83 FR 26123 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 108 (June 5, 2018)
Federal Register Volume 83, Issue 108 (June 5, 2018)
| Page Range | 26123-26125 | |
| FR Document | 2018-11985 |
[Federal Register Volume 83, Number 108 (Tuesday, June 5, 2018)] [Notices] [Pages 26123-26125] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11985] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83349; File No. SR-MIAX-2018-11] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits May 30, 2018. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 24, 2018, Miami International Securities Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Exchange Rule 307, Position Limits, Interpretations and Policies .01, and Exchange Rule 309, Exercise Limits, Interpretations and Policies .01, to amend the position and exercise limits for options on the SPDR[supreg] S&P 500[supreg] ETF Trust (``SPY''). The text of the proposed rule change is available on the Exchange's website at http://www.miaxoptions.com/rule-filings/ at MIAX Options' principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Exchange Rule 307, Position Limits, and Exchange Rule 309, Exercise Limits, establish position and exercise limits, respectively, for aggregate positions in option contracts traded on the Exchange. Interpretations and Policies .01 to Exchange Rule 307 lists specific position limits for certain select underlying securities, and Interpretations and Policies .01 to Exchange Rule 309 lists specific exercise limits for certain select underlying securities. SPY is among the certain select underlying securities listed in each such Rule. Currently, these Rules provide that there are no position limits and there are no exercise limits on options overlying SPY pursuant to a pilot program, which is [[Page 26124]] scheduled to expire on July 12, 2018 (``SPY Pilot Program'').\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81020 (June 26, 2017), 82 FR 29951 (June 30, 2017)(SR-MIAX-2017-30)(extending the SPY Pilot Program to July 12, 2018); see also Securities Exchange Act Release Nos. 67672 (August 15, 2012), 77 FR 50750 (August 22, 2012)(SR-NYSEAmex-2012-29); 67937 (September 27, 2012), 77 FR 60489 (October 3, 2012)(SR-CBOE-2012-091). --------------------------------------------------------------------------- The Exchange proposes to amend Exchange Rule 307, Interpretations and Policies .01, and Exchange Rule 309, Interpretations and Policies .01, to allow the SPY Pilot Program to terminate on July 12, 2018, the current expiration date of the SPY Pilot Program. In lieu of extending the SPY Pilot Program for another year, the Exchange proposes to allow the SPY Pilot Program to terminate and to establish position and exercise limits of 1,800,000 contracts, for options on SPY, with such change becoming operative on July 12, 2018, so that there is no lapse in time between termination of the SPY Pilot Program and the establishment of the new limits. Furthermore, as a result of the termination of the SPY Pilot Program, the Exchange does not believe it is necessary to submit a SPY Pilot Program Report at the end of the SPY Pilot Program. Based on the prior SPY Pilot Program Reports provided to the Commission,\4\ the Exchange believes it is appropriate to terminate the SPY Pilot Program and that permanent position and exercise limits should be established for SPY. --------------------------------------------------------------------------- \4\ Id. --------------------------------------------------------------------------- Position limits are designed to address potential manipulative schemes and adverse market impact surrounding the use of options, such as disrupting the market in the security underlying the options. The potential manipulative schemes and adverse market impact are balanced against the potential of setting the limits so low as to discourage participation in the options market. The level of those position limits must be balanced between curtailing potential manipulation and the cost of preventing potential hedging activity that could be used for legitimate economic purposes. The SPY Pilot Program was established in 2012 in order to eliminate position and exercise limits for physically-settled SPY options. \5\ In 2005, the position limits for SPY options were increased from 75,000 contracts to 300,000 contracts on the same side of the market.\6\ In July 2011, the position limit for these options was again increased from 300,000 contracts to 900,000 contracts on the same side of the market.\7\ Then, in 2012, the position limits for SPY options were eliminated as part of the SPY Pilot Program.\8\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release Nos. 67672 (August 15, 2012), 77 FR 50750 (August 22, 2012)(SR-NYSEAmex-2012-29); 67937 (September 27, 2012), 77 FR 60489 (October 3, 2012)(SR-CBOE-2012- 091). \6\ See Securities Exchange Act Release No. 51041 (January 14, 2005), 70 FR 3408 (January 24, 2005)(SR-CBOE-2005-06). \7\ See Securities Exchange Act Release No. 64928 (July 20, 2011), 76 FR 44633 (July 26, 2011)(SR-CBOE-2011-065). \8\ See supra note 5. --------------------------------------------------------------------------- The underlying SPY tracks the performance of the S&P 500 Index and the Exchange notes that the SPY and SPY options have deep, liquid markets that reduce concerns regarding manipulation and disruption in the underlying markets. In support of this proposed rule change, the Exchange has collected the following trading statistics for SPY and SPY Options: (1) The average daily volume (``ADV'') to date (as of May 15, 2018) for SPY is 108.32 million shares; (2) the ADV to date in 2018 for SPY options is 3.9 million contracts per day; (3) the total shares outstanding for SPY are 965.43 million; and (4) the fund market cap for SPY is 261.65 billion. The Exchange represents further that there is tremendous liquidity in the securities that make up the S&P 500 Index. Accordingly, the Exchange proposes to amend Interpretations and Policies .01 to Exchange Rule 307 and Interpretations and Policies .01 to Exchange Rule 309 to set forth that the position and exercise limits for options on SPY would be 1,800,000 contracts on the same side of the market. These position and exercise limits equal the current position and exercise limits for options on QQQ, which the Commission previously approved to be increased from 900,000 contracts on the same side of the market, to 1,800,000 contracts on the same side of the market. \9\ The Exchange also notes that SPY is more liquid than QQQ.