83 FR 22728 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe BZX Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 95 (May 16, 2018)
Federal Register Volume 83, Issue 95 (May 16, 2018)
| Page Range | 22728-22730 | |
| FR Document | 2018-10380 |
[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)] [Notices] [Pages 22728-22730] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10380] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83210; File No. SR-CboeBZX-2018-030] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe BZX Exchange, Inc. May 10, 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 1, 2018, Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-Members of the Exchange pursuant to BZX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- [[Page 22729]] The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule applicable to its equities trading platform (``BZX Equities'') to: (i) Eliminate fee code HA and replace it with new fee codes HV, HB and HY, (ii) add a Non- Displayed Add Volume Tier; and (iii) modify the rate associated with fee code D, effective May 1, 2018. Fee Codes HA, HV, HB, HY Currently, fee code HA is appended to all non-displayed orders that add liquidity and receive a rebate of $0.00150 per share. The Exchange proposes to eliminate fee code HA and replace it with fee codes HV, HB and HY. Particularly, the Exchange proposes to separate out fee code HA into three separate fee codes, each representing a different Tape for non-displayed orders that add liquidity. The Exchange proposes to adopt fee code HV for Tape A non-displayed orders that add liquidity; fee code HB for Tape B non-displayed orders that add liquidity; and fee code HY for Tape C non-displayed orders that add liquidity. The Exchange notes it currently maintains separate fee codes based on Tapes for other types of orders as well.\6\ In connection with this change, the Exchange proposes to eliminate references to fee code HA throughout the Fee Schedule and replace it with references to HV, HB, HY. --------------------------------------------------------------------------- \6\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule, Fee Codes W and BB, and N which fee codes represent orders removing liquidity from BZX for Tapes A, B and C respectively. --------------------------------------------------------------------------- New Volume Tier The Exchange currently provides a standard rebate of $0.00150 per share for non-displayed orders that add liquidity. The Exchange proposes to adopt a new Non-Displayed Add Volume Tape A Volume Tier, Tier 1 under Footnote 1 (``HV Volume Tier'') which would be available for qualifying orders which yield fee code HV. Particularly, under the proposed HV Volume Tier, a Member may receive an enhanced rebate of $0.00260 per share where they add an ADV \7\ greater than or equal to 0.20% of the TCV \8\ as Non-Displayed orders that yield fee codes HI or HV.\9\ The Exchange believes the proposed change will encourage Members to increase their liquidity on the exchange. The Exchange also notes that other Exchanges maintain other volume tiers specific to a particular Tape.\10\ --------------------------------------------------------------------------- \7\ ``ADV'' means average daily volume calculated as the number of shares added or removed, combined, per day. ADAV and ADV are calculated on a monthly basis. Id. \8\ ``TCV'' means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. Id. \9\ Fee code HI is appended to non-displayed orders that receive price improvement and add liquidity. Id. \10\ See e.g., Cboe EDGX U.S. Equities Exchange Fee Schedule, Tape B Volume Tiers. --------------------------------------------------------------------------- Fee Code D The Exchange lastly proposes to increase the fee for orders yielding fee code D, which results from an order routed to the New York Stock Exchange (``NYSE'') using Destination Specific, RDOT, RDOX, TRIM or SLIM routing strategy. Particularly, NYSE recently implemented certain pricing changes related to Tapes B and C securities, including adopting a per tape fee of $0.00280 per share to remove liquidity from the Exchange for member organizations with an Adding ADV of at least 50,000 shares for that respective Tape.\11\ Based on the changes in pricing at NYSE, the Exchange is proposing to increase its fee for orders executed at NYSE that yield fee code D from $0.00265 to $0.00280. --------------------------------------------------------------------------- \11\ See NYSE Trader Update, NYSE--Fees for Trading Tapes B and C securities, dated April 2, 2018, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Fee_Change_BandC_April2018.pdf. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule changes are consistent with the objectives of Section 6 of the Act,\12\ in general, and furthers the objectives of Section 6(b)(4),\13\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive or incentives to be insufficient. The proposed rule changes reflect a competitive pricing structure designed to incentivize market participants to direct their order flow to the Exchange. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f. \13\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes the proposal to eliminate fee code HA and replace it with fees codes HV, HB and HY is reasonable, equitable and not unfairly discriminatory because the standard rebate for current fee code HA and proposed fee codes HV, HB and HY, is not changing and because it applies uniformly to all Members. Additionally, as noted above, the Exchange already maintains separate fee codes based on Tapes for other types of orders.