Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change Relating to the Listing and Trading of Shares of the EtherIndex Ether Trust Under NYSE Arca Equities Rule 8.201, 42865-42866 [2017-19240]
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Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices
Commission shall institute proceedings
to determine whether the proposed rule
change 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–
NYSEArca–2017–93 on the subject line.
pmangrum on DSK3GDR082PROD with NOTICES1
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–NYSEArca–2017–93. 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–
NYSEArca–2017–93 and should be
submitted on or before October 3, 2017.
33 17
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Eduardo A. Aleman,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2017–19241 Filed 9–11–17; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Withdrawal of a
Proposed Rule Change Relating to the
Listing and Trading of Shares of the
EtherIndex Ether Trust Under NYSE
Arca Equities Rule 8.201
Sunshine Act Meeting
September 6, 2017.
BILLING CODE 8011–01–P
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
Advisory Committee on Small and
Emerging Companies will hold a public
meeting on Wednesday, September 13,
2017, in Multi-Purpose Room LL–006 at
the Commission’s headquarters, 100 F
Street, NE., Washington, DC.
The meeting will begin at 9:30 a.m.
(EDT) and will be open to the public.
Seating will be on a first-come, firstserved basis. Doors will open at 9:00
a.m. Visitors will be subject to security
checks. The meeting will be webcast on
the Commission’s Web site at
www.sec.gov.
On August 14, 2017, the Commission
published notice of the Committee
meeting (Release No. 33–10399),
indicating that the meeting is open to
the public and inviting the public to
submit written comments to the
Committee. This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting. No
earlier notice of this Meeting was
practicable.
The agenda for the meeting includes
matters relating to rules and regulations
affecting small and emerging companies
under the federal securities laws.
For further information, please
contact Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
Dated: September 8, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017–19445 Filed 9–8–17; 4:15 pm]
BILLING CODE 8011–01–P
[Release No. 34–81538; File No. SR–
NYSEArca–2016–176]
On December 30, 2016, NYSE Arca,
Inc. (‘‘NYSE Arca’’) 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 to list and trade shares of the
EtherIndex Ether Trust. The proposed
rule change was published for comment
in the Federal Register on January 23,
2017.3
On February 23, 2017, pursuant to
Section 19(b)(2) of the Exchange Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
approve or disapprove the proposed
rule change.5 On April 21, 2017, the
Commission instituted proceedings to
determine whether to approve or
disapprove the proposed rule change.6
On July 17, 2017, the Commission
designated a longer period for
Commission action on the proposed rule
change.7 The Commission received nine
comment letters regarding the proposed
rule change.8
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 79792
(Jan. 13, 2017), 82 FR 7891 (Jan. 23, 2017).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 80094
(Feb. 23, 2017), 82 FR 12268 (Mar. 1, 2017). The
Commission designated April 23, 2017, as the date
by which the Commission shall either approve or
disapprove, or institute proceedings to determine
whether to approve or disapprove, the proposed
rule change.
6 See Securities Exchange Act Release No. 80501
(Apr. 21, 2017), 82 FR 19397 (Apr. 27, 2017).
7 See Securities Exchange Act Release No. 81155
(July 17, 2017), 82 FR 33938 (July 21, 2017). The
Commission designated September 20, 2017, as the
date by which the Commission shall either approve
or disapprove the proposed rule change.
8 See Letters from Andrew Quentson (Apr. 26,
2017); Charles K. Massey, III, Venture Private
Equity Investment (Apr. 26, 2017); Anita Desai
(Apr. 29, 2017); Luc Jean (May 3, 2017); Tisho P.
(May 10, 2017); Kevin McSheehan (May 14, 2017);
Bruce Granger (May 16, 2017); Bruce Granger (May
16, 2017); Alen Lee (May 18, 2017). All comments
on the proposed rule change are available on the
Commission’s Web site at: https://www.sec.gov/
2 17
CFR 200.30–3(a)(12).
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42866
Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices
On September 1, 2017, NYSE Arca
withdrew the proposed rule change
(SR–NYSEArca–2016–176).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–19240 Filed 9–11–17; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81537; File No. SR–
NYSEAMER–2017–07]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Adopt Commentary
.06 to Rule 980NY To Enhance the
Price Protections for Complex Orders
Executed on the Exchange
September 6, 2017.
