Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515, Execution of Orders and Quotes, 31368-31373 [2019-13926]
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Federal Register / Vol. 84, No. 126 / Monday, July 1, 2019 / Notices
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Organization name
FEDERAL MINE SAFETY AND Federal Mine Safety and Health
HEALTH REVIEW COMMISSION.
Review Commission.
GENERAL SERVICES ADMINIS- Office of Congressional and InterTRATION.
governmental Affairs.
SMALL BUSINESS ADMINISTRA- Office of the Administrator .............
TION.
Authority: 5 U.S.C. 3301 and 3302; E.O.
10577, 3 CFR, 1954–1958 Comp., p. 218.
02/22/2019
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02/02/2019
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02/23/2019
Table of Contents
II. Docketed Proceeding(s)
BILLING CODE 6325–39–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2019–158 and CP2019–177]
New Postal Products
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
SUMMARY:
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
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19:58 Jun 28, 2019
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1. Docket No(s).: MC2019–158 and
CP2019–177; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & First-Class Package Service
Contract 63 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: June 25,
2019; Filing Authority: 39 U.S.C. 3642,
39 CFR 3020.30 et seq., and 39 CFR
3015.5; Public Representative: Curtis E.
Kidd; Comments Due: July 3, 2019.
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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Date vacated
FR180002
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
negotiated service agreements. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: July 3, 2019.
ADDRESSES: 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.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
[FR Doc. 2019–13939 Filed 6–28–19; 8:45 am]
Request No.
Confidential Assistant .....................
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3007.301.1
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.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
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Position title
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This Notice will be published in the
Federal Register.
Stacy L. Ruble,
Secretary.
[FR Doc. 2019–13965 Filed 6–28–19; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No 34–86197; File No. SR–MIAX–
2019–30]
Self-Regulatory Organizations; Miami
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 515,
Execution of Orders and Quotes
June 25, 2019.
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 June 18, 2019, Miami International
Securities Exchange, LLC (‘‘MIAX
Options’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I, II, and III 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Exchange Rule 515, Execution of
Orders and Quotes, to add additional
detail and make clarifying changes to
the rule.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/ at MIAX Options’ principal
office, and at the Commission’s Public
Reference Room.
1 15
2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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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.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 515, Execution of Orders
and Quotes, to add additional detail and
make clarifying changes to the rule.
Specifically, the Exchange proposes to
make a number of minor nonsubstantive edits to references to ‘‘Rule
515’’ or ‘‘Exchange Rule 515’’
throughout the rule text. Currently,
there are several references in Exchange
Rule 515 where the rule refers back to
itself generally as ‘‘Rule 515’’ or
‘‘Exchange Rule 515.’’ The Exchange
proposes to amend all general references
in Exchange Rule 515 that are to ‘‘Rule
515’’ or ‘‘Exchange Rule 515’’ that do
not refer to any particular section or
paragraph to be replaced with ‘‘this
Rule’’ in order to provide consistency
and clarity within the rule text. The
proposed changes would be to
references to ‘‘Rule 515’’ or ‘‘Exchange
Rule 515’’ that are currently in the
following sections in Exchange Rule
515: Paragraph (a); paragraph (c);
subsection (c)(1)(i); subsection
(c)(1)(ii)(A); subsection (c)(2)(i)(B); and
Interpretation and Policy .04.
Next, the Exchange proposes to
amend paragraph (c) of Exchange Rule
515, Non-Market Maker Orders That
Could Not Be Executed or Could Not Be
Executed in Full at the Original NBBO 3
Upon Receipt, subsection (3)(i)(C), to
clarify the System’s 4 behavior when
certain conditions arise during a
liquidity refresh pause. Paragraph (c)
provides a definition of ‘‘initiating
order’’ and ‘‘original NBBO’’ for the
3 The
term ‘‘NBBO’’ means the national best bid
or offer as calculated by the Exchange based on
market information received by the Exchange from
OPRA. See Exchange Rule 100.
4 The term ‘‘System’’ means the automated
trading system used by the Exchange for the trading
of Securities. See Exchange Rule 100.
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purposes of Exchange Rule 515 as
follows. The term ‘‘initiating order’’ will
be used to refer to (i) the incoming order
that could not be executed, (ii) the order
reevaluated by the System for execution
that could not be executed, or (iii) the
remaining contracts of the incoming
order or reevaluated order that could
not be executed in full. The term
‘‘original NBBO’’ will be used to refer to
the NBBO that existed at time of receipt
of the initiating order or the NBBO at
time of reevaluation of an order
pursuant to Exchange Rule 515.
Subsection (c)(3), Liquidity Refresh
Pause for Exhausted Market Maker 5
Quotes, provides that the System will
pause the market for a time period not
to exceed one second to allow
additional orders or quotes refreshing
the liquidity at the MBBO 6 to be
received (‘‘liquidity refresh pause’’) 7
when at the time of receipt or
reevaluation of the initiating order by
the System: (A) Either the initiating
order is a limit order whose limit price
crosses the NBBO or the initiating order
is a market order, and the limit order or
market order could only be partially
executed; (B) a Market Maker quote was
all or part of the MBBO when the MBBO
is alone at the NBBO; and (C) and the
Market Maker quote was exhausted.8
As described in the Exchange’s
current subsection (c)(3)(i)(C), during
the liquidity refresh pause, if the
Exchange receives a new order or quote
on the same side of the market as the
initiating order’s remaining contracts,
which locks or crosses the original
NBBO, the liquidity refresh pause will
be terminated early.9 The Exchange
recently identified an inconsistency
between subsection (c)(3)(i)(C) of
Exchange Rule 515 and the Exchange’s
System behavior regarding the NBBO
used for evaluation purposes (original
versus current), which determines
whether the System will terminate the
liquidity refresh pause early based on
the receipt of a new order or quote on
the same side of the market as the
initiating order’s remaining contracts.
The Exchange believes that the System
is operating correctly and that the rule
text inadvertently described the NBBO
used for evaluation purposes as the
original NBBO, rather than the current
NBBO. The System currently operates in
5 The term ‘‘Market Maker’’ refers to ‘‘Lead
Market Makers’’, ‘‘Primary Lead Market Makers’’
and ‘‘Registered Market Makers’’ collectively. See
Exchange Rule 100.
6 The term ‘‘MBBO’’ means the best bid or offer
on the Exchange. See Exchange Rule 100.
7 The Exchange notes that the current setting is
20 milliseconds.
8 See Exchange Rule 515(c)(3).
9 See Exchange Rule 515(c)(3)(i)(C).
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31369
the following manner. During the
liquidity refresh pause, if the Exchange
receives a new order or quote on the
same side of the market as the initiating
order’s remaining contracts, which locks
or crosses the current NBBO, the
liquidity refresh pause will be
terminated early. Accordingly, in
subsection (c)(3)(i)(C) of Exchange Rule
515, the Exchange proposes to replace
the word ‘‘original’’ preceding NBBO
with the word ‘‘current’’ to more
accurately describe the NBBO used in
the reevaluation process that occurs in
this scenario. By using the current
NBBO, the System ensures the proper
handling of new same side interest. The
System will not execute routable
orders 10 or non-routable orders 11 at
prices that are inferior to the current
NBBO, therefore the Exchange’s
proposal improves the specificity of
Exchange Rule 515.
