82_FR_56119 82 FR 55894 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Introduce Bats Market Close, a Closing Match Process for Non-BZX Listed Securities Under New Exchange Rule 11.28

82 FR 55894 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Introduce Bats Market Close, a Closing Match Process for Non-BZX Listed Securities Under New Exchange Rule 11.28

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 225 (November 24, 2017)

Page Range55894-55895
FR Document2017-25353

Federal Register, Volume 82 Issue 225 (Friday, November 24, 2017)
[Federal Register Volume 82, Number 225 (Friday, November 24, 2017)]
[Notices]
[Pages 55894-55895]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25353]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82108; File No. SR-BatsBZX-2017-34]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Introduce Bats Market Close, a Closing Match Process for Non-BZX Listed 
Securities Under New Exchange Rule 11.28

November 17, 2017.
    On May 5, 2017, Bats BZX Exchange, Inc. (now known as Cboe BZX 
Exchange, Inc.) (``BZX'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to adopt Bats Market Close, a 
closing match process for non-BZX Listed Securities. The proposed rule 
change was published for comment in the Federal Register on May 22, 
2017.\3\ On July 3, 2017, the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether the 
proposed rule change should be disapproved.\4\ The Commission received 
54 comment letters on the proposed rule change, including a response 
from the Exchange.\5\ On August 18, 2017, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Exchange Act \6\ to 
determine whether to approve or disapprove the proposed rule change.\7\ 
Since then, the Commission has received four more comment letters, 
including a response from the Exchange.\8\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80683 (May 16, 
2017), 82 FR 23320.
    \4\ See Securities Exchange Act Release No. 81072, 82 FR 31792 
(July 10, 2017).
    \5\ See Letters to Brent J. Fields, Secretary, Commission, from: 
(1) Donald K. Ross, Jr., Executive Chairman, PDQ Enterprise, LLC, 
dated June 6, 2017 (``PDQ Letter''); (2) Edward S. Knight, Executive 
Vice President and General Counsel, Nasdaq, Inc., dated June 12, 
2017 (``Nasdaq Letter 1''); (3) Ray Ross, Chief Technology Officer, 
Clearpool Group, dated June 12, 2017 (``Clearpool Letter''); (4) 
Venu Palaparthi, SVP, Compliance, Regulatory and Government Affairs, 
Virtu Financial, dated June 12, 2017 (``Virtu Letter''); (5) 
Theodore R. Lazo, Managing Director and Associate General Counsel, 
SIFMA, dated June 13, 2017 (``SIFMA Letter 1''); (6) Elizabeth K. 
King, General Counsel and Corporate Secretary, New York Stock 
Exchange, dated June 13, 2017 (``NYSE Letter 1''); (7) John M. 
Bowers, Bowers Securities, dated June 14, 2017 (``Bowers Letter''); 
(8) Jonathan D. Corpina, Senior Managing Partner, Meridian Equity 
Partners, dated June 16, 2017 (``Meridian Letter''); (9) Fady 
Tanios, Chief Executive Officer, and Brian Fraioli, Chief Compliance 
Officer, Americas Executions, LLC, dated June 16, 2017 (``Americas 
Executions Letter''); (10) Ari M. Rubenstein, Co-Founder and Chief 
Executive Officer, GTS Securities LLC, dated June 22, 2017 (``GTS 
Securities Letter 1''); (11) John Ramsay, Chief Market Policy 
Officer, Investors Exchange LLC, dated June 23, 2017 (``IEX 
Letter''); (12) Jay S. Sidhu, Chairman, Chief Executive Officer, 
Customers Bancorp, Inc., dated June 27, 2017 (``Customers Bancorp 
Letter''); (13) Joanne Freiberger, Vice President, Treasurer, 
Masonite International Corporation, dated June 27, 2017 (``Masonite 
International Letter''); (14) David B. Griffith, Investor Relations 
Manager, Orion Group Holdings, Inc., dated June 27, 2017 (``Orion 
Group Letter''); (15) Kieran O'Sullivan, Chairman, President and 
CEO, CTS Corporation, dated June 28, 2017 (``CTS Corporation 
Letter''); (16) Sherri Brillon, Executive Vice-President and Chief 
Financial Officer, Encana Corporation, dated June 29, 2017 (``Encana 
Letter''); (17) Steven C. Lilly, Chief Financial Officer, Triangle 
Capital Corporation, dated June 29, 2017 (``Triangle Capital 
Letter''); (18) Robert F. McCadden, Executive Vice President and 
Chief Financial Officer, Pennsylvania Real Estate Investment Trust, 
dated June 29, 2017 (``Pennsylvania REIT Letter''); (19) Andrew 
Stevens, General Counsel, IMC Financial Markets, dated June 30, 2017 
(``IMC Letter''); (20) Daniel S. Tucker, Senior Vice President and 
Treasurer, Southern Company, dated July 5, 2017 (``Southern Company 
Letter''); (21) Cole Stevens, Investor Relations Associate, Nobilis 
Health, dated July 6, 2017 (``Nobilis Health Letter''); (22) Mehmet 
Kinak, Head of Global Equity Market Structure & Electronic Trading, 
et. al., T. Rowe Price Associates, Inc., dated July 7, 2017 (``T. 
Rowe Price Letter''); (23) David L. Dragics, Senior Vice President, 
Investor Relations, CACI International Inc., dated July 7, 2017 
