83 FR 23320 - Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 6.11., Regarding the Opening Process for Index Options

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 97 (May 18, 2018)

Page Range		23320-23323
FR Document		2018-10601

Federal Register, Volume 83 Issue 97 (Friday, May 18, 2018)

[Federal Register Volume 83, Number 97 (Friday, May 18, 2018)]
[Notices]
[Pages 23320-23323]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-10601]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83225; File No. SR-C2-2018-009]

Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 6.11., Regarding the Opening Process for Index Options

May 14, 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 9, 2018, Cboe C2 Exchange, Inc. (the ``Exchange'' or
``C2'') 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.
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\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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to amend the opening process with respect to
index options. The text of the proposed rule change is provided below.
(additions are italicized; deletions are [bracketed])
* * * * *

Cboe C2 Exchange, Inc.

Rules

* * * * *

Rule 6.11. Opening Process

(a) Opening Process.
(1) No change.
(2) Opening Price.
(A) Equity Options. The System determines a single price at
which a particular equity option series will be opened (the
``Opening Price'') within 30 seconds of the First Listing Market
Transaction[ or 9:30 a.m., as applicable]. If there are no contracts
in a series that would execute at any price, the System opens the
series for trading without determining an Opening Price. The Opening
Price, if valid pursuant to subparagraph (3), of a series will be:
([A]i) If there is both an NBB and an NBO, the midpoint of the
NBBO (if the midpoint is a half increment, the System rounds down to
the nearest minimum increment) (the ``NBBO Midpoint'');
([B]ii) if the NBBO Midpoint is not a valid price, the last
disseminated transaction price in the series after 9:30 a.m. (the
``Last Print''); or
([C]iii) if the NBBO Midpoint and the Last Print are not valid
prices, the last disseminated transaction in the series from the
previous trading day (the ``Previous Close'').
If the NBBO Midpoint, Last Print, and Previous Close are not
valid, the Exchange in its discretion may extend the Order Entry
Period by up to 30 seconds or open the series for trading.

[[Page 23321]]

(B) Index Options. The System determines the Opening Price
within 30 seconds of an away options exchange(s) disseminating a
quote in a series. Following an away options exchange's
dissemination of a quote in a series, if there are no contracts in a
series that would execute at any price, the System opens the series
for trading without determining an Opening Price. The Opening Price,
if valid pursuant to subparagraph (3), of a series will be the NBBO
Midpoint. If the NBBO Midpoint is not valid, the Exchange in its
discretion may extend the Order Entry Period by up to 30 seconds or
open the series for trading.
(3) Validating the Opening Price. For purposes of subparagraph
(a)(2):
(A) The NBBO Midpoint and, for equity options, the Last Print[,]
or the Previous Close, is a valid price if it is not outside the
NBBO, and the price is no more than the following Minimum Amount
away from the NBB or NBO for the series:

------------------------------------------------------------------------
NBB Minimum amount
------------------------------------------------------------------------
Below $2.00............................................. $0.25
$2.00 to $5.00.......................................... 0.40
Above $5.00 to $10.00................................... 0.50
Above $10.00 to $20.00.................................. 0.80
Above $20.00 to $50.00.................................. 1.00
Above $50.00 to $100.00................................. 1.50
Above $100.00........................................... 2.00
------------------------------------------------------------------------

