FR 18048 (‘‘Notice’’). 4 See CBOE Rule 6.74A. 5 See CBOE Rule 6.74B. 6 The AIM RFR specifies the side and size of the order, while the SAM RFR specifies the price, side, and size of the order. See CBOE Rule 6.74A(b)(1)(B) and 6.74B(b)(1)(B). 7 Although the proposed rule change would allow the Exchange to select an exposure period from a range of 1 second to 100 milliseconds, the Exchange stated that it currently plans to decrease the time period allowed for responses to 100 milliseconds. See Notice, supra note 3, at 18050. The Exchange noted that its proposal is consistent with exposure periods permitted in similar mechanisms on other options exchanges. See id. at 18049; see also Securities Exchange Act Release Nos. 76301 (October 29, 2015), 80 FR 68347 (November 4, 2015) (SR–BX–2015–032) (establishing an exposure period for the Nasdaq BX’s options price improvement mechanism (‘‘PRISM’’) of no less than 100 milliseconds and no more than 1 second); 77557 (April 7, 2016), 81 FR 21935 (April 13, 2016) (SR–Phlx–2016–40) (amending the exposure period for the Nasdaq Phlx’s Price Improvement XL (‘‘PIXL’’) to be no less than 100 milliseconds and no more than 1 second); and 79733 (January 4, 2017), 82 FR 3055 (January 10, 2017) (SR–ISE– 2016–26) (amending the exposure period for the Nasdaq ISE’s Price Improvement Mechanism (‘‘PIM’’) to be no less than 100 milliseconds and no more than 1 second). PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 24417 III. Discussion and Commission’s Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.8 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,9 which requires, among other things, that the rules of a national securities exchange be designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating transactions in securities, 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, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Commission also finds that the proposed rule change is consistent with Section 6(b)(8) of the Act,10 which requires that the rules of an exchange not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Commission believes that, given the electronic nature of the AIM and SAM mechanisms and the ability of TPHs to respond within the proposed exposure periods, reducing each of the exposure periods from 1 second to no less than 100 milliseconds could facilitate the prompt execution of orders, while continuing to provide market participants with an opportunity to compete to trade with the exposed order by submitting responses to the auctions. According to the Exchange, numerous TPHs have the capability to and do respond within a 100 millisecond exposure period or less on the Hybrid Trading System.11 The Exchange notes that the response timers for its Exchange’s Hybrid Agency Liaison (‘‘HAL’’), Complex Order Auction (‘‘COA’’), and Simple Auction Liaison (‘‘SAL’’) mechanisms are set at 100 milliseconds or less and numerous TPHs can and do respond to HAL, SAL, and COA messages within these time frames.12 The Exchange also notes that the AIM and SAM mechanisms operate on the Hybrid Trading System and employ the same type of mechanical 8 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 9 15 U.S.C. 78f(b)(5). 10 15 U.S.C. 78f(b)(8). 11 See Notice, supra note 3, at 18049 n.4. 12 See id. E:\FR\FM\26MYN1.SGM 26MYN1 24418 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices messaging as the HAL, SAL, and COA mechanisms.13 To substantiate that its members can receive, process, and communicate a response back to the Exchange within 100 milliseconds, the Exchange states that it surveyed its top 15 AIM and SAM responders.14 According to the Exchange, each of the 15 TPHs it surveyed indicated that they can receive, process, and communicate a response back to the Exchange within 100 milliseconds.15 In addition, the Exchange states that it reviewed all AIM and SAM responses that resulted in traded orders in December 2016, and its review indicated that approximately 63% of AIM responses and 63% of SAM responses resulting in price improving executions at the conclusion of the auction occurred within 100 milliseconds of the initial order.16 Furthermore, with regard to the impact of the proposal on system capacity, the Exchange states that it has analyzed its capacity and represents that it has the necessary systems capacity to handle the potential additional traffic associated with the additional transactions that may occur with the implementation of the proposed reduction in the AIM and SAM duration to no less than 100 milliseconds.17 The Exchange also represents that its systems will be able to sufficiently maintain an audit trail for order and trade information with the reduction in the AIM and SAM duration.18 Upon effectiveness of the proposed rule change, and at least six weeks prior to implementation of the proposed rule change, the Exchange will issue a circular to TPHs, informing them of the implementation date of the reduction of the AIM and SAM duration from 1 second to the auction time designated by the Exchange to allow TPHs to perform any necessary systems changes.19 The Exchange also represents that it will issue a circular at least four weeks prior to any future changes, as 13 See id. Notice, supra note 3, at 18050. 