83_FR_12288 83 FR 12234 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 6.56, Compression Forums

83 FR 12234 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 6.56, Compression Forums

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 54 (March 20, 2018)

Page Range12234-12236
FR Document2018-05564

Federal Register, Volume 83 Issue 54 (Tuesday, March 20, 2018)
[Federal Register Volume 83, Number 54 (Tuesday, March 20, 2018)]
[Notices]
[Pages 12234-12236]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05564]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82875; File No. SR-CBOE-2018-022]


 Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 
6.56, Compression Forums

March 14, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on March 8, 2018, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe 
Options'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the Exchange. The Exchange 
filed the proposal as a ``non-controversial'' proposed rule change 
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.56. The text of the proposed 
rule change is provided below.

(additions are italicized; deletions are [bracketed])

* * * * *

Cboe Exchange, Inc. Rules

* * * * *

Rule 6.56. Compression Forums

    (a) Procedure.
    (1) Prior to 4:30 p.m. Chicago time on the second to last business 
day of each calendar week; the second, third, and fourth to last 
business day of each calendar month; and the second, third, fourth, 
fifth, and sixth to last business day of each calendar quarter, in a 
manner and format determined by the Exchange, a Trading Permit Holder 
may provide the Exchange with a list of open SPX options positions that 
it would like to close through the compression forum for that calendar 
month (``compression-list positions''). Trading Permit Holders may also 
permit their Clearing Trading Permit Holders or the Clearing 
Corporation to submit a list of these positions to the Exchange on 
their behalf.
    (2) Prior to the open of Regular Trading Hours on the last business 
day of each calendar week; each of the last three business days of each 
calendar month; and each of the last five business days of each 
calendar quarter, [second to last business day, and third to last 
business day of each calendar month,] the Exchange will make available 
to all Trading Permit Holders a list including the size of the 
offsetting compression-list positions (including all possible 
combinations of offsetting multi-leg positions) in each series (and 
multi-leg position) for which both long and short compression-list 
positions have been submitted to the Exchange (``compression-list 
positions file'').
    (3)-(5) No change.
    (6) The Exchange will make available an open outcry ``compression 
forum'' in which all Trading Permit Holders may participate on the last 
business day of each calendar week, each of the last three business 
days of every calendar month, and each of the last five business days 
of every calendar quarter, at a location on the trading floor 
determined by the Exchange. The compression forum will be held for four 
(4) hours during Regular Trading Hours on the last business day of each 
calendar week, each of the last three business days of every calendar 
month, and each of the last five business days of every calendar 
quarter, unless [or three (3) hours if] any of those days is an 
abbreviated trading day, as[t times] determined by the Exchange, in 
which case the compression forum will be held for three (3) hours.
    (b)-(c) (No change).
* * * * *
    The text of the proposed rule change is also available on the 
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the 
Secretary, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend rule 6.56 (Compression Forums) to 
increase the number of compression forums that are held on the 
Exchange.
    Currently, compression forums are held on each of the last three 
business days of every calendar month.\5\ In addition to holding 
compression forums on each of the last three business days of every 
calendar month, the Exchange seeks to hold compression forums on the 
last business day of every calendar week and each of the last five 
business days of every calendar quarter. In order to increase the 
frequency of compression forums the Exchange also proposes to increase 
the frequency with which TPHs submit compression-list positions to the 
Exchange and the frequency with which the Exchange generates the 
compression-list positions file. The Exchange notes that it is not 
proposing any modification to the type of information TPHs submit to 
the Exchange pursuant to Rule 6.56 nor modifying the manner by which 
the Exchange generates files and information pursuant to Rule 6.56. 
Rather, the Exchange is simply increasing the frequency with which TPHs 
may submit compression-list positions, the frequency with which the 
Exchange generates the compression-list positions file, and the number 
of compression forums that will be held on the Exchange. The Exchange 
believes that more frequent compression forums will further encourage 
the closing of positions, which, once closed, may serve to alleviate 
the capital requirement constraints on TPHs and improve overall market 
liquidity by freeing capital currently tied up in certain SPX 
positions.
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    \5\ See Rule 6.56(a)(6).
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    The Exchange proposes to implement this rule change on March 22, 
2018, in order to allow a compression forum to be held on March 23rd 
and each of the last five business days of March.