(``CACI Letter''); (24) Mark A. Stegeman, Senior Vice President & 
CFO, Turning Point Brands, Inc., dated July 12, 2017 (``Turning 
Point Letter''); (25) Jon R. Moeller, Vice Chair and Chief Financial 
Officer, and Deborah J. Majoras, Chief Legal Officer and Secretary, 
The Proctor & Gamble Company, dated July 12, 2017 (``P&G Letter''); 
(26) Christopher A. Iacovella, Chief Executive Officer, Equity 
Dealers of America, dated July 12, 2017 (``EDA Letter''); (27) Rob 
Bernshteyn, Chief Executive Officer, Chairman Board of Directors, 
Coupa Software, Inc., dated July 12, 2017 (``Coupa Software 
Letter''); (28) Sally J. Curley, Senior Vice President, Investor 
Relations, Cardinal Health, Inc., dated July 14, 2017 (``Cardinal 
Health Letter''); (29) Mickey Foster, Vice President, Investor 
Relations, FedEx Corporation, dated July 14, 2017 (``FedEx 
Letter''); (30) Alexander J. Matturri, CEO, S&P Dow Jones Indices, 
dated July 18, 2017 (``SPDJI Letter''); (31) John L. Killea, Chief 
Legal Officer, Stewart Information Services, dated July 19, 2017 
(``Stewart Letter''); (32) M. Farooq Kathwari, Chairman, President & 
CEO, Ethan Allen Interiors, Inc., dated July 24, 2017 (``Ethan Allen 
Letter''); (33) Jeff Green, Founder, Chief Executive Officer and 
Chairman of the Board of Directors, The Trade Desk Inc., dated July 
26, 2017 (``Trade Desk Letter''); (34) James J. Angel, Associate 
Professor, McDonough School of Business, Georgetown University, 
dated July 30, 2017 (``Angel Letter''); (35) Jon Stonehouse, CEO, 
and Tom Staab, CFO, BioCryst Pharmaceuticals, Inc., dated July 31, 
2017 (``BioCryst Letter''); (36) Peter Campbell, Chief Financial 
Officer, Mimecast, dated July 31, 2017 (``Mimecast Letter''); (37) 
Joanne Moffic-Silver, Executive Vice President, General Counsel, and 
Corporate Secretary, Bats Global Markets, Inc., dated August 2, 2017 
(``BZX Letter 1''); (38) David M. Weisberger, Head of Equities, 
ViableMkts, dated August 3, 2017 (``ViableMkts Letter''); (39) 
Charles Beck, Chief Financial Officer, Digimarc Corporation, dated 
August 3, 2017 (``Digimarc Letter''); (40) Elizabeth K. King, 
General Counsel and Corporate Secretary, New York Stock Exchange, 
dated August 9, 2017 (``NYSE Letter 2''); (41) Representative Sean 
P. Duffy and Representative Gregory W. Meeks, dated August 9, 2017 
(``Duffy/Meeks Letter''); (42) Michael J. Chewens, Senior Executive 
Vice President & Chief Financial Officer, NBT Bancorp Inc., dated 
August 11, 2017 (``NBT Bancorp Letter''); (43) Barry Zwarenstein, 
Chief Financial Officer, Five9, Inc., dated August 11, 2017 (``Five9 
Letter''); (44) William A. Backus, Chief Financial Officer & 
Treasurer, Balchem Corporation, dated August 15, 2017 (``Balchem 
Letter''); (45) Raiford Garrabrant, Director, Investor Relations, 
Cree, Inc., dated August 15, 2017 (``Cree Letter''); (46) Steven 
Paladino, Executive Vice President & Chief Financial Officer, Henry 
Schein, Inc., dated August 16, 2017 (``Henry Schein Letter''); (47) 
Theodore Jenkins, Senior Director, Investor Relations and 
Communications, Corbus Pharmaceuticals, Inc., dated August 17, 2017 
(``Corbus Letter''); (48) Ari M. Rubenstein, Co-Founder and Chief 
Executive Officer, GTS Securities LLC, dated August 17, 2017 (``GTS 
Securities Letter 2''); (49) Cameron Bready, Senior Executive VP, 
Chief Financial Officer, Global Payments Inc., dated August 17, 2017 
(``Global Payments Letter''); (50) Mike Gregoire, CEO, CA 
Technologies, dated August 17, 2017 (``CA Technologies Letter''); 
(51) Patrick L. Donnelly, Executive Vice President & General 
Counsel, Sirius XMHoldings Inc., dated August 17, 2017 (``Sirius 
Letter''); (52) Theodore R. Lazo, Managing Director and Associate 
General Counsel, SIFMA, dated August 18, 2017 (``SIFMA Letter 2''); 
(53) Donald Bollerman, dated August 18, 2017 (``Bollerman Letter''); 
and (54) Sarah A. O'Dowd, Senior Vice President, Chief Legal Officer 
and Secretary, Lam Research Corporation, dated August 18, 2017 
(``Lam Letter'').
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 81437, 82 FR 40202 
(August 24, 2017).
    \8\ See Letters to Brent J. Fields, Secretary, Commission, from: 
(1) Gabrielle Rabinovitch, VP, Investor Relations, PayPal Holdings, 
Inc., dated September 12, 2017 (``PayPal Letter''); (2) Edward S. 
Knight, Executive Vice President and General Counsel, Nasdaq, Inc., 
dated September 18, 2017 (``Nasdaq Letter 2''); (3) Joanne Moffic-
Silver, Executive Vice President, General Counsel, and Corporate 
Secretary, Bats Global Markets, Inc., dated October 11, 2017 (``BZX 
Letter 2''); and (4) Elizabeth K. King, General Counsel and 
Corporate Secretary, New York Stock Exchange, dated November 3, 2017 
(``NYSE Letter 3''). All comments on the proposed rule change are 
available at: https://www.sec.gov/comments/sr-batsbzx-2017-34/batsbzx201734.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \9\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may, however, extend the period for issuing an order 
approving or

