83 FR 28272 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section IV.D of the Exchange's Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 117 (June 18, 2018)
Federal Register Volume 83, Issue 117 (June 18, 2018)
| Page Range | 28272-28273 | |
| FR Document | 2018-12927 |
[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)] [Notices] [Pages 28272-28273] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12927] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83411; File No. SR-ISE-2018-50] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section IV.D of the Exchange's Schedule of Fees June 12, 2018. Pursuant to 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 30, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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 proposes to Section IV.D. of the Exchange's Schedule of Fees, as described further below. The text of the proposed rule change is available on the Exchange's website at http://ise.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to amend certain Market Maker \3\ fees for Regular Orders in Non-Select Symbols \4\ and FX Options. --------------------------------------------------------------------------- \3\ The term ``Market Makers'' refers to ``Competitive Market Makers'' and ``Primary Market Makers'' collectively. See ISE Rule 100(a)(28). \4\ ``Non-Select Symbols'' are options overlying all symbols excluding Select Symbols. ``Select Symbols'' are options overlying all symbols listed on ISE that are in the Penny Pilot Program. --------------------------------------------------------------------------- Presently, the Exchange charges a base execution fee of $0.25 per contract to Members who trade 250,000 contracts or less in a calendar month in Non-Select Symbols and FX Options, and a fee of $0.20 per contract if a Member trades more than 250,000 contracts in Non-Select Symbols and FX Options in a calendar month. In addition, once a Member reaches the highest tier, the fee applicable to that tier will apply retroactively to all Market Maker contracts for Regular Orders in Non- Select Symbols and FX Options. Presently, the Exchange waives this fee entirely for Market Makers that execute Flash Orders.\5\ --------------------------------------------------------------------------- \5\ A ``Flash Order'' is an order that is exposed at the National Best Bid and Offer by the Exchange to all Members for execution prior to routing the order to another exchange or cancelling it, as provided under Supplementary Material .02 to ISE Rule 1901. --------------------------------------------------------------------------- The Exchange proposes to eliminate this fee waiver for Flash Orders, such that Market Makers that execute Flash Orders will be subject to one of the two foregoing fee tiers. However, the Exchange notes that Flash Orders will remain exempt from the $0.70 per contract Marketing Fee that it otherwise charges to Market Makers pursuant to Section IV.E of the Exchange's Schedule of Fees. The Exchange will also continue to provide credits to Market Makers that respond to Customer Flash Orders, pursuant to Section IV.G. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\6\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ``has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.'' \8\ --------------------------------------------------------------------------- \8\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting Release''). --------------------------------------------------------------------------- Likewise, in NetCoalition v. Securities and Exchange Commission \9\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.\10\ As the court emphasized, the Commission ``intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . . to be made available to investors and at what cost.'' \11\ --------------------------------------------------------------------------- \9\ NetCoalition v. SEC, 615 F.3d 525 (DC Cir. 2010). \10\ See NetCoalition, at 534-535. \11\ Id. at 537. --------------------------------------------------------------------------- Further, ``[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution'; [and] `no exchange can afford to take its market share percentages for granted' because `no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers' . . . .'' \12\ Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets. --------------------------------------------------------------------------- \12\ Id. at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)). --------------------------------------------------------------------------- The Exchange believes it is reasonable and equitable to eliminate the fee waiver for Flash orders because the fee that the Exchange proposes to charge for [[Page 28273]] such orders are within the range of fees assessed by other exchanges employing similar pricing schemes. As noted above, pursuant to Section IV.E of the Exchange's Schedule of Fees, the Exchange does not charge a $.70 per contract marketing fee for Flash Orders, whereas MIAX and CBOE do so.\13\ The Exchange also provides a credit to Market Makers that respond to Flash Orders, pursuant to Section IV.G. As such, even with the proposed rule change, the Exchange's fee structure for Flash Orders will remain materially less expensive than the fee structures of other exchanges. Moreover, the Exchange operates in a highly competitive market in which market participants can readily direct order flow to another exchange if they deem fee levels at a particular exchange to be excessive. --------------------------------------------------------------------------- \13\ See Miax Options Options Fee Schedule, Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc. Fees Schedule (May 1, 2018). --------------------------------------------------------------------------- The Exchange also believes its proposal is not unfairly discriminatory because the proposed fees for Flash Orders would apply uniformly to all similarly situated Market Makers. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In this instance, the Exchange's proposal does not impose a burden on competition because the Exchange's execution services are completely voluntary and subject to extensive competition both from other exchanges and from off-exchange venues. Moreover, even with the proposed rule change, the range of fees that Exchange proposes to charge its Market Makers for Flash orders will remain competitive with the fees that other exchange charge. As noted above, pursuant to Section IV.E of the Exchange's Schedule of Fees, the Exchange does not charge a $.70 per contract marketing fee for Flash Orders, whereas MIAX and CBOE do so.\14\ The Exchange also provides a credit to Market Makers that respond to Flash Orders, pursuant to Section IV.G. Thus, even with the proposed rule change, the Exchange's fee structure for Flash Orders will remain materially less expensive than the fee structures of other exchanges. --------------------------------------------------------------------------- \14\ See Miax Options Options Fee Schedule, Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc. Fees Schedule (May 1, 2018). --------------------------------------------------------------------------- In sum, if the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\15\ and Rule 19b-4(f)(2) \16\ thereunder. 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(ii). \16\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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-ISE-2018-50 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-ISE-2018-50. 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-ISE-2018-50 and should be submitted on or before July 9, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12927 Filed 6-15-18; 8:45 am] BILLING CODE 8011-01-P
![28272 Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices
SUPPLEMENTARY INFORMATION: The proposed rule change. The text of these reasonable dues, fees, and other charges
United States Postal Service® hereby statements may be examined at the among members and issuers and other
gives notice that, pursuant to 39 U.S.C. places specified in Item IV below. The persons using any facility, and is not
3642 and 3632(b)(3), on June 12, 2018, Exchange has prepared summaries, set designed to permit unfair
it filed with the Postal Regulatory forth in sections A, B, and C below, of discrimination between customers,
Commission a USPS Request to Add the most significant aspects of such issuers, brokers, or dealers.
Priority Mail Contract 443 to statements. The Commission and the courts have
Competitive Product List. Documents repeatedly expressed their preference
A. Self-Regulatory Organization’s
are available at www.prc.gov, Docket Statement of the Purpose of, and for competition over regulatory
Nos. MC2018–168, CP2018–240. Statutory Basis for, the Proposed Rule intervention in determining prices,
Change products, and services in the securities
Elizabeth Reed,
markets. In Regulation NMS, while
Attorney, Corporate and Postal Business Law. 1. Purpose adopting a series of steps to improve the
[FR Doc. 2018–12956 Filed 6–15–18; 8:45 am] current market model, the Commission
The purpose of this proposed rule
BILLING CODE 7710–12–P
change is to amend certain Market highlighted the importance of market
Maker 3 fees for Regular Orders in Non- forces in determining prices and SRO
Select Symbols 4 and FX Options. revenues and, also, recognized that
SECURITIES AND EXCHANGE Presently, the Exchange charges a current regulation of the market system
COMMISSION base execution fee of $0.25 per contract ‘‘has been remarkably successful in
[Release No. 34–83411; File No. SR–ISE– to Members who trade 250,000 contracts promoting market competition in its
2018–50] or less in a calendar month in Non- broader forms that are most important to
Select Symbols and FX Options, and a investors and listed companies.’’ 8
Self-Regulatory Organizations; Nasdaq fee of $0.20 per contract if a Member Likewise, in NetCoalition v. Securities
ISE, LLC; Notice of Filing and trades more than 250,000 contracts in and Exchange Commission 9
Immediate Effectiveness of Proposed Non-Select Symbols and FX Options in (‘‘NetCoalition’’) the D.C. Circuit upheld
Rule Change To Amend Section IV.D of a calendar month. In addition, once a the Commission’s use of a market-based
the Exchange’s Schedule of Fees Member reaches the highest tier, the fee approach in evaluating the fairness of
applicable to that tier will apply market data fees against a challenge
June 12, 2018. retroactively to all Market Maker claiming that Congress mandated a cost-
Pursuant to Section 19(b)(1) of the contracts for Regular Orders in Non- based approach.10 As the court
Securities Exchange Act of 1934 Select Symbols and FX Options. emphasized, the Commission ‘‘intended
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Presently, the Exchange waives this fee in Regulation NMS that ‘market forces,
notice is hereby given that on May 30, entirely for Market Makers that execute rather than regulatory requirements’
2018, Nasdaq ISE, LLC (‘‘ISE’’ or Flash Orders.5 play a role in determining the market
‘‘Exchange’’) filed with the Securities The Exchange proposes to eliminate data . . . . to be made available to
and Exchange Commission (‘‘SEC’’ or this fee waiver for Flash Orders, such investors and at what cost.’’ 11
‘‘Commission’’) the proposed rule that Market Makers that execute Flash Further, ‘‘[n]o one disputes that
change as described in Items I and II Orders will be subject to one of the two competition for order flow is ‘fierce.’
below, which Items have been prepared foregoing fee tiers. However, the . . . As the SEC explained, ‘[i]n the U.S.
by the Exchange. The Commission is Exchange notes that Flash Orders will national market system, buyers and
publishing this notice to solicit remain exempt from the $0.70 per sellers of securities, and the broker-
comments on the proposed rule change contract Marketing Fee that it otherwise dealers that act as their order-routing
from interested persons. charges to Market Makers pursuant to agents, have a wide range of choices of
I. Self-Regulatory Organization’s Section IV.E of the Exchange’s Schedule where to route orders for execution’;
Statement of the Terms of Substance of of Fees. The Exchange will also [and] ‘no exchange can afford to take its
the Proposed Rule Change continue to provide credits to Market market share percentages for granted’
Makers that respond to Customer Flash because ‘no exchange possesses a
The Exchange proposes to Section Orders, pursuant to Section IV.G. monopoly, regulatory or otherwise, in
IV.D. of the Exchange’s Schedule of the execution of order flow from broker
Fees, as described further below. The 2. Statutory Basis
dealers’ . . . .’’ 12 Although the court
text of the proposed rule change is The Exchange believes that its and the SEC were discussing the cash
available on the Exchange’s website at proposal is consistent with Section 6(b) equities markets, the Exchange believes
http://ise.cchwallstreet.com/, at the of the Act,6 in general, and furthers the that these views apply with equal force
principal office of the Exchange, and at objectives of Sections 6(b)(4) and 6(b)(5) to the options markets.
the Commission’s Public Reference of the Act,7 in particular, in that it The Exchange believes it is reasonable
Room. provides for the equitable allocation of and equitable to eliminate the fee
II. Self-Regulatory Organization’s 3 The term ‘‘Market Makers’’ refers to
waiver for Flash orders because the fee
Statement of the Purpose of, and ‘‘Competitive Market Makers’’ and ‘‘Primary Market that the Exchange proposes to charge for
Statutory Basis for, the Proposed Rule Makers’’ collectively. See ISE Rule 100(a)(28).
8 Securities Exchange Act Release No. 51808
Change 4 ‘‘Non-Select Symbols’’ are options overlying all
symbols excluding Select Symbols. ‘‘Select (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
In its filing with the Commission, the (‘‘Regulation NMS Adopting Release’’).
amozie on DSK3GDR082PROD with NOTICES1
Symbols’’ are options overlying all symbols listed
Exchange included statements on ISE that are in the Penny Pilot Program. 9 NetCoalition v. SEC, 615 F.3d 525 (DC Cir.
concerning the purpose of and basis for 5 A ‘‘Flash Order’’ is an order that is exposed at 2010).
the National Best Bid and Offer by the Exchange to 10 See NetCoalition, at 534–535.
the proposed rule change and discussed all Members for execution prior to routing the order 11 Id. at 537.
any comments it received on the to another exchange or cancelling it, as provided 12 Id. at 539 (quoting Securities Exchange Act
under Supplementary Material .02 to ISE Rule 1901. Release No. 59039 (December 2, 2008), 73 FR
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
74770, 74782–83 (December 9, 2008) (SR–
2 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(4) and (5). NYSEArca–2006–21)).