Pursuant to the provisions of 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 25, 2017, NYSE American
LLC (the ‘‘Exchange’’ or ‘‘NYSE
American’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) a 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.
pmangrum on DSK3GDR082PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to adopt
Commentary .06 to Rule 980NY
(Electronic Complex Order Trading) to
enhance the price protections for
Complex Orders executed on the
Exchange. The proposed rule change is
available on the Exchange’s Web site at
www.nyse.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
comments/sr-nysearca-2016-176/
nysearca2016176.htm.
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Sep<11>2014
15:19 Sep 11, 2017
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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.
1. Purpose
The Exchange is proposing to adopt
Commentary .06 to Rule 980NY to
enhance the price protections applicable
to Electronic Complex Orders (or
‘‘ECOs’’).3
The Exchange currently provides
price protection to ECOs, which is
designed to prevent the execution of
orders at prices that are priced a certain
percentage away from the current
market and, therefore, are potentially
erroneous.4 The Exchange proposes an
additional price protection that would
be another check on whether an ECO’s
limit price is correctly aligned to the
complex strategy and would reject
erroneously priced incoming ECOs (the
‘‘Reasonability Checks’’).5 As discussed
herein, the proposed price protections
are materially identical to price
protections available on other options
exchanges, including Nasdaq ISE, LLC
(‘‘ISE’’).6
3 Rule 900.3NY(e) defines a Complex Order as
any order involving the simultaneous purchase
and/or sale of two or more different option series
in the same underlying security, for the same
account, in a ratio that is equal to or greater than
one-to-three (.333) and less than or equal to threeto-one (3.00) and for the purpose of executing
particular investment strategy. Per Rule 980NY, an
ECO is a Complex Order that has been entered into
the NYSE System for possible execution. See Rule
980NY(a).
4 See Commentary .05 to Rule 980NY (providing
for the rejection of ECOs that are priced away from
the current market by a ‘‘Specified Amount,’’ which
Specified Amount varies depending on the smallest
MPV of any leg in the ECO) (the ‘‘Price Protection
Filter’’ or ‘‘Filter’’) .
5 See proposed Commentary .06 to Rule 980NY
which would provide that the Exchange would
reject any incoming ECO that has a strategy
described in paragraphs (a)(1)–(3) of proposed
Commentary .06 to Rule 980NY. Because
Reasonability Checks would be performed before
the Price Protection Filter, the proposed rule text
would provide that ‘‘[a]ny incoming Electronic
Complex Order that passes this Reasonability Check
would still be subject to the Price Protection Filter,
per Commentary .05(b) of this Rule.’’ See id.
6 See e.g., ISE Rule 722, Supplementary Material
.07 (Price limits for complex orders and quotes).
The Exchange notes that, as discussed herein, the
proposed Reasonability Checks are similar to those
initially adopted by ISE and do not include a later
adopted pre-set value ‘‘buffer.’’ See infra nn. 12 [sic]
and 15 [sic]. Moreover, because the Exchange does
not support ECOs entered as market orders, the
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First, the Exchange proposes
Commentary .06(a)(1) to Rule 980NY,
pursuant to which, upon entry into the
System, the Exchange would reject any
incoming order for a complex strategy
where all legs are to sell (buy) if it is
entered at a price that is less (more) than
the minimum (maximum) price, which
is calculated as the sum of the ratio on
each leg of the Complex Order
multiplied by $0.01 (¥$0.01) per leg
(e.g., an order to sell (buy) 2 calls and
sell (buy) 1 put would have a minimum
(maximum) price of $0.03 (¥$0.03)).7
For example, an order to sell 2 calls
and sell 1 put would have a minimum
net credit price of $0.03. If such an
order were entered at a price of $0.02,
it would not be executable, as a price of
zero would have to be assigned to one
of the legs of the order. As proposed,
this order would be rejected.
As another example, if a market
participant is entering the following ‘‘all
sell’’ complex strategy for a debit:
• Leg A: 100 × 0.01¥0.02 × 100
• Leg B: 100 × 0.01¥0.02 × 100
• Order 1: Sell 1 Leg A, Sell 2 Leg B;
Net price: ¥$0.03
Result: As proposed, Order 1 would
be rejected because it is priced less than
the minimum order price of $0.03.
