83 FR 26121 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of Proposed Rule Change To Amend Rule 7.35E Relating to the Auction Reference Price for a Trading Halt Auction Following a Regulatory Halt
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 108 (June 5, 2018)
Federal Register Volume 83, Issue 108 (June 5, 2018)
| Page Range | 26121-26123 | |
| FR Document | 2018-11978 |
[Federal Register Volume 83, Number 108 (Tuesday, June 5, 2018)] [Notices] [Pages 26121-26123] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11978] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83341; File No. SR-NYSEAMER-2018-22] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of Proposed Rule Change To Amend Rule 7.35E Relating to the Auction Reference Price for a Trading Halt Auction Following a Regulatory Halt May 30, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on May 15, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 7.35E relating to the Auction Reference Price for a Trading Halt Auction following a regulatory halt. The proposed rule change is available on the Exchange's website at www.nyse.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 self-regulatory organization 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 those 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 7.35E (Auctions) relating to the Auction Reference Price for a Trading Halt Auction following a regulatory halt. Under Rule 7.35E, Auction Reference Prices are used for a number of purposes, including determining Auction Collars under Rule 7.35E(a)(10)(A). Rule 7.35E(a)(8)(A) defines the Auction Reference Price applicable to auctions on the Exchange. For the Trading Halt Auction, the Reference Price is the last consolidated round-lot price of that trading day, and if none, the prior day's Official Closing Price (except as provided for in Rule 7.35E(e)(7)(A)).\4\ --------------------------------------------------------------------------- \4\ Rule 7.35E(e)(7)(A) provides for a different Auction Reference Price for a Trading Halt Auction following a Trading Pause. The ``Official Closing Price'' is defined in Rule 1.1E(gg). --------------------------------------------------------------------------- The Exchange proposes to amend Rule 7.35E(a)(8)(A) to permit the Exchange to designate a different Auction Reference Price for a Trading Halt Auction following a regulatory halt. The Exchange believes that if the price of a security changes during a regulatory halt, for example, due to a news event, an Auction Reference Price based on the last consolidated round-lot price of that trading day, or if none, the prior day's Official Closing Price, may no longer reflect the value of the security. In such case, using that price for purposes of calculating Auction Collars for the Trading Halt Auction may unnecessarily constrict the price at which such auction would initially be permitted and potentially lead to an unnecessary number of extensions before the security resumes trading, thereby delaying the Trading Halt Auction.\5\ The Exchange believes that for these scenarios, it would be appropriate to designate a different Auction Reference Price.\6\ --------------------------------------------------------------------------- \5\ Pursuant to Rule 7.35E(e)(6), the Re-Opening Time for a Trading Halt Auction will be extended if the Indicative Match Price, before being adjusted based on Auction Collars, would be below (above) the Lower (Upper) Auction Collar or if there is a sell (buy) Market Imbalance. \6\ For example, the Exchange's affiliated exchange, NYSE Arca, Inc. (``NYSE Arca'') recently amended NYSE Arca Rule 7.35- E(a)(8)(A), which is identical to Rule 7.35E(a)(8)(A), on a temporary basis to provide for a different Auction Reference Price for a security that was the subject of a regulatory halt. See Securities Exchange Act Release No. 82716 (February 14, 2018), 83 FR 7517 (February 21, 2018) (SR-NYSEArca-2018-12). NYSE Arca sought such relief to respond to the impact of market-wide trading volatility on February 5, 2018 on the pricing of the ProShares Short VIX Short-Term Futures ETF (SVXY). In that scenario, NYSE Arca halted trading in SVXY before trading began on February 6, 2018. Because the Official Closing Price no longer reflected the value of the security and would not have been an appropriate Auction Reference Price, to protect and fair and orderly market, NYSE Arca proposed a different Auction Reference Price for the Trading Halt Auction. --------------------------------------------------------------------------- [[Page 26122]] To effect this change, the Exchange proposes to amend Rule 7.35E(a)(8)(A) to provide that if the Auction Reference Price would impact a fair and orderly Trading Halt Auction following a regulatory halt, the CEO of the Exchange, or his or her designee, may designate a different Auction Reference Price.\7\ --------------------------------------------------------------------------- \7\ See, e.g., New York Stock Exchange LLC (``NYSE'') Rule 15(f)(1) (providing authority for the CEO of the NYSE to suspend the requirement to publish pre-opening indications for a security if, absent relief, the operation of the Exchange is likely to be impaired). --------------------------------------------------------------------------- Because the specific circumstances for a security and impact on pricing cannot be known in advance, the Exchange does not believe it would be appropriate, let alone feasible, to specify in the rule what the alternate Auction Reference Price should be. For example, NYSE Arca designated a revised Auction Reference Price for SVXY that was 84% lower than the Auction Reference Price that would have been required under the NYSE Arca rule.