82 FR 55696 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to the Plan To Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 224 (November 22, 2017)
Federal Register Volume 82, Issue 224 (November 22, 2017)
| Page Range | 55696-55699 | |
| FR Document | 2017-25227 |
[Federal Register Volume 82, Number 224 (Wednesday, November 22, 2017)] [Notices] [Pages 55696-55699] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25227] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82098; File No. SR-CHX-2017-14] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to the Plan To Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS November 16, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given that on November 9, 2017, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``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. --------------------------------------------------------------------------- \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 CHX proposes to amend the Rules of the Exchange (``CHX Rules'') related to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan'' or ``Plan'').\3\ The text of this proposed rule change is available on the Exchange's Web site at (www.chx.com) and in the Commission's Public Reference Room. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down Release''). --------------------------------------------------------------------------- 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 CHX included statements concerning the purpose of and basis for the proposed rule changes 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 CHX has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. [[Page 55697]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange, together with the Cboe BZX Exchange, Inc.,\4\ Cboe BYX Exchange, Inc.,\5\ Cboe EDGA Exchange, Inc.,\6\ Cboe EDGX Exchange, Inc.,\7\ the Financial Industry Regulatory Authority, Inc. (``FINRA''), Investors' Exchange LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, the Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE American LLC,\8\ NYSE Arca, Inc. and NYSE National, Inc.\9\ (collectively with the Exchange, the ``Plan Participants'') are parties to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Exchange Act. The Plan Participants initially filed the Plan with the Commission on April 5, 2011, which was published for notice and comment.\10\ On May 24, 2012, the Plan Participants filed an amendment to the Plan and the Plan, as amended, was approved by the Commission on May 31, 2012.\11\ The Plan Participants filed a second amendment to the Plan, which was immediately effective on January 23, 2013.\12\ On February 19, 2013, the Plan Participants filed a third amendment to the Plan, which the Commission approved on April 3, 2013.\13\ The Plan Participants filed a fourth amendment to the Plan, which was immediately effective on July 18, 2013.\14\ On July 18, 2013, the Plan Participants filed a fifth amendment to the Plan, which the Commission approved on September 26, 2013.\15\ The Plan Participants filed a sixth amendment to the Plan, which was immediately effective on December 3, 2013.\16\ On February 24, 2014, the Plan Participants filed a seventh amendment to the Plan, which the Commission approved on April 3, 2014.\17\ On December 24, 2014, the Plan Participants filed an eighth amendment to the Plan, which the Commission approved on February 19, 2015.\18\ On July 31, 2015, the Plan Participants filed a ninth amendment to the Plan to extend the pilot through April 22, 2016, and remove Chicago Board Options Exchange as a Plan Participant, which the Commission approved on October 22, 2015.\19\ On February 19, 2016, the Plan Participants filed a tenth amendment to the Plan to extend the pilot through April 21, 2017 and make one modification to the Plan, which the Commission approved on April 21, 2016.\20\ On August 1, 2016, the Investors Exchange LLC filed an amendment to the Plan to be added to the roster of Plan Participants.\21\ By letter dated September 19, 2016,\22\ the Plan Participants filed a twelfth amendment to the Plan (``Amendment 12''), which the Commission approved on January 19, 2017.\23\ On February 13, 2017, the Plan Participants filed a thirteenth amendment to the Plan, which was approved on April 13, 2017.\24\ The Plan Participants filed a fourteenth amendment to the Plan, which was immediately effective on April 13, 2017.\25\ The Plan Participants filed a fifteenth amendment to the Plan, which was immediately effective on August 31, 2017.