[[Page 12235]]

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\6\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \7\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest. Additionally, 
the Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \8\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ Id.
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    In particular, the proposed rule change will increase the number of 
compression forums that are held and thereby further encourage the 
closing of positions, which, in general, helps to protect investors and 
the public interest because closing positions via the compression 
process serves to alleviate the adverse impact of bank capital 
requirements.

B. Self-Regulatory Organization's Statement on Burden on Competition

    Cboe Options does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed change would 
encourage the closing of positions, which, once closed, may serve to 
alleviate the capital requirement constraints on TPHs and improve 
overall market liquidity by freeing capital currently tied up in 
certain SPX positions. The Exchange does not believe that the proposed 
rule changes will impose any burden on intermarket competition that is 
not necessary or appropriate in furtherance of the purposes of the Act 
because the proposed rule change applies only to the trading of SPX 
options, which are exclusively-listed on Cboe Options. To the extent 
that the proposed changes make the Exchange a more attractive 
marketplace for market participants at other exchanges, such market 
participants are eligible to participant through Cboe Options TPHs. 
Furthermore, participation in compression forums is completely 
voluntary and open to all TPHs.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
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 \11\ and Rule 19b-
4(f)(6) \12\ thereunder.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may designate a shorter time if such 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 proposed 
rule change may become operative on March 22, 2018 to allow for the 
compression forum to be held on March 23, 2018, in addition to each of 
the last five business days of March as the calendar quarter ends. The 
Commission notes that the proposal is not modifying the information 
that TPHs submit or the information that the Exchange prepares, but 
rather adds a few additional days on which compression forums will be 
held and correspondingly increases as the number of opportunities for 
TPHs to submit positions and receive compression lists from the 
Exchange in connection with those compression forums. Therefore, the 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
Accordingly, the Commission hereby waives the 30-day operative delay 
and designates the proposal operative on March 22, 2018.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For purposes only of waving the 30-day operative delay, the 
Commission has considered the purposed 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 will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-CBOE-2018-022 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2018-022. 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 website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent

[[Page 12236]]

amendments, all written statements with respect to the proposed rule 
change that are filed with the Commission, and all written 
communications relating to the proposed rule change between the 
Commission and any person, other than those that may be withheld from 
the public in accordance with the provisions of 5 U.S.C. 552, will be 
available for website viewing and printing in the Commission's Public 
Reference Room, 100 F Street NE, Washington, DC 20549 on official 
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 
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. Persons submitting comments are cautioned that we do 
not redact or edit personal identifying information from comment 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
CBOE-2018-022 and should be submitted on or before April 10, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05564 Filed 3-19-18; 8:45 am]
 BILLING CODE 8011-01-P



                                               12234                                Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices

                                                 For the Commission, by the Division of                    Exchange, a Trading Permit Holder may                 concerning the purpose of and basis for
                                               Trading and Markets, pursuant to delegated                  provide the Exchange with a list of open              the proposed rule change and discussed
                                               authority.85                                                SPX options positions that it would like              any comments it received on the
                                               Eduardo A. Aleman,                                          to close through the compression forum                proposed rule change. The text of these
                                               Assistant Secretary.                                        for that calendar month (‘‘compression-               statements may be examined at the
                                               [FR Doc. 2018–05565 Filed 3–19–18; 8:45 am]                 list positions’’). Trading Permit Holders             places specified in Item IV below. The
                                               BILLING CODE 8011–01–P                                      may also permit their Clearing Trading                Exchange has prepared summaries, set
                                                                                                           Permit Holders or the Clearing                        forth in sections A, B, and C below, of
                                                                                                           Corporation to submit a list of these                 the most significant aspects of such
                                               SECURITIES AND EXCHANGE                                     positions to the Exchange on their                    statements.
                                               COMMISSION                                                  behalf.
                                                                                                              (2) Prior to the open of Regular                   A. Self-Regulatory Organization’s
                                               [Release No. 34–82875; File No. SR–CBOE–                                                                          Statement of the Purpose of, and
                                               2018–022]                                                   Trading Hours on the last business day
                                                                                                           of each calendar week; each of the last               Statutory Basis for, the Proposed Rule
                                                                                                           three business days of each calendar                  Change
                                               Self-Regulatory Organizations; Cboe
                                               Exchange, Inc.; Notice of Filing and                        month; and each of the last five                      1. Purpose
                                               Immediate Effectiveness of a Proposed                       business days of each calendar quarter,
                                               Rule Change to Rule 6.56,                                   [second to last business day, and third                  The Exchange proposes to amend rule
                                               Compression Forums                                          to last business day of each calendar                 6.56 (Compression Forums) to increase
                                                                                                           month,] the Exchange will make                        the number of compression forums that
                                               March 14, 2018.                                             available to all Trading Permit Holders               are held on the Exchange.
                                                  Pursuant to Section 19(b)(1) of the                      a list including the size of the offsetting              Currently, compression forums are
                                               Securities Exchange Act of 1934 (the                        compression-list positions (including all             held on each of the last three business
                                               ‘‘Act’’),1 and Rule 19b–4 thereunder,2                      possible combinations of offsetting                   days of every calendar month.5 In
                                               notice is hereby given that on March 8,                     multi-leg positions) in each series (and              addition to holding compression forums
                                               2018, Cboe Exchange, Inc. (the                              multi-leg position) for which both long               on each of the last three business days
                                               ‘‘Exchange’’ or ‘‘Cboe Options’’) filed                     and short compression-list positions                  of every calendar month, the Exchange
                                               with the Securities and Exchange                            have been submitted to the Exchange                   seeks to hold compression forums on
                                               Commission (the ‘‘Commission’’) the                         (‘‘compression-list positions file’’).                the last business day of every calendar
                                               proposed rule change as described in                           (3)–(5) No change.                                 week and each of the last five business
                                               Items I and II below, which Items have                         (6) The Exchange will make available               days of every calendar quarter. In order
                                               been prepared by the Exchange. The                          an open outcry ‘‘compression forum’’ in               to increase the frequency of
                                               Exchange filed the proposal as a ‘‘non-                     which all Trading Permit Holders may                  compression forums the Exchange also
                                               controversial’’ proposed rule change                        participate on the last business day of               proposes to increase the frequency with
                                               pursuant to Section 19(b)(3)(A)(iii) of                     each calendar week, each of the last                  which TPHs submit compression-list
                                               the Act 3 and Rule 19b–4(f)(6)                              three business days of every calendar                 positions to the Exchange and the
                                               thereunder.4 The Commission is                              month, and each of the last five                      frequency with which the Exchange
                                               publishing this notice to solicit                           business days of every calendar quarter,              generates the compression-list positions
                                               comments on the proposed rule change                        at a location on the trading floor
                                                                                                                                                                 file. The Exchange notes that it is not
                                               from interested persons.                                    determined by the Exchange. The
                                                                                                                                                                 proposing any modification to the type
                                                                                                           compression forum will be held for four
                                               I. Self-Regulatory Organization’s                                                                                 of information TPHs submit to the
                                                                                                           (4) hours during Regular Trading Hours
                                               Statement of the Terms of Substance of                                                                            Exchange pursuant to Rule 6.56 nor
                                                                                                           on the last business day of each
                                               the Proposed Rule Change                                                                                          modifying the manner by which the
                                                                                                           calendar week, each of the last three
                                                                                                                                                                 Exchange generates files and
                                                  The Exchange proposes to amend                           business days of every calendar month,
                                                                                                                                                                 information pursuant to Rule 6.56.
                                               Rule 6.56. The text of the proposed rule                    and each of the last five business days
                                                                                                                                                                 Rather, the Exchange is simply
                                               change is provided below.                                   of every calendar quarter, unless [or
                                                                                                                                                                 increasing the frequency with which
                                               (additions are italicized; deletions are                    three (3) hours if] any of those days is
                                                                                                                                                                 TPHs may submit compression-list
                                               [bracketed])                                                an abbreviated trading day, as[t times]
                                                                                                                                                                 positions, the frequency with which the
                                                                                                           determined by the Exchange, in which
                                               *          *     *       *      *                                                                                 Exchange generates the compression-list
                                                                                                           case the compression forum will be held
                                                                                                                                                                 positions file, and the number of
                                               Cboe Exchange, Inc. Rules                                   for three (3) hours.
                                                                                                              (b)–(c) (No change).                               compression forums that will be held on
                                               *          *     *       *      *                                                                                 the Exchange. The Exchange believes
                                                                                                           *      *     *     *    *                             that more frequent compression forums
                                               Rule 6.56. Compression Forums                                  The text of the proposed rule change
                                                                                                                                                                 will further encourage the closing of
                                                 (a) Procedure.                                            is also available on the Exchange’s
                                                                                                                                                                 positions, which, once closed, may
                                                 (1) Prior to 4:30 p.m. Chicago time on                    website (http://www.cboe.com/
                                                                                                                                                                 serve to alleviate the capital
                                               the second to last business day of each                     AboutCBOE/CBOELegal
                                                                                                                                                                 requirement constraints on TPHs and
                                               calendar week; the second, third, and                       RegulatoryHome.aspx), at the
                                                                                                                                                                 improve overall market liquidity by
                                               fourth to last business day of each                         Exchange’s Office of the Secretary, and
                                                                                                                                                                 freeing capital currently tied up in
                                               calendar month; and the second, third,                      at the Commission’s Public Reference
                                                                                                                                                                 certain SPX positions.
                                               fourth, fifth, and sixth to last business                   Room.
daltland on DSKBBV9HB2PROD with NOTICES




