83 FR 19365 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 24.6, Days and Hours of Business
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 85 (May 2, 2018)
Federal Register Volume 83, Issue 85 (May 2, 2018)
| Page Range | 19365-19367 | |
| FR Document | 2018-09257 |
[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)] [Notices] [Pages 19365-19367] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09257] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83112; File No. SR-CBOE-2018-030] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 24.6, Days and Hours of Business April 26, 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 April 13, 2018, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b- 4(f)(6) thereunder.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 24.6. (additions are italicized; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules * * * * * Chapter XXIV. Index Options * * * * * Rule 24.6. Days and Hours of Business (a) (No change). (b) Transactions in the following index options may be effected on the Exchange during the Regular Trading Hours of 8:30 a.m. Chicago time to 3:00 p.m. Chicago time: (i)-(xli) (No change) (xlii) S&P Financial Select Sector Index (SIXM) (xliii) S&P Energy Select Sector Index (SIXE) (xliv) S&P Technology Select Sector Index (SIXT) (xlv) S&P Health Care Select Sector Index (SIXV) (xlvi) S&P Utilities Select Sector Index (SIXU) (xlvii) S&P Consumer Staples Select Sector Index (SIXR) (xlviii) S&P Industrials Select Sector Index (SIXI) (xlix) S&P Consumer Discretionary Select Sector Index (SIXY) (xlx) S&P Materials Select Sector Index (SIXB) (xlxi) S&P Real Estate Select Sector Index (SIXRE) . . . Interpretations and Policies: .01-.06 (No change). * * * * * The text of the proposed rule change is also available on the Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Recently, the Exchange proposed to amend certain rules in connection with the Exchange's plans to list and trade ten S&P Select Sector Index options. Each S&P Select Sector Index (``Sector Index'') \5\ represents the performance of stocks that are components of the Standard & Poor's 500 Index (``S&P 500'') within one of the following sectors (each of which is referred to as a ``Sector Index''): --------------------------------------------------------------------------- \5\ Each Sector Index is a narrow-based index as defined in Rule 24.1(i)(2). ------------------------------------------------------------------------ Number of Sector Symbol \6\ components ------------------------------------------------------------------------ Financial............................ IXM 66 Energy............................... IXE 32 Technology........................... IXT 72 Health Care.......................... IXV 61 Utilities............................ IXU 28 Consumer Staples..................... IXR 35 Industrials.......................... IXI 68 Consumer Discretionary............... IXY 85 Materials............................ IXB 26 Real Estate.......................... IXRE 32 ------------------------------------------------------------------------ Currently, pursuant to Rule 24.6(a), options on the Sector Indexes may trade on the Exchange from 8:30 a.m. until 3:15 p.m. Chicago time. In connection with the listing of options on the Sector Indexes,\7\ the Exchange proposes to amend Rule 24.6(b) to add options on [[Page 19366]] the Sector Indexes to the list of index options that may trade on the Exchange from 8:30 a.m. until 3:00 p.m. Chicago time. The Exchange understands that investors who plan to trade options on Sector Indexes would often use the prices of the stock components of Sector Indexes to price options rather than futures on the Sector Indexes (which are often used to price index options, such as options on the S&P 500). Investors similarly use pricing of underlying stocks to price shares of exchange-traded funds (``ETFs'') derived from the Sector Indexes (e.g., Select Sector SPDR ETFs), the components of which are stocks that are components of the Sector Indexes. The underlying stocks end regular trading at 3:00 p.m. Chicago time each day. Closing trading in the Select Sector Index options at the same time the stocks end regular trading \8\ will ensure investors have access to robust pricing of the underlying stock components they use to price the options, thus reducing investors' price risk. Various other index options, including narrow-based index options, may trade from 8:30 a.m. to 3:00 p.m. Chicago time.\9\ --------------------------------------------------------------------------- \6\ These symbols represent the index. The corresponding option symbols are SIXM, SIXE, SIXT, SIXV, SIXU, SIXR, SIXI, SIXY, SIXB, and SIXRE, respectively. \7\ The Exchange has not yet begun listing options on the Sector Indexes, but expects to begin listing them as early as April 2018. \8\ While the stocks may continue to trade in an aftermarket trading session on the listing exchanges, there is less liquidity in aftermarket trading, which generally leads to wider spreads and more volatile pricing. \9\ See Rule 24.6(b) (for example, options on the S&P transportation, retail, health care, banking, insurance, and chemical indices, and the Cboe PowerPacks SM bank, biotechnology, gold, internet, iron & steel, oil, oil services, pharmaceuticals, retail, semiconductor, technology, and telecom indices). --------------------------------------------------------------------------- 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.\10\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \11\ 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) \12\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). \12\ Id. --------------------------------------------------------------------------- In particular, closing trading in the Select Sector Index options at the same time the stocks end regular trading will ensure investors have access to robust pricing of the underlying stock components they use to price the options, which protects investors by reducing their price risk. Various other index options, including narrow-based index options, may trade from 8:30 a.m. to 3:00 p.m. Chicago time.\13\ --------------------------------------------------------------------------- \13\ See supra note 9. --------------------------------------------------------------------------- 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. All market participants will be able to trade options on the Sector Indexes during the same trading hours. Various other index options, including narrow-based index options, may trade from 8:30 a.m. to 3:00 p.m. Chicago time.\14\ The Exchange believes the proposed rule change will promote competition, as it brings the trading hours for Sector Index options in line with competitive products trading on other exchanges. Additionally, Sector Index options trade exclusively on Cboe Options. To the extent that the proposed changes make Cboe Options a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become Cboe Options market participants. --------------------------------------------------------------------------- \14\ Id. --------------------------------------------------------------------------- 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)(iii) of the Act \15\ and subparagraph (f)(6) Rule 19b-4 thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally does not become operative for 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) \18\ 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 requested that the Commission waive the 30-day operative delay to permit the proposed rule change to be operative at the time the Exchange begins listing Sector Index options for trading. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest because the proposal to add ten new S&P Select Sector Index options to the existing list of similar index options, including narrow-based index options, that trade until 3:00 p.m. Chicago time does not raise any new or novel issues. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\19\ --------------------------------------------------------------------------- \17\ 17 CFR 240.19b-4(f)(6). \18\ 17 CFR 240.19b-4(f)(6)(iii). \19\ For purposes only of waiving the 30-day operative delay, the Commission also has 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: [[Page 19367]] 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-2018-030 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-2018-030. 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; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CBOE-2018-030 and should be submitted on or before May 23, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-09257 Filed 5-1-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices 19365
Authority: 5 U.S.C. 3301 and 3302; E.O. ‘‘Exchange’’ or ‘‘Cboe Options’’) filed AboutCBOE/CBOELegalRegulatory
10577, 3 CFR, 1954–1958 Comp., p.218. with the Securities and Exchange Home.aspx), at the Exchange’s Office of
Office of Personnel Management. Commission (the ‘‘Commission’’) the the Secretary, and at the Commission’s
Jeff T.H. Pon, proposed rule change as described in Public Reference Room.
Director. Items I and II, below, which Items have
II. Self-Regulatory Organization’s
been prepared by the Exchange. The
[FR Doc. 2018–09302 Filed 5–1–18; 8:45 am] Statement of the Purpose of, and
Exchange filed the proposal as a ‘‘non-
BILLING CODE 6325–39–P Statutory Basis for, the Proposed Rule
controversial’’ proposed rule change
Change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6) In its filing with the Commission, the
POSTAL SERVICE thereunder.4 The Commission is Exchange included statements
publishing this notice to solicit concerning the purpose of and basis for
Product Change—Priority Mail
comments on the proposed rule change the proposed rule change and discussed
Express, Priority Mail, & First-Class
from interested persons. any comments it received on the
Package Service Negotiated Service
proposed rule change. The text of these
Agreement I. Self-Regulatory Organization’s statements may be examined at the
Statement of the Terms of Substance of places specified in Item IV below. The
AGENCY: Postal ServiceTM.
the Proposed Rule Change Exchange has prepared summaries, set
ACTION: Notice.
The Exchange proposes to amend forth in sections A, B, and C below, of
SUMMARY: The Postal Service gives Rule 24.6. the most significant aspects of such
notice of filing a request with the Postal (additions are italicized; deletions are statements.
Regulatory Commission to add a [bracketed])
A. Self-Regulatory Organization’s
domestic shipping services contract to * * * * * Statement of the Purpose of, and
the list of Negotiated Service Statutory Basis for, the Proposed Rule
Agreements in the Mail Classification Cboe Exchange, Inc.
Change
Schedule’s Competitive Products List. Rules
DATES: Date of required notice: May 2, 1. Purpose
* * * * *
2018. Recently, the Exchange proposed to
Chapter XXIV. Index Options amend certain rules in connection with
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179. * * * * * the Exchange’s plans to list and trade
SUPPLEMENTARY INFORMATION: The ten S&P Select Sector Index options.
Rule 24.6. Days and Hours of Business
United States Postal Service® hereby Each S&P Select Sector Index (‘‘Sector
gives notice that, pursuant to 39 U.S.C. (a) (No change). Index’’) 5 represents the performance of
(b) Transactions in the following stocks that are components of the
3642 and 3632(b)(3), on April 26, 2018,
index options may be effected on the Standard & Poor’s 500 Index (‘‘S&P
it filed with the Postal Regulatory
Exchange during the Regular Trading 500’’) within one of the following
Commission a USPS Request to Add
Hours of 8:30 a.m. Chicago time to 3:00 sectors (each of which is referred to as
Priority Mail Express, Priority Mail, &
p.m. Chicago time: a ‘‘Sector Index’’):
First-Class Package Service Contract 34
to Competitive Product List. Documents (i)–(xli) (No change)
are available at www.prc.gov, Docket (xlii) S&P Financial Select Sector Index Sector Symbol 6 Number of
(SIXM) components
Nos. MC2018–147, CP2018–211.
(xliii) S&P Energy Select Sector Index
Elizabeth Reed, Financial ............... IXM 66
(SIXE) Energy .................. IXE 32
Attorney, Corporate and Postal Business Law. (xliv) S&P Technology Select Sector Technology ........... IXT 72
[FR Doc. 2018–09241 Filed 5–1–18; 8:45 am] Index (SIXT) Health Care .......... IXV 61
BILLING CODE 7710–12–P (xlv) S&P Health Care Select Sector Utilities .................. IXU 28
Index (SIXV) Consumer Staples IXR 35
(xlvi) S&P Utilities Select Sector Index Industrials ............. IXI 68
(SIXU) Consumer Discre- IXY 85
SECURITIES AND EXCHANGE tionary.
COMMISSION (xlvii) S&P Consumer Staples Select
Sector Index (SIXR) Materials ............... IXB 26
[Release No. 34–83112; File No. SR–CBOE– Real Estate ........... IXRE 32
(xlviii) S&P Industrials Select Sector
2018–030] Index (SIXI)
(xlix) S&P Consumer Discretionary Currently, pursuant to Rule 24.6(a),
Self-Regulatory Organizations; Cboe Select Sector Index (SIXY) options on the Sector Indexes may trade
Exchange, Inc.; Notice of Filing and (xlx) S&P Materials Select Sector Index on the Exchange from 8:30 a.m. until
Immediate Effectiveness of a Proposed (SIXB) 3:15 p.m. Chicago time. In connection
Rule Change To Amend Rule 24.6, (xlxi) S&P Real Estate Select Sector with the listing of options on the Sector
Days and Hours of Business Index (SIXRE) Indexes,7 the Exchange proposes to
amend Rule 24.6(b) to add options on
April 26, 2018. . . . Interpretations and Policies:
Pursuant to Section 19(b)(1) of the .01–.06 (No change).
daltland on DSKBBV9HB2PROD with NOTICES
5 Each Sector Index is a narrow-based index as
Securities Exchange Act of 1934 (the * * * * * defined in Rule 24.1(i)(2).
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The text of the proposed rule change 6 These symbols represent the index. The
notice is hereby given that on April 13, is also available on the Exchange’s corresponding option symbols are SIXM, SIXE,
SIXT, SIXV, SIXU, SIXR, SIXI, SIXY, SIXB, and
2018, Cboe Exchange, Inc. (the website (http://www.cboe.com/ SIXRE, respectively.
7 The Exchange has not yet begun listing options
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(iii). on the Sector Indexes, but expects to begin listing
2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6). them as early as April 2018.
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![Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices 19367
Electronic Comments SECURITIES AND EXCHANGE The Commission is extending the 45-
COMMISSION day time period for Commission action
• Use the Commission’s internet on the proposed rule change. The
comment form (http://www.sec.gov/ [Release No. 34–83119; File No. SR–ISE– Commission finds that it is appropriate
rules/sro.shtml); or 2018–16] to designate a longer period within
• Send an email to rule-comments@ which to take action on the proposed
Self-Regulatory Organizations; Nasdaq rule change so that it has sufficient time
sec.gov. Please include File Number SR– ISE, LLC; Notice of Designation of
CBOE–2018–030 on the subject line. to consider and take action on the
Longer Period for Commission Action Exchange’s proposed rule change.
Paper Comments on Proposed Rule Change To Accordingly, pursuant to Section
Introduce the ATR Protection for 19(b)(2)(A)(ii)(I) of the Act 6 and for the
• Send paper comments in triplicate Orders that are Routed to Away reasons stated above, the Commission
to Secretary, Securities and Exchange Markets designates June 12, 2018 as the date by
Commission, 100 F Street NE, which the Commission should either
April 26, 2018.
Washington, DC 20549–1090. approve or disapprove, or institute
On February 23, 2018, Nasdaq ISE,
All submissions should refer to File proceedings to determine whether to
LLC (‘‘Exchange’’) filed with the
Number SR–CBOE–2018–030. This file disapprove, the proposed rule change
Securities and Exchange Commission
(File No. SR–ISE–2018–16).
number should be included on the (‘‘Commission’’), pursuant to Section
subject line if email is used. To help the 19(b)(1) of the Securities Exchange Act For the Commission, by the Division of
Commission process and review your of 1934 (‘‘Act’’) 1 and Rule 19b–4 Trading and Markets, pursuant to delegated
authority.7
comments more efficiently, please use thereunder,2 a proposed rule change to
Eduardo A. Aleman,
only one method. The Commission will amend Exchange Rule 714 regarding the
Acceptable Trade Range protection for Assistant Secretary.
post all comments on the Commission’s
orders and quotes. The proposed rule [FR Doc. 2018–09264 Filed 5–1–18; 8:45 am]
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the change was published for comment in BILLING CODE 8011–01–P
submission, all subsequent the Federal Register on March 14,
amendments, all written statements 2018.3 On April 20, 2018, the Exchange
submitted Amendment No. 1 to the SECURITIES AND EXCHANGE
with respect to the proposed rule COMMISSION
change that are filed with the proposed rule change.4 The Commission
Commission, and all written received no comments on the proposed [Investment Company Act Release No.
communications relating to the rule change. 33076A; 812–14873]
Section 19(b)(2) of the Act 5 provides
proposed rule change between the Redwood Investment Management,
that within 45 days of the publication of
Commission and any person, other than LLC and Two Roads Shared Trust
notice of the filing of a proposed rule
those that may be withheld from the change, or within such longer period up
public in accordance with the April 26, 2018.
to 90 days as the Commission may AGENCY: Securities and Exchange
provisions of 5 U.S.C. 552, will be designate if it finds such longer period
available for website viewing and Commission (‘‘Commission’’).
to be appropriate and publishes its ACTION: Notice.
printing in the Commission’s Public reasons for so finding or as to which the
Reference Room, 100 F Street NE, self-regulatory organization consents, Notice of an application for an order
Washington, DC 20549 on official the Commission shall either approve the under section 6(c) of the Investment
business days between the hours of proposed rule change, disapprove the Company Act of 1940 (the ‘‘Act’’) for an
10:00 a.m. and 3:00 p.m. Copies of the proposed rule change, or institute exemption from sections 2(a)(32),
filing also will be available for proceedings to determine whether these 5(a)(1), 22(d), and 22(e) of the Act and
inspection and copying at the principal proposed rule changes should be rule 22c–1 under the Act, under
office of the Exchange. All comments disapproved. The 45th day for this filing sections 6(c) and 17(b) of the Act for an
received will be posted without change; is April 28, 2018. exemption from sections 17(a)(1) and
the Commission does not edit personal 17(a)(2) of the Act, and under section
identifying information from 1 15 U.S.C. 78s(b)(1). 12(d)(1)(J) for an exemption from
submissions. You should submit only 2 17 CFR 240.19b–4. sections 12(d)(1)(A) and 12(d)(1)(B) of
3 See Securities Exchange Act Release No. 82846
information that you wish to make the Act. The requested order would
(March 9, 2018), 83 FR 11254 (‘‘Notice’’).
available publicly. All submissions 4 See Letter to Brent J. Fields, Secretary,
permit (a) index-based series of certain
should refer to File Number SR–CBOE– Commission, from Adrian Griffiths, Senior open-end management investment
2018–030 and should be submitted on Associate General Counsel, Nasdaq, Inc., dated companies (‘‘Funds’’) to issue shares
or before May 23, 2018. April 20, 2018. Amendment No. 1 revises the redeemable in large aggregations only
proposed rule change to: (i) Provide further (‘‘Creation Units’’); (b) secondary market
For the Commission, by the Division of discussion of the current application of the ATR to
orders routed away; (ii) modify the proposed rule transactions in Fund shares to occur at
Trading and Markets, pursuant to delegated negotiated market prices rather than at
text regarding the recalculation of the ATR for
authority.20 orders routed away pursuant to Supplementary net asset value (‘‘NAV’’); (c) certain
Eduardo A. Aleman, Material to Exchange Rule 1901, if the applicable Funds to pay redemption proceeds,
National Best Bid or the National Best Offer price
Assistant Secretary. under certain circumstances, more than
daltland on DSKBBV9HB2PROD with NOTICES
is improved at the time of routing; (iii) expand the
[FR Doc. 2018–09257 Filed 5–1–18; 8:45 am] discussion and justification for recalculating the seven days after the tender of shares for
BILLING CODE 8011–01–P
ATR for such orders; and (iv) make other redemption; (d) certain affiliated
amendments to the proposed rule text to improve persons of a Fund to deposit securities
the understandability of the current ATR
calculation. Amendment No. 1 is available at: into, and receive securities from, the
https://www.sec.gov/comments/sr-ise-2018-16/
ise201816-3483594-162248.pdf. 6 15 U.S.C. 78s(b)(2)(A)(ii)(I).
20 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2). 7 17 CFR 200.30–3(a)(31).
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Document Created: 2018-05-02 00:49:34
Document Modified: 2018-05-02 00:49:34
| 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 19365 |
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