
[Federal Register Volume 84, Number 53 (Tuesday, March 19, 2019)]
[Notices]
[Pages 10136-10144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-05092]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85308; File No. SR-ISE-2019-05]


Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to No Longer Offer 
Complex Order Quoting Functionality or Legging Functionality for Stock-
Option Orders and To Make Other Changes to Chapter 7

March 13, 2019.
    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 March 1, 2019, Nasdaq ISE, LLC (``ISE'' or the ``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.
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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 no longer offer Complex Order quoting 
functionality or legging functionality for Stock-Option Orders on ISE. 
The Exchange also proposes other amendments, including modifying its

[[Page 10137]]

Spread Feed, adopting a term ``Professional Customer,'' removing Mini 
Option language for Complex Orders, and reorganizing the Rulebook as 
well as other technical amendments.
    The text of the proposed rule change is available on the Exchange's 
website at http://ise.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: (1) Remove rule text 
related to Complex Order quoting functionality; (2) remove rule text 
related to legging functionality for Stock-Option Orders; (3) amend the 
description of the Nasdaq ISE Spread Feed including adopting a 
definition specifically for Professional Customer; (4) remove Mini 
Options language related to Complex Orders; and (5) reorganize the 
Rulebook and make other technical amendments. Each change will be 
discussed below.
Universal Changes
    In addition to the amendments described below, the Exchange 
proposes to make several changes throughout its rules. In particular, 
the Exchange proposes to capitalize references to ``member'' to reflect 
the defined term ``Member'' \3\ and capitalize references to ``system'' 
to reflect the defined term ``System.'' \4\
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    \3\ The term ``Member'' means an organization that has been 
approved to exercise trading rights associated with Exchange Rights. 
See Rule 100(a)(30).
    \4\ The term ``System'' means the electronic system operated by 
the Exchange that receives and disseminates quotes, executes orders 
and reports transactions. See Rule 100(a)(63).
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    In addition, with the proposal herein to remove rule text related 
to Complex Order quoting functionality on ISE, as described in more 
detail below, the Exchange proposes to remove any references to Complex 
Order quotes throughout these proposed rules because the System will no 
longer accept Complex Order quotes. Finally, the Exchange will amend 
certain cross-references in connection with relocating certain rules 
described herein.
Complex Order Legging functionality for Stock-Option Orders
    In 2017, ISE underwent a replatform to move its functionality to 
INET.\5\ At that time, ISE proposed to delay the re-introduction of 
legging functionality for Stock-Option Orders for one year from the 
date of filing.\6\ Subsequently, ISE filed to delay the re-introduction 
of legging functionality until March 21, 2019.\7\ At this time, the 
Exchange proposes to not offer this functionality on ISE. If the 
Exchange determines to re-introduce legging functionality for Stock-
Option Orders it will file a new proposal with the Commission. The 
legging functionality allows Members to leg into the regular market 
where they may trade against bids and offers for the individual legs 
pursuant to Rule 722(d)(2)and (3) and Supplementary Material .01 and 
.02 to Rule 722 (``legging''). With this proposed amendment to not 
offer this functionality, Stock-Option Orders will only be permitted to 
trade with other Stock-Option Orders in the complex order book. The 
Exchange will issue an Options Trader Alert notifying Members that 
legging functionality for Stock-Option Orders will no longer be 
available.
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    \5\ INET is the proprietary core technology utilized across 
Nasdaq's global markets. The migration of ISE to the Nasdaq INET 
architecture has resulted in higher performance, scalability, and 
more robust architecture.
    \6\ See Securities Exchange Act Release No. 80316 (March 27, 
2017) 82 FR 16084 (March 31, 2017) (SR-ISE-2017-28).
    \7\ See Securities Exchange Act Release No. 82961 (March 28, 
2018), 83 FR 14302 (April 3, 2018) (SR-ISE-2018-21).
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    The Exchange proposes to not implement legging functionality for 
Stock-Option Orders because of concerns with obtaining executions for 
the stock portion of the order in a timely fashion in order to execute 
the Stock-Option Order on ISE. Previously, when this functionality was 
offered on ISE prior to the replatform to INET, the stock portion of 
the Stock-Option Order was obtained at a stock venue through a broker-
dealer for Stock-Option Orders that attempted to execute the stock 
component of the order. A necessary delay was created when executing 
this order type because the option portion of the order could not 
execute until such time as the stock portion was executed. The added 
complexity of waiting for a third-party broker to obtain the stock 
portion of the order, check for compliance with Regulation SHO, post 
the trade to the tape and deliver the execution back to ISE, resulted 
in low fill rates for Stock-Option Orders because the stock portion was 
not always available immediately with mandated Regulation SHO 
compliance checks in place by the broker-dealer. The option portion of 
the Stock-Option Order was cancelled when the stock could not be 
obtained. The Exchange has considered the legging of Stock-Option 
Orders and has determined not to reintroduce the functionality in light 
of the complexity with obtaining the stock from a third party. Members 
may continue to execute Stock-Option Orders that trade with other 
Stock-Option Orders in the complex order book or hedge a stock against 
the option order in separate transactions. Further, the Exchange notes 
this functionality is not available on other markets that offer complex 
order functionality.\8\
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    \8\ Phlx does not offer legging functionality for stock-option 
orders.
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    With this proposal, Stock-Option Orders entered on the Exchange 
will not automatically execute against bids and offers on the Exchange 
for the individual legs pursuant to Rule 722(d)(1) and (3) and 
Supplementary Material .01 and .02 to Rule 722. Stock-Option Orders may 
execute against other Stock-Option Orders in the Complex Order Book, 
thereby providing an opportunity for Members to have their Stock-Option 
Orders executed on the Exchange. In addition complex [sic] orders 
continue to leg into the single-leg market as is the case today. 
Amendments to the rule text of ISE Rule 722 are explained below.
Complex Order Quoting
    In 2017, in conjunction with the replatform of ISE to INET, ISE 
filed a rule change to delay the re-introduction of functionality that 
enabled ISE to designate symbols eligible for Market Maker quotes in 
the Complex Order book for one year from the date of filing.\9\ 
Subsequently, ISE filed to delay the re-introduction of Complex Order 
quoting until April 26, 2019.\10\ At this time, the Exchange proposes 
to not offer this functionality on ISE. If the Exchange determines to 
re-introduce

[[Page 10138]]

Complex Order quoting functionality on ISE it will file a new proposal 
with the Commission. The Exchange will issue an Options Trader Alert 
notifying Members that Complex Order quoting functionality will no 
longer be available.
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    \9\ See Securities Exchange Act Release No. 80613 (May 5, 2017), 
82 FR 22022 (May 11, 2017) (SR-ISE-2017-37).
    \10\ See Securities Exchange Act Release No. 83001 (April 5, 
2018), 83 FR 15653 (April 11, 2018) (SR-ISE-2018-29).
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    The Exchange does not believe that there is sufficient demand for 
this offering at this time from Market Makers. At the time this 
functionality was offered prior to the replatform to INET, only twelve 
symbols were available for Complex Order Quoting. The Exchange provided 
notice to Members on two occasions \11\ with respect to delaying the 
Complex Order Quoting functionality. The Exchange did not receive any 
response from Market Makers with respect to the delay in offering this 
functionality. The Exchange has notified Members that it will not offer 
this functionality going forward and once again,\12\ no response was 
received from Market Makers. Further, the Exchange notes that other 
markets that offer complex functionality do not offer complex 
quoting.\13\ Market Makers may utilize orders in lieu of quotes to 
execute Complex Orders.
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    \11\ See Options Traders Alerts 2016-8 and 2016-10 (these prior 
option trade alerts are no longer publically available because the 
content is obsolete. The alerts were also superseded by Options 
Trader Alert 2019-3).
    \12\ See Options Trader Alert 2019-3.
    \13\ Phlx does not offer complex quoting.
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    Prior to the delay in re-introducing the Complex Order quoting 
functionality, ISE's rules permitted Market Makers to enter quotes in 
certain symbols for complex strategies on the Complex Order book in 
their appointed options classes. Market Maker quotes for complex 
strategies were not automatically executed against bids and offers on 
the Exchange for the individual legs nor marked for price 
improvement.\14\ Market Makers were not required to enter quotes on 
ISE's Complex Order book. Quotes for Complex Orders have not been 
subject to any quotation requirements that are applicable to Market 
Maker quotes in the regular market for individual options series or 
classes, nor was any volume executed in Complex Orders taken into 
consideration when determining whether Market Makers met quotation 
obligations applicable to Market Maker quotes in the regular market for 
individual options series.
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    \14\ See Supplementary Material .03 to Rule 722.
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Nasdaq ISE Spread Feed
    The Exchange proposes to amend ISE Rule 718, titled ``Data Feeds 
and Trade Information'' to reflect its current practice. The Exchange 
also proposes a few technical amendments, including adding numbering to 
ISE Rule 718(a)(5) to bring greater clarity to the description and 
deleting a reference to Complex Order quotes. The Exchange proposes to 
add the word ``data'' before ``aggregated'' in the first sentence to 
give more context to the word. With this change, the first sentence 
will provide in part that the ``Nasdaq ISE Spread Feed (``Spread 
Feed'') is a feed that consists of: (1) Options orders for all Complex 
Orders (i.e., spreads, buy-writes, delta neutral strategies, etc.); (2) 
data aggregated at the top five prices levels (BBO) on both the bid and 
offer side of the market; and (3) last trades information.'' The 
Exchange proposes to delete the words ``as well as'' from the first 
sentence because those words are not necessary to convey the 
information in the feed. The Exchange also proposes to add detail to 
the second sentence to reflect its current practice. The second 
sentence as amended will state that, ``The Spread Feed provides 
updates, including prices, side, size, and capacity, for every Complex 
Order placed on the ISE Complex Order book.'' The second sentence is 
reworded to remove the words ``In addition,'' which are no longer 
necessary and replace ``. . . for every time a new Complex Limit Order 
that is not immediately executable at the BBO . . .'' with ``. . . 
every Complex Order placed on the ISE Complex Order book.'' The phrase 
``immediately executable at the BBO'' is not the trigger for the 
update; instead the booking of a Complex Order to the order book is the 
trigger to update the Spread Feed. This proposed new language is more 
accurate with respect to updates. Also, the Exchange is replacing the 
phrase ``Complex Limit Order'' with the broader term ``Complex Order'' 
which more accurately reflects the types of Complex Orders on the ISE 
Spread Feed.\15\ Today, the Nasdaq ISE Spread Feed includes price, 
side, size, and capacity, for every Complex Order. The Exchange 
believes that this proposed language brings greater transparency to 
information contained in the data feed. Adding references to the 
additional information, price, side, size and capacity for every 
Complex Order as well as auction notifications, contained in the ISE 
Spread Feed is consistent with the Act because it will provide market 
participants with clear information as to the type of data available in 
the Spread Feed. By providing the details of the content of the Spread 
Feed, market participants will be better informed as to the type of 
information they may choose to access to obtain information about the 
Order Book and this will in turn promote just and equitable principles 
of trade.
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    \15\ There are circumstances where Complex Market Orders, 
provided for in Rule 722(b)(1), will rest on the Complex Order Book. 
For example a Complex Market Order will remain on the Complex Order 
Book if there is no complex interest available for a complex 
strategy to execute against and the synthetic market for the complex 
strategy is beyond the trade through allowance provided for in 
Supplementary Material .07(a)(1) to ISE Rule 722.
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    The Exchange also is amending the last sentence of the current rule 
text in Rule 718(a)(5). Currently, ISE Rule 718(a)(5) provides, ``The 
Spread Feed shows aggregate bid/ask quote size for Public Customer \16\ 
and Priority Customer \17\ option orders for ISE traded options.'' The 
Exchange proposes to amend this sentence to state, ``The Spread Feed 
shows: (1) Aggregate bid/ask quote size; (2) aggregate bid/ask quote 
size for Professional Customer Orders; and (3) aggregate bid/ask quote 
size for Priority Customer Orders for ISE traded options.'' The 
Exchange is separating out this information to make clear that three 
separate types of information are available: (1) The local quote size 
(BBO) in the aggregate, (2) the local quote size for Professional 
Customer Orders and (3) the local quote size for Priority Customers. 
The Exchange believes that separating out the feed information to 
demonstrate the various pieces of information included in the data feed 
clarifies the description. In addition, the Exchange proposes to 
introduce a new term ``Professional Customer'' to replace the word 
``Public Customer.'' The Exchange proposes to add a new definition for 
the term ``Professional Customer'' at proposed new Rule 100(a)(51A). 
This new term would mean a non-broker/dealer participant who enters at 
least 390 orders per day on average during a calendar month for its own 
beneficial account(s). The concept of a Professional is established on 
ISE,\18\ this new term permits a Professional Customer to be more 
specifically identified within the Rules. The term ``Public Customer'' 
means a person or entity that is not a broker or dealer in 
securities.\19\ The current feed--which refers to the aggregate quote 
sizes for Public Customers and Priority

[[Page 10139]]

Customers--does not make clear that local Professional Customer and 
local Priority Customer quote sizes are separately available. Under the 
current description, it may appear that a quote size with both 
Professional Customer and Priority Customer interest is available along 
with a separate quote size for Priority Customer interest; however this 
is not the case. The more precise new defined term ``Professional 
Customer'' would make clear that manner in which the quote size 
information is segregated. As rewritten, the Exchange is representing 
that there are three separate streams of quote information and the 
``Professional Customer'' and ``Priority Customer'' streams of quote 
information are separated. By adopting the new term ``Professional 
Customer'' the Exchange believes that the quote information being 
offered will be clear. The Exchange is not amending the information 
contained in the Spread Feed, rather these changes are intended to more 
accurately represent the information currently in the Spread Feed. It 
is consistent with the Act to provide clear information about the types 
of aggregated quotes available on the Spread Feed so that market 
participants are able to avail themselves of that information if they 
choose and also to better understand the information that is available 
to other market participants. The Exchange believes that adding this 
detail will add transparency to the data feed and promote just and 
equitable principles of trade.
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    \16\ The term ``Public Customer'' means a person or entity that 
is not a broker or dealer in securities. See Rule 100(a)(52).
    \17\ The term ``Priority Customer'' means a person or entity 
that (i) is not a broker or dealer in securities, and (ii) 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 Rule 
100(a)(49).
    \18\ See Rule 100(a)(51).
    \19\ See note 15 above. The terms Public Customer includes both 
Priority Customers and Professional Customers.
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    Finally, the Exchange is also noting that the feed contains Complex 
Order auction notifications, which adds additional detail to the rule. 
It is consistent with the Act to include auction notifications in the 
feed to allow Members to be aware of ongoing auctions so they have an 
opportunity to participate in the auctions. The Exchange is not 
amending any Spread Feed pricing with this proposal.\20\
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    \20\ The Spread Feed pricing is reflected in Options 7, Section 
10, at I.
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Mini Options
    The Exchange proposes to remove the entire provision related to 
trading Mini Options for Complex Orders in Supplementary Material .06 
\21\ and the provision within .08(i) \22\ to ISE Rule 722 which 
describe the manner in which listed Mini Options are handled for 
purposes of Complex Order trading. Today, while the Exchange's rules 
permit the listing of Mini Options, the Exchange does not list Mini 
Options for trading and has not listed Mini Options in some time. 
Accordingly, ISE proposes to delete the provisions addressing Mini 
Options in Complex Orders. The Exchange proposes to no longer list Mini 
Options for trading because the Exchange believes the demand for this 
product does not exist.\23\ The Exchange would file a proposal to adopt 
rules to list Mini Options if it determines in the future that it 
desires to list these options. Additionally, the Exchange would file 
appropriate trading rules to govern the trading of Mini Options.
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    \21\ Supplementary Material .06 to Rule 722 provides, ``If any 
leg of a complex strategy is a Mini Option contract as provided in 
Supplementary Material .13 to Rule 504, all options legs of such 
complex strategy must also be Mini Option contracts.''
    \22\ Supplementary Material .08(i) to Rule 722 provides, ``The 
minimum contract threshold shall be adjusted for Mini Options by a 
multiple of ten (10) and shall be as follows: (i) each leg of a 
Complex Options Order executed in the Complex Facilitation Mechanism 
must be for 500 or more Mini Option contracts; (ii) each leg of a 
Complex Options Order executed in the Complex Solicited Order 
Mechanism must be for 5,000 or more Mini Option contracts; and (iii) 
each leg of a Complex Qualified Contingent Cross Order must be for 
10,000 or more Mini Option contracts coupled with a contra-side 
order or orders totaling an equal number of Mini Option contracts.''
    \23\ The Exchange will separately file to remove listing and 
other rules associated with Mini Options.
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Reorganization of the Rulebook and Other Technical Amendments
Rule 715
    The Exchange proposes to capitalize the defined term ``system'' 
within Rule 715(u) as explained in the beginning of the proposal.
Rule 716
    The Exchange proposes to retitle Rule 716, currently titled ``Block 
Trades,'' as ``Auction Mechanisms'' because the new title more 
accurately describes the rule text contained in this rule. The Exchange 
proposes to relocate the text of Rule 716(a) within current Rule 716(c) 
and re-letter that Rule as 716(a). The Exchange also proposes to make 
clear that the Block Order Mechanism applies only to single-leg 
transactions and therefore does not apply to Complex Orders. The 
Exchange notes that it offers a Complex Order Exposure auction, which 
is described within Supplementary Material .01 to Rule 722.
    The Exchange proposes to remove the ``(b)'' from Rule 716 so that 
the following text would apply to the entirety of Rule 716 and all 
mechanisms within the rule, including proposed relocated text, ``For 
purposes of this Rule, a ``broadcast message'' means an electronic 
message that is sent by the Exchange to all Members, and a ``Response'' 
means an electronic message that is sent by Members in response to a 
broadcast message.'' This rule text, as written, is being amended so 
that it is clear that the rule text applies to all mechanisms within 
this rule, including the mechanisms proposed to be relocated within the 
rule. In addition, the Exchange proposes to relocate and expand rule 
text within Supplementary Material .04 to Rule 716 \24\ to this 
introductory paragraph so that with the relocation it also would apply 
to the entire rule. The Exchange proposes to provide, ``Also for 
purposes of this rule, the time given to Members to enter Responses for 
any of the below auction mechanisms shall be designated by the Exchange 
via circular, but no less than 100 milliseconds and no more than 1 
second.'' Today, this rule text applies to all mechanisms within the 
rule, the Block Order Mechanism, Facilitation Mechanism and 
Solicitation Mechanism. As amended, the rule text would apply to all 
the relocated mechanisms as well.
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    \24\ Supplementary Material .04 to Rule 716 provides, ``The time 
given to Members to enter Responses under paragraphs (c)(1), (d)(1) 
and (e)(1) shall be designated by the Exchange via circular, but no 
less than 100 milliseconds and no more than 1 second.''
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    The Exchange proposes to amend the Facilitation Mechanism to re-
letter ``(d)'' as ``(b).'' The Exchange proposes to relocate rule text 
related to the Complex Facilitation Mechanism from Supplementary 
Material .08(a) to ISE Rule 722 to Rule 716(c).25 [sic] ISE 
proposes to relocate the Complex Solicited Order Mechanism from 
Supplementary .08(b) to ISE Rule 722 to Rule 716(e). The Exchange notes 
that references to Complex Order quotes were not relocated with the 
rule text as the Exchange proposes to eliminate Complex Order quoting.
    The Exchange also proposes to relocate the paragraph related to 
Limitations on Concurrent Complex Strategy Auctions, currently located 
in Supplementary Material .08(g) of ISE Rule 722, to Rule 716(f). The 
Exchange also proposes to relocate rule text relating to Concurrent 
Complex Order and single leg auctions, currently located Supplementary 
Material .08(h) of ISE Rule 722, to Rule 716(g).
    The Exchange proposes to eliminate Supplementary Material .03, 
which is currently reserved, and .04 to Rule 716, which is being 
relocated as discussed above. The Exchange proposes to amend 
Supplementary Material .05 to Rule 716 to renumber it .03. The Exchange 
proposes to renumber Supplementary Material .06 to Rule 716 as .04. The 
Exchange proposes to eliminate

[[Page 10140]]

references to Supplementary Material .07 and .08 to Rule 716, which are 
currently reserved. The Exchange proposes to renumber Supplementary 
Material .09 to Rule 716 as .07.
Rule 721
    The Exchange proposes to amend Rule 721, Crossing Orders. The 
Exchange proposes to add a title within Rule 721(a), ``Customer Cross 
Orders.'' This will distinguish this paragraph from new proposed Rule 
721(b), titled ``Complex Customer Cross Orders.'' The Exchange notes 
that references to Complex Order quotes were not relocated with the 
rule text, as discussed below, as the Exchange proposes to eliminate 
Complex Order quoting.
    The Exchange proposes to relocate rule text from Supplementary 
Material .08(d) to ISE Rule 722 to proposed Rule 721(b). The Exchange 
proposes to re-letter 721(b) as 721(c) and add a title ``Qualified 
Contingent Cross Orders'' to distinguish it from new proposed Rule 
721(d), which the Exchange proposes to title ``Complex Qualified 
Contingent Cross Orders.'' The Exchange proposes to relocate rule text 
from Supplementary Material .08(e) to ISE Rule 722 to proposed Rule 
721(d). The Exchange proposes to relocate certain rule text regarding 
Qualified Contingent Cross (``QCC'') Orders with Stock from 
Supplementary Material .01 -.03 to ISE Rule 721 to proposed Rule 
721(e)(4)--(6). The Exchange is renumbering current Rule721(c) as 
``(e)'' and adding a new title, ``Qualified Contingent Cross (``QCC'') 
with Stock.'' The Exchange proposes to relocate rule text from 
Supplementary Material .08(f) to ISE Rule 722 to proposed Rule 721(f) 
and add the title ``Complex QCC with Stock Orders.'' The Exchange notes 
that current Supplementary Material .08(f)(4) to ISE Rule 722 cross-
references current Rule 721 at Supplementary Material .01--.03. The 
Exchange notes that it is deleting Supplementary Material .08(f)(4) to 
ISE Rule 722 because its sole purpose is to cross-reference Rule 721 
and this provision is no longer necessary as ISE is relocating the rule 
text to Rule 721.
Rule 722
    The Exchange proposes to delete the introductory text within ISE 
Rule 722, which provides, Stock-Option Orders will not be automatically 
executed against bids and offers on the Exchange for the individual 
legs (``legging'') pursuant to subparagraphs (d)(1) and (d)(3) of Rule 
722 and Supplementary Material .01 and .02 to Rule 722. Stock-Option 
Orders will continue to execute against other Stock-Option Orders in 
the Complex Order Book. The Exchange will recommence legging for Stock-
Option Orders on ISE on or before March 21, 2019. The Exchange will 
issue an Options Trader Alert notifying Members when this functionality 
will be available.
    Only one Complex Order auction pursuant to Supplementary Material 
.01 and Supplementary Material .08(a)-(c) to Rule 722 may be ongoing at 
any given time in a complex strategy. Such Complex Order auctions will 
not queue or overlap in any manner. The Exchange will reject a Complex 
Order auction of the same or different auction type submitted pursuant 
to Supplementary Material .08(a)-(c) to Rule 722 while another Complex 
Order auction is ongoing in that complex strategy. When there is an 
ongoing auction in a complex strategy, a subsequent Complex Order for 
that strategy will not initiate an auction pursuant to Supplementary 
Material .01 to Rule 722 and will be processed as a Complex Order that 
is not marked for price improvement, unless the member requested the 
order to be cancelled after the exposure period, in which case the 
Complex Order will be cancelled back to the member.
    The Exchange proposes herein to not offer legging functionality for 
Stock-Option Orders and therefore the first paragraph describing the 
delay is no longer necessary. The Exchange is proposing herein to 
remove all references to legging functionality for Stock-Option Orders. 
The second paragraph concerning concurrent auctions is no longer 
necessary because the Exchange details this behavior within its current 
rules in the section titled ``Limitations on Concurrent Complex 
Strategy Auctions'' currently located in Supplementary Material .08(g) 
of ISE Rule 722 and proposed to be relocated to Rule 716(f). Also, the 
paragraph titled ``Concurrent Complex Order and single leg auctions'' 
currently located within Supplementary Material .08(h) of ISE Rule 722 
and proposed to be relocated to Rule 716(g), describes this behavior.
    The Exchange proposes to eliminate Rule 722(b)(4) which is 
``reserved'' and renumber the remainder of Rule 722(b). The Exchange 
proposes to amend ISE Rule 722(d) to change certain references, where 
applicable, from ``complex strategies'' to ``Complex Options Orders'' 
to reflect the removal of the legging of Stock-Option Orders. The 
Exchange notes as proposed, the Exchange would no longer offer legging 
functionality for Stock-Option Orders. The terms ``complex strategies'' 
includes Complex Options Strategies, Stock-Option Strategies, and 
Stock-Complex Strategies.\26\ The Exchange proposes to modify portions 
of this rule, described herein, such as Rule 722(d)(2) to make clear 
the type of behavior that applies to Complex Options Orders as compared 
to the type of behavior that applies to Stock Options Orders and Stock 
Complex Orders that no longer would leg as proposed herein. The 
Exchange proposes to add a sentence to this paragraph (d)(2) which 
provides, ``Stock Option Orders and Stock Complex Orders will be 
executed at the best net price available from Complex Order Exposure 
pursuant to Supplementary Material .01 to Rule 722 and executable 
Complex Orders on the Complex Order Book'' to accurately reflect how 
Stock Option Orders and Stock Complex Orders would be executed.
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    \26\ See Rule 722(a)(4).
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    Today, ISE Rule 722(d)(2) sets forth three allocation models which 
may be utilized: (1) 722(d)(2)(i) time priority; (2) 722(d)(2)(ii) 
``pursuant to Nasdaq ISE Rule 713(e) and Supplementary Material .01(a) 
to Nasdaq ISE Rule 713 except that there shall be no participation 
rights for the Primary Market Maker as provided in Supplementary 
Material to Rule 713, paragraph .01(b) and (c)''; and (3) 
722(d)(2)(iii) pro-rata based on size. The allocation method set forth 
in current Rule 722(d)(2)(ii) provides that a Primary Market Maker 
entering Complex Order Quotes is not entitled to the enhanced 
allocation provided for in Rule 713(e) for a Primary Market Maker 
quoting in the single-leg market. As noted herein, unlike the quoting 
obligation applicable to a Primary Market Maker in the single-leg 
market, a Primary Market Maker entering Complex Order Quotes has no 
corresponding quoting obligations. The Exchange proposes to remove the 
rule text contained within ISE Rule 722(d)(2)(ii) as this methodology 
was intended to be put in place if Complex Order Quoting was available 
to Market Makers. With this proposal, the Exchange will no longer offer 
Complex Order Quoting and this method of allocation would become 
obsolete because it would only apply with respect to Market Maker 
allocations in connection with Complex Order quoting. The Exchange also 
proposes to renumber ISE Rule 722(d)(2)(iii) as ``(ii).''
    The Exchange proposes to remove certain rule text within ISE Rule 
722(d)(3). This paragraph of Rule 722(d)(3) addresses a situation when 
there is no executable contra-side

[[Page 10141]]

complex interest on the Complex Order Book at a particular price and 
explains how executable Complex Options Orders legs may be executed 
against bids and offers for the individual options series. The current 
rule text provides, ``and the options leg(s) of executable Stock-Option 
Orders or executable Stock-Complex Orders with up to a maximum number 
of options legs (determined by the Exchange as either two legs, three 
legs or four legs).'' As proposed herein, the Exchange will no longer 
leg Stock-Option Orders, therefore this rule text that is currently 
described within ISE Rule 722(d)(3) would no longer be applicable and 
is proposed to be removed.
    The Exchange proposes to amend Supplementary Material .01(c) Rule 
722 to add a new sentence to describe the manner in which Stock Option 
Orders would be handled since the Exchange would no longer offer 
legging for Stock Option Orders, as proposed. The new sentence would 
provide, ``Notwithstanding the foregoing, Supplementary Material 
.01(c)(ii) shall not be applicable with respect to Stock Option Orders 
and Stock Complex Orders.'' The Exchange notes that Supplementary 
Material .01(c)(ii) to Rule 722 provides, ``At the end of the exposure 
period, if the Complex Order still improves upon the best price for the 
complex strategy on the same side of the market, it is automatically 
executed to the greatest extent possible pursuant to Rule 722(d)(2)-
(3), taking into consideration. . . . bids and offers on the Exchange 
for the individual options series (including interest received during 
the exposure period).'' The Exchange notes that the bids and offers for 
the individual options series would only be taken into account for 
Complex Options Orders and not for Stock Option Orders and Stock 
Complex Orders, which, under the proposal, will no longer leg.
    The Exchange is removing Supplementary Material .03, .04 and .05 to 
ISE Rule 722 as these sections relate to Market Maker quotes, which 
functionality is proposed to be removed with this proposal. The 
Exchange is removing Supplementary Material .06 to ISE Rule 722 as 
described in the section pertaining to Mini Options.
    Supplementary Material .07 to ISE Rule 722 is being relocated to 
new Rule 724 as described in that section. Supplementary Material .08 
to ISE Rule 722 is being relocated to Rules 716, 721 and 723 as 
described in those sections.
    The Trade Value Allowance would be renumbered from Supplementary 
Material .09 to .03 of ISE Rule 722 to account for the removal of 
Supplementary Materials .03 to .08 of Rule 722.
    The Complex Opening Process would be renumbered from Supplementary 
Material .10 to .04 of ISE Rule 722. The Complex Opening Price 
Determination would be renumbered from Supplementary Material .11 to 
.05 of ISE Rule 722. The word ``order'' is being capitalized within 
proposed Supplementary Material .05(d)(1) to ISE Rule 722, currently 
Supplementary Material .11(d)(i) of ISE Rule 722, because it is part of 
the defined term ``Priority Customer Order.'' The Exchange is also 
reformatting the numbering of this rule section to conform it to the 
remainder of the rule.
    The Exchange is amending the uncrossing language within proposed 
Supplementary Material .05(d)(6) of ISE Rule 722, currently 
Supplementary Material .11(d)(vi) of ISE Rule 722, to amend the term 
``complex strategy'' to ``Complex Option Order.'' Supplementary 
Material .10 of Rule 722 states, Complex Opening Process. After each of 
the individual component legs have opened, or reopened following a 
trading halt, Complex Options Strategies will be opened pursuant to the 
Complex Opening Price Determination described in Supplementary Material 
.11 to Rule 722, and Stock-Option Strategies and Stock-Complex 
Strategies will be opened pursuant to the Complex Uncrossing Process 
described in Supplementary Material .12 to Rule 722.
    To further distinguish that the uncrossing language within proposed 
Supplementary Material .05(d)(6) of ISE Rule 722 does not apply to 
Stock-Option Strategies and Stock-Complex Strategies, the Exchange 
proposes to amend the more generic term ``complex strategy'' to replace 
that term with the more specific reference to ``Complex Options 
Orders.''
    The Complex Uncrossing Process would be renumbered from 
Supplementary Material .12 to .06. of ISE Rule 722 . The Exchange 
proposes to amend the term ``Complex Order'' within proposed 
Supplementary Material .06(b)(2) and replace it with the more specific 
defined term ``Complex Options Order'' because this section references 
legging which cannot be accomplished, as proposed herein with Stock 
Option Orders and Stock Complex Orders.
    Finally, the title ``Qualified Contingent Trade Exemption'' is 
being added to Supplementary Material .13 of ISE Rule 722 and 
Supplementary Material .13 is proposed to be renumbered as 
Supplementary Material .07 of ISE Rule 722.
Rule 723
    The Exchange proposes to relocate the text of Supplementary 
Material .08(c) to ISE Rule 722 to proposed Rule 723(e).\27\ The 
Exchange proposes to amend proposed Rule 723(e)(4)(vi) to replace the 
term ``complex strategy'' with ``Complex Order.'' A Complex Price 
Improvement Mechanism in a complex strategy may be ongoing at the same 
time as a Price Improvement Auction pursuant to Rule 723 or during an 
exposure period pursuant to Supplementary Material .02 to Rule 1901 in 
a component leg(s) of such Complex Order. The Exchange is amending the 
term because with this proposal, Stock Option Orders and Stock Complex 
Orders may not leg. Also, the Exchange is amending the last sentence of 
this same paragraph to provide, '' If a Complex Price Improvement 
Mechanism is early terminated pursuant to paragraph (iv) above, and the 
incoming Complex Order that causes the early termination in the complex 
strategy is also marketable against a component leg(s) of the complex 
strategy that is the subject of a concurrent ongoing Price Improvement 
Auction pursuant to Rule 723 or an exposure period pursuant to 
Supplementary Material .02 to Rule 1901, then the concurrent Complex 
Price Improvement Mechanism and component leg auction(s) are processed 
in the following sequence: . . . . and (3) legging of residual incoming 
Complex Order interest occurs, except with respect to Stock Option 
Orders and Stock Complex Orders.'' The Exchange similarly notes that 
this addition is consistent with the proposal to not offer legging for 
Stock Option Orders.
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    \27\ The Exchange notes that references to Complex Order quotes 
were not carried over with the rule text as the Exchange proposes to 
eliminate Complex Order quoting.
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    Supplementary Material .07 to Rule 723 and Supplementary Material 
.09 to Rule 723 are being eliminated as they are reserved. 
Supplementary Material .08 to Rule 723 is being renumbered as .07 and 
Supplementary Material .10 to Rule 723 is being renumbered as .08.
Rule 724
    The Exchange proposes to relocate Supplementary Material .07 to ISE 
Rule 722 to new Rule 724 titled ``Complex Order Risk Protections.'' The 
Exchange proposes to add the following sentence to this rule, ``The 
following are Complex Order risk protections on ISE.'' This will 
distinguish these risk protections from those in Rule 714, which apply 
to single-leg transactions. The Exchange notes that references to 
Complex Order

[[Page 10142]]

quotes were not relocated with the rule text as the Exchange proposes 
to eliminate Complex Order quoting.
    The Exchange proposes to amend proposed new Rule 724(b)(2)(A) to 
amend the term ``Market Order'' to the defined term within Rule 
722(b)(1) ``Market Complex Order'' \28\ as this rule applies to Complex 
Orders. Additionally, as noted in the beginning of this proposal, 
references to Complex Order quotes are being removed. The Exchange 
proposes not to relocate the sentence within Supplementary .07(c)(1) of 
ISE Rule 722 which states, ``This limit order price protection applies 
only to orders and does not apply to quotes.'' There is no need to 
state that the limit order price protection applies only to orders 
since that is the only possibility with the removal of Complex Order 
quoting.
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    \28\ A Market Complex Order is a Complex Order to buy or sell a 
complex strategy that is to be executed at the best price 
obtainable. If not executable upon entry, such orders will rest on 
the Complex Order Book unless designated as fill-or-kill or 
immediate-or-cancel. See ISE Rule 722(b)(1).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\29\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\30\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest for the reasons described below.
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    \29\ 15 U.S.C. 78f(b).
    \30\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

Complex Order Legging Functionality for Stock-Option Orders
    The Exchange's proposal to not offer legging functionality for 
Stock-Option Orders is consistent with the Act because Members can 
continue to submit these orders to the Exchange where they can be 
executed against other Stock-Option Orders on the Complex Order book. 
No Members have notified the Exchange of any impact on execution 
quality as a result of the delayed implementation of legging 
functionality for Stock-Option Orders since the INET replatform, and 
therefore the Exchange does not believe that no longer offering this 
functionality will have a significant impact on market participants.
    The Exchange is not implementing this functionality because the 
Exchange believes that obtaining the stock portion of the order is 
difficult given liquidity concerns. The Exchange believes its concerns 
surrounding historically low fill rates for this type of business model 
warrant the Exchange not offering this functionality, which is 
currently not available on other markets that offer complex 
functionality.\31\ On ISE, when this functionality was offered prior to 
the ISE replatform to INET, the option order would be cancelled if the 
stock could not be obtained from a third party within a certain 
timeframe. The Exchange believes this decision to not offer this 
functionality promotes just and equitable principles of trade, to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system because the Exchange has concerns 
with liquidity and historically low fill rates in offering legging 
functionality for Stock-Option Orders.
---------------------------------------------------------------------------

    \31\ Phlx does not offer legging functionality for stock-option 
orders.
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Complex Order Quoting
    The Exchange's proposal to not offer Complex Order quoting on ISE 
is consistent with the Act because even though the Complex Order 
quoting functionality will not be available, Market Makers will still 
be able to submit Complex Orders. The Exchange has not experienced any 
impact with respect to execution quality in the time since the INET 
replatform. The Exchange notes that Phlx does not offer Complex Order 
quoting functionality.\32\
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    \32\ See Phlx Rule 1098.
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    The Exchange does not believe that there is sufficient demand for 
this offering at this time from Market Makers. Members may utilize 
orders in lieu of quotes to execute Complex Orders and therefore not 
offering Complex Order quoting functionality does not create an 
impediment to a free and open market and a national market system.
Nasdaq ISE Spread Feed
    The Exchange's proposal to add more specificity to the Nasdaq ISE 
Spread Feed in Rule 718(a)(5) will bring greater transparency to the 
data feed. The Exchange proposes to amend ISE Rule 718, titled ``Data 
Feeds and Trade Information'' to reflect its current practice. The 
technical amendments will add context to the rule. Adding references to 
the additional information, price, side, size and capacity for every 
Complex Order as well as auction notifications, contained in ISE Spread 
Feed is consistent with the Act because it will provide market 
participants with clear information as to the type of data available in 
the Spread Feed. By providing the details of the content of the Spread 
Feed, market participants will be better informed as to the type of 
information they may choose to access to obtain information about the 
Order Book and this will in turn promote just and equitable principles 
of trade.
    Separating out the various types of information available and 
replacing the word ``Public Customer'' with the more precise new 
defined term ``Professional Customer'' will bring greater transparency 
to the rule. The Exchange's proposal to introduce the term 
``Professional Customer'' and define that term to make clear that the 
current feed contains segregated local Professional Customer and 
segregated local Priority Customer quote sizes separately available is 
consistent with the Act. The Spread Feed is not being amended, rather 
the rule text is being amended to make clear what information is being 
disseminated over the feed. The information being received does contain 
separate data for Professional Customers and Priority Customers. By 
amending the rule text and making clear what specific data is contained 
in the Spread Feed the Exchange believes that it would promote just and 
equitable principles of trade, to [sic] remove impediments to and 
perfect the mechanism of a free and open market because market 
participant would have a better understanding of the data contained in 
the Spread Feed. It is consistent with the Act to provide clear 
information about the types of aggregated quotes available on the 
Spread Feed so that market participants are able to avail themselves of 
that information if they choose to receive the date feed, better 
understand the information that they are currently receiving on the 
date feed and also understand the information that is available to 
other market participants. The Exchange believes that adding this 
detail will add transparency to the data feed and promote just and 
equitable principles of trade.
Mini Options
    The Exchange's proposal to remove language related to trading Mini 
Options in Supplementary Material .06 and .08(i) to ISE Rule 722 is 
consistent with the Act because it will avoid confusion since the 
Exchange no longer lists Mini Options for trading. The demand for this 
product has diminished and the Exchange will separately remove listing 
rules related to this product. The Exchange notes it has not listed 
Mini Option in some time. Removing this rule text will bring greater 
transparency to the Exchange's Rulebook.

[[Page 10143]]

Reorganization of the Rulebook and Other Technical Amendments
    The Exchange's proposal to relocate various provisions is 
consistent with the Act because the reorganization is intended to bring 
greater transparency and ease of reference to the ISE Rulebook. Also, 
making technical non-substantive amendments to capitalize terms and 
amend cross-references will also bring greater clarity and transparency 
to the ISE Rulebook.

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 Exchange does not believe 
that the proposed rule change will impact the intense competition that 
exists in the options market.
Complex Order Legging Functionality for Stock-Option Orders
    The Exchange does not believe that its proposal to not offer 
legging for Stock-Option Orders will impose an undue burden on intra-
market competition because legging for Stock-Option Orders will not be 
available uniformly to any Member on ISE. Similarly, the Exchange does 
not believe that the proposal to not offer legging for Stock-Option 
Orders will impose any significant burden on inter-market competition 
as it does not impact the ability of other markets to offer or not 
offer competing functionality.
Complex Order Quoting
    The Exchange does not believe that its proposal to not offer 
Complex Order quoting will impose an undue burden on intra-market 
competition because all Members uniformly will not be able to submit 
Market Maker quotes in the complex order book. All Members will be able 
to continue to submit Complex Orders on ISE. Similarly, the Exchange 
does not believe that the proposal will impose any significant burden 
on inter-market competition as it does not impact the ability of other 
markets to offer such quoting functionality.
Nasdaq ISE Spread Feed
    The Exchange's proposal to add more specificity to the Nasdaq ISE 
Spread Feed in Rule 718(a)(5) will bring greater transparency to the 
data feed. The Exchange's proposal does not impose an undue burden on 
inter-market competition because today other options exchanges that 
offer complex orders offer similar data. The Exchange's proposal would 
not impose a burden on intra-market competition because adding 
references to the additional information, price, side, size and 
capacity for every Complex Order as well as auction notifications will 
provide all Members with clear information as to the type of data 
available in the Spread Feed. By providing the details of the content 
of the Spread Feed, Members will be better informed as to the type of 
information they may choose to access to obtain information about the 
Order Book.
    The Exchange's proposal to separate the various types of 
information available and replace the word ``Public Customer'' with the 
more precise new defined term ``Professional Customer'' will bring 
greater transparency to the rule. The Exchange's proposal to introduce 
the term ``Professional Customer'' and define that term to make clear 
that the current feed contains segregated local Professional Customer 
and segregated local Priority Customer quote sizes separately available 
will make clear what specific data is contained in the Spread Feed. 
Members would have a better understanding of the data that is available 
in the Spread Feed. The revised rule text will provide information 
about the types of aggregated quotes available on the Spread Feed so 
that Members may better understand the information that they may 
currently obtain on the feed.
Mini Options
    The Exchange's proposal to remove language related to trading Mini 
Options in Supplementary Material .06 and .08(i) to ISE Rule 722 will 
not impose an undue burden on inter-market competition as the Exchange 
no longer lists these types of options for trading and has no plans for 
listing them in the future. Other markets may continue to list mini 
options pursuant to their own trading rules. The Exchange's proposal 
does not impose an undue burden on intra-market competition because no 
ISE Member will be able to transact mini options.
Reorganization of the Rulebook and Other Technical Amendments
    The Exchange's proposal to relocate various rules with similar 
topics and create new rules with the text will not impose an undue 
burden on intra-market or inter-market competition because the 
reorganization is intended to bring greater transparency and ease of 
reference to the ISE Rulebook. Also, making technical non-substantive 
amendments to capitalize terms and amend cross-references will also 
bring greater clarity and transparency to the ISE Rulebook.

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 \33\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\34\
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    \33\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \34\ 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.
---------------------------------------------------------------------------

    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-ISE-2019-05 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-ISE-2019-05. This file

[[Page 10144]]

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 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 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. 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-ISE-2019-05, and should be submitted on 
or before April 9, 2019.
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    \35\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\35\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-05092 Filed 3-18-19; 8:45 am]
BILLING CODE 8011-01-P


