Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a Pilot Program To Quote and To Trade Certain Options Classes in Penny Increments, 26169-26171 [2017-11607]
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Federal Register / Vol. 82, No. 107 / Tuesday, June 6, 2017 / Notices
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest. In particular, the
proposed rule change, which extends
the Penny Pilot Program for an
additional six months, will enable
public customers and other market
participants to express their true prices
to buy and sell options to the benefit of
all market participants.
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,6 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Penny Pilot
Program, the proposed rule change will
allow for further analysis of the Penny
Pilot Program and a determination of
how the Penny Pilot Program should be
structured in the future. In doing so, the
proposed rule change will also serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
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:
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.
mstockstill on DSK30JT082PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
6 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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. The Exchange has satisfied this
requirement.
7 15
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IV. Solicitation of 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–2017–48 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISE–2017–48. 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 the
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.
Frm 00128
Fmt 4703
Sfmt 4703
All submissions should refer to File
Number SR–ISE–2017–48 and should be
submittedon or before June 27, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–11611 Filed 6–5–17; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
PO 00000
26169
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80823; File No. SR–MRX–
2017–06]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend a Pilot
Program To Quote and To Trade
Certain Options Classes in Penny
Increments
May 31, 2017.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 25,
2017, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, 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 extend a
pilot program to quote and to trade
certain options classes in penny
increments (‘‘Penny Pilot Program’’).
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
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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26170
Federal Register / Vol. 82, No. 107 / Tuesday, June 6, 2017 / Notices
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
Under the Penny Pilot Program, the
minimum price variation for all
participating options classes, except for
the Nasdaq–100 Index Tracking Stock
(‘‘QQQQ’’), the SPDR S&P 500 Exchange
Traded Fund (‘‘SPY’’) and the iShares
Russell 2000 Index Fund (‘‘IWM’’), is
$0.01 for all quotations in options series
that are quoted at less than $3 per
contract and $0.05 for all quotations in
options series that are quoted at $3 per
contract or greater. QQQQ, SPY and
IWM are quoted in $0.01 increments for
all options series. The Penny Pilot
Program is currently scheduled to
expire on June 30, 2017.3 The Exchange
proposes to extend the Penny Pilot
Program through December 31, 2017,
and to provide a revised date for adding
replacement issues to the Penny Pilot
Program. The Exchange proposes that
any Penny Pilot Program issues that
have been delisted may be replaced on
the second trading day following July 1,
2017. The replacement issues will be
selected based on trading activity for the
most recent six month period excluding
the month immediately preceding the
replacement (i.e., beginning December
1, 2016, and ending May 31, 2017). This
filing does not propose any substantive
changes to the Penny Pilot Program: All
classes currently participating will
remain the same and all minimum
increments will remain unchanged. The
Exchange believes the benefits to public
customers and other market participants
who will be able to express their true
prices to buy and sell options have been
demonstrated to outweigh any increase
in quote traffic.
mstockstill on DSK30JT082PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
Specifically, the proposed rule change is
consistent with Section 6(b)(5) of the
3 See Exchange Act Release No. 79740 (January 4,
2017), 82 FR 3059 (January 10, 2017) (SR–ISE
Mercury–2016–26).
4 15 U.S.C. 78f(b).
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20:52 Jun 05, 2017
Jkt 241001
Act,5 because it is designed to promote
just and equitable principles of trade,
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest. In particular, the
proposed rule change, which extends
the Penny Pilot Program for an
additional six months, will enable
public customers and other market
participants to express their true prices
to buy and sell options to the benefit of
all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,6 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Penny Pilot
Program, the proposed rule change will
allow for further analysis of the Penny
Pilot Program and a determination of
how the Penny Pilot Program should be
structured in the future. In doing so, the
proposed rule change will also serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
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 foregoing 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)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
5 15
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(8).
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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. The Exchange has satisfied this
requirement.
6 15
PO 00000
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Fmt 4703
Sfmt 4703
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: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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–
MRX–2017–06 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MRX–2017–06. 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 the
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
E:\FR\FM\06JNN1.SGM
06JNN1
Federal Register / Vol. 82, No. 107 / Tuesday, June 6, 2017 / Notices
submissions. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–MRX–2017–06 and should
be submitted on or before June 27, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–11607 Filed 6–5–17; 8:45 am]
published for comment in the Federal
Register on March 28, 2017.5 The
Commission received eleven comment
letters 6 on the Amendments and a
response letter filed by the
Participants.7
The Commission is publishing this
notice to reflect that on April 27, 2017,
prior to the end of the 60-day period
provided for in Exchange Act Rule
608(b)(iii), the Participants withdrew
the Amendments.8
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2017–11580 Filed 6–5–17; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–80819; File No. SR–CTA/
CQ–2017–02]
Consolidated Tape Association; Notice
of Withdrawal of the Twenty-Second
Charges Amendment to the Second
Restatement of the CTA Plan and the
Thirteenth Charges Amendment to the
Restated CQ Plan
May 31, 2017.