Next, the Exchange proposes to
amend subsection (c)(3) of Exchange
Rule 515 to succinctly describe the
conditions that must be present for the
liquidity refresh pause to occur and
make minor corrective changes to the
numerical and alphabetical list item
identifiers to properly conform to the
hierarchical heading scheme used
throughout the Exchange’s rulebook. In
particular, the Exchange proposes to
insert numerical identifiers ‘‘(1)’’ and
‘‘(2)’’ into subsection (c)(3)(A) in order
to clarify that to meet the first condition
for the liquidity refresh pause to occur,
the initiating order must be a limit order
or market order, whose limit price must
cross the NBBO and could only be
partially executed. The Exchange
proposes to delete redundant rule text
in the first clause of subsection (c)(3)(A)
in order to clarify the conditions for the
liquidity refresh pause to occur.
Accordingly, with the proposed
changes, subsection (c)(3) will provide
as follows:
The System will pause the market for a
time period not to exceed one second to
allow additional orders or quotes refreshing
the liquidity at the MBBO to be received
(‘‘liquidity refresh pause’’) when at the time
of receipt or reevaluation of the initiating
order by the System: (A) The initiating order
is a limit order or market order whose (1)
limit price crosses the NBBO and (2) could
only be partially executed; (B) a Market
Maker quote was all or part of the MBBO
when the MBBO is alone at the NBBO; and
(C) the Market Maker quote was exhausted.
Next, the Exchange proposes to
amend paragraph (d) of Exchange Rule
515 to harmonize the rule text to the
Exchange’s affiliate, MIAX Emerald,
10 See
11 See
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Exchange Rule 515(c)(1)(i).
Exchange Rule 515(c)(1)(ii)(A).
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Federal Register / Vol. 84, No. 126 / Monday, July 1, 2019 / Notices
LLC (‘‘MIAX Emerald’’), and to make
corrective changes to the numerical and
alphabetical list item identifiers to
properly conform to the hierarchical
heading scheme used throughout the
Exchange’s rulebook. The Exchange
proposes to separate paragraph (d) into
several subsections. In particular, the
Exchange proposes to adopt subsection
(d)(1) of Exchange Rule 515, which
would state as follows:
the Market Maker order or quote that can be
executed, the System will immediately
execute the remaining contracts from the
Market Maker order or quote to the extent
possible at the Market Maker order or quote’s
current Book bid or offer price, provided that
the execution price does not violate the
current NBBO.
If a Market Maker order or quote could not
be executed or could not be executed in full
upon receipt, the System will continue to
execute the Market Maker’s order or quote at
multiple prices until (i) the Market Maker’s
quote has been exhausted or its order has
been completely filled; (ii) the executions
have reached the Market Maker’s limit price;
or (iii) further executions will trade at a price
inferior to the ABBO, whichever occurs first.
If unexecuted contracts remain from the
Market Maker’s order or quote, the order or
quote size will be revised and the MBBO
disseminated to reflect the order or quote’s
remaining contracts.
This new subsection (d)(1) would not
contain any substantive change or add
or delete any rule text already in place.
The Exchange also proposes to adopt
new subsection (d)(2) of Exchange Rule
515, which would state as follows:
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For a Market Maker order or quote that
locks or crosses the opposite side ABBO and
the MBBO is inferior to the ABBO, the
System will manage such order or quote in
accordance with the following. Once the
System can no longer execute the Market
Maker’s order or quote, the System will
display the order or quote one MPV away
from the current opposite side ABBO and
book the order or quote at a price that will
lock the current opposite side ABBO. Should
the ABBO price change to an inferior price
level, the Market Maker order or quote’s Book
price will continuously re-price to lock the
new ABBO and the Market Maker order or
quote’s displayed price will continuously reprice one MPV away from the new ABBO,
until the Market Maker order or quote
reaches its original limit price, is fully
executed or cancelled.
This new subsection (d)(2) of Exchange
Rule 515 does not contain any
substantive change to the rule text
already in place and harmonizes the
rule text to the Exchange’s affiliate,
MIAX Emerald, by replacing references
from ‘‘NBBO’’ to ‘‘ABBO.’’ 12 The
Exchange also proposes to delete the
word ‘‘internally’’ in subsection (d)(2) to
harmonize the rule text to the
Exchange’s affiliate, MIAX Emerald.13
The Exchange also proposes to adopt
new subsection (d)(3)(i) of Exchange
Rule 515, which would state as follows:
If the Exchange receives a new order or
quote on the opposite side of the market from
12 See
13 See
MIAX Emerald Rule 515(d)(ii).
id.
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The Exchange also proposes to adopt
new subsection (d)(3)(ii) of Exchange
Rule 515, which would state as follows:
The new subsections (d)(3)(i) and
(d)(3)(ii) of Exchange Rule 515 do not
contain any substantive change or add
or delete any rule text already in place.
Next, the Exchange proposes to
amend Exchange Rule 515(h) to
consolidate subsections (h)(1)(A) and
(h)(1)(C) into paragraph (h)(1) to
conform Exchange Rule 515(h) to the
Exchange’s affiliate, MIAX Emerald.14
The Exchange also proposes to delete
the rule text for subsection (h)(1)(B) as
that subsection is redundant rule text
and the Exchange believes that it is not
necessary to specify the minimum
trading increments applicable to that
particular order type since minimum
trading increments are covered in
Exchange Rule 510. Accordingly, with
the proposed changes, subsection (h)(1)
of Exchange Rule 515 would state as
follows:
Customer Cross Orders, as defined in Rule
516(i), are automatically executed upon entry
provided that the execution (i) is at or
between the best bid and offer on the
Exchange; (ii) is not at the same price as a
Priority Customer Order on the Exchange’s
Book; and (iii) will not trade at a price
inferior to the NBBO. If trading interest exists
on the MIAX Book that is subject to the
liquidity refresh pause or managed interest
process pursuant to Rule 515(c), or a route
timer pursuant to Rule 529 when the
Exchange receives a Customer Cross Order,
the System will reject the Customer Cross
Order. If trading interest exists that is subject
to a PRIME Auction or PRIME Solicitation
Auction pursuant to Rule 515A when the
Exchange receives a Customer Cross Order,
the System will reject the Customer Cross
Order. Customer Cross Orders will be
automatically canceled if they cannot be
executed. Rule 520, Interpretation and Policy
.01 applies to the entry and execution of
Customer Cross Orders.
The Exchange proposes to amend
Exchange Rule 515(h) to consolidate
14 See
PO 00000
MIAX Emerald Rule 515(h).
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subsection (h)(2)(A) into subsection
(h)(2) to conform Exchange Rule 515(h)
to the Exchange’s affiliate, MIAX
Emerald. The Exchange also proposes to
delete the rule text for subsection
(h)(2)(B) of Exchange Rule 515 as that
subsection is redundant rule text and
the Exchange believes that it is not
necessary to specify the minimum
trading increments applicable to that
particular order type since minimum
trading increments are covered in
Exchange Rule 510. Accordingly, with
the proposed changes, subsection (h)(2)
of Exchange Rule 515 would state as
follows:
Qualified Contingent Cross Orders, as
defined in Rule 516(j), are automatically
executed upon entry provided that the
execution (i) is not at the same price as a
Priority Customer Order on the Exchange’s
Book; and (ii) is at or between the NBBO. If
trading interest exists on the MIAX Book that
is subject to the liquidity refresh pause or
managed interest process pursuant to Rule
515(c), or a route timer pursuant to Rule 529
when the Exchange receives a Qualified
Contingent Cross Order, the System will
reject the Qualified Contingent Cross Order.
