Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of the FBMS FIX Interface To Submit Orders to a Particular Floor Broker on the Options Floor, 15260-15262 [2019-07363]
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Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),11 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
upon filing. Extending the pilot for an
additional six months will allow the
uninterrupted operation of the existing
pilot to halt trading across the U.S.
markets while the Commission
considers whether to approve the pilot
on a permanent basis. The extension
simply maintains the status quo.
Therefore, the Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. The
Commission hereby designates the
proposed rule change to be operative
upon filing.12
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 necessary or appropriate in the
public interest, for the protection of
investors, or 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:
amozie on DSK9F9SC42PROD with NOTICES
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–
Phlx–2019–12 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.
10 Id.
All submissions should refer to File
Number SR–Phlx–2019–12. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–Phlx–2019–12, and should
be submitted on or before May 6, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–07361 Filed 4–12–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85577; File No. SR–Phlx–
2019–09]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delay the
Implementation of the FBMS FIX
Interface To Submit Orders to a
Particular Floor Broker on the Options
Floor
April 9, 2019.
12 For
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
VerDate Sep<11>2014
17:16 Apr 12, 2019
Jkt 247001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay the
implementation of the FBMS FIX
Interface to submit orders to a particular
Floor Broker on the options floor.
The text of the proposed rule change
is available on the Exchange’s website 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
11 17
CFR 240.19b–4(f)(g)(iii).
purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 29,
2019, Nasdaq PHLX LLC (‘‘Phlx’’ 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.
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00087
Fmt 4703
Sfmt 4703
The Exchange filed a rule change to
offer a new FBMS FIX interface which
connects to FBMS (‘‘FBMS FIX
Interface’’) 3 to allow members and nonmembers to submit orders directly 4 to a
Floor Broker on the Exchange’s trading
floor.5 With this new protocol, a market
participant desiring to submit an order
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 This new FBMS FIX Interface is a separate and
distinct connection from the existing FIX interface,
which allows members to send orders to the
electronic match engine.
4 The FBMS FIX Interface would allow the market
participant to designate a particular Floor Broker
through the use of a FIX tag.
5 See Securities Exchange Act Release No. 84180
(September 18, 2018), 83 FR 48353 (September 24,
2018) (SR–Phlx–2018–58).
2 17
E:\FR\FM\15APN1.SGM
15APN1
Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices
to the trading floor, who would today
contact a Floor Broker telephonically,
would be able to electronically utilize
an external order management system or
via instant message.6
FBMS FIX Interface Background
An order submitted via the FBMS FIX
Interface will be created by the sender
and routed to a Floor Broker. This order
would be systematized so that the Floor
Broker 7 automatically receives the order
and may then represent the order for
execution. A member or non-member
would not be able to send the order
directly to the System for execution.
Orders entered via the FBMS FIX
Interface will require the interaction of
a Floor Broker. Orders will continue to
be represented in the trading crowd,
regardless of the method in which the
order was received. Orders would be
executed in the matching engine using
FBMS, after all requirements for
exposure have been met.8
Proposal
The Exchange proposed to implement
this functionality in Q1 of 2019 and
notify market participants of the
deployment date by way of an Options
Trader Alert, which will be posted on
the Exchange’s website. At this time, the
Exchange proposes to delay the
implementation until Q2 of 2019. The
Exchange would still notify market
participants via an Options Trader
Alert.
2. Statutory Basis
amozie on DSK9F9SC42PROD with NOTICES
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Section 6(b)(5) of the Act,10
in particular, in that it is designed to
promote just and equitable principles of
trade, 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, by
proposing delaying the implementation
of the FBMS FIX Interface to allow for
additional testing. The Exchange
believes that additional testing will
6 An audit trail is maintained today for all orders
received by a Floor Broker.
7 A Floor Broker’s employee may also send an
order into FBMS or the System on behalf of the
Floor Broker.
8 The FBMS FIX Interface will allow the
following types of orders to be submitted directly
to a Floor Broker: Simple Orders, Multi-leg Orders,
Cross and Non-Cross Orders, Simple Cancels,
Cancel and Replacement Orders and Floor
Qualified Contingent Cross Orders.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
17:16 Apr 12, 2019
Jkt 247001
ensure a successful launch of the FBMS
FIX Interface.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
adoption of the FBMS FIX Interface
does not impose an undue burden on
competition. Delaying the FBMS FIX
Interface will allow the Exchange
additional time to test the functionality.