\26\ --------------------------------------------------------------------------- \4\ Bats BZX Exchange, Inc. has been renamed Cboe BZX Exchange, Inc. See Exchange Act Release No. 81962 (October 26, 2017), 82 FR 50711 (November 1, 2017) (SR-BatsBZX-2017-70). \5\ Bats BYX Exchange, Inc. has been renamed Cboe BYX Exchange, Inc. See Exchange Act Release No. 81952 (October 26, 2017), 82 FR 50725 (November 1, 2017) (SR-BatsBYX-2017-27). \6\ Bats EDGA Exchange, Inc. has been renamed Cboe EDGA Exchange, Inc. See Exchange Act Release No. 81957 (October 26, 2017), 82 FR 50716 (November 1, 2017) (SR-BatsEDGA-2017-28). \7\ Bats EDGX Exchange, Inc. has been renamed Cboe EDGX Exchange, Inc. See Exchange Act Release No. 81963 (October 26, 2017), 82 FR 50697 (November 1, 2017) (SR-BatsEDGX-2017-41). \8\ NYSE MKT LLC has been renamed NYSE American LLC. See Exchange Act Release No. 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14). \9\ National Stock Exchange, Inc. has been renamed NYSE National, Inc. See Securities Exchange Act Release No. 79902 (Jan. 30, 2017), 82 FR 9258 (Feb. 3, 2017) (SR-NSX-2016-16). \10\ See Securities Exchange Act Release No. 64547 (May 25, 2011), 76 FR 31647 (June 1, 2011) (File No. 4-631) (``LULD Proposal''). \11\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (``Approval Order''). \12\ See Securities Exchange Act Release No. 68953 (February 20, 2013), 78 FR 13113 (February 26, 2013) (File No. 4-631). \13\ See Securities Exchange Act Release No. 69287 (April 3, 2013), 78 FR 21483 (April 10, 2013) (File No. 4-631). \14\ See Securities Exchange Act Release No. 70273 (August 27, 2013), 78 FR 54321 (September 3, 2013) (File No. 4-631). \15\ See Securities Exchange Act Release No. 70530 (September, 26, 2013), 78 FR 60937 (October 2, 2013) (File No. 4-631). \16\ See Securities Exchange Act Release No. 71247 (January 7, 2014), 79 FR 2204 (January 13, 2014) (File No. 4-631). \17\ See Securities Exchange Act Release No. 71851 (April 3, 2014), 79 FR 19687 (April 9, 2014) (File No. 4-631). \18\ See Securities Exchange Act Release No. 74323 (February 19, 2015), 80 FR 10169 (February 25, 2015) (File No. 4-631). \19\ See Securities Exchange Act Release No. 76244 (October 22, 2015), 80 FR 66099 (October 28, 2015) (File No. 4-631). \20\ See Securities Exchange Act Release No. 77679 (April 21, 2016), 81 FR 24908 (April 27, 2016) (File No. 4-631). \21\ See Securities Exchange Act Release No. 78703 (August 26, 2016), 81 FR 60397 (September 1, 2016) (File No. 4-631). \22\ See letter from Elizabeth K. King, General Counsel, NYSE, to Brent J. Fields, Secretary, Commission, dated September 16, 2016 (``Amendment 12 Letter''). \23\ See Securities Exchange Act Release No. 79845 (January 19, 2017), 82 FR 8551 (January 26, 2017) (File No. 4-631). \24\ See Exchange Act Release No. 80455 (April 13, 2017), 82 FR 18519 (April 19, 2017) (File No. 4-631). \25\ See Exchange Act Release No. 80549 (April 28, 2017), 82 FR 20928 (May 4, 2017) (File No. 4-631). \26\ See Exchange Act Release No. 81720 (September 26, 2017), 82 FR 45922 (October 2, 2017) (File No. 4-631). --------------------------------------------------------------------------- As of the date of this filing, the Amendment 12 implementation date is November 20, 2017. Amendment 12 provides that a Trading Pause \27\ will continue until the Primary Listing Exchange has reopened trading using its established reopening procedures, even if such reopening is more than 10 minutes after the beginning of a Trading Pause, and to require that trading centers may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock.\28\ Amendment 12 also provides that a Trading Pause will continue until the Primary Listing Exchange has reopened trading using its established reopening procedures and reports a Reopening Price. Furthermore, Amendment 12 eliminated the current allowance for a trading center to resume trading in an NMS Stock following a Trading Pause if the Primary Listing Exchange has not reported a Reopening Price within ten minutes after the declaration of a Trading Pause and has not declared a Regulatory Halt. In addition, to preclude potential scenarios when trading may resume without Price Bands, Amendment 12 provides that a trading center may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock. To address potential scenarios in which there is no Reopening Price from the Primary Listing Exchange to use to calculate Price Bands, Amendment 12 adopted related provisions to the Plan to address when trading may resume if the Primary Listing Exchange is unable to reopen due to a systems or technology issue or if the Primary Listing Exchange reopens trading on a zero bid or zero quote, or both and how the Reference Price would be determined in such a