If trading interest exists that is subject to a
PRIME Auction or PRIME Solicitation
Auction pursuant to Rule 515A when the
Exchange receives a Qualified Contingent
Cross Order, the System will reject the
Qualified Contingent Cross Order. Qualified
Contingent Cross Orders will be
automatically canceled if they cannot be
executed.
Next, the Exchange proposes to
amend subsections (h)(3) and (h)(4) of
Exchange Rule 515 to amend references
in those subsections from the plural
‘‘Interpretations and Policies’’ to the
singular ‘‘Interpretation and Policy’’
when referring to one specific
Interpretation and Policy. Accordingly,
the Exchange proposes to amend
subsection (h)(3) of Exchange Rule 515,
which references ‘‘Interpretations and
Policies .12’’ to now read
‘‘Interpretation and Policy .12.’’ The
Exchange proposes to amend subsection
(h)(3)(C) of Exchange Rule 515, which
references ‘‘Interpretations and Policies
.01’’ to now read ‘‘Interpretation and
Policy .01.’’ The Exchange proposes to
amend subsection (h)(4) of Exchange
Rule 515, which references
‘‘Interpretations and Policies .12’’ to
now read ‘‘Interpretation and Policy
.12.’’ The purpose of these changes is to
provide consistency and clarity within
the rule text and harmonize the rule text
to the Exchange’s affiliate, MIAX
Emerald.
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Additionally, the Exchange proposes
to amend Exchange Rule 515, Execution
of Orders and Quotes, Interpretation and
Policy .02, to adopt new rule text
clarifying the treatment of interest being
managed by the System during the
limited scenario when the ABBO 15
transitions from a crossed state to an
uncrossed state. Currently, Exchange
Rule 515 provides two separate
processes for handling orders that could
not be executed or that could not be
executed in full upon receipt;
subsection (c), Non-Market Maker
Orders That Could Not Be Executed or
Could Not Be Executed in Full at the
Original NBBO Upon Receipt, and
subsection (d) Handling of Market
Maker Orders and Quotes. Exchange
Rule 515(c)(1)(ii) discusses the Managed
Interest Process for Non-Routable
Orders. If the limit price locks or crosses
the current opposite side NBBO, the
System will display the order one
MPV 16 away from the current opposite
side NBBO, and book the order at a
price that will lock the current opposite
side NBBO. Should the NBBO price
change to an inferior price level, the
order’s Book price will continuously reprice to lock the NBBO and the
managed order’s display price will
continuously re-price one MPV away
from the new NBBO.17 Similarly,
current Exchange Rule 515(d) discusses
the handling of Market Maker orders or
quotes that could not be executed or
could not be executed in full upon
receipt. Specifically, for a Market Maker
order or quote that locks or crosses the
ABBO, the System will manage such
order or quote in accordance with the
following. Once the System can no
longer execute the Market Maker’s order
or quote, the System will display the
order or quote one MPV away from the
current opposite side NBBO and book
the order or quote at a price that will
internally lock the current opposite side
NBBO. Should the NBBO price change
to an inferior price level, the Market
Maker order or quote’s Book price will
continuously re-price to lock the new
NBBO and the Market Maker order or
quote’s displayed price will
continuously re-price one MPV away
from the new NBBO.18
15 The term ‘‘ABBO’’ or ‘‘Away Best Bid or Offer’’
means the best bid(s) or offer(s) disseminated by
other Eligible Exchanges (defined in Rule 1400(f))
and calculated by the Exchange based on market
information received by the Exchange from OPRA.
See Exchange Rule 100.
16 An ‘‘MPV’’ is the Minimum Price Variation for
options traded on the Exchange. See Exchange Rule
510, Minimum Price Variations and Minimum
Trading Increments.
17 See Exchange Rule 515(c)(1)(ii)(A).
18 See Exchange Rule 515(d).
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Currently, Interpretation and Policy
.02 of Exchange Rule 515 discusses the
Managed Interest Process for NonRoutable Orders as provided in
subparagraph (c)(1)(ii) if managed
interest becomes tradable at multiple
price points on MIAX due to the ABBO
transitioning from a crossed state to an
uncrossed state, the midpoint of the
MBBO, rounded up to the nearest MPV
if necessary, will be used for the initial
trade price. However, the current rule
does not discuss how Market Maker
orders or quotes that are being managed
by the System are handled if the ABBO
transitions from a crossed state to an
uncrossed state.
The Exchange now proposes to amend
Interpretation and Policy .02 of
Exchange Rule 515 to adopt a definition
for the term ‘‘Handled Interest’’ which
will include both Non-Routable Orders
as defined in subparagraph (c)(1)(ii) and
Market Maker orders and quotes as
defined in subparagraph (d).
Additionally, the Exchange proposes to
adopt new rule text regarding the
handling of Handled Interest when the
ABBO transitions from a crossed state to
an uncrossed state. Specifically, the
Exchange proposes to amend
Interpretation and Policy .02 to replace
the term ‘‘order’’ with the newly defined
term ‘‘Handled Interest’’ where
necessary, to more accurately describe
the current functionality of the System
during this specific scenario as Market
Maker orders and quotes that are being
managed are handled in a similar
fashion. The purpose of these changes is
to provide consistency and clarity
within the rule text and harmonize the
rule text to the Exchange’s affiliate,
MIAX Emerald.19 Accordingly, with the
proposed changes to Interpretation and
Policy .02, the Exchange would adopt
new paragraphs ‘‘(a)’’ through ‘‘(c),’’ and
Interpretation and Policy .02 would be
newly titled ‘‘Uncrossing of Orders and
Quotes.’’ The proposed changes to
Interpretation and Policy .02 would be
as follows:
(a) In the course of the Managed Interest
Process for Non-Routable Orders as provided
in subparagraph (c)(1)(ii) or the management
of a Market Maker order or quote as provided
in subparagraph (d) (such Non-Routable
Orders and Market Maker orders and quotes,
‘‘Handled Interest’’), if Handled Interest
becomes tradable at multiple price points on
MIAX due to the ABBO transitioning from a
crossed state to an uncrossed state, the
midpoint of the MBBO, rounded up to the
nearest MPV if necessary, will be used for the
initial trade price for the Handled Interest. If
locking or crossing interest remains, the next
19 See MIAX Emerald Rule 515, Interpretation and
Policy .02.
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31371
trade occurs at the Book price of the interest
with lesser size.
(b) Trades included in the Handled Interest
will continue to occur until (i) all locking or
crossing interest has been satisfied, (ii) the
ABBO is reached at which time the interest
will be managed according to subparagraph
(c)(1)(ii) or subparagraph (d), as applicable,
(iii) the Handled Interest’s limit price is
reached at which time any remaining
contracts will be booked, or (iv) the Handled
Interest’s price protection limit is reached at
which time any remaining contracts will be
canceled.
(c) Trades included in the Handled Interest
will then be handled as follows: (i) If the
order or quote would lock or cross the
current opposite side MBBO where the
MBBO is the NBBO, the order or quote will
be handled pursuant to the Managed Interest
Process under 515(c)(1)(ii) and Rule 515(d).
The proposed changes are designed to
clarify existing Exchange functionality
in the Exchange’s rules. The Exchange
believes the proposed changes will also
help eliminate potential confusion on
behalf of market participants by clearly
stating that any interest being managed
is handled similarly by the System in
this limited situation.