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) of the Act 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 13 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 14
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay so that the
proposed rule change may become
operative upon filing. Waiver of the
operative delay would allow the
Exchange to immediately delay the
implementation of the FBMS Fix
Interface to allow the Exchange
additional time to successfully
implement this functionality. Therefore,
the Commission believes that waiver of
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of 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.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
12 17
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
15261
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the
operative delay and designates the
proposed rule change operative upon
filing.15
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 necessary or appropriate in the
public interest, for the protection of
investors, or 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
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–
Phlx–2019–09 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–Phlx–2019–09. 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 website (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
15 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\15APN1.SGM
15APN1
15262
Federal Register / Vol. 84, No. 72 / Monday, April 15, 2019 / Notices
provisions of 5 U.S.C. 552, will be
available for website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–Phlx–2019–09 and should
be submitted on or before May 6, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–07363 Filed 4–12–19; 8:45 am]
BILLING CODE 8011–01–P
October 18, 2019. The proposed rule
change is available on the Exchange’s
website 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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85561; File No. SR–
NYSEArca–2019–23]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Related to Rule 7.12–E, Trading Halts
Due to Extraordinary Market Volatility
April 9, 2019.
amozie on DSK9F9SC42PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 5,
2019, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. 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 the
pilot related to Rule 7.12–E, Trading
Halts Due to Extraordinary Market
Volatility, to the close of business on
16 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:16 Apr 12, 2019
Jkt 247001
Rule 7.12–E provides a methodology
for determining when to halt trading in
all stocks due to extraordinary market
volatility, i.e., market-wide circuit
breakers. The market-wide circuit
breaker mechanism under Rule 7.12–E
was approved by the Commission to
operate on a pilot basis, the term of
which was to coincide with the pilot
period for the Plan to Address
Extraordinary Market Volatility
Pursuant to Rule 608 of Regulation NMS
(the ‘‘LULD Plan’’), including any
extensions to the pilot period for the
LULD Plan. The Commission published
an amendment to the LULD Plan for it
to operate on a permanent, rather than
pilot, basis.
The Exchange proposes to amend
Rule 7.12–E to untie the pilot’s
effectiveness from that of the LULD Plan
and to extend the pilot’s effectiveness to
the close of business on October 18,
2019. The Exchange does not propose
any additional changes to Rule 7.12–E.
Market-wide circuit breakers under
Rule 7.12–E provide an important,
automatic mechanism that is invoked to
promote stability and investor
confidence during a period of
significant stress when securities
markets experience extreme broad-based
declines. All U.S. equity exchanges have
rules relating to market-wide circuit
breakers, which are designed to slow the
effects of extreme price movement
through coordinated trading halts across
securities markets when severe price
declines reach levels that may exhaust
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
market liquidity. Market-wide circuit
breakers provide for trading halts in all
equities and options markets during a
severe market decline as measured by a
single-day decline in the S&P 500 Index.
Pursuant to Rule 7.12–E, a marketwide trading halt will be triggered if the
S&P 500 Index declines in price by
specified percentages from the prior
day’s closing price of that index.
Currently, the triggers are set at three
circuit breaker thresholds: 7% (Level 1),
13% (Level 2) and 20% (Level 3). A
market decline that triggers a Level 1 or
Level 2 circuit breaker after 9:30 a.m. ET
and before 3:25 p.m. ET would halt
market-wide trading for 15 minutes,
while a similar market decline at or after
3:25 p.m. ET would not halt marketwide trading. A market decline that
triggers a Level 3 circuit breaker, at any
time during the trading day, would halt
market-wide trading for the remainder
of the trading day.
The Exchange intends to file a
separate proposed rule change with the
Commission to operate Rule 7.12–E on
a permanent, rather than pilot, basis.
Extending the effectiveness of Rule
7.12–E to the close of business on
October 18, 2019 should provide the
Commission adequate time to consider
whether to approve the Exchange’s
separate proposal to operate the marketwide circuit breaker mechanism under
Rule 7.12–E on a permanent basis.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of Sections 6(b) 4 and
6(b)(5) of the Act,5 in particular, because
it would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system. The
Exchange also believes that the
proposed rule change promotes just and
equitable principles of trade in that it
promotes transparency and uniformity
across markets concerning when and
how to halt trading in all stocks as a
result of extraordinary market volatility.