scenario. --------------------------------------------------------------------------- \27\ Unless otherwise specified, the terms used herein have the same meaning as set forth in the Plan. \28\ See Amendment 12 Letter, supra note 22. --------------------------------------------------------------------------- In conjunction with filing Amendment 12, each Primary Listing Exchange filed rule changes \29\ with the [[Page 55698]] Commission under Section 19(b) of the Exchange Act to amend their respective trading practice for automated reopenings following a Trading Pause consistent with a standardized approach agreed to by Plan Participants that would allow for extensions of a Trading Pause if equilibrium cannot be met for a Reopening Price within specified parameters. Accordingly, the Exchange is proposing to adopt changes to its rules, as described below, to implement the reopening procedures agreed upon by the Plan Participants that are applicable to the Exchange. --------------------------------------------------------------------------- \29\ See Securities Exchange Act Release No. 81968 (October 27, 2017), 82 FR 50898 (November 2, 2017) (SR-NYSEAMER-2017-30); see also Securities Exchange Act Release No. 81880 (October 16, 2017), 82 FR 48870 (October 20, 2017) (SR-NYSE-2017-51); see also Securities Exchange Act Release No. 79884 (January 26, 2017), 82 FR 8968 (February 1, 2017) (Approval Order for SR-BatsBZX-2016-61); see also Securities Exchange Act Release No. 79876 (January 25, 2017), 82 FR 8888 (January 31, 2017) (Approval Order for SR-NASDAQ-2016- 131); see also Securities Exchange Act Release No. 79846 (January 19, 2017), 82 FR 8548 (January 26, 2017) (Approval Order for SR- NYSEArca-2016-130). --------------------------------------------------------------------------- a. Proposal The Exchange proposes to amend current Article 20, Rule 2A(c)(4) to adopt a requirement of Amendment 12 to only resume trading after a Trading Pause initiated by another exchange upon receiving Price Bands from the Processor. As noted above, Amendment 12 prohibits trading centers from resuming trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock. The Plan provides that if the Primary Listing Exchange is unable to reopen trading due to a systems or technology issue, trading should be permitted to resume in that NMS Stock upon receiving Price Bands from the processor. The Exchange notes that amended Article 20, Rule 2A(c)(4) is based, in part, on approved amendments to Nasdaq Rule 4120(a)(12)(H), which are not yet operative.\30\ --------------------------------------------------------------------------- \30\ See Approval Order for SR-NASDAQ-2016-131, supra note 29, at 8889-8890. --------------------------------------------------------------------------- The Exchange does not propose to amend CHX Rules to adopt other requirements of Amendment 12 related to reopening procedures as the Exchange is not currently a Primary Listing Exchange for any NMS Stocks and its primary listing program is currently dormant. b. Operative Date The Exchange proposes to implement the proposed rule change in coordination with other Plan Participants on November 20, 2017. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act in general,\31\ and furthers the objectives of Section 6(b)(5) in particular,\32\ in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments and perfect the mechanisms of a free and open market, and, in general, to protect investors and the public interest. The Exchange believes that the proposed rule change, together with the approved amendments to the Plan, are necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to and perfect the mechanisms of, a national market system, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \31\ 15 U.S.C. 78f(b). \32\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed rule change would 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, because they are designed, together with the approved amendments to the Plan, to address the issues experienced on August 24, 2015 by reducing the number of repeat Trading Pauses in a single NMS Stock, and to harmonize CHX Rules with the Plan and the rules of other Plan Participants.