[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)]
[Notices]
[Pages 46135-46139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16725]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78286; File No. SR-BX-2016-032]
Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
Automated Removal of Quotes
July 11, 2016.
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 July 1, 2016, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II 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 amend Chapter VII, Section 6(f), entitled
``Automated Removal of Quotes.''
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxbx.cchwallstreet.com/, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend BX Rules at Chapter VII, Section
6(f), entitled ``Automated Removal of Quotes'' to modify the minimum
Specified Percentage (as described below). A BX Options Market Maker
\3\ sets the Specified Percentage to enhance its risk management for an
underlying security as market conditions warrant, based on its own risk
tolerance level and quoting behavior. The Exchange proposes to permit
the BX Options Market Maker to set the Specified Percentage more
broadly, no less than 1%, with this rule change. The Exchange also
proposes to replace the definition of ``disseminated size'' \4\ with a
quantitative description to add transparency with respect to the
calculation of Series Percentage.
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\3\ The term ``BX Options Market Maker'' or ``Options Market
Maker'' (herein ``BX Options Market Maker'') means an Options
Participant registered with the Exchange for the purpose of making
markets in options contracts traded on the Exchange and that is
vested with the rights and responsibilities specified in Chapter VII
of these Rules.'' [sic] See BX Rules at Chapter I, Section 1(a)(9).
\4\ See Securities Exchange Act Release No. 76317 (October 30,
2015), 80 FR 68586 at 68587 (November 5, 2015) (SR-BX-2015-060). The
Exchange defined disseminated size in this rule change in footnote
12, as the original size quoted by the Participant.
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Background
Today, Chapter VII, Section 6(f) permits BX Options Market Makers
to monitor risk arising from multiple executions across multiple
options series of a single underlying security. A BX Options Market
Maker may provide a specified time period and a specified percentage by
which the Exchange's System will automatically remove a BX Options
Market Maker's quotes in all series of an underlying security submitted
through designated BX protocols, as specified by the Exchange, during a
specified time period not to exceed 15 seconds (``Percentage-Based
Specified Time Period'').\5\
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\5\ A specified time period commences for an option when a
transaction occurs in any series in such option.
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For each series in an option, the System determines: (i) The
percentage that the number of contracts executed in that series
represents relative to the BX Options Market Maker's disseminated size
of each side in that series (``Series Percentage''); and (ii) the sum
of the Series Percentage in the option issue (``Issue Percentage'').
The Exchange proposes herein to replace the term ``disseminated size''
with the more precise phrase ``number of contracts available at the
time of execution plus the number of contracts executed in unexpired
prior executions.''
The System tracks and calculates the net impact of positions in the
same option issue during the Percentage-Based Specified Time Period.
Specifically, the System tracks transactions, i.e., the sum of buy-side
put percentages, the sum of sell-side put percentages, the sum of buy-
side call percentages, and the sum of sell-side call percentages. The
System then calculates the absolute value of the difference between the
buy-side puts and the sell-side puts plus the absolute value of the
difference between the buy-side calls and the sell-side calls. If the
Issue Percentage, rounded to the nearest integer, equals or exceeds a
percentage established by the BX Options Market Maker, not less than
100% (``Specified Percentage''), the System automatically removes a BX
Options Market Maker's quotes in all series of an underlying security
submitted through designated BX protocols, as specified by the
Exchange, during the Percentage-Based Specified Time.
The Percentage-Based Specified Time Period commences for an option
every time an execution occurs in any series in such option and
continues until the System removes quotes as described in Chapter VII,
Section 6(f)(iv) or (v) or the Percentage-Based Specified Time Period
expires. The Percentage-Based Specified Time Period operates on a
rolling basis among all series in an option in that there may be
multiple Percentage-Based Specified Time Periods occurring
simultaneously and such Percentage-Based Specified Time periods may
overlap.
Proposal
The Exchange proposes to lower the minimum Specified Percentage,
which
[[Page 46136]]
is set by the BX Options Market Maker, from 100% to 1%. The proposal
would amend the rule text to state, if the Issue Percentage, rounded to
the nearest integer, equals or exceeds a percentage established by the
BX Options Market Maker, not less than 1% (``Specified Percentage''),
the System automatically removes a BX Options Market Maker's quotes in
all series of an underlying security submitted through designated BX
protocols, as specified by the Exchange, during the Percentage-Based
Specified Time. This proposal would allow a BX Options Market Maker to
establish a Specified Percentage at any percentage level greater than
or equal to 1% for an option in which the BX Options Market Maker is
appointed. Today, the Specified Percentage would be set by the BX
Options Market Maker at greater than or equal to 100%. This amendment
will allow BX Options Market Makers to better manage their risk and
assist them to avoid trading a number of contracts that exceeds the BX
Options Marker Maker's risk tolerance level across multiple series of a
single underlying when such series are executed in rapid succession.
BX Options Market Makers will be able to more precisely customize
their risk settings within the System. BX Options Market Makers will be
able to consider factors such as present and anticipated market
conditions, news in an option, and a sudden change in volatility of an
option. BX Options Market Makers are required to utilize either the
Percentage Based Threshold or the Volume Based Threshold. BX Options
Market Makers that select to utilize the Percentage-Based Threshold
will be able to adopt more precise controls with this proposal based on
the BX Options Market Maker's risk tolerance level. BX Options Market
Makers must utilize either the Percentage-Based \6\ or Volume-Based
risk controls. BX Options Market Makers may contact Market Operations
to set their percentage, which is 1% or greater with this proposal, and
specified time period.
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\6\ BX Options Market Makers selecting the Percentage-Based risk
control in Rule 1095(i) [sic] are required to provide a specified
time period, up to 15 seconds, and a specified percentage with a
number of 1% or greater, as proposed herein, to the BX Market
Operations staff to select this risk control. If a BX Options Market
Maker does not desire to utilize the Percentage-Based risk control
the BX Options Market Maker must utilize the Volume-Based risk
control which is similarly set-up by contacting Market Operations
and providing certain settings.
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By way of example, if a BX Options Market Maker has set the
percentage setting to 50% and a Specified Time Period of 15 seconds and
the Order Book reflects:
MM1 has a displayed quote of 1.10 (100) x 1.20 (100) for IBM May
20, 2016 70 puts and MM1 is the only displayed size on BX and an order
is submitted to buy 75 IBM May 20, 2016 70 Puts for 1.20.
Chapter VII, Section 6(f) would cause the following:
(1) Provide MM1 with an execution --Sld [sic] 75 @ 1.20; and
(2) Trigger the Percentage-Based Threshold and remove MM1's quotes
in IBM.
Another example is with multiple executions. Presume the following:
MM1 has set the percentage setting to 80% by 5 seconds and MM1 has
a displayed quote of 2.00 (100) x 2.25 (100) for IBM May 20, 2016 70
puts and he is the only displayed size on the BX. Also, presume an
order comes in to buy 50 IBM May 20, 2016 70 puts for 2.25.
Chapter VII, Section 6(f) would cause the following:
(1) Provide MM1 with an execution--Sold 50 @ 2.25;
(2) Update MMI [sic] quote to 2.00 (100) x 2.25 (50);
(3) Within 1 second an order comes in to buy 45 IBM May 20, 2016 70
puts for 2.25;
(4) Provide MM1 with an execution--Sold 45 @ 2.25; and
(5) Trigger the Percentage-Based Threshold and remove MM1's quotes
in IBM.
The Exchange also proposes to replace the term ``disseminated
size'' with a quantitative description to add transparency with respect
to the calculation of Series Percentage. The language proposed amends
the original definition of disseminated size. With respect to the
disseminated size, the Exchange previously defined disseminated size as
``. . . the original size quoted by the Participant.'' \7\
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\7\ See note 4 above.
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The Exchange proposes to amend the definition as follows: ``For
each series in an option, the System will determine: (i) The percentage
that the number of contracts executed in that series represents
relative to the number of contracts available at the time of execution
plus the number of contracts executed in unexpired prior executions of
each side in that series (``Series Percentage''); and (ii) the sum of
the Series Percentage in the option issue (``Issue Percentage'').'' The
Exchange counts Specialized Quote Feed (``SQF'') \8\ quotes in
determining the number of contracts traded and removed by the System.
SQF permits a two-sided quote for each BX Options Market Maker.
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\8\ SQF permits the receipt of quotes. SQF Auction Responses and
market sweeps are also not included.
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By way of example, with the proposed definition, if a BX Options
Market Maker with a Percentage-Based Specified Time Period of 10
seconds and a Specified Percentage of 100% submits a quote over SQF of
1.00 (100) x 1.10 (100) and a buy order executes 75, the remaining size
would be 1.00 (100) x 1.10 (25). Thereafter a new Percentage-Based
Specified Time Period begins and current Series Percentage executed is
75 and three seconds pass and the BX Options Market Maker re-quotes
1.00 (100) x 1.10 (100), an incoming buy order of 43 would cause the
Issue Percentage to meet the Percentage-Based Threshold. This is due to
a counted size of 175 (the executed 75 plus the newly quoted 100) and
rounding (0.75 + 43/175 = 0.9957 rounds up to 100%). If the former
definition applied, the size would have been 100 and an execution of
only 25 contracts on the same side would have caused the Issue
Percentage to meet the Percentage-Based Threshold, which is not the
case. In other words, the current SQF quote on that side for that
series (for that BX Options Market Maker) in addition to all the
executions that have occurred on that side for that series (for that BX
Options Market Maker) within the Percentage-Based Specified Time Period
would comprise the size.
This new definition accurately represents the manner in which the
Issue Percentage is calculated. Also, the more precise language within
the rule text will provide BX Options Market Makers with a more
accurate description of the operation of this risk mechanism. The
Exchange has always calculated the BX Options Market Maker's size in
this fashion. The definition, as described in the prior rule change,
was not accurate and the Exchange seeks to amend the definition with
this proposal and memorialize the definition within the rule.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \9\ in general, and furthers the objectives of Section
6(b)(5) of the Act \10\ 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, by
[[Page 46137]]
offering BX Options Market Makers the ability to better manage their
own risk with this risk feature.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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BX Options Market Makers are obligated to submit continuous two-
sided quotations in a certain number of series in their appointed
option classes for a certain percentage of each trading session.\11\
This obligation renders them vulnerable to risk from unusual market
condition, volatility in specific options, and other market events that
may cause them to receive multiple, extremely rapid automatic
executions before they can adjust their quotations and overall risk
exposure in the market. Without adequate risk management tools in place
on the Exchange, the incentive for BX Options Market Makers to quote
aggressively, respecting both price and size could be diminished. Such
a result may undermine the quality of the markets, which are enhanced
by the depth and liquidity such Market Makers provide in the
marketplace.
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\11\ Pursuant to BX Rules at Chapter VII, Section 5, entitled
``Obligations of Market Makers'', in registering as a market maker,
an Options Participant commits himself to various obligations.
Transactions of a BX Options Market Maker must constitute a course
of dealings reasonably calculated to contribute to the maintenance
of a fair and orderly market, and Market Makers should not make bids
or offers or enter into transactions that are inconsistent with such
course of dealings. Further, all Market Makers are designated as
specialists on BX for all purposes under the Act or rules
thereunder. See Chapter VII, Section 5.
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By allowing the Specified Percentage provided by the BX Options
Market Maker to be reduced from 100% to 1%, the Exchange provides its
BX Options Market Makers the desired flexibility to take into account
such factors as present and anticipated market conditions, news in an
option or sudden change in volatility of an option without any
limitation regarding the Specified Percentage. This should encourage BX
Options Market Makers to provide additional depth and liquidity to the
Exchange's markets, thereby removing impediments to and perfecting the
mechanisms of a free and open market and a national market system and,
in general, protecting investors and the public interest.
The proposal is consistent with the Act because the reduction of
the Specified Percentage to not less than 1% provides more alternatives
to BX Options Market Makers in setting their percentage without
impacting their firm quote obligations. The System operates
consistently with the firm quote obligations of a broker-dealer
pursuant to Rule 602 of Regulation NMS. Specifically, with respect to
BX Options Market Makers, their obligation to provide continuous two-
sided quotes on a daily basis is not diminished by the removal of such
quotes by the Percentage-Based Threshold. BX Options Market Makers are
required to provide continuous two-sided quotes on a daily basis.\12\
BX Options Market Makers that utilize the Percentage-Based Threshold
will not be relieved of the obligation to provide continuous two-sided
quotes on a daily basis, nor will the change prohibit the Exchange from
taking disciplinary action against a BX Options Market Maker for
failing to meet the continuous quoting obligation each trading day. All
quotes entered into the System are considered firm. Quotes will only be
removed from the System once the Percentage-Based Threshold has been
met if the quote was not otherwise executed by an incoming order.
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\12\ Id.
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This risk feature will continue to remove impediments to and
perfect the mechanism of a free and open market and a national market
system and protect investors and the public interest by allowing BX
Options Market Makers to remove their quotes in the event that market
conditions warrant, based on their own risk tolerance level. BX Options
Market Makers provide liquidity to the market place and have
obligations unlike other market participants.\13\ This risk feature is
important because it will enable BX Options Market Makers to manage
their exposure at the Exchange. Further, permitting BX Options Market
Makers to enter a broader setting would continue to allow BX Options
Market Makers to have flexibility in setting their risk exposure to
prevent unintended triggers of the Percentage-Based Threshold. This
proposal continues to allow BX Options Market Makers to also select a
Percentage-Based Specified Time Period. Each BX Options Market Maker
has different levels of sensitivity and its own system safeguards as
well. The proposed setting would permit each BX Options Market Maker to
select a setting that is appropriate to capture the needs of that BX
Options Market Maker.
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\13\ Id.
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Further, it is important to note that any interest that is
executable against a BX Options Market Maker's quotes and orders that
are received \14\ by the Exchange prior to the trigger of the
Percentage-Based Threshold, which is processed by the System,
automatically executes at a price up to the BX Options Market Maker's
size. The system-generated Purge Notification Message is accepted by
the System in the order of receipt in the queue and is processed in
that order so that interest that is already accepted into the System is
processed prior to the message. Incoming orders received prior to the
Purge Notification Message would not be cancelled, rather they be [sic]
executed at a price up to the BX Options Market Maker's size.
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\14\ The time of receipt for an order or quote is the time such
message is processed by the Exchange book.
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The Exchange notes that Miami International Securities Exchange,
LLC (``MIAX'') implemented a rule that changed its Allowable Engagement
Percentage from a minimum of 100% to any percentage established by the
Market Maker.\15\ The BX rule is similar to MIAX's in that a member is
required to have a setting, although MIAX has a default setting in
place in the instance that no percentage is provided. BX Options Market
Makers that select the Percentage-Based risk tool must provide the
Exchange with a Percentage-Based Specified Time Period and a Specified
Percentage greater than or equal to 1%.
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\15\ See Securities Exchange Act Release No. 77817 (May 12,
2016), 81 FR 31286 (May 18, 2016) (SR-MIAX-2016-10).
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Amending the definition of disseminated size will provide market
participants with greater information on the manner in which the
Exchange computes the Issue Percentage. The Exchange believes that the
manner in which the Exchange calculates the number of contracts, which
are counted for the Issue Percentage, is consistent with the Act. The
counting method permits the Exchange to update the reference number to
include the executed contracts. While this method differs from the
method previously described, the Exchange believes that there is no
industry standard for counting and its method permits market
participants to achieve the desired risk protection. With the proposed
definition, each execution uses the Percentage-Based Specified Time
Period that existed at the time of the execution. BX Options Market
Makers can change the Percentage-Based Specified Time Period at any
time. If a BX Options Market Maker is using a Percentage-Based
Specified Time Period of 15 seconds when an execution happens, then
changes the Percentage-Based Specified Time Period to half a second,
that first execution will not expire until 15 seconds have passed. The
selected Percentage-Based Specified Time Period will persist for 15
seconds and the number of executed contracts will be included in the
denominator of subsequent executions for a full 15 seconds.
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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 Percentage-Based Threshold
is intended to protect BX Options Market Makers from exposure to
excessive risk. The Exchange believes this proposal will foster
competition by providing BX Options Market Makers with the ability to
enhance and customize their percentage in order to compete for
executions and order flow. Specifically, the proposal does not impose a
burden on intra-market or inter-market competition; rather, it provides
BX Options Market Makers with the opportunity to avail themselves of
similar risk tools, which are currently available on other
exchanges.\16\ BX Options Market Makers quote across many series in an
option creating the possibility of ``rapid fire'' executions that can
create large, unintended principal positions that expose BX Options
Market Makers. The Percentage-Based Threshold permits BX Options Market
Makers to monitor risk arising from multiple executions across multiple
options series of a single underlying security.
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\16\ See Section 8 of the 19b4.
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The Exchange is proposing this rule change to continue to permit BX
Options Market Makers to reduce their risk in the event the BX Options
Market Maker is suffering from a system issue or due to the occurrence
of unusual or unexpected market activity. Reducing such risk will
enable BX Options Market Makers to enter quotations without any fear of
inadvertent exposure to excessive risk, which in turn will benefit
investors through increased liquidity for the execution of their
orders. Reducing risk by utilizing the proposed risk protections
enables BX Options Market Makers, specifically, to enter quotations
with larger size, which in turn will benefit investors through
increased liquidity for the execution of their orders. Such increased
liquidity benefits investors because they receive better prices and
because it lowers volatility in the options market.
The Exchange believes that amending the definition of disseminated
size does not create an undue burden on competition because the
Exchange will uniformly calculate the Percentage-Based Threshold in a
uniform manner for all BX Options Market Makers. The Exchange is
memorializing the definition within the Rule.
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) of the Act \17\ and Rule 19b-
4(f)(6) thereunder.\18\ The Exchange has requested that the Commission
waive the thirty-day operative delay so that the proposal may become
operative immediately. The Commission believes that waiving the thirty-
day operative delay is consistent with the protection of investors and
the public interest. The Exchange proposes to change a setting in an
existing risk protection feature to enhance market makers' ability to
protect against excessive risk arising from multiple executions across
multiple options series of a single underlying security. The Commission
notes that another options exchange currently has a similar setting for
a like risk protection feature for market makers. Moreover, the
Commission notes that the proposal to replace the term ``disseminated
size'' with an accurate and more precise description would add
transparency with respect to the operation of the risk protection
feature. Therefore, the Commission hereby waives the thirty-day
operative delay and designates the proposal operative upon filing.\19\
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 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, along
with a brief description and the text of 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.
\19\ For purposes of waiving the 30-day operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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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 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 change 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 [email protected]. Please include
File Number SR-BX-2016-032 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-BX-2016-032. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; 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-BX-2016-032 and should be
submitted on or before August 5, 2016.
[[Page 46139]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-16725 Filed 7-14-16; 8:45 am]
BILLING CODE 8011-01-P