                                                                                                                                                                    The Exchange proposes to implement
                                               day of each calendar quarter, in a                          II. Self-Regulatory Organization’s                    this rule change on March 22, 2018, in
                                               manner and format determined by the                         Statement of the Purpose of, and                      order to allow a compression forum to
                                                   1 15
                                                                                                           Statutory Basis for, the Proposed Rule                be held on March 23rd and each of the
                                                        U.S.C. 78s(b)(1).
                                                   2 17
                                                                                                           Change                                                last five business days of March.
                                                        CFR 240.19b–4.
                                                   3 15 U.S.C. 78s(b)(3)(A)(iii).                             In its filing with the Commission, the
                                                   4 17 CFR 240.19b–4(f)(6).                               Exchange included statements                            5 See   Rule 6.56(a)(6).



                                          VerDate Sep<11>2014       19:08 Mar 19, 2018   Jkt 244001   PO 00000   Frm 00088   Fmt 4703   Sfmt 4703   E:\FR\FM\20MRN1.SGM     20MRN1


                                                                              Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices                                                       12235

                                               2. Statutory Basis                                       marketplace for market participants at                    information that the Exchange prepares,
                                                  The Exchange believes the proposed                    other exchanges, such market                              but rather adds a few additional days on
                                               rule change is consistent with the                       participants are eligible to participant                  which compression forums will be held
                                               Securities Exchange Act of 1934 (the                     through Cboe Options TPHs.                                and correspondingly increases as the
                                               ‘‘Act’’) and the rules and regulations                   Furthermore, participation in                             number of opportunities for TPHs to
                                               thereunder applicable to the Exchange                    compression forums is completely                          submit positions and receive
                                               and, in particular, the requirements of                  voluntary and open to all TPHs.                           compression lists from the Exchange in
                                               Section 6(b) of the Act.6 Specifically,                  C. Self-Regulatory Organization’s                         connection with those compression
                                               the Exchange believes the proposed rule                  Statement on Comments on the                              forums. Therefore, the Commission
                                               change is consistent with the Section                    Proposed Rule Change Received From                        believes that waiving the 30-day
                                               6(b)(5) 7 requirements that the rules of                 Members, Participants, or Others                          operative delay is consistent with the
                                               an exchange be designed to prevent                                                                                 protection of investors and the public
                                                                                                          The Exchange neither solicited nor                      interest. Accordingly, the Commission
                                               fraudulent and manipulative acts and
                                                                                                        received comments on the proposed                         hereby waives the 30-day operative
                                               practices, to promote just and equitable
                                                                                                        rule change.                                              delay and designates the proposal
                                               principles of trade, to foster cooperation
                                               and coordination with persons engaged                    III. Date of Effectiveness of the                         operative on March 22, 2018.15
                                               in regulating, clearing, settling,                       Proposed Rule Change and Timing for                          At any time within 60 days of the
                                               processing information with respect to,                  Commission Action                                         filing of the proposed rule change, the
                                               and facilitating transactions in                                                                                   Commission summarily may
                                                                                                           The Exchange has filed the proposed
                                               securities, to remove impediments to                                                                               temporarily suspend such rule change if
                                                                                                        rule change pursuant to Section
                                               and perfect the mechanism of a free and                                                                            it appears to the Commission that such
                                                                                                        19(b)(3)(A)(iii) of the Act 9 and Rule
                                               open market and a national market                        19b–4(f)(6) thereunder.10 Because the                     action is necessary or appropriate in the
                                               system, and, in general, to protect                      proposed rule change does not: (i)                        public interest, for the protection of
                                               investors and the public interest.                       Significantly affect the protection of                    investors, or otherwise in furtherance of
                                               Additionally, the Exchange believes the                  investors or the public interest; (ii)                    the purposes of the Act. If the
                                               proposed rule change is consistent with                  impose any significant burden on                          Commission takes such action, the
                                               the Section 6(b)(5) 8 requirement that                   competition; and (iii) become operative                   Commission will institute proceedings
                                               the rules of an exchange not be designed                 for 30 days from the date on which it                     to determine whether the proposed rule
                                               to permit unfair discrimination between                  was filed, or such shorter time as the                    change should be approved or
                                               customers, issuers, brokers, or dealers.                 Commission may designate, if                              disapproved.
                                                  In particular, the proposed rule
                                                                                                        consistent with the protection of                         IV. Solicitation of Comments
                                               change will increase the number of
                                                                                                        investors and the public interest, the