[[Page 55895]]

disapproving the proposed rule change by not more than 60 days if the 
Commission determines that a longer period is appropriate and publishes 
the reasons for such determination. The proposed rule change was 
published for notice and comment in the Federal Register on May 22, 
2017. November 18, 2017 is 180 days from that date, and January 17, 
2018 is 240 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change, the issues raised in the comment letters that have been 
submitted in connection therewith, and the Exchange's responses to the 
comments. The Commission also notes that any data received, or analyses 
or studies received by the Commission or performed by Commission staff, 
will be posted on the Commission's Internet Web site at https://www.sec.gov/comments/sr-batsbzx-2017-34/batsbzx201734.htm. Accordingly, 
the Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates 
January 17, 2018, as the date by which the Commission should either 
approve or disapprove the proposed rule change (File No. SR-BatsBZX-
2017-34).
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25353 Filed 11-22-17; 8:45 am]
BILLING CODE 8011-01-P



                                                55894                        Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices

                                                  For the Commission, by the Division of                                                                          Commission instituted proceedings
                                                Trading and Markets, pursuant to delegated               Counsel and Corporate Secretary, New York Stock          under Section 19(b)(2)(B) of the
                                                authority.14                                             Exchange, dated June 13, 2017 (‘‘NYSE Letter 1’’);
                                                                                                         (7) John M. Bowers, Bowers Securities, dated June
                                                                                                                                                                  Exchange Act 6 to determine whether to
                                                Eduardo A. Aleman,                                                                                                approve or disapprove the proposed
                                                                                                         14, 2017 (‘‘Bowers Letter’’); (8) Jonathan D. Corpina,
                                                Assistant Secretary.                                     Senior Managing Partner, Meridian Equity Partners,       rule change.7 Since then, the
                                                [FR Doc. 2017–25357 Filed 11–22–17; 8:45 am]             dated June 16, 2017 (‘‘Meridian Letter’’); (9) Fady      Commission has received four more
                                                                                                         Tanios, Chief Executive Officer, and Brian Fraioli,      comment letters, including a response
                                                BILLING CODE 8011–01–P
                                                                                                         Chief Compliance Officer, Americas Executions,
                                                                                                         LLC, dated June 16, 2017 (‘‘Americas Executions          from the Exchange.8
                                                                                                         Letter’’); (10) Ari M. Rubenstein, Co-Founder and          Section 19(b)(2) of the Act 9 provides
                                                SECURITIES AND EXCHANGE                                  Chief Executive Officer, GTS Securities LLC, dated       that, after initiating proceedings, the
                                                COMMISSION                                               June 22, 2017 (‘‘GTS Securities Letter 1’’); (11) John   Commission shall issue an order
                                                                                                         Ramsay, Chief Market Policy Officer, Investors           approving or disapproving the proposed
                                                [Release No. 34–82108; File No. SR–                      Exchange LLC, dated June 23, 2017 (‘‘IEX Letter’’);
                                                                                                         (12) Jay S. Sidhu, Chairman, Chief Executive             rule change not later than 180 days after
                                                BatsBZX–2017–34]
                                                                                                         Officer, Customers Bancorp, Inc., dated June 27,         the date of publication of notice of filing
                                                Self-Regulatory Organizations; Bats                      2017 (‘‘Customers Bancorp Letter’’); (13) Joanne         of the proposed rule change. The
                                                                                                         Freiberger, Vice President, Treasurer, Masonite          Commission may, however, extend the
                                                BZX Exchange, Inc.; Notice of                            International Corporation, dated June 27, 2017
                                                Designation of a Longer Period for                       (‘‘Masonite International Letter’’); (14) David B.
                                                                                                                                                                  period for issuing an order approving or
                                                Commission Action on Proceedings To                      Griffith, Investor Relations Manager, Orion Group
                                                                                                         Holdings, Inc., dated June 27, 2017 (‘‘Orion Group       ViableMkts, dated August 3, 2017 (‘‘ViableMkts
                                                Determine Whether To Approve or                                                                                   Letter’’); (39) Charles Beck, Chief Financial Officer,