2. Statutory Basis
The Exchange believes that its
proposed rule change are consistent
with Section 6(b) of the Act 20 in
general, and furthers the objectives of
Section 6(b)(5) of the Act 21 in
particular, in that they are designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, to remove impediments to
and perfect the mechanisms of a free
and open market and a national market
system and, in general, to protect
investors and the public interest.
The Exchange believes that the
proposed changes to Exchange Rule
515(c)(3)(i)(C) to replace the word
‘‘original’’ preceding NBBO with the
word ‘‘current’’ to more accurately
describe the NBBO used in the
reevaluation process promotes just and
equitable principles of trade, fosters
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, and removes impediments
to and perfects the mechanisms of a free
and open market. This is because the
proposal provides clarity and additional
detail to Members, investors, and the
public regarding the operation of the
20 15
21 15
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U.S.C. 78f(b)(5).
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Exchange’s System in the limited
circumstance when a new order or
quote is received on the same side of the
market as an initiating order’s remaining
contracts during a liquidity refresh
pause. The Exchange believes that the
System is operating correctly and that
the rule text inadvertently described the
NBBO used for evaluation purposes as
the original NBBO, rather than the
current NBBO. By using the current
NBBO, the System ensures the proper
handling of new same side interest. The
System will not execute routable orders
or non-routable orders at prices that are
inferior to the current NBBO, therefore
the Exchange’s proposal improves the
specificity of Exchange Rule 515.
Further, the Exchange believes it is in
the interest of investors and the public
to accurately describe the behavior of
the Exchange’s System in its rules as
this information may be used by
investors to make decisions concerning
the submission of their orders.
Accordingly, the Exchange proposes to
replace the word ‘‘original’’ preceding
NBBO with the word ‘‘current’’ to more
accurately describe the NBBO used in
the reevaluation process that occurs
during a liquidity refresh pause under
Exchange Rule 515(c)(3)(i)(C) to correct
this inconsistency between the rule text
and the System’s behavior.
Transparency and clarity are consistent
with the Act because it removes
impediments to and helps perfect the
mechanism of a free and open market
and a national market system, and, in
general, protects investors and the
public interest by accurately describing
the behavior of the Exchange’s System.
Currently, Exchange Rule 515
discusses the treatment of Non-Routable
Orders that are being managed by the
System as the ABBO transitions from a
crossed to an uncrossed state. The
Exchange believes that adopting a new
definition of ‘‘Handled Interest’’ in
Interpretation and Policy .02(a) to
include Market Maker orders and quotes
and amending the rule text to replace
the term order with the newly defined
term ‘‘Handled Interest’’ more
accurately describes the operation of
Exchange functionality during the
limited circumstance when interest
becomes tradable at multiple price
points on MIAX due to the ABBO
transitioning from a crossed state to an
uncrossed state. The Exchange believes
that its proposal contributes to the
operation of a fair and orderly market,
and in general, protects investors and
the public interest by providing
additional detail to clarify how orders
that are being managed are handled in
the limited circumstance when the
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ABBO transitions from a crossed state to
an uncrossed state. The Exchange
believes these changes provide
consistency and clarity within the rule
text regarding how Market Maker orders
and quotes are handled and harmonize
the rule text to the Exchange’s affiliate,
MIAX Emerald.22 The Exchange also
believes that its proposal to add the
term ‘‘Handled Interest’’ to describe the
System’s functionality when interest
becomes tradable at multiple price
points on MIAX due to the ABBO
transitioning from a crossed state to an
uncrossed state contributes to the
operation of a fair and orderly market,
and in general, protects investors and
the public interest because this
proposed change will facilitate
executions on the Exchange.
The Exchange believes the proposed
changes to consolidate Exchange Rule
515 subsections (h)(1)(A) and (h)(1)(C)
into paragraph (h)(1) and delete
redundant rule text in subsections
(h)(1)(B) promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed changes clarify the
Exchange’s rule text. In particular, the
Exchange believes that deleting the rule
text for subsection (h)(1)(B) will
promote just and equitable principles of
trade and remove impediments to and
perfect the mechanism of a free and
open market because that subsection is
redundant rule text. The Exchange
believes it is not necessary to specify the
minimum trading increments applicable
to Customer Cross Orders since
minimum trading increments are
covered in Exchange Rule 510 and
applicable to all options traded on the
Exchange.23 Accordingly, the reference
to minimum trading increments in
subsection (h)(1)(B) is redundant, which
the Exchange believes will cause
confusion. The Exchange believes it is
in the interest of investors and the
public to accurately describe the
Exchange’s rules as this information is
used by investors to make decisions
concerning the submission of their
orders on the Exchange.
Likewise, the Exchange believes the
proposed changes to consolidate
subsection (h)(2)(A) into subsection
(h)(2) promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed changes clarify the
Exchange’s rule text and conform
Exchange Rule 515(h) to the Exchange’s
affiliate, MIAX Emerald.24 Further, the
Exchange believes that deleting the rule
text for subsection (h)(2)(B) will
promote just and equitable principles of
trade and remove impediments to and
perfect the mechanism of a free and
open market because that subsection is
redundant rule text. The Exchange
believes it is not necessary to specify the
minimum trading increments applicable
to Qualified Contingent Cross Orders as
minimum trading increments are
covered in Exchange Rule 510 and
applicable to all options traded on the
Exchange.25 Accordingly, the reference
to minimum trading increments in
subsection (h)(2)(B) is redundant, which
the Exchange believes will cause
confusion. The Exchange believes it is
in the interest of investors and the
public to accurately describe the
Exchange’s rules as this information is
used by investors to make decisions
concerning the submission of their
orders on the Exchange.
The Exchange believes the proposed
changes to amend paragraph (d) to
harmonize the rule text to the
Exchange’s affiliate, MIAX Emerald, by
replacing references from ‘‘NBBO’’ to
‘‘ABBO’’ and to make corrective changes
to the numerical and alphabetical list
item identifiers promote just and
equitable principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed changes clarify the
Exchange’s rule text and conform
Exchange Rule 515(d) to the Exchange’s
affiliate, MIAX Emerald.26 The
Exchange also believes that its proposal
to replace references from ‘‘NBBO’’ to
‘‘ABBO’’ in subsection (d)(2) contributes
to the operation of a fair and orderly
market, and in general, protects
investors and the public interest
because it is more accurate to use the
term ‘‘ABBO’’ as the System is not
considering MIAX’s market at this
point. Further, the Exchange’s proposal
to delete the word ‘‘internally’’ in
subsection (d)(2) harmonizes the rule
text to the Exchange’s affiliate, MIAX
Emerald.27
The Exchange believes the proposed
changes promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed changes provide
24 See
22 See
MIAX Emerald Rule 515, Interpretation and
Policy .02.
23 See Exchange Rule 510(a).
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MIAX Emerald Rule 515(h).
Exchange Rule 510(a).
26 See MIAX Emerald Rule 515(d)(ii).
27 See MIAX Emerald Rule 515(d)(ii).
25 See
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Federal Register / Vol. 84, No. 126 / Monday, July 1, 2019 / Notices
additional detail and make clarifying
changes to the rule text of Exchange
Rule 515, and correct errors in the
hierarchical heading scheme to provide
uniformity in the Exchange’s rulebook.
