83 FR 14685 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Rules Regarding Market-Maker Quoting Obligations
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 66 (April 5, 2018)
Federal Register Volume 83, Issue 66 (April 5, 2018)
| Page Range | 14685-14689 | |
| FR Document | 2018-06915 |
[Federal Register Volume 83, Number 66 (Thursday, April 5, 2018)] [Notices] [Pages 14685-14689] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06915] [[Page 14685]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82974; File No. SR-CBOE-2018-021] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Rules Regarding Market-Maker Quoting Obligations March 30, 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 27, 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 Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend rules regarding Market-Maker quoting obligations. (additions are italicized; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules * * * * * Rule 1.1. Definitions (a)-(bbb) (No change). Continuous Electronic Quotes (ccc) With respect to a Market-Maker who is obligated to provide continuous electronic quotes on the Hybrid Trading System (``Hybrid Market-Maker''), the Hybrid Market-Maker shall be deemed to have provided ``continuous electronic quotes'' if the Hybrid Market-Maker provides electronic two-sided quotes for 90% of the time that the Hybrid Market-Maker is required to provide electronic quotes in an appointed option class on a given trading day during the applicable trading session. Compliance with this quoting obligation applies to all of a Hybrid Market-Maker's appointed classes collectively (with respect to each Market-Maker type as the Hybrid Market-Maker is approved to act). The Exchange will determine compliance by a Hybrid Market-Maker with this quoting obligation on a monthly basis. However, determining compliance with this obligation on a monthly basis does not relieve a Hybrid Market-Maker from meeting this obligation on a daily basis, nor does it prohibit the Exchange from taking disciplinary action against a Hybrid Market-Maker for failing to meet this obligation each trading day. Hybrid Market-Maker continuous electronic quoting obligations may be satisfied by Market-Makers either individually or collectively with Market-Makers of the same TPH organization. If a technical failure or limitation of a system of the Exchange prevents the Hybrid Market-Maker from maintaining, or prevents the Hybrid Market-Maker from communicating to the Exchange, timely and accurate electronic quotes in a class, the duration of such failure shall not be considered in determining whether the Hybrid Market- Maker has satisfied the 90% quoting standard with respect to that option class. The Exchange may consider other exceptions to this continuous electronic quote obligation based on demonstrated legal or regulatory requirements or other mitigating circumstances. (ddd)-(cccc) (No change). . . . Interpretations and Policies: .01-.06 (No change). * * * * * Rule 8.7. Obligations of Market-Makers (a)-(c) (No change). (d) Market-Making Obligations in Applicable Hybrid Classes The following obligations in this paragraph (d) are only applicable to Market-Makers trading classes on the Cboe Options Hybrid System and only in those Hybrid classes. Unless otherwise provided in this Rule, Market-Makers trading classes on the Hybrid System remain subject to all obligations imposed by Cboe Options Rule 8.7. To the extent another obligation contained elsewhere in Rule 8.7 is inconsistent with an obligation contained in paragraph (d) of Rule 8.7 with respect to a class trading on Hybrid, this paragraph (d) shall govern trading in the Hybrid class. For Regular Trading Hours, these requirements are applicable on a per class basis, except as set forth in paragraph (ii)(B) below, depending upon the percentage of volume a Market-Maker transacts in an appointed class during Regular Trading Hours electronically versus in open outcry. With respect to making this determination, the Exchange will monitor a Market-Maker's trading activity in each appointed class during Regular Trading Hours every calendar quarter to determine whether it exceeds the threshold established in paragraph (d)(i). If a Market-Maker exceeds the threshold established below, the obligations contained in (d)(ii) will be effective the next calendar quarter. For a period of ninety (90) days commencing immediately after a class begins trading on the Hybrid system, the provisions of paragraph (d)(i) shall govern trading in that class. (i) (No change). (ii) Market-Maker Trades More Than 20% Contract Volume in an Appointed Class Electronically: If a Market-Maker on the Cboe Options Hybrid System transacts more than 20% of the Market-Maker's contract volume electronically in an appointed Hybrid class during Regular Trading Hours during any calendar quarter, commencing the next calendar quarter the Market- Maker will be subject to the following quoting obligations in that class for as long as the Market-Maker maintains an appointment in that class: (A) (No change). (B) Continuous Electronic Quoting Obligation: A Market-Maker will be required to maintain continuous electronic quotes (as defined in Rule 1.1(ccc)) in 60% of the non-adjusted option series of the Market-Maker's appointed classes that have a time to expiration of less than nine months. Compliance with this quoting obligation applies to all of a Market-Maker's appointed classes collectively (for which it must maintain continuous electronic quotes pursuant to this paragraph (ii)(B)). The Exchange will determine compliance by a Market-Maker with this quoting obligation on a monthly basis. However, determining compliance with this quoting obligation on a monthly basis does not relieve a Market- Maker from meeting this obligation on a daily basis, nor does it prohibit the Exchange from taking disciplinary action against a Market-Maker for failing to meet this obligation each trading day. The initial size of a Market-Maker's quote must be for the minimum number of contracts determined by the Exchange on a class by class basis, which minimum shall be at least one contract. This obligation does not apply to intra-day add-on series on the day during which such series are added for trading. Market-Maker continuous electronic quoting obligations may be satisfied by Market-Makers either individually or collectively with Market-Makers of the same TPH organization. (C) (No change). (iii)-(iv) (No change). . . . Interpretations and Policies: .01-.12 (No change). * * * * * Rule 8.13. Preferred Market-Maker Program (a)-(c) (No change). (d) Quoting Obligations: The Preferred Market-Maker must comply with the quoting obligations applicable to its Market-Maker type under Exchange rules and must provide continuous electronic quotes (as defined in Rule 1.1(ccc)) in at least the lesser of 99% of the non-adjusted option series that have a time to expiration of less than nine months or 100% of the non-adjusted option series that have a time to expiration of less than nine months minus one call-put pair, with the term ``call-put pair'' referring