83 FR 13322 - Sunshine Act Meeting; Cancellation

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 60 (March 28, 2018)

Page Range		13322-13323
FR Document		2018-06294

Federal Register, Volume 83 Issue 60 (Wednesday, March 28, 2018)

[Federal Register Volume 83, Number 60 (Wednesday, March 28, 2018)]
[Notices]
[Pages 13322-13323]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06294]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting; Cancellation

FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT:  To be published.

[[Page 13323]]


PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING:  Thursday, March 29, 
2018 at 2:00 p.m.

CHANGES IN THE MEETING:  The Closed Meeting scheduled for Thursday, 
March 29, 2018 at 2:00 p.m., has been cancelled.

CONTACT PERSON FOR MORE INFORMATION:  For further information and to 
ascertain what, if any, matters have been added, deleted or postponed, 
please contact Brent J. Fields of the Office of the Secretary at (202) 
551-5400.

    Dated: March 23, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018-06294 Filed 3-26-18; 11:15 am]
 BILLING CODE 8011-01-P

13322 Federal Register / Vol. 83, No. 60 / Wednesday, March 28, 2018 / Notices

arise from eliminating position and A proposed rule change filed • Send an email to rule-comments@
exercise limits.34 Furthermore, as pursuant to Rule 19b–4(f)(6) under the sec.gov. Please include File Number SR–
described more fully above, options on Act 38 normally does not become Phlx–2018–24 on the subject line.
other ETFs have the position limits operative for 30 days after the date of its
Paper Comments
proposed herein and those ETFs have filing. However, Rule 19b–4(f)(6)(iii) 39
trading characteristics and trading permits the Commission to designate a • Send paper comments in triplicate
volumes that are similar to those of the shorter time if such action is consistent to Secretary, Securities and Exchange
ETFs subject to this proposed rule with the protection of investors and the Commission, 100 F Street NE,
change. public interest. The Exchange has asked Washington, DC 20549–1090.
Last, the Commission has expressed the Commission to waive the 30-day All submissions should refer to File
the belief that removing position and operative delay so that the proposed Number SR–Phlx–2018–24. This file
exercise limits may bring additional rule change may become effective and number should be included on the
depth and liquidity without increasing operative upon filing. The Exchange subject line if email is used. To help the
concerns regarding intermarket states that waiver of the operative delay Commission process and review your
manipulation or disruption of the would permit the Exchange to comments more efficiently, please use
options or the underlying securities.35 immediately implement the proposed only one method. The Commission will
The Exchange’s enhanced surveillance rule change to increase the position post all comments on the Commission’s
and reporting safeguards continue to be limits as proposed herein and thereby internet website (http://www.sec.gov/
designed to deter and detect possible seamlessly continue to offer traders and rules/sro.shtml). Copies of the
manipulative behavior which might the investing public the ability to use submission, all subsequent
arise from eliminating position and these products as effective hedging and amendments, all written statements
exercise limits. trading vehicles. The Exchange further with respect to the proposed rule
states that waiver would allow the change that are filed with the
B. Self-Regulatory Organization’s
Exchange to remain competitive with Commission, and all written
Statement on Burden on Competition
other exchanges. The Commission communications relating to the
The Exchange does not believe that believes that waiving the 30-day proposed rule change between the
the proposed rule change will impose operative delay is consistent with the Commission and any person, other than
any burden on competition not protection of investors and the public those that may be withheld from the
necessary or appropriate in furtherance interest. Therefore, the Commission public in accordance with the
of the purposes of the Act. On the hereby waives the operative delay and provisions of 5 U.S.C. 552, will be
contrary, the Exchange believes that the designates the proposal as operative available for website viewing and
proposed rule change will result in upon filing.40 printing in the Commission’s Public
additional opportunities to achieve the At any time within 60 days of the Reference Room, 100 F Street NE,
investment and trading objectives of filing of the proposed rule change, the Washington, DC 20549 on official
market participants seeking efficient Commission summarily may business days between the hours of
trading and hedging vehicles, to the temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such
benefit of investors, market participants, it appears to the Commission that such filing also will be available for
and the marketplace in general. action is necessary or appropriate in the inspection and copying at the principal
C. Self-Regulatory Organization’s public interest, for the protection of office of the Exchange. All comments
Statement on Comments on the investors, or otherwise in furtherance of received will be posted without change.
Proposed Rule Change Received From the purposes of the Act. If the Persons submitting comments are
Members, Participants, or Others Commission takes such action, the cautioned that we do not redact or edit
Commission shall institute proceedings personal identifying information from
No written comments were either comment submissions. You should
to determine whether the proposed rule
solicited or received. submit only information that you wish
should be approved or disapproved.
III. Date of Effectiveness of the to make available publicly. All
IV. Solicitation of Comments submissions should refer to File
Proposed Rule Change and Timing for
Commission Action Interested persons are invited to Number SR–Phlx–2018–24, and should
submit written data, views, and be submitted on or before April 18,
Because the proposed rule change
arguments concerning the foregoing, 2018.
does not (i) significantly affect the
protection of investors or the public including whether the proposed rule For the Commission, by the Division of
interest; (ii) impose any significant change is consistent with the Act. Trading and Markets, pursuant to delegated
burden on competition; and (iii) become Comments may be submitted by any of authority.41
operative for 30 days from the date on the following methods: Eduardo A. Aleman,
which it was filed, or such shorter time Electronic Comments Assistant Secretary.
as the Commission may designate, it has [FR Doc. 2018–06140 Filed 3–27–18; 8:45 am]
become effective pursuant to Section • Use the Commission’s internet BILLING CODE 8011–01–P
19(b)(3)(A) of the Act 36 and Rule 19b– comment form (http://www.sec.gov/
4(f)(6) thereunder.37 rules/sro.shtml); or
SECURITIES AND EXCHANGE
34 Id. of filing of the proposed rule change, or such COMMISSION
daltland on DSKBBV9HB2PROD with NOTICES