\33\ --------------------------------------------------------------------------- \33\ See supra note 29. --------------------------------------------------------------------------- The approved Plan amendments are an essential component to Plan Participants' goal of more standardized processes across Primary Listing Exchanges in reopening trading following a Trading Pause, and facilitates the production of an equilibrium Reopening Price by centralizing the reopening process through the Primary Listing Exchange, which would also improve the accuracy of the reopening Price Bands. The approved Plan amendments support this initiative by requiring trading centers to wait to resume trading following Trading Pause until there is a Reopening Price. As such, the Exchange's proposal to amend Article 20, Rule 2A(c)(4) to provide that, if a Trading Pause was initiated by another exchange, CHX may resume trading following the Trading Pause upon receipt of the Price Bands from the Processor would comport CHX Rules with the approved Plan Amendments and, thereby, harmonize CHX Rules with the rules of other national securities exchanges. 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 proposed rule change is not designed to address any competitive issues, but rather, to achieve the Plan Participants' goal of more standardized processes across Primary Listing Exchanges in reopening trading following a Trading Pause, and facilitates the production of an equilibrium reopening price by centralizing the reopening process through the Primary Listing Exchange, which would also improve the accuracy of the reopening Price Bands. The Exchange believes that the proposed rule change reduces the burden on competition for market participants because it promotes a transparent and consistent process for reopening trading following a Trading Pause regardless of where a security may be listed. 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 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \34\ and Rule 19b-4(f)(6) thereunder.\35\ --------------------------------------------------------------------------- \34\ 15 U.S.C. 78s(b)(3)(A). \35\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \36\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\37\ the Commission may designate a shorter time if such [[Page 55699]] action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative on November 20, 2017. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because the Exchange's proposal does not raise any new or novel issues, and the waiver would permit the Exchange to implement the proposed rule change in coordination with other Plan Participants on the Amendment 12 implementation date of November 20, 2017. Accordingly, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative on November 20, 2017.\38\ --------------------------------------------------------------------------- \36\ 17 CFR 240.19b-4(f)(6). \37\ 17 CFR 240.19b-4(f)(6)(iii). \38\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 under Section 19(b)(2)(B) of the Act \39\ to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \39\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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 No. SR-CHX-2017-14 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 No. SR-CHX-2017-14. 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 changes 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 CHX. 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 No. SR-CHX-2017-14 and should be submitted on or before December 13, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\40\ --------------------------------------------------------------------------- \40\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-25227 Filed 11-21-17; 8:45 am] BILLING CODE 8011-01-P
![55696 Federal Register / Vol. 82, No. 224 / Wednesday, November 22, 2017 / Notices
for the initial and continued listing of Paper Comments SECURITIES AND EXCHANGE
the Shares of each Fund. Moreover, all COMMISSION
of the options contracts held by the • Send paper comments in triplicate
Funds will trade on markets that are a to Secretary, Securities and Exchange
[Release No. 34–82098; File No. SR–CHX–
member of ISG or affiliated with a Commission, 100 F Street NE.,
2017–14]
member of ISG or with which the Washington, DC 20549–1090.
Exchange has in place a comprehensive All submissions should refer to File Self-Regulatory Organizations;
surveillance sharing agreement. Number SR–BatsBZX–2017–72. This file Chicago Stock Exchange, Inc.; Notice
For the above reasons, the Exchange of Filing and Immediate Effectiveness
number should be included on the
believes that the proposed rule change of a Proposed Rule Change Related to
subject line if email is used. To help the
is consistent with the requirements of the Plan To Address Extraordinary
Section 6(b)(5) of the Act. Commission process and review your
comments more efficiently, please use Market Volatility Pursuant to Rule 608
B. Self-Regulatory Organization’s only one method. The Commission will of Regulation NMS
Statement on Burden on Competition post all comments on the Commission’s
November 16, 2017.
