Document ID: SEC-2019-0259-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: MIAX Emerald, LLC
Posted Date: 2019-03-07T05:00Z

[Federal Register Volume 84, Number 45 (Thursday, March 7, 2019)]
[Notices]
[Pages 8355-8356]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04082]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85228; File No. 4-443]

Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan for the Purpose of Developing and Implementing 
Procedures Designed To Facilitate the Listing and Trading of 
Standardized Options To Add MIAX Emerald, LLC as a Plan Sponsor

March 1, 2019.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on February 13, 2019, MIAX Emerald, LLC (``MIAX Emerald'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Plan for the Purpose of Developing 
and Implementing Procedures Designed to Facilitate the Listing and 
Trading of Standardized Options (``OLPP'').\3\ The Commission approved 
the application of MIAX Emerald to register as a national securities 
exchange on December 20, 2019.\4\ One of the conditions of the 
Commission's approval was the requirement for MIAX Emerald to join the 
OLLP. The amendment adds MIAX Emerald as a Sponsor \5\ of the OLPP.\6\ 
The Commission is publishing this notice to solicit comments on the 
amendment from interested persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 6, 2001, the Commission approved the OLPP, which was 
proposed by the American Stock Exchange LLC (``Amex''), Chicago 
Board Options Exchange, Incorporated (``CBOE''), International 
Securities Exchange LLC (``ISE''), Options Clearing Corporation 
(``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx''), and Pacific 
Exchange, Inc. (``PCX'') (n/k/a NYSE Arca). See Securities Exchange 
Act Release No. 44521, 66 FR 36809 (July 13, 2001). See also 
Securities Exchange Act Release Nos. 49199 (February 5, 2004), 69 FR 
7030 (February 12, 2004) (adding Boston Stock Exchange, Inc. as a 
Sponsor to the OLPP); 57546 (March 21, 2008), 73 FR 16393 (March 27, 
2008) (adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to 
the OLPP); 61528 (February 17, 2010), 75 FR 8415 (February 24, 2010) 
(adding BATS Exchange, Inc. (``BATS'') as a Sponsor to the OLPP); 
63162 (October 22, 2010), 75 FR 66401 (October 28, 2010) (adding C2 
Options Exchange Incorporated (``C2'') as a sponsor to the OLPP); 
66952 (May 9, 2012), 77 FR 28641 (May 15, 2012) (adding BOX Options 
Exchange LLC (``BOX'') as a Sponsor to the OLPP); 67327 (June 29, 
2012), 77 FR 40125 (July 6, 2012) (adding Nasdaq OMX BX, Inc. 
(``BX'') as a Sponsor to the OLPP); 70765 (October 28, 2013), 78 FR 
65739 (November 1, 2013) (adding Topaz Exchange, LLC as a Sponsor to 
the OLPP (``Topaz''); 70764 (October 28, 2013), 78 FR 65733 
(November 1, 2013) (adding Miami International Securities Exchange, 
LLC (``MIAX'') as a Sponsor to the OLPP); 76822 (January 1, 2016), 
81 FR 1251 (January 11, 2016) (adding EDGX Exchange, Inc. (``EDGX'') 
as a Sponsor to the OLPP); 77323 (March 8, 2016), 81 FR 13433 (March 
14, 2016) (adding ISE Mercury, LLC (``ISE Mercury'') as a Sponsor to 
the OLPP) and 79897 (January 30, 2017), 82 FR 9263 (February 3, 
2017) (adding MIAX PEARL, LLC (``MIAX PEARL'') as a Sponsor to the 
OLPP).
    \4\ See Securities and Exchange Act Release No. 84891 (December 
20, 2018), 83 FR 67421 (December 28, 2018) (File No. 10-233).
    \5\ A ``Sponsor'' is an Eligible Exchange whose participation in 
the OLPP has become effective pursuant to Section 7 of the OLPP.
    \6\ See Letter from Barbara J. Comly, EVP, General Counsel and 
Corporate Secretary, MIAX Emerald, to Brent J. Fields, Secretary, 
Commission, dated February 12, 2019 (``Amendment'').
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I. Description and Purpose of the Amendment

