Document ID: SEC-2015-2140-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ OMX PHLX, LLC,
Posted Date: 2015-12-24T05:00Z

[Federal Register Volume 80, Number 247 (Thursday, December 24, 2015)]
[Notices]
[Pages 80416-80419]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32391]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76697; File No. SR-Phlx-2015-106]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Regarding 
Trading Halts

December 18, 2015.
    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 December 9, 2015, NASDAQ OMX 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.
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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 proposes to delete obsolete rule language and amend 
outdated references relating to Exchange Rule 1047, Trading Rotations, 
Halts and Suspensions.\3\
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    \3\ The Exchange proposes to re-title the rule ``Trading 
Halts.''
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.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 purpose of the proposed rule change is to update the Exchange's 
rules by ensuring the rules accurately reflect how trading halts occur 
on the Exchange's fully electronic trading system, the Phlx XL II 
system (``System'').\4\ Rule 1047 is now outdated in certain ways and 
lacks specificity in certain ways. Primarily, as explained below, the 
rule does not accurately reflect under what circumstances the halt will 
automatically be imposed by the System versus manually declared by an 
official. The Exchange proposes to delete obsolete rule language and 
amend outdated references in order to remove confusion that may result 
from having outdated rules in the Exchange's rulebook and ensure that 
the rulebook accurately reflects member obligations. Furthermore, the 
Exchange is reorganizing the rule to flow in a more logical fashion. In 
addition, the Exchange proposes to harmonize certain language in Rule 
1047 with comparable rules of its affiliates, as described in further 
detail below.\5\
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    \4\ In May 2009, the Exchange enhanced the system and adopted 
corresponding rules referring to the system as ``Phlx XL II.'' See 
Securities Exchange Act Release No. 59995 (May 28, 2009), 74 FR 
26750 (June 3, 2009) (SR-Phlx-2009-32). The Exchange is proposing to 
define the term ``System'' in proposed subparagraph (b)(iii); 
previously, only the term ``Trading System'' was used and defined in 
current subparagraph (a)(iv).
    \5\ See Nasdaq Options Market (``NOM'') Chapter V, Section 3 and 
BX Options Chapter V, Section 3.
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    First, the Exchange proposes to delete the existing text of 
paragraph (a) under Rule 1047 which governs opening and closing trading 
rotations. Paragraph (a) is obsolete because the Exchange no longer 
relies on manual trading rotations to open and close trading on the 
Exchange.\6\ A trading rotation, as described in current Rule 1047.01, 
is a series of very brief time periods during each of which bids, 
offers and transactions in only a single, specified

[[Page 80417]]

