Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Eight Substantive Amendment to the Second Restatement of the CTA Plan and the Twentieth Amendment to the Restated CQ Plan, 35562-35563 [2017-16000]

Download as PDF 35562 Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices that the Exchange will provide further notifications to members to ensure clarity about the delay of implementation of these functionalities.84 The Commission believes that the proposed rule change helps ensure clarity about the delay of implementation of this functionality. For these reasons, the Commission believes that the proposed rule change is consistent with the Act. IV. Conclusion It is Therefore Ordered, pursuant to Section 19(b)(2) of the Act,85 that the proposed rule change (SR–MRX–2017– 02) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.86 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–15994 Filed 7–28–17; 8:45 am] BILLING CODE 8011–01–P These amendments represent the Twenty-Eighth Substantive Amendment to the CTA Plan and the Twentieth Amendment to the CQ Plan (‘‘Amendments’’). The Amendments seek to amend the Plans in order to reflect changes to the names and addresses of certain Participants, as set forth in Section III(a) of the Plans. Pursuant to Rule 608(b)(3)(ii) under Regulation NMS,5 the Participants designate the Amendments as concerned solely with the administration of the Plans and as ‘‘Ministerial Amendments’’ under both Section IV(b) of the CTA Plan and Section IV(c) of the CQ Plan. As a result, the Amendments were effective upon filing and were submitted by the Chairman of the Plan’s Operating Committee. The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendments. I. Rule 608(a) [Release No. 34–81199; File No. SR–CTA/ CQ–2017–03] Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Eight Substantive Amendment to the Second Restatement of the CTA Plan and the Twentieth Amendment to the Restated CQ Plan July 25, 2017. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 608 thereunder,2 notice is hereby given that on June 30, 2017, the Consolidated Tape Association (‘‘CTA’’) Plan participants (‘‘Participants’’) 3 filed with the Securities and Exchange Commission (‘‘Commission’’) a proposal to amend the Second Restatement of the CTA Plan and the Restated Consolidated Quotation (‘‘CQ’’) Plan (‘‘Plans’’).4 id. U.S.C. 78s(b)(2). 86 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78k–1. 2 17 CFR 242.608. 3 The Participants are: Bats BYX Exchange, Inc., BATS BZX Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc., Chicago Board Options Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, Investors’ Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX, Inc., NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE Arca, Inc., NYSE MKT LLC, and NYSE National, Inc. 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, The Amendments effectuate changes that certain Participants have made to their names and addresses, as set forth in Section III(a) of the Plans. B. Governing or Constituent Documents Not applicable. C. Implementation of the Amendments Because the Amendments constitute ‘‘Ministerial Amendments’’ under both Section IV(b) of the CTA Plan and Section IV(c) under the CQ Plan, the Chairman of the Plan’s Operating Committee may submit the Amendments to the Commission on behalf of the Participants in the Plans. Because the Participants have designated the Amendments as concerned solely with the administration of the Plans, the Amendments become effective upon filing with the Commission. D. Development and Implementation Phases Not applicable. 84 See sradovich on DSKBCFCHB2PROD with NOTICES 85 15 VerDate Sep<11>2014 17:38 Jul 28, 2017 Jkt 241001 The Participants assert that the Amendments do not impose any burden on competition because they merely effectuate a change in the names and addresses of certain Participants. For the same reasons, the Participants do not believe that the Amendments introduce terms that are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of the Exchange Act. F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. G. Approval by Sponsors in Accordance With Plan See Item I.C. above. H. Description of Operation of Facility Contemplated by the Proposed Amendments Not applicable. A. Purpose of the Amendments SECURITIES AND EXCHANGE COMMISSION E. Analysis of Impact on Competition I. Terms and Conditions of Access Not applicable. J. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. K. Method and Frequency of Processor Evaluation Not applicable. L. Dispute Resolution Not applicable. II. Rule 601(a) A. Equity Securities for Which Transaction Reports Shall be Required by the Plan Not applicable. B. Reporting Requirements Not applicable. C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information Not applicable. 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’’ under Rule 608 under the Act, 17 CFR 242.608. 