and

(B) for equity options, the Last Print or Previous Close is a
valid price if there is no NBB and no NBO, or there is a NBB (NBO)
and no NBO (NBB) and the price is equal to or greater (less) than
the NBB (NBO).
(4)-(5) No change.
(b)-(d) 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
The proposed rule change amends the opening process with respect to
index options. C2 intends to migrate its technology onto the same
trading platform as one of its affiliated exchanges, Cboe EDGX
Exchange, Inc. (``EDGX''). C2 recently submitted a proposed rule change
to, among other things, align certain system functionality with EDGX,
including the opening process.\5\ Pursuant to the opening process in C2
Rule 6.11(a)(1), after a time period determined by the Exchange
following the first transaction in the securities underlying the
options on the primary market that is disseminated after 9:30 a.m. with
respect to equity options, or following 9:30 a.m. with respect to index
options, the related option series open automatically in a random
order, staggered over regular intervals of time pursuant to
subparagraphs (a)(2) through (5). Rule 6.11(a)(2) states the System
determines a price at which a particular option series will be opened
(the ``Opening Price'') within 30 seconds of the applicable triggering
event noted above. If there are no contracts in a series that would
execute at any price, the System opens the series for trading without
determining an Opening Price. The Opening Price, if valid, of a series
will be:
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\5\ See SR-C2-2018-005 (April 27, 2018). That proposed rule
change as filed for immediate effectiveness and a request for a
waiver of the 30-day operative delay to permit effectiveness on May
14, 2018, the date on which the proposed C2 technology migration is
currently expected to occur. The rule text and numbers in this
filing reference the rule text and numbers in that filing.
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If there is both an NBB and an NBO, the midpoint of the
NBBO (if the midpoint is a half increment, the System rounds down to
the nearest minimum increment) (the ``NBBO Midpoint'');
if the NBBO Midpoint is not a valid price, the last
disseminated transaction price in the series after 9:30 a.m. (the
``Last Print''); or
if the NBBO Midpoint and the Last Print are not valid
prices, the last disseminated transaction in the series from the
previous trading day (the ``Previous Close'').
If the NBBO Midpoint, Last Print, and Previous Close are not valid,
the Exchange in its discretion may extend the order entry period by up
to 30 seconds or open the series for trading (a ``contingent
opening'').
Pursuant to Rule 6.11(a)(3), the NBBO Midpoint, the Last Print, or
the Previous Close is a valid price if it is no more than a specified
minimum amount away from the national best bid or offer for the series.
Additionally, the Last Print or Previous Close is a valid price if
there is no NBB and no NBO, or if there is a NBB (NBO) and no NBO (NBB)
and the price is equal to or greater (less) than the NBB (NBO). Under
this Opening Process, if a series has not opened yet on another
exchange on a trading (and thus there is no NBBO and no Last Print), if
there is a Previous Close Price, it will be a valid price and will be
the Opening Price. Additionally, if there are no crossed contracts in a
series, the series opens immediately following the time period
referenced above.
The Exchange proposes to modify this process with respect to index
options. Pursuant to the proposed rule change, for index options, the
System will determine the Opening Price within 30 seconds of an away
options exchange(s) disseminating a quote in a series. Following an
away options exchange's dissemination of a quote in a series, if there
are no contracts in a series that would execute at any price, the
System opens the series for trading without determining an Opening
Price. The Opening Price, if valid, of a series will be the NBBO
Midpoint. If the NBBO Midpoint is not valid, the Exchange in its
discretion may extend the order entry period by up to 30 seconds or
open the series for trading. In other words, the proposed rule change
provides that an index option series will not open (with or without a
trade) until after the series is open on another exchange. To the
extent the Exchange receives a quote from another Exchange within the
time period referenced above, and there are contracts that may trade,
the Opening Process will essentially be the same, and a series will
open with the NBBO Midpoint as an Opening Price (if valid).
Additionally, the Exchange will continue to have the ability to use a
contingent opening to open a series for trading if there is no valid
Opening Price. The proposed rule change delays opening of a series on
C2 in an index option series if there are no crossed contracts, and
eliminates the possibility to open using the Last Print or Previous
Close (as those will generally not be necessary if C2 waits for another
exchange to open).
Currently, Russell 2000 Index (``RUT'') options is the only index
option class trading on C2. RUT options also trade on Cboe Exchange,
Inc. (``Cboe Options''), an affiliated exchange of C2. Under current C2
Rule 6.11, if a RUT series was open on Cboe Options,

