Product Change-Priority Mail and First-Class Package Service Negotiated Service Agreement, 24830-24831 [2019-11218]
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Federal Register / Vol. 84, No. 103 / Wednesday, May 29, 2019 / Notices
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3010, and 39
CFR part 3020, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3015, and
39 CFR part 3020, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2019–142 and
CP2019–157; Filing Title: USPS Request
to Add Priority Mail Express Contract
76 to Competitive Product List and
Notice of Filing Materials Under Seal;
Filing Acceptance Date: May 22, 2019;
Filing Authority: 39 U.S.C. 3642, 39 CFR
3020.30 et seq., and 39 CFR 3015.5;
Public Representative: Kenneth R.
Moeller; Comments Due: May 31, 2019.
2. Docket No(s).: MC2019–143 and
CP2019–158; Filing Title: USPS Request
to Add Priority Mail & First-Class
Package Service Contract 102 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: May 22, 2019; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3020.30 et seq., and 39 CFR 3015.5;
Public Representative: Kenneth R.
Moeller; Comments Due: May 31, 2019.
This Notice will be published in the
Federal Register.
Stacy L. Ruble,
Secretary.
[FR Doc. 2019–11169 Filed 5–28–19; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL REGULATORY COMMISSION
[Docket No. PI2019–1; Order No. 5103]
Public Inquiry on Service Performance
Measurement Systems
Postal Regulatory Commission.
Notice.
AGENCY:
khammond on DSKBBV9HB2PROD with NOTICES
ACTION:
The Commission is noticing a
recently filed Postal Service request
proposing modifications to its market
dominant service performance
measurement systems. This document
informs the public of this proceeding
and the technical conference, invites
public comment, and takes other
administrative steps.
SUMMARY:
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17:45 May 28, 2019
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DATES:
Comments are due: June 17,
2019.
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION: On May
21, 2019, the Postal Service filed a
request, pursuant to 39 U.S.C. 3691(b)(2)
and 39 CFR 3055.5, proposing
modifications to its market dominant
service performance measurement
systems.1 Accompanying the Request is
a library reference, which contains a
copy of the United States Postal Service,
Service Performance Measurement plan,
revised May 20, 2019 (both redline and
clean versions).2
The Postal Service proposes
modifications in three areas. First, the
Postal Service provides an update to the
text of the Service Performance
Measurement plan, which removes
references to legacy measurement
systems that are no longer in use.
Request at 4. The update is being
provided at the request of the
Commission.3
Second, the Postal Service proposes to
replace certain external service
performance measurement systems with
internal service performance
measurement systems. Id. at 5–6. These
systems measure service performance
for Single-Piece First-Class Mail
International—Outbound Letters and
Flats, Single-Piece First-Class Mail
International—Inbound Letters and
Flats, and Special Services—Green
Card/Return Receipt.
Third, the Postal Service requests that
it be allowed to use domestic service
performance measurement data as a
proxy for certain aspects of inbound and
outbound Single-Piece First-Class Mail
International letters and flats service
performance. Id. at 6–7.
Interested persons are invited to
comment on any or all aspects of the
Postal Service’s proposed modifications
1 United States Postal Service Response to Order
No. 4945 and Request for Approval of Service
Performance Measurement System Modification,
May 21, 2019 (Request).
2 Library Reference USPS–LR–PI2019–1/1, May
21, 2019.
3 Docket No. PI2018–2, Order Conditionally
Approving Modifications to Market Dominant
Service Performance Measurement Systems,
November 5, 2018, at 10 (Order No. 4872).
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concerning the service performance
measurement systems. Comments are
due June 17, 2019. The Commission
does not anticipate the need for reply
comments at this time. The Commission
intends to evaluate the comments
received and use those suggestions to
help carry out its service performance
measurement responsibilities under the
Postal Accountability and Enhancement
Act. Material filed in this docket will be
available for review on the
Commission’s website, https://
www.prc.gov.
It is ordered:
1. The Commission establishes Docket
No. PI2019–1 for the purpose of
considering the Postal Service’s
proposed modifications to its market
dominant service performance
measurement systems.
2. Interested persons may submit
written comments on any or all aspects
of the Postal Service’s proposals no later
than June 17, 2019.
3. Lyudmila Y. Bzhilyanskaya is
designated to represent the interests of
the general public in this docket.
4. The Secretary shall arrange for
publication of this notice in the Federal
Register.
By the Commission.
Stacy L. Ruble,
Secretary.
[FR Doc. 2019–11111 Filed 5–28–19; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Priority Mail and
First-Class Package Service
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: May 29,
2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on May 22, 2019,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & First-Class Package
Service Contract 102 to Competitive
Product List. Documents are available at
SUMMARY:
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29MYN1
Federal Register / Vol. 84, No. 103 / Wednesday, May 29, 2019 / Notices
www.prc.gov, Docket Nos. MC2019–143,
CP2019–158.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
1. Purpose
[FR Doc. 2019–11218 Filed 5–28–19; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85925; File No. SR–
NYSEAMER–2019–19]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 967NY
May 23, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on May 10,
2019, NYSE American LLC
(‘‘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 amend
Rule 967NY (Price Protection—Orders)
to enhance its current price protection
mechanisms and adopt certain new
price protection functionality for orders.