to one call and one put that cover the same underlying instrument and have the same expiration date and exercise price. This obligation does not apply to intra-day add-on series on the day during which such series are added for trading. Compliance with this quoting obligation applies to all of a Preferred Market-Maker's classes for which it receives Preferred Market-Maker orders collectively. The Exchange will determine compliance by a Preferred Market-Maker with this quoting obligation on a monthly basis. However, determining compliance with this obligation on a monthly basis does not relieve a Preferred Market-Maker from meeting this quoting obligation on a daily basis, nor does it prohibit the Exchange from taking [[Page 14686]] disciplinary action against a Preferred Market-Maker for failing to meet this obligation each trading day. Preferred Market-Maker continuous electronic quoting obligations may be satisfied by Preferred Market-Makers either individually or collectively with Preferred Market-Makers of the same TPH organization. . . . Interpretations and Policies: .01-.03 (No change). * * * * * Rule 8.15. Lead Market-Makers (a) (No change). (b) LMM Obligations: Each LMM must fulfill all the obligations of a Market-Maker under the Rules and satisfy each of the following requirements: (i) provide continuous electronic quotes (as defined in Rule 1.1 (ccc)) in at least the lesser of 99% of the non-adjusted option series or 100% of the non-adjusted option series minus one call-put pair, with the term ``call-put pair'' referring to one call and one put that cover the same underlying instrument and have the same expiration date and exercise price. This obligation does not apply to intra-day add-on series on the day during which such series are added for trading. Compliance with this quoting obligation applies to all of an LMM's appointed classes on each platform collectively. The Exchange will determine compliance by an LMM with this quoting obligation on a monthly basis. However, determining compliance with this obligation on a monthly basis does not relieve an LMM from meeting this obligation on a daily basis, nor does it prohibit the Exchange from taking disciplinary action against an LMM for failing to meet this obligation each trading day. In option classes in which both an On-Floor LMM and an Off-Floor DPM or Off-Floor LMM have been appointed, the On-Floor LMM will not be obligated to comply with this paragraph (b)(i) and instead will be obligated to comply with the obligations of Market-Makers in Rule 8.7(d). [. ]In an option class in which the Exchange appointed an On-Floor LMM that has open- outcry obligations only, that On-Floor LMM will not be obligated to comply with this paragraph (b)(i) and instead will be obligated to comply with the obligations of Market-Makers in Rule 8.7(d) and have a designee in the class's crowd on the trading floor for the entire trading day (except for a de minimis amount of time). Lead Market- Maker continuous electronic quoting obligations may be satisfied by Lead Market-Makers either individually or collectively with Lead Market-Makers of the same TPH organization; (ii)-(viii) (No change). (c)-(d) (No change). . . . Interpretations and Policies: .01-.04 (No change). * * * * * Rule 8.85. DPM Obligations (a) Dealer Transactions. Each DPM must fulfill all of the obligations of a Market-Maker under the Rules, and must satisfy each of the following requirements in respect of each of the securities allocated to the DPM. To the extent that there is any inconsistency between the specific obligations of a DPM set forth in subparagraphs (a)(i) through (a)(xi) of this Rule and the general obligations of a Market-Maker under the Rules, subparagraphs (a)(i) through (a)(xi) of this Rule will govern. Each DPM must: (i) provide continuous electronic quotes (as defined in Rule 1.1(ccc)) in at least the lesser of 99% of the non-adjusted option series or 100% of the non-adjusted option series minus one call-put pair, with the term ``call-put pair'' referring to one call and one put that cover the same underlying instrument and have the same expiration date and exercise price, and assure that its disseminated market quotations are accurate. This obligation does not apply to intra-day add-on series on the day during which such series are added for trading. Compliance with this quoting obligation applies to all of a DPM's allocated classes collectively. The Exchange will determine compliance by a DPM with this quoting obligation on a monthly basis. However, determining compliance with this obligation on a monthly basis does not relieve a DPM from meeting this obligation on a daily basis, nor does it prohibit the Exchange from taking disciplinary action against DPM for failing to meet this obligation each trading day. DPM continuous electronic quoting obligations may be satisfied by DPM either individually or collectively with DPM Market-Makers of the same TPH organization; (ii)-(x) (No change). (b)-(e) (No change). . . .Interpretations and Policies: .01-.02 (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, and B 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 Cboe Options Rules 8.7(d)(ii)(B), 8.13(d), 8.15(b)(i), and 8.85(a)(i) set forth continuous electronic quoting obligations of Market-Makers, Preferred Market-Makers (``PMMs''), Lead Market-Makers (``LMMs''), and Designated Primary Market-Makers (``DPMs''), respectively. Additionally, Rule 1.1(ccc) defines continuous electronic quotes as that term is used in those rules. Rule 8.1 defines a Market- Maker as an individual Trading Permit Holder or a TPH organization that is registered with the Exchange for the purpose of making transactions as a dealer-specialist on the Exchange in accordance with the provisions of Chapter VIII of the Rules. PMMs, LMMs, and DPMs are types of Market-Makers. Historically, Cboe Options has interpreted the term ``Market- Maker'' with respect to continuous quoting obligations to apply on an individual basis. This interpretation is consistent with the previous definition of Market-Maker--Cboe Options Rule 8.1 previously defined a Market-Maker as an individual member or nominee of a member organization.\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 57615 (April 3, 2008), 73 FR 19537 (April 10, 2008) (SR-CBOE-2008-120) (order approving proposed rule change relating to Market-Makers and Remote Market-Makers, which rule change amended the definition of Market- Maker in Rule 8.1 to include member (which are now known as Trading Permit Holders) organizations). --------------------------------------------------------------------------- After the Exchange amended its rules to state a Market-Maker may also be a TPH organization, it continued its interpretation of the term ``Market-Maker'' as referring to an individual Market-Maker with respect to continuous quoting obligations. This is implied by Rule 8.7, Interpretation and Policy .03(B)(i), which states the in-person requirements for Market-Makers in Hybrid 3.0 classes set forth in paragraph (B) may be satisfied by Market-Makers individually or collectively with the Market-Makers of the same TPH organization. In the filing in which the Exchange proposed to adopt that provision, the Exchange indicated it was proposing that provision in response to the Exchange's expansion of the definition of Market-Maker to include TPH organizations.