[[Page 23322]]

and if there are crossed orders on C2, the RUT series on C2 would open
with an Opening Price equal to the NBBO Midpoint (if valid). If a RUT
series was not yet open on C2 after 9:30 a.m., and there was a Previous
Close for the series, the series would open on C2 with the Previous
Close as the Opening Price. If there are no crossing orders on C2, a
RUT series would open without an opening price, possibly before the RUT
series was open on Cboe Options.
RUT options on Cboe Options generally open within 30 seconds after
9:30 a.m., and thus the Exchange expects RUT options on C2 following
the technology migration to open for trading within 30 seconds (as set
forth in the rule) at an Opening Price equal to the NBBO Midpoint if
there are orders that can be crossed. However, it will be possible for
a RUT series to open prior to the opening of that series on Cboe
Options. The series on C2 would open without an Opening Price (if there
are no crossed orders) or with an Opening Price equal to the Previous
Close (if there are crossed orders) prior to the settlement value
determination being completed on Cboe Options. If this were to occur,
trading on C2 may then be occurring at very different prices than what
is ultimately the opening trade price on Cboe Options. This is
significant because, on certain dates, Cboe Options uses prices of RUT
options trading on Cboe Options to determine settlement values for
volatility index derivatives.\6\ While trading in these options on
volatility index derivative settlement days also generally opens within
a few seconds after 9:30, there have been times when series being used
to determine the settlement value took longer to open. Trading on
another Exchange while Cboe Options is not yet open may impact the
volatility settlement value determination and disrupt trading of
volatility index derivatives. The proposed rule change eliminates the
possibility of RUT options on C2 automatically opening for trading
prior to those options being open on Cboe Options and thus interfering
with the calculation of volatility index derivative settlement values.
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\6\ See Cboe Options Rule 6.2, Interpretation and Policy .01.
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While options exchanges have varying opening processes, the opening
process on Nasdaq BX, LLC (``BX'') is similar to the proposed rule
change. Pursuant to BX Rule Section 8(b), if there is a possible trade
on BX, a series will open with a valid width NBBO.\7\ This is similar
to the proposed rule change, in that a valid NBBO Midpoint must be
present for an index option series to open with a trade (which on C2
would only occur if another exchange was open for trading, because on
C2, the NBBO that is used to determine the Opening Price is based on
disseminated quotes of other exchanges and does not include orders and
quotes on C2 prior to the opening of trading).\8\ Additionally, if no
trade is possible on BX, then BX will depend on one of the following to
open: (1) A valid width NBBO, (2) a certain number of other options
exchanges (as determined by BX) having disseminated a firm quote on
OPRA, or (3) a certain period of time (as determined by the Exchange)
has elapsed. As proposed, if no trade is possible, C2 will open an
index option series after another exchange as [sic] disseminated a
quote, which is consistent with number (2) above (for example, under
BX's rule, it could determine to open if one other options exchange was
open). While the proposed rule change does not explicitly provide for
additional alternatives in the event no trade is possible, pursuant to
Rule 6.11(c), C2 may adjust the timing of the Opening Process in a
class if it believes it is necessary in the interests of a fair and
orderly market.\9\ Therefore, like BX, C2 could open a series after a
certain amount of time has passed if the series does not open on
another exchange.\10\
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\7\ On BX, a valid width NBBO is defined as the combination of
all away option market quotes and orders and quotes received on BX,
within a specified bid/ask differential. See BX Rule Section
8(a)(6).
\8\ See C2 Rule 1.1 (definition of NBBO).
\9\ Number (1) above would not apply because, as noted above,
the NBBO on C2 prior to the opening of trading does not include
orders and quotes on C2.
\10\ As stated in Rule 6.11(c), C2 makes and maintains records
to document all determinations to deviate from the standard manner
of the Opening Process, and periodically reviews these
determinations for consistency with the interests of a fair and
orderly market.
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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.\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.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
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In particular, the proposed rule change eliminates the possibility
of RUT options on C2 automatically opening for trading prior to those
options being open on Cboe Options and thus interfering with the
calculation of volatility index derivative settlement values, which
promotes just and equitable principles of trade and perfects the
mechanism of a free and open market and national market system. As
discussed above, under certain circumstances, the proposed rule change
is expected to have a de minimis impact on the opening of index option
series on C2 because, to the extent the Exchange receives a quote from
another Exchange within the time period following 9:30 a.m., and there
are contracts that may trade, the Opening Process will essentially be
the same, and a series will open with the NBBO Midpoint as an Opening
Price (if valid). Additionally, the Exchange will continue to have the
ability to use a contingent opening to open a series for trading if
there is no valid Opening Price. Therefore, if an index option series
is not yet open on another exchange, C2 will still have the ability to
open the series for trading. As discussed above, the proposed rule
change is similar to the opening process of another options exchange,
which also provides that opening for trading may be dependent on
whether another options exchange is open.\14\
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\14\ See BX Rule Section 8(b).
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B. Self-Regulatory Organization's Statement on Burden on Competition

