Document ID: SEC-2019-0260-0001
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 8347-8348]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04083]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85229; File No. 4-546]

Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Order Protection and Locked/Crossed Market 
Plan To Add MIAX Emerald, LLC, as a Participant

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 14, 2019, MIAX Emerald, LLC (``MIAX Emerald'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Order Protection and 
Locked/Crossed Market Plan (``Plan'').\3\ The amendment adds MIAX 
Emerald as a Participant \4\ to the Plan. 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 30, 2009, the Commission approved the Plan, which 
was proposed by Chicago Board Options Exchange, Incorporated 
(``CBOE''), International Securities Exchange, LLC (``ISE''), The 
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BX''), 
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), 
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act 
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See 
also Securities Exchange Act Release No. 61546 (February 19, 2010), 
75 FR 8762 (February 25, 2010)(adding BATS Exchange, Inc. (``BATS'') 
as a Participant; 63119 (October 15, 2010), 75 FR 65536 (October 25, 
2010)(adding C2 Options Exchange, Incorporated (``C2'') as a 
Participant); 66969 (May 12, 2015), 77 FR 29396 (May 17, 
2012)(adding BOX Options Exchange LLC (``BOX Options'' as a 
Participant); 70763 (October 28, 2013), 78 FR 65734 (November, 
2013)(adding Topaz Exchange, LLC (``Topaz'') as a Participant; 70762 
(October 28, 2013), 78 FR 65733 (November 1, 2013)(adding MIAX 
International Securities Exchange, LLC (``MIAX'') as a Participant); 
76823 (January 5, 2016), 81 FR 1260 (January 11, 2016) (adding EDGX 
Exchange, Inc. (``EDGX'') as a Participant); 77324 (March 8, 2016), 
81 FR 13425 (March 14, 2016)(adding ISE MERCURY, LLC (``ISE 
Mercury'') as a Participant); 79896 (January 30, 2017), 82 FR 9264 
(February 3, 2017)(adding MIAX Pearl ``Pearl'') as a Participant).
    \4\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation in the Plan has become effective pursuant to 
Section 3(c) of the Plan.
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I. Description and Purpose of the Amendment

    The Plan requires the options exchanges to establish a framework 
for providing order protection and addressing locked and crossed 
markets in eligible options classes. The amendment to the Plan adds 
MIAX Emerald as a Participant. The other Plan Participants are BATS, 
BOX, BX, C2, CBOE, EDGX, ISE, ISE Gemini, ISE Mercury, MIAX, Nasdaq, 
Pearl, Phlx, NYSE MKT, and NYSE Arca. MIAX Emerald has submitted an 
executed copy of the Plan to the Commission in accordance with the 
procedures set forth in the Plan regarding new Participants. Section 
3(c) of the Plan provides for the entry of new Participants to the 
Plan. Specifically, Section 3(c) of the Plan provides that an Eligible 
Exchange \5\ may become a Participant in the Plan by: (i) Executing a 
copy of the Plan, as then in effect; (ii) providing each current 
Participant with a copy of such executed Plan; and (iii) effecting an 
amendment to the Plan, as specified in Section 4(b) of the Plan.\6\
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    \5\ Section 2(6) of the Plan 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: (a) Is 
a ``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1); and (c) if the national securities 
exchange chooses not to become part to this Plan, is a participant 
in another plan approved by the Commission providing for comparable 
Trade-Through and Locked and Crossed Market protection. MIAX Emerald 
has represented that it has met the requirements for being 
considered an Eligible Exchange. See letter from Barbara Comly, 
Executive Vice President, General Counsel, and Corporate Secretary, 
MIAX Emerald, to Brent J. Fields, Secretary, Commission, dated 
February 13, 2019 (``Amendment'').
    \6\ 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 5.
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    Section 4(b) of the Plan sets forth the process by which an 
Eligible Exchange may effect an amendment to the Plan. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the Plan with the only 
change being the addition of the new Participant's name in Section 3(a) 
of the Plan; and (b) submit the executed Plan to the Commission. The 
Plan then provides that such an amendment will be effective when the 
amendment is approved by the Commission or otherwise becomes effective 
pursuant to Section 11A of the Act and Rule 608 thereunder.

II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) \7\ 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 this amendment, the Commission may 
summarily abrogate the amendment and require that it be refiled 
pursuant to paragraph (a)(1) of Rule 608,\8\ 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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    \7\ 17 CFR 242.608(b)(3)(iii).
    \8\ 17 CFR 242.608(a)(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 4-546 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 4-546. This file number 
should be included on the subject line if email is used. 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 proposed rule change that are filed with 
the Commission, and all written communications relating to the

[[Page 8348]]

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 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 4-546 and should be submitted 
on or before March 28, 2019.

    By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-04083 Filed 3-6-19; 8:45 am]
 BILLING CODE 8011-01-P