\8\ But SVXY represents just one example. The reasons why an Auction Reference Price for a Trading Halt Auction following a regulatory halt may no longer be appropriate are myriad, and include external reasons specific to a security, such as news relating to an issuer or a corporate action. The Exchange therefore believes that the facts and circumstances for individual securities should inform the Exchange of an Auction Reference Price to designate under the proposed rule. --------------------------------------------------------------------------- \8\ See supra note 6. --------------------------------------------------------------------------- As noted above, the Exchange would not conduct a Trading Halt Auction until all Market Orders can be satisfied in that auction and extends the time before trading in a security resumes until such time. The Exchange believes, however, that if the last consolidated sale price no longer reflects the value of such security, a Trading Halt Auction may be unnecessarily delayed with multiple extensions. By contrast, enabling the Exchange to designate a different Auction Reference Price could potentially reduce the number of extensions, thus eliminating unnecessary delay and allowing for a fair and orderly auction process. In such case, the Auction Reference Price designated by the Exchange does not need to be perfectly calibrated, as the extension logic would ensure that the Trading Halt Auction would not occur until equilibrium among all Market Orders is met and the overall trading auction interest is satisfied at or within the auction collars. The Exchange believes that it would promote a more fair and orderly, and timely, Trading Halt Auction, for the Exchange to exercise the discretion as proposed when the last consolidated round-lot price of that trading day, or if none, the prior day's Official Closing Price, would otherwise be significantly out of sync with the value of the security. The Exchange believes that having the CEO, or his or her designee, designate the Auction Reference Price would ensure that proper deliberation would be put into determining such alternative Auction Reference Price. The proposed rule would further provide that the Exchange would announce the updated Auction Reference Price prior to the Trading Halt Auction. Pursuant to Rule 7.35E(a)(4), the Exchange publishes the Auction Reference Price for a Trading Halt Auction via a proprietary data feed. If the Exchange designates a different Auction Reference Price, that price would not only be disseminated via the proprietary data feed, but the Exchange would also announce the new Auction Reference Price by Trader Update. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\9\ in general, and furthers the objectives of Section 6(b)(5),\10\ in particular, because it is 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 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that it would promote the protection of investors and the public interest to amend Rule 7.35E(a)(8)(A) to permit the Exchange to designate a different Auction Reference Price for a Trading Halt Auction following a regulatory halt. In particular, the Exchange believes that using an Auction Reference Price based on a price that no longer reflects the value of the security could result in an unnecessary number of extensions before the Trading Halt Auction would be permitted to occur under Rule 7.35E(e)(6). By contrast, enabling the Exchange to designate a different Auction Reference Price could potentially reduce the number of extensions, thus eliminating unnecessary delay and allowing for a fair and orderly auction process. In such case, the Auction Reference Price designated by the Exchange does not need to be perfectly calibrated, as the extension logic would ensure that the Trading Halt Auction would not occur until equilibrium among all Market Orders is met and the overall trading auction interest is satisfied at or within the auction collars. The Exchange believes that it would promote a more fair and orderly, and timely, Trading Halt Auction, for the Exchange to exercise the discretion as proposed when the last consolidated round-lot price of that trading day, or if none, the prior day's Official Closing Price, would otherwise be significantly out of sync with the value of the security. The Exchange believes that having the CEO, or his or her designee, designate the Auction Reference Price would ensure that proper deliberation would be put into determining such alternative Auction Reference Price. The Exchange therefore believes that it would remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, protect investors and the public interest to amend Rule 7.35E(a)(8)(A) to provide that if the Auction Reference Price would impact a fair and orderly Trading Halt Auction following a regulatory halt, the CEO of the Exchange, or his or her designee, may designate a different Auction Reference Price. The Exchange further believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general, protect investors and the public interest because the Exchange would provide notice of any change to an Auction Reference Price, both via the proprietary data feed and a Trader Update, thereby providing transparency to investors and the public regarding the Auction Reference Price that would be used for a Trading Halt Auction. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed [[Page 26123]] rule change is not designed to address any competitive issues, but rather to protect investors and the public by providing the Exchange with authority to designate an Auction Reference Price for a Trading Halt Auction following a regulatory halt if the Auction Reference Price, as defined in the current rule, would impair a fair and orderly auction. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEAMER-2018-22 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEAMER-2018-22. 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-NYSEAMER-2018-22 and should be submitted on or before June 26, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11978 Filed 6-4-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 108 / Tuesday, June 5, 2018 / Notices 26121
(1) If an SCA Employer loses a Issued in Washington, DC, by: of the most significant parts of such
contract to a successor SCA Employer, William Reeder, statements.
and if the successor has an obligation to Director, Pension Benefit Guaranty A. Self-Regulatory Organization’s
contribute to the Plan for work Corporation.
Statement of the Purpose of, and the
performed under the Service Contract at [FR Doc. 2018–12035 Filed 6–4–18; 8:45 am]
Statutory Basis for, the Proposed Rule
the same or a higher contribution rate BILLING CODE 7709–02–P Change
and for at least 85% as many
contribution base units as such SCA 1. Purpose
Employer had the obligation to SECURITIES AND EXCHANGE The Exchange proposes to amend
contribute during the plan year ending COMMISSION Rule 7.35E (Auctions) relating to the
before such SCA Employer lost the Auction Reference Price for a Trading
contract, a partial withdrawal only [Release No. 34–83341; File No. SR– Halt Auction following a regulatory halt.
NYSEAMER–2018–22] Under Rule 7.35E, Auction Reference
occurs if the SCA Employer has an
obligation to contribute for no more Prices are used for a number of
Self-Regulatory Organizations; NYSE purposes, including determining
than an insubstantial portion of its work American LLC; Notice of Filing of
in the jurisdiction of a collective Auction Collars under Rule
Proposed Rule Change To Amend Rule 7.35E(a)(10)(A). Rule 7.35E(a)(8)(A)
bargaining agreement for which 7.35E Relating to the Auction defines the Auction Reference Price
contributions are or were required to the Reference Price for a Trading Halt applicable to auctions on the Exchange.
Plan, and either, Auction Following a Regulatory Halt For the Trading Halt Auction, the
(A) The SCA Employer continues to May 30, 2018. Reference Price is the last consolidated
perform work in the jurisdiction of a Pursuant to Section 19(b)(1) 1 of the round-lot price of that trading day, and
collective bargaining agreement of the Securities Exchange Act of 1934 (the if none, the prior day’s Official Closing
type for which contributions were ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Price (except as provided for in Rule
previously required; or notice is hereby given that, on May 15, 7.35E(e)(7)(A)).4
(B) Within 5 years after the date on 2018, NYSE American LLC (the The Exchange proposes to amend
‘‘Exchange’’ or ‘‘NYSE American’’) filed Rule 7.35E(a)(8)(A) to permit the
which the SCA Employer loses the
with the Securities and Exchange Exchange to designate a different
Service Contract,
Commission (the ‘‘Commission’’) the Auction Reference Price for a Trading
(i) The federal government decides to Halt Auction following a regulatory halt.
proposed rule change as described in
close the facility, have the work The Exchange believes that if the price
Items I, II, and III below, which Items
performed by government employees, or of a security changes during a regulatory
have been prepared by the self-
transfer the work covered by the service regulatory organization. The halt, for example, due to a news event,
contract to another location that is not Commission is publishing this notice to an Auction Reference Price based on the
covered by a collective bargaining unit; solicit comments on the proposed rule last consolidated round-lot price of that
or change from interested persons. trading day, or if none, the prior day’s
(ii) The successor SCA Employer Official Closing Price, may no longer
I. Self-Regulatory Organization’s reflect the value of the security. In such
ceases contributions to the Plan for
Statement of the Terms of Substance of case, using that price for purposes of
work performed under the Service the Proposed Rule Change calculating Auction Collars for the
Contract.