                                               compression forums that are held and                                                                                 Interested persons are invited to
                                                                                                        proposed rule change has become
                                               thereby further encourage the closing of                                                                           submit written data, views, and
                                                                                                        effective pursuant to Section 19(b)(3)(A)
                                               positions, which, in general, helps to                                                                             arguments concerning the foregoing,
                                                                                                        of the Act 11 and Rule 19b–4(f)(6) 12
                                               protect investors and the public interest                                                                          including whether the proposed rule
                                                                                                        thereunder.
                                               because closing positions via the                           A proposed rule change filed under
                                                                                                                                                                  change is consistent with the Act.
                                               compression process serves to alleviate                                                                            Comments may be submitted by any of
                                                                                                        Rule 19b–4(f)(6) 13 normally does not
                                               the adverse impact of bank capital                                                                                 the following methods:
                                                                                                        become operative prior to 30 days after
                                               requirements.
                                                                                                        the date of the filing. However, pursuant                 Electronic Comments
                                               B. Self-Regulatory Organization’s                        to Rule 19b–4(f)(6)(iii),14 the                             • Use the Commission’s internet
                                               Statement on Burden on Competition                       Commission may designate a shorter                        comment form (http://www.sec.gov/
                                                  Cboe Options does not believe that                    time if such action is consistent with the                rules/sro.shtml); or
                                               the proposed rule change will impose                     protection of investors and the public                      • Send an email to rule-comments@
                                               any burden on competition that is not                    interest. The Exchange has asked the                      sec.gov. Please include File Number SR–
                                               necessary or appropriate in furtherance                  Commission to waive the 30-day                            CBOE–2018–022 on the subject line.
                                               of the purposes of the Act. The                          operative delay so that the proposed
                                               proposed change would encourage the                      rule change may become operative on                       Paper Comments
                                               closing of positions, which, once closed,                March 22, 2018 to allow for the                             • Send paper comments in triplicate
                                               may serve to alleviate the capital                       compression forum to be held on March                     to Secretary, Securities and Exchange
                                               requirement constraints on TPHs and                      23, 2018, in addition to each of the last                 Commission, 100 F Street NE,
                                               improve overall market liquidity by                      five business days of March as the                        Washington, DC 20549–1090.
                                               freeing capital currently tied up in                     calendar quarter ends. The Commission
                                                                                                        notes that the proposal is not modifying                  All submissions should refer to File
                                               certain SPX positions. The Exchange                                                                                Number SR–CBOE–2018–022. This file
                                               does not believe that the proposed rule                  the information that TPHs submit or the
                                                                                                                                                                  number should be included on the
                                               changes will impose any burden on                                                                                  subject line if email is used. To help the
                                                                                                          9 15  U.S.C. 78s(b)(3)(A)(iii).
                                               intermarket competition that is not                                                                                Commission process and review your
                                                                                                          10 17  CFR 240.19b–4(f)(6).
                                               necessary or appropriate in furtherance                     11 15 U.S.C. 78s(b)(3)(A).                             comments more efficiently, please use
                                               of the purposes of the Act because the                      12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–      only one method. The Commission will
                                               proposed rule change applies only to                     4(f)(6)(iii) requires the Exchange to give the            post all comments on the Commission’s
                                               the trading of SPX options, which are
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                                                                                                        Commission written notice of the Exchange’s intent        internet website (http://www.sec.gov/
                                               exclusively-listed on Cboe Options. To                   to file the proposed rule change, along with a brief
                                                                                                                                                                  rules/sro.shtml). Copies of the
                                               the extent that the proposed changes                     description and text of the proposed rule change,
                                                                                                        at least five business days prior to the date of filing   submission, all subsequent
                                               make the Exchange a more attractive                      of the proposed rule change, or such shorter time
                                                                                                        as designated by the Commission. The Exchange               15 For purposes only of waving the 30-day
                                                 6 15  U.S.C. 78f(b).                                   has satisfied this requirement.                           operative delay, the Commission has considered the
                                                 7 15 U.S.C. 78f(b)(5).                                    13 17 CFR 240.19b–4(f)(6).
                                                                                                                                                                  purposed rule’s impact on efficiency, competition,
                                                 8 Id.                                                     14 17 CFR 240.19b–4(f)(6)(iii).                        and capital formation. See 15 U.S.C. 78c(f).