option contract can be made.\7\ The Exchange's opening process that 
replaced trading rotations is set forth in Rule 1017.\8\ Thus far, the 
Exchange maintained references to rotations for two reasons. The Phlx 
XL II System was phased-in over a period of time such that the 
Exchange's rules needed to reflect both the existing manual processes 
as well as the ``new'' systems; \9\ the rules no longer need to do so. 
Secondly, the term ``trading rotation'' is still sometimes used to 
cover automated openings, including on other options exchanges; 
nevertheless, the Exchange believes it is clearer, at this time, not to 
use that term. In any event, option series on the Exchange open in an 
automated fashion pursuant to Rule 1017. In addition, the Exchange now 
simply stops trading in an option rather than relying on a closing 
rotation,\10\ as currently provided for in paragraph (a), which is a 
manual process conducted by the specialist.\11\ Accordingly, current 
paragraph (a) is being updated. The Exchange believes that it is 
clearer to eliminate the reference to rotations from paragraph (a).
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    \6\ The exception is in the event an automated opening cannot 
occur or a closing rotation is deemed necessary, in which case the 
procedures in the Commentaries to Rule 1047 would be employed 
pursuant to the authority in current Rule 1047(c), which is proposed 
to become Rule 1047(b), Manual Rotations.
    \7\ Specialists used to always conduct manual trading rotations 
pursuant to the following existing language: Taking each option in 
which he is assigned in turn, the specialist should first open the 
one or more series of such options having the nearest expiration, 
then proceed to a series of options having the next most distant 
expiration, and so forth, until all series have been opened. The 
specialist shall determine which type of option should open first 
(i.e., put or call options), and may alternate the opening of put 
series and call series or may open all series of one type before 
opening any series of the other type, depending on current market 
conditions. Reverse and modified rotations could all be conducted. 
See current Rule 1017.01(a) and (b). All rotations have been 
replaced with an automated opening process. See supra note 4. A 
manual rotation may occur but is unlikely. See supra note 6.
    \8\ See supra note 4.
    \9\ This is why the Exchange added to Rule 1047 the language 
that an automated opening conducted pursuant to Rule 1017 is 
considered a ``trading rotation.''
    \10\ In deleting existing paragraph (a), a reference to trading 
rotations ``at the close of trading on the last trading day with 
respect to expiring equity option contracts'' is also being deleted. 
Any such rotation would be manual pursuant to existing Rule 
1047.01(c). The Exchange also proposes to add introductory language 
to the Commentaries to make it clearer that such Commentaries cover 
manual rotations by specifically stating that in the event the 
System is not available, a manual trading rotation may be held on 
the opening and close of trading.
    \11\ The System automatically turns off trading at the close, 
rather than relying on a manual process.
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    Additionally, the Exchange proposes to adopt as new paragraph (a) a 
provision to reflect the fact that the System automatically halts 
trading in an option on the Exchange in certain situations. 
Specifically, an automated halt occurs following a halt or suspension 
of trading of the underlying security \12\ in the primary market,\13\ a 
regulatory halt on the primary market,\14\ a delayed opening of the 
underlying security because of unusual circumstances,\15\ or a trading 
pause on the primary market.\16\ With respect to a halt on the primary 
market and delayed openings, Rule 1047(b)(i) and (ii) currently permit 
a halt, but because the Exchange currently halts automatically, the 
Exchange is now updating its rule to reflect such automatic halt.\17\ 
None of these reasons for a halt are new.
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    \12\ This rule currently uses both the terms ``underlying 
security'' and ``underlying stock or Exchange-Traded Fund Share.'' 
Separately, the Exchange intends to harmonize that throughout its 
rules. For purposes of this filing, the terms are interchangeable.
    \13\ This is currently in paragraph (b)(i).
    \14\ This provision is currently in Commentary .01(e) and 
expressly references an automated trading halt. It is being deleted 
from the commentary.
    \15\ This is currently in paragraph (b)(ii).
    \16\ This provision is not new; it is currently in paragraph (e) 
and is being relocated to new paragraph (a).