I. Introduction
On March 2, 2017, the participants
(‘‘Participants’’) 1 of the Second
Restatement of the Consolidated Tape
Association (‘‘CTA’’) Plan and the
Restated Consolidated Quotation (‘‘CQ’’)
Plan (collectively, ‘‘Plans’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) pursuant
to Section 11A of the of the Securities
Exchange Act of 1934 2 and Rule 608
thereunder,3 amendments to the Plans
(‘‘Amendments’’) to modify and clarify
certain fees.4 The Amendments were
9 17
CFR 200.30–3(a)(12).
Participants are: BATS Exchange, Inc.,
BATS–Y Exchange, Inc., Chicago Board Options
Exchange, Inc., Chicago Stock Exchange, Inc.,
EDGA Exchange, Inc., EDGX Exchange, Inc.,
Financial Industry Regulatory Authority, Inc.,
International Securities Exchange, LLC, Investors’
Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ
OMX PHLX, Inc., Nasdaq Stock Market LLC,
National Stock Exchange, New York Stock
Exchange LLC, NYSE MKT LLC, and NYSE Arca,
Inc.
2 15 U.S.C. 78k–1.
3 17 CFR 242.608.
4 See Securities Exchange Act Release Nos. 10787
(May 10, 1974), 39 FR 17799 (May 20, 1974)
(declaring the CTA Plan effective); 15009 (July 28,
1978), 43 FR 34851 (August 7, 1978) (temporarily
authorizing the CQ Plan); and 16518 (January 22,
1980), 45 FR 6521 (January 28, 1980) (permanently
authorizing the CQ Plan). The most recent
restatement of both Plans was in 1995. The CTA
Plan, pursuant to which markets collect and
disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction
reporting plan’’ under Rule 601 under the Act, 17
CFR 242.601, and a ‘‘national market system plan’’
under Rule 608 under the Act, 17 CFR 242.608. The
CQ Plan, pursuant to which markets collect and
disseminate bid/ask quotation information for listed
securities, is a national market system plan.
mstockstill on DSK30JT082PROD with NOTICES
1 The
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80820; File No. SR–Phlx–
2017–40]
Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend
Openings in Options Rule
May 31, 2017.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 22,
2017, NASDAQ PHLX LLC (‘‘Phlx’’ or
5 See Securities Exchange Act Release No. 80300
(March 23, 2017), 82 FR 15404 (March 28, 2017)
(SR–CTA/CQ–2017–02) (Notice of Filing and
Immediate Effectiveness for the Amendments).
6 See Letter to Brent J. Fields, Secretary,
Commission, from Brad Ward, dated April 17, 2017;
Letter to Brent J. Fields, Secretary, Commission,
from Marcus Mitchell, dated April 17, 2017; Letter
to Brent J. Fields, Secretary, Commission, from
Melissa MacGregor, Managing Director and
Associate General Counsel, SIFMA, dated April 18,
2017; Letter to Brent J. Fields, Secretary,
Commission, from Greg Babyak, Global Regulatory
and Policy Group, Bloomberg LP, dated April 18,
2017; Letter to Brent J. Fields, Secretary,
Commission, from Jay Froscheiser, Vice President,
DTN/Schneider Electric, dated April 18, 2017;
Letter to Brent J. Fields, Secretary, Commission,
from Edward Foda, dated April 19, 2017; Letter to
Brent J. Fields, Secretary Commission, from
Anonymous, dated April 20, 2017; Letter to Brent
J. Fields, Secretary, Commission, from David Craig,
President, Thompson Reuters, dated April 21, 2017;
Letter to Brent J. Fields, Secretary, Commission,
from Sefano Durdic, Managing Director, R2G, dated
April 24, 2017; Letter to Brent J. Fields, Secretary,
Commission, from David Jenkins, received April 26,
2017; and, Letter to Brent J. Fields, Secretary,
Commission, from Sihyang Lee dated April 27,
2017.