35 Id. shorter time as designated by the Commission.
36 15U.S.C. 78s(b)(3)(A). 38 17 CFR 240.19b–4(f)(6).
Sunshine Act Meeting; Cancellation
37 17 39 17 CFR 240.19b–4(f)(6)(iii).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the 40 For purposes only of waiving the 30-day
FEDERAL REGISTER CITATION OF PREVIOUS
Commission with written notice of its intent to file operative delay, the Commission has also ANNOUNCEMENT: To be published.
the proposed rule change, along with a brief considered the proposed rule’s impact on
description and the text of the proposed rule efficiency, competition, and capital formation. See
change, at least five business days prior to the date 15 U.S.C. 78c(f). 41 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 83, No. 60 / Wednesday, March 28, 2018 / Notices 13323

PREVIOUSLY ANNOUNCED TIME AND DATE OF Capped ETF (‘‘EWZ’’), iShares 20+ Year contracts in the symbols subject to this
THE MEETING: Thursday, March 29, 2018 Treasury Bond Fund ETF (‘‘TLT’’), proposal are opting to execute those
at 2:00 p.m. PowerShares QQQ Trust (‘‘QQQ’’), and trades in the over-the-counter market.
CHANGES IN THE MEETING: The Closed iShares MSCI Japan ETF (‘‘EWJ’’). The over-the-counter transactions occur
Meeting scheduled for Thursday, March The text of the proposed rule change via bi-lateral agreements, the terms of
29, 2018 at 2:00 p.m., has been is available on the Exchange’s website at which are not publicly disclosed to
cancelled. http://www.miaxoptions.com/rule- other market participants. Therefore,
CONTACT PERSON FOR MORE INFORMATION:
filings/ at MIAX Options’ principal these large trades do not contribute to
For further information and to ascertain office, and at the Commission’s Public the price discovery process performed
what, if any, matters have been added, Reference Room. on a lit market.
deleted or postponed, please contact Position limits are designed to
II. Self-Regulatory Organization’s
Brent J. Fields of the Office of the address potential manipulative schemes
Statement of the Purpose of, and
Secretary at (202) 551–5400. and adverse market impact surrounding
Statutory Basis for, the Proposed Rule
the use of options, such as disrupting
Dated: March 23, 2018. Change
the market in the security underlying
Brent J. Fields, In its filing with the Commission, the the options. The potential manipulative
Secretary. Exchange included statements schemes and adverse market impact are
[FR Doc. 2018–06294 Filed 3–26–18; 11:15 am] concerning the purpose of and basis for balanced against the potential of setting
BILLING CODE 8011–01–P the proposed rule change and discussed the limits so low as to discourage
any comments it received on the participation in the options market. The
proposed rule change. The text of these level of those position limits must be
SECURITIES AND EXCHANGE statements may be examined at the balanced between curtailing potential
COMMISSION places specified in Item IV below. The manipulation and the cost of preventing
Exchange has prepared summaries, set potential hedging activity that could be
[Release No. 34–82931; File No. SR–MIAX–
forth in sections A, B, and C below, of used for legitimate economic purposes.
2018–10]
the most significant aspects of such Position limits for options on ETFs,
Self-Regulatory Organizations; Miami statements. such as those subject to this proposal
International Securities Exchange, are determined pursuant to Exchange
A. Self-Regulatory Organization’s
LLC; Notice of Filing and Immediate Rule 307, and vary according to the
Statement of the Purpose of, and
Effectiveness of a Proposed Rule number of outstanding shares and the
Statutory Basis for, the Proposed Rule
Change To Amend Exchange Rule 307, trading volume of the underlying stocks
Change
Position Limits, and Exchange Rule or ETFs over the past six-months. The
309, Exercise Limits 1. Purpose Exchange notes that the ETFs that
The purpose of the proposed rule underlie options subject to this proposal