\14\ --------------------------------------------------------------------------- \14\ See e.g., Cboe BZX U.S. Equities Exchange Fee Schedule, Fee Codes W and BB, and N which fee codes represent orders removing liquidity from BZX for Tapes A, B and C respectively. --------------------------------------------------------------------------- The Exchange believes the adoption of the HV Volume Tier under footnote 1 is reasonable because it provides Members an opportunity to receive an enhanced rebate for Non-Displayed orders that add liquidity and is a reasonable means to encourage Members to increase their liquidity on the Exchange. The Exchange further believes that the proposed tier represents an equitable allocation of reasonable dues, fees, and other charges because the thresholds necessary to achieve the tier encourages Members to add additional liquidity to the Exchange. The Exchange also notes that the Exchange already utilities similar volume tiers with similar criteria \15\ and also notes that other exchanges maintain Tape-specific volume tiers.\16\ The Exchange further believes the proposed fee change is equitable and non-discriminatory because it applies uniformly to all Members. --------------------------------------------------------------------------- \15\ See Cboe BZX U.S. Equities Exchange Fee Schedule, Add Volume Tiers applicable to current fee code HA. \16\ See e.g., Cboe EDGX U.S. Equities Exchange Fee Schedule, Tape B Volume Tiers. --------------------------------------------------------------------------- The Exchange believes the proposed fee is reasonable because it reflects a pass-through of the pricing increase by NYSE noted above. The Exchange further believes the proposed fee change is non- discriminatory because it applies uniformly to all Members. [[Page 22730]] (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 any of the proposed change to the Exchange's tiered pricing structure burden competition, but instead, that they enhance competition as they are intended to increase the competitiveness of BZX by modifying pricing incentives in order to attract order flow and incentivize participants to increase their participation on the Exchange and to reflect a pass through of a pricing increase by NYSE. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee structures to be unreasonable or excessive. The proposed changes are generally intended to enhance the rebates for liquidity added to the Exchange, which is intended to draw additional liquidity to the Exchange. The Exchange does not believe the proposed amendments would burden intramarket competition as they would be available to all Members uniformly. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \17\ and paragraph (f) of Rule 19b-4 thereunder.\18\ 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. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 No. SR-CboeBZX-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 No. SR-CboeBZX-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 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-CboeBZX-2018-030 and should be submitted on or before June 6, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10380 Filed 5-15-18; 8:45 am] BILLING CODE 8011-01-P
![22728 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
intended alignment with other existing Section 19(b)(3)(A) of the Act 15 and cautioned that we do not redact or edit
MSRB officer titles. paragraph (f) of Rule 19b–4 personal identifying information from
thereunder.16 At any time within 60 submissions. You should submit only
2. Statutory Basis
days of the filing of the proposed rule information that you wish to make
The MSRB believes that the proposed change, the Commission summarily may available publicly. All submissions
rule change is consistent with the temporarily suspend such rule change if should refer to File Number SR–MSRB–
requirements of Section 15B(b)(2)(B) it appears to the Commission that such 2018–03 and should be submitted on or
and (I) of the Act.13 Section 15B(b)(2)(B) action is necessary or appropriate in the before June 6, 2018.
provides that the MSRB’s rules shall public interest, for the protection of For the Commission, pursuant to delegated
‘‘establish fair procedures for the investors, or otherwise in furtherance of authority.17
nomination and election of members of the purposes of the Act. Eduardo A. Aleman,
the Board and assure fair representation
IV. Solicitation of Comments Assistant Secretary.
in such nominations and elections of
Interested persons are invited to [FR Doc. 2018–10378 Filed 5–15–18; 8:45 am]
public representatives, broker dealer
representatives, bank representatives, submit written data, views, and BILLING CODE 8011–01–P
and advisor representatives.’’ While the arguments concerning the foregoing,
proposed rule change would not alter including whether the proposed rule
change is consistent with the Act. SECURITIES AND EXCHANGE
the MSRB’s Board nomination or
Comments may be submitted by any of COMMISSION
election process, it would help to
continue to ensure that the MSRB’s the following methods: [Release No. 34–83210; File No. SR–
rules reflect that process. Electronic Comments CboeBZX–2018–030]
Section 15B(2)(I) provides that the
MSRB’s rules shall provide for the • Use the Commission’s internet Self-Regulatory Organizations; Cboe
operation and administration of the comment form (http://www.sec.gov/ BZX Exchange, Inc.; Notice of Filing
MSRB. The proposed rule change rules/sro.shtml); or and Immediate Effectiveness of a
• Send an email to rule-comments@ Proposed Rule Change Related to Fees
amends provisions of the A-Rules that
sec.gov. Please include File Number SR– for Use on Cboe BZX Exchange, Inc.
relate to the operation and
MSRB–2018–03 on the subject line.
administration of the MSRB. The MSRB May 10, 2018.
also believes that the proposed rule Paper Comments
Pursuant to Section 19(b)(1) of the
change will further enhance the Board’s • Send paper comments in triplicate Securities Exchange Act of 1934 (the
governance procedures by improving to Secretary, Securities and Exchange ‘‘Act’’),1 and Rule 19b–4 thereunder,2
descriptions of the MSRB’s practices Commission, 100 F Street NE, notice is hereby given that on May 1,
and improving internal consistency. Washington, DC 20549. 2018, Cboe BZX Exchange, Inc. (the
B. Self-Regulatory Organization’s All submissions should refer to File ‘‘Exchange’’ or ‘‘BZX’’) filed with the
Statement on Burden on Competition Number SR–MSRB–2018–03. This file Securities and Exchange Commission
number should be included on the (‘‘Commission’’) the proposed rule
Section 15B(b)(2)(C) of the Act 14
subject line if email is used. To help the change as described in Items I, II and III
requires that MSRB rules not be
Commission process and review your below, which Items have been prepared
designed to impose any burden on
comments more efficiently, please use by the Exchange. The Exchange has
competition not necessary or
only one method. The Commission will designated the proposed rule change as
appropriate in furtherance of the
post all comments on the Commission’s one establishing or changing a member
purposes of the Act. The MSRB believes
internet website (http://www.sec.gov/ due, fee, or other charge imposed by the
that the proposed rule change does not
rules/sro.shtml). Copies of the Exchange under Section 19(b)(3)(A)(ii)
impose any burden on competition not
submission, all subsequent of the Act 3 and Rule 19b–4(f)(2)
necessary or appropriate in furtherance
amendments, all written statements thereunder,4 which renders the
of the purposes of the Act, in that the
with respect to the proposed rule proposed rule change effective upon
proposed rule change simply amends
change that are filed with the filing with the Commission. The
language in the A-Rules to continue to
Commission, and all written Commission is publishing this notice to
help ensure they reflect the MSRB’s
communications relating to the solicit comments on the proposed rule
practices and improve consistency
proposed rule change between the change from interested persons.
among MSRB rules.
Commission and any person, other than
C. Self-Regulatory Organization’s those that may be withheld from the I. Self-Regulatory Organization’s
Statement on Comments on the public in accordance with the Statement of the Terms of Substance of
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be the Proposed Rule Change
Members, Participants, or Others available for website viewing and The Exchange filed a proposal to
Written comments were neither printing in the Commission’s Public amend the fee schedule applicable to
solicited nor received on the proposed Reference Room, 100 F Street NE, Members 5 and non-Members of the
rule change. Washington, DC 20549 on official Exchange pursuant to BZX Rules 15.1(a)
business days between the hours of and (c).
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of the
Proposed Rule Change and Timing for
sradovich on DSK3GMQ082PROD with NOTICES
filing also will be available for 17 17 CFR 200.30–3(a)(12).
Commission Action inspection and copying at the principal 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
The foregoing proposed rule change office of the MSRB. All comments
3 15 U.S.C. 78s(b)(3)(A)(ii).
has become effective pursuant to received will be posted without change. 4 17 CFR 240.19b–4(f)(2).
Persons submitting comments are 5 The term ‘‘Member’’ is defined as ‘‘any
13 15 U.S.C. 78o–4(b)(2)(B) and 15 U.S.C. 78o–
registered broker or dealer that has been admitted
4(b)(2)(I). 15 15 U.S.C. 78s(b)(3)(A). to membership in the Exchange.’’ See Exchange
14 15 U.S.C. 78o–4(b)(2)(C). 16 17 CFR 240.19b–4(f). Rule 1.5(n).
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![22730 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
(B) Self-Regulatory Organization’s consistent with the Act. Comments may SECURITIES AND EXCHANGE
Statement on Burden on Competition be submitted by any of the following COMMISSION
The Exchange does not believe that methods:
[Release No. 34–83211; File No. SR–
the proposed rule change will impose Electronic Comments CboeBYX–2018–004]
any burden on competition not
necessary or appropriate in furtherance • Use the Commission’s internet Self-Regulatory Organizations; Cboe
of the purposes of the Act. The comment form (http://www.sec.gov/ BYX Exchange, Inc.; Notice of Filing
Exchange does not believe that any of rules/sro.shtml); or and Immediate Effectiveness of a
the proposed change to the Exchange’s • Send an email to rule-comments@ Proposed Rule Change Related to Fees
tiered pricing structure burden sec.gov. Please include File No. SR– for Use on Cboe BYX Exchange, Inc.
competition, but instead, that they CboeBZX–2018–030 on the subject line. May 10, 2018.
enhance competition as they are
Paper Comments Pursuant to Section 19(b)(1) of the
intended to increase the
Securities Exchange Act of 1934 (the
competitiveness of BZX by modifying
pricing incentives in order to attract • Send paper comments in triplicate ‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Secretary, Securities and Exchange notice is hereby given that on May 1,
order flow and incentivize participants
to increase their participation on the Commission, 100 F Street NE, 2018, Cboe BYX Exchange, Inc. (the
Exchange and to reflect a pass through Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘BYX’’) filed with the
of a pricing increase by NYSE. The Securities and Exchange Commission
All submissions should refer to File No. (‘‘Commission’’) the proposed rule
Exchange notes that it operates in a SR–CboeBZX–2018–030. This file
highly competitive market in which change as described in Items I, II and III
number should be included on the below, which Items have been prepared
market participants can readily direct subject line if email is used. To help the
order flow to competing venues if they by the Exchange. The Exchange has
Commission process and review your designated the proposed rule change as
deem fee structures to be unreasonable comments more efficiently, please use
or excessive. The proposed changes are one establishing or changing a member
only one method. The Commission will due, fee, or other charge imposed by the
generally intended to enhance the post all comments on the Commission’s
rebates for liquidity added to the Exchange under Section 19(b)(3)(A)(ii)
internet website (http://www.sec.gov/ of the Act 3 and Rule 19b–4(f)(2)
Exchange, which is intended to draw rules/sro.shtml). Copies of the
additional liquidity to the Exchange. thereunder,4 which renders the
submission, all subsequent proposed rule change effective upon
The Exchange does not believe the amendments, all written statements
proposed amendments would burden filing with the Commission. The
with respect to the proposed rule Commission is publishing this notice to
intramarket competition as they would change that are filed with the
be available to all Members uniformly. solicit comments on the proposed rule
Commission, and all written change from interested persons.
(C) Self-Regulatory Organization’s communications relating to the
Statement on Comments on the proposed rule change between the I. Self-Regulatory Organization’s
Proposed Rule Change Received From Commission and any person, other than Statement of the Terms of Substance of
Members, Participants or Others those that may be withheld from the the Proposed Rule Change
The Exchange has not solicited, and public in accordance with the The Exchange filed a proposal to
does not intend to solicit, comments on provisions of 5 U.S.C. 552, will be amend the fee schedule applicable to
this proposed rule change. The available for website viewing and Members 5 and non-Members of the
Exchange has not received any printing in the Commission’s Public Exchange pursuant to BYX Rules 15.1(a)
unsolicited written comments from Reference Room, 100 F Street NE, and (c).
Members or other interested parties. Washington, DC 20549, on official The text of the proposed rule change
business days between the hours of is available at the Exchange’s website at
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such www.markets.cboe.com, at the principal
Proposed Rule Change and Timing for filing will also be available for office of the Exchange, and at the
Commission Action inspection and copying at the principal Commission’s Public Reference Room.
The foregoing rule change has become office of the Exchange. All comments
received will be posted without change. II. Self-Regulatory Organization’s
effective pursuant to Section 19(b)(3)(A) Statement of the Purpose of, and
of the Act 17 and paragraph (f) of Rule Persons submitting comments are
cautioned that we do not redact or edit Statutory Basis for, the Proposed Rule
19b–4 thereunder.18 At any time within Change
60 days of the filing of the proposed rule personal identifying information from
change, the Commission summarily may comment submissions. You should In its filing with the Commission, the
temporarily suspend such rule change if submit only information that you wish Exchange included statements
it appears to the Commission that such to make available publicly. All concerning the purpose of and basis for
action is necessary or appropriate in the submissions should refer to File No. the proposed rule change and discussed
public interest, for the protection of SR–CboeBZX–2018–030 and should be any comments it received on the
investors, or otherwise in furtherance of submitted on or before June 6, 2018. proposed rule change. The text of these
the purposes of the Act. statements may be examined at the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated places specified in Item IV below. The
IV. Solicitation of Comments
sradovich on DSK3GMQ082PROD with NOTICES
authority.19
1 15 U.S.C. 78s(b)(1).
Interested persons are invited to Eduardo A. Aleman, 2 17 CFR 240.19b–4.
submit written data, views and
Assistant Secretary. 3 15 U.S.C. 78s(b)(3)(A)(ii).
arguments concerning the foregoing, 4 17 CFR 240.19b–4(f)(2).
[FR Doc. 2018–10380 Filed 5–15–18; 8:45 am]
including whether the proposal is 5 The term ‘‘Member’’ is defined as ‘‘any
BILLING CODE 8011–01–P
registered broker or dealer that has been admitted
17 15 U.S.C. 78s(b)(3)(A). to membership in the Exchange.’’ See Exchange
18 17 CFR 240.19b–4(f). 19 17 CFR 200.30–3(a)(12). Rule 1.5(n).
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Document Created: 2018-11-02 09:13:13
Document Modified: 2018-11-02 09:13:13
| 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 22728 |
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