[Federal Register Volume 86, Number 109 (Wednesday, June 9, 2021)]
[Notices]
[Page 30598]
[FR Doc No: 2021-12069]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP21-887-000]

Southwest Gas Corporation v. El Paso Natural Gas Company, LLC;
Notice of Complaint

    Take notice that on June 2, 2021, pursuant to Rule 206 of the
Federal Energy Regulatory Commission's (Commission) Rules of Practice
and Procedure, 18 CFR 385.206 (2021), Southwest Gas Corporation
(Complainant) filed a formal complaint against El Paso Natural Gas
Company, LLC (EPNG or Respondent), alleging that the Respondent failed
to comply with the Natural Gas Act, the Commission's regulations, the
Commission's precedent, and EPNG's tariff when EPNG declared a Critical
Operating Condition for the period from February 15, 2021 to February
17, 2021, all as more fully explained in its complaint.
    The Complainant certify that copies of the complaint were served on
the contacts listed for Respondent in the Commission's list of
Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainant.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically may mail
similar pleadings to the Federal Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426. Hand delivered submissions in
docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on June 23, 2021.

    Dated: June 3, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-12069 Filed 6-8-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 45 (Thursday, March 9, 2017)]
[Notices]
[Pages 13146-13150]
[FR Doc No: 2017-04603]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80151; File No. SR-MIAX-2017-08]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by Miami International
Securities Exchange LLC To Amend MIAX Options Rule 519C, Mass
Cancellation of Trading Interest

March 3, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on February 23, 2017, Miami International Securities Exchange,
LLC (``MIAX'' or ``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 519C.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 519C, Mass Cancellation of
Trading Interest, to adopt new section

(c) entitled ``Detection of Loss of Communication,'' to codify the use
of current functionality in the Exchange's System \3\ which is designed
to assist market participants in the event of a loss of communication
with either their assigned MIAX Express Interface (``MEI'') \4\ or
Financial Information eXchange (``FIX'') \5\ port due to a loss of
connectivity. This functionality is designed to protect Market Makers
\6\ and other market participants from inadvertent exposure to
excessive risk. Additionally, the Exchange proposes to adopt new
Interpretations and Policies .01 and .02 as discussed below.
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    \3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \4\ MEI is a connection to MIAX systems that enables Market
Makers to submit electronic quotes to the Exchange.
    \5\ FIX connections to the Exchange permit the entry of orders.
    \6\ The term ``Market Makers'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and Registered Market Makers''
collectively. See Exchange Rule 100.
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    Exchange Members \7\ enter quotes \8\ and orders \9\ utilizing
either an MEI port or a FIX port respectively. MEI is utilized by
Market Makers of the Exchange and FIX is utilized by Electronic
Exchange Members (``EEMs'').\10\ These ports provide the mechanism by
which Members maintain a connection to the Exchange and through which a
Member communicates its quotes and/or orders to the System. Market
Makers may submit quotes to the Exchange from one or more MEI ports.
Similarly, Members may submit orders to the Exchange from one or more
FIX ports. When the System detects a loss of communication with a
Member, the System has the capability to remove the Member's quotes
and/or orders, if so elected and configured by the Member. The Exchange
notes that this functionality is mandatory for Market Makers using MEI
and optional for EEMs using FIX as discussed in more detail below.
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    \7\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
    \8\ The term ``quote'' or ``quotation'' means a bid or offer
entered by a Market Maker that is firm and may update the Market
Maker's previous quote, if any. The Rules of the Exchange provide
for the use of different type of quotes, including Standard quotes
and eQuotes, as more fully described in Rule 517. See Exchange Rule
100.
    \9\ The term ``order'' means a firm commitment to buy or sell
option contracts. See Exchange Rule 100.
    \10\ The term ``Electronic Exchange Member'' means the holder of
a Trading Permit who is not a Market Maker. Electronic Exchange
Members are deemed ``members'' under the Exchange Act. See Exchange
Rule 100.
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MEI Connections
    Market Makers connect to their assigned MEI port using the MIAX
Session Management Protocol (``SesM''). The SesM protocol uses
heartbeat \11\ packets to detect link failures between the Member and
the Exchange. The SesM protocol requires that the Exchange must send a
heartbeat packet anytime more than one (1) second has passed since the
Exchange last sent any data. Further, the SesM protocol requires that
the Member must send a heartbeat packet anytime more than one (1)
second has passed since the Member last sent any data. If a certain
number of consecutive heartbeats are missed,\12\ or if the Member fails
to send data or heartbeats within ``xx'' period of time (``Heartbeat
Interval''), the System will automatically close the connection and
listen for the Member to establish a new connection. The default
Heartbeat Interval setting is determined by the Exchange and configured
directly into the System.\13\ Any change to this setting will be
communicated to Members accordingly.
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    \11\ A heartbeat is a message that is generated at regular
intervals to indicate that two way communication has been
established. A loss of heartbeats or the lack of a response to a
heartbeat request indicates a loss of communication.
    \12\ The Exchange notes that the current System setting is three
(3) heartbeats and that any change to this setting will be
determined by the Exchange and communicated to Members via a
Regulatory Circular.
    \13\ The Exchange notes the current setting is three (3)
seconds.
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    The Exchange offers Market Makers two different types of MEI port
connections. A Full Service Port \14\ which supports all message types
and a Limited Service Port which provides slightly less
functionality.\15\ The Exchange limits Members to two (2) Full Service
Ports and allows up to eight (8) Limited Service Ports per MIAX
matching engine.\16\ Both Full Service and Limited Service Ports can
have ``Cancel on Disconnect'' enabled. By default, Cancel on Disconnect
functionality will be triggered upon establishing a loss of
communication to the Market Maker's last MEI Full Service Port
connection to a matching engine. When Cancel on Disconnect is
triggered, the System will close the session and remove a Market
Maker's quotes and eQuotes from the Exchange, for the impacted matching
engine only.
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    \14\ Full Service MEI Ports provide Market Makers with the
ability to send Market Maker quotes, eQuotes, and quote purge
messages to the MIAX System. Full Service MEI Ports are also capable
of receiving administrative information. Market Makers are limited
to two Full Service MEI Ports per matching engine.
    \15\ Limited Service MEI Ports provide Market Makers with the
ability to send eQuotes and quote purge messages only, but not
Market Maker Quotes, to the System. Limited Service MEI Ports are
also capable of receiving administrative information.
    \16\ A ``matching engine'' is a part of the MIAX electronic
system that processes options quotes and trades on a symbol-by-
symbol basis. The Exchange currently hosts 24 separate matching
engines.
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    Market Makers have the ability to group MEI ports together by port
and/or Market Participant ID (``MPID'') for the purpose of establishing
groups of connections to tailor Cancel on Disconnect functionality to
the Member's business needs. Cancel on Disconnect may be enabled for
any Port, however by selectively grouping ports and/or MPIDs, a Member
can customize the loss of communication scenario which would result in
Cancel on Disconnect functionality ultimately being invoked.
    Examples for illustration purposes are provided below.
    Example 1: Default Behavior.
    Group 1: MEI Full Service Ports: MEI Port 1 & MEI Port 2.
    Scenario 1: MEI Port 1 disconnects, (MEI Port 2 connected) no
quotes removed.
    Scenario 2: MEI Port 2 disconnects, (MEI Port 1 connected) no
quotes removed.
    Scenario 3: MEI Port 1 disconnects, MEI Port 2 disconnects, Cancel
on Disconnect triggered.
    Scenario 4: MEI Port 2 disconnects, MEI Port 1 disconnects, Cancel
on Disconnect triggered.
    Example 2: A Member requiring a configuration which separates their
eQuotes, Mass-Quote-Cancel or Notifications to a separate port.
    Group 1: MEI Full Service Ports: MEI Port 1 & MEI Port 2.
    Group 2: MEI Limited Service Port: MEI Port 3.
    Group 1 is configured for Cancel on Disconnect; Group 2 is not.
    Assuming that the Firm is connected on all ports:
    Scenario 1: MEI Port 1 disconnects, no quotes removed.
    Scenario 2: MEI Port 1 and Port 2 disconnect, Cancel on Disconnect
triggered, quotes removed.
    Scenario 3: MEI Port 3 disconnects, no quotes removed.
    Scenario 4: MEI Port 1 and Port 3 disconnect, no quotes removed.
    Example 3: A Member requiring a configuration to divide the ports
to separate computers or traders.
    Group 1: MEI Full Service Port: MEI Port 1; MEI Limited Service
Port: MEI Port 2.
    Group 2: MEI Full Service Port: MEI Port 3; MEI Limited Service
Port: MEI Port 4.
    Group 1 MPIDs: MPID_1, MPID_2, MPID_3.