15 See id. 16 See id. In addition to the 63% of AIM responses and 63% of SAM responses that occur within 100 milliseconds of the initial order, approximately 20% of AIM responses and 15% of SAM responses that resulted in price improving executions at the conclusion of the auction occurred in the final 800–1000 milliseconds (i.e., within 200 milliseconds of the end of the RFR). See id. The Exchange believes that the timing of these responses indicates that TPHs have configured their trading systems to either respond immediately to an AIM or SAM auction, or to wait until the end of an auction period to reduce the risk of the market moving. See id. 17 See id. 18 See id. 19 See id. 14 See VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 permitted by its rules, to the auction response time.20 Based on the Exchange’s statements, the Commission believes that market participants should continue to have opportunities to compete to trade with the exposed order by submitting responses to the auctions within an exposure period of no less than 100 milliseconds and no more than 1 second.21 Accordingly, for the reasons discussed above, the Commission believes that the Exchange’s proposal is consistent with the Act. IV. Conclusion It is Therefore Ordered, pursuant to Section 19(b)(2) of the Act,22 that the proposed rule change (SR–CBOE–2017– 029) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–10790 Filed 5–25–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32642; 812–14408] Corporate Capital Trust, Inc., et al. May 22, 2017. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the ‘‘Act’’) and rule 17d–1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d–1 under the Act. SUMMARY OF APPLICATION: Applicants request an order to permit business development companies (‘‘BDCs’’) and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment funds and accounts.1 20 See id. Commission notes that the ability to designate such an exposure time period is consistent with the rules of other options exchanges. See supra note 7. See also NASDAQ Phlx Rule 1080(n)(ii)(A)(4), NASDAQ BX Options Rules Chapter VI, Section 9(ii)(A)(3), Nasdaq ISE Rule 716, Supplementary Material .04, and Nasdaq ISE Rule 723(c)(1). 22 15 U.S.C. 78s(b)(2). 23 17 CFR 200.30–3(a)(12). 1 The requested order (‘‘Order’’) would supersede an exemptive order issued by the Commission on 21 The PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 Corporate Capital Trust, Inc. (‘‘CCT I’’); Corporate Capital Trust II (‘‘CCT II’’); KKR Income Opportunities Fund (‘‘KIO,’’ and together with CCT I and CCT II, the ‘‘Existing Regulated Entities’’); CNL Fund Advisors Company (‘‘CFA’’); CNL Fund Advisors II, LLC (‘‘CFA II’’); KKR Credit Advisors (US) LLC (‘‘KKR Credit’’); the investment advisory subsidiaries and relying advisers of KKR Credit set forth on Schedule A to the application (collectively, with KKR Credit, the ‘‘Existing KKR Credit Advisers’’); KKR Capital Markets Holdings L.P. and its capital markets subsidiaries and other indirect, whollyor majority-owned subsidiaries of KKR & Co. L.P. (‘‘KKR’’) set forth on Schedule A to the application (collectively, the ‘‘KCM Companies’’); 2 KKR Financial Holdings LLC (‘‘KFN’’) and its wholly-owned subsidiaries set forth on Schedule A to the application (together with wholly-owned subsidiaries of KFN that may be formed in the future, the ‘‘KFN Subsidiaries.’’); the Existing Affiliated Funds set forth on Schedule A to the application 3; and Prisma Capital Partners LP (the ‘‘Existing KKR Primary Adviser’’). FILING DATES: The application was filed on December 24, 2014, and amended on June 1, 2015, December 7, 2015, July 14, 2016, and May 8, 2017. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on June 16, 2017, and APPLICANTS: May 21, 2013 (In the Matter of Corporate Capital Trust, et al., Investment Company Act Release Nos. 30494 (Apr. 25, 2013) (notice) and 30526 (May 21, 2013) (order)) (the ‘‘Prior Order’’), with the result that no person will continue to rely on the Prior Order if the Order is granted. 2 These entities are all indirect, wholly- or majority-owned subsidiaries of KKR and, from time to time, may hold various financial assets in a principal capacity (in such capacity, ‘‘Existing KKR Proprietary Accounts’’). 3 The Existing Affiliated Funds, together with their direct and indirect wholly-owned subsidiaries, are entities (i) (A) whose primary investment adviser is an Existing KKR Credit Adviser or (B) whose primary investment adviser is the Existing KKR Primary Adviser and whose sub-adviser is an Existing KKR Credit Adviser (‘‘Sub-Advised Affiliated Fund’’) and (ii) that either (A) would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act or (B) may rely on the rule 3a– 7 exemption from investment company status. Certain Existing Affiliated Funds are collateralized loan obligation (‘‘CLO’’) entities that rely on rule 3a–7 under the Act in addition to section 3(c)(7) thereof. These Existing Affiliated Funds are all advised by Existing KKR Credit Advisers. E:\FR\FM\26MYN1.SGM 26MYN1