                                                                                                         Letter’’); (15) Kieran O’Sullivan, Chairman,
                                                Disapprove a Proposed Rule Change                        President and CEO, CTS Corporation, dated June           Digimarc Corporation, dated August 3, 2017
                                                To Introduce Bats Market Close, a                        28, 2017 (‘‘CTS Corporation Letter’’); (16) Sherri       (‘‘Digimarc Letter’’); (40) Elizabeth K. King, General
                                                Closing Match Process for Non-BZX                        Brillon, Executive Vice-President and Chief              Counsel and Corporate Secretary, New York Stock
                                                                                                         Financial Officer, Encana Corporation, dated June        Exchange, dated August 9, 2017 (‘‘NYSE Letter 2’’);
                                                Listed Securities Under New Exchange                                                                              (41) Representative Sean P. Duffy and
                                                                                                         29, 2017 (‘‘Encana Letter’’); (17) Steven C. Lilly,
                                                Rule 11.28                                               Chief Financial Officer, Triangle Capital                Representative Gregory W. Meeks, dated August 9,
                                                                                                         Corporation, dated June 29, 2017 (‘‘Triangle Capital     2017 (‘‘Duffy/Meeks Letter’’); (42) Michael J.
                                                November 17, 2017.                                       Letter’’); (18) Robert F. McCadden, Executive Vice       Chewens, Senior Executive Vice President & Chief
                                                   On May 5, 2017, Bats BZX Exchange,                    President and Chief Financial Officer, Pennsylvania      Financial Officer, NBT Bancorp Inc., dated August
                                                                                                                                                                  11, 2017 (‘‘NBT Bancorp Letter’’); (43) Barry
                                                Inc. (now known as Cboe BZX                              Real Estate Investment Trust, dated June 29, 2017
                                                                                                                                                                  Zwarenstein, Chief Financial Officer, Five9, Inc.,
                                                Exchange, Inc.) (‘‘BZX’’ or ‘‘Exchange’’)                (‘‘Pennsylvania REIT Letter’’); (19) Andrew Stevens,
                                                                                                         General Counsel, IMC Financial Markets, dated            dated August 11, 2017 (‘‘Five9 Letter’’); (44)
                                                filed with the Securities and Exchange                   June 30, 2017 (‘‘IMC Letter’’); (20) Daniel S. Tucker,
                                                                                                                                                                  William A. Backus, Chief Financial Officer &
                                                Commission (‘‘Commission’’), pursuant                                                                             Treasurer, Balchem Corporation, dated August 15,
                                                                                                         Senior Vice President and Treasurer, Southern
                                                                                                                                                                  2017 (‘‘Balchem Letter’’); (45) Raiford Garrabrant,
                                                to Section 19(b)(1) of the Securities                    Company, dated July 5, 2017 (‘‘Southern Company
                                                                                                                                                                  Director, Investor Relations, Cree, Inc., dated
                                                Exchange Act of 1934 (‘‘Act’’) 1 and Rule                Letter’’); (21) Cole Stevens, Investor Relations
                                                                                                                                                                  August 15, 2017 (‘‘Cree Letter’’); (46) Steven
                                                                                                         Associate, Nobilis Health, dated July 6, 2017
                                                19b–4 thereunder,2 a proposed rule                       (‘‘Nobilis Health Letter’’); (22) Mehmet Kinak, Head
                                                                                                                                                                  Paladino, Executive Vice President & Chief
                                                change to adopt Bats Market Close, a                                                                              Financial Officer, Henry Schein, Inc., dated August
                                                                                                         of Global Equity Market Structure & Electronic           16, 2017 (‘‘Henry Schein Letter’’); (47) Theodore
                                                closing match process for non-BZX                        Trading, et. al., T. Rowe Price Associates, Inc.,        Jenkins, Senior Director, Investor Relations and
                                                Listed Securities. The proposed rule                     dated July 7, 2017 (‘‘T. Rowe Price Letter’’); (23)      Communications, Corbus Pharmaceuticals, Inc.,
                                                                                                         David L. Dragics, Senior Vice President, Investor
                                                change was published for comment in                      Relations, CACI International Inc., dated July 7,
