83 FR 19130 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Delay for the Re-introduction of Concurrent Complex Order Auction Functionality
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 84 (May 1, 2018)
Federal Register Volume 83, Issue 84 (May 1, 2018)
| Page Range | 19130-19133 | |
| FR Document | 2018-09111 |
[Federal Register Volume 83, Number 84 (Tuesday, May 1, 2018)] [Notices] [Pages 19130-19133] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09111] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83101; File No. SR-ISE-2018-40] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Delay for the Re-introduction of Concurrent Complex Order Auction Functionality April 25, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on April 19, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the delay for re-introduction of functionality which permits concurrent complex order auctions in the same complex strategy by an additional one year. The text of the proposed rule change is available on the Exchange's website at http://ise.cchwallstreet.com/, at the principal office of the Exchange, 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 [[Page 19131]] 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 purpose of the proposed rule change is to extend the delay for re-introduction of functionality which permits concurrent \3\ complex order auctions in the same complex strategy by an additional one year. The Exchange previously filed \4\ a rule change which delayed functionality permitting concurrent complex auctions in conjunction with a migration to the INET \5\ platform. The April 2017 Rule Change provided that with the delay, a complex order auction in a particular complex strategy would not be initiated if another complex order auction is already ongoing in that complex strategy. In conjunction with the April 2017 Rule Change, the Exchange issued an Options Trader Alert notifying Members that concurrent complex auctions would not be offered at this time.\6\ --------------------------------------------------------------------------- \3\ The current ISE Rule 722 rule text refers to these auctions as ``simultaneous''. The Exchange is proposing to amend the rule text to replace the word ``simultaneous'' with ``concurrent.'' This change is designed to make the rule text more accurately describe the functionality. The functionality is not being changed. \4\ See Securities and Exchange Act Release No. 80525 (April 25, 2017), 82 FR 20405 (May 1, 2017) (SR-ISE-2017-33) (``April 2017 Rule Change''). \5\ INET is the proprietary core technology utilized across Nasdaq's global markets and utilized on The Nasdaq Options Market LLC (``NOM''), Nasdaq PHLX LLC (``Phlx'') and Nasdaq BX, Inc. (``BX'') (collectively, ``Nasdaq Exchanges''). The migration of ISE to the Nasdaq INET architecture resulted in higher performance, scalability, and more robust architecture. \6\ See Options Trader Alert #2017-35. --------------------------------------------------------------------------- By way of background, ISE offers various complex order auctions that are designed to provide members an opportunity to trade and to potentially receive price improvement for complex orders that are entered on the Exchange, including an Exposure auction pursuant to Rule 722(b)(3)(iii), a Complex Price Improvement Mechanism (``PIM'') pursuant to Supplementary Material .09 to Rule 723, a Complex Facilitation Mechanism pursuant to Supplementary Material .08 to Rule 716, and Complex Solicited Order Mechanism also pursuant to Supplementary Material .08 to Rule 716. While only one PIM auction may be ongoing at any given time in a series or complex strategy, and PIMs are not permitted to queue or overlap in any manner,\7\ there are no similar restrictions for non-PIM auctions, and any such auctions may be processed concurrently, including in parallel with a PIM auction. For example, while the trading system would prohibit a member from entering a PIM auction when another PIM auction is already ongoing in a complex strategy, if there was an Exposure auction already running a member would be able to start a PIM, Facilitation, Solicitation, or even another Exposure auction in that strategy. This allows maximum ability of members to express their trading intent on the Exchange by permitting multiple complex order auctions in the same complex strategy to be ongoing at any particular time. --------------------------------------------------------------------------- \7\ See Supplementary Material .04 to Rule 723. --------------------------------------------------------------------------- When the Exchange initially delayed this functionality, the Exchange noted in the April 2017 Rule Change that it would reintroduce concurrent complex order auctions in the same complex strategy at a later date within one year of date of the filing. The Exchange filed the initial rule change on April 17, 2017, with a one year delay, and the additional one year delay would extend the implementation timeframe for this functionality to April 17, 2019. The extended delay would provide the Exchange additional time to develop and test this functionality on INET. The Exchange will issue an Options Trader Alert notifying Members when this functionality will be available. Furthermore, in connection with this change, the Exchange also proposes to amend Rule 722 to remove language about the migration of symbols to INET as this migration has been completed and all symbols listed by the Exchange are currently trading on the INET platform. With the delay, only one complex order auction would continue to be ongoing at any given time in a complex strategy, and such auctions would not queue or overlap in any manner. For PIM, Facilitation, or Solicitation auctions, the Exchange would continue to reject a complex order auction of the same or different auction type in a complex strategy that would be initiated while another complex order auction is ongoing in that complex strategy.\8\ In the case where a complex order auction has already been initiated in a complex strategy, an Exposure auction for an order for that strategy would continue to not be initiated and the order would be processed as a complex order that is not marked for price improvement,\9\ instead of rejecting the complex order. If the member requested the order to be cancelled after the exposure period, then the complex order would continue to be cancelled back to the member. --------------------------------------------------------------------------- \8\ The rejection message sent to the member will contain an appropriate reason code indicating that the auction was rejected due to another ongoing complex order auction in the same complex strategy. \9\ Currently, an Exposure order auction is automatically initiated when a member submits an eligible complex order that is marked for price improvement. See Rule 722(b)(3)(iii). Pursuant to Rule 722(b)(3)(iii), complex orders may be marked for price improvement, and if so marked, the complex order may be exposed on the complex order book for a period of up to one-second before being automatically executed. Members can also request that their complex orders be cancelled after the exposure period. --------------------------------------------------------------------------- The Exchange believes that implementing concurrent complex order auctions in the same complex strategy at a later date will not have a significant impact on members as it is rare for multiple complex order auctions in a complex strategy to be ongoing at a particular time. This is particularly the case today due to the recent decrease in the Exchange's auction timers to 100 milliseconds.\10\ The Exchange notes that prior to the migration to the INET platform concurrent complex order auctions in a strategy only occurred approximately 0.5% of the time that an auction runs on the Exchange. The Exchange therefore believes that the impact on Members will continue to be insignificant, and if a member does have auction eligible interest to execute when another complex order auction is ongoing, the member can either re- submit that order to the Exchange, after the auction has concluded, or submit it to another options market that provides similar auction functionality. In this regard, the Exchange notes that its market data feeds provide information to Members about when a complex order auction is ongoing, and Members can therefore use this information to make appropriate routing decisions based on applicable market conditions. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 79733 (January 4, 2017), 82 FR 3055 (January 10, 2017) (SR-ISE-2016-26) (permitting the Exchange to determine auction timers for PIM, Facilitation, and Solicitation within a range of 100 milliseconds and one second). Each of these auction timers are currently set to 100 milliseconds-- i.e., the bottom of the range approved in the filing. Exposure auctions can be any duration up to one second (See Rule 722(b)(3)), and are also currently set to 100 milliseconds. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\11\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\12\ in particular, in that it is designed to promote just and equitable principles of [[Page 19132]] trade, 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 because the Exchange desires to rollout the concurrent complex order auctions functionality at a later date to allow additional time to test and implement this functionality. As proposed herein, within a year from April 17, 2018, the Exchange will offer concurrent auction functionality. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange does not anticipate that the proposed rule change will have any meaningful impact with respect to members' ability to execute complex order auctions as similar restrictions are already in place on other options exchanges.\13\ Concurrent complex order auctions in a complex strategy are rare, and therefore the vast majority of the time members would be able to enter a complex order auction notwithstanding the temporary delay of the implementation of concurrent auctions. With respect to Exposure auctions, in the case where another complex order auction in the same strategy has already been initiated, the Exchange proposes to allow the complex order to continue to be processed without an auction in the same manner as complex orders that are not marked for price improvement. If the Member has marked the complex order to be cancelled after the exposure period, however, the Exchange would cancel the order back to the member consistent with that instruction. If the Member is not able to initiate a complex order auction because another complex order auction in the same strategy has been initiated, the Member may either re-initiate the auction after the auction concludes or submit the order to another options market that offers similar functionality. Thus, Members will be able to continue to express their trading intent regardless of the proposed delay in concurrent auction functionality. --------------------------------------------------------------------------- \13\ See Phlx Rule 1098(e)(2) [sic]. Nasdaq Phlx, LLC (``Phlx''), for example, does not allow the initiation of a Complex Order Live Auction (``COLA'') when there is already a Price Improvement XL (``PIXL'') auction already ongoing in the strategy. Similarly, Miami International Securities Exchange LLC (``MIAX'') can limit the frequency of Complex Auctions by establishing a minimum time period between such auctions, and permits only one Complex Auction per strategy to be in progress at any particular time. See MIAX Rule 518(d)(2). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impact the intense competition that exists in the options market. The Exchange does not believe that the proposed delay will impose any significant burden on inter-market competition as it does not impact the ability of other markets to offer or not offer competing functionality. The Exchange does not believe that the proposed rule change will impose any burden on intra-market competition because all Members uniformly will not be able to initiate concurrent auctions in the same complex order strategy. Within a year from April 17, 2018, the Exchange will offer concurrent complex auction functionality. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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)(iii) of the Act \14\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(iii). \15\ 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 at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. In its filing, ISE requests that the Commission waive the 30-day operative delay to allow the proposed one- year extension of the time for re-introducing concurrent complex order auction functionality to begin at the conclusion of the current delay period, which was scheduled to end on April 17, 2018. As noted above, ISE states that extending the delay for re-introducing concurrent complex order auction functionality will provide ISE with additional time to develop and test this functionality. The Exchange also notes that the proposed rule change is not expected to have any meaningful impact on members' ability to express their trading intent; ISE indicates that such auctions are rare and do not usually occur concurrently. The Commission believes that waiving the operative delay is consistent with the protection of investors and the public interest because it will provide ISE with additional time to develop and test concurrent complex order auction functionality. Accordingly, the Commission waives the 30-day operative delay and designates the proposed rule change operative upon filing.\17\ --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ 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: 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-ISE-2018-40 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-ISE-2018-40. 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 [[Page 19133]] 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-ISE- 2018-40, and should be submitted on or before May 22, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12) and (59). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-09111 Filed 4-30-18; 8:45 am] BILLING CODE 8011-01-P
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through quoting obligations 13 and the furtherance of the purposes of the Act. For the Commission, by the Division of
commitment of capital. Encouraging If the Commission takes such action, the Trading and Markets, pursuant to delegated
Market Makers to add greater liquidity Commission shall institute proceedings authority.16
benefits all market participants in the to determine whether the proposed rule Eduardo A. Aleman,
quality of order interaction. should be approved or disapproved. Assistant Secretary.
[FR Doc. 2018–09114 Filed 4–30–18; 8:45 am]
Fees for Reponses to PIM Orders IV. Solicitation of Comments
BILLING CODE 8011–01–P
The Exchange’s proposal to increase Interested persons are invited to
Regular Order Fees for Reponses to PIM submit written data, views, and
Orders for all market participants from arguments concerning the foregoing, SECURITIES AND EXCHANGE
$0.20 to $0.25 per contract does not including whether the proposed rule COMMISSION
impose an undue burden on change is consistent with the Act.
[Release No. 34–83101; File No. SR–ISE–
competition because the Exchange is Comments may be submitted by any of 2018–40]
assessing all market participants the the following methods:
same Fee for Reponses to PIM Orders. Self-Regulatory Organizations; Nasdaq
Electronic Comments
Fees for PIM Orders ISE, LLC; Notice of Filing and
• Use the Commission’s internet Immediate Effectiveness of Proposed
The Exchange’s proposal to increase comment form (http://www.sec.gov/ Rule Change To Extend the Delay for
the amount assessed to a Member, other rules/sro.shtml); or the Re-introduction of Concurrent
than for a Priority Customer, that • Send an email to rule-comments@ Complex Order Auction Functionality
executes an ADV of 12,500 or more sec.gov. Please include File Number SR–
contracts in the PIM from $0.00 to $0.02 ISE–2018–37 on the subject line. April 25, 2018.
per contract does not impose an undue Pursuant to Section 19(b)(1) of the
burden on competition because today Paper Comments Securities Exchange Act of 1934
all market participants, except Priority • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Customers, are assessed a $0.10 per to Secretary, Securities and Exchange notice is hereby given that on April 19,
contract fee for executing PIM orders. Commission, 100 F Street NE, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
Priority Customers are not assessed a Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
Fee for PIM Orders. Non-Priority All submissions should refer to File and Exchange Commission
Customer market participants have the Number SR–ISE–2018–37. This file (‘‘Commission’’) the proposed rule
opportunity today to decrease their PIM number should be included on the change as described in Items I and II,
Order Fee from $0.10 to $0.05 per subject line if email is used. To help the below, which Items have been prepared
contract provided a Member executes an Commission process and review your by the Exchange. The Commission is
ADV of 7,500 or more contracts in the comments more efficiently, please use publishing this notice to solicit
PIM in a given month. With this only one method. The Commission will comments on the proposed rule change
proposal, all non-Priority Customer post all comments on the Commission’s from interested persons.
market participants have the internet website (http://www.sec.gov/ I. Self-Regulatory Organization’s
opportunity today to decrease their PIM rules/sro.shtml). Copies of the Statement of the Terms of Substance of
Order Fee from $0.10 to $0.02 per submission, all subsequent the Proposed Rule Change
contract provided Members execute an amendments, all written statements
ADV of 12,500 or more contracts in the with respect to the proposed rule The Exchange proposes to extend the
PIM in a given month. change that are filed with the delay for re-introduction of
Commission, and all written functionality which permits concurrent
C. Self-Regulatory Organization’s complex order auctions in the same
Statement on Comments on the communications relating to the
proposed rule change between the complex strategy by an additional one
Proposed Rule Change Received From year.
Members, Participants, or Others Commission and any person, other than
those that may be withheld from the The text of the proposed rule change
No written comments were either public in accordance with the is available on the Exchange’s website at
solicited or received. provisions of 5 U.S.C. 552, will be http://ise.cchwallstreet.com/, at the
available for website viewing and principal office of the Exchange, and at
III. Date of Effectiveness of the
printing in the Commission’s Public the Commission’s Public Reference
Proposed Rule Change and Timing for
Reference Room, 100 F Street NE, Room.
Commission Action
The foregoing rule change has become Washington, DC 20549, on official II. Self-Regulatory Organization’s
effective pursuant to Section business days between the hours of Statement of the Purpose of, and
19(b)(3)(A)(ii) of the Act,14 and Rule 10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule
filing also will be available for Change
19b–4(f)(2) 15 thereunder. At any time
inspection and copying at the principal
within 60 days of the filing of the In its filing with the Commission, the
office of the Exchange. All comments
proposed rule change, the Commission Exchange included statements
received will be posted without change.
summarily may temporarily suspend concerning the purpose of and basis for
Persons submitting comments are
such rule change if it appears to the the proposed rule change and discussed
cautioned that we do not redact or edit
Commission that such action is: (i) any comments it received on the
amozie on DSK30RV082PROD with NOTICES
personal identifying information from
Necessary or appropriate in the public proposed rule change. The text of these
comment submissions. You should
interest; (ii) for the protection of statements may be examined at the
submit only information that you wish
investors; or (iii) otherwise in places specified in Item IV below. The
to make available publicly. All
13 See ISE Rule 804.
submissions should refer to File 16 17 CFR 200.30–3(a)(12).
14 15 U.S.C. 78s(b)(3)(A)(ii). Number SR–ISE–2018–37 and should be 1 15 U.S.C. 78s(b)(1).
15 17 CFR 240.19b–4(f)(2). submitted on or before May 22, 2018. 2 17 CFR 240.19b–4.
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trade, to remove impediments to and of the purposes of the Act. The re-introducing concurrent complex
perfect the mechanism of a free and Exchange does not believe that the order auction functionality will provide
open market and a national market proposed rule change will impact the ISE with additional time to develop and
system, and, in general to protect intense competition that exists in the test this functionality. The Exchange
investors and the public interest options market. The Exchange does not also notes that the proposed rule change
because the Exchange desires to rollout believe that the proposed delay will is not expected to have any meaningful
the concurrent complex order auctions impose any significant burden on inter- impact on members’ ability to express
functionality at a later date to allow market competition as it does not their trading intent; ISE indicates that
additional time to test and implement impact the ability of other markets to such auctions are rare and do not
this functionality. As proposed herein, offer or not offer competing usually occur concurrently. The
within a year from April 17, 2018, the functionality. Commission believes that waiving the
Exchange will offer concurrent auction The Exchange does not believe that operative delay is consistent with the
functionality. the proposed rule change will impose protection of investors and the public
The Exchange does not anticipate that any burden on intra-market competition interest because it will provide ISE with
the proposed rule change will have any because all Members uniformly will not additional time to develop and test
meaningful impact with respect to be able to initiate concurrent auctions in concurrent complex order auction
members’ ability to execute complex the same complex order strategy. Within functionality. Accordingly, the
order auctions as similar restrictions are a year from April 17, 2018, the Commission waives the 30-day
already in place on other options Exchange will offer concurrent complex operative delay and designates the
exchanges.13 Concurrent complex order auction functionality. proposed rule change operative upon
auctions in a complex strategy are rare, filing.17
C. Self-Regulatory Organization’s
and therefore the vast majority of the At any time within 60 days of the
Statement on Comments on the
time members would be able to enter a filing of the proposed rule change, the
Proposed Rule Change Received From
complex order auction notwithstanding Commission summarily may
Members, Participants, or Others
the temporary delay of the temporarily suspend such rule change if
implementation of concurrent auctions. No written comments were either it appears to the Commission that such
With respect to Exposure auctions, in solicited or received. action is: (i) Necessary or appropriate in
the case where another complex order III. Date of Effectiveness of the the public interest; (ii) for the protection
auction in the same strategy has already Proposed Rule Change and Timing for of investors; or (iii) otherwise in
been initiated, the Exchange proposes to Commission Action furtherance of the purposes of the Act.
allow the complex order to continue to If the Commission takes such action, the
be processed without an auction in the Because the foregoing proposed rule Commission shall institute proceedings
same manner as complex orders that are change does not: (i) Significantly affect to determine whether the proposed rule
not marked for price improvement. If the protection of investors or the public should be approved or disapproved.
the Member has marked the complex interest; (ii) impose any significant
burden on competition; and (iii) become IV. Solicitation of Comments
order to be cancelled after the exposure
period, however, the Exchange would operative for 30 days from the date on Interested persons are invited to
cancel the order back to the member which it was filed, or such shorter time submit written data, views, and
consistent with that instruction. If the as the Commission may designate, it has arguments concerning the foregoing,
become effective pursuant to Section including whether the proposed rule
Member is not able to initiate a complex
19(b)(3)(A)(iii) of the Act 14 and change is consistent with the Act.
order auction because another complex
subparagraph (f)(6) of Rule 19b–4 Comments may be submitted by any of
order auction in the same strategy has
thereunder.15 the following methods:
been initiated, the Member may either A proposed rule change filed under
re-initiate the auction after the auction Rule 19b–4(f)(6) normally does not Electronic Comments
concludes or submit the order to
another options market that offers
become operative for 30 days after the • Use the Commission’s internet
date of the filing. However, Rule 19b– comment form (http://www.sec.gov/
similar functionality. Thus, Members 4(f)(6)(iii) 16 permits the Commission to
will be able to continue to express their rules/sro.shtml); or
designate a shorter time if such action • Send an email to rule-comments@
trading intent regardless of the proposed is consistent with the protection of sec.gov. Please include File Number SR–
delay in concurrent auction investors and the public interest. In its ISE–2018–40 on the subject line.
functionality. filing, ISE requests that the Commission
waive the 30-day operative delay to Paper Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition allow the proposed one-year extension • Send paper comments in triplicate
of the time for re-introducing concurrent to Secretary, Securities and Exchange
The Exchange does not believe that
complex order auction functionality to Commission, 100 F Street NE,
the proposed rule change will impose
begin at the conclusion of the current Washington, DC 20549–1090.
any burden on competition not
delay period, which was scheduled to All submissions should refer to File
necessary or appropriate in furtherance
end on April 17, 2018. As noted above, Number SR–ISE–2018–40. This file
13 See Phlx Rule 1098(e)(2) [sic]. Nasdaq Phlx,
ISE states that extending the delay for number should be included on the
LLC (‘‘Phlx’’), for example, does not allow the subject line if email is used. To help the
14 15 U.S.C. 78s(b)(3)(A)(iii).
initiation of a Complex Order Live Auction Commission process and review your
(‘‘COLA’’) when there is already a Price 15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
amozie on DSK30RV082PROD with NOTICES
comments more efficiently, please use
Improvement XL (‘‘PIXL’’) auction already ongoing 4(f)(6) requires a self-regulatory organization to give
in the strategy. Similarly, Miami International the Commission written notice of its intent to file only one method. The Commission will
Securities Exchange LLC (‘‘MIAX’’) can limit the the proposed rule change at least five business days
frequency of Complex Auctions by establishing a prior to the date of filing of the proposed rule 17 For purposes only of waiving the 30-day
minimum time period between such auctions, and change, or such shorter time as designated by the operative delay, the Commission has also
permits only one Complex Auction per strategy to Commission. The Exchange has satisfied this considered the proposed rule’s impact on
be in progress at any particular time. See MIAX requirement. efficiency, competition, and capital formation. See
Rule 518(d)(2). 16 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f).
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post all comments on the Commission’s information was published on February 4.5 hours per response for
internet website (http://www.sec.gov/ 8, 2018. The collection involves the recordkeeping requirements of 137.71.
rules/sro.shtml). Copies of the submission of application FAA Form Estimated Total Annual Burden: Total
submission, all subsequent 8710–3 for the certification process. The reporting requirements of 325 hours,
amendments, all written statements information to be collected will be used and recordkeeping requirements of 9000
with respect to the proposed rule to evaluate the operators’ request to hours, for a total burden of 9325 hours.
change that are filed with the become certificated as an Agricultural Public comments invited: You are
Commission, and all written Aircraft Operator. asked to comment on any aspect of this
communications relating to the DATES: Written comments should be
information collection, including (a)
proposed rule change between the submitted by May 31, 2018. Whether the proposed collection of
Commission and any person, other than information is necessary for FAA’s
ADDRESSES: Interested persons are performance; (b) the accuracy of the
those that may be withheld from the
invited to submit written comments on estimated burden; (c) ways for FAA to
public in accordance with the
the proposed information collection to enhance the quality, utility and clarity
provisions of 5 U.S.C. 552, will be
the Office of Information and Regulatory of the information collection; and (d)
available for website viewing and
Affairs, Office of Management and ways that the burden could be
printing in the Commission’s Public
Budget. Comments should be addressed minimized without reducing the quality
Reference Room, 100 F Street NE,
to the attention of the Desk Officer, of the collected information. The agency
Washington, DC 20549, on official
Department of Transportation/FAA, and will summarize and/or include your
business days between the hours of
sent via electronic mail to oira_ comments in the request for OMB’s
10:00 a.m. and 3:00 p.m. Copies of the
submission@omb.eop.gov, or faxed to clearance of this information collection.
filing also will be available for
(202) 395–6974, or mailed to the Office
inspection and copying at the principal Issued in Fort Worth, TX, on April 24,
of Information and Regulatory Affairs,
office of the Exchange. All comments 2018.
Office of Management and Budget,
received will be posted without change. Barbara Hall,
Docket Library, Room 10102, 725 17th
Persons submitting comments are FAA Information Collection Clearance
Street NW, Washington, DC 20503.
cautioned that we do not redact or edit Officer, IT Enterprises Business Services
personal identifying information from FOR FURTHER INFORMATION CONTACT: Division, ASP–110.
comment submissions. You should Barbara Hall at (940) 594–5913, or by [FR Doc. 2018–09086 Filed 4–30–18; 8:45 am]
submit only information that you wish email at: Barbara.L.Hall@faa.gov.
BILLING CODE 4910–13–P
to make available publicly. All SUPPLEMENTARY INFORMATION:
submissions should refer to File OMB Control Number: 2120–0049.
Number SR–ISE–2018–40, and should Title: Agricultural Aircraft Operator DEPARTMENT OF TRANSPORTATION
be submitted on or before May 22, 2018. Certificate Application.
For the Commission, by the Division of Form Numbers: FAA Form 8710–3. Federal Aviation Administration
Trading and Markets, pursuant to delegated Type of Review: This pertains to a
authority.18 renewal of an existing information Agency Information Collection
Eduardo A. Aleman, collection. Activities: Requests for Comments;
Background: The Federal Register Clearance of Renewed Approval of
Assistant Secretary.
Notice with a 60-day comment period Information Collection: General
[FR Doc. 2018–09111 Filed 4–30–18; 8:45 am]
soliciting comments on the following Aviation and Air Taxi Activity and
BILLING CODE 8011–01–P
collection of information was published Avionics Survey
on February 8, 2018 (83 FR 5675). AGENCY: Federal Aviation
DEPARTMENT OF TRANSPORTATION Application for a certificate is made on Administration (FAA), DOT.
a form, and in a manner, prescribed by ACTION: Notice and request for
Federal Aviation Administration the Administrator. The FAA form comments.
8710–3 may be obtained from an FAA
Agency Information Collection Flight Standards District Office and SUMMARY: In accordance with the
Activities: Requests for Comments; filed with the FAA Flight Standards Paperwork Reduction Act of 1995, FAA
Clearance of a Renewed Approval of District Office that has jurisdiction over invites public comments about our
Information Collection: Agricultural the area in which the applicant’s home intention to request the Office of
Aircraft Operator Certificate base of operations is located. Management and Budget (OMB)
Application The information collected includes: approval to renew an information
Type of application, Operator’s name/ collection. The Federal Register Notice
AGENCY: Federal Aviation
DBAs, telephone number, mailing with a 60-day comment period soliciting
Administration (FAA), DOT.
address, physical address of the comments on the following collection of
ACTION: Notice and request for information was published February 6,
principal base of operations, chief pilot/
comments. 2018. This information will be used by
designee name, airman certificate grade
SUMMARY: In accordance with the and number, rotorcraft make/model FAA for safety assessment, planning,
Paperwork Reduction Act of 1995, FAA registration numbers to be used and forecasting, cost/benefit analysis, and to
invites public comments about our load combinations requested. target areas for research.
intention to request the Office of Respondents: 200 respondents. DATES: Written comments should be
amozie on DSK30RV082PROD with NOTICES
Management and Budget (OMB) Frequency: Applicants submit the submitted by May 31, 2018.
approval to renew an information form once, for initial issuance, and any ADDRESSES: Interested persons are
collection. The Federal Register Notice time the operator requires an invited to submit written comments on
with a 60-day comment period soliciting amendment to the operating certificate. the proposed information collection to
comments on the following collection of Estimated Average Burden per the Office of Information and Regulatory
Response: 30 minutes each for 137.1, Affairs, Office of Management and
18 17 CFR 200.30–3(a)(12) and (59). 137.15, 137.17, and 137.51 and 137.71. Budget. Comments should be addressed
VerDate Sep<11>2014 18:12 Apr 30, 2018 Jkt 244001 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 E:\FR\FM\01MYN1.SGM 01MYN1](https://thefederalregister.org/doc/83_FR_19214/page/4.svg)
Document Created: 2018-05-01 00:24:17
Document Modified: 2018-05-01 00:24:17
| 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 19130 |
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