Agencies

[Federal Register Volume 82, Number 101 (Friday, May 26, 2017)]
[Notices]
[Pages 24417-24418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10790]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80738; File No. SR-CBOE-2017-029]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Order Approving a Proposed Rule Change Relating to the 
Exposure Periods of the Automated Improvement Mechanism and the 
Solicitation Auction Mechanism

May 22, 2017.

I. Introduction

    On March 31, 2017, 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 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to amend CBOE Rules 6.74A and 
6.74B to reduce the exposure periods of the Exchange's Automated 
Improvement Mechanism (``AIM'') and Solicitation Auction Mechanism 
(``SAM'') from 1 second to a time period designated by the Exchange of 
no less than 100 milliseconds and no more than 1 second. The proposed 
rule change was published for comment in the Federal Register on April 
14, 2017.\3\ The Commission received no comment letters on the proposed 
rule change. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80421 (April 10, 
2017), 82 FR 18048 (``Notice'').
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II. Description of the Proposed Rule Change

    CBOE's AIM auction allows a Trading Permit Holder (``TPH'') to 
execute electronically an order it represents as agent against 
principal interest or against a solicited order.\4\ CBOE's SAM auction 
allows a TPH to execute electronically an agency order of 500 contracts 
or more against solicited orders.\5\ After an agency order is properly 
designated for AIM or SAM processing, the Exchange will send a Request 
for Responses (``RFR'') to all TPHs who have elected to receive 
RFRs.\6\ Orders entered in the AIM or SAM are currently exposed for a 
period of 1 second, during which time competitive responses to the 
auction may be submitted. The Exchange proposes to revise the RFR 
response periods for AIM and SAM to permit the Exchange to designate a 
specific time within a range of no less than 100 milliseconds and no 
more than 1 second.\7\
---------------------------------------------------------------------------

    \4\ See CBOE Rule 6.74A.
    \5\ See CBOE Rule 6.74B.
    \6\ The AIM RFR specifies the side and size of the order, while 
the SAM RFR specifies the price, side, and size of the order. See 
CBOE Rule 6.74A(b)(1)(B) and 6.74B(b)(1)(B).
    \7\ Although the proposed rule change would allow the Exchange 
to select an exposure period from a range of 1 second to 100 
milliseconds, the Exchange stated that it currently plans to 
decrease the time period allowed for responses to 100 milliseconds. 
See Notice, supra note 3, at 18050. The Exchange noted that its 
proposal is consistent with exposure periods permitted in similar 
mechanisms on other options exchanges. See id. at 18049; see also 
Securities Exchange Act Release Nos. 76301 (October 29, 2015), 80 FR 
68347 (November 4, 2015) (SR-BX-2015-032) (establishing an exposure 
period for the Nasdaq BX's options price improvement mechanism 
(``PRISM'') of no less than 100 milliseconds and no more than 1 
second); 77557 (April 7, 2016), 81 FR 21935 (April 13, 2016) (SR-
Phlx-2016-40) (amending the exposure period for the Nasdaq Phlx's 
Price Improvement XL (``PIXL'') to be no less than 100 milliseconds 
and no more than 1 second); and 79733 (January 4, 2017), 82 FR 3055 
(January 10, 2017) (SR-ISE-2016-26) (amending the exposure period 
for the Nasdaq ISE's Price Improvement Mechanism (``PIM'') to be no 
less than 100 milliseconds and no more than 1 second).
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\8\ 
In particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\9\ which requires, among 
other things, that the rules of a national securities exchange be 
designed to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating 
transactions in securities, 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, and not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers. The Commission also finds that the proposed rule 
change is consistent with Section 6(b)(8) of the Act,\10\ which 
requires that the rules of an exchange not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act.
---------------------------------------------------------------------------