    \17\ The similar provisions on NOM and BX will be updated to 
reflect the difference between automated and manual halts.
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    Existing Rule 1047(e) refers to the ``primary listing market,'' 
which is not defined in Exchange rules, while the rest of Rule 1047 
uses the term ``primary market.'' Rule 1000(b)(31) currently provides 
that the term ``primary market'' in respect of an underlying stock or 
Exchange-Traded Fund Share means the principal market in which the 
underlying stock or Exchange-Traded Fund Share is traded. The Exchange 
believes that this is not clear and proposes to change this definition 
such that the term ``primary market'' means, in the case of securities 
listed on The Nasdaq Stock Market, the market that is identified as the 
listing market pursuant to Section X(d) of the approved national market 
system plan governing the trading of Nasdaq-listed securities, and, in 
the case of securities listed on another national securities exchange, 
the market that is identified as the listing market pursuant to Section 
XI of the Consolidated Tape Association Plan. This is the same 
definition that is used in NOM and BX rules.\18\
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    \18\ See NOM Chapter I, Section 1(a)(47) and BX Options Chapter 
I, Section 1(a)(48).
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    New paragraph (b) will address manual halts by Options Exchange 
Officials (rather than automatic halts by the System).\19\ 
Specifically, trading on the Exchange in any options shall be halted 
\20\ whenever an Options Exchange Official deems such action 
appropriate in the interests of a fair and orderly market and to 
protect investors. Among the factors that may be considered are that: 
An occurrence of an act of God or other event outside the Exchange's 
control; \21\ technical failure or failures of the Exchange's current 
automated trading system or any other Exchange quotation, transaction 
reporting, execution, order routing or other systems for trading 
options, including, but not limited to, the failure of or a part of the 
central processing system, a number of member or member organization 
trading applications, or the electrical power supply to the system 
itself or any related system; \22\ or other unusual conditions or 
circumstances are present.\23\ The Exchange is proposing to delete the 
language in existing Rule 1047(a)(iii) regarding issuer announcements, 
because the Exchange believes that issuer announcements are handled by 
the listing exchange for the underlying security, not the options 
market. If the listing market were to halt an underlying security, the 
options market would halt based on proposed Rule 1047(a).
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    \19\ The comparable NOM and BX rules reference regulatory 
personnel more generally as ``Regulation'' while the Phlx rule is 
more specific by referring to ``Options Exchange Officials.'' See 
e.g., NOM Chapter V, Section 3(a). See also Phlx Rule 1(w).
    \20\ The Exchange is deleting the words ``or suspended'' because 
that term does not normally apply to options trading but rather to 
trading in the underlying security. See e.g., current Rule 
1047(a)(i), which provides that trading in the underlying stock or 
Exchange-Traded Fund Share has been halted or suspended in the 
primary market. See also NOM Chapter V, Section 3(a)(i).
    \21\ This is the only new provision, and it is based on NOM 
Chapter V, Section 3(a)(iii).
    \22\ This is in existing Rule 1047(a)(iv). The Exchange is 
proposing to define the term ``System'' here, which is the same as 
Trading System, for use throughout the Rule.
    \23\ This is in existing Rule 1047(a)(v).
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    Paragraph (b) will also reflect the fact that an Options Exchange 
Official retains the authority to delay the opening, halt and reopen 
after a halt to open where the underlying security has not opened or 
current quotations are unavailable for any foreign currency, and to 
conduct a closing rotation on the business day of expiration, or, in 
the case of an option contract expiring on a day that is not a business 
day, on the trading day prior to expiration where the underlying 
security did not open or was halted, whenever such action is deemed 
necessary in the interests of maintaining a fair and orderly market in 
such class or series of options and to protect investors. This is 
currently in Rule 1047(c). The Exchange is labelling this paragraph 
with the title ``Manual Authority'' to retain the ability of Options 
Exchange Officials to perform these duties in the unlikely event that 
it becomes necessary.