March 22, 2018. are highly liquid, and are based on a
change is to amend Exchange Rules 307,
Pursuant to the provisions of Section Position Limits, Interpretations and broad set of highly liquid securities and
19(b)(1) of the Securities Exchange Act Policies .01, and 309, Exercise Limits, other reference assets. Likewise, the
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Interpretations and Policies .01, to Commission has recognized the
thereunder,2 notice is hereby given that increase position and exercise limits, liquidity of the securities comprising
on March 8, 2018, Miami International respectively, for options on the the underlying interest of the SPDR S&P
Securities Exchange, LLC (‘‘MIAX following ETFs: FXI, EEM, IWM, EFA, 500 ETF (‘‘SPY’’) in permitting no
Options’’ or the ‘‘Exchange’’) filed with EWZ, TLT, QQQ, EWJ. position limits on SPY options since
the Securities and Exchange Market participants’ trading activity 2012,4 and expanded position limits for
Commission (‘‘Commission’’) a has been adversely impacted by the options on EEM, IWM and QQQ.
proposed rule change as described in current position limits as such limits The largest in capitalization and the
Items I and II below, which Items have have caused options trading in the most frequently traded stocks and ETFs
been prepared by the Exchange. The symbols subject to this proposal to move have an option position limit of 250,000
Commission is publishing this notice to contracts (with adjustments for splits,
from exchanges to the over-the-counter
solicit comments on the proposed rule re-capitalizations, etc.) on the same side
market. The Exchange submits this
change from interested persons. of the market; and smaller capitalization
proposal with the understanding that
stocks and ETFs have position limits of
I. Self-Regulatory Organization’s market participants’ on-exchange
200,000, 75,000, 50,000 or 25,000
Statement of the Terms of the Substance activity has been hindered by the
contracts (with adjustments for splits,
of the Proposed Rule Change existing position limits, causing them to
re-capitalizations, etc.) on the same side
be unable to provide additional
The Exchange is filing a proposal to of the market. Options on FXI, EFA,
liquidity not just on the Exchange, but
amend Exchange Rules 307, Position EWZ, TLT, and EWJ are currently
also on other options exchanges on
Limits, Interpretations and Policies .01, subject to the standard position limit of
which they participate.3 The Exchange 250,000 contracts, as set forth in
and 309, Exercise Limits, Interpretations
understands that certain market Exchange Rule 307. Interpretation and
and Policies .01, to increase the position
participants wishing to make trades Policy .01 of Exchange Rule 307 sets
and exercise limits for options on the
involving a large number of options forth separate position limits for options
following exchange traded funds
(‘‘ETFs’’): iShares China Large-Cap ETF on specific ETFs as follows:
daltland on DSKBBV9HB2PROD with NOTICES

• Options on EEM are 500,000
3 Cboe has received approval from the
(‘‘FXI’’), iShares MSCI Emerging Commission for its proposed rule change to
Markets ETF (‘‘EEM’’), iShares Russell increase its position limits for the following ETFs: contracts;
2000 ETF (‘‘IWM’’), iShares MSCI EAFE FXI, EEM, IWM, EFA, EWZ, TLT, QQQ, EWJ. See
Securities Exchange Act Release No. 82770 4 See Securities Exchange Act Release Nos. 67672
ETF (‘‘EFA’’), iShares MSCI Brazil (February 23, 2018) (Order Granting Accelerated (August 15, 2012), 77 FR 50750 (August 22, 2012)
Approval of a Proposed Rule Change, as Modified (SR–NYSEAmex–2012–29); 67937 (September 27,
1 15 U.S.C. 78s(b)(1). by Amendment Nos. 1 and 2) (SR–CBOE–2017– 2012), 77 FR 60489 (October 3, 2012) (SR–CBOE–
2 17 CFR 240.19b–4. 057). 2012–091).

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Document Created: 2018-11-01 08:56:08
Document Modified: 2018-11-01 08:56:08

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 13322