The Exchange proposes to amend Trading Halt Auction may unnecessarily
In the case of termination by mass constrict the price at which such
Rule 7.35E relating to the Auction
withdrawal (within the meaning of Reference Price for a Trading Halt auction would initially be permitted
section 4041A(a)(2) of ERISA), the Auction following a regulatory halt. The and potentially lead to an unnecessary
proposed amendment provides that proposed rule change is available on the number of extensions before the security
section 4203(b)(3) of ERISA, the Exchange’s website at www.nyse.com, at resumes trading, thereby delaying the
provision that allows a construction the principal office of the Exchange, and Trading Halt Auction.5 The Exchange
employer to resume covered work after at the Commission’s Public Reference believes that for these scenarios, it
3 years of withdrawal, rather than the Room. would be appropriate to designate a
standard 5-year restriction, is not different Auction Reference Price.6
applicable. Therefore, in the event of a II. Self-Regulatory Organization’s
mass withdrawal, there is still a 5-year Statement of the Purpose of, and 4 Rule 7.35E(e)(7)(A) provides for a different
Statutory Basis for, the Proposed Rule Auction Reference Price for a Trading Halt Auction
restriction on resuming covered work in following a Trading Pause. The ‘‘Official Closing
Change
the jurisdiction of the Plan. The Plan’s Price’’ is defined in Rule 1.1E(gg).
request includes the actuarial data on In its filing with the Commission, the 5 Pursuant to Rule 7.35E(e)(6), the Re-Opening
self-regulatory organization included Time for a Trading Halt Auction will be extended
which the Plan relies to support its if the Indicative Match Price, before being adjusted
contention that the amendment will not statements concerning the purpose of, based on Auction Collars, would be below (above)
pose a significant risk to the insurance and basis for, the proposed rule change the Lower (Upper) Auction Collar or if there is a
system under Title IV of ERISA. and discussed any comments it received sell (buy) Market Imbalance.
on the proposed rule change. The text 6 For example, the Exchange’s affiliated exchange,
Comments of those statements may be examined at NYSE Arca, Inc. (‘‘NYSE Arca’’) recently amended
amozie on DSK3GDR082PROD with NOTICES1
NYSE Arca Rule 7.35–E(a)(8)(A), which is identical
the places specified in Item IV below. to Rule 7.35E(a)(8)(A), on a temporary basis to
All interested persons are invited to The Exchange has prepared summaries, provide for a different Auction Reference Price for
submit written comments on the set forth in sections A, B, and C below, a security that was the subject of a regulatory halt.
pending exemption request. All See Securities Exchange Act Release No. 82716
comments will be made part of the (February 14, 2018), 83 FR 7517 (February 21, 2018)
1 15 U.S.C. 78s(b)(1). (SR–NYSEArca–2018–12). NYSE Arca sought such
administrative record. 2 15 U.S.C. 78a. relief to respond to the impact of market-wide
3 17 CFR 240.19b–4. Continued
VerDate Sep<11>2014 20:19 Jun 04, 2018 Jkt 241001 PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1](https://thefederalregister.org/doc/83_FR_26229/page/1.svg)
![Federal Register / Vol. 83, No. 108 / Tuesday, June 5, 2018 / Notices 26123
rule change is not designed to address submission, all subsequent Exchange. The Commission is
any competitive issues, but rather to amendments, all written statements publishing this notice to solicit
protect investors and the public by with respect to the proposed rule comments on the proposed rule change
providing the Exchange with authority change that are filed with the from interested persons.
to designate an Auction Reference Price Commission, and all written
for a Trading Halt Auction following a communications relating to the I. Self-Regulatory Organization’s
regulatory halt if the Auction Reference proposed rule change between the Statement of the Terms of Substance of
Price, as defined in the current rule, Commission and any person, other than the Proposed Rule Change
would impair a fair and orderly auction. those that may be withheld from the
public in accordance with the The Exchange is filing a proposal to
C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be amend Exchange Rule 307, Position
Statement on Comments on the available for website viewing and Limits, Interpretations and Policies .01,
Proposed Rule Change Received From printing in the Commission’s Public and Exchange Rule 309, Exercise Limits,
Members, Participants, or Others Reference Room, 100 F Street NE, Interpretations and Policies .01, to
No written comments were solicited Washington, DC 20549 on official amend the position and exercise limits
or received with respect to the proposed business days between the hours of for options on the SPDR® S&P 500® ETF
rule change. 10:00 a.m. and 3:00 p.m. Copies of the Trust (‘‘SPY’’).
filing also will be available for The text of the proposed rule change
III. Date of Effectiveness of the
inspection and copying at the principal is available on the Exchange’s website at
Proposed Rule Change and Timing for
office of the Exchange. All comments http://www.miaxoptions.com/rule-
Commission Action
received will be posted without change. filings/ at MIAX Options’ principal
Within 45 days of the date of Persons submitting comments are
publication of this notice in the Federal office, and at the Commission’s Public
cautioned that we do not redact or edit
Register or up to 90 days (i) as the Reference Room.