The Exchange believes that the
proposed changes will provide greater
clarity to Members and the public
regarding the Exchange’s rules and that
it is in the public interest for rules to be
accurate and concise so as to eliminate
the potential for confusion.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes the proposed
changes will not impose any burden on
intra-market competition as there is no
functional change to the Exchange’s
System and because the rules of the
Exchange apply to all MIAX
participants equally. The proposed rule
changes will have no impact on
competition as they are not designed to
address any competitive issues but
rather are designed to add additional
clarity to existing Exchange Rule 515
and to remedy minor non-substantive
issues in the rule text. In addition, the
Exchange does not believe the proposal
will impose any burden on inter-market
competition as the proposal does not
address any competitive issues and is
intended to protect investors by
providing further transparency
regarding the Exchange’s functionality.
khammond on DSKBBV9HB2PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 28 and Rule 19b–4(f)(6) 29
thereunder.
28 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 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.
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–MIAX–2019–30, and
should be submitted on or before July
22, 2019.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Eduardo A. Aleman,
Deputy Secretary.
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–
MIAX–2019–30 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–MIAX–2019–30. 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 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
29 17
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31373
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.
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[FR Doc. 2019–13926 Filed 6–28–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No 34–86195; File No. SR–
NYSEArca–2019–39]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To Amend NYSE Arca
Rule 8.201–E (Commodity-Based Trust
Shares) and To List and Trade Shares
of the United States Bitcoin and
Treasury Investment Trust Under
NYSE Arca Rule 8.201–E
June 25, 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 June 12,
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 Exchange. 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 (1) to amend
NYSE Arca Rule 8.201–E (CommodityBased Trust Shares) to provide for
issuance and redemption of such
securities for the underlying commodity
and/or cash, and (2) to list and trade the
shares of the United States Bitcoin and
Treasury Investment Trust under NYSE
Arca Rule 8.201–E, as proposed to be
30 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
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]]>Agencies
[Federal Register Volume 84, Number 126 (Monday, July 1, 2019)]
[Notices]
[Pages 31368-31373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13926]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No 34-86197; File No. SR-MIAX-2019-30]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 515, Execution of Orders
and Quotes
June 25, 2019.
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 June 18, 2019, Miami International Securities
Exchange, LLC (``MIAX Options'' or the ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III 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 is filing a proposal to amend Exchange Rule 515,
Execution of Orders and Quotes, to add additional detail and make
clarifying changes to the rule.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/ at MIAX Options'
principal office, and at the Commission's Public Reference Room.
[[Page 31369]]
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 proposes to amend Exchange Rule 515, Execution of
Orders and Quotes, to add additional detail and make clarifying changes
to the rule. Specifically, the Exchange proposes to make a number of
minor non-substantive edits to references to ``Rule 515'' or ``Exchange
Rule 515'' throughout the rule text. Currently, there are several
references in Exchange Rule 515 where the rule refers back to itself
generally as ``Rule 515'' or ``Exchange Rule 515.'' The Exchange
proposes to amend all general references in Exchange Rule 515 that are
to ``Rule 515'' or ``Exchange Rule 515'' that do not refer to any
particular section or paragraph to be replaced with ``this Rule'' in
order to provide consistency and clarity within the rule text. The
proposed changes would be to references to ``Rule 515'' or ``Exchange
Rule 515'' that are currently in the following sections in Exchange
Rule 515: Paragraph (a); paragraph (c); subsection (c)(1)(i);
subsection (c)(1)(ii)(A); subsection (c)(2)(i)(B); and Interpretation
and Policy .04.
Next, the Exchange proposes to amend paragraph (c) of Exchange Rule
515, Non-Market Maker Orders That Could Not Be Executed or Could Not Be
Executed in Full at the Original NBBO \3\ Upon Receipt, subsection
(3)(i)(C), to clarify the System's \4\ behavior when certain conditions
arise during a liquidity refresh pause. Paragraph (c) provides a
definition of ``initiating order'' and ``original NBBO'' for the
purposes of Exchange Rule 515 as follows. The term ``initiating order''
will be used to refer to (i) the incoming order that could not be
executed, (ii) the order reevaluated by the System for execution that
could not be executed, or (iii) the remaining contracts of the incoming
order or reevaluated order that could not be executed in full. The term
``original NBBO'' will be used to refer to the NBBO that existed at
time of receipt of the initiating order or the NBBO at time of
reevaluation of an order pursuant to Exchange Rule 515.
---------------------------------------------------------------------------
\3\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from OPRA. See Exchange Rule 100.
\4\ The term ``System'' means the automated trading system used
by the Exchange for the trading of Securities. See Exchange Rule
100.
---------------------------------------------------------------------------
Subsection (c)(3), Liquidity Refresh Pause for Exhausted Market
Maker \5\ Quotes, provides that the System will pause the market for a
time period not to exceed one second to allow additional orders or
quotes refreshing the liquidity at the MBBO \6\ to be received
(``liquidity refresh pause'') \7\ when at the time of receipt or
reevaluation of the initiating order by the System: (A) Either the
initiating order is a limit order whose limit price crosses the NBBO or
the initiating order is a market order, and the limit order or market
order could only be partially executed; (B) a Market Maker quote was
all or part of the MBBO when the MBBO is alone at the NBBO; and (C) and
the Market Maker quote was exhausted.\8\
---------------------------------------------------------------------------
\5\ The term ``Market Maker'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
\6\ The term ``MBBO'' means the best bid or offer on the
Exchange. See Exchange Rule 100.
\7\ The Exchange notes that the current setting is 20
milliseconds.
\8\ See Exchange Rule 515(c)(3).
---------------------------------------------------------------------------
As described in the Exchange's current subsection (c)(3)(i)(C),
during the liquidity refresh pause, if the Exchange receives a new
order or quote on the same side of the market as the initiating order's
remaining contracts, which locks or crosses the original NBBO, the
liquidity refresh pause will be terminated early.\9\ The Exchange
recently identified an inconsistency between subsection (c)(3)(i)(C) of
Exchange Rule 515 and the Exchange's System behavior regarding the NBBO
used for evaluation purposes (original versus current), which
determines whether the System will terminate the liquidity refresh
pause early based on the receipt of a new order or quote on the same
side of the market as the initiating order's remaining contracts. The
Exchange believes that the System is operating correctly and that the
rule text inadvertently described the NBBO used for evaluation purposes
as the original NBBO, rather than the current NBBO. The System
currently operates in the following manner. During the liquidity
refresh pause, if the Exchange receives a new order or quote on the
same side of the market as the initiating order's remaining contracts,
which locks or crosses the current NBBO, the liquidity refresh pause
will be terminated early. Accordingly, in subsection (c)(3)(i)(C) of
Exchange Rule 515, the Exchange proposes to replace the word
``original'' preceding NBBO with the word ``current'' to more
accurately describe the NBBO used in the reevaluation process that
occurs in this scenario. By using the current NBBO, the System ensures
the proper handling of new same side interest. The System will not
execute routable orders \10\ or non-routable orders \11\ at prices that
are inferior to the current NBBO, therefore the Exchange's proposal
improves the specificity of Exchange Rule 515.
---------------------------------------------------------------------------
\9\ See Exchange Rule 515(c)(3)(i)(C).
\10\ See Exchange Rule 515(c)(1)(i).
\11\ See Exchange Rule 515(c)(1)(ii)(A).
