Securities Exchange Act of 1934; Order Scheduling Filing of Statements on Review in the Matter of the Chicago Stock Exchange, Inc. for an Order Granting the Approval of Proposed Rule Change Regarding the Acquisition of CHX Holdings, Inc. by North America Casin Holdings, Inc. (File No. SR-CHX-2016-20), 40187-40188 [2017-17921]

Download as PDF Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices Exchange Act. Rather, the proposed rule change will increase competition for new listings by enabling companies to list that meet all quantitative requirements but are currently unable to list because of the methodology required by the current rules to demonstrate their compliance. As noted above, Nasdaq’s listing rules do not include explicit limitations applicable to the listing of companies in these circumstances. Additionally, Nasdaq has listed previously private companies upon effectiveness of a selling shareholder registration statement without a concurrent underwritten offering on several occasions in the past. In light of this precedent and the absence of any Nasdaq rule provision explicitly limiting the ability of a company to qualify for listing without a public offering or prior public market price, the Exchange believes that Nasdaq would take the position that it could also list a previously private company upon effectiveness of an Exchange Act registration statement without a concurrent public offering. As such, the proposed amendment to Footnote (E) to Section 102.01B of the Manual would increase competition by enabling the NYSE to compete with Nasdaq for these listings. The Exchange does not believe that the proposed amendments to its Rule Book will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. Specifically, the Exchange believes that the changes are not related to competition, but rather are designed to promote fair and orderly markets in a manner that is consistent with the protection of investors and the public interest. The proposed changes do not impact the ability of any market participant or trading venue to compete. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. rmajette on DSKBCKNHB2PROD with NOTICES III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as modified by Amendment No. 2, is consistent with the Act. Comments may be submitted by any of the following methods: VerDate Sep<11>2014 15:29 Aug 23, 2017 Jkt 241001 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– NYSE–2017–30 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–NYSE–2017–30. 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. All submissions should refer to File Number SR–NYSE– 2017–30 and should be submitted on or beforeSeptember 14, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Robert W. Errett, Deputy Secretary. [FR Doc. 2017–17922 Filed 8–23–17; 8:45 am] BILLING CODE 8011–01–P 17 17 PO 00000 CFR 200.30–3(a)(12). Frm 00058 Fmt 4703 Sfmt 4703 40187 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81435/August 18, 2017] Securities Exchange Act of 1934; Order Scheduling Filing of Statements on Review in the Matter of the Chicago Stock Exchange, Inc. for an Order Granting the Approval of Proposed Rule Change Regarding the Acquisition of CHX Holdings, Inc. by North America Casin Holdings, Inc. (File No. SR–CHX–2016–20) On December 2, 2016, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’)1 and Rule 19b–4 thereunder,2 a proposed rule change in connection with the acquisition of CHX Holdings, Inc. by North America Casin Holdings, Inc. The proposed rule change was published for comment in the Federal Register on December 12, 2016.3 On January 12, 2017, proceedings were instituted under Section 19(b)(2)(B) of the Exchange Act 4 to determine whether to approve or disapprove the proposed rule change.5 On June 6, 2017, pursuant to Section 19(b)(2) of the Exchange Act,6 a longer period was designated for Commission action on proceedings to determine whether to disapprove the proposed rule change.7 On August 7, 2017, the Exchange filed Amendment No. 1 to the proposed rule change.8 On August 9, 2017, the Division of Trading and Markets, for the Commission pursuant to delegated authority,9 approved the proposed rule change, as modified by Amendment No. 1.10 Pursuant to Commission Rule of Practice 431,11 the Commission is reviewing the delegated action and the August 9, 2017 order is stayed. Accordingly, it is ordered, pursuant to Commission Rule of Practice 431, that by September 17, 2017, any party or 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 79474 (December 6, 2016), 81 FR 89543. 4 15 U.S.C. 78s(b)(2)(B). 5 See Securities Exchange Act Release No. 79781, 82 FR 6669 (January 19, 2017). 6 15 U.S.C. 78s(b)(2). 7 See Securities Exchange Act Release No. 80864, 82 FR 26966 (June 12, 2017). 8 See letter from Albert J. Kim, Vice President and Associate General Counsel, CHX, dated August 8, 2017, available at: https://www.sec.gov/comments/ sr-chx-2016-20/chx201620-2198847-160378.pdf. 9 17 CFR 200.30 3(a)(12). 10 See Securities Exchange Act Release No. 81366, 82 FR 38734 (August 15, 2017). 11 17 CFR 201.431. 2 17 E:\FR\FM\24AUN1.SGM 24AUN1 40188 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices other person may file any additional statement. It is further ordered that the August 9, 2017 order approving the proposed rule change, as modified by Amendment No. 1 (File No. SR–CHX–2016–20), shall remain stayed pending further order of the Commission. forth in sections A, B, and C below, of the most significant aspects of such statements. By the Commission. Jill M. Peterson, Assistant Secretary. 1. Purpose [FR Doc. 2017–17921 Filed 8–23–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81436; File No. SR–GEMX– 2017–38] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Quoting at the Opening August 18, 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 August 17, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘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. rmajette on DSKBCKNHB2PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend GEMX Rule 701, entitled ‘‘Opening.’’ 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 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 15:29 Aug 23, 2017 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of this rule change is to amend GEMX Rule 701, ‘‘Opening’’ to specifically amend opening obligations for Primary Market Makers or ‘‘PMMs.’’ The Exchange notes that the proposed rule change is similar to a Nasdaq MRX, LLC (‘‘MRX’’) rule.3 Today, GEMX Rule 701(c)(3) states that the PMM assigned in a particular equity option must enter a Valid Width Quote not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index. The PMM assigned in a particular U.S. dollar-settled foreign currency option must enter a Valid Width Quote not later than one minute after the announced market opening. First, the Exchange proposes to add the words ‘‘or index’’ to further clarify that the requirement applies to equities and index options. The Exchange proposes this addition to further clarify the requirement in Rule 701(c)(3) clearly applies to equity and index options. Second, the Exchange proposes to modify the PMM’s current obligation to enter Valid Width Quotes not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index for all assigned options, or in the case of a U.S. dollar-settled foreign currency option after the announced market opening. The Exchange believes that the current requirement is very burdensome and instead proposes to add ‘‘in 90% of their assigned series’’ to require a PMM to enter a Valid Width Quote not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in 90% of their assigned series, or in the case of a U.S. dollar-settled foreign currency option in 90% of their assigned series not later than one minute after the announced market opening. Further, the Exchange proposes to require PMMs to promptly enter a Valid 3 See Jkt 241001 PO 00000 MRX Rule 701. Frm 00059 Fmt 4703 Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price, in the underlying index or, with respect to a U.S. dollar-settled foreign currency option, following the announced market opening. The Exchange’s proposal is intended to account for market conditions which may prevent a PMM from opening all assigned series, for example an extremely volatile market which may impact the PMM’s ability to enter aggressive quotes. Another example would be that news pertaining to a specific security is causing the underlying price to fluctuate rapidly and significantly, thereby causing the PMM to await the underlying equity price to settle before entering a Valid Width Quote. The Exchange’s surveillance staff would monitor to ensure that PMMs are complying with these requirements during the Opening Process. Today, the Opening Process for an options series will be conducted on or after 9:30 a.m. if the system has received, within two minutes (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange’s Web site) of the opening trade or quote on the market for the underlying security in the case of equity options or, in the case of index options, within two minutes of the receipt of the opening price in the underlying index (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange’s Web site), or within two minutes of market opening for the underlying currency in the case of a U.S. dollar-settled foreign currency option (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange’s Web site) the PMM’s Valid Width Quote, the Valid Width Quotes of two Competitive Maker [sic] Makers (‘‘CMMs’’) or if neither the PMM’s Valid Width Quote nor the Valid Width Quote of two CMMs have been submitted within such timeframe, if one CMM has submitted a Valid Width Quote.4 Implementation The Exchange proposes to implement this rule change on September 29, 2017. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) 4 See Sfmt 4703 E:\FR\FM\24AUN1.SGM Rule 701(c)(1)(i)–(iii). 24AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)]
[Notices]
[Pages 40187-40188]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17921]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81435/August 18, 2017]


Securities Exchange Act of 1934; Order Scheduling Filing of 
Statements on Review in the Matter of the Chicago Stock Exchange, Inc. 
for an Order Granting the Approval of Proposed Rule Change Regarding 
the Acquisition of CHX Holdings, Inc. by North America Casin Holdings, 
Inc. (File No. SR-CHX-2016-20)

    On December 2, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Exchange Act'')\1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change in connection with the 
acquisition of CHX Holdings, Inc. by North America Casin Holdings, Inc. 
The proposed rule change was published for comment in the Federal 
Register on December 12, 2016.\3\ On January 12, 2017, proceedings were 
instituted under Section 19(b)(2)(B) of the Exchange Act \4\ to 
determine whether to approve or disapprove the proposed rule change.\5\ 
On June 6, 2017, pursuant to Section 19(b)(2) of the Exchange Act,\6\ a 
longer period was designated for Commission action on proceedings to 
determine whether to disapprove the proposed rule change.\7\ On August 
7, 2017, the Exchange filed Amendment No. 1 to the proposed rule 
change.\8\ On August 9, 2017, the Division of Trading and Markets, for 
the Commission pursuant to delegated authority,\9\ approved the 
proposed rule change, as modified by Amendment No. 1.\10\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79474 (December 6, 
2016), 81 FR 89543.
    \4\ 15 U.S.C. 78s(b)(2)(B).
    \5\ See Securities Exchange Act Release No. 79781, 82 FR 6669 
(January 19, 2017).
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 80864, 82 FR 26966 
(June 12, 2017).
    \8\ See letter from Albert J. Kim, Vice President and Associate 
General Counsel, CHX, dated August 8, 2017, available at: https://www.sec.gov/comments/sr-chx-2016-20/chx201620-2198847-160378.pdf.
    \9\ 17 CFR 200.30 3(a)(12).
    \10\ See Securities Exchange Act Release No. 81366, 82 FR 38734 
(August 15, 2017).
---------------------------------------------------------------------------

    Pursuant to Commission Rule of Practice 431,\11\ the Commission is 
reviewing the delegated action and the August 9, 2017 order is stayed.
---------------------------------------------------------------------------

    \11\ 17 CFR 201.431.
---------------------------------------------------------------------------

    Accordingly, it is ordered, pursuant to Commission Rule of Practice 
431, that by September 17, 2017, any party or

[[Page 40188]]

other person may file any additional statement.
    It is further ordered that the August 9, 2017 order approving the 
proposed rule change, as modified by Amendment No. 1 (File No. SR-CHX-
2016-20), shall remain stayed pending further order of the Commission.

    By the Commission.
Jill M. Peterson,
 Assistant Secretary.
[FR Doc. 2017-17921 Filed 8-23-17; 8:45 am]
 BILLING CODE 8011-01-P

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