    The OLPP establishes procedures designed to facilitate the listing 
and trading of standardized options contracts on the options exchanges. 
The amendment to the OLPP adds MIAX Emerald as a Sponsor. The other 
OLPP Sponsors are Amex, BATS, BOX, BX, CBOE, C2, EDGX, ISE, ISE 
Mercury, MIAX, MIAX PEARL, Nasdaq, NYSE Arca, OCC, Phlx, and Topaz. 
MIAX Emerald has submitted an executed copy of the OLPP to the 
Commission in accordance with the procedures set forth in the OLPP 
regarding new Sponsors. Section 7 of the OLPP provides for the entry of 
new Sponsors to the OLPP. Specifically, Section 7 of the OLPP provides 
that an Eligible Exchange \7\ may become a Sponsor of the OLPP by: (i) 
Executing a copy of the OLPP, as then in effect; (ii) providing each 
current Sponsor with a copy of such executed OLPP; and (iii) effecting 
an amendment to the OLPP, as specified in Section 7(ii) of the OLPP.\8\
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    \7\ The OLPP defines an ``Eligible Exchange'' as a national 
securities exchange registered with the Commission pursuant to 
Section 6(a) of the Act, 15 U.S.C. 78f(a), that (1) has effective 
rules for the trading of options contracts issued and cleared by the 
OCC approved in accordance with the provisions of the Act and the 
rules and regulations thereunder and (2) is a party to the Plan for 
Reporting Consolidated Options Last Sale Reports and Quotation 
Information (the ``OPRA Plan''). MIAX Emerald has represented that 
it has met both the requirements for being considered an Eligible 
Exchange. See Amendment, supra note 6.
    \8\ MIAX Emerald has represented that it has executed a copy of 
the current Plan, amended to include MIAX Emerald as a Participant 
and has sent each current Participant a copy of the executed Plan. 
See Amendment, supra note 6.
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    Section 7(ii) of the OLPP sets forth the process by which an 
Eligible Exchange may effect an amendment to the OLPP. Specifically, an 
Eligible Exchange must: (a) execute a copy of the OLPP with the only 
change being the addition of the new Sponsor's name in Section 8 of the 
OLPP; \9\ and (b) submit the executed OLPP to the Commission. The OLPP 
then provides that such an amendment will be effective when the 
amendment is approved by the Commission or

[[Page 8356]]

otherwise becomes effective pursuant to Section 11A of the Act and Rule 
608 thereunder.
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    \9\ The Commission notes that the list of plan sponsors is set 
forth in Section 9 of the OLPP.
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II. Effectiveness of the OLPP Amendment

    The foregoing OLPP amendment has become effective pursuant to Rule 
608(b)(3)(iii) \10\ because it has been designated by the sponsors as 
involving solely technical or ministerial matters. At any time within 
sixty days of the filing of the amendment, the Commission may summarily 
abrogate the amendment and require that it be refiled pursuant to 
paragraph (a)(1) of Rule 608,\11\ if it appears to the Commission that 
such action is necessary or appropriate in the public interest, for the 
protection of investors, or the maintenance of fair and orderly 
markets, to remove impediments to, and perfect the mechanisms of, a 
national market system or otherwise in furtherance of the purposes of 
the Act.
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    \10\ 17 CFR 242.608(b)(3)(iii).
    \11\ 17 CFR 242.608(b)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the amendment is 
consistent with the Act. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number 4-443 on the subject line.

Paper Comments

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

All submissions should refer to File Number 4-443. This file number 
should be included on the subject line if email is used. To help the 
Commission process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the plan that are filed with the Commission, 
and all written communications relating to the plan between the 
Commission and any person, other than those that may be withheld from 
the public in accordance with the provisions of 5 U.S.C. 552, will be 
available for website viewing and printing in the Commission's Public 
Reference Room, 100 F Street NE, Washington, DC 20549, on official 
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 
such filing also will be available for inspection and copying at MIAX 
Emerald's principal office. 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 4-443, 
and should be submitted on or before March 28, 2019.

    By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-04082 Filed 3-6-19; 8:45 am]
 BILLING CODE 8011-01-P