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                                               12236                            Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices

                                               amendments, all written statements                           Commissioner Piwowar, as duty                      (202) 366–5587 and her email address is
                                               with respect to the proposed rule                         officer, voted to consider the items                  amy.berning@dot.gov.
                                               change that are filed with the                            listed for the closed meeting in closed               SUPPLEMENTARY INFORMATION:
                                               Commission, and all written                               session.                                                 OMB Control Number: None.
                                               communications relating to the                               The subject matters of the closed                     Title: Crash Risk Associated with
                                               proposed rule change between the                          meeting will be:                                      Drug and Alcohol Use by Drivers in
                                               Commission and any person, other than                        Institution and settlement of                      Fatal and Serious Injury Crashes.
                                               those that may be withheld from the                       injunctive actions;                                      Form No.: NHTSA Form 1420, 1421,
                                               public in accordance with the                                Institution and settlement of                      1422.
                                               provisions of 5 U.S.C. 552, will be                       administrative proceedings; and                          Type of Review: Regular.
                                               available for website viewing and                            Other matters relating to enforcement                 Respondents: Participants will
                                               printing in the Commission’s Public                       proceedings.                                          include seriously or fatally injured
                                               Reference Room, 100 F Street NE,                             At times, changes in Commission                    crash-involved drivers (n = 2,500) and
                                               Washington, DC 20549 on official                          priorities require alterations in the                 matched non-crash-involved drivers
                                               business days between the hours of                        scheduling of meeting items.                          (n = 5,000). Crash-involved drivers will
                                               10:00 a.m. and 3:00 p.m. Copies of the                    CONTACT PERSON FOR MORE INFORMATION:                  include seriously injured drivers who
                                               filing also will be available for                         For further information and to ascertain              are transported to a trauma center by
                                               inspection and copying at the principal                   what, if any, matters have been added,                emergency medical services and fatally
                                               office of the Exchange. All comments                      deleted or postponed; please contact                  injured drivers who are transported
                                               received will be posted without change.                   Brent J. Fields from the Office of the                directly to the medical examiner’s
                                               Persons submitting comments are                           Secretary at (202) 551–5400.                          office. Sampling will occur at three
                                               cautioned that we do not redact or edit                                                                         trauma centers and within the roadway
                                                                                                           Dated: March 15, 2018.
                                               personal identifying information from                                                                           catchment area served by the trauma
                                               comment submissions. You should                           Brent J. Fields,
                                                                                                                                                               center(s). Non-crash-involved drivers
                                               submit only information that you wish                     Secretary.
                                                                                                                                                               will be matched to injured drivers on
                                               to make available publicly. All                           [FR Doc. 2018–05658 Filed 3–16–18; 11:15 am]
                                                                                                                                                               crash day of the week, crash time of day,
                                               submissions should refer to File                          BILLING CODE 8011–01–P                                and crash direction of travel.
                                               Number SR–CBOE–2018–022 and                                                                                        Estimated Time per Participant:
                                               should be submitted on or before April                                                                          Surveys will be administered to control
                                               10, 2018.                                                                                                       participants. Questions will be on
                                                                                                         DEPARTMENT OF TRANSPORTATION
                                                 For the Commission, by the Division of                                                                        demographics, trip information, and
                                               Trading and Markets, pursuant to delegated                National Highway Traffic Safety                       opinions about driving while using
                                               authority.16                                              Administration                                        alcohol and or drugs. Control
                                               Eduardo A. Aleman,                                                                                              participants will also be asked to
                                               Assistant Secretary.                                      Reports, Forms, and Record Keeping                    provide a preliminary breath test (PBT)