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.
khammond on DSKBBV9HB2PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
The Exchange proposes to amend
Rule 967NY (Price Protection—Orders)
to enhance its current price protection
mechanisms and adopt certain new
price protection functionality for Limit
Orders, specifically, Price Reasonability
Checks.
The Exchange has in place various
price check mechanisms that are
designed to prevent incoming orders
from automatically executing at
potentially erroneous prices.4 These
mechanisms are designed to help
maintain a fair and orderly market by
mitigating potential risks associated
with orders trading at prices that are
extreme and potentially erroneous. The
Exchange proposes to adopt Rule
967NY(c) to add new price protection
mechanisms for orders to help further
prevent potentially erroneous
executions.
Price Reasonability Checks
Proposed Rule 967NY(c) would
provide Price Reasonability Checks (the
‘‘Price Checks’’ or ‘‘Checks’’) for Limit
Orders based on the principle that an
option order is in error and should be
rejected (or canceled) when the same
result can be achieved on the market for
the underlying equity security at a lesser
cost.5 The proposed Checks are based
on the consolidated last sale price of the
security underlying the option, once the
security opens for trading (or reopens
following a Trading Halt).6 The
Exchange notes that it currently has
price checks in place for Market Maker
quotes that are similar to the checks for
options orders proposed herein (the
‘‘MM Quote Price Checks’’).7
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Buy Orders Arbitrage Checks
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.
4 See, e.g., Rules 967NY(a) (trading collars) and
(b) (limit order price filter), Rule 967.1NY (price
protection for Market Maker quotes).
5 A Limit Order is an order to buy or sell a stated
number of option contracts at a specified price, or
better. See Rule 900.3NY(b). The proposed Price
Checks apply solely to single-leg Limit Orders and
are not available for Complex Orders. The Exchange
notes that Complex Orders are subject to separate
price protections. See Rule 980NY, Commentary .05
(price protection filter) and .06 (debit/credit
reasonability checks).
6 See proposed Rule 967NY(c).
7 See Rule 967.1NY (providing two layers of price
protection for quotes. The first layer assesses
incoming sell quotes against the NBB and incoming
buy quotes against the NBO; the second layer
assesses the price of call or put bids against a
specified (price) benchmark).
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Proposed Rule 967NY(c)(1) would
protect buyers of puts and calls from
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24831
presumptively erroneous executions. A
buy order in a put series provides the
right to sell the underlying security at
the strike price, which strike price
represents the option’s maximum value.
Proposed Rule 6.60–O(c)(1)(A) would
provide that an order to buy a put
would be rejected or canceled if the
price of the order is equal to or greater
than the strike price of the option. For
example, assume that SeriesA is a put
series based on Underlying ABC, which
has a strike price of $50.00. FIRM1
submits a new buy order on SeriesA for
$50.00, which would be rejected
because it is priced equal to the $50.00
strike price. Because the Exchange
presumes such orders with a price that
equals or exceeds the strike price of the
option to be erroneous, the Exchange
believes it would be appropriate to
reject or cancel such orders. In addition
to being similar to the MM Quote Check,
this functionality is also available on at
least one other options exchange.8
A buy order in a call series provides
the right to buy the underlying security
at the strike price. Proposed Rule
967NY(c)(1)(B) would provide that an
order to buy a call option would be
canceled or rejected if the price of the
order is equal to or greater than the
consolidated last sale price of the
underlying security (the ‘‘last sale
price’’), plus a dollar amount to be
determined by the Exchange (the
‘‘specified dollar amount’’) and
announced by Trader Update.9 In
general, a derivative product that
conveys the right to buy the underlying
should not be priced higher than the
prevailing value of the underlying itself.
In that case, a market participant could
just purchase the underlying at the
prevailing value rather than pay a larger
amount for the call by incurring the
option premium. However, the
Exchange believes a specified dollar
amount is reasonable because in certain
situations, market participants opt to
execute certain trades (which may be
part of a strategy) even if such trades
occur for a price more than the last sale
price.10 However, absent the cap
8 See Rule 967.1NY(a)(3) (providing in relevant
part that ‘‘[a] Market Maker bid for Put options will
be rejected if the price of the bid is equal to or
greater than the strike price of the option’’). See also
Chicago Board Options Exchange, Inc. (‘‘CBOE’’)
Rule 6.14(a)(i)(A) (providing, in relevant part, that
quote or buy limit orders for a put will be rejected
if the price of the quote bid or order is equal to or
greater than the strike price of the option).
9 The Exchange anticipates that it would initially
set the specified dollar amount to $0.50 and
whether and when that amount changes would
depend upon the interest and/or behavior of market
participants.
10 A small incremental allowance outside of the
last sale price allows for a small premium to offset
E:\FR\FM\29MYN1.SGM
Continued
29MYN1
]]>Agencies
[Federal Register Volume 84, Number 103 (Wednesday, May 29, 2019)]
[Notices]
[Pages 24830-24831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11218]
=======================================================================
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--Priority Mail and First-Class Package Service
Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: May 29, 2019.
FOR FURTHER INFORMATION CONTACT: Elizabeth Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
May 22, 2019, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail & First-Class Package Service Contract 102
to Competitive Product List. Documents are available at
[[Page 24831]]
www.prc.gov, Docket Nos. MC2019-143, CP2019-158.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2019-11218 Filed 5-28-19; 8:45 am]
BILLING CODE 7710-12-P