    Group 2 MPIDs: MPID_3, MPID_4, MPID_5.
    Both groups are configured for Cancel on Disconnect, and MPID_3 is
in both groups.
    Assuming the Member is connected on all ports:
    Scenario 1: MEI Port 1 disconnects, no quotes removed.
    Scenario 2: MEI Port 1 and Port 2 disconnect, Cancel on Disconnect
triggered for MPID_1, MPID_2, and MPID_3.
    Scenario 3: MEI Port 3 disconnects, no quotes removed.
    Scenario 4: MEI Port 1 and MEI Port 3 disconnect, Cancel on
Disconnect triggered for all MPIDs.
FIX Connections
    EEMs connect to their assigned FIX port using the MIAX FIX Order
Interface (``FOI'') which is a flexible interface that uses the FIX
protocol for both application and session level messages. As per the
FIX protocol, a connection is established by the Member submitting a
logon message to the Exchange. This logon message establishes the
heartbeat interval that will be used by the session. This value must be
greater than zero seconds and the same value must be used by both the
Member and the Exchange.
    Within the logon message a Member can enable ``Auto Cancel on
Disconnect'' for all orders sent through a session by setting a flag in
the logon message. This would result in all eligible orders \17\
submitted through the FIX connection to be canceled upon a loss of
communication. Alternatively, a Member can identify individual orders
on a per order basis that are to be considered for Auto Cancel on
Disconnect treatment.
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    \17\ Good `Til Cancelled (``GTC'') orders are not eligible for
Auto Cancel on Disconnect. A GTC order is an order to buy or sell
which remains in effect until it is either executed, cancelled or
the underlying option expires. See Exchange Rule 516. PRIME orders
are not eligible for Auto Cancel on Disconnect. See Exchange Rule
515A.
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    Upon missing a single heartbeat, FOI will send a Test Request
message \18\ to the Member to check the status of the connection. Upon
missing a certain number of heartbeats,\19\ FOI will send a logout
message and terminate the connection. When FOI detects a disconnection
for any reason it will trigger the Auto Cancel on Disconnect process,
whereby, if enabled, FOI will cancel all eligible orders. If Auto
Cancel on Disconnect is not enabled for the session or for any orders,
FOI will simply disconnect the FIX session and not cancel any orders.
Once disconnected, a FIX user would have to commence a new session to
add, modify, or cancel its orders. After a disconnect FOI will not
accept connections from the Member for a pre-configured period of
time.\20\ This allows the Exchange to cancel orders without the Member
being able to reconnect and attempt to interact with an order in the
process of being canceled. Any change to this setting will be announced
to Members accordingly.
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    \18\ The test request message is a FIX Protocol message that
forces a heartbeat from the opposing application. The test request
message checks sequence numbers or verifies communication line
status. The opposite application responds to the Test Request with a
Heartbeat containing the Test Request ID. Financial Information
Exchange Protocol (FIX), Version 4.2 with errata. May 1, 2001.
    \19\ The Exchange notes that the current System setting is two
(2) heartbeats, and that any change to this setting will be
determined by the Exchange and communicated to Members via
Regulatory Circular.
    \20\ The Exchange notes the current setting is five (5) seconds.
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    The Auto Cancel on Disconnect functionality is designed to react to
external connection loss scenarios only. Therefore, it does not cancel
orders in the event of a MIAX system failure. The execution reports
resulting from cancels or trades during the period a Member is
disconnected can be received upon a subsequent reconnection by the
Member on the same trading day.
    The Exchange also proposes to adopt new Interpretations and
Policies .01 to enumerate order types that are not eligible for removal
by the Auto Cancel on Disconnect functionality. Proposed Interpretation
and Policies .01 will state that Good `Til Cancelled (``GTC'') \21\
orders and PRIME orders are not eligible for automatic cancellation.
PRIME is the Exchange's Price Improvement Mechanism \22\ and PRIME
orders are stopped orders which are used to start an auction process
whereby the execution price the order receives may be improved as a
result of the auction. A PRIME auction has a maximum duration of 500
milliseconds. PRIME orders are not resting orders and are used solely
to facilitate the PRIME auction process.
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    \21\ See Exchange Rule 516.
    \22\ See Exchange Rule 515A.
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    Further, the Exchange proposes to adopt new Interpretations and
Policies .02 (i) to define what a ``Heartbeat'' message is and how it
used by the Exchange, and (ii) to define the requirements for
establishing a ``Loss of Communication'' on the Exchange.
    The functionality discussed above is designed to mitigate potential
risks associated with a loss of communication to the Exchange. In
today's market, Market Makers' quotes are rapidly changing and can have
a lifespan of only milliseconds. Therefore, if a Member is disconnected
for any period of time, and its quotes remained in the System, it is
very possible that the quotes would be stale by the time the Member was
able to reestablish connectivity. Consequently, any resulting execution
of such quotes is more likely to be erroneous or unintended.
Conversely, the Exchange notes that orders tend to be static in nature
and often rest on the Book. Certain orders, such as GTC orders are
intended to rest on the Book for an extended period of time. As such,
there is a lower risk of erroneous or unintended executions resulting
from orders that remained in the System after a Member experienced a
loss of communication.
    The Exchange believes that while information relating to
connectivity and loss of communication is already available to Members
via technical specifications, codifying this information in the rule
text will provide additional transparency and further reduce the
potential for confusion.
2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \23\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \24\ in particular, in that it is 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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    \23\ 15 U.S.C. 78f(b).
    \24\ 15 U.S.C. 78f(b)(5).
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    The proposed rule will remove impediments to and perfect the
mechanism of a free and open market and a national market system and
protect investors and the public interest by providing Market Makers
with a mechanism by which quotes may be removed in the event of a loss
of connectivity with the System.
    Market Makers provide liquidity to the market place and have
obligations unlike other Members.\25\
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    \25\ See Exchange Rule 603.
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    This risk protection feature is important because it will enable
Market Makers to avoid risks associated with inadvertent executions in
the event of a loss of communication with the Exchange. The proposed
rule change is