---------------------------------------------------------------------------
Next, the Exchange proposes to amend subsection (c)(3) of Exchange
Rule 515 to succinctly describe the conditions that must be present for
the liquidity refresh pause to occur and make minor corrective changes
to the numerical and alphabetical list item identifiers to properly
conform to the hierarchical heading scheme used throughout the
Exchange's rulebook. In particular, the Exchange proposes to insert
numerical identifiers ``(1)'' and ``(2)'' into subsection (c)(3)(A) in
order to clarify that to meet the first condition for the liquidity
refresh pause to occur, the initiating order must be a limit order or
market order, whose limit price must cross the NBBO and could only be
partially executed. The Exchange proposes to delete redundant rule text
in the first clause of subsection (c)(3)(A) in order to clarify the
conditions for the liquidity refresh pause to occur. Accordingly, with
the proposed changes, subsection (c)(3) will provide as follows:
The System will pause the market for a time period not to exceed
one second to allow additional orders or quotes refreshing the
liquidity at the MBBO to be received (``liquidity refresh pause'')
when at the time of receipt or reevaluation of the initiating order
by the System: (A) The initiating order is a limit order or market
order whose (1) limit price crosses the NBBO and (2) could only be
partially executed; (B) a Market Maker quote was all or part of the
MBBO when the MBBO is alone at the NBBO; and (C) the Market Maker
quote was exhausted.
Next, the Exchange proposes to amend paragraph (d) of Exchange Rule
515 to harmonize the rule text to the Exchange's affiliate, MIAX
Emerald,
[[Page 31370]]
LLC (``MIAX Emerald''), and to make corrective changes to the numerical
and alphabetical list item identifiers to properly conform to the
hierarchical heading scheme used throughout the Exchange's rulebook.
The Exchange proposes to separate paragraph (d) into several
subsections. In particular, the Exchange proposes to adopt subsection
(d)(1) of Exchange Rule 515, which would state as follows:
If a Market Maker order or quote could not be executed or could
not be executed in full upon receipt, the System will continue to
execute the Market Maker's order or quote at multiple prices until
(i) the Market Maker's quote has been exhausted or its order has
been completely filled; (ii) the executions have reached the Market
Maker's limit price; or (iii) further executions will trade at a
price inferior to the ABBO, whichever occurs first.
This new subsection (d)(1) would not contain any substantive change
or add or delete any rule text already in place. The Exchange also
proposes to adopt new subsection (d)(2) of Exchange Rule 515, which
would state as follows:
For a Market Maker order or quote that locks or crosses the
opposite side ABBO and the MBBO is inferior to the ABBO, the System
will manage such order or quote in accordance with the following.
Once the System can no longer execute the Market Maker's order or
quote, the System will display the order or quote one MPV away from
the current opposite side ABBO and book the order or quote at a
price that will lock the current opposite side ABBO. Should the ABBO
price change to an inferior price level, the Market Maker order or
quote's Book price will continuously re-price to lock the new ABBO
and the Market Maker order or quote's displayed price will
continuously re-price one MPV away from the new ABBO, until the
Market Maker order or quote reaches its original limit price, is
fully executed or cancelled.
This new subsection (d)(2) of Exchange Rule 515 does not contain any
substantive change to the rule text already in place and harmonizes the
rule text to the Exchange's affiliate, MIAX Emerald, by replacing
references from ``NBBO'' to ``ABBO.'' \12\ The Exchange also proposes
to delete the word ``internally'' in subsection (d)(2) to harmonize the
rule text to the Exchange's affiliate, MIAX Emerald.\13\
---------------------------------------------------------------------------
\12\ See MIAX Emerald Rule 515(d)(ii).
\13\ See id.
---------------------------------------------------------------------------
The Exchange also proposes to adopt new subsection (d)(3)(i) of
Exchange Rule 515, which would state as follows:
If the Exchange receives a new order or quote on the opposite
side of the market from the Market Maker order or quote that can be
executed, the System will immediately execute the remaining
contracts from the Market Maker order or quote to the extent
possible at the Market Maker order or quote's current Book bid or
offer price, provided that the execution price does not violate the
current NBBO.
The Exchange also proposes to adopt new subsection (d)(3)(ii) of
Exchange Rule 515, which would state as follows:
If unexecuted contracts remain from the Market Maker's order or
quote, the order or quote size will be revised and the MBBO
disseminated to reflect the order or quote's remaining contracts.
The new subsections (d)(3)(i) and (d)(3)(ii) of Exchange Rule 515 do
not contain any substantive change or add or delete any rule text
already in place.
Next, the Exchange proposes to amend Exchange Rule 515(h) to
consolidate subsections (h)(1)(A) and (h)(1)(C) into paragraph (h)(1)
to conform Exchange Rule 515(h) to the Exchange's affiliate, MIAX
Emerald.\14\ The Exchange also proposes to delete the rule text for
subsection (h)(1)(B) as that subsection is redundant rule text and the
Exchange believes that it is not necessary to specify the minimum
trading increments applicable to that particular order type since
minimum trading increments are covered in Exchange Rule 510.
Accordingly, with the proposed changes, subsection (h)(1) of Exchange
Rule 515 would state as follows:
---------------------------------------------------------------------------
\14\ See MIAX Emerald Rule 515(h).
Customer Cross Orders, as defined in Rule 516(i), are
automatically executed upon entry provided that the execution (i) is
at or between the best bid and offer on the Exchange; (ii) is not at
the same price as a Priority Customer Order on the Exchange's Book;
and (iii) will not trade at a price inferior to the NBBO. If trading
interest exists on the MIAX Book that is subject to the liquidity
refresh pause or managed interest process pursuant to Rule 515(c),
or a route timer pursuant to Rule 529 when the Exchange receives a
Customer Cross Order, the System will reject the Customer Cross
Order. If trading interest exists that is subject to a PRIME Auction
or PRIME Solicitation Auction pursuant to Rule 515A when the
Exchange receives a Customer Cross Order, the System will reject the
Customer Cross Order. Customer Cross Orders will be automatically
canceled if they cannot be executed. Rule 520, Interpretation and
Policy .01 applies to the entry and execution of Customer Cross
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Orders.
The Exchange proposes to amend Exchange Rule 515(h) to consolidate
subsection (h)(2)(A) into subsection (h)(2) to conform Exchange Rule
515(h) to the Exchange's affiliate, MIAX Emerald. The Exchange also
proposes to delete the rule text for subsection (h)(2)(B) of Exchange
Rule 515 as that subsection is redundant rule text and the Exchange
believes that it is not necessary to specify the minimum trading
increments applicable to that particular order type since minimum
trading increments are covered in Exchange Rule 510. Accordingly, with
the proposed changes, subsection (h)(2) of Exchange Rule 515 would
state as follows:
Qualified Contingent Cross Orders, as defined in Rule 516(j),
are automatically executed upon entry provided that the execution
(i) is not at the same price as a Priority Customer Order on the
Exchange's Book; and (ii) is at or between the NBBO. If trading
interest exists on the MIAX Book that is subject to the liquidity
refresh pause or managed interest process pursuant to Rule 515(c),
or a route timer pursuant to Rule 529 when the Exchange receives a
Qualified Contingent Cross Order, the System will reject the
Qualified Contingent Cross Order. If trading interest exists that is
subject to a PRIME Auction or PRIME Solicitation Auction pursuant to
Rule 515A when the Exchange receives a Qualified Contingent Cross
Order, the System will reject the Qualified Contingent Cross Order.
Qualified Contingent Cross Orders will be automatically canceled if
they cannot be executed.
Next, the Exchange proposes to amend subsections (h)(3) and (h)(4)
of Exchange Rule 515 to amend references in those subsections from the
plural ``Interpretations and Policies'' to the singular
``Interpretation and Policy'' when referring to one specific
Interpretation and Policy. Accordingly, the Exchange proposes to amend
subsection (h)(3) of Exchange Rule 515, which references
``Interpretations and Policies .12'' to now read ``Interpretation and
Policy .12.'' The Exchange proposes to amend subsection (h)(3)(C) of
Exchange Rule 515, which references ``Interpretations and Policies
.01'' to now read ``Interpretation and Policy .01.'' The Exchange
proposes to amend subsection (h)(4) of Exchange Rule 515, which
references ``Interpretations and Policies .12'' to now read
``Interpretation and Policy .12.'' The purpose of these changes is to
provide consistency and clarity within the rule text and harmonize the
rule text to the Exchange's affiliate, MIAX Emerald.
[[Page 31371]]
Additionally, the Exchange proposes to amend Exchange Rule 515,
Execution of Orders and Quotes, Interpretation and Policy .02, to adopt
new rule text clarifying the treatment of interest being managed by the
System during the limited scenario when the ABBO \15\ transitions from
a crossed state to an uncrossed state. Currently, Exchange Rule 515
provides two separate processes for handling orders that could not be
executed or that could not be executed in full upon receipt; subsection
(c), Non-Market Maker Orders That Could Not Be Executed or Could Not Be
Executed in Full at the Original NBBO Upon Receipt, and subsection (d)
Handling of Market Maker Orders and Quotes. Exchange Rule 515(c)(1)(ii)
discusses the Managed Interest Process for Non-Routable Orders. If the
limit price locks or crosses the current opposite side NBBO, the System
will display the order one MPV \16\ away from the current opposite side
NBBO, and book the order at a price that will lock the current opposite
side NBBO. Should the NBBO price change to an inferior price level, the
order's Book price will continuously re-price to lock the NBBO and the
managed order's display price will continuously re-price one MPV away
from the new NBBO.\17\ Similarly, current Exchange Rule 515(d)
discusses the handling of Market Maker orders or quotes that could not
be executed or could not be executed in full upon receipt.
Specifically, for a Market Maker order or quote that locks or crosses
the ABBO, the System will manage such order or quote in accordance with
the following. Once the System can no longer execute the Market Maker's
order or quote, the System will display the order or quote one MPV away
from the current opposite side NBBO and book the order or quote at a
price that will internally lock the current opposite side NBBO. Should
the NBBO price change to an inferior price level, the Market Maker
order or quote's Book price will continuously re-price to lock the new
NBBO and the Market Maker order or quote's displayed price will
continuously re-price one MPV away from the new NBBO.\18\
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\15\ The term ``ABBO'' or ``Away Best Bid or Offer'' means the
best bid(s) or offer(s) disseminated by other Eligible Exchanges
(defined in Rule 1400(f)) and calculated by the Exchange based on
market information received by the Exchange from OPRA. See Exchange
Rule 100.
\16\ An ``MPV'' is the Minimum Price Variation for options
traded on the Exchange. See Exchange Rule 510, Minimum Price
Variations and Minimum Trading Increments.
\17\ See Exchange Rule 515(c)(1)(ii)(A).
\18\ See Exchange Rule 515(d).
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Currently, Interpretation and Policy .02 of Exchange Rule 515
discusses the Managed Interest Process for Non-Routable Orders as
provided in subparagraph (c)(1)(ii) if managed interest becomes
tradable at multiple price points on MIAX due to the ABBO transitioning
from a crossed state to an uncrossed state, the midpoint of the MBBO,
rounded up to the nearest MPV if necessary, will be used for the
initial trade price. However, the current rule does not discuss how
Market Maker orders or quotes that are being managed by the System are
handled if the ABBO transitions from a crossed state to an uncrossed
state.
The Exchange now proposes to amend Interpretation and Policy .02 of
Exchange Rule 515 to adopt a definition for the term ``Handled
Interest'' which will include both Non-Routable Orders as defined in
subparagraph (c)(1)(ii) and Market Maker orders and quotes as defined
in subparagraph (d). Additionally, the Exchange proposes to adopt new
rule text regarding the handling of Handled Interest when the ABBO
transitions from a crossed state to an uncrossed state. Specifically,
the Exchange proposes to amend Interpretation and Policy .02 to replace
the term ``order'' with the newly defined term ``Handled Interest''
where necessary, to more accurately describe the current functionality
of the System during this specific scenario as Market Maker orders and
quotes that are being managed are handled in a similar fashion. The
purpose of these changes is to provide consistency and clarity within
the rule text and harmonize the rule text to the Exchange's affiliate,
MIAX Emerald.\19\ Accordingly, with the proposed changes to
Interpretation and Policy .02, the Exchange would adopt new paragraphs
``(a)'' through ``(c),'' and Interpretation and Policy .02 would be
newly titled ``Uncrossing of Orders and Quotes.'' The proposed changes
to Interpretation and Policy .02 would be as follows:
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\19\ See MIAX Emerald Rule 515, Interpretation and Policy .02.
(a) In the course of the Managed Interest Process for Non-
Routable Orders as provided in subparagraph (c)(1)(ii) or the
management of a Market Maker order or quote as provided in
subparagraph (d) (such Non-Routable Orders and Market Maker orders
and quotes, ``Handled Interest''), if Handled Interest becomes
tradable at multiple price points on MIAX due to the ABBO
transitioning from a crossed state to an uncrossed state, the
midpoint of the MBBO, rounded up to the nearest MPV if necessary,
will be used for the initial trade price for the Handled Interest.
If locking or crossing interest remains, the next trade occurs at
the Book price of the interest with lesser size.
(b) Trades included in the Handled Interest will continue to
occur until (i) all locking or crossing interest has been satisfied,
(ii) the ABBO is reached at which time the interest will be managed
according to subparagraph (c)(1)(ii) or subparagraph (d), as
applicable, (iii) the Handled Interest's limit price is reached at
which time any remaining contracts will be booked, or (iv) the
Handled Interest's price protection limit is reached at which time
any remaining contracts will be canceled.
(c) Trades included in the Handled Interest will then be handled
as follows: (i) If the order or quote would lock or cross the
current opposite side MBBO where the MBBO is the NBBO, the order or
quote will be handled pursuant to the Managed Interest Process under
515(c)(1)(ii) and Rule 515(d).
The proposed changes are designed to clarify existing Exchange
functionality in the Exchange's rules. The Exchange believes the
proposed changes will also help eliminate potential confusion on behalf
of market participants by clearly stating that any interest being
managed is handled similarly by the System in this limited situation.
2. Statutory Basis
The Exchange believes that its proposed rule change are consistent
with Section 6(b) of the Act \20\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \21\ in particular, in that
they are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed changes to Exchange Rule
515(c)(3)(i)(C) to replace the word ``original'' preceding NBBO with
the word ``current'' to more accurately describe the NBBO used in the
reevaluation process promotes just and equitable principles of trade,
fosters cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to,
and facilitating transactions in securities, and removes impediments to
and perfects the mechanisms of a free and open market. This is because
the proposal provides clarity and additional detail to Members,
investors, and the public regarding the operation of the
[[Page 31372]]
Exchange's System in the limited circumstance when a new order or quote
is received on the same side of the market as an initiating order's
remaining contracts during a liquidity refresh pause. The Exchange
believes that the System is operating correctly and that the rule text
inadvertently described the NBBO used for evaluation purposes as the
original NBBO, rather than the current NBBO. By using the current NBBO,
the System ensures the proper handling of new same side interest. The
System will not execute routable orders or non-routable orders at
prices that are inferior to the current NBBO, therefore the Exchange's
proposal improves the specificity of Exchange Rule 515. Further, the
Exchange believes it is in the interest of investors and the public to
accurately describe the behavior of the Exchange's System in its rules
as this information may be used by investors to make decisions
concerning the submission of their orders. Accordingly, the Exchange
proposes to replace the word ``original'' preceding NBBO with the word
``current'' to more accurately describe the NBBO used in the
reevaluation process that occurs during a liquidity refresh pause under
Exchange Rule 515(c)(3)(i)(C) to correct this inconsistency between the
rule text and the System's behavior. Transparency and clarity are
consistent with the Act because it removes impediments to and helps
perfect the mechanism of a free and open market and a national market
system, and, in general, protects investors and the public interest by
accurately describing the behavior of the Exchange's System.
Currently, Exchange Rule 515 discusses the treatment of Non-
Routable Orders that are being managed by the System as the ABBO
transitions from a crossed to an uncrossed state. The Exchange believes
that adopting a new definition of ``Handled Interest'' in
Interpretation and Policy .02(a) to include Market Maker orders and
quotes and amending the rule text to replace the term order with the
newly defined term ``Handled Interest'' more accurately describes the
operation of Exchange functionality during the limited circumstance
when interest becomes tradable at multiple price points on MIAX due to
the ABBO transitioning from a crossed state to an uncrossed state. The
Exchange believes that its proposal contributes to the operation of a
fair and orderly market, and in general, protects investors and the
public interest by providing additional detail to clarify how orders
that are being managed are handled in the limited circumstance when the
ABBO transitions from a crossed state to an uncrossed state. The
Exchange believes these changes provide consistency and clarity within
the rule text regarding how Market Maker orders and quotes are handled
and harmonize the rule text to the Exchange's affiliate, MIAX
Emerald.\22\ The Exchange also believes that its proposal to add the
term ``Handled Interest'' to describe the System's functionality when
interest becomes tradable at multiple price points on MIAX due to the
ABBO transitioning from a crossed state to an uncrossed state
contributes to the operation of a fair and orderly market, and in
general, protects investors and the public interest because this
proposed change will facilitate executions on the Exchange.
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\22\ See MIAX Emerald Rule 515, Interpretation and Policy .02.
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The Exchange believes the proposed changes to consolidate Exchange
Rule 515 subsections (h)(1)(A) and (h)(1)(C) into paragraph (h)(1) and
delete redundant rule text in subsections (h)(1)(B) promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed changes clarify the Exchange's rule text. In
particular, the Exchange believes that deleting the rule text for
subsection (h)(1)(B) will promote just and equitable principles of
trade and remove impediments to and perfect the mechanism of a free and
open market because that subsection is redundant rule text. The
Exchange believes it is not necessary to specify the minimum trading
increments applicable to Customer Cross Orders since minimum trading
increments are covered in Exchange Rule 510 and applicable to all
options traded on the Exchange.\23\ Accordingly, the reference to
minimum trading increments in subsection (h)(1)(B) is redundant, which
the Exchange believes will cause confusion. The Exchange believes it is
in the interest of investors and the public to accurately describe the
Exchange's rules as this information is used by investors to make
decisions concerning the submission of their orders on the Exchange.
---------------------------------------------------------------------------
\23\ See Exchange Rule 510(a).
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Likewise, the Exchange believes the proposed changes to consolidate
subsection (h)(2)(A) into subsection (h)(2) promote just and equitable
principles of trade and remove impediments to and perfect the mechanism
of a free and open market and a national market system because the
proposed changes clarify the Exchange's rule text and conform Exchange
Rule 515(h) to the Exchange's affiliate, MIAX Emerald.\24\ Further, the
Exchange believes that deleting the rule text for subsection (h)(2)(B)
will promote just and equitable principles of trade and remove
impediments to and perfect the mechanism of a free and open market
because that subsection is redundant rule text. The Exchange believes
it is not necessary to specify the minimum trading increments
applicable to Qualified Contingent Cross Orders as minimum trading
increments are covered in Exchange Rule 510 and applicable to all
options traded on the Exchange.\25\ Accordingly, the reference to
minimum trading increments in subsection (h)(2)(B) is redundant, which
the Exchange believes will cause confusion. The Exchange believes it is
in the interest of investors and the public to accurately describe the
Exchange's rules as this information is used by investors to make
decisions concerning the submission of their orders on the Exchange.
---------------------------------------------------------------------------
\24\ See MIAX Emerald Rule 515(h).
\25\ See Exchange Rule 510(a).
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The Exchange believes the proposed changes to amend paragraph (d)
to harmonize the rule text to the Exchange's affiliate, MIAX Emerald,
by replacing references from ``NBBO'' to ``ABBO'' and to make
corrective changes to the numerical and alphabetical list item
identifiers promote just and equitable principles of trade and remove
impediments to and perfect the mechanism of a free and open market and
a national market system because the proposed changes clarify the
Exchange's rule text and conform Exchange Rule 515(d) to the Exchange's
affiliate, MIAX Emerald.\26\ The Exchange also believes that its
proposal to replace references from ``NBBO'' to ``ABBO'' in subsection
(d)(2) contributes to the operation of a fair and orderly market, and
in general, protects investors and the public interest because it is
more accurate to use the term ``ABBO'' as the System is not considering
MIAX's market at this point. Further, the Exchange's proposal to delete
the word ``internally'' in subsection (d)(2) harmonizes the rule text
to the Exchange's affiliate, MIAX Emerald.\27\
---------------------------------------------------------------------------
\26\ See MIAX Emerald Rule 515(d)(ii).
\27\ See MIAX Emerald Rule 515(d)(ii).
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The Exchange believes the proposed changes promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed changes provide
[[Page 31373]]
additional detail and make clarifying changes to the rule text of
Exchange Rule 515, and correct errors in the hierarchical heading
scheme to provide uniformity in the Exchange's rulebook. The Exchange
believes that the proposed changes will provide greater clarity to
Members and the public regarding the Exchange's rules and that it is in
the public interest for rules to be accurate and concise so as to
eliminate the potential for confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the Exchange
believes the proposed changes will not impose any burden on intra-
market competition as there is no functional change to the Exchange's
System and because the rules of the Exchange apply to all MIAX
participants equally. The proposed rule changes will have no impact on
competition as they are not designed to address any competitive issues
but rather are designed to add additional clarity to existing Exchange
Rule 515 and to remedy minor non-substantive issues in the rule text.
In addition, the Exchange does not believe the proposal will impose any
burden on inter-market competition as the proposal does not address any
competitive issues and is intended to protect investors by providing
further transparency regarding the Exchange's functionality.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \28\ and Rule 19b-4(f)(6) \29\
thereunder.
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\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 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.
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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 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-MIAX-2019-30 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-MIAX-2019-30. 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 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-MIAX-2019-30, and should be submitted on
or before July 22, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-13926 Filed 6-28-19; 8:45 am]
BILLING CODE 8011-01-P