    \8\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ 15 U.S.C. 78f(b)(8).
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    The Commission believes that, given the electronic nature of the 
AIM and SAM mechanisms and the ability of TPHs to respond within the 
proposed exposure periods, reducing each of the exposure periods from 1 
second to no less than 100 milliseconds could facilitate the prompt 
execution of orders, while continuing to provide market participants 
with an opportunity to compete to trade with the exposed order by 
submitting responses to the auctions. According to the Exchange, 
numerous TPHs have the capability to and do respond within a 100 
millisecond exposure period or less on the Hybrid Trading System.\11\ 
The Exchange notes that the response timers for its Exchange's Hybrid 
Agency Liaison (``HAL''), Complex Order Auction (``COA''), and Simple 
Auction Liaison (``SAL'') mechanisms are set at 100 milliseconds or 
less and numerous TPHs can and do respond to HAL, SAL, and COA messages 
within these time frames.\12\ The Exchange also notes that the AIM and 
SAM mechanisms operate on the Hybrid Trading System and employ the same 
type of mechanical

[[Page 24418]]

messaging as the HAL, SAL, and COA mechanisms.\13\
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    \11\ See Notice, supra note 3, at 18049 n.4.
    \12\ See id.
    \13\ See id.
---------------------------------------------------------------------------

    To substantiate that its members can receive, process, and 
communicate a response back to the Exchange within 100 milliseconds, 
the Exchange states that it surveyed its top 15 AIM and SAM 
responders.\14\ According to the Exchange, each of the 15 TPHs it 
surveyed indicated that they can receive, process, and communicate a 
response back to the Exchange within 100 milliseconds.\15\ In addition, 
the Exchange states that it reviewed all AIM and SAM responses that 
resulted in traded orders in December 2016, and its review indicated 
that approximately 63% of AIM responses and 63% of SAM responses 
resulting in price improving executions at the conclusion of the 
auction occurred within 100 milliseconds of the initial order.\16\ 
Furthermore, with regard to the impact of the proposal on system 
capacity, the Exchange states that it has analyzed its capacity and 
represents that it has the necessary systems capacity to handle the 
potential additional traffic associated with the additional 
transactions that may occur with the implementation of the proposed 
reduction in the AIM and SAM duration to no less than 100 
milliseconds.\17\ The Exchange also represents that its systems will be 
able to sufficiently maintain an audit trail for order and trade 
information with the reduction in the AIM and SAM duration.\18\
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    \14\ See Notice, supra note 3, at 18050.
    \15\ See id.
    \16\ See id. In addition to the 63% of AIM responses and 63% of 
SAM responses that occur within 100 milliseconds of the initial 
order, approximately 20% of AIM responses and 15% of SAM responses 
that resulted in price improving executions at the conclusion of the 
auction occurred in the final 800-1000 milliseconds (i.e., within 
200 milliseconds of the end of the RFR). See id. The Exchange 
believes that the timing of these responses indicates that TPHs have 
configured their trading systems to either respond immediately to an 
AIM or SAM auction, or to wait until the end of an auction period to 
reduce the risk of the market moving. See id.
    \17\ See id.
    \18\ See id.
---------------------------------------------------------------------------

    Upon effectiveness of the proposed rule change, and at least six 
weeks prior to implementation of the proposed rule change, the Exchange 
will issue a circular to TPHs, informing them of the implementation 
date of the reduction of the AIM and SAM duration from 1 second to the 
auction time designated by the Exchange to allow TPHs to perform any 
necessary systems changes.\19\ The Exchange also represents that it 
will issue a circular at least four weeks prior to any future changes, 
as permitted by its rules, to the auction response time.\20\
---------------------------------------------------------------------------

    \19\ See id.
    \20\ See id.
---------------------------------------------------------------------------

    Based on the Exchange's statements, the Commission believes that 
market participants should continue to have opportunities to compete to 
trade with the exposed order by submitting responses to the auctions 
within an exposure period of no less than 100 milliseconds and no more 
than 1 second.\21\ Accordingly, for the reasons discussed above, the 
Commission believes that the Exchange's proposal is consistent with the 
Act.
---------------------------------------------------------------------------

    \21\ The Commission notes that the ability to designate such an 
exposure time period is consistent with the rules of other options 
exchanges. See supra note 7. See also NASDAQ Phlx Rule 
1080(n)(ii)(A)(4), NASDAQ BX Options Rules Chapter VI, Section 
9(ii)(A)(3), Nasdaq ISE Rule 716, Supplementary Material .04, and 
Nasdaq ISE Rule 723(c)(1).
---------------------------------------------------------------------------

IV. Conclusion

    It is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\22\ that the proposed rule change (SR-CBOE-2017-029) be, and 
hereby is, approved.
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    \22\ 15 U.S.C. 78s(b)(2).
    \23\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10790 Filed 5-25-17; 8:45 am]
 BILLING CODE 8011-01-P