5 17 CFR 242.608(b)(3)(ii). PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 D. Manner of Consolidation Not applicable. E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Not applicable. F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. E:\FR\FM\31JYN1.SGM 31JYN1 Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices G. Terms of Access to Transaction Reports Not applicable. By the Commission. Brent J. Fields, Secretary. H. Identification of Marketplace of Execution Not applicable. [FR Doc. 2017–16000 Filed 7–28–17; 8:45 am] III. Solicitation of Comments The Commission seeks general comments on the Amendments. Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed Amendments are consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION BILLING CODE 8011–01–P sradovich on DSKBCFCHB2PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– CTA/CQ–2017–03 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–CTA/CQ–2017–03. 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 Web site (http://www.sec.gov/rules/ sro.shtml). Copies of the submission, all written statements with respect to the proposed Amendments that are filed with the Commission, and all written communications relating to the proposed Amendments 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 Web site viewing and printing at the principal office of the Plans. 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–CTA/ CQ–2017–03 and should be submitted on or before August 21, 2017. VerDate Sep<11>2014 17:38 Jul 28, 2017 Jkt 241001 [Release No. 34–81203; File No. SR–NSCC– 2017–010] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of a Proposed Rule Change To Expand the Application of the Family-Issued Securities Charge July 25, 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 July 10, 2017, National Securities Clearing Corporation (‘‘NSCC’’) 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 clearing agency.3 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The proposed change consists of amendments to the NSCC Rules and Procedures (‘‘Rules’’) 4 in order to (i) expand the application of NSCC’s existing family-issued securities charge 5 to apply to all Members, as described below, and (ii) include a definition of ‘‘Family-Issued Security’’ as a security that was issued by a Member or by an affiliate of that Member, as described in greater detail below. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 On July 10, 2017, NSCC filed this proposed rule change as an advance notice (SR–NSCC–2017–804) with the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the Payment, Clearing, and Settlement Supervision Act of 2010, 12 U.S.C. 5465(e)(1), and Rule 19b–4(n)(1)(i) of the Act, 17 CFR 240.19b–4(n)(1)(i). A copy of the advance notice is available at http://www.dtcc.com/ legal/sec-rule-filings.aspx. 4 Terms not defined herein are defined in the Rules, available at www.dtcc.com/∼/media/Files/ Downloads/legal/rules/nscc_rules.pdf. 5 The family-issued securities charge is currently described in Procedure XV, Section I.(B)(1) of the Rules, supra note 4. PO 00000 1 15 2 17 Frm 00057 Fmt 4703 Sfmt 4703 35563 II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, in calculating its Members’ required deposits to the Clearing Fund, NSCC excludes positions in FamilyIssued Securities of certain Members from its parametric volatility Clearing Fund component (‘‘VaR Charge’’), and instead charges an amount calculated by multiplying the absolute value of the long, net unsettled positions in that Member’s Family-Issued Securities by a percentage that is no less than 40 percent (‘‘FIS Charge’’). The FIS Charge is currently only applied to Members that are rated 5, 6, or 7 on the Credit Risk Rating Matrix (‘‘CRRM’’). The proposed change would expand the application of the FIS Charge to the positions in Family-Issued Securities of all Members to help NSCC cover the specific wrong-way risk posed by Family-Issued Securities, as described further below.6 Therefore, NSCC is proposing to amend (i) Rule 1 (Definitions and Descriptions) to add a definition of ‘‘Family-Issued Security,’’ and (ii) Procedure XV (Clearing Fund Formula and Other Matters) to expand the application of the FIS Charge to all Members by moving the description of FIS Charge from Section I.(B)(1) to Sections I.(A)(1) and I.(A)(2) in order to make clear that the FIS Charge would be included as a component of the Clearing Fund formula calculated for all Members. As a central counterparty, NSCC occupies an important role in the securities settlement system by interposing itself between counterparties to financial transactions and thereby reducing the risk faced by participants and contributing to global financial stability. The effectiveness of a central counterparty’s risk controls and the adequacy of its financial resources 6 Members that do not trade in Family-Issued Securities would not be subject to the FIS Charge. E:\FR\FM\31JYN1.SGM 31JYN1