not unfairly discriminatory among market participants, as it is
available equally to all market participants utilizing MEI. The
obligation of Market Makers on the Exchange to provide continuous two-
sided quotes in their assigned series on a daily basis \26\ is not
diminished by the removal of such quotes triggered by the disconnect.
The Exchange will not be prohibited from taking disciplinary action
against a Market Maker for failing to meet its continuous quoting
obligation each trading day as a result of disconnections.
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    \26\ See Exchange Rule 604.
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    The disconnect feature of FIX connections is mandatory, however
Members have the option to enable the cancellation of all orders for an
entire session or select orders for cancellation on an order-by-order
basis, which would result in the cancellation of orders submitted over
a FIX port when such port disconnects. It is appropriate to offer two
different removal features to all Members utilizing FIX, as these
Members may desire that their orders remain on the order book despite a
technical disconnection, so as not to miss any opportunities for
execution of such orders while the FIX session is disconnected.
Offering to cancel all orders, specifically selected orders, or no
orders, upon disconnect allows the Member to customize the
functionality to align to its business needs. Offering this type of
order cancellation functionality to Members is consistent with the Act
because it enables Members to avoid risks associated with inadvertent
executions in the event of a loss of communication with the Exchange.
The order cancellation functionality is designed to mitigate the risk
of missed and/or unintended executions associated with a loss in
communication with the Exchange. The proposed rule change is not
unfairly discriminatory among market participants, as it is available
equally to all market participants utilizing FIX.
    The disconnect feature is mandatory under the FIX protocol. The
Exchange will disconnect Members from the Exchange and not cancel
orders if the Auto Cancel on Disconnect functionality is not enabled.
This feature is consistent with the Act because it provides FIX users
the ability to disconnect from the Exchange and assess the current
market conditions to make a determination concerning their risk
exposure. The Exchange notes that in the event Auto Cancel on
Disconnect functionality is not enabled and such orders need to be
cancelled after a disconnection occurs, an Exchange participant can
contact Exchange staff to have its orders cancelled from the
System.\27\ The Exchange believes requiring a disconnect when a loss of
communication is detected to be a rational course of action for the
Exchange to alert the Member of the technical connectivity issue.
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    \27\ See Exchange Rule 519C.
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    The Exchange believes that the proposed rule change will assist
with the maintenance of a fair and orderly market by codifying risk
protections for orders and quotes. The Exchange's proposal is
consistent with the Act because it will mitigate the risk of potential
erroneous or unintended executions associated with a loss in
communication which protects investors and the public interest.
Additionally, the proposed rule adds another risk protection tool for
Members and protects investors and the public interest by increasing
the risk protection tools available to Members of the Exchange. The
Exchange believes codifying existing functionality by rule will remove
impediments to and perfect the mechanisms of a free and open market by
adding precision and ease of reference to the Exchange's Rules, thus
promoting transparency and clarity for Members.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
    The Exchange believes the proposed rule change will not impose any
burden on intra-market competition because every Member of the Exchange
has the opportunity to benefit from the functionality described in the
proposed rule.
    The Exchange provides two separate and distinct mechanisms for
communicating with the Exchange, MEI and FIX. MEI Ports support the
submission of quotes to the Exchange and are used by Market Makers who
have heightened quoting obligations because of their role.\28\ Market
Makers are provided the ability to configure their MEI Ports to
leverage the functionality provided by the Exchange to remove quotes to
align to their risk tolerance. Because of the volume of series that a
Market Maker is obligated quote, the Exchange believes that removing
all quotes for an affected matching engine on behalf of a Market Maker
who has lost its last MEI connection to that engine to be in the best
interest of both the Market Maker, to mitigate risk; and the Exchange,
to ensure a fair and orderly market.
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    \28\ See Exchange Rule 603.
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    FIX connections to the Exchange only support order submission. FIX
users may set a timeframe for disconnection that is appropriate for
their risk tolerance. Offering functionality to cancel all, some, or
none, of the orders in the System upon establishing a loss of
communication does not create an undue burden on intra-market
competition as Members do not equally bear the same risks of potential
erroneous or unintended executions. Further, FIX users have greater
control over their orders and may designate a number of different Time
in Force instructions which can be used to determine the duration an
order rests on the Book, from Immediate-or-Cancel, which is executed in
whole or part upon receipt, with any unexecuted portion being
cancelled; to a Good `Til Cancelled order, which may rest on the Book
until it is executed, cancelled by the user, or until the underlying
option expires.\29\
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    \29\ See Exchange Rule 516.
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    The Exchange does not believe the proposed rule change will impose
any burden on inter-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
notes that other option exchanges offer similar functionality.\30\ For
all the reasons stated, the Exchange does not believe that the proposed
rule change will impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.
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    \30\ See BOX Rule 8140; CBOE Rule 6.23C; NASDAQ BX Chapter VI,
Section 6; and NASDAQ Phlx Rule 1019.
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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 \31\ and Rule 19b-4(f)(6) \32\ thereunder.
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    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-MIAX-2017-08 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-MIAX-2017-08. 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 proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-MIAX-2017-08 and should be
submitted on or before March 30, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-04603 Filed 3-8-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Pages 37966-37969]
[FR Doc No: 2017-17065]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81350; File No. SR-ISE-2017-77]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Its
Schedule of Fees

August 8, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 1, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II, below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Schedule of Fees to (1)
eliminate Priority Customer complex order rebates for all net zero
complex orders without any associated average daily volume requirement,
and (2) reduce the maker fee charged to Market Makers and Non-Nasdaq
ISE Market Makers for Regular Orders in Select Symbols when trading
against Priority Customer complex orders that leg into the regular
order book.
    The text of the proposed rule change is available on the Exchange's
Web site at www.ise.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed

any comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend the Schedule of
Fees to (1) eliminate Priority Customer \3\ complex order rebates for
all net zero complex orders without any associated average daily volume
(``ADV'') requirement, and (2) reduce the maker fee charged to Market
Makers \4\ and Non-Nasdaq ISE Market Makers \5\ for Regular Orders in
Select Symbols \6\ when trading against Priority Customer complex
orders that leg into the regular order book. These changes are designed
to eliminate rebate arbitrage where market participants enter valueless
complex orders solely for the purpose of earning a rebate, and to
reduce disincentives for Market Makers to provide liquidity on the
Exchange.
---------------------------------------------------------------------------

    \3\ A ``Priority Customer'' is a person or entity that is not a
broker/dealer in securities, and does not place more than 390 orders
in listed options per day on average during a calendar month for its
own beneficial account(s), as defined in Nasdaq ISE Rule
100(a)(37A).
    \4\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(25).
    \5\ A ``Non-Nasdaq ISE Market Maker'' is a market maker as
defined in Section 3(a)(38) of the Securities Exchange Act of 1934,
as amended, registered in the same options class on another options
exchange.
    \6\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Pilot Program.
---------------------------------------------------------------------------

    Currently, the Exchange does not provide Priority Customer rebates
for complex orders that that leg in to the regular order book and trade
at a net price per contract that is at or near $0.00 (i.e., net zero
complex orders), provided those orders are entered on behalf of
originating market participants that execute an ADV of at least 1,000
contracts in net zero complex orders in a given month. For purposes of
determining which complex orders qualify as net zero the Exchange
counts all complex orders that leg in to the regular order book and are
executed at a net price per contract that is within a range of $0.01
credit and $0.01 debit. The Exchange now proposes to eliminate Priority
Customer complex order rebates for all net zero complex orders,
regardless of whether the order is entered on behalf of originating
market participants that execute a specified ADV of net zero complex
orders.
    Priority Customer complex orders are typically eligible for tiered
rebates that range from $0.26 per contract (i.e., for Tier 1) to $0.49
per contract (i.e., for Tier 8) depending on the member's Priority
Customer Complex ADV. Pursuant to the provision described above,
however, the Exchange does not provide these rebates for net zero
complex orders entered on behalf of originating market participants
that execute a significant ADV of these orders in a given month. This
provision is designed to prevent members from engaging in rebate
arbitrage by entering essentially valueless complex orders solely to
recover rebates. While net zero complex orders would generally not find
a counterparty in the complex order book, they may leg in to the
regular order book where they are typically executed by Market Makers
or other market participants on the individual legs who pay a fee to
trade with this order flow. Market Makers have continued to express
concerns about trading against net zero complex orders that leg into
the regular market, as offending firms modify their behavior to stay
within the ADV requirements set by the Exchange. These Market Makers
have indicated that continued interaction with these economically
valueless orders impedes their ability to provide liquidity on the
Exchange as they are charged to trade against these net zero complex
orders when they leg into the regular market and execute against their
quotes.
    The Exchange believes that it is in the interest of a fair and
orderly market to provide appropriate incentives for Market Makers to
maintain quality markets. As a result, the Exchange has instituted
several programs that are aimed at incentivizing Market Makers to
provide liquidity, including, for example, the Market Maker Plus
program, which rewards Market Makers for routinely quoting at the
national best bid or offer.\7\ Despite the Exchange's efforts to date,
market participants have continued to enter valueless net zero complex
orders and may earn rebates for those orders if they stay within the
ADV threshold described in the rule. In particular, today, market
participants can reduce their ADV in net zero complex orders and/or
split their net zero order flow across multiple originating market
participants to stay within the ADV thresholds set by the Exchange, and
thereby qualify for Priority Customer complex order rebates. The
Exchange believes that it is appropriate at this time to completely
remove incentives for trading net zero complex orders by eliminating
the current ADV threshold. With this proposed change, all net zero
complex orders will be ineligible for Priority Customer complex order
rebates. Eliminating the ADV requirement will discourage market
participants from engaging in this economically valueless conduct,
which impedes Market Makers' ability to maintain quality markets, as no
net zero complex orders will be rebate eligible. Priority Customer
complex orders that do not meet the definition of a net zero complex
order will continue to receive rebates based on the tier achieved.
---------------------------------------------------------------------------

    \7\ See ISE Schedule of Fees, Section I., Regular Order Fees and
Rebates.
---------------------------------------------------------------------------

    In addition, the Exchange proposes to reduce the fee charged to
Market Makers and Non-Nasdaq ISE Market Makers for Regular Orders in
Select Symbols when trading against Priority Customer complex orders
that leg into the regular book. Currently, Market Makers (including
Market Makers that qualify for Market Maker Plus) \8\ and Non-Nasdaq
ISE Market Makers are charged a maker fee of $0.30 per contract for
Regular Orders in Select Symbols when trading against Priority Customer
complex orders that leg into the regular order book.\9\ This higher
maker fee was originally adopted because the Exchange pays a rebate to
Priority Customer complex orders that leg into the regular order book.
With the changes described above, the Exchange believes that it is
appropriate to revisit this fee, and now proposes to reduce the fee to
$0.10 per contract. This change will reduce disincentives for Market
Makers

to provide liquidity to the benefit of all market participants that
trade on the Exchange.\10\
---------------------------------------------------------------------------

    \8\ A Market Maker Plus is a Market Maker who is on the National
Best Bid or National Best Offer a specified percentage of the time
for series trading between $0.03 and $3.00 (for options whose
underlying stock's previous trading day's last sale price was less
than or equal to $100) and between $0.10 and $3.00 (for options
whose underlying stock's previous trading day's last sale price was
greater than $100) in premium in each of the front two expiration
months. The specified percentage is at least 80% but lower than 85%
of the time for Tier 1, at least 85% but lower than 95% of the time
for Tier 2, and at least 95% of the time for Tier 3. A Market
Maker's single best and single worst quoting days each month based
on the front two expiration months, on a per symbol basis, will be
excluded in calculating whether a Market Maker qualifies for this
rebate, if doing so will qualify a Market Maker for the rebate.
    \9\ Market Makers that qualify for Market Maker Plus are not
charged a fee or provided a rebate when trading against non-Priority
Customer complex orders that leg into the regular order book. Other
Market Makers and Non-Nasdaq ISE Market Makers are charged the
regular $0.10 per contract fee when trading against non-Priority
Customer complex orders that leg into the regular order book.
    \10\ With the proposed fee reduction, Market Makers (other than
those that qualify for Market Maker Plus) and Non-Nasdaq ISE Market
Makers will be charged a maker fee of $0.10 per contract for Regular
Orders in Select Symbols regardless of the order on the other side
of the trade. The Exchange therefore proposes to effectuate this
change by deleting footnote 11.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\11\ in general, and
Section 6(b)(4) of the Act,\12\ in particular, in that it is designed
to provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f.
    \12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that it is reasonable and equitable to remove
the ADV threshold from the net zero provision in the Schedule of Fees
as this change is designed to remove financial incentives for market
participants to engage in rebate arbitrage by entering net zero complex
orders on the Exchange that do not have any economic substance. With
the current provision, offending firms have repeatedly found ways to
continue to submit these economically valueless orders to the detriment
of the Exchange and market participants that trade on the Exchange. The
continued submission of these net zero complex orders by a handful of
market participants has generated complaints from the Market Makers
that trade against these orders in the regular order book, as firms
recognize these net zero complex orders as essentially non-economic.
The Exchange believes that eliminating the ADV threshold will take away
the incentives for firms to continue to enter net zero complex orders
purely to earn a rebate, thereby reducing the cost of these trades to
the Exchange and its members.
    Market Makers may be impeded in providing liquidity when doing so
may result in trading against these net zero complex orders that leg
into the regular market. The Exchange believes that it is important
that Market Makers be properly incentivized to maintain quality
markets, and is therefore proposing to take steps to eliminate the
incentives for market participants to enter net zero complex orders.
Priority Customer complex orders, including net zero complex orders
that leg in to the regular order book, are currently paid significant
rebates by the Exchange, which are funded in part by charging higher
fees to the market participants that trade against these orders. The
Exchange believes that eliminating the ADV requirement in this
provision will discourage market participants from entering valueless
net zero complex orders, which are entered for the sole purpose of
earning a rebate. As a result, the Exchange believes that Market Makers
will be aided in their role of providing liquidity and maintaining
quality markets to the benefit of all market participants that trade on
the Exchange.
    Furthermore, the Exchange believes that the proposed change is not
unfairly discriminatory as it is designed to stop market participants
from taking advantage of Exchange rebates by entering orders that lack
economic substance. The Exchange is proposing to eliminate Priority
Customer complex order rebates for all market participants, regardless
of their ADV in this activity. Thus, all market participants that enter
net zero complex orders will be uniformly denied rebates for those
orders. To the extent that those market participants execute non-net
zero complex orders, however, they will continue to receive Priority
Customer complex order rebates based on their ADV in that activity. The
Exchange does not believe that it is unfairly discriminatory to
eliminate the ADV threshold for net zero complex orders since the
elimination of this threshold means that no market participants will
receive rebates for these orders.
    The Exchange also believes that it is reasonable and equitable
reduce the maker fee charged to Market Makers and Non-Nasdaq ISE Market
Makers for Regular Orders in Select Symbols when trading against
Priority Customer complex orders that leg into the regular order book.
With the changes described above related to net zero complex orders,
which will eliminate rebates for certain Priority Customer complex
orders that leg in to the regular order book, the Exchange believes
that it is appropriate to also reduce the amount charged to Market
Makers when trading against such Priority Customer complex orders in
the regular order book. Furthermore, the Exchange believes that
reducing the fee charged to Market Makers and Non-Nasdaq ISE Makers
when trading against Priority Customer complex order that leg into the
regular order book will increase incentives for those firms to provide
liquidity to the benefit of all market participants that trade on the
Exchange. The Exchange does not believe that this change is unfairly
discriminatory as the same $0.10 per contract maker fee applies to
Market Makers (other than those that qualify for Market Maker Plus) and
Non-Nasdaq ISE Market Makers when trading against other orders in these
symbols, and is also the same as the maker fees charged to Firm
Proprietary,\13\ Broker-Dealer,\14\ and Professional Customer
orders.\15\
---------------------------------------------------------------------------

    \13\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account.
    \14\ A ``Broker-Dealer'' order is an order submitted by a member
for a broker-dealer account that is not its own proprietary account.
    \15\ A ``Professional Customer'' is a person or entity that is
not a broker/dealer and is not a Priority Customer.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\16\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. By eliminating
the ADV requirement applicable to the Exchange's net zero complex order
provision in the Schedule of Fees, the proposed rule change is designed
to eliminate the ability for certain market participants to engage in
rebate arbitrage to the detriment of the Exchange and its members.
Rather than impede competition, the Exchange believes that this change
will enhance competition by enabling Market Makers to step up and
maintain quality markets to the benefit of all market participants that
trade on the Exchange. In addition, the reduction of Market Maker and
Non-Nasdaq ISE Market Maker fees for trading against Priority Customer
complex orders that leg into the regular order book will also further
competition as the fees are consistent with those charged to other
market participants. The Exchange operates in a highly competitive
market in which market participants can readily direct their order flow
to competing venues. In such an environment, the Exchange must
continually review, and consider adjusting, its fees and rebates to
remain competitive with other exchanges. For the reasons described
above, the Exchange believes that the proposed fee changes reflect this
competitive environment.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\17\ and Rule 19b-4(f)(2) \18\ thereunder.
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: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) 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.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \18\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-ISE-2017-77 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-ISE-2017-77. 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 proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2017-77 and should be
submitted on or before September 5, 2017.
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-17065 Filed 8-11-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: November 23, 2007 (Volume 72, Number 225)]
[Notices]
[Page 65715-65716]
[DOCID:fr23no07-51]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL08-6-000]

Sierra Pacific Power Company and Nevada Power Company; Notice of
Institution of Proceeding and Refund Effective Date

November 14, 2007.
    On November 13, 2007, the Commission issued an order that
instituted a proceeding in the above-referenced docket, pursuant to
Section 206 of the Federal Power Act (FPA) 16 U.S.C. 824e, concerning
the justness and reasonableness of Sierra Pacific Power Company's and
Nevada Power Company's rates, as discussed in the November 13, 2007
Order. Sierra Pacific Power Company and Nevada Power Company, 121 FERC
] 61,160 (2007).
    The refund effective date in the above-docketed proceeding,
established pursuant to section 206(b) of the FPA,

will be the date of publication of this notice in the Federal Register.

Kimberly D. Bose,
 Secretary.
[FR Doc. E7-22826 Filed 11-21-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 34 (Wednesday, February 20, 2019)]
[Notices]
[Page 5072]
[FR Doc No: 2019-02709]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 3442-028]

City of Nashua New Hampshire; Notice of Comment Period Extension

    On November 13, 2018, the City of Nashua held a joint meeting with
the pertinent agencies for the Mine Falls Hydroelectric Project No.
3442 (the project); setting January 14, 2019, as the end of the formal
period to file comments and study requests on the application for
relicensing for the project. Due to the funding lapse at certain
federal agencies between December 22, 2018 and January 25, 2019, the
Commission is extending the comment period until March 6, 2019.

    Dated: February 11, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019-02709 Filed 2-19-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 85 (Tuesday, May 3, 2011)]
[Notices]
[Pages 24945-24947]
[FR Doc No: 2011-10656]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64350; File No. SR-NYSEAmex-2011-29]

Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Amex
Equities Rule 440B (Short Sales) To Modify the Exchange's Procedures
for Early Termination of the Short Sale Price Test Restrictions of Rule
201 of Regulation SHO Based on a Triggering Transaction That Another
Exchange or a Self-Regulatory Organization Has Determined Was a Clearly
Erroneous Execution

April 27, 2011.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on April 25, 2011, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') 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 substantially prepared by the self-

regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Amex Equities Rule 440B (Short
Sales) to modify the Exchange's procedures for early termination of the
short sale price test restrictions of Rule 201 of Regulation SHO
(``Rule 201'') \4\ under the Act based on a triggering transaction that
another exchange or a self-regulatory organization (``SRO'') has
determined was a clearly erroneous execution pursuant to the rules of
that exchange or SRO. The text of the proposed rule change is available
at the Exchange, the Commission's Public Reference Room, and http://www.nyse.com.
---------------------------------------------------------------------------

    \4\ 17 CFR 242.201.
---------------------------------------------------------------------------

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On February 26, 2010, the Commission adopted amendments to Rule
201.\5\ In order to implement the provisions of revised Rule 201, the
Exchange amended NYSE Amex Equities Rule 440B (Short Sales) to (1)
establish procedures for the Exchange, as a listing market, to
determine that the short sale price test restrictions of Rule 201 have
been triggered for a covered security, (2) establish the protocols for
the handling of short sale orders by the Exchange, as a trading center,
in the event the short sale price test restrictions of Rule 201 are
triggered, including establishing what types of short sale orders will
be re-priced to achieve a Permitted Price (as defined and calculated in
NYSE Amex Equities Rule 440B(e)), in accordance with Rule 201, during a
period when the short sale price test restrictions of Rule 201 are in
effect (``Short Sale Period''), (3) establish the Exchange's procedures
regarding the execution and display of permissible orders during a
Short Sale Period, and the execution and display of orders marked
``short exempt'' during such a period, (4) establish the Exchange's
procedures regarding the permissible execution price of short sale
orders in single-priced opening, re-opening and closing transactions
during a Short Sale Period, and (5) provide that, during a Short Sale
Period, Exchange systems will not execute or display a short sale order
with respect to that security at a price that is less than or equal to
the current national best bid, except as otherwise provided by NYSE
Amex Equities Rule 440B and consistent with Rule 201.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 61595 (February 26,
2010), 75 FR 11232 (March 10, 2010) (File No. S7-08-09; Amendments
to Regulation SHO) (``Rule 201 Adopting Release''). In the Rule 201
Adopting Release, the Commission also adopted amendments to Rule
200(g) of Regulation SHO to include a ``short exempt'' marking
requirement. 17 CFR 242.200(g).
    \6\ See Securities Exchange Act Release No. 63974 (February 25,
2010), 76 FR 11198 (March 4, 2010) (SR-NYSEAmex-2011-09).
---------------------------------------------------------------------------

    Under NYSE Amex Equities Rule 440B(c), when the Exchange is the
listing market for a covered security, Exchange systems will determine
whether the short sale price test restrictions of Rule 201 have been
triggered (i.e., that a covered security has experienced a decrease in
price of 10% or more from the security's closing price as of the end of
regular trading hours on the prior day) and will notify the single plan
processor responsible for consolidation of information for the covered
security pursuant to Rule 603(b) of Regulation NMS.\7\ Once the short
sale price test restrictions of Rule 201 are triggered by the listing
market, those restrictions will remain in effect until the close of
trading on the next trading day.\8\
---------------------------------------------------------------------------

    \7\ See 17 CFR 242.201(b)(3); 17 CFR 242.603(b). See also Rule
201(a)(6) of Regulation SHO, which defines the term ``plan
processor'' to have the same meaning as in Rule 600(b)(55) of
Regulation NMS. 17 CFR 242.600(b)(55). The single plan processors
are ``exclusive processors'' as defined under Section 3(a)(22) of
the Act. See 15 U.S.C. 78c(a)(22).
    \8\ The short sale price test restrictions will remain in effect
at all times when quotation information and the national best bid is
collected, processed and disseminated pursuant to a national market
system plan. This may extend beyond regular trading hours. Division
of Trading & Markets: Responses to Frequently Asked Questions
Concerning Rule 201 of Regulation SHO, at Q&A 2.1.
---------------------------------------------------------------------------

    If, however, the Exchange determines that the short sale price test
for a covered security was triggered because of a clearly erroneous
execution on the Exchange,\9\ pursuant to NYSE Amex Equities Rule
440B(d)(1), the Exchange may lift the short sale price test
restrictions before the Short Sale Period ends for a security for which
the Exchange is the listing market or, for a security listed on another
market, notify the other market of the Exchange's determination that
the triggering transaction was a clearly erroneous execution.
---------------------------------------------------------------------------

    \9\ Determination of a ``clearly erroneous'' execution will be
made in accordance with NYSE Amex Equities Rule 128.
---------------------------------------------------------------------------