The Exchange does not believe that Internet Web site (http://www.sec.gov/
the proposed rule change will impose rules/sro.shtml). Copies of the Pursuant to Section 19(b)(1) of the
any burden on competition that is not submission, all subsequent Securities Exchange Act of 1934
necessary or appropriate in furtherance amendments, all written statements (‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
of the purpose of the Act. The Exchange with respect to the proposed rule notice is hereby given that on November
notes that the proposed rule change will change that are filed with the 9, 2017, the Chicago Stock Exchange,
facilitate the listing and trading of an Commission, and all written Inc. (‘‘CHX’’ or the ‘‘Exchange’’) filed
additional type of Managed Fund Shares communications relating to the with the Securities and Exchange
that will enhance competition among proposed rule change between the Commission (‘‘Commission’’) the
market participants, to the benefit of Commission and any person, other than proposed rule change as described in
investors and the marketplace. those that may be withheld from the Items I and II below, which Items have
C. Self-Regulatory Organization’s public in accordance with the been prepared by the Exchange. The
Statement on Comments on the provisions of 5 U.S.C. 552, will be Commission is publishing this notice to
Proposed Rule Change Received From available for Web site viewing and solicit comments on the proposed rule
Members, Participants, or Others printing in the Commission’s Public change from interested persons.
The Exchange has neither solicited Reference Room, 100 F Street NE., I. Self-Regulatory Organization’s
nor received written comments on the Washington, DC 20549 on official Statement of the Terms of Substance of
proposed rule change. business days between the hours of the Proposed Rule Change
10:00 a.m. and 3:00 p.m. Copies of the
III. Date of Effectiveness of the filing also will be available for CHX proposes to amend the Rules of
Proposed Rule Change and Timing for inspection and copying at the principal the Exchange (‘‘CHX Rules’’) related to
Commission Action office of the Exchange. All comments the Plan to Address Extraordinary
Within 45 days of the date of received will be posted without change. Market Volatility Pursuant to Rule 608
publication of this notice in the Federal Persons submitting comments are of Regulation NMS under the Act (the
Register or up to 90 days (i) as the cautioned that we do not redact or edit ‘‘Limit Up-Limit Down Plan’’ or
Commission may designate if it finds personal identifying information from ‘‘Plan’’).3 The text of this proposed rule
such longer period to be appropriate comment submissions. You should change is available on the Exchange’s
and publishes its reasons for so finding submit only information that you wish Web site at (www.chx.com) and in the
or (ii) as to which the self-regulatory to make available publicly. All Commission’s Public Reference Room.
organization consents, the Commission submissions should refer to File
will: II. Self-Regulatory Organization’s
Number SR–BatsBZX–2017–72 and
(A) by order approve or disapprove Statement of the Purpose of, and
should be submitted on or before
the proposed rule change, or Statutory Basis for, the Proposed Rule
December 13, 2017.
(B) institute proceedings to determine Change
whether the proposed rule change For the Commission, by the Division of
should be disapproved. Trading and Markets, pursuant to delegated In its filing with the Commission, the
authority.32 CHX included statements concerning
IV. Solicitation of Comments the purpose of and basis for the
Eduardo A. Aleman,
Interested persons are invited to Assistant Secretary. proposed rule changes and discussed
submit written data, views, and [FR Doc. 2017–25226 Filed 11–21–17; 8:45 am] any comments it received on the
arguments concerning the foregoing, proposed rule change. The text of these
BILLING CODE 8011–01–P
including whether the proposed rule statements may be examined at the
change is consistent with the Act. places specified in Item IV below. The
Comments may be submitted by any of CHX has prepared summaries, set forth
asabaliauskas on DSKBBXCHB2PROD with NOTICES
the following methods: in sections A, B and C below, of the
Electronic Comments most significant aspects of such
statements.
• Use the Commission’s Internet
comment form (http://www.sec.gov/ 1 15 U.S.C. 78s(b)(1).
rules/sro.shtml); or 2 17 CFR 240.19b–4.
• Send an email to rule-comments@ 3 See Securities Exchange Act Release No. 67091
sec.gov. Please include File Number SR– (May 31, 2012), 77 FR 33498 (June 6, 2012) (the
BatsBZX–2017–72 on the subject line. 32 17 CFR 200.30–3(a)(12). ‘‘Limit Up-Limit Down Release’’).
VerDate Sep<11>2014 18:57 Nov 21, 2017 Jkt 244001 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 E:\FR\FM\22NON1.SGM 22NON1](https://thefederalregister.org/doc/82_FR_55920/page/1.svg)
![Federal Register / Vol. 82, No. 224 / Wednesday, November 22, 2017 / Notices 55699
action is consistent with the protection Commission process and review your Commission (‘‘Commission’’), pursuant
of investors and the public interest. The comments more efficiently, please use to Section 19(b)(1) of the Securities
Exchange has asked the Commission to only one method. The Commission will Exchange Act of 1934 (‘‘Act’’) 1 and Rule
waive the 30-day operative delay so that post all comments on the Commission’s 19b–4 thereunder, 2 a proposed rule
the proposal may become operative on Internet Web site (http://www.sec.gov/ change to list and trade shares
November 20, 2017. The Commission rules/sro.shtml). Copies of the (‘‘Shares’’) of ProShares QuadPro U.S.
believes that waiver of the operative submission, all subsequent Large Cap, ProShares QuadPro Short
delay is consistent with the protection amendments, all written statements U.S. Large Cap, ProShares QuadPro U.S.
of investors and the public interest with respect to the proposed rule Small Cap, and ProShares QuadPro
because the Exchange’s proposal does change that are filed with the Short U.S. Small Cap (collectively,
not raise any new or novel issues, and Commission, and all written ‘‘Funds’’) under NYSE Arca Rule 8.200–
the waiver would permit the Exchange communications relating to the E. The proposed rule change was
to implement the proposed rule change proposed rule changes between the
published for comment in the Federal
in coordination with other Plan Commission and any person, other than
Register on August 18, 2017.3 On
Participants on the Amendment 12 those that may be withheld from the
implementation date of November 20, public in accordance with the September 28, 2017, pursuant to Section
2017. Accordingly, the Commission provisions of 5 U.S.C. 552, will be 19(b)(2) of the Act,4 the Commission
hereby waives the 30-day operative available for Web site viewing and designated a longer period within which
delay requirement and designates the printing in the Commission’s Public to approve the proposed rule change,
proposed rule change as operative on Reference Room, 100 F Street NE., disapprove the proposed rule change, or
November 20, 2017.38 Washington, DC 20549 on official institute proceedings to determine
At any time within 60 days of the business days between the hours of whether to disapprove the proposed
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the rule change.5 On September 29, 2017,
Commission summarily may filing also will be available for the Exchange filed Amendment No. 1 to
temporarily suspend such rule change if inspection and copying at the principal the proposed rule change, which
it appears to the Commission that such office of the CHX. All comments amended and superseded the proposed
action is necessary or appropriate in the received will be posted without change. rule change as originally filed. On
public interest, for the protection of Persons submitting comments are November 14, 2017, the Exchange filed
investors, or otherwise in furtherance of cautioned that we do not redact or edit Amendment No. 2 to the proposed rule
the purposes of the Act. If the personal identifying information from change, which amended and superseded
Commission takes such action, the comment submissions. You should the proposed rule change as modified by
Commission shall institute proceedings submit only information that you wish Amendment No. 1.6 The Commission
under Section 19(b)(2)(B) of the Act 39 to to make available publicly. All has received no comments on the
determine whether the proposed rule submissions should refer to File No. proposed rule change. The Commission
change should be approved or SR–CHX–2017–14 and should be is publishing this notice and order to
disapproved. submitted on or before December 13, solicit comments on the proposed rule
2017. change, as modified by Amendment No.
