83 FR 21324 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Operation of the SPXPM Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 90 (May 9, 2018)
Federal Register Volume 83, Issue 90 (May 9, 2018)
| Page Range | 21324-21327 | |
| FR Document | 2018-09830 |
[Federal Register Volume 83, Number 90 (Wednesday, May 9, 2018)] [Notices] [Pages 21324-21327] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09830] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83166; File No. SR-CBOE-2018-036] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Operation of the SPXPM Pilot Program May 3, 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 May 2, 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 extend the operation of its SPXPM pilot program. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules * * * * * Rule 24.9. Terms of Index Option Contracts (No change). . . . Interpretations and Policies: .01-.13 (No change). .14 In addition to A.M.-settled Standard & Poor's 500 Stock Index options approved for trading on the Exchange pursuant to Rule 24.9, the Exchange may also list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (P.M.-settled third Friday-of-the-month SPX options series). The Exchange may also list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled''). P.M.-settled third Friday-of-the-month SPX options series and P.M.- settled XSP options will be listed for trading for a pilot period ending [May 3]November 5, 2018. * * * * * 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, [[Page 21325]] 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 On February 8, 2013, the Exchange received approval of a rule change that established a Pilot Program that allows the Exchange to list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``SPXPM'').\5\ On July 31, 2013, the Exchange received approval of a rule change that amended the Pilot Program to allow the Exchange to list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled'') \6\ (together, SPXPM and P.M.-settled XSP to be referred to herein as the ``Pilot Products'').\7\ The Exchange has extended the pilot period four times, which is currently set to expire on the earlier of May 3, 2018 or the date on which the pilot program is approved on a permanent basis.\8\ The Exchange hereby proposes to further extend the end date of the pilot period to November 5, 2018. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-2012-120) (the ``SPXPM Approval Order''). Pursuant to Securities Exchange Act Release No. 80060 (February 17, 2017), 82 FR 11673 (February 24, 2017) (SR-CBOE-2016-091), the Exchange moved third-Friday P.M.- settled options into the S&P 500 Index options class, and as a result, the trading symbol for P.M.-settled S&P 500 Index options that have standard third Friday-of-the-month expirations changed from ``SPXPM'' to ``SPXW.'' This change went into effect on May 1, 2017, pursuant to Cboe Options Regulatory Circular RG17-054. \6\ See Securities Exchange Act Release No. 70087 (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055) (the ``P.M.- settled XSP Approval Order''). \7\ For more information on the Pilot Products or the Pilot Program, see the SPXPM Approval Order and the P.M.-settled XSP Approval Order. \8\ See Securities Exchange Act Release Nos. 71424 (January 28, 2014), 79 FR 6249 (February 3, 2014) (SR-CBOE-2014-004); 73338 (October 10, 2014), 79 FR 62502 (October 17, 2014) (SR-CBOE-2014- 076); 77573 (April 8, 2016), 81 FR 22148 (April 14, 2016) (SR-CBOE- 2016-036); and 80386 (April 6, 2017), 82 FR 17704 (April 12, 2017) (SR-CBOE-2017-025). --------------------------------------------------------------------------- During the course of the Pilot Program and in support of the extensions of the Pilot Program, the Exchange submits to the Securities and Exchange Commission (the ``Commission'') reports regarding the Pilot Program that detail the Exchange's experience with the Pilot Program, pursuant to the SPXPM Approval Order and the P.M.-settled XSP Approval Order. Specifically, the Exchange submits annual Pilot Program reports to the Commission that contain an analysis of volume, open interest, and trading patterns. The analysis examines trading in Pilot Products as well as trading in the securities that comprise the underlying index. Additionally, for series that exceed certain minimum open interest parameters, the annual reports provide analysis of index price volatility and share trading activity. The Exchange also submits periodic interim reports that contain some, but not all, of the information contained in the annual reports. In providing the annual and periodic interim reports (the ``pilot reports'') to the Commission, the Exchange has previously requested confidential treatment of the pilot reports under the Freedom of Information Act (``FOIA'').