\4\ This implies the Exchange previously interpreted Market-Maker consistent with the previous definition, which was an individual. Limiting that provision to the in-person requirements for Market-Makers in Hybrid 3.0 classes also indicates the Exchange's intention to only interpret Market-Maker as an individual or TPH organization for the purposes of those in-person obligations, but not change its interpretation of the term Market-Maker with respect to other [[Page 14687]] obligations. As a result, the Exchange has continued to interpret the term Market-Maker with respect to continuous quoting obligations to mean an individual, despite the change to the definition of Market- Maker. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 57996 (June 20, 2008), 73 FR 36937 (June 30, 2008) (SR-CBOE-2008-59) (proposed rule change to adopt Rule 8.7, Interpretation and Policy .03(B)(i)). --------------------------------------------------------------------------- Cboe Options proposes to modify its interpretation of the term ``Market-Maker'' with respect to Market-Maker continuous electronic quoting obligations and instead interpret the term Market-Maker in a manner consistent with its definition, which includes both individuals and TPH organizations. Specifically, the proposed rule change amends the above-referenced rules regarding continuous electronic quoting obligations to state Market-Maker (or PMM, LMM, or DPM, as applicable) continuous electronic quoting obligations may be satisfied by Market- Makers either individually or collectively with Market-Makers of the same TPH organization. The Exchange believes it is reasonable to interpret the term Market-Maker with respect to continuous electronic quoting in this manner, as that is consistent with the current definition. The proposed interpretation is consistent with the current structure of TPH organizations registered as Market-Makers (as currently all individual Market-Makers are affiliated with a TPH organization, and thus TPH organizations are ultimately responsible for those Market-Makers) and will ensure a more consistent application of the definition of Market-Maker within the Cboe Rules. Additionally, the proposed interpretation provides Market-Makers with flexibility to quote in their appointed classes in a manner consistent with their business operations, particularly in classes with a large number of series. For example, the Exchange intends to convert trading of SPX options from the Hybrid 3.0 trading platform to the Hybrid trading system. There are currently over 7,000 series within the SPX option group trading on the Hybrid 3.0 platform, on which Market- Makers may not stream electronic quotes. Upon conversion of SPX to Hybrid, Market-Makers will be able to select electronic appointments in this group and stream electronic quotes, subject to continuous electronic quoting obligations in Rule 8.7(d). Given the large number of SPX series, the Exchange understands a Market-Maker firm may decide to have individuals associated with the firm submit SPX quotes in different series using different acronyms. On an aggregate basis, the quotes submitted through those various acronyms would satisfy the firm's electronic quoting obligations. For example, a Market-Maker firm has acronyms ABC, DEF, and GHI registered for three individuals associated with that firm. The firm's plan is for these individuals to stream quotes in class XYZ as follows: ABC will quote in the near three month series (months one through three), DEF will quote in the middle three month series (months four through six), and GHI will quote in the far three month series (months seven through nine).\5\ Assume each acronym submits electronic quotes in 300 series for 90% of the trading day, which combines for 900 series out of 1,000 total series listed for trading in class XYZ (i.e., 90% of series) for the Market-Maker firm. On an aggregate basis, this satisfies the firm's obligation to quote in at least 60% of series for 90% of the trading day. --------------------------------------------------------------------------- \5\ Rule 8.7(d)(ii) requires continuous electronic quotes in the series with expirations no further than nine months. --------------------------------------------------------------------------- Modifying the interpretation of the term Market-Maker to apply on a firm basis with respect to continuous electronic quoting obligations is also consistent with rules of other exchanges. For example, under the rules of Cboe-affiliated options exchanges Cboe BZX Exchange, Inc. (``BZX Options'') and Cboe EDGX Exchange, Inc. (``EDGX Options''), a Market-Maker by definition may only be an entity,\6\ and thus the rules with respect to continuous electronic quoting obligations apply on a firm basis. Additionally, Cboe-affiliated options exchange Cboe C2 Exchange, Inc. has historically only had trading firms registered as Market-Makers, and thus has interpreted the term Market-Maker to mean Trading Permit Holder organization.\7\ Cboe Options is modifying its interpretation of the term Market-Maker with respect to continuous electronic quoting obligations to mean TPH organization where applicable to provide greater harmonization between the rules of the Cboe-affiliated Exchanges and simplify the regulatory requirements of Market-Makers subject to Market-Maker continuous electronic quoting obligations across multiple Cboe-affiliated Exchanges. Additionally, as noted above, the Exchange's current in-person quoting requirements may be satisfied by Market-Makers individually or collectively with Market- Makers of the same TPH organization. --------------------------------------------------------------------------- \6\ See BZX and EDGX Rules 16.1(a)(38) (defining ``Options Member'' as a firm, or organization registered with the Exchange pursuant to Chapter XVII of EDGX rules, for purposes of participating in EDGX Options as an ``Options Order Entry Firm'' or ``Options Market-Maker'') and (37) (defining ``Options Market Maker'' as an Options Member, which may only be a firm, registered with the Exchange for the purpose of making markets in options contracts traded on the Exchange and that is vested with the rights and responsibilities specified in Chapter XXII of the EDGX rules); see also BZX and EDGX Rules 22.2 (stating that Options Members (which may only be firms) may register as Market Makers) and 22.5 (describing obligations of Market-Makers, which may only be firms by virtue of the definitions of Market-Maker and Options Member). \7\ Various Trading Permit Holders have also informed the Exchange that other options exchanges similarly interpret their continuous electronic quoting rules to apply on a firm basis rather than individual basis. --------------------------------------------------------------------------- While the proposed rule change is a modification of a current interpretation to Exchange rules, the Exchange proposes to include the interpretation in the applicable rules to provide clarity to Market- Makers regarding their obligations. 