                                                                                                                                                                  dated August 17, 2017 (‘‘Corbus Letter’’); (48) Ari
                                                the Federal Register on May 22, 2017.3                                                                            M. Rubenstein, Co-Founder and Chief Executive
                                                                                                         2017 (‘‘CACI Letter’’); (24) Mark A. Stegeman,           Officer, GTS Securities LLC, dated August 17, 2017
                                                On July 3, 2017, the Commission                          Senior Vice President & CFO, Turning Point Brands,       (‘‘GTS Securities Letter 2’’); (49) Cameron Bready,
                                                designated a longer period within which                  Inc., dated July 12, 2017 (‘‘Turning Point Letter’’);    Senior Executive VP, Chief Financial Officer, Global
                                                to approve the proposed rule change,                     (25) Jon R. Moeller, Vice Chair and Chief Financial      Payments Inc., dated August 17, 2017 (‘‘Global
                                                                                                         Officer, and Deborah J. Majoras, Chief Legal Officer     Payments Letter’’); (50) Mike Gregoire, CEO, CA
                                                disapprove the proposed rule change, or                  and Secretary, The Proctor & Gamble Company,             Technologies, dated August 17, 2017 (‘‘CA
                                                institute proceedings to determine                       dated July 12, 2017 (‘‘P&G Letter’’); (26) Christopher   Technologies Letter’’); (51) Patrick L. Donnelly,
                                                whether the proposed rule change                         A. Iacovella, Chief Executive Officer, Equity Dealers    Executive Vice President & General Counsel, Sirius
                                                should be disapproved.4 The                              of America, dated July 12, 2017 (‘‘EDA Letter’’); (27)   XMHoldings Inc., dated August 17, 2017 (‘‘Sirius
                                                                                                         Rob Bernshteyn, Chief Executive Officer, Chairman        Letter’’); (52) Theodore R. Lazo, Managing Director
                                                Commission received 54 comment                           Board of Directors, Coupa Software, Inc., dated July     and Associate General Counsel, SIFMA, dated
                                                letters on the proposed rule change,                     12, 2017 (‘‘Coupa Software Letter’’); (28) Sally J.      August 18, 2017 (‘‘SIFMA Letter 2’’); (53) Donald
                                                including a response from the                            Curley, Senior Vice President, Investor Relations,       Bollerman, dated August 18, 2017 (‘‘Bollerman
                                                Exchange.5 On August 18, 2017, the                       Cardinal Health, Inc., dated July 14, 2017               Letter’’); and (54) Sarah A. O’Dowd, Senior Vice
                                                                                                         (‘‘Cardinal Health Letter’’); (29) Mickey Foster, Vice   President, Chief Legal Officer and Secretary, Lam
                                                                                                         President, Investor Relations, FedEx Corporation,        Research Corporation, dated August 18, 2017 (‘‘Lam
                                                  14 17   CFR 200.30–3(a)(12).                           dated July 14, 2017 (‘‘FedEx Letter’’); (30)             Letter’’).
                                                  1 15  U.S.C. 78s(b)(1).                                                                                            6 15 U.S.C. 78s(b)(2)(B).
                                                                                                         Alexander J. Matturri, CEO, S&P Dow Jones Indices,
                                                   2 17 CFR 240.19b–4.
                                                                                                         dated July 18, 2017 (‘‘SPDJI Letter’’); (31) John L.        7 See Securities Exchange Act Release No. 81437,
                                                   3 See Securities Exchange Act Release No. 80683       Killea, Chief Legal Officer, Stewart Information         82 FR 40202 (August 24, 2017).
                                                (May 16, 2017), 82 FR 23320.                             Services, dated July 19, 2017 (‘‘Stewart Letter’’);         8 See Letters to Brent J. Fields, Secretary,
                                                   4 See Securities Exchange Act Release No. 81072,      (32) M. Farooq Kathwari, Chairman, President &           Commission, from: (1) Gabrielle Rabinovitch, VP,
                                                82 FR 31792 (July 10, 2017).                             CEO, Ethan Allen Interiors, Inc., dated July 24, 2017    Investor Relations, PayPal Holdings, Inc., dated
                                                   5 See Letters to Brent J. Fields, Secretary,          (‘‘Ethan Allen Letter’’); (33) Jeff Green, Founder,      September 12, 2017 (‘‘PayPal Letter’’); (2) Edward
                                                Commission, from: (1) Donald K. Ross, Jr.,               Chief Executive Officer and Chairman of the Board        S. Knight, Executive Vice President and General
                                                Executive Chairman, PDQ Enterprise, LLC, dated           of Directors, The Trade Desk Inc., dated July 26,        Counsel, Nasdaq, Inc., dated September 18, 2017
                                                June 6, 2017 (‘‘PDQ Letter’’); (2) Edward S. Knight,     2017 (‘‘Trade Desk Letter’’); (34) James J. Angel,       (‘‘Nasdaq Letter 2’’); (3) Joanne Moffic-Silver,
                                                Executive Vice President and General Counsel,            Associate Professor, McDonough School of                 Executive Vice President, General Counsel, and
sradovich on DSK3GMQ082PROD with NOTICES




                                                Nasdaq, Inc., dated June 12, 2017 (‘‘Nasdaq Letter       Business, Georgetown University, dated July 30,          Corporate Secretary, Bats Global Markets, Inc.,
                                                1’’); (3) Ray Ross, Chief Technology Officer,            2017 (‘‘Angel Letter’’); (35) Jon Stonehouse, CEO,       dated October 11, 2017 (‘‘BZX Letter 2’’); and (4)
                                                Clearpool Group, dated June 12, 2017 (‘‘Clearpool        and Tom Staab, CFO, BioCryst Pharmaceuticals,            Elizabeth K. King, General Counsel and Corporate
                                                Letter’’); (4) Venu Palaparthi, SVP, Compliance,         Inc., dated July 31, 2017 (‘‘BioCryst Letter’’); (36)    Secretary, New York Stock Exchange, dated
                                                Regulatory and Government Affairs, Virtu                 Peter Campbell, Chief Financial Officer, Mimecast,       November 3, 2017 (‘‘NYSE Letter 3’’). All comments
                                                Financial, dated June 12, 2017 (‘‘Virtu Letter’’); (5)   dated July 31, 2017 (‘‘Mimecast Letter’’); (37) Joanne   on the proposed rule change are available at:
                                                Theodore R. Lazo, Managing Director and Associate        Moffic-Silver, Executive Vice President, General         https://www.sec.gov/comments/sr-batsbzx-2017-34/
                                                General Counsel, SIFMA, dated June 13, 2017              Counsel, and Corporate Secretary, Bats Global            batsbzx201734.htm.
                                                (‘‘SIFMA Letter 1’’); (6) Elizabeth K. King, General     Markets, Inc., dated August 2, 2017 (‘‘BZX Letter           9 15 U.S.C. 78s(b)(2).