[[Page 80418]]

    The Exchange proposes to adopt new paragraph (c) to reflect more 
specifically what happens when an option is halted. It will provide 
that in the event the Exchange halts trading pursuant to paragraphs (a) 
or (b), all trading in the affected option shall be halted. The 
Exchange shall disseminate through its trading facilities and over OPRA 
a symbol with respect to such option indicating that trading has been 
halted, and a record of the time and duration of the halt shall be made 
available to vendors.\24\ Furthermore, no member or member organization 
or person associated with a member or member organization shall effect 
a trade on the Exchange in any option in which trading has been halted 
under the provisions of this Rule during the time in which the halt 
remains in effect. This is also based on the provisions of NOM and 
BX.\25\ The Exchange believes that the new language proposed in Rule 
1047(c) is helpful and explanatory for participants.
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    \24\ This is new language that is the same as NOM and BX rules, 
except it reflects the new automated halt process and thus is not 
tied to Exchange staff halting an option. See NOM Chapter V, Section 
3(b), and BX Options Chapter V, Section 3(b).
    \25\ See NOM Chapter V, Section 3(c), and BX Options Chapter V, 
Section 3(c). Due to the differing terms that apply to membership 
and participation on each exchange, the NOM and BX Options rules 
refer to ``Options Participants'' while the Phlx rules refer to 
``members and member organizations.''
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    The Exchange proposes to delete existing Rule 1047(d), which 
provides that in the event that trading is halted in the underlying 
security on the primary market for such security, the specialist may 
halt trading in the option overlying such security, subject to the 
approval of an Options Exchange Official within five minutes of the 
halt in trading in the option. Paragraph (d) is made redundant as a 
result of adopting paragraph (a) to address automated halts, and is 
obsolete because it refers to specialists. Specialists cannot halt an 
option. The type of control that specialists used to have over halts no 
longer exists; once the System became more automated,\26\ there became 
no physical method for specialists to activate a halt.
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    \26\ See supra note 4.
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    The Exchange proposes to delete current paragraph (e) because the 
fact that trading in an option will be halted whenever trading in the 
underlying security has been paused is now covered by new paragraph 
(a)(i). In addition, the language in Rule 1047(e)(i) is now covered in 
new paragraph (g) in a more streamlined form. Rule 1047(e)(ii), which 
provides that the Exchange will maintain existing orders on the book, 
accept orders, and process cancels, is now in new paragraph (f), as 
explained further below.
    The Exchange also proposes to renumber current paragraph (f) as 
paragraph (d) to improve the flow of the rule and align the paragraph 
numbers with those of NOM and BX.\27\ The Exchange also proposes to 
amend subparagraph (f)(ii) in order to update an outdated reference to 
the Phlx XL system and use the general term ``System'' instead, as 
explained above.
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    \27\ See NOM Chapter V, Section 3(d), and BX Options Chapter V, 
Section 3(d).
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    The Exchange is proposing to renumber current paragraph (g) as new 
paragraph (e) without any substantive change to track the comparable 
provisions on NOM and BX.\28\
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    \28\ See NOM Chapter V, Section 3(e), and BX Options Chapter V, 
Section 3(e).
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    The Exchange proposes to adopt new paragraph (f) to provide that 
when a halt occurs, existing quotes will be cancelled; during a halt, 
the Exchange will maintain existing orders on the book (but not 
existing quotes), accept orders and quotes, and process cancels.\29\ 
This provision is not new; it is currently in paragraph (e) and is 
being relocated to new paragraph (f), although it is also being 
modified to add reference to accepting new quotes (not just orders) for 
better clarity and understanding.
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    \29\ See also NOM Chapter V, Section 3(a)(vi)(B), which is 
located within the provision that governs halts due to a pause in 
the trading of the underlying security only; NOM and BX intend to 
correct it to make clear that it applies to all halts.
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    The Exchange proposes to adopt new paragraph (g) to govern the 
resumption of trading after a halt. Specifically, trading in an option 
that has been the subject of a halt shall be resumed: (A) In the case 
of a manual halt, upon the determination by an Options Exchange 
Official that the conditions which led to the halt are no longer 
present or that the interests of a fair and orderly market are best 
served by a resumption of trading; or (B) in the case of an automatic 
trading halt, the conditions which led to the halt are no longer 
present, and, in either case, in no circumstances will trading be 
resumed before the Exchange has received notification that the 
underlying stock or Exchange-Traded Fund Share has resumed trading on 
at least one exchange. If, however, trading has not been resumed on the 
primary market for the underlying security after ten minutes have 
passed since the underlying security was paused by the primary market, 
trading in such options contracts may be resumed by the Exchange if the 
underlying security has resumed trading on at least one exchange.\30\ 
This provision is modelled on the rules of NOM and BX.\31\ This 
provision also specifies that options trading resumes pursuant to Rule 
1017, which outlines the automated opening process.\32\
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    \30\ Rule 1047(b)(iv) currently contains a similar provision, 
except that the current rule contains an ``and'' and thus requires 
both conditions to be met to resume trading, and there is no 
specific reference to the resumption of trading of the underlying on 
at least one exchange. Presumably, the resumption of trading in the 
underlying on one exchange is an example of a condition that led to 
the options halt no longer being present, but the proposed language 
is more specific and thus clearer. The resumption of trading after a 
trading pause is currently in Rule 1047(e)(i).
    \31\ See NOM Chapter V, Section 4, and BX Options Chapter V, 
Section 4. The Exchange believes that this provision containing an 
``or'' is more appropriate because it is more flexible in terms of 
permitting a resumption of trading.
    \32\ This is based on NOM Chapter V, Section 5.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \33\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \34\ 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 facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system and to protect 
investors and the public interest, by deleting outdated or obsolete 
provisions and generally providing clarity to the rules. The proposal 
should result in a more accurate and understandable rule book. The 
amendments should make clear that the Exchange now simply ceases 
trading in an option rather than relying on a closing rotation, meaning 
the option stops trading without a manual process.\35\ The proposal 
also deletes the obligation of the specialist to halt trading, because 
specialists cannot halt trading. These changes should promote just and 
equitable principles of trade by updating the rule to delete outdated 
and potentially confusing terms.
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    \33\ 15 U.S.C. 78f(b).
    \34\ 15 U.S.C. 78f(b)(5).
    \35\ See supra note 11.
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    Furthermore, the Exchange is amending the rule to reflect that 
certain halts occur automatically while others are determined by 
specified Exchange staff, Options Exchange Officials. The Exchange 
believes it is more accurate to reflect that sometimes Exchange staff 
employ discretion in determining whether to halt (new paragraph (b)) 
and sometimes the System automatically