    For securities for which the Exchange is the listing market,
Exchange Rule 440B currently addresses only clearly erroneous
triggering transactions deemed to be clearly erroneous executions under
the Exchange's rules, and does not address situations where another
exchange or a SRO determines, under its respective rules, that a
triggering transaction was a clearly erroneous execution. To address
this scenario, the Exchange proposes to amend NYSE Amex Equities Rule
440B(d)(1) to provide that the Exchange may also lift the short sale
price test restrictions before the Short Sale Period ends, for covered
securities for which the Exchange is the listing market, if the
Exchange has been informed by another exchange or a SRO that a
transaction in the covered security that occurred at the Trigger Price
\10\ was a clearly erroneous execution, as determined by that exchange
or SRO under its rules.\11\
---------------------------------------------------------------------------

    \10\ The term ``Trigger Price'' is used in NYSE Amex Equities
Rule 440B to refer to a decrease of 10% or more in a security's
price from the security's closing price on the listing market as of
the end of regular trading hours on the prior day. Under NYSE Amex
Equities Rule 440B(c), the short sale price test restrictions of
Rule 201 are triggered if a transaction in a covered security occurs
at a Trigger Price.
    \11\ The Exchange will only lift the short sale price test
restrictions before the Short Sale Period ends under these
circumstances when informed by another exchange or a SRO that a
triggering transaction has been determined to be a clearly erroneous
execution under the rules of the exchange or SRO, consistent with
the authority of that exchange or SRO for making such
determinations.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\12\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\13\ in particular, in that it is designed to, among
other things, prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, and, in general, to
protect investors and the public interest. The proposal is designed to
refine the Exchange's written policies and procedures reasonably
designed to

prevent the execution or display of a short sale order of a covered
security in violation of the short sale price test restrictions
established in Rule 201. To that end, the proposed rule change expands
the ability of the Exchange, as a listing market, to lift short sale
price test restrictions to include situations where another exchange or
a SRO has determined that a triggering transaction was a clearly
erroneous execution under the rules of that exchange or SRO.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing.
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    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission has considered the Exchange's request to waive the
30-day operative delay, and hereby grants the request. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest, as it will permit the
Exchange to lift Rule 201's short sale price test restrictions, in a
covered security for which the Exchange is the listing market, when
such restrictions were triggered by a transaction that another exchange
or a SRO has determined to be a clearly erroneous execution, pursuant
to the rules of that exchange or SRO.\18\ For this reason, the
Commission designates the proposed rule change to be operative upon
filing.
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    \18\ For the purposes only of waiving the operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
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    At any time within 60 days of the filing of such 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.

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEAmex-2011-29 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEAmex-2011-29. This
file number should be included on the subject line if e-mail 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 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 20549-1090. Copies of the filing will also
be available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEAmex-2011-29 and should be submitted on or before May 24, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-10656 Filed 5-2-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 161 (Tuesday, August 22, 2017)]
[Notices]
[Page 39942]
[FR Doc No: 2017-17756]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Release Certain Properties at the Melbourne
International Airport, Melbourne, FL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Request for Public Comment.

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SUMMARY: The FAA hereby provides notice of intent to release certain
airport properties 15.5 acres at the Melbourne International Airport,
Melbourne, FL from the conditions, reservations, and restrictions as
contained in a Quitclaim Deed agreement between the FAA and the City of
Melbourne, dated April 20, 1948. Documents reflecting the Sponsor's
request are available, by appointment only, for inspection at the
Melbourne International Airport and the FAA Airports District Office.

DATES: Comments are due on or before September 21, 2017.

ADDRESSES: Documents are available for review at the Melbourne
International Airport, One Air Terminal Parkway, Suite 220, Melbourne,
FL 32901 and the FAA Airports District Office, 5950 Hazeltine National
Drive, Suite 400, Orlando, FL 32822. Written comments on the Sponsor's
request must be delivered or mailed to: Stephen Wilson, Program
Manager, Orlando Airports District Office, 5950 Hazeltine National
Drive, Suite 400, Orlando, FL 32822-5024.
    In addition, a copy of any comments submitted to the FAA must be
mailed or delivered to Mr. Mark Busalacchi, Director of Business
Development, Melbourne International Airport, One Air Terminal Parkway,
Suite 220, Melbourne, FL 32901.

FOR FURTHER INFORMATION CONTACT: Stephen Wilson, Program Manager,
Orlando Airports District Office, 5950 Hazeltine National Drive, Suite
400, Orlando, FL 32822-5024.

SUPPLEMENTARY INFORMATION: The release of property will allow the City
of Melbourne to dispose of the property for commercial use. The City of
Melbourne requests the release of a 15.5 acre tract located in a
commercial district along Apollo Boulevard in Melbourne, Florida. The
parcel is currently designated commercial property. The property will
be released of its federal obligations given the land is no longer
required by The City of Melbourne. The Fair Market Value (FMV) of this
parcel has been determined to be $2,125,000.00.
    Section 125 of The Wendell H. Ford Aviation Investment and Reform
Act for the 21st Century (AIR-21) requires the FAA to provide an
opportunity for public notice and comment prior to the ``waiver'' or
``modification'' of a sponsor's Federal obligation to use certain
airport land for non-aeronautical purposes.

    Issued in Orlando, FL, on August 16, 2017.
Bart Vernace,
Manager, Orlando Airports District Office, Southern Region. Revision
Date 11/22/00
[FR Doc. 2017-17756 Filed 8-21-17; 8:45 am]
 BILLING CODE 4910-13-P