                                                                                                         1’’); (38) David M. Weisberger, Head of Equities,


                                           VerDate Sep<11>2014   18:19 Nov 22, 2017   Jkt 244001   PO 00000   Frm 00096   Fmt 4703   Sfmt 4703   E:\FR\FM\24NON1.SGM       24NON1


                                                                            Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices                                                    55895

                                                disapproving the proposed rule change                   change as described in Items I and II                 order size for the Floor Broker guarantee
                                                by not more than 60 days if the                         below, which Items have been prepared                 from 500 contracts to 50 contracts.3 The
                                                Commission determines that a longer                     by the self-regulatory organization. The              proposed change would align the
                                                period is appropriate and publishes the                 Commission is publishing this notice to               eligible order size with that of another
                                                reasons for such determination. The                     solicit comments on the proposed rule                 exchange.4 The Exchange notes that it
                                                proposed rule change was published for                  change from interested persons.                       may still determine the eligible order
                                                notice and comment in the Federal                                                                             size, provided that it is at least 50
                                                                                                        I. Self-Regulatory Organization’s
                                                Register on May 22, 2017. November 18,                                                                        contracts. Changes to the eligible order
                                                                                                        Statement of the Terms of Substance of
                                                2017 is 180 days from that date, and                                                                          size will be communicated to
                                                                                                        the Proposed Rule Change
                                                January 17, 2018 is 240 days from that
                                                                                                           The Exchange proposes to amend                     Participants via Regulatory Circular
                                                date.
                                                  The Commission finds it appropriate                   Rule 7600 to amend the minimum order                  pursuant to BOX Rule 7600(f)(2).
                                                to designate a longer period within                     size for the Floor Broker guarantee                   2. Statutory Basis
                                                which to issue an order approving or                    provided in Rule 7600(f). The text of the
                                                disapproving the proposed rule change                   proposed rule change is available from                   The Exchange believes that its
                                                so that it has sufficient time to consider              the principal office of the Exchange, at              proposal is consistent with Section 6(b)
                                                this proposed rule change, the issues                   the Commission’s Public Reference                     of the Act 5 in general, and furthers the
                                                raised in the comment letters that have                 Room and also on the Exchange’s                       objectives of Section 6(b)(5) of the Act 6
                                                been submitted in connection therewith,                 Internet Web site at http://                          in particular, in that it is designed to
                                                and the Exchange’s responses to the                     boxexchange.com.                                      promote just and equitable principles of
                                                comments. The Commission also notes                     II. Self-Regulatory Organization’s                    trade, to remove impediments to and
                                                that any data received, or analyses or                  Statement of the Purpose of, and                      perfect the mechanism of a free and
                                                studies received by the Commission or                   Statutory Basis for, the Proposed Rule                open market and a national market
                                                performed by Commission staff, will be                  Change                                                system, and, in general to protect
                                                posted on the Commission’s Internet                                                                           investors and the public interest.
                                                Web site at https://www.sec.gov/                           In its filing with the Commission, the
                                                                                                        self-regulatory organization included                 Specifically, the Exchange believes that
                                                comments/sr-batsbzx-2017-34/batsbzx
                                                                                                        statements concerning the purpose of,                 the proposed change offers Floor
                                                201734.htm. Accordingly, the
                                                Commission, pursuant to Section                         and basis for, the proposed rule change               Brokers a greater incentive to execute
                                                19(b)(2) of the Act,10 designates January               and discussed any comments it received                transactions on the BOX Trading Floor.
                                                17, 2018, as the date by which the                      on the proposed rule change. The text                 Further, the Exchange believes that the
                                                Commission should either approve or                     of these statements may be examined at                proposed change is appropriate as a
                                                disapprove the proposed rule change                     the places specified in Item IV below.                similar minimum eligible order size is
                                                (File No. SR–BatsBZX–2017–34).                          The self-regulatory organization has                  present at another options exchange
                                                                                                        prepared summaries, set forth in                      with a trading floor. Further, the
                                                  For the Commission, by the Division of                Sections A, B, and C below, of the most
                                                Trading and Markets, pursuant to delegated                                                                    Exchange believes that the proposed
                                                authority.11                                            significant aspects of such statements.               change will benefit market participants
                                                Eduardo A. Aleman,                                      A. Self-Regulatory Organization’s                     as the decreased minimum eligible
                                                Assistant Secretary.                                    Statement of the Purpose of, and                      order size may result in more
                                                [FR Doc. 2017–25353 Filed 11–22–17; 8:45 am]            Statutory Basis for, the Proposed Rule                transactions on the exchange.
                                                BILLING CODE 8011–01–P                                  Change                                                   In addition, the proposed rule change
                                                                                                        1. Purpose                                            would promote a free and open market
                                                                                                                                                              by permitting the Exchange to compete
                                                SECURITIES AND EXCHANGE                                    The Exchange proposes to amend
                                                                                                        Rule 7600(f). Specifically, the Exchange              with other options exchanges. In this
                                                COMMISSION                                                                                                    regard, competition would result in
                                                                                                        is proposing to amend the minimum
                                                [Release No. 34–82112; File No. SR–BOX–                 order size for the Floor Broker guarantee             benefits to the investing public. As
                                                2017–33]                                                provided in Rule 7600(f).                             noted above, the proposed change
                                                                                                           Currently, on the Trading Floor, when              would align the eligible order size with
                                                Self-Regulatory Organizations; BOX                                                                            the rules of another options exchange
                                                                                                        a Floor Broker holds an order of the
                                                Options Exchange LLC; Notice of                                                                               with an open outcry trading floor.7 As
                                                                                                        eligible order size or greater, the Floor
                                                Filing of Proposed Rule Change To                                                                             such, permitting the Exchange to
                                                                                                        Broker is entitled to cross a certain
                                                Amend the Minimum Order Size for the                    percentage of the order with other                    operate on an even playing field relative
                                                Floor Broker Guarantee Provided in                      orders that he is holding. The Exchange               to other exchanges removes
                                                Rule 7600(f)                                            may determine, on an option by option                 impediments to and perfects the
                                                November 17, 2017.                                      basis, the eligible size for an order that            mechanism for a free and open market
                                                   Pursuant to Section 19(b)(1) of the                  may be transacted pursuant to Rule                    and a national market system.
                                                Securities Exchange Act of 1934                         7600(f); however, the eligible order size
                                                (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 may not be less than 500 contracts. The                  3 The Exchange notes that Participants have