personal identifying information from
Commission may designate if it finds comment submissions. You should II. Self-Regulatory Organization’s
such longer period to be appropriate submit only information that you wish Statement of the Purpose of, and
and publishes its reasons for so finding to make available publicly. Statutory Basis for, the Proposed Rule
or (ii) as to which the self-regulatory All submissions should refer to File Change
organization consents, the Commission Number SR–NYSEAMER–2018–22 and
will: should be submitted on or before June In its filing with the Commission, the
(A) By order approve or disapprove 26, 2018. Exchange included statements
the proposed rule change, or For the Commission, by the Division of concerning the purpose of and basis for
(B) institute proceedings to determine Trading and Markets, pursuant to delegated the proposed rule change and discussed
whether the proposed rule change authority.11 any comments it received on the
should be disapproved. Eduardo A. Aleman, proposed rule change. The text of these
IV. Solicitation of Comments Assistant Secretary. statements may be examined at the
Interested persons are invited to
[FR Doc. 2018–11978 Filed 6–4–18; 8:45 am] places specified in Item IV below. The
submit written data, views, and BILLING CODE 8011–01–P Exchange has prepared summaries, set
arguments concerning the foregoing, forth in sections A, B, and C below, of
including whether the proposed rule the most significant aspects of such
SECURITIES AND EXCHANGE statements.
change is consistent with the Act. COMMISSION
Comments may be submitted by any of A. Self-Regulatory Organization’s
the following methods: [Release No. 34–83349; File No. SR–MIAX–
2018–11] Statement of the Purpose of, and
Electronic Comments Statutory Basis for, the Proposed Rule
• Use the Commission’s internet Self-Regulatory Organizations; Miami Change
comment form (http://www.sec.gov/ International Securities Exchange LLC;
Notice of Filing and Immediate 1. Purpose
rules/sro.shtml); or
• Send an email to rule-comments@ Effectiveness of a Proposed Rule Exchange Rule 307, Position Limits,
sec.gov. Please include File Number SR– Change To Amend Exchange Rule 307, and Exchange Rule 309, Exercise Limits,
NYSEAMER–2018–22 on the subject Position Limits, and Exchange Rule establish position and exercise limits,
line. 309, Exercise Limits respectively, for aggregate positions in
Paper Comments May 30, 2018. option contracts traded on the
Pursuant to the provisions of Section Exchange. Interpretations and Policies
• Send paper comments in triplicate 19(b)(1) of the Securities Exchange Act .01 to Exchange Rule 307 lists specific
to Brent J. Fields, Secretary, Securities of 1934 (‘‘Act’’) 1 and Rule 19b–4 position limits for certain select
and Exchange Commission, 100 F Street thereunder,2 notice is hereby given that underlying securities, and
NE, Washington, DC 20549–1090. on May 24, 2018, Miami International Interpretations and Policies .01 to
All submissions should refer to File Securities Exchange, LLC (‘‘MIAX Exchange Rule 309 lists specific
Number SR–NYSEAMER–2018–22. This Options’’ or ‘‘Exchange’’) filed with the exercise limits for certain select
file number should be included on the Securities and Exchange Commission
amozie on DSK3GDR082PROD with NOTICES1
underlying securities. SPY is among the
subject line if email is used. To help the (‘‘Commission’’) a proposed rule change certain select underlying securities
Commission process and review your as described in Items I, II, and III below, listed in each such Rule. Currently,
comments more efficiently, please use which Items have been prepared by the
only one method. The Commission will these Rules provide that there are no
post all comments on the Commission’s 11 17
position limits and there are no exercise
CFR 200.30–3(a)(12).
internet website (http://www.sec.gov/ 1 15 U.S.C. 78s(b)(1).
limits on options overlying SPY
rules/sro.shtml). Copies of the 2 17 CFR 240.19b–4. pursuant to a pilot program, which is
VerDate Sep<11>2014 20:19 Jun 04, 2018 Jkt 241001 PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1](https://thefederalregister.org/doc/83_FR_26229/page/3.svg)
Document Created: 2018-11-02 11:47:12
Document Modified: 2018-11-02 11:47:12
| 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 26121 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR