82 FR 48865 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Assess Fees for Specialized Quote Feed and SQF Purge Ports
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 202 (October 20, 2017)
Federal Register Volume 82, Issue 202 (October 20, 2017)
| Page Range | 48865-48867 | |
| FR Document | 2017-22757 |
[Federal Register Volume 82, Number 202 (Friday, October 20, 2017)] [Notices] [Pages 48865-48867] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22757] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81882; File No. SR-ISE-2017-87] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Assess Fees for Specialized Quote Feed and SQF Purge Ports October 16, 2017. 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 October 2, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to proposal to amend its Schedule of Fees, as described further below. The text of the proposed rule change is available on the Exchange's Web site at www.ise.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 is proposing to amend its Schedule of Fees to assess fees for Specialized Quote Feed (``SQF'') \3\ and SQF Purge \4\ Ports that Market Makers \5\ utilize to connect to the Exchange. The Exchange recently completed the migration of the Exchange's T7 trading [[Page 48866]] system to the Nasdaq INET architecture.\6\ This technology re-platform included the adoption of new connectivity options, including SQF and SQF Purge Ports,\7\ which are the same as the connectivity options currently used to connect to the Exchange's affiliates, including Nasdaq GEMX (``GEMX''), Nasdaq Options Market (``NOM''), Nasdaq BX (``BX''), and Nasdaq Phlx (``Phlx'').\8\ During the migration period, Market Makers had to use both old application programming interface (``API'') sessions (``old API Ports'') and new SQF Ports to connect to the Exchange.\9\ To help its members transition through the migration period, the Exchange filed a fee proposal regarding the old API Ports and the new SQF Ports.\10\ As part of that filing, the Exchange added the following language in Section V of the Schedule of Fees in order to avoid double charging Market Makers who were using both the old and new connectivity options to access the Exchange while also allowing the Exchange to recoup the costs of supporting its architecture (``migration accommodation language''): --------------------------------------------------------------------------- \3\ SQF is an interface that allows market makers to connect and send quotes, sweeps and auction responses into the Exchange. Data includes the following: (1) Options Auction Notifications (e.g., opening imbalance, Flash, PIM, Solicitation and Facilitation or other information); (2) Options Symbol Directory Messages; (3) System Event Messages (e.g., start of messages, start of system hours, start of quoting, start of opening); (4) Option Trading Action Messages (e.g., halts, resumes); (5) Execution Messages; (6) Quote Messages (quote/sweep messages, risk protection triggers or purge notifications). \4\ SQF Purge is a specific port for the SQF interface that only receives and notifies of purge requests from the market maker. \5\ The term ``Market Makers'' refers to ``Competitive Market Makers'' and ``Primary Market Makers'' collectively. See ISE Rule 100(a)(25). \6\ See Securities Exchange Act Release No. 80432 (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03). \7\ When the Exchange adopted these new ports, it initially did not assess any fees so that members would not be double charged for connectivity to the old Exchange architecture and the new Nasdaq INET architecture. See Securities Exchange Act Release No. 81095 (July 7, 2017), 82 FR 32409 (July 13, 2017) (SR-ISE-2017-62). \8\ See GEMX Schedule of Fees, IV. Access Services, Port Fees, 3. Ports; NOM Rules, Chapter XV Options Pricing, Sec. 3 NOM--Ports and other Services; BX Rules, Chapter XV Options Pricing, Sec. 3 BX--Ports and other Services; and Phlx Pricing Schedule, VII. Other Member Fees, B. Port Fees. \9\ The Exchange migrated on a symbol by symbol basis thereby requiring the use of both the old API Ports on T7 and the new SQF Ports on INET for a period of time. \10\ See Securities Exchange Act Release No. 81213 (July 26, 2017), 82 FR 35855 (August 1, 2017) (SR-ISE-2017-73) (hereinafter ``Prior SQF Filing''). --------------------------------------------------------------------------- (1) In Section V.D of the Schedule of Fees, it is currently noted for the monthly $1,000 SQF Port Fee that: ``A Market Maker who was not subject to the API Session Fee in Section V.C.1 prior to July 3, 2017 will be assessed the above SQF Port Fee from July 3, 2017 through September 29, 2017. This SQF Port Fee will not apply to Market Makers that are subject to the Fixed Fee in Section V.E.'' (2) Section V.E of the Schedule of Fees presently reads: ``Market Makers that are subject to the API Session Fee in Section V.C.1 as of July 3, 2017 will be subject a monthly fixed fee that reflects the average of API Session Fees assessed to that Market Maker for the months of March, April, and May 2017 (``Fixed Fee'') in lieu of the API Session Fee. This Fixed Fee will be assessed to these Market Makers from July 3, 2017 through September 29, 2017, and applies both to API sessions and SQF ports used to connect to Nasdaq ISE. The Fixed Fee will be charged for all of the API sessions and SQF ports used in a given month during this time period, not per port.'' As discussed above, the Exchange completed its migration to INET, and the old API Ports have accordingly been eliminated and only the new SQF Ports are being utilized. As such, these instances of the migration accommodation language are no longer needed and are therefore being deleted. The Exchange also seeks to amend Section V.D of the Schedule of Fees to increase the monthly $1,000 SQF Port Fee to $1,100 per SQF Port and to begin assessing a monthly $1,100 SQF Purge Port Fee per SQF Purge Port. The proposed SQF and SQF Purge Port Fees will apply to all Market Makers. The Exchange believes that its pricing remains competitive. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\11\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- As discussed above, the Exchange added the migration accommodation language and the associated Fixed Fee and $1,000 SQF Port Fee in Section V of the Schedule of Fees in order to avoid double charging members while also allowing the Exchange to recoup the costs of supporting its architecture. At the time these fees were put into place, the Exchange recognized that there may not be a one-to-one relationship between the number of the old API Ports and the new SQF Ports needed to connect to the Exchange due to the different infrastructure of the two trading systems.\13\ The Exchange expected, however, that the quoting needs and other trading activity of Market Makers would remain relatively constant throughout the migration and across the two platforms.\14\ As such, the Exchange stated that it would use the time period between July 3, 2017 and September 29, 2017 to monitor the manner in which all Market Makers connect to the new INET trading system, and would reassess whether the related fees assessed to Market Makers were adequate and reasonable.\15\ During this three-month time frame, the Exchange has looked at the manner in which all Market Makers connect to INET to determine the proposed $1,100 SQF and SQF Purge Port Fees, and believes that these fees are adequate and reasonable in light of how all Market Makers use these ports to access the Exchange. Furthermore, the Exchange believes that assessing all Market Makers the proposed fees is reasonable because members no longer have connectivity to the old Exchange architecture (and therefore no longer need to maintain two sets of ports), and are using only the new SQF Ports to connect to the Exchange. --------------------------------------------------------------------------- \13\ See Prior SQF Filing at 35856. \14\ Id. \15\ Id. at 35858. --------------------------------------------------------------------------- In addition, the Exchange believes that the proposed SQF and SQF Purge Port Fees of $1,100 per port, per month are reasonable because they are in line with the fees assessed by other exchanges. For example, GEMX assesses a fee of $1,250 per port, per month for SQF and SQF Purge Ports today.\16\ The Exchange also notes that Bats BZX Exchange, Inc. (``Bats BZX'') assesses a $1,500 fee to its market makers for Ports with Bulk Quoting Capabilities.\17\ --------------------------------------------------------------------------- \16\ See GEMX Schedule of Fees, IV. Access Services, Port Fees, 3. Ports. \17\ See Bats BZX Fee Schedule at: https://www.bats.com/us/options/membership/fee_schedule/bzx/. --------------------------------------------------------------------------- The Exchange also believes that the proposed fees are an equitable allocation and not unfairly discriminatory because the Exchange will apply these fees uniformly to all similarly situated members. The Exchange believes that deleting the migration accommodation language from Section V of the Schedule of Fees is reasonable, equitable and not unfairly discriminatory because the migration is now completed and the migration accommodation language is therefore no longer needed. Deleting outdated rule text will bring greater clarity to the Exchange's Schedule of Fees. 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. As explained above, the proposed SQF and SQF Purge Port Fees are assessed uniformly to all Market Makers at a rate that is [[Page 48867]] representative of their typical usage of the new ports. Moreover, the proposed fees are in line with the fees assessed by other exchanges for the same or similar connectivity. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In sum, if the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed fee changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\18\ At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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 CommentsUse 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-ISE-2017-87 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2017-87. 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-ISE-2017-87 and should be submitted on or before November 13, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-22757 Filed 10-19-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 / Notices 48865
assets in illiquid assets (calculated at constitute continued listing 2, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or
the time of investment). requirements for the Fund. The issuer ‘‘Exchange’’) filed with the Securities
(7) A minimum of 100,000 Shares for has represented to the Exchange that it and Exchange Commission (‘‘SEC’’ or
the Fund will be outstanding at the will advise the Exchange of any failure ‘‘Commission’’) the proposed rule
commencement of trading on the by the Fund to comply with the change as described in Items I, II, and
Exchange. continued listing requirements, and, III, below, which Items have been
(8) All futures contracts (and options pursuant to its obligations under prepared by the Exchange. The
on futures), listed options, and ETPs Section 19(g)(1) of the Act, the Exchange Commission is publishing this notice to
held by the Fund will be traded on U.S. will monitor for compliance with the solicit comments on the proposed rule
exchanges, all of which are members of continued listing requirements. The change from interested persons.
ISG or are exchanges with which the Exchange further represents that FINRA
Exchange has in place a comprehensive I. Self-Regulatory Organization’s
conducts certain cross-market Statement of the Terms of Substance of
surveillance sharing agreement. surveillances on behalf of the Exchange
(9) The Fund will not invest in any the Proposed Rule Change
pursuant to a regulatory services
non-U.S. equity securities. agreement, and the Exchange is The Exchange proposes to proposal to
(10) The Fund’s investments will be responsible for FINRA’s performance amend its Schedule of Fees, as
consistent with the Fund’s investment under this regulatory services described further below.
objective and will not be used to agreement. If the Fund is not in The text of the proposed rule change
enhance leverage.31 The Fund will not is available on the Exchange’s Web site
compliance with the applicable listing
invest in leveraged (e.g., 2X, –2X, 3X, or at www.ise.com, at the principal office
requirements, the Exchange will
–3X) ETPs. of the Exchange, and at the
(11) The Fund’s investments in total commence delisting procedures under
Rule 14.12. Commission’s Public Reference Room.
return swap agreements will be backed
This approval order is based on all of II. Self-Regulatory Organization’s
by investments in U.S. government
the Exchange’s representations, Statement of the Purpose of, and
securities in an amount equal to the
including those set forth above and in Statutory Basis for, the Proposed Rule
exposure of those contracts.
(12) The Fund may invest up to 10% the Notice. For the foregoing reasons, Change
of its assets in over-the-counter Russell the Commission finds that the proposed
In its filing with the Commission, the
2000 put options. rule change is consistent with Section
Exchange included statements
(13) All money market instruments 6(b)(5) of the Act 32 and the rules and
concerning the purpose of and basis for
acquired by the Fund will be rated regulations thereunder applicable to a the proposed rule change and discussed
investment grade, except that a Fund national securities exchange. any comments it received on the
may invest in unrated money market IV. Conclusion proposed rule change. The text of these
instruments that are deemed by the statements may be examined at the
It is therefore ordered, pursuant to
Adviser or Sub-Adviser to be of places specified in Item IV below. The
Section 19(b)(2) of the Act,33 that the
comparable quality to money market Exchange has prepared summaries, set
proposed rule change (SR–BatsBZX–
securities rated investment grade. forth in sections A, B, and C below, of
(14) The Russell 2000 Index options 2017–53) be, and it hereby is, approved.
the most significant aspects of such
traded on CBOE are highly liquid, with For the Commission, by the Division of statements.
average daily trading volume in 2016 of Trading and Markets, pursuant to delegated
71,365 contracts and a notional size per authority.34 A. Self-Regulatory Organization’s
contract of $117,169. CBOE is a member Eduardo A. Aleman, Statement of the Purpose of, and
of the Option Price Regulatory Assistant Secretary. Statutory Basis for, the Proposed Rule
Surveillance Authority, which was [FR Doc. 2017–22752 Filed 10–19–17; 8:45 am] Change
established to provide efficiencies in BILLING CODE 8011–01–P 1. Purpose
looking for insider trading and serves as
The Exchange is proposing to amend
a central organization to facilitate
SECURITIES AND EXCHANGE its Schedule of Fees to assess fees for
collaboration in insider trading and
COMMISSION Specialized Quote Feed (‘‘SQF’’) 3 and
investigations for the U.S. options
SQF Purge 4 Ports that Market Makers 5
exchanges. [Release No. 34–81882; File No. SR–ISE–
The Exchange further represents that utilize to connect to the Exchange. The
2017–87]
all statements and representations made Exchange recently completed the
in the filing regarding the index Self-Regulatory Organizations; Nasdaq migration of the Exchange’s T7 trading
composition, the description of the ISE, LLC; Notice of Filing and 3 SQF is an interface that allows market makers
portfolio or reference assets, limitations Immediate Effectiveness of Proposed to connect and send quotes, sweeps and auction
on portfolio holdings or reference assets, Rule Change To Assess Fees for responses into the Exchange. Data includes the
dissemination and availability of index, Specialized Quote Feed and SQF following: (1) Options Auction Notifications (e.g.,
reference asset, and intraday indicative Purge Ports opening imbalance, Flash, PIM, Solicitation and
Facilitation or other information); (2) Options
values, and the applicability of Symbol Directory Messages; (3) System Event
October 16, 2017.
Exchange rules specified in the filing Messages (e.g., start of messages, start of system
Pursuant to Section 19(b)(1) of the hours, start of quoting, start of opening); (4) Option
31 The Exchange represents that the Fund will Securities Exchange Act of 1934 Trading Action Messages (e.g., halts, resumes); (5)
srobinson on DSKBC5CHB2PROD with NOTICES
include appropriate risk disclosure in its offering (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Execution Messages; (6) Quote Messages (quote/
documents, including leveraging risk. Leveraging notice is hereby given that on October sweep messages, risk protection triggers or purge
risk is the risk that certain transactions of a fund, notifications).
4 SQF Purge is a specific port for the SQF
including a fund’s use of derivatives, may give rise 32 15 U.S.C. 78f(b)(5). interface that only receives and notifies of purge
to leverage, causing a fund to be more volatile than 33 15
if it had not been leveraged. To mitigate leveraging U.S.C. 78s(b)(2). requests from the market maker.
34 17 CFR 200.30–3(a)(12).
risk, the Adviser will segregate or earmark liquid 5 The term ‘‘Market Makers’’ refers to
1 15 U.S.C. 78s(b)(1).
assets or otherwise cover the transactions that give ‘‘Competitive Market Makers’’ and ‘‘Primary Market
rise to such risk. 2 17 CFR 240.19b–4. Makers’’ collectively. See ISE Rule 100(a)(25).
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![Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 / Notices 48867
representative of their typical usage of arguments concerning the foregoing, SECURITIES AND EXCHANGE
the new ports. Moreover, the proposed including whether the proposed rule COMMISSION
fees are in line with the fees assessed by change is consistent with the Act.
other exchanges for the same or similar Comments may be submitted by any of [Release No. 34–81878; File No. SR–ISE–
connectivity. the following methods: 2017–88]
The Exchange notes that it operates in
a highly competitive market in which Electronic Comments
Self-Regulatory Organizations; Nasdaq
market participants can readily favor • Use the Commission’s Internet ISE, LLC; Notice of Filing and
competing venues if they deem fee comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed
levels at a particular venue to be rules/sro.shtml); or Rule Change To Amend the Schedule
excessive, or rebate opportunities • Send an email to rule-comments@
available at other venues to be more of Fees To Increase the Crossing Fee
sec.gov. Please include File Number SR– Cap
favorable. In such an environment, the ISE–2017–87 on the subject line.
Exchange must continually adjust its October 16, 2017.
fees to remain competitive with other Paper Comments
exchanges and with alternative trading Pursuant to Section 19(b)(1) of the
• Send paper comments in triplicate Securities Exchange Act of 1934
systems that have been exempted from to Brent J. Fields, Secretary, Securities
compliance with the statutory standards (‘‘Act’’),1 and Rule 19b-4 thereunder,2
and Exchange Commission, 100 F Street notice is hereby given that on October
applicable to exchanges. Because NE., Washington, DC 20549–1090.
competitors are free to modify their own 2, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or
fees in response, and because market All submissions should refer to File ‘‘Exchange’’) filed with the Securities
participants may readily adjust their Number SR–ISE–2017–87. This file and Exchange Commission
order routing practices, the Exchange number should be included on the (‘‘Commission’’) the proposed rule
believes that the degree to which fee subject line if email is used. To help the change as described in Items I and II
changes in this market may impose any Commission process and review your below, which Items have been prepared
burden on competition is extremely comments more efficiently, please use by the Exchange. The Commission is
limited. In sum, if the changes proposed only one method. The Commission will publishing this notice to solicit
herein are unattractive to market post all comments on the Commission’s comments on the proposed rule change
participants, it is likely that the Internet Web site (http://www.sec.gov/
from interested persons.
Exchange will lose market share as a rules/sro.shtml). Copies of the
result. Accordingly, the Exchange does submission, all subsequent I. Self-Regulatory Organization’s
not believe that the proposed fee amendments, all written statements Statement of the Terms of Substance of
changes will impair the ability of with respect to the proposed rule the Proposed Rule Change
members or competing order execution change that are filed with the
venues to maintain their competitive Commission, and all written The Exchange proposes to amend the
standing in the financial markets. communications relating to the Schedule of Fees to increase the
proposed rule change between the Crossing Fee Cap for members that do
C. Self-Regulatory Organization’s Commission and any person, other than not commit in advance to paying the
Statement on Comments on the those that may be withheld from the full Crossing Fee Cap at the end of each
Proposed Rule Change Received From public in accordance with the month.
Members, Participants, or Others provisions of 5 U.S.C. 552, will be The text of the proposed rule change
No written comments were either available for Web site viewing and is available on the Exchange’s Web site
solicited or received. printing in the Commission’s Public
at www.ise.com, at the principal office
Reference Room, 100 F Street NE.,
III. Date of Effectiveness of the of the Exchange, and at the
Washington, DC 20549, on official
Proposed Rule Change and Timing for Commission’s Public Reference Room.
business days between the hours of
Commission Action
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
The foregoing rule change has become filing also will be available for Statement of the Purpose of, and
effective pursuant to Section inspection and copying at the principal Statutory Basis for, the Proposed Rule
19(b)(3)(A)(ii) of the Act.18 At any time office of the Exchange. All comments Change
within 60 days of the filing of the received will be posted without change;
proposed rule change, the Commission the Commission does not edit personal In its filing with the Commission, the
summarily may temporarily suspend identifying information from Exchange included statements
such rule change if it appears to the submissions. You should submit only concerning the purpose of and basis for
Commission that such action is: (i) information that you wish to make the proposed rule change and discussed
Necessary or appropriate in the public available publicly. All submissions any comments it received on the
interest; (ii) for the protection of should refer to File Number SR–ISE– proposed rule change. The text of these
investors; or (iii) otherwise in 2017–87 and should be submitted on or statements may be examined at the
furtherance of the purposes of the Act. before November 13, 2017. places specified in Item IV below. The
If the Commission takes such action, the Exchange has prepared summaries, set
For the Commission, by the Division of
Commission shall institute proceedings Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of
srobinson on DSKBC5CHB2PROD with NOTICES
to determine whether the proposed rule authority.19 the most significant aspects of such
should be approved or disapproved. Eduardo A. Aleman, statements.
IV. Solicitation of Comments Assistant Secretary.
Interested persons are invited to [FR Doc. 2017–22757 Filed 10–19–17; 8:45 am]
submit written data, views, and BILLING CODE 8011–01–P
1 15 U.S.C. 78s(b)(1).
18 15 U.S.C. 78s(b)(3)(A)(ii). 19 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2017-10-20 00:06:21
Document Modified: 2017-10-20 00:06:21
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| FR Citation | 82 FR 48865 |
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