\10\ The Exchange believes that establishing position and exercise limits for the SPY options in the amount of 1,800,000 contracts on the same side of the market subject to this proposal would allow for the maintenance of the liquid and competitive market environment for these options, which will benefit customers interested in these products. Under the proposal, the reporting requirement for the options would be unchanged. --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 82931 (March 22, 2018), 83 FR 13323 (March 28, 2018)(SR-MIAX-2018-10); see also Securities Exchange Act Release No. 82770 (February 23, 2018), 83 FR 8907 (March 1, 2018)(SR-CBOE-2017-057). \10\ From the beginning of the year, through May 15, 2018, the ADV for SPY was 108.32 million shares while the ADV for QQQ was 46.64 million shares (calculated using data from Yahoo Finance as of May 15, 2018). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\11\ Specifically, the proposal is consistent with Section 6(b)(5) of the Act \12\ 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. The Exchange believes that establishing permanent position and exercise limits for SPY options subject to this proposal will encourage Market Makers to continue to provide sufficient liquidity in SPY options on the Exchange, which will enhance the process of price discovery conducted on the Exchange. The proposal will also benefit institutional investors as well as retail traders, and public customers, by continuing to provide them with an effective trading and hedging vehicle. In addition, the Exchange believes that the structure of the SPY options subject to this proposal and the considerable liquidity of the market for those options diminishes the opportunity to manipulate this product and disrupt the underlying market that a lower position limit may protect against. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Increased position limits for select actively traded options, such as that proposed herein (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program),\13\ is not novel and has been previously approved by the Commission. For example, the Commission has previously approved a rule change permitting the Exchange to double the position and exercise limits for FXI, EEM, IWM, EFA, EWZ, TLT, QQQ, and EWJ.\14\ Furthermore, as previously mentioned, the Commission specifically approved a proposal by the Exchange to increase the position and exercise limits for options on QQQ from 900,000 contracts on the same side of the market to 1,800,000 contracts on the same side of the market; similar to the [[Page 26125]] current proposal for options on SPY. \15\ The Exchange also notes that SPY is more liquid than QQQ.\16\ --------------------------------------------------------------------------- \13\ See supra note 7. \14\ See supra note 9. \15\ Id. \16\ See supra note 10. --------------------------------------------------------------------------- Lastly, the Commission expressed the belief that implementing higher position and exercise limits may bring additional depth and liquidity without increasing concerns regarding intermarket manipulation or disruption of the options or the underlying securities.\17\ The Exchange's existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from increasing position and exercise limits (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program).\18\ --------------------------------------------------------------------------- \17\ See supra note 9. \18\ See supra note 7. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition MIAX Options does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the entire proposal is consistent with Section (6)(b)(8) of the Act \19\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes the proposal promotes competition because it will enable the option exchanges to attract additional order flow from the over-the-counter market, who in turn compete for those orders. The Exchange believes that the proposed rule change will result in continued opportunities to achieve the investment and trading objectives of market participants seeking efficient trading and hedging vehicles, to the benefit of investors, market participants, and the marketplace in general. MIAX Options believes this proposed rule change is necessary to permit fair competition among the options exchanges and to establish uniform position limits for additional multiply listed option classes. Furthermore, MIAX Options believes that the other options exchanges will file similar proposals with the Commission. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) of the Act \20\ and Rule 19b-4(f)(6) \21\ thereunder. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A). \21\ 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 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. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission 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 CommentsUse 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-MIAX-2018-11 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-MIAX-2018-11. 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-MIAX-2018-11 and should be submitted on or before June 26, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11985 Filed 6-4-18; 8:45 am] BILLING CODE 8011-01-P
![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_26231/page/1.svg)
![Federal Register / Vol. 83, No. 108 / Tuesday, June 5, 2018 / Notices 26125
current proposal for options on SPY. 15 III. Date of Effectiveness of the submission, all subsequent
The Exchange also notes that SPY is Proposed Rule Change and Timing for amendments, all written statements
more liquid than QQQ.16 Commission Action with respect to the proposed rule
Lastly, the Commission expressed the Because the foregoing proposed rule change that are filed with the
belief that implementing higher position change does not: (i) Significantly affect Commission, and all written
and exercise limits may bring additional the protection of investors or the public communications relating to the
depth and liquidity without increasing interest; (ii) impose any significant proposed rule change between the
concerns regarding intermarket burden on competition; and (iii) become Commission and any person, other than
manipulation or disruption of the operative for 30 days after the date of those that may be withheld from the
options or the underlying securities.17 the filing, or such shorter time as the public in accordance with the
The Exchange’s existing surveillance Commission may designate, it has provisions of 5 U.S.C. 552, will be
and reporting safeguards are designed to become effective pursuant to 19(b)(3)(A) available for website viewing and
deter and detect possible manipulative of the Act 20 and Rule 19b–4(f)(6) 21 printing in the Commission’s Public
behavior which might arise from Reference Room, 100 F Street NE,
thereunder.
increasing position and exercise limits At any time within 60 days of the Washington, DC 20549, on official
(increased as compared to the 900,000 filing of the proposed rule change, the business days between the hours of
limit in place prior to the SPY Pilot Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
Program).18 temporarily suspend such rule change if filing also will be available for
it appears to the Commission that such inspection and copying at the principal
B. Self-Regulatory Organization’s office of the Exchange. All comments
action is necessary or appropriate in the
Statement on Burden on Competition received will be posted without change.
public interest, for the protection of
Persons submitting comments are
MIAX Options does not believe that investors, or otherwise in furtherance of
cautioned that we do not redact or edit
the proposed rule change will impose the purposes of the Act. If the
personal identifying information from
any burden on competition that is not Commission takes such action, the
comment submissions. You should
necessary or appropriate in furtherance Commission shall institute proceedings
submit only information that you wish
of the purposes of the Act. The to determine whether the proposed rule
to make available publicly. All
Exchange believes the entire proposal is should be approved or disapproved.
submissions should refer to File
consistent with Section (6)(b)(8) of the IV. Solicitation of Comments Number SR–MIAX–2018–11 and should
Act 19 in that it does not impose any be submitted on or before June 26, 2018.
burden on competition that is not Interested persons are invited to
necessary or appropriate in furtherance submit written data, views, and For the Commission, by the Division of
arguments concerning the foregoing, Trading and Markets, pursuant to delegated
of the purposes of the Act. On the authority.22
contrary, the Exchange believes the including whether the proposed rule
change is consistent with the Act. Eduardo A. Aleman,
proposal promotes competition because
Comments may be submitted by any of Assistant Secretary.
it will enable the option exchanges to
attract additional order flow from the the following methods: [FR Doc. 2018–11985 Filed 6–4–18; 8:45 am]
over-the-counter market, who in turn BILLING CODE 8011–01–P
Electronic Comments
compete for those orders. The Exchange
• Use the Commission’s internet
believes that the proposed rule change
comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
will result in continued opportunities to
rules/sro.shtml); or COMMISSION
achieve the investment and trading • Send an email to rule-comments@
objectives of market participants seeking sec.gov. Please include File Number SR–
[Release No. 34–83342; File No. SR–NYSE–
efficient trading and hedging vehicles, 2018–19]
MIAX–2018–11 on the subject line.
to the benefit of investors, market
participants, and the marketplace in Paper Comments Self-Regulatory Organizations; New
general. MIAX Options believes this York Stock Exchange LLC; Notice of
• Send paper comments in triplicate Filing and Immediate Effectiveness of
proposed rule change is necessary to to Brent J. Fields, Secretary, Securities
permit fair competition among the Proposed Rule Change To Amend the
and Exchange Commission, 100 F Street Intercontinental Exchange, Inc.
options exchanges and to establish NE, Washington, DC 20549–1090.
uniform position limits for additional Director Independence Policy
All submissions should refer to File
multiply listed option classes. Number SR–MIAX–2018–11. This file May 30, 2018.
Furthermore, MIAX Options believes number should be included on the Pursuant to Section 19(b)(1) 1 of the
that the other options exchanges will subject line if email is used. To help the Securities Exchange Act of 1934 (the
file similar proposals with the Commission process and review your ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Commission. comments more efficiently, please use notice is hereby given that, on May 22,
C. Self-Regulatory Organization’s only one method. The Commission will 2018, New York Stock Exchange LLC
Statement on Comments on the post all comments on the Commission’s (‘‘NYSE’’ or the ‘‘Exchange’’) filed with
Proposed Rule Change Received From internet website (http://www.sec.gov/ the Securities and Exchange
Members, Participants, or Others rules/sro.shtml). Copies of the Commission (the ‘‘Commission’’) the
proposed rule change as described in
Written comments were neither Items I and II below, which Items have
amozie on DSK3GDR082PROD with NOTICES1
20 15 U.S.C. 78s(b)(3)(A).
solicited nor received. 21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– been prepared by the self-regulatory
4(f)(6) requires a self-regulatory organization to give organization. The Commission is
15 Id. the Commission written notice of its intent to file
16 See
the proposed rule change at least five business days
supra note 10. prior to the date of filing of the proposed rule
22 17 CFR 200.30–3(a)(12).
17 See supra note 9. 1 15 U.S.C.78s(b)(1).
change, or such shorter time as designated by the
18 See supra note 7. 2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this
19 15 U.S.C. 78f(b)(8). requirement. 3 17 CFR 240.19b–4.
VerDate Sep<11>2014 20:19 Jun 04, 2018 Jkt 241001 PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1](https://thefederalregister.org/doc/83_FR_26231/page/3.svg)
Document Created: 2018-11-02 11:46:23
Document Modified: 2018-11-02 11:46:23
| 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 26123 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR