[Federal Register Volume 82, Number 22 (Friday, February 3, 2017)]
[Notices]
[Pages 9263-9264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02266]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-79897; File No. 4-443]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Plan for the Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and Trading of
Standardized Options To Add MIAX PEARL, LLC as a Plan Sponsor
January 30, 2017.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on January 17, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan for the Purpose of Developing
and Implementing Procedures Designed to Facilitate the Listing and
Trading of Standardized Options (``OLPP'').\3\ The Commission approved
the application of MIAX PEARL to register as a national securities
exchange on December 13, 2016.\4\ One of the conditions of the
Commission's approval was the requirement for MIAX PEARL to join the
OLLP. The amendment adds MIAX PEARL as a Sponsor \5\ of the OLPP.\6\
The Commission is publishing this notice to solicit comments on the
amendment from interested persons.
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\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ On July 6, 2001, the Commission approved the OLPP, which was
proposed by the American Stock Exchange LLC (``Amex''), Chicago
Board Options Exchange, Incorporated (``CBOE''), International
Securities Exchange LLC (``ISE''), Options Clearing Corporation
(``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx''), and Pacific
Exchange, Inc. (``PCX'') (n/k/a NYSE Arca). See Securities Exchange
Act Release No. 44521, 66 FR 36809 (July 13, 2001). See also
Securities Exchange Act Release Nos. 49199 (February 5, 2004), 69 FR
7030 (February 12, 2004) (adding Boston Stock Exchange, Inc. as a
Sponsor to the OLPP); 57546 (March 21, 2008), 73 FR 16393 (March 27,
2008) (adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to
the OLPP); 61528 (February 17, 2010), 75 FR 8415 (February 24, 2010)
(adding BATS Exchange, Inc. (``BATS'') as a Sponsor to the OLPP);
63162 (October 22, 2010), 75 FR 66401 (October 28, 2010) (adding C2
Options Exchange Incorporated (``C2'') as a sponsor to the OLPP);
66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) (adding BOX Options
Exchange LLC (``BOX'') as a Sponsor to the OLPP); 67327 (June 29,
2012), 77 FR 40125 (July 6, 2012) (adding Nasdaq OMX BX, Inc.
(``BX'') as a Sponsor to the OLPP); 70765 (October 28, 2013), 78 FR
65739 (November 1, 2013) (adding Topaz Exchange, LLC as a Sponsor to
the OLPP (``Topaz''); 70764 (October 28, 2013), 78 FR 65733
(November 1, 2013) (adding Miami International Securities Exchange,
LLC (``MIAX'') as a Sponsor to the OLPP); 76822 (January 1, 2016),
81 FR 1251 (January 11, 2016) (adding EDGX Exchange, Inc. (``EDGX'')
as a Sponsor to the OLPP); 77323 (March 8, 2016), 81 FR 13433 (March
14, 2016) (adding ISE Mercury, LLC (``ISE Mercury'') as a Sponsor to
the OLPP).
\4\ See Securities and Exchange Act Release No. 79543 (Dec. 13,
2016), 81 FR 92901 (Dec. 20, 2016) (File No. 10-227).
\5\ A ``Sponsor'' is an Eligible Exchange whose participation in
the OLPP has become effective pursuant to Section 7 of the OLPP.
\6\ See Letter from Barbara J. Comly, EVP, General Counsel and
Corporate Secretary, MIAX PEARL, to Brent J. Fields, Secretary,
Commission, dated January 13, 2017.
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I. Description and Purpose of the Amendment
The OLPP establishes procedures designed to facilitate the listing
and trading of standardized options contracts on the options exchanges.
The amendment to the OLPP adds MIAX PEARL as a Sponsor. The other OLPP
Sponsors are Amex, BATS, BOX, BX, CBOE, C2, EDGX, ISE, ISE Mercury,
MIAX, Nasdaq, NYSE Arca, OCC, Phlx, and Topaz. MIAX PEARL has submitted
an executed copy of the OLPP to the Commission in accordance with the
procedures set forth in the OLPP regarding new Sponsors. Section 7 of
the OLPP provides for the entry of new Sponsors to the OLPP.
Specifically, Section 7 of the OLPP provides that an Eligible Exchange
\7\ may become a Sponsor of the OLPP by: (i) Executing a copy of the
OLPP, as then in effect; (ii) providing each current Sponsor with a
copy of such executed OLPP; and (iii) effecting an amendment to the
OLPP, as specified in Section 7(ii) of the OLPP.
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\7\ The OLPP defines an ``Eligible Exchange'' as a national
securities exchange registered with the Commission pursuant to
Section 6(a) of the Act, 15 U.S.C. 78f(a), that (1) has effective
rules for the trading of options contracts issued and cleared by the
OCC approved in accordance with the provisions of the Act and the
rules and regulations thereunder and (2) is a party to the Plan for
Reporting Consolidated Options Last Sale Reports and Quotation
Information (the ``OPRA Plan''). MIAX PEARL has represented that it
has met both the requirements for being considered an Eligible
Exchange. See supra note 5.
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Section 7(ii) of the OLPP sets forth the process by which an
Eligible Exchange may effect an amendment to the OLPP. Specifically, an
Eligible Exchange must: (a) Execute a copy of the OLPP with the only
change being the addition of the new Sponsor's name in Section 8 of the
OLPP; \8\ and (b) submit the executed OLPP to the Commission. The OLPP
then provides that such an amendment will be effective when the
amendment is approved by the Commission or otherwise becomes effective
pursuant to Section 11A of the Act and Rule 608 thereunder.
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\8\ The Commission notes that the list of plan sponsors is set
forth in Section 9 of the OLPP.
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[[Page 9264]]
II. Effectiveness of the OLPP Amendment
The foregoing OLPP amendment has become effective pursuant to Rule
608(b)(3)(iii) \9\ because it involves solely technical or ministerial
matters. At any time within sixty days of the filing of the amendment,
the Commission may summarily abrogate the amendment and require that it
be refiled pursuant to paragraph (a)(1) of Rule 608,\10\ if it appears
to the Commission that such action is necessary or appropriate in the
public interest, for the protection of investors or the maintenance of
fair and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system or otherwise in furtherance of
the purposes of the Act.
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\9\ 17 CFR 242.608(b)(3)(iii).
\10\ 17 CFR 242.608(b)(1).
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III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the amendment is
consistent with the Act. Comments may be submitted by any of the
following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number 4-443 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 4-443. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the plan that are filed with the Commission,
and all written communications relating to the plan between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such filing also will be available for inspection and copying at MIAX
PEARL's principal office. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number 4-
443, and should be submitted on or before February 24, 2017.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02266 Filed 2-2-17; 8:45 am]
BILLING CODE 8011-01-P