Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices 51897 

17 15 U.S.C. 78s(b)(3)(A)(ii). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘MIAX Select Symbols’’ means 

options overlying AAL, AAPL, AIG, AMAT, AMD, 

AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS, 

CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE, 

GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC, 

IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX, 

NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG, 

S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WBA, 

WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM, 

and XOP. 

4See section 1)a)iii) of the Fee Schedule for a 

complete description of the Program. 

5See Securities Exchange Act Release No. 71700 

(March 12, 2014), 79 FR 15188 (March 18, 2014) 

(SR–MIAX–2014–13). 

their purchases of other products sold 

by the Exchange. 

For all of the reasons set forth above, 

the Exchange does not believe that the 

proposed rule changes will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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

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. 

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– 

NASDAQ–2017–113 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–NASDAQ–2017–113. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2017–113 and 

should be submitted on or before 

November 29, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24254 Filed 11–7–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81998; File No. SR–MIAX– 

2017–45] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

November 2, 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 October 

30, 2017, Miami International Securities 

Exchange LLC (‘‘MIAX Options’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.miaxoptions.com/rulefilings, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

list of MIAX Select Symbols 3 contained 

in the Priority Customer Rebate Program 

(the ‘‘Program’’) 4 of the Exchange’s Fee 

Schedule to 1. delete the symbol 

‘‘SUNE’’ associated with SunEdison, 

Inc. (‘‘SunEdison’’) and 2. replace the 

symbol ‘‘BBRY’’ with ‘‘BB’’ associated 

with BlackBerry Limited 

(‘‘BlackBerry’’). 

The Exchange initially created the list 

of MIAX Select Symbols on March 1, 

2014,5 and has added and removed 

option classes from that list since that 


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51898 Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices 

6See Securities Exchange Act Release Nos. 8109 

(June 26, 2017), 82 FR 29962 (June 30, 2017) (SR– 

MIAX–2017–29); 79301 (November 14, 2016), 81 FR 

81854 (November 18, 2016) (SR–MIAX–2016–42); 

74291(February 18, 2015), 80 FR 9841 (February 24, 

2015) (SR–MIAX–2015–09); 74288 (February 18, 

2015), 80 FR 9837 (February 24, 2015) (SR–MIAX– 

2015–08); 73328 (October 9, 2014), 79 FR 62230 

(October 16, 2014) (SR–MIAX–2014–50); 72567 

(July 8, 2014), 79 FR 40818 (July 14, 2014) (SR– 

MIAX–2014–34); 72356 (June 10, 2014), 79 FR 

34384 (June 16, 2014) (SR–MIAX–2014–26); 71700 

(March 12, 2014), 79 FR 15188 (March 18, 2014) 

(SR–MIAX–2014–13). 

7See the press release located at http://

ir.theice.com/press/press-releases/nyse-regulation/ 

2016/042116suspensionrelease. 

8See the press release located at https://

us.blackberry.com/company/newsroom/ 

press?id=21b4315. 

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

10 15 U.S.C. 78f(b)(4). 

11 15 U.S.C. 78f(b)(1) and (b)(5). 

12The term ‘‘Priority Customer’’ means a person 

or entity that 1. is not a broker or dealer in 

securities, and 2. does not place more than 390 

orders in listed options per day on average during 

a calendar month for its own beneficial account(s). 

See Exchange Rule 100. 

13 15 U.S.C. 78s(b)(3)(A)(ii). 

14 17 CFR 240.19b–4(f)(2). 

time.6 On April 26, 2016, the New York 

Stock Exchange announced that it was 

delisting SunEdison since it was no 

longer suitable for listing. SunEdison 

had announced on the same day that it 

and certain of its domestic and 

international subsidiaries had filed 

voluntary petitions for reorganization 

under Chapter 11 of the U.S. 

Bankruptcy Code.7

As a result, the Exchange delisted 

SunEdison options. Accordingly, the 

Exchange is amending its Fee Schedule 

to delete the symbol SUNE from the list 

of MIAX Select Symbols contained in 

the Program to correspond with the 

delisting. This amendment is intended 

to eliminate any potential confusion and 

to make it clear to market participants 

that SunEdison will not be a MIAX 

Select Symbol contained in the Program 

as SunEdison options are no longer 

listed on the Exchange. 

BlackBerry recently announced that it 

was transferring its listing from the 

Nasdaq Global Select Market to the New 

York Stock Exchange and, as a result, 

BlackBerry changed its symbol from 

‘‘BBRY’’ and is now trading under the 

new symbol ‘‘BB’’ effective October 16, 

2017.8 The Exchange is amending its 

Fee Schedule to change BlackBerry’s 

symbol in the MIAX Select Symbols 

from ‘‘BBRY’’ to ‘‘BB’’ to correspond 

with this change. This amendment is 

designed to ensure that there is no 

confusion amongst market participants 

that BlackBerry, under its new ticker, 

will continue to remain in the MIAX 

Selected Symbols. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its fee schedule is 

consistent with Section 6(b) of the Act 9

in general, and furthers the objectives of 

Section 6(b)(4) of the Act,10 in that it is 

an equitable allocation of reasonable 

fees and other charges among Exchange 

members and other persons using its 

facilities, and 6(b)(5) of the Act,11 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 

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. 