IV. Solicitation of Comments
For the Commission, by the Division of 2, from interested persons and to
Interested persons are invited to Trading and Markets, pursuant to delegated institute proceedings pursuant to
submit written data, views and authority.40 Section 19(b)(2)(B) of the Act 7 to
arguments concerning the foregoing, Eduardo A. Aleman,
including whether the proposal is determine whether to approve or
Assistant Secretary. disapprove the proposed rule change, as
consistent with the Act. Comments may [FR Doc. 2017–25227 Filed 11–21–17; 8:45 am]
be submitted by any of the following modified by Amendment No. 2.
BILLING CODE 8011–01–P
methods:
1 15 U.S.C. 78s(b)(1).
Electronic Comments 2 17 CFR 240.19b–4.
SECURITIES AND EXCHANGE
• Use the Commission’s Internet
3 See Securities Exchange Act Release No. 81388
COMMISSION (August 14, 2017), 82 FR 39477.
comment form (http://www.sec.gov/ 4 15 U.S.C. 78s(b)(2).
rules/sro.shtml); or [Release No. 34–82105; File No. SR– 5 See Securities Exchange Act Release No. 81746,
• Send an email to rule-comments@ NYSEArca–2017–69] 82 FR 46315 (October 4, 2017). The Commission
sec.gov. Please include File No. SR– designated November 16, 2017, as the date by
CHX–2017–14 on the subject line. Self-Regulatory Organizations; NYSE which the Commission shall either approve or
Arca, Inc.; Notice of Filing of disapprove, or institute proceedings to determine
Paper Comments Amendment No. 2, and Order whether to disapprove, the proposed rule change.
6 In Amendment No. 2, the Exchange: (1) Changed
• Send paper comments in triplicate Instituting Proceedings To Determine the names of the Funds; (2) provided the trading
to Brent J. Fields, Secretary, Securities Whether To Approve or Disapprove a hours of the Chicago Mercantile Exchange (‘‘CME’’);
and Exchange Commission, 100 F Street Proposed Rule Change, as Modified by (3) amended the description of the Funds’ holdings
NE., Washington, DC 20549–1090. Amendment No. 2, To List and Trade of options and cash; (4) revised the description of
the rolling of futures contracts; (5) amended and
All submissions should refer to File No. Shares of ProShares QuadPro Funds supplemented the description of the Funds’ Net
SR–CHX–2017–14. This file number Under NYSE Arca Rule 8.200–E
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Asset Value (‘‘NAV’’) and Indicative Optimized
should be included on the subject line Portfolio Value; (6) amended and supplemented the
November 16, 2017. description of the availability of information
if email is used. To help the relating to the Funds; (7) decreased the creation
I. Introduction unit size from 50,000 Shares to 25,000 Shares; and
38 For purposes only of waiving the 30-day (8) made other clarifications, corrections, and
On July 31, 2017, NYSE Arca, Inc.
operative delay, the Commission has also technical changes. Amendment No. 2 to the
considered the proposed rule’s impact on
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed proposed rule change is available at https://
efficiency, competition, and capital formation. See with the Securities and Exchange www.sec.gov/comments/sr-nysearca-2017-69/
15 U.S.C. 78c(f). nysearca201769-2688277-161489.pdf.
39 15 U.S.C. 78s(b)(2)(B). 40 17 CFR 200.30–3(a)(12). 7 15 U.S.C. 78s(b)(2)(B).
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Document Created: 2017-11-22 00:48:31
Document Modified: 2017-11-22 00:48:31
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 55696 |
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