[[Page 80419]]

halts (new paragraph (a)), which should both promote just and equitable 
principles of trade by tailoring the halt processes for options to the 
particular situations triggering a halt, consistent with the 
maintenance of fair and orderly markets. This restructuring and 
resulting renumbering should make the rule clearer. The Exchange 
believes that the situations listed in new paragraph (a) appropriately 
result in an automatic halt rather than relying on an Options Exchange 
Official, because those situations are objective and do not require the 
discretion or expertise of an Options Exchange Official. Accordingly, 
the Exchange believes automatic halts are appropriate and consistent 
with the Act.
    In addition, the Exchange believes that the proposal to amend the 
definition of primary market is consistent with promoting just and 
equitable principles of trade. It is based on a more precise 
definition, tied to the market where the underlying security is listed, 
which is commonly understood to be the meaning of the term.
    The Exchange believes that the proposed language regarding manual 
halts due to an occurrence of an act of God or other event outside the 
Exchange's control should promote just and equitable principles of 
trade by providing for a manual halt in serious, unanticipated 
circumstances. The Exchange also believes that the new language in 
paragraph (c) should promote just and equitable principles of trade by 
indicating when a halt has occurred and making clear that no trading is 
permitted during a halt. Furthermore, the Exchange believes that the 
language in new paragraph (f) that the Exchange will maintain existing 
orders on the book (but not existing quotes), accept orders and quotes 
and process cancels should promote just and equitable principles of 
trade by making it clear to market participants what occurs during a 
halt. Similarly, the proposed language in new paragraph (g) regarding 
the resumption of trading after a halt should promote just and 
equitable principles of trade by stating with specificity the 
conditions under which trading resumes.
    Overall, the proposal is intended to help members understand how 
trading halts operate, which should also promote just and equitable 
principles of trade, consistent with the Act.

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 not necessary or appropriate in 
furtherance of the purposes of the Act. The proposal raises neither 
intra-market nor inter-market competition issues because it merely 
deletes obsolete provisions and adds specificity.

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

    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 from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \36\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\37\
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    \36\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \37\ 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: (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-Phlx-2015-106 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-Phlx-2015-106. 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 offices 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-Phlx-2015-106, 
and should be submitted on or before January 14, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-32391 Filed 12-23-15; 8:45 am]
 BILLING CODE 8011-01-P