Extending the market-wide circuit
breaker pilot under Rule 7.12–E an
additional six months would ensure the
continued, uninterrupted operation of a
consistent mechanism to halt trading
across the U.S. markets while the
Commission considers whether to
approve the pilot on a permanent basis.
The proposed rule change would thus
promote fair and orderly markets and
the protection of investors and the
public interest. Based on the foregoing,
4 15
5 15
E:\FR\FM\15APN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
15APN1
]]>Agencies
[Federal Register Volume 84, Number 72 (Monday, April 15, 2019)]
[Notices]
[Pages 15260-15262]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07363]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85577; File No. SR-Phlx-2019-09]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delay the
Implementation of the FBMS FIX Interface To Submit Orders to a
Particular Floor Broker on the Options Floor
April 9, 2019.
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 March 29, 2019, Nasdaq PHLX LLC (``Phlx'' 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.
---------------------------------------------------------------------------
\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 delay the implementation of the FBMS FIX
Interface to submit orders to a particular Floor Broker on the options
floor.
The text of the proposed rule change is available on the Exchange's
website 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 filed a rule change to offer a new FBMS FIX interface
which connects to FBMS (``FBMS FIX Interface'') \3\ to allow members
and non-members to submit orders directly \4\ to a Floor Broker on the
Exchange's trading floor.\5\ With this new protocol, a market
participant desiring to submit an order
[[Page 15261]]
to the trading floor, who would today contact a Floor Broker
telephonically, would be able to electronically utilize an external
order management system or via instant message.\6\
---------------------------------------------------------------------------
\3\ This new FBMS FIX Interface is a separate and distinct
connection from the existing FIX interface, which allows members to
send orders to the electronic match engine.
\4\ The FBMS FIX Interface would allow the market participant to
designate a particular Floor Broker through the use of a FIX tag.
\5\ See Securities Exchange Act Release No. 84180 (September 18,
2018), 83 FR 48353 (September 24, 2018) (SR-Phlx-2018-58).
\6\ An audit trail is maintained today for all orders received
by a Floor Broker.
---------------------------------------------------------------------------
FBMS FIX Interface Background
An order submitted via the FBMS FIX Interface will be created by
the sender and routed to a Floor Broker. This order would be
systematized so that the Floor Broker \7\ automatically receives the
order and may then represent the order for execution. A member or non-
member would not be able to send the order directly to the System for
execution. Orders entered via the FBMS FIX Interface will require the
interaction of a Floor Broker. Orders will continue to be represented
in the trading crowd, regardless of the method in which the order was
received. Orders would be executed in the matching engine using FBMS,
after all requirements for exposure have been met.\8\
---------------------------------------------------------------------------
\7\ A Floor Broker's employee may also send an order into FBMS
or the System on behalf of the Floor Broker.
\8\ The FBMS FIX Interface will allow the following types of
orders to be submitted directly to a Floor Broker: Simple Orders,
Multi-leg Orders, Cross and Non-Cross Orders, Simple Cancels, Cancel
and Replacement Orders and Floor Qualified Contingent Cross Orders.
---------------------------------------------------------------------------
Proposal
The Exchange proposed to implement this functionality in Q1 of 2019
and notify market participants of the deployment date by way of an
Options Trader Alert, which will be posted on the Exchange's website.
At this time, the Exchange proposes to delay the implementation until
Q2 of 2019. The Exchange would still notify market participants via an
Options Trader Alert.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
promote just and equitable principles of trade, 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, by proposing delaying the implementation of the FBMS FIX
Interface to allow for additional testing. The Exchange believes that
additional testing will ensure a successful launch of the FBMS FIX
Interface.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange's proposal to
delay the adoption of the FBMS FIX Interface does not impose an undue
burden on competition. Delaying the FBMS FIX Interface will allow the
Exchange additional time to test the functionality.
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) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \13\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. Waiver
of the operative delay would allow the Exchange to immediately delay
the implementation of the FBMS Fix Interface to allow the Exchange
additional time to successfully implement this functionality.
Therefore, the Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the operative delay
and designates the proposed rule change operative upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 necessary or
appropriate in the public interest, for the protection of investors, or
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 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 [email protected]. Please include
File Number SR-Phlx-2019-09 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-Phlx-2019-09. 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 website (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
[[Page 15262]]
provisions of 5 U.S.C. 552, will be available for website 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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2019-09 and should be
submitted on or before May 6, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-07363 Filed 4-12-19; 8:45 am]
BILLING CODE 8011-01-P