\9\ --------------------------------------------------------------------------- \9\ 5 U.S.C. 552. --------------------------------------------------------------------------- The pilot reports both contain the following volume and open interest data: (1) Monthly volume aggregated for all trades; (2) monthly volume aggregated by expiration date; (3) monthly volume for each individual series; (4) month-end open interest aggregated for all series; (5) month-end open interest for all series aggregated by expiration date; and (6) month-end open interest for each individual series. The annual reports also contain the information noted in Items (1) through (6) above for Expiration Friday, A.M.-settled, S&P 500 index options traded on Cboe Options, as well as the following analysis of trading patterns in the Pilot Products options series in the Pilot Program: (1) A time series analysis of open interest; and (2) an analysis of the distribution of trade sizes. Finally, for series that exceed certain minimum parameters, the annual reports contain the following analysis related to index price changes and underlying share trading volume at the close on Expiration Fridays: (1) A comparison of index price changes at the close of trading on a given Expiration Friday with comparable price changes from a control sample. The data includes a calculation of percentage price changes for various time intervals and compare that information to the respective control sample. Raw percentage price change data as well as percentage price change data normalized for prevailing market volatility, as measured by the Cboe Volatility Index (VIX), is provided; and (2) a calculation of share volume for a sample set of the component securities representing an upper limit on share trading that could be attributable to expiring in-the-money series. The data includes a comparison of the calculated share volume for securities in the sample set to the average daily trading volumes of those securities over a sample period. The minimum open interest parameters, control sample, time intervals, method for randomly selecting the component securities, and sample periods are determined by the Exchange and the Commission. In proposing to extend the Pilot Program, the Exchange will continue to abide by the reporting requirements described herein, as well as in the SPXPM Approval Order and the P.M.-settled XSP Approval Order.\10\ Additionally, the Exchange will provide the Commission with any additional data or analyses the Commission requests because it deems such data or analyses necessary to determine whether the Pilot Program is consistent with the Exchange Act. The Exchange will make public all data and analyses previously submitted to the Commission under the Pilot Program, as well as any data and analyses it makes to the Commission under the Pilot Program in the future. --------------------------------------------------------------------------- \10\ Pursuant to Securities Exchange Act Release No. 75914 (September 14, 2015), 80 FR 56522 (September 18, 2015) (SR-CBOE- 2015-079), the Exchange added SPXPM and P.M.-settled XSP options to the list of products approved for trading during Extended Trading Hours (``ETH''). The Exchange will also include the applicable information regarding SPXPM and P.M.-settled XSP options that trade during ETH in its annual and interim reports. --------------------------------------------------------------------------- The Exchange proposes the extension of the Pilot Program in order to continue to give the Commission more time to consider the impact of the Pilot Program. To this point, Cboe Options believes that the Pilot Program has been [[Page 21326]] well-received by its Trading Permit Holders and the investing public, and the Exchange would like to continue to provide investors with the ability to trade SPXPM and P.M.-settled XSP options. All terms regarding the trading of the Pilot Products shall continue to operate as described in the SPXPM Approval Order and the P.M.-settled XSP Approval Order. The Exchange merely proposes herein to extend the term of the Pilot Program to November 5, 2018. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') [sic] and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\11\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). \13\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed extension of the Pilot Program will continue to provide greater opportunities for investors. Further, the Exchange believes that it has not experienced any adverse effects or meaningful regulatory concerns from the operation of the Pilot Program. As such, the Exchange believes that the extension of the Pilot Program does not raise any unique or prohibitive regulatory concerns. Also, the Exchange believes that such trading has not, and will not, adversely impact fair and orderly markets on Expiration Fridays for the underlying stocks comprising the S&P 500 index. The extension of the Pilot Program will continue to provide investors with the opportunity to trade the desirable products of SPXPM and P.M.-settled XSP, while also providing the Commission further opportunity to observe such trading of the Pilot Products. 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 Exchange does not believe the continuation of the Pilot Program will impose any unnecessary or inappropriate burden on intramarket competition because it will continue to apply equally to all Cboe Options market participants, and the Pilot Products will be available to all Cboe Options market participants. The Exchange believes there is sufficient investor interest and demand in the Pilot Program to warrant its extension. The Exchange believes that, for the period that the Pilot Program has been in operation, it has provided investors with desirable products with which to trade. Furthermore, the Exchange believes that it has not experienced any adverse market effects or regulatory concerns with respect to the Pilot Program. The Exchange further does not believe that the proposed extension of the Pilot Program will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on Cboe Options. To the extent that the continued trading of the Pilot Products may make Cboe Options a more attractive marketplace to market participants at other exchanges, such market participants may elect to become Cboe Options market participants. 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 proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b- 4(f)(6)(iii) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that waiver of the 30-day operative delay will allow it to extend the Pilot Program prior to its expiration on May 3, 2018, and maintain the status quo, thereby reducing market disruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the Pilot Program to continue uninterrupted, thereby avoiding investor confusion that could result from a temporary interruption in the Pilot Program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\16\ --------------------------------------------------------------------------- \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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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-CBOE -2018-036 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. [[Page 21327]] All submissions should refer to File No. SR-CBOE-2018-036. 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 such filing will also 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 No. SR-CBOE-2018-036 and should be submitted on or before May 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-09830 Filed 5-8-18; 8:45 am] BILLING CODE 8011-01-P
![21324 Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices
A proposed rule change filed Commission, 100 F Street NE, ‘‘Act’’),1 and Rule 19b–4 thereunder,2
pursuant to Rule 19b–4(f)(6) under the Washington, DC 20549–1090. notice is hereby given that on May 2,
Act 22 normally does not become All submissions should refer to File 2018, Cboe Exchange, Inc. (the
operative for 30 days after the date of its Number SR–BOX–2018–13. This file ‘‘Exchange’’ or ‘‘Cboe Options’’) filed
filing. However, Rule 19b–4(f)(6)(iii) 23 number should be included on the with the Securities and Exchange
permits the Commission to designate a subject line if email is used. To help the Commission (the ‘‘Commission’’) the
shorter time if such action is consistent Commission process and review your proposed rule change as described in
with the protection of investors and the comments more efficiently, please use Items I and II below, which Items have
public interest. The Exchange has asked only one method. The Commission will been prepared by the Exchange. The
the Commission to waive the 30-day post all comments on the Commission’s Exchange filed the proposal as a ‘‘non-
operative delay so that the proposed internet website (http://www.sec.gov/ controversial’’ proposed rule change
rule change may become operative upon rules/sro.shtml). Copies of the pursuant to Section 19(b)(3)(A)(iii) of
filing. The Exchange states that waiver submission, all subsequent the Act 3 and Rule 19b–4(f)(6)
of the operative delay would be amendments, all written statements thereunder.4 The Commission is
consistent with the protection of with respect to the proposed rule publishing this notice to solicit
investors and the public interest change that are filed with the comments on the proposed rule change
because it will allow the Exchange to Commission, and all written from interested persons.
immediately provide Participants with communications relating to the I. Self-Regulatory Organization’s
additional protections for Complex proposed rule change between the Statement of the Terms of Substance of
Orders submitted and executed on the Commission and any person, other than the Proposed Rule Change
Exchange. The Commission believes those that may be withheld from the
that waiving the 30-day operative delay public in accordance with the The Exchange proposes to extend the
is consistent with the protection of provisions of 5 U.S.C. 552, will be operation of its SPXPM pilot program.
investors and the public interest. available for website viewing and The text of the proposed rule change is
Therefore, the Commission hereby printing in the Commission’s Public provided below.
waives the operative delay and Reference Room, 100 F Street NE, (additions are italicized; deletions are
designates the proposal as operative Washington, DC 20549 on official [bracketed])
upon filing.24 business days between the hours of * * * * *
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such
filing of the proposed rule change, the filing also will be available for Cboe Exchange, Inc. Rules
Commission summarily may inspection and copying at the principal * * * * *
temporarily suspend such rule change if office of the Exchange. All comments
it appears to the Commission that such Rule 24.9. Terms of Index Option
received will be posted without change.
action is necessary or appropriate in the Contracts
Persons submitting comments are
public interest, for the protection of cautioned that we do not redact or edit (No change).
investors, or otherwise in furtherance of personal identifying information from . . . Interpretations and Policies:
the purposes of the Act. If the comment submissions. You should .01–.13 (No change).
Commission takes such action, the submit only information that you wish .14 In addition to A.M.-settled
Commission shall institute proceedings to make available publicly. All Standard & Poor’s 500 Stock Index
to determine whether the proposed rule submissions should refer to File options approved for trading on the
should be approved or disapproved. Number SR–BOX–2018–13, and should Exchange pursuant to Rule 24.9, the
IV. Solicitation of Comments be submitted on or before May 30, 2018. Exchange may also list options on the
Interested persons are invited to For the Commission, by the Division of S&P 500 Index whose exercise
submit written data, views, and Trading and Markets, pursuant to delegated settlement value is derived from closing
arguments concerning the foregoing, authority.25 prices on the last trading day prior to
including whether the proposed rule Eduardo A. Aleman, expiration (P.M.-settled third Friday-of-
change is consistent with the Act. Assistant Secretary. the-month SPX options series). The
Comments may be submitted by any of [FR Doc. 2018–09806 Filed 5–8–18; 8:45 am] Exchange may also list options on the
the following methods: BILLING CODE 8011–01–P
Mini-SPX Index (‘‘XSP’’) whose exercise
settlement value is derived from closing
Electronic Comments prices on the last trading day prior to
• Use the Commission’s internet SECURITIES AND EXCHANGE expiration (‘‘P.M.-settled’’). P.M.-settled
comment form (http://www.sec.gov/ COMMISSION third Friday-of-the-month SPX options
rules/sro.shtml); or series and P.M.-settled XSP options will
• Send an email to rule-comments@ [Release No. 34–83166; File No. SR–CBOE– be listed for trading for a pilot period
sec.gov. Please include File Number SR– 2018–036] ending [May 3]November 5, 2018.
BOX–2018–13 on the subject line. * * * * *
Self-Regulatory Organizations; Cboe The text of the proposed rule change
Paper Comments
Exchange, Inc.; Notice of Filing and is also available on the Exchange’s
• Send paper comments in triplicate Immediate Effectiveness of a Proposed website (http://www.cboe.com/
to Secretary, Securities and Exchange Rule Change To Extend the Operation AboutCBOE/
amozie on DSK3GDR082PROD with NOTICES
of the SPXPM Pilot Program CBOELegalRegulatoryHome.aspx), at
22 17 CFR 240.19b–4(f)(6).
the Exchange’s Office of the Secretary,
23 17 CFR 240.19b–4(f)(6)(iii). May 3, 2018.
24 For purposes only of waiving the 30-day
Pursuant to Section 19(b)(1) of the 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has also Securities Exchange Act of 1934 (the 2 17 CFR 240.19b–4.
considered the proposed rule’s impact on
3 15 U.S.C. 78s(b)(3)(A)(iii).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 25 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6).
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![21326 Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices
well-received by its Trading Permit P.M.-settled XSP, while also providing effective pursuant to Section 19(b)(3)(A)
Holders and the investing public, and the Commission further opportunity to of the Act 14 and Rule 19b–4(f)(6)(iii)
the Exchange would like to continue to observe such trading of the Pilot thereunder.15
provide investors with the ability to Products. The Exchange has asked the
trade SPXPM and P.M.-settled XSP Commission to waive the 30-day
B. Self-Regulatory Organization’s
options. All terms regarding the trading operative delay so that the proposal may
Statement on Burden on Competition
of the Pilot Products shall continue to become operative immediately upon
operate as described in the SPXPM Cboe Options does not believe that filing. The Exchange states that waiver
Approval Order and the P.M.-settled the proposed rule change will impose of the 30-day operative delay will allow
XSP Approval Order. The Exchange any burden on competition that is not it to extend the Pilot Program prior to
merely proposes herein to extend the necessary or appropriate in furtherance its expiration on May 3, 2018, and
term of the Pilot Program to November of the purposes of the Act. The maintain the status quo, thereby
5, 2018. Exchange does not believe the reducing market disruption. The
continuation of the Pilot Program will Commission believes that waiving the
2. Statutory Basis impose any unnecessary or 30-day operative delay is consistent
The Exchange believes the proposed inappropriate burden on intramarket with the protection of investors and the
rule change is consistent with the competition because it will continue to public interest, as it will allow the Pilot
Securities Exchange Act of 1934 (the apply equally to all Cboe Options Program to continue uninterrupted,
‘‘Act’’) [sic] and the rules and market participants, and the Pilot thereby avoiding investor confusion that
regulations thereunder applicable to the Products will be available to all Cboe could result from a temporary
Exchange and, in particular, the Options market participants. The interruption in the Pilot Program. For
requirements of Section 6(b) of the Exchange believes there is sufficient this reason, the Commission designates
Act.11 Specifically, the Exchange investor interest and demand in the the proposed rule change to be operative
believes the proposed rule change is Pilot Program to warrant its extension. upon filing.16
consistent with the Section 6(b)(5) 12 The Exchange believes that, for the At any time within 60 days of the
requirements that the rules of an period that the Pilot Program has been filing of the proposed rule change, the
exchange be designed to prevent in operation, it has provided investors Commission summarily may
fraudulent and manipulative acts and with desirable products with which to temporarily suspend such rule change if
practices, to promote just and equitable trade. Furthermore, the Exchange it appears to the Commission that such
principles of trade, to foster cooperation believes that it has not experienced any action is necessary or appropriate in the
and coordination with persons engaged adverse market effects or regulatory public interest, for the protection of
in regulating, clearing, settling, concerns with respect to the Pilot investors, or otherwise in furtherance of
processing information with respect to, Program. The Exchange further does not the purposes of the Act.
and facilitating transactions in believe that the proposed extension of
securities, to remove impediments to the Pilot Program will impose any IV. Solicitation of Comments
and perfect the mechanism of a free and burden on intermarket competition that Interested persons are invited to
open market and a national market is not necessary or appropriate in submit written data, views and
system, and, in general, to protect furtherance of the purposes of the Act arguments concerning the foregoing,
investors and the public interest. because it only applies to trading on including whether the proposal is
Additionally, the Exchange believes the Cboe Options. To the extent that the consistent with the Act. Comments may
proposed rule change is consistent with continued trading of the Pilot Products be submitted by any of the following
the Section 6(b)(5) 13 requirement that may make Cboe Options a more methods:
the rules of an exchange not be designed attractive marketplace to market
to permit unfair discrimination between participants at other exchanges, such Electronic Comments
customers, issuers, brokers, or dealers. market participants may elect to become • Use the Commission’s internet
In particular, the Exchange believes Cboe Options market participants. comment form (http://www.sec.gov/
that the proposed extension of the Pilot rules/sro.shtml); or
Program will continue to provide greater C. Self-Regulatory Organization’s
Statement on Comments on the • Send an email to rule-comments@
opportunities for investors. Further, the sec.gov. Please include File Number SR–
Exchange believes that it has not Proposed Rule Change Received From
Members, Participants, or Others CBOE –2018–036 on the subject line.
experienced any adverse effects or
meaningful regulatory concerns from The Exchange neither solicited nor Paper Comments
the operation of the Pilot Program. As received comments on the proposed • Send paper comments in triplicate
such, the Exchange believes that the rule change. to Secretary, Securities and Exchange
extension of the Pilot Program does not III. Date of Effectiveness of the Commission, 100 F Street NE,
raise any unique or prohibitive Proposed Rule Change and Timing for Washington, DC 20549–1090.
regulatory concerns. Also, the Exchange Commission Action
believes that such trading has not, and 14 15 U.S.C. 78s(b)(3)(A).
will not, adversely impact fair and Because the proposed rule change 15 17 CFR 240.19b–4(f)(6)(iii). As required under
orderly markets on Expiration Fridays does not (i) significantly affect the Rule 19b–4(f)(6)(iii), the Exchange provided the
for the underlying stocks comprising the protection of investors or the public Commission with written notice of its intent to file
interest; (ii) impose any significant the proposed rule change, along with a brief
S&P 500 index. The extension of the
amozie on DSK3GDR082PROD with NOTICES
description and the text of the proposed rule
Pilot Program will continue to provide burden on competition; and (iii) become change, at least five business days prior to the date
investors with the opportunity to trade operative for 30 days from the date on of filing of the proposed rule change, or such
the desirable products of SPXPM and which it was filed, or such shorter time shorter time as designated by the Commission.
16 For purposes only of waiving the 30-day
as the Commission may designate if
operative delay, the Commission has also
11 15 U.S.C. 78f(b). consistent with the protection of considered the proposed rule’s impact on
12 15 U.S.C. 78f(b)(5). investors and the public interest, the efficiency, competition, and capital formation. See
13 Id. proposed rule change has become 15 U.S.C. 78c(f).
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![Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices 21327
All submissions should refer to File No. DATES: Thursday, June 7, 2018, from DATE AND TIME: Wednesday, June 6,
SR–CBOE–2018–036. This file number 9:00 a.m. to 4:00 p.m. 2018, from 1:00 p.m. to 4:00 p.m.
should be included on the subject line WHERE: Eisenhower Conference Room B, ADDRESSES: U.S. Small Business
if email is used. To help the located on the concourse level. Administration, 409 3rd Street SW,
Commission process and review your CONTACT INFO: (Teleconference Dial-in) Washington, DC 20416. Where:
comments more efficiently, please use 1–888–858–2144, Access Code: Eisenhower Conference Room B, located
only one method. The Commission will 7805798; (Webinar) https:// on the concourse level.
post all comments on the Commission’s connect16.uc.att.com/sba/meet/ CONTACT INFO: (Teleconference Dial-In)
internet website (http://www.sec.gov/ ?ExEventID=87805798; Access Code: 1–888–858–2144, Access Code:
rules/sro.shtml). Copies of the 7805798. 7805798; (Webinar) https://
submission, all subsequent connect16.uc.att.com/sba/meet/
SUPPLEMENTARY INFORMATION: Pursuant
amendments, all written statements ?ExEventID=87805798; Access Code:
with respect to the proposed rule to section 10(a)(2) of the Federal
7805798.
change that are filed with the Advisory Committee Act (5 U.S.C.,
Appendix 2), SBA announces the SUPPLEMENTARY INFORMATION: Pursuant
Commission, and all written
meeting of the Advisory Committee on to section 10(a)(2) of the Federal
communications relating to the Advisory Committee Act (5 U.S.C.,
proposed rule change between the Veterans Business Affairs (ACVBA). The
ACVBA is established pursuant to 15 Appendix 2), SBA announces the
Commission and any person, other than meeting of the Interagency Task Force
those that may be withheld from the U.S.C. 657(b) note, and serves as an
independent source of advice and on Veterans Small Business
public in accordance with the Development (Task Force). The Task
provisions of 5 U.S.C. 552, will be policy. The purpose of this meeting is
to focus on strategic planning, updates Force is established pursuant to
available for website viewing and Executive Order 13540 to coordinate the
printing in the Commission’s Public on past and current events, and the
ACVBA’s objectives for 2018. efforts of Federal agencies to improve
Reference Room, 100 F Street NE, capital, business development
Washington, DC 20549, on official Additional Information: This meeting
is open to the public. Advance notice of opportunities, and pre-established
business days between the hours of federal contracting goals for small
10:00 a.m. and 3:00 p.m. Copies of such attendance is requested. Anyone
wishing to attend and/or make business concerns owned and
filing will also be available for controlled by veterans and service-
inspection and copying at the principal comments to the ACVBA must contact
SBA’s Office of Veterans Business disabled veterans.