Based on each individual leg trading for
at least $0.01, this complex strategy
would never trade at a net credit price
of less than $0.03. Thus, any sell order
for this strategy with a limit price less
than $0.03 would be rejected.
If, for example, a market participant is
entering the following ‘‘all buy’’
complex strategy:
• Leg A: 100 × 0.01¥0.02 × 100
• Leg B: 100 × 0.01¥0.02 × 100
• Order 1: Buy Leg A, Buy 2 Leg B; Net
price: ¥$0.02
Result: As proposed, Order 1 would
be rejected because it is priced greater
than the maximum net debit price of
¥$0.03 (and only orders priced at
¥$0.03 or less would be accepted).
Because debit orders are entered into
the Exchange System as a negative
value, the ‘‘maximum’’ price check for
buy orders is effectively a check for the
minimum order price. Here, Order 1 @
¥$0.02 would represent an order to buy
Exchange has not adopted price checks related to
such orders (which orders ISE supports). See e.g.,
ISE Rule 722, Supplementary Material .07(c)(1),(3).
The Exchange also notes that the Chicago Board
Options Exchange, Inc. (‘‘CBOE’’) likewise includes
complex strategy price checks, which cover more
strategies than proposed herein, but are nonetheless
designed to accomplish the same goal of avoiding
execution of erroneously priced complex orders.
See CBOE Rule 6.53C, Interpretations and Policies
.08 (Price Check Parameters).
7 See proposed Commentary .06(a)(1) to Rule
980NY.
E:\FR\FM\12SEN1.SGM
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]]>Agencies
[Federal Register Volume 82, Number 175 (Tuesday, September 12, 2017)]
[Notices]
[Pages 42865-42866]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19240]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81538; File No. SR-NYSEArca-2016-176]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Withdrawal of a Proposed Rule Change Relating to the Listing and
Trading of Shares of the EtherIndex Ether Trust Under NYSE Arca
Equities Rule 8.201
September 6, 2017.
On December 30, 2016, NYSE Arca, Inc. (``NYSE Arca'') 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 to list
and trade shares of the EtherIndex Ether Trust. The proposed rule
change was published for comment in the Federal Register on January 23,
2017.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 79792 (Jan. 13,
2017), 82 FR 7891 (Jan. 23, 2017).
---------------------------------------------------------------------------
On February 23, 2017, pursuant to Section 19(b)(2) of the Exchange
Act,\4\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to approve or disapprove
the proposed rule change.\5\ On April 21, 2017, the Commission
instituted proceedings to determine whether to approve or disapprove
the proposed rule change.\6\ On July 17, 2017, the Commission
designated a longer period for Commission action on the proposed rule
change.\7\ The Commission received nine comment letters regarding the
proposed rule change.\8\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 80094 (Feb. 23,
2017), 82 FR 12268 (Mar. 1, 2017). The Commission designated April
23, 2017, as the date by which the Commission shall either approve
or disapprove, or institute proceedings to determine whether to
approve or disapprove, the proposed rule change.
\6\ See Securities Exchange Act Release No. 80501 (Apr. 21,
2017), 82 FR 19397 (Apr. 27, 2017).
\7\ See Securities Exchange Act Release No. 81155 (July 17,
2017), 82 FR 33938 (July 21, 2017). The Commission designated
September 20, 2017, as the date by which the Commission shall either
approve or disapprove the proposed rule change.
\8\ See Letters from Andrew Quentson (Apr. 26, 2017); Charles K.
Massey, III, Venture Private Equity Investment (Apr. 26, 2017);
Anita Desai (Apr. 29, 2017); Luc Jean (May 3, 2017); Tisho P. (May
10, 2017); Kevin McSheehan (May 14, 2017); Bruce Granger (May 16,
2017); Bruce Granger (May 16, 2017); Alen Lee (May 18, 2017). All
comments on the proposed rule change are available on the
Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2016-176/nysearca2016176.htm.
---------------------------------------------------------------------------
[[Page 42866]]
On September 1, 2017, NYSE Arca withdrew the proposed rule change
(SR-NYSEArca-2016-176).
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19240 Filed 9-11-17; 8:45 am]
BILLING CODE 8011-01-P