                                               [FR Doc. 2018–05564 Filed 3–19–18; 8:45 am]               Requirements Agency Information                       sample, and a blood sample.
                                               BILLING CODE 8011–01–P
                                                                                                         Collection Activity Under OMB Review                     For control subjects, the total
                                                                                                                                                               estimated time is approximately 5
                                                                                                         AGENCY:  National Highway Traffic
                                                                                                                                                               minutes to complete the recruiting and
                                                                                                         Safety Administration (NHTSA), DOT.
                                               SECURITIES AND EXCHANGE                                                                                         consent process, 5 minutes to complete
                                                                                                         ACTION: Notice of the OMB review of                   the survey, and 10 minutes to provide
                                               COMMISSION
                                                                                                         information collection and solicitation               PBT and blood samples (20 minutes
                                               Sunshine Act Meetings                                     of public comment.                                    total). The time to decline participation
                                                                                                         SUMMARY:   In compliance with the                     would take approximately 1 minute to
                                               TIME AND DATE:     2:00 p.m. on Thursday,                                                                       listen to the researcher describe the
                                               March 22, 2018.                                           Paperwork Reduction Act of 1995, this
                                                                                                         notice announces that the Information                 study. A person may drive away if not
                                               PLACE: Closed Commission Hearing,                                                                               interested in participating.
                                               Room 10800.                                               Collection Request (ICR) abstracted
                                                                                                         below will be submitted to the Office of                 For crash-involved drivers who
                                               STATUS: This meeting will be closed to                                                                          survived, it will take less than one
                                                                                                         Management and Budget (OMB) for
                                               the public.                                               review. The ICR describes the nature of               minute for obtaining the blood sample,
                                               MATTERS TO BE CONSIDERED:                                 the information collection and its                    and 4 minutes to review the study’s
                                               Commissioners, Counsel to the                             expected burden. A Federal Register                   description—and if not interested in
                                               Commissioners, the Secretary to the                       Notice with a 60-day comment period                   participating—to complete the ‘‘opt-
                                               Commission, and recording secretaries                     soliciting public comments on the                     out’’ form (5 minutes total).
                                               will attend the closed meeting. Certain                   following information collection was                     For crash-involved drivers who died,
                                               staff members who have an interest in                     published on July 17, 2017 (Federal                   it will take less than one minute to
                                               the matters also may be present.                          Register/Vol. 82, No. 135/pp. 32757–                  obtain the blood sample. There will be
                                                  The General Counsel of the                             32758).                                               no burden to the deceased person or to
                                               Commission, or his designee, has                                                                                the public.
                                               certified that, in his opinion, one or                    DATES: Submit comments to the Office                     Total Estimated Annual Burden
                                               more of the exemptions set forth in 5                     of Management and Budget (OMB) on or                  Hours: 965.5 hours per year; for a total
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                                               U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)               before April 19, 2018.                                of 1,931 hours across two years.
                                               and (10) and 17 CFR 200.402(a)(3),                        FOR FURTHER INFORMATION CONTACT:                         Frequency of Collection: Each
                                               (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and            Amy Berning, Contracting Officer’s                    participant will only respond to the
                                               (a)(10), permit consideration of the                      Representative—Task Order, DOT/                       survey and/or blood sample requests a
                                               scheduled matters at the closed meeting.                  NHTSA (NTI–131), 1200 New Jersey                      single time during the study period.
                                                                                                         Avenue SE, W46–497, Washington, DC                       Abstract: The National Highway
                                                 16 17   CFR 200.30–3(a)(12).                            20590. Ms. Berning’s phone number is                  Traffic Safety Administration (NHTSA)


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Document Created: 2018-03-20 01:10:37
Document Modified: 2018-03-20 01:10:37
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 Citation83 FR 12234 

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