7 Letter to Brent J. Fields, Secretary, Commission,
from Emily Kasparov, Chairman, CTA/CQ
Operating Committee, dated April 24, 2017.
8 Letter to Brent J. Fields, Secretary, Commission,
from Emily Kasparov, Chairman, CTA/CQ
Operating Committee, dated April 27, 2017.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
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26171
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, 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
Rule 1017, Openings in Options, to
conform this rule to recently filed
Nasdaq ISE, LLC (‘‘ISE’’) Rule 701.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaqphlx.cchwallstreet.
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 Exchange is proposing to amend
its rules relating to its opening process
to conform the rule to a recently filed
ISE rule change.3
Conform Rule Text to ISE Rule
ISE recently filed to adopt Phlx’s
Opening Process.4 In adopting this rule,
certain non-substantive modifications
were made to the ISE rule text to further
clarify the manner in which the
Opening Process occurs. At this time,
the Exchange proposes to amend Phlx
Rule 1017 to conform certain rule text
to ISE Rule 701.
With respect to the definitions at Rule
1017(a), ISE alphabetized the
definitions. Phlx proposes to reorder the
3 See Securities Exchange Act Release No. 80225
(March 13, 2017), 82 FR 14243 (March 17,
2017)(SR–ISE–2017–02).
4 See note 3 above.
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Agencies
[Federal Register Volume 82, Number 107 (Tuesday, June 6, 2017)]
[Notices]
[Pages 26169-26171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11607]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80823; File No. SR-MRX-2017-06]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Extend a Pilot
Program To Quote and To Trade Certain Options Classes in Penny
Increments
May 31, 2017.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 25, 2017, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, II, and III, 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 extend a pilot program to quote and to
trade certain options classes in penny increments (``Penny Pilot
Program'').
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
[[Page 26170]]
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
Under the Penny Pilot Program, the minimum price variation for all
participating options classes, except for the Nasdaq-100 Index Tracking
Stock (``QQQQ''), the SPDR S&P 500 Exchange Traded Fund (``SPY'') and
the iShares Russell 2000 Index Fund (``IWM''), is $0.01 for all
quotations in options series that are quoted at less than $3 per
contract and $0.05 for all quotations in options series that are quoted
at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01
increments for all options series. The Penny Pilot Program is currently
scheduled to expire on June 30, 2017.\3\ The Exchange proposes to
extend the Penny Pilot Program through December 31, 2017, and to
provide a revised date for adding replacement issues to the Penny Pilot
Program. The Exchange proposes that any Penny Pilot Program issues that
have been delisted may be replaced on the second trading day following
July 1, 2017. The replacement issues will be selected based on trading
activity for the most recent six month period excluding the month
immediately preceding the replacement (i.e., beginning December 1,
2016, and ending May 31, 2017). This filing does not propose any
substantive changes to the Penny Pilot Program: All classes currently
participating will remain the same and all minimum increments will
remain unchanged. The Exchange believes the benefits to public
customers and other market participants who will be able to express
their true prices to buy and sell options have been demonstrated to
outweigh any increase in quote traffic.
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 79740 (January 4, 2017), 82 FR
3059 (January 10, 2017) (SR-ISE Mercury-2016-26).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6(b) of the Act.\4\
Specifically, the proposed rule change is consistent with Section
6(b)(5) of the Act,\5\ because it is designed to promote just and
equitable principles of trade, remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. In
particular, the proposed rule change, which extends the Penny Pilot
Program for an additional six months, will enable public customers and
other market participants to express their true prices to buy and sell
options to the benefit of all market participants.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\6\ the Exchange does
not believe that the proposed rule change will impose any burden on
intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Specifically,
the Exchange believes that, by extending the expiration of the Penny
Pilot Program, the proposed rule change will allow for further analysis
of the Penny Pilot Program and a determination of how the Penny Pilot
Program should be structured in the future. In doing so, the proposed
rule change will also serve to promote regulatory clarity and
consistency, thereby reducing burdens on the marketplace and
facilitating investor protection.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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 foregoing 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)(iii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
The Exchange has satisfied this requirement.
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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-MRX-2017-06 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-MRX-2017-06. 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 the 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
[[Page 26171]]
submissions. You should submit only information that you wish to make
available publicly.
All submissions should refer to File Number SR-MRX-2017-06 and
should be submitted on or before June 27, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-11607 Filed 6-5-17; 8:45 am]
BILLING CODE 8011-01-P