                                                notice is hereby given that on November                 percentage of the order which a Floor                 requested this change. The Exchange believes that
                                                6, 2017, BOX Options Exchange LLC                       Broker is entitled to cross, after all equal          the proposed change will result in more
sradovich on DSK3GMQ082PROD with NOTICES




                                                (‘‘Exchange’’) filed with the Securities                or better priced Public Customer bids or              transactions on the BOX Trading Floor.
                                                                                                                                                                 4 See CBOE Rule 6.74(d). The Exchange notes that
                                                and Exchange Commission                                 offers on the BOX Book and any non-
                                                                                                                                                              CBOE Rule 6.74(d) also refers to facilitation and
                                                (‘‘Commission’’) the proposed rule                      Public Customer bids or offers that are
                                                                                                                                                              solicitation orders. The Exchange does not currently
                                                                                                        ranked ahead of such Public Customer                  differentiate between facilitated orders or solicited
                                                  10 Id.                                                bids or offers are filled, is 40% of the              orders on the BOX Trading Floor.
                                                  11 17 CFR 200.30–3(a)(57).                            remaining contracts in the order.                        5 15 U.S.C. 78f(b).

                                                  1 15 U.S.C. 78s(b)(1).                                   The Exchange is now proposing to                      6 15 U.S.C. 78f(b)(5).

                                                  2 17 CFR 240.19b–4.                                   decrease the required minimum eligible                   7 See CBOE Rule 6.74(d).




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Document Created: 2017-11-22 23:33:43
Document Modified: 2017-11-22 23:33:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 55894 

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