C2 does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change will
apply in the same manner to all market participants that participate in
the C2 Opening Process for index options. The Exchange believes it is
appropriate to limit the proposed change to index options,

[[Page 23323]]

because some, such as RUT, are used to determine the settlement value
for volatility index derivatives. A similar process does not occur for
equity options, and thus, the risk of opening trading in an equity
option interfering with a settlement process on another exchange is not
present. As discussed above, the proposed rule change is similar to the
opening process of another options exchange, which also provides that
opening for trading may be dependent on whether another options
exchange is open.\15\
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\15\ See BX Rule Section 8(b).
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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) \16\ of the Act and Rule 19b-
4(f)(6) thereunder.\17\
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\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and the text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \18\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \19\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal is operative on May 14, 2018, which is also the date the
C2 technology migration is to occur.\20\ The Exchange states that on
May 16, 2018 Cboe Options will determine settlement values for certain
volatility index derivatives by using the prices of RUT options trading
on Cboe Options. According to the Exchange, waiver of the 30-day
operative delay would avoid trading on C2 potentially interfering with
the calculation of volatility index derivative settlement values by
ensuring that on May 16, trading in RUT options on C2 will not begin
before those options are open on Cboe Options. Accordingly, the
Commission believes the waiver of the operative delay is consistent
with the protection of investors and the public interest because it
will avoid investor confusion that could result from C2 opening a
dually and exclusively listed index option concurrently with, or prior
to, Cboe Options, which could lead the two exchanges potentially to
open at different prices given the material differences in their
opening processes. The possibility for such divergence could be
particularly confusing to investors on a volatility index settlement
day, which will next occur on May 16. Therefore, the Commission hereby
waives the operative delay and designates the proposal operative on May
14, 2018.\21\
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\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
\20\ See supra note 5.
\21\ 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).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-C2-2018-009 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-C2-2018-009. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-C2-2018-009, and should be submitted on
or before June 8, 2018.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10601 Filed 5-17-18; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 97 / Friday, May 18, 2018 / Notices 23323

because some, such as RUT, are used to According to the Exchange, waiver of All submissions should refer to File
determine the settlement value for the 30-day operative delay would avoid Number SR–C2–2018–009. This file
volatility index derivatives. A similar trading on C2 potentially interfering number should be included on the
process does not occur for equity with the calculation of volatility index subject line if email is used. To help the
options, and thus, the risk of opening derivative settlement values by ensuring Commission process and review your
trading in an equity option interfering that on May 16, trading in RUT options comments more efficiently, please use
with a settlement process on another on C2 will not begin before those only one method. The Commission will
exchange is not present. As discussed options are open on Cboe Options. post all comments on the Commission’s
above, the proposed rule change is Accordingly, the Commission believes internet website (http://www.sec.gov/
similar to the opening process of the waiver of the operative delay is rules/sro.shtml). Copies of the
another options exchange, which also consistent with the protection of submission, all subsequent
provides that opening for trading may investors and the public interest amendments, all written statements
be dependent on whether another because it will avoid investor confusion with respect to the proposed rule
options exchange is open.15 that could result from C2 opening a change that are filed with the
dually and exclusively listed index Commission, and all written
C. Self-Regulatory Organization’s
option concurrently with, or prior to, communications relating to the
Statement on Comments on the
Cboe Options, which could lead the two proposed rule change between the
Proposed Rule Change Received From
exchanges potentially to open at Commission and any person, other than
Members, Participants, or Others
different prices given the material those that may be withheld from the
The Exchange neither solicited nor differences in their opening processes. public in accordance with the
received comments on the proposed The possibility for such divergence provisions of 5 U.S.C. 552, will be
rule change. could be particularly confusing to available for website viewing and
III. Date of Effectiveness of the investors on a volatility index printing in the Commission’s Public
Proposed Rule Change and Timing for settlement day, which will next occur Reference Room, 100 F Street NE,
Commission Action on May 16. Therefore, the Commission Washington, DC 20549, on official
hereby waives the operative delay and business days between the hours of
Because the foregoing proposed rule designates the proposal operative on
change does not: (i) Significantly affect 10:00 a.m. and 3:00 p.m. Copies of the
May 14, 2018.21 filing also will be available for
the protection of investors or the public At any time within 60 days of the
interest; (ii) impose any significant inspection and copying at the principal
filing of the proposed rule change, the office of the Exchange. All comments
burden on competition; and (iii) become Commission summarily may
operative for 30 days from the date on received will be posted without change.
temporarily suspend such rule change if Persons submitting comments are
which it was filed, or such shorter time it appears to the Commission that such
as the Commission may designate, it has cautioned that we do not redact or edit
action is: (i) Necessary or appropriate in personal identifying information from
become effective pursuant to Section the public interest; (ii) for the protection
19(b)(3)(A) 16 of the Act and Rule 19b– comment submissions. You should
of investors; or (iii) otherwise in submit only information that you wish
4(f)(6) thereunder.17 furtherance of the purposes of the Act.
A proposed rule change filed to make available publicly. All
If the Commission takes such action, the submissions should refer to File
pursuant to Rule 19b–4(f)(6) under the Commission shall institute proceedings
Act 18 normally does not become Number SR–C2–2018–009, and should
to determine whether the proposed rule be submitted on or before June 8, 2018.
operative for 30 days after the date of its should be approved or disapproved.
filing. However, Rule 19b–4(f)(6)(iii) 19 For the Commission, by the Division of
permits the Commission to designate a IV. Solicitation of Comments Trading and Markets, pursuant to delegated
shorter time if such action is consistent authority.22
Interested persons are invited to
with the protection of investors and the submit written data, views, and Eduardo A. Aleman,
public interest. The Exchange has asked arguments concerning the foregoing, Assistant Secretary.
the Commission to waive the 30-day including whether the proposed rule [FR Doc. 2018–10601 Filed 5–17–18; 8:45 am]
operative delay so that the proposal is change is consistent with the Act. BILLING CODE 8011–01–P
operative on May 14, 2018, which is Comments may be submitted by any of
also the date the C2 technology the following methods:
migration is to occur.20 The Exchange SMALL BUSINESS ADMINISTRATION
states that on May 16, 2018 Cboe Electronic Comments
Options will determine settlement • Use the Commission’s internet [Disaster Declaration #15522 and #15523;
comment form (http://www.sec.gov/ Hawaii Disaster Number HI–00047]
values for certain volatility index
derivatives by using the prices of RUT rules/sro.shtml); or Presidential Declaration of a Major
options trading on Cboe Options. • Send an email to rule-comments@
Disaster for Public Assistance Only for
sec.gov. Please include File Number SR–
the State of Hawaii
15 See BX Rule Section 8(b). C2–2018–009 on the subject line.
16 15 U.S.C. 78s(b)(3)(A).
Paper Comments AGENCY: U.S. Small Business
17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Administration.
4(f)(6) requires a self-regulatory organization to give • Send paper comments in triplicate
the Commission written notice of its intent to file ACTION: Notice.
the proposed rule change, along with a brief
to Secretary, Securities and Exchange
daltland on DSKBBV9HB2PROD with NOTICES

description and the text of the proposed rule Commission, 100 F Street NE, SUMMARY: This is a Notice of the
change, at least five business days prior to the date Washington, DC 20549–1090. Presidential declaration of a major
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
disaster for Public Assistance Only for
21 For purposes only of waiving the 30-day
Exchange has satisfied this requirement. the State of Hawaii (FEMA–4366–DR),
operative delay, the Commission has also
18 17 CFR 240.19b–4(f)(6).
considered the proposed rule’s impact on dated 05/11/2018.
19 17 CFR 240.19b–4(f)(6)(iii).
efficiency, competition, and capital formation. See
20 See supra note 5. 15 U.S.C. 78c(f). 22 17 CFR 200.30–3(a)(12).

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Document Created: 2018-05-18 02:15:31
Document Modified: 2018-05-18 02:15:31

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 23320