In particular, the proposal to delete 

the symbol SUNE from the list of MIAX 

Select Symbols contained in the 

Program and to change the symbol from 

BBRY to BB is consistent with Section 

6(b)(4) of the Act because the proposed 

changes will allow for continued benefit 

to investors by providing them an 

updated list of MIAX Select Symbols 

contained in the Program on the Fee 

Schedule. In particular, the proposal to 

change the BlackBerry symbol to its new 

designation is consistent with the Act 

because the proposed change is merely 

updating the corresponding symbol to 

allow for BlackBerry to continue to 

remain in the MIAX Select Symbols. 

The Exchange believes that the 

proposal to amend an option class that 

qualifies for the credit for transactions 

in MIAX Select Symbols is fair, 

equitable and not unreasonably 

discriminatory. The Exchange believes 

that the Program itself is reasonably 

designed because it incentivizes 

providers of Priority Customer 12 order 

flow to send that Priority Customer 

order flow to the Exchange in order to 

receive a credit in a manner that enables 

the Exchange to improve its overall 

competitiveness and strengthen its 

market quality for all market 

participants. The Program, which 

provides increased incentives in certain 

tiers in high volume select symbols, is 

also reasonably designed to increase the 

competitiveness of the Exchange with 

other options exchanges that also offer 

increased incentives to higher volume 

symbols. 

The Exchange also believes that its 

proposal is consistent with Section 

6(b)(5) of the Act because it will apply 

equally to all Priority Customer orders 

in MIAX Select Symbols in the Program. 

All similarly situated Priority Customer 

orders in MIAX Select Symbols are 

subject to the same rebate schedule, and 

access to the Exchange is offered on 

terms that are not unfairly 

discriminatory. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is a not a 

competitive filing but rather is designed 

to update the list of MIAX Select 

Symbols contained in the Program in 

order to avoid potential confusion on 

the part of market participants. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,13 and Rule 

19b–4(f)(2) 14 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 

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–2017–45 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. 


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Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices 51899 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Reference BBO shall mean the internal best 

bid and offer on Phlx. 

4This is accomplished by marking the Initiating 

Order with a market price. 

5Under no circumstances will the Initiating 

Member receive an allocation percentage, at the 

final price point, of more than 50% with one 

competing quote, order or PAN response or 40% 

with multiple competing quotes, orders or PAN 

responses when competing quotes, orders or PAN 

responses have contracts available for execution. 

All submissions should refer to File 

Number SR–MIAX–2017–45. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MIAX–2017–45 and should 

be submitted on or before November 29, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24252 Filed 11–7–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81999; File No. SR–Phlx– 

2017–85] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Price 

Improvement XL Auction 

November 2, 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 October 

26, 2017, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 1080(n) related to Phlx’s Price 

Improvement XL (‘‘PIXL’’) auction. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqphlx.cchwallstreet.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 Exchange proposes to amend the 

PIXL rule at 1080(n) to: 1. Include a 

surrender provision; 2. update a 

reference to the NBBO to provide 

specificity to the rule; and 3. correct a 

typographical error, update a crossreference and relocate rule text. 

Surrender 

The Exchange proposes to adopt a 

surrender provision within Rule 1080(n) 

for its PIXL auction similar to the 

surrender provision that is applicable to 

Nasdaq BX, Inc.’s (‘‘BX’’) surrender 

provision in the BX price improvement 

auction (‘‘PRISM’’) at Chapter VI, 

Section 9. 

Current PIXL 

By way of background, today, only 

one PIXL Auction may be conducted at 

a time in any given series. Once 

commenced, an Auction may not be 

cancelled and would proceed as 

described herein. To initiate the 

Auction, the Initiating Member must 

mark the PIXL Order for Auction 

processing, and specify either: (a) A 

single price at which it seeks to execute 

the PIXL Order (a ‘‘stop price’’); (b) that 

it is willing to automatically match as 

principal or as agent on behalf of an 

Initiating Order the price and size of all 

PIXL Auction Notifications (‘‘PAN’’) 

responses, and trading interest (‘‘automatch’’) in which case the PIXL Order 

will be stopped at the better of the 

NBBO or the Reference BBO 3 on the 

Initiating Order side; 4 or (c) that it is 

willing to either: (i) Stop the entire 

order at a single stop price and automatch PAN responses and trading 

interest at a price or prices that improve 

the stop price to a specified price (a ‘‘No 

Worse Than’’ or ‘‘NWT’’ price); (ii) stop 

the entire order at a single stop price 

and auto-match all PAN responses and 

trading interest at or better than the stop 

price; or (iii) stop the entire order at the 

better of the NBBO or Reference BBO on 

the Initiating Order side, and automatch PAN responses and trading 

interest at a price or prices that improve 

the stop price up to the NWT price. In 

all cases, if the PBBO on the same side 

of the market as the PIXL Order 

represents a limit order on the book, the 

stop price must be at least one 

minimum price improvement increment 

better than the booked limit order’s 

limit price. Once the Initiating Member 

has submitted a PIXL Order for 

processing as described herein, such 

PIXL Order may not be modified or 

cancelled.5

Proposed PIXL Amendment 

At this time, the Exchange proposes to 

add a paragraph to Rule 

1080(n)(ii)(A)(1) stating that, when 

starting an Auction, the Initiating 

Member may submit the Initiating Order 

with a designation of ‘‘surrender’’ to 

other PIXL participants (‘‘Surrender’’), 

which will result in the Initiating 

Member forfeiting priority and trade 

allocation privileges which he or she is 

otherwise entitled to as per subsection 


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