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.\8\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ 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) \10\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ Id. --------------------------------------------------------------------------- In particular, the proposed interpretation is consistent with the current definition of Market-Maker, which provides a Market-Maker may be an individual or a TPH organization. The proposed interpretation is also consistent with the current structure of TPH organizations registered as Market-Makers (as all individual Market-Makers are currently associated with TPH organizations) and will ensure a more consistent application of the definition of Market-Maker within the Cboe Rules. The Exchange does not propose to modify continuous electronic quoting [[Page 14688]] obligations, and does not believe the proposed modification to the interpretation of the term Market-Maker in those rules will diminish Market-Makers' obligations to provide continuous electronic quotes in a significant percentage of series for a significant part of the trading day. Rather, the proposed interpretation provides Market-Makers with flexibility to quote in their appointed classes in a manner consistent with their business operations, particularly in classes with a large number of series. The Exchange believes this may benefit efficiency of Market-Makers' quoting operations in those classes, as they can manage their quoting operations as they deem appropriate based on the nature of their businesses. The Exchange does not believe this proposed interpretation would reduce liquidity, because to the extent continuous quoting obligations may be satisfied collectively among Market-Makers associated with a TPH organization, the TPH organization would have to take into account the quotes of all associated Market-Makers when determining whether it is satisfying its continuous electronic quoting obligations. The proposed interpretation removes impediments to and perfects the mechanisms of a free and open market and national market system, because other exchanges (e.g. BZX and EDGX) interpret the term Market- Maker to mean a member organization with respect to continuous quoting obligations. Cboe Options is modifying its interpretation of the term Market-Maker with respect to continuous electronic quoting obligations to mean THP organization where applicable in order to provide greater harmonization between the rules of the Cboe-affiliated Exchanges and simplify the regulatory requirements of Market-Makers subject to Market-Maker continuous electronic quoting obligations across multiple Cboe-affiliated Exchanges. Additionally, as noted above, the proposed interpretation is consistent with the Exchange's current in-person quoting requirements, which may be satisfied by Market-Makers individually or collectively with Market-Makers of the same TPH organization. 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 rule change will not impose any burden on intramarket competition, because the modified interpretation will apply in the same manner to all Market- Makers subject to continuous electronic quoting obligations and is consistent with the current definition of Market-Maker. The Exchange does not propose to modify continuous electronic quoting obligations, and does not believe the proposed modification to the interpretation of the term Market-Maker in those rules will diminish Market-Makers' obligations to provide continuous electronic quotes in a significant percentage of series for a significant part of the trading day, and thus does not impact the balance of Market-Maker obligations and benefits. Rather, the proposed interpretation provides Market-Makers with flexibility to quote in their appointed classes in a manner consistent with their business operations, particularly in classes with a large number of series. The Exchange believes this may benefit efficiency of Market-Makers' quoting operations, particularly in those classes, as they can manage their quoting operations as they deem appropriate based on the nature of their businesses. The proposed rule change regarding the interpretation of the term Market-Maker will not impose any burden on intermarket competition, because the modified interpretation of the term Market-Maker to mean TPH organization where applicable is consistent with that of other options exchanges, as noted above. Cboe Options is modifying its interpretation of the term Market-Maker with respect to continuous electronic quoting obligations to mean TPH organization where applicable in order to provide greater harmonization between the rules of the Cboe-affiliated Exchanges and simplify the regulatory requirements of Market-Makers subject to Market-Maker continuous electronic quoting obligations across multiple Cboe-affiliated Exchanges. Additionally, the proposed interpretation is consistent with the Exchange's in-person quoting requirements. 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 Because the foregoing 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, it has become effective pursuant to Section 19(b)(3)(A) \11\ of the Act and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \13\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to 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 proposal may become operative immediately upon filing. As discussed above, the Exchange notes that its proposal is consistent with rules of other exchanges.\15\ Because the proposal does not raise any new or novel issues, the Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\16\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 6 and accompanying text. \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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: [[Page 14689]] Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CBOE-2018-021 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-2018-021. 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 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-2018-021 and should be submitted on or before April 26, 2018. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Eduardo Aleman, Assistant Secretary. [FR Doc. 2018-06915 Filed 4-4-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 66 / Thursday, April 5, 2018 / Notices 14685
SECURITIES AND EXCHANGE disciplinary action against a Hybrid Market- calendar quarter, commencing the next
COMMISSION Maker for failing to meet this obligation each calendar quarter the Market-Maker will be
trading day. Hybrid Market-Maker subject to the following quoting obligations
[Release No. 34–82974; File No. SR–CBOE– continuous electronic quoting obligations in that class for as long as the Market-Maker
2018–021] may be satisfied by Market-Makers either maintains an appointment in that class:
individually or collectively with Market- (A) (No change).
Self-Regulatory Organizations; Cboe Makers of the same TPH organization. (B) Continuous Electronic Quoting
Exchange, Inc.; Notice of Filing and If a technical failure or limitation of a Obligation: A Market-Maker will be required
Immediate Effectiveness of a Proposed system of the Exchange prevents the Hybrid to maintain continuous electronic quotes (as
Rule Change Amending Rules Market-Maker from maintaining, or prevents defined in Rule 1.1(ccc)) in 60% of the non-
the Hybrid Market-Maker from adjusted option series of the Market-Maker’s
Regarding Market-Maker Quoting
communicating to the Exchange, timely and appointed classes that have a time to
Obligations accurate electronic quotes in a class, the expiration of less than nine months.
March 30, 2018. duration of such failure shall not be Compliance with this quoting obligation
considered in determining whether the applies to all of a Market-Maker’s appointed
Pursuant to Section 19(b)(1) of the Hybrid Market-Maker has satisfied the 90% classes collectively (for which it must
Securities Exchange Act of 1934 (the quoting standard with respect to that option maintain continuous electronic quotes
‘‘Act’’),1 and Rule 19b-4 thereunder,2 class. The Exchange may consider other pursuant to this paragraph (ii)(B)). The
notice is hereby given that on March 27, exceptions to this continuous electronic Exchange will determine compliance by a
2018, Cboe Exchange, Inc. (the quote obligation based on demonstrated legal Market-Maker with this quoting obligation on
‘‘Exchange’’ or ‘‘Cboe Options’’) filed or regulatory requirements or other a monthly basis. However, determining
with the Securities and Exchange mitigating circumstances. compliance with this quoting obligation on a
Commission (the ‘‘Commission’’) the (ddd)–(cccc) (No change). monthly basis does not relieve a Market-
. . . Interpretations and Policies: Maker from meeting this obligation on a daily
proposed rule change as described in basis, nor does it prohibit the Exchange from
Items I and II below, which Items have .01–.06 (No change).
taking disciplinary action against a Market-
been prepared by the Exchange. The * * * * * Maker for failing to meet this obligation each
Commission is publishing this notice to Rule 8.7. Obligations of Market-Makers trading day. The initial size of a Market-
solicit comments on the proposed rule (a)–(c) (No change). Maker’s quote must be for the minimum
change from interested persons. (d) Market-Making Obligations in number of contracts determined by the
Applicable Hybrid Classes Exchange on a class by class basis, which
I. Self-Regulatory Organization’s The following obligations in this paragraph minimum shall be at least one contract. This
Statement of the Terms of Substance of (d) are only applicable to Market-Makers obligation does not apply to intra-day add-on
the Proposed Rule Change trading classes on the Cboe Options Hybrid series on the day during which such series
System and only in those Hybrid classes. are added for trading. Market-Maker
The Exchange proposes to amend continuous electronic quoting obligations
rules regarding Market-Maker quoting Unless otherwise provided in this Rule,
Market-Makers trading classes on the Hybrid may be satisfied by Market-Makers either
obligations. (additions are italicized; System remain subject to all obligations individually or collectively with Market-
deletions are [bracketed]) imposed by Cboe Options Rule 8.7. To the Makers of the same TPH organization.
* * * * * extent another obligation contained (C) (No change).
elsewhere in Rule 8.7 is inconsistent with an (iii)–(iv) (No change).
Cboe Exchange, Inc. obligation contained in paragraph (d) of Rule . . . Interpretations and Policies:
Rules 8.7 with respect to a class trading on Hybrid, .01–.12 (No change).
this paragraph (d) shall govern trading in the * * * * *
* * * * *
Hybrid class.
Rule 1.1. Definitions For Regular Trading Hours, these Rule 8.13. Preferred Market-Maker Program
(a)–(bbb) (No change). requirements are applicable on a per class (a)–(c) (No change).
basis, except as set forth in paragraph (ii)(B) (d) Quoting Obligations: The Preferred
Continuous Electronic Quotes below, depending upon the percentage of Market-Maker must comply with the quoting
(ccc) With respect to a Market-Maker who volume a Market-Maker transacts in an obligations applicable to its Market-Maker
is obligated to provide continuous electronic appointed class during Regular Trading type under Exchange rules and must provide
quotes on the Hybrid Trading System Hours electronically versus in open outcry. continuous electronic quotes (as defined in
(‘‘Hybrid Market-Maker’’), the Hybrid With respect to making this determination, Rule 1.1(ccc)) in at least the lesser of 99% of
Market-Maker shall be deemed to have the Exchange will monitor a Market-Maker’s the non-adjusted option series that have a
provided ‘‘continuous electronic quotes’’ if trading activity in each appointed class time to expiration of less than nine months
the Hybrid Market-Maker provides electronic during Regular Trading Hours every calendar or 100% of the non-adjusted option series
two-sided quotes for 90% of the time that the quarter to determine whether it exceeds the that have a time to expiration of less than
Hybrid Market-Maker is required to provide threshold established in paragraph (d)(i). If a nine months minus one call-put pair, with
electronic quotes in an appointed option Market-Maker exceeds the threshold the term ‘‘call-put pair’’ referring to one call
class on a given trading day during the established below, the obligations contained and one put that cover the same underlying
applicable trading session. Compliance with in (d)(ii) will be effective the next calendar instrument and have the same expiration
this quoting obligation applies to all of a quarter. date and exercise price. This obligation does
Hybrid Market-Maker’s appointed classes For a period of ninety (90) days not apply to intra-day add-on series on the
collectively (with respect to each Market- commencing immediately after a class begins day during which such series are added for
Maker type as the Hybrid Market-Maker is trading on the Hybrid system, the provisions trading. Compliance with this quoting
approved to act). The Exchange will of paragraph (d)(i) shall govern trading in obligation applies to all of a Preferred
determine compliance by a Hybrid Market- that class. Market-Maker’s classes for which it receives
Maker with this quoting obligation on a (i) (No change). Preferred Market-Maker orders collectively.
monthly basis. However, determining (ii) Market-Maker Trades More Than 20% The Exchange will determine compliance by
amozie on DSK30RV082PROD with NOTICES
compliance with this obligation on a monthly Contract Volume in an Appointed Class a Preferred Market-Maker with this quoting
basis does not relieve a Hybrid Market-Maker Electronically: obligation on a monthly basis. However,
from meeting this obligation on a daily basis, If a Market-Maker on the Cboe Options determining compliance with this obligation
nor does it prohibit the Exchange from taking Hybrid System transacts more than 20% of on a monthly basis does not relieve a
the Market-Maker’s contract volume Preferred Market-Maker from meeting this
1 15 U.S.C. 78s(b)(1). electronically in an appointed Hybrid class quoting obligation on a daily basis, nor does
2 17 CFR 240.19b–4. during Regular Trading Hours during any it prohibit the Exchange from taking
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![14686 Federal Register / Vol. 83, No. 66 / Thursday, April 5, 2018 / Notices
disciplinary action against a Preferred forth in subparagraphs (a)(i) through (a)(xi) of Market-Makers (‘‘PMMs’’), Lead Market-
Market-Maker for failing to meet this this Rule and the general obligations of a Makers (‘‘LMMs’’), and Designated
obligation each trading day. Preferred Market-Maker under the Rules, Primary Market-Makers (‘‘DPMs’’),
Market-Maker continuous electronic quoting subparagraphs (a)(i) through (a)(xi) of this
respectively. Additionally, Rule 1.1(ccc)
obligations may be satisfied by Preferred Rule will govern. Each DPM must:
Market-Makers either individually or (i) provide continuous electronic quotes (as defines continuous electronic quotes as
collectively with Preferred Market-Makers of defined in Rule 1.1(ccc)) in at least the lesser that term is used in those rules. Rule 8.1
the same TPH organization. of 99% of the non-adjusted option series or defines a Market-Maker as an individual
. . . Interpretations and Policies: 100% of the non-adjusted option series Trading Permit Holder or a TPH
.01–.03 (No change). minus one call-put pair, with the term ‘‘call- organization that is registered with the
put pair’’ referring to one call and one put Exchange for the purpose of making
* * * * * that cover the same underlying instrument transactions as a dealer-specialist on the
Rule 8.15. Lead Market-Makers and have the same expiration date and
Exchange in accordance with the
(a) (No change). exercise price, and assure that its
disseminated market quotations are accurate. provisions of Chapter VIII of the Rules.
(b) LMM Obligations: Each LMM must PMMs, LMMs, and DPMs are types of
fulfill all the obligations of a Market-Maker This obligation does not apply to intra-day
add-on series on the day during which such Market-Makers.
under the Rules and satisfy each of the
series are added for trading. Compliance with Historically, Cboe Options has
following requirements:
(i) provide continuous electronic quotes (as this quoting obligation applies to all of a interpreted the term ‘‘Market-Maker’’
defined in Rule 1.1 (ccc)) in at least the lesser DPM’s allocated classes collectively. The with respect to continuous quoting
of 99% of the non-adjusted option series or Exchange will determine compliance by a obligations to apply on an individual
100% of the non-adjusted option series DPM with this quoting obligation on a basis. This interpretation is consistent
monthly basis. However, determining
minus one call-put pair, with the term ‘‘call- with the previous definition of Market-
put pair’’ referring to one call and one put compliance with this obligation on a monthly
basis does not relieve a DPM from meeting Maker—Cboe Options Rule 8.1
that cover the same underlying instrument previously defined a Market-Maker as
and have the same expiration date and this obligation on a daily basis, nor does it
prohibit the Exchange from taking an individual member or nominee of a
exercise price. This obligation does not apply
to intra-day add-on series on the day during disciplinary action against DPM for failing to member organization.3
which such series are added for trading. meet this obligation each trading day. DPM After the Exchange amended its rules
Compliance with this quoting obligation continuous electronic quoting obligations to state a Market-Maker may also be a
applies to all of an LMM’s appointed classes may be satisfied by DPM either individually TPH organization, it continued its
on each platform collectively. The Exchange or collectively with DPM Market-Makers of interpretation of the term ‘‘Market-
will determine compliance by an LMM with the same TPH organization; Maker’’ as referring to an individual
this quoting obligation on a monthly basis. (ii)–(x) (No change).
(b)–(e) (No change).
Market-Maker with respect to
However, determining compliance with this continuous quoting obligations. This is
obligation on a monthly basis does not . . .Interpretations and Policies:
.01–.02 (No change).
implied by Rule 8.7, Interpretation and
relieve an LMM from meeting this obligation Policy .03(B)(i), which states the in-
on a daily basis, nor does it prohibit the * * * * *
Exchange from taking disciplinary action person requirements for Market-Makers
The text of the proposed rule change in Hybrid 3.0 classes set forth in
against an LMM for failing to meet this is also available on the Exchange’s
obligation each trading day. In option classes paragraph (B) may be satisfied by
website (http://www.cboe.com/ Market-Makers individually or
in which both an On-Floor LMM and an Off-
Floor DPM or Off-Floor LMM have been AboutCBOE/CBOELegalRegulatory collectively with the Market-Makers of
appointed, the On-Floor LMM will not be Home.aspx), at the Exchange’s Office of the same TPH organization. In the filing
obligated to comply with this paragraph (b)(i) the Secretary, and at the Commission’s in which the Exchange proposed to
and instead will be obligated to comply with Public Reference Room. adopt that provision, the Exchange
the obligations of Market-Makers in Rule
II. Self-Regulatory Organization’s indicated it was proposing that
8.7(d). [. ]In an option class in which the
Exchange appointed an On-Floor LMM that Statement of the Purpose of, and provision in response to the Exchange’s
has open-outcry obligations only, that On- Statutory Basis for, the Proposed Rule expansion of the definition of Market-
Floor LMM will not be obligated to comply Change Maker to include TPH organizations.4
with this paragraph (b)(i) and instead will be This implies the Exchange previously
In its filing with the Commission, the
obligated to comply with the obligations of interpreted Market-Maker consistent
Market-Makers in Rule 8.7(d) and have a Exchange included statements
with the previous definition, which was
designee in the class’s crowd on the trading concerning the purpose of and basis for
an individual. Limiting that provision to
floor for the entire trading day (except for a the proposed rule change and discussed
the in-person requirements for Market-
de minimis amount of time). Lead Market- any comments it received on the
Makers in Hybrid 3.0 classes also
Maker continuous electronic quoting proposed rule change. The text of these
obligations may be satisfied by Lead Market- indicates the Exchange’s intention to
statements may be examined at the
Makers either individually or collectively only interpret Market-Maker as an
places specified in Item IV below. The
with Lead Market-Makers of the same TPH individual or TPH organization for the
Exchange has prepared summaries, set
organization; purposes of those in-person obligations,
forth in sections A, and B below, of the
(ii)–(viii) (No change). but not change its interpretation of the
(c)–(d) (No change). most significant aspects of such
term Market-Maker with respect to other
. . . Interpretations and Policies: statements.
.01–.04 (No change). A. Self-Regulatory Organization’s 3 See Securities Exchange Act Release No. 57615
* * * * * Statement of the Purpose of, and (April 3, 2008), 73 FR 19537 (April 10, 2008) (SR–
CBOE–2008–120) (order approving proposed rule
Rule 8.85. DPM Obligations Statutory Basis for, the Proposed Rule change relating to Market-Makers and Remote
amozie on DSK30RV082PROD with NOTICES
(a) Dealer Transactions. Each DPM must
Change Market-Makers, which rule change amended the
definition of Market-Maker in Rule 8.1 to include
fulfill all of the obligations of a Market-Maker 1. Purpose member (which are now known as Trading Permit
under the Rules, and must satisfy each of the Holders) organizations).
following requirements in respect of each of Cboe Options Rules 8.7(d)(ii)(B), 4 See Securities Exchange Act Release No. 57996
the securities allocated to the DPM. To the 8.13(d), 8.15(b)(i), and 8.85(a)(i) set forth (June 20, 2008), 73 FR 36937 (June 30, 2008) (SR–
extent that there is any inconsistency continuous electronic quoting CBOE–2008–59) (proposed rule change to adopt
between the specific obligations of a DPM set obligations of Market-Makers, Preferred Rule 8.7, Interpretation and Policy .03(B)(i)).
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![Federal Register / Vol. 83, No. 66 / Thursday, April 5, 2018 / Notices 14689
Electronic Comments SECURITIES AND EXCHANGE Filing Dates: The application was
COMMISSION filed on January 24, 2018, and amended
• Use the Commission’s internet on February 22, 2018.
comment form (http://www.sec.gov/ Applicant’s Address: Canton House,
[Investment Company Act Release No.
rules/sro.shtml); or 33063] 300 Water Street, Baltimore, Maryland
• Send an email to rule-comments@ 21202.
sec.gov. Please include File Number SR– Notice of Applications for Meehan Mutual Funds, Inc. [File No.
CBOE–2018–021 on the subject line. Deregistration Under Section 8(f) of the 811–09575]
Investment Company Act of 1940
Paper Comments Summary: Applicant seeks an order
March 30, 2018. declaring that it has ceased to be an
• Send paper comments in triplicate investment company. The applicant has
The following is a notice of
to Secretary, Securities and Exchange transferred its assets to Meehan Focus
applications for deregistration under
Commission, 100 F Street NE, section 8(f) of the Investment Company Fund, a series of Ultimus Managers
Washington, DC 20549–1090. Act of 1940 for the month of March Trust, and, on October 20, 2017, made
All submissions should refer to File 2018. A copy of each application may be a final distribution to its shareholders
Number SR–CBOE–2018–021. This file obtained via the Commission’s website based on net asset value. Expenses of
number should be included on the by searching for the file number, or for $133,418 incurred in connection with
subject line if email is used. To help the an applicant using the Company name the reorganization were paid by the
box, at http://www.sec.gov/search/ applicant’s investment adviser.
Commission process and review your
search.htm or by calling (202) 551– Filing Date: The application was filed
comments more efficiently, please use on February 22, 2018.
only one method. The Commission will 8090. An order granting each
application will be issued unless the Applicant’s Address: c/o Edgemoor
post all comments on the Commission’s Investment Advisors Inc., 7250
internet website (http://www.sec.gov/ SEC orders a hearing. Interested persons
may request a hearing on any Woodmont Avenue, Suite 315,
rules/sro.shtml). Copies of the Bethesda, Maryland 20814.
application by writing to the SEC’s
submission, all subsequent
Secretary at the address below and LocalShares Investment Trust [File No.
amendments, all written statements serving the relevant applicant with a
with respect to the proposed rule 811–22755]
copy of the request, personally or by
change that are filed with the mail. Hearing requests should be Summary: Applicant seeks an order
Commission, and all written received by the SEC by 5:30 p.m. on declaring that it has ceased to be an
communications relating to the April 24, 2018, and should be investment company. On February 16,
proposed rule change between the accompanied by proof of service on 2018, applicant made a liquidating
Commission and any person, other than applicants, in the form of an affidavit or, distribution to its shareholders, based
those that may be withheld from the for lawyers, a certificate of service. on net asset value. Expenses of $46,500
public in accordance with the Pursuant to Rule 0–5 under the Act, incurred in connection with the
provisions of 5 U.S.C. 552, will be hearing requests should state the nature liquidation were paid by the applicant’s
available for website viewing and of the writer’s interest, any facts bearing investment adviser.
Filing Date: The application was filed
printing in the Commission’s Public upon the desirability of a hearing on the
on March 5, 2018.
Reference Room, 100 F Street NE, matter, the reason for the request, and
Applicant’s Address: 4535 Harding
Washington, DC 20549 on official the issues contested. Persons who wish
Pike, Suite 201, Nashville, Tennessee
business days between the hours of to be notified of a hearing may request
37205.
10:00 a.m. and 3:00 p.m. Copies of the notification by writing to the
filing also will be available for Commission’s Secretary. Transamerica AUIM Opportunistic
inspection and copying at the principal Bond [File No. 811–22765]
ADDRESSES: The Commission: Secretary,
office of the Exchange. All comments U.S. Securities and Exchange Summary: Applicant, a closed-end
received will be posted without change. Commission, 100 F Street NE, investment company, seeks an order
Persons submitting comments are Washington, DC 20549–1090. declaring that it has ceased to be an
cautioned that we do not redact or edit investment company. Applicant has
FOR FURTHER INFORMATION CONTACT:
personal identifying information from never made a public offering of its
Shawn Davis, Branch Chief, at (202) securities and does not propose to make
comment submissions. You should
551–6413 or Chief Counsel’s Office at a public offering or engage in business
submit only information that you wish
(202) 551–6821; SEC, Division of of any kind.
to make available publicly. All Investment Management, Chief
submissions should refer to File Filing Dates: The application was
Counsel’s Office, 100 F Street NE, filed on January 24, 2018, and amended
Number SR–CBOE–2018–021 and Washington, DC 20549–8010.
should be submitted on or before April on March 7, 2018.
26, 2018. Croft Funds Corporation [File No. 811– Applicant’s Address: 1801 California
08652] Street, Suite 5200, Denver, Colorado
For the Commission, by the Division of 80202.
Trading and Markets, pursuant to delegated Summary: Applicant seeks an order
authority.17 declaring that it has ceased to be an Waddell & Reed Advisors Funds [811–
09435]
amozie on DSK30RV082PROD with NOTICES
Eduardo Aleman, investment company. On December 1,
Assistant Secretary. 2017, applicant made a liquidating Summary: Applicant seeks an order
[FR Doc. 2018–06915 Filed 4–4–18; 8:45 am] distribution to its shareholders, based declaring that it has ceased to be an
on net asset value. Expenses of $3,764 investment company. Each series of
BILLING CODE 8011–01–P
incurred in connection with the applicant has transferred its assets to a
liquidation were paid by the applicant’s corresponding series of Ivy Funds and,
17 17 CFR 200.30–3(a)(12). investment adviser. on October 10, 2017 and February 20,
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Document Created: 2018-11-01 09:13:46
Document Modified: 2018-11-01 09:13:46
| 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 14685 |
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