office of the Exchange. All comments Moreover, the Task Force shall
received will be posted without change. Development no later than June 1, 2018
at veteransbusiness@sba.gov. Comments coordinate administrative and
Persons submitting comments are regulatory activities and develop
cautioned that we do not redact or edit for the record will be limited to five
minutes to accommodate as many proposals relating to ‘‘six focus areas’’:
personal identifying information from (1) Improving capital access and
comment submissions. You should participants as possible. Written
comments should be sent to the above capacity of small business concerns
submit only information that you wish owned and controlled by veterans and
to make available publicly. All by June 1, 2018. Special accommodation
requests should also be directed to service-disabled veterans through loans,
submissions should refer to File No. surety bonding, and franchising; (2)
SR–CBOE–2018–036 and should be SBA’s Office of Veterans Business
Development at (202) 205–6773 or ensuring achievement of the pre-
submitted on or before May 30, 2018. established Federal contracting goals for
veteransbusiness@sba.gov.
For the Commission, by the Division of For more information on veteran small business concerns owned and
Trading and Markets, pursuant to delegated owned small business programs, please controlled by veterans and service
authority.17 visit www.sba.gov/veterans. disabled veterans through expanded
Eduardo A. Aleman, mentor-protégé assistance and matching
Dated: May 3, 2018.
Assistant Secretary. such small business concerns with
John Woodard, contracting opportunities; (3) increasing
[FR Doc. 2018–09830 Filed 5–8–18; 8:45 am]
SBA Committee Management Officer. the integrity of certifications of status as
BILLING CODE 8011–01–P
[FR Doc. 2018–09824 Filed 5–8–18; 8:45 am] a small business concern owned and
BILLING CODE P controlled by a veteran or service-
disabled veteran; (4) reducing
SMALL BUSINESS ADMINISTRATION
paperwork and administrative burdens
SMALL BUSINESS ADMINISTRATION on veterans in accessing business
Meeting of the Advisory Committee on
Veterans Business Affairs development and entrepreneurship
Meeting of the Interagency Task Force opportunities; (5) increasing and
AGENCY: U.S. Small Business on Veterans Small Business improving training and counseling
Administration. Development services provided to small business
ACTION: Notice of open Federal Advisory AGENCY: U.S. Small Business concerns owned and controlled by
Committee Meeting. Administration. veterans; and (6) making other
ACTION: Notice of open Federal improvements relating to the support for
SUMMARY: The U.S. Small Business Interagency Task Force meeting. veterans business development by the
Administration (SBA) is issuing this Federal Government.
amozie on DSK3GDR082PROD with NOTICES
notice to announce the location, date, SUMMARY: The U.S. Small Business Additional Information: This meeting
time, and agenda for the next meeting of Administration (SBA) is issuing this is open to the public. Advance notice of
the Advisory Committee on Veterans notice to announce the location, date, attendance is requested. Anyone
Business Affairs. The meeting is open to time and agenda for the next meeting of wishing to attend and/or make
the public. the Interagency Task Force on Veterans comments to the Task Force must
Small Business Development. The contact SBA’s Office of Veterans
17 17 CFR 200.30–3(a)(12). meeting is open to the public. Business Development no later than
VerDate Sep<11>2014 17:39 May 08, 2018 Jkt 244001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\09MYN1.SGM 09MYN1](https://thefederalregister.org/doc/83_FR_21414/page/4.svg)
Document Created: 2018-05-09 03:17:21
Document Modified: 2018-05-09 03:17:21
| 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 21324 |
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