10198 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6)(iii). As required under 

Rule 19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

9For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

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 proposed rule change 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate 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 7 and Rule 19b–4(f)(6)(iii) 

thereunder.8

The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest, as it 

will allow the obvious error pilot 

program to continue uninterrupted 

while the industry gains further 

experience operating under the Plan to 

Address Extraordinary Market 

Volatility, and avoid any investor 

confusion that could result from a 

temporary interruption in the pilot 

program. For this reason, the 

Commission designates the proposed 

rule change to be operative upon filing.9

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 rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2015–11 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–2015–11. 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 such 

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– 

2015–11, and should be submitted on or 

before March 18, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03815 Filed 2–24–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74309; File No. SR– 

NYSEMKT–2015–10] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Pilot 

Period Applicable to Rule 953.1NY(c), 

Obvious and Catastrophic Errors, Until 

October 23, 2015 

February 19, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

18, 2015, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to extend the 

pilot period applicable to Rule 

953.1NY(c), which addresses how the 

Exchange treats Obvious and 

Catastrophic Errors during periods of 

extreme market volatility, until October 

23, 2015. The pilot period is currently 

set to expire on February 20, 2015. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 


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Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10199 

3See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012) (File 

No. 4–631) (Order Approving, on a Pilot Basis, the 

Plan). The Plan is designed to prevent trades in 

individual NMS Stocks from occurring outside of 

specified Price Bands, which are described in more 

detail in the Plan. 

4See Securities and Exchange Act Release No. 

69339 (April 8, 2013), 78 FR 22011 (April 12, 2013) 

(SR–NYSEMKT–2013–10) (‘‘Approval Order’’). 

5See Securities Exchange Act Release No. 74110 

(January 21, 2015), 80 FR 4321 (January 27, 2015) 

(File No. 4–631) (notice of proposed Eighth 

Amendment to the Plan). 

6Specifically, the Exchange committed to: ‘‘(1) 

Evaluate the options market quality during Limit 

States and Straddle States; (2) assess the character 

of incoming order flow and transactions during 

Limit States and Straddle States; and (3) review any 

complaints from members and their customers 

concerning executions during Limit States and 

Straddle States.’’ See Approval Order, 78 FR at 

22015. 

7See Securities Exchange Act Release No. 71870 

(April 4, 2014), 79 FR 19692 (April 9, 2014) (SR– 

NYSEMKT–2014–31). 

8 15 U.S.C. 78f (b). 

9 15 U.S.C. 78f(b)(5). 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend the 

pilot period applicable to Rule 

953.1NY(c), which addresses how the 

Exchange treats Obvious and 

Catastrophic Errors during periods of 

extreme market volatility, until October 

23, 2015. The pilot period is currently 

set to expire on February 20, 2015. 

In April 2013, in connection with the 

Plan to Address Extraordinary Market 

Volatility Pursuant to Rule 608 of 

Regulation NMS (the ‘‘Plan’’),3 the 

Exchange adopted Rule 953.1NY(c) to 

provide that options executions would 

not be adjusted or nullified if the 

execution occurs during periods of 

extreme market volatility.4 Specifically, 

Rule 953.1NY(c) provides that, during 

the pilot period, electronic transactions 

in options that overlay an NMS Stock 

that occur during a Limit State or a 

Straddle State (as defined by the Plan) 

are not subject to review under Rule 

975NY(a) for Obvious Errors or Rule 

975NY(d) for Catastrophic Errors. 

Nothing in Rule 953.1NY(c) prevents 

electronic transactions in options that 

overlay an NMS Stock that occur during 

a Limit State or a Straddle State from 

being reviewed on Exchange motion 

pursuant to 975NY(b)(3). 

The Plan has been amended several 

times since inception and was not 

implemented until February 24, 2014. 

The Participants to the Plan recently 

filed to extend the Plan’s pilot period 

until October 23, 2015 (the ‘‘Eighth 

Amendment’’).5 The purpose of this 

proposed extension is to provide time 

for the Participants to prepare a 

supplemental assessment and 

recommendation regarding the Plan and 

for the public to comment on such 

assessment for the purpose of 

determining whether there should be 

any modifications to the Plan. 

In order to align the pilot period for 

Rule 953.1NY(c) with the proposed pilot 

period for the Plan, the Exchange 

similarly proposes to extend the pilot 

period until October 23, 2015. The 

Exchange believes the benefits afforded 

to market participants under Rule 

953.1NY(c) should continue on a pilot 

basis during the same period as the Plan 

pilot. The Exchange continues to believe 

that adding certainty to the execution of 

orders in Limit or Straddle States would 

encourage market participants to 

continue to provide liquidity to the 

Exchange, and thus, promote a fair and 

orderly market during those periods. 

Thus, the Exchange believes that the 

protections of current Rule 953.1NY(c) 

should continue while the industry 

gains further experience operating the 

Plan. In addition, the Exchange believes 

that extending the pilot period for Rule 

953.1NY(c) would allow the Exchange 

to continue to collect and evaluate data, 

as well as to conduct further data 

analyses, related to this provision. 

Specifically, in connection with the 

adoption of Rule 953.1NY(c), the 

Exchange committed to review the 

operation of this provision and to 

analyze the impact of Limit and 

Straddle States accordingly.6 The 

Exchange agreed to and has been 

providing to the Commission and the 

public data for each Straddle State and 

Limit State in NMS Stocks underlying 

options traded on the Exchange 

beginning in April 2013, limited to 

those option classes that have at least 

one (1) trade on the Exchange during a 

Straddle State or Limit State.7 For each 

of those option classes affected, each 

data record contains the following 

information: 

• Stock symbol, option symbol, time 

at the start of the Straddle or Limit 

State, an indicator for whether it is a 

Straddle or Limit State. 

• For activity on the Exchange: 

• executed volume, time-weighted 

quoted bid-ask spread, time-weighted 

average quoted depth at the bid, timeweighted average quoted depth at the 

offer; 

• high execution price, low execution 

price; 

• number of trades for which a 

request for review for error was received 

during Straddle and Limit States; 

• an indicator variable for whether 

those options outlined above have a 

price change exceeding 30% during the 

underlying stock’s Limit or Straddle 

state compared to the last available 

option price as reported by OPRA before 

the start of the Limit or Straddle State 

(1 if observe 30% and 0 otherwise). 

Another indicator variable for whether 

the option price within five minutes of 

the underlying stock leaving the Limit 

or Straddle state (or halt if applicable) 

is 30% away from the price before the 

start of the Limit or Straddle state. 

In addition, the Exchange has 

committed to provide to the 

Commission by May 29, 2015 

assessments relating to the impact of the 

operation of the Obvious Error rules 

during Limit and Straddle States as 

follows: (1) Evaluate the statistical and 

economic impact of Limit and Straddle 

States on liquidity and market quality in 

the options markets; and (2) Assess 

whether the lack of Obvious Error rules 

in effect during the Straddle and Limit 

States are problematic. The Exchange 

notes that, to date, there have not been 

any requests for review of Obvious Error 

of options trades that occur during a 

Limit or Straddle State in the 

underlying security. 

The Exchange believes that the 

extension of the pilot period of Rule 

953.1NY(c) would allow the Exchange 

to continue to observe the operation of 

the pilot and conduct its assessments 

relating to the impact of the operation 

of the Rule during Limit and Straddle 

States, which information will continue 

to be shared with the Commission and 

the public as set forth above. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Act 8 in general, and furthers 

the objectives of Section 6(b)(5),9 in 

particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. 

Specifically, the proposal to extend 

the pilot program of Rule 953.1NY(c) 

until October 23, 2015 would align that 

pilot program with the Pilot Period for 

the Plan, as proposed in the Eighth 

Amendment to the Plan. The Exchange 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
10200 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6)(iii). As required under 

Rule 19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

12For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 

believes that aligning the pilot periods 

would ensure that trading in options 

that overlay NMS Stocks continues to be 

appropriately modified to reflect market 

conditions that occur during a Limit 

State or a Straddle State in a manner 

that promotes just and equitable 

principles of trade and removes 

impediments to, and perfects the 

mechanism of, a free and open market 

and a national market system. The 

Exchange believes that the extension of 

Rule 953.1NY(c) would help encourage 

market participants to continue to 

provide liquidity during extraordinary 

market volatility. 

Moreover, the Exchange believes that 

extending the pilot period for Rule 

953.1NY(c) would remove impediments 

to, and perfect the mechanisms of, a free 

and open market because it would 

enable the Exchange to continue to 

continue to conduct its assessments 

relating to the impact of the operation 

of the Obvious Error rules during Limit 

and Straddle States as set forth above, 

which, in turn, provides the Exchange 

with more information from which to 

assess the impact of Rule 953.1NY(c). 

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 

proposed changes will not impose any 

burden on competition and will instead 

provide certainty regarding the 

treatment and execution of options 

orders, specifically the treatment of 

Obvious and Catastrophic Errors during 

periods of extraordinary volatility in the 

underlying NMS Stock, and will 

facilitate appropriate liquidity during a 

Limit State or Straddle State. 

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 

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 for 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 10 and Rule 19b–4(f)(6)(iii) 

thereunder.11

The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest, as it 

will allow the obvious error pilot 

program to continue uninterrupted 

while the industry gains further 

experience operating under the Plan, 

and avoid any investor confusion that 

could result from a temporary 

interruption in the pilot program. For 

this reason, the Commission designates 

the proposed rule change to be operative 

upon filing.12

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–NYSEMKT–2015–10 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–NYSEMKT–2015–10. 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 such 

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– 

NYSEMKT–2015–10, and should be 

submitted on or before March 18, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03817 Filed 2–24–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Calypte Biomedical 

Corporation, EC Development, Inc., 

and Information Architects 

Corporation (n/k/a Dakota Creative 

Group Corporation); Order of 

Suspension of Trading 

February 20, 2015. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Calypte 


asabaliauskas on DSK5VPTVN1PROD with NOTICES