Agencies

[Federal Register Volume 82, Number 145 (Monday, July 31, 2017)]
[Notices]
[Pages 35562-35563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16000]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81199; File No. SR-CTA/CQ-2017-03]


Consolidated Tape Association; Notice of Filing and Immediate 
Effectiveness of the Twenty-Eight Substantive Amendment to the Second 
Restatement of the CTA Plan and the Twentieth Amendment to the Restated 
CQ Plan

July 25, 2017.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on June 30, 2017, the Consolidated Tape Association (``CTA'') Plan 
participants (``Participants'') \3\ filed with the Securities and 
Exchange Commission (``Commission'') a proposal to amend the Second 
Restatement of the CTA Plan and the Restated Consolidated Quotation 
(``CQ'') Plan (``Plans'').\4\ These amendments represent the Twenty-
Eighth Substantive Amendment to the CTA Plan and the Twentieth 
Amendment to the CQ Plan (``Amendments''). The Amendments seek to amend 
the Plans in order to reflect changes to the names and addresses of 
certain Participants, as set forth in Section III(a) of the Plans. 
Pursuant to Rule 608(b)(3)(ii) under Regulation NMS,\5\ the 
Participants designate the Amendments as concerned solely with the 
administration of the Plans and as ``Ministerial Amendments'' under 
both Section IV(b) of the CTA Plan and Section IV(c) of the CQ Plan. As 
a result, the Amendments were effective upon filing and were submitted 
by the Chairman of the Plan's Operating Committee. The Commission is 
publishing this notice to solicit comments from interested persons on 
the proposed Amendments.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The Participants are: Bats BYX Exchange, Inc., BATS BZX 
Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc., 
Chicago Board Options Exchange, Inc., Chicago Stock Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., International 
Securities Exchange, LLC, Investors' Exchange LLC, NASDAQ BX, Inc., 
NASDAQ PHLX, Inc., NASDAQ Stock Market LLC, New York Stock Exchange 
LLC, NYSE Arca, Inc., NYSE MKT LLC, and NYSE National, Inc.
    \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 non-NASDAQ 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'' under Rule 608 under the Act, 17 
CFR 242.608.
    \5\ 17 CFR 242.608(b)(3)(ii).
---------------------------------------------------------------------------

I. Rule 608(a)

A. Purpose of the Amendments

    The Amendments effectuate changes that certain Participants have 
made to their names and addresses, as set forth in Section III(a) of 
the Plans.

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of the Amendments

    Because the Amendments constitute ``Ministerial Amendments'' under 
both Section IV(b) of the CTA Plan and Section IV(c) under the CQ Plan, 
the Chairman of the Plan's Operating Committee may submit the 
Amendments to the Commission on behalf of the Participants in the 
Plans. Because the Participants have designated the Amendments as 
concerned solely with the administration of the Plans, the Amendments 
become effective upon filing with the Commission.

D. Development and Implementation Phases

    Not applicable.

E. Analysis of Impact on Competition

    The Participants assert that the Amendments do not impose any 
burden on competition because they merely effectuate a change in the 
names and addresses of certain Participants. For the same reasons, the 
Participants do not believe that the Amendments introduce terms that 
are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of 
the Exchange Act.

F. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    Not applicable.

G. Approval by Sponsors in Accordance With Plan

    See Item I.C. above.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendments

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    Not applicable.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a)

A. Equity Securities for Which Transaction Reports Shall be Required by 
the Plan

    Not applicable.

B. Reporting Requirements

    Not applicable.

C. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

D. Manner of Consolidation

    Not applicable.

E. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable.

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

[[Page 35563]]

G. Terms of Access to Transaction Reports

    Not applicable.

H. Identification of Marketplace of Execution

    Not applicable.

III. Solicitation of Comments

    The Commission seeks general comments on the Amendments. Interested 
persons are invited to submit written data, views, and arguments 
concerning the foregoing, including whether the proposed Amendments are 
consistent with the Act. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CTA/CQ-2017-03 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-CTA/CQ-2017-03. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies 
of the submission, all written statements with respect to the proposed 
Amendments that are filed with the Commission, and all written 
communications relating to the proposed Amendments 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 Web site viewing and printing at 
the principal office of the Plans. 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-CTA/CQ-2017-03 and should be submitted on or before 
August 21, 2017.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-16000 Filed 7-28-17; 8:45 am]
BILLING CODE 8011-01-P