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![Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices 28273
such orders are within the range of fees Moreover, even with the proposed rule Comments may be submitted by any of
assessed by other exchanges employing change, the range of fees that Exchange the following methods:
similar pricing schemes. As noted proposes to charge its Market Makers for
above, pursuant to Section IV.E of the Flash orders will remain competitive Electronic Comments
Exchange’s Schedule of Fees, the with the fees that other exchange • Use the Commission’s internet
Exchange does not charge a $.70 per charge. As noted above, pursuant to comment form (http://www.sec.gov/
contract marketing fee for Flash Orders, Section IV.E of the Exchange’s Schedule rules/sro.shtml); or
whereas MIAX and CBOE do so.13 The of Fees, the Exchange does not charge a
Exchange also provides a credit to $.70 per contract marketing fee for Flash • Send an email to rule-comments@
Market Makers that respond to Flash Orders, whereas MIAX and CBOE do sec.gov. Please include File Number SR–
Orders, pursuant to Section IV.G. As so.14 The Exchange also provides a ISE–2018–50 on the subject line.
such, even with the proposed rule credit to Market Makers that respond to Paper Comments
change, the Exchange’s fee structure for Flash Orders, pursuant to Section IV.G.
Flash Orders will remain materially less Thus, even with the proposed rule • Send paper comments in triplicate
expensive than the fee structures of change, the Exchange’s fee structure for to Secretary, Securities and Exchange
other exchanges. Moreover, the Flash Orders will remain materially less Commission, 100 F Street NE,
Exchange operates in a highly expensive than the fee structures of Washington, DC 20549–1090.
competitive market in which market other exchanges.
participants can readily direct order In sum, if the changes proposed All submissions should refer to File
flow to another exchange if they deem herein are unattractive to market Number SR–ISE–2018–50. This file
fee levels at a particular exchange to be participants, it is likely that the number should be included on the
excessive. Exchange will lose market share as a subject line if email is used. To help the
The Exchange also believes its result. Accordingly, the Exchange does Commission process and review your
proposal is not unfairly discriminatory not believe that the proposed changes comments more efficiently, please use
because the proposed fees for Flash will impair the ability of members or only one method. The Commission will
Orders would apply uniformly to all competing order execution venues to post all comments on the Commission’s
similarly situated Market Makers. maintain their competitive standing in internet website (http://www.sec.gov/
the financial markets. rules/sro.shtml). Copies of the
B. Self-Regulatory Organization’s submission, all subsequent
Statement on Burden on Competition C. Self-Regulatory Organization’s amendments, all written statements
The Exchange does not believe that Statement on Comments on the with respect to the proposed rule
the proposed rule change will impose Proposed Rule Change Received From change that are filed with the
any burden on competition not Members, Participants, or Others Commission, and all written
necessary or appropriate in furtherance No written comments were either communications relating to the
of the purposes of the Act. In terms of solicited or received. proposed rule change between the
inter-market competition, the Exchange Commission and any person, other than
notes that it operates in a highly III. Date of Effectiveness of the
those that may be withheld from the
competitive market in which market Proposed Rule Change and Timing for
public in accordance with the
participants can readily favor competing Commission Action
provisions of 5 U.S.C. 552, will be
venues if they deem fee levels at a The foregoing rule change has become available for website viewing and
particular venue to be excessive, or effective pursuant to Section printing in the Commission’s Public
rebate opportunities available at other 19(b)(3)(A)(ii) of the Act,15 and Rule Reference Room, 100 F Street NE,
venues to be more favorable. In such an 19b–4(f)(2) 16 thereunder. At any time Washington, DC 20549, on official
environment, the Exchange must within 60 days of the filing of the business days between the hours of
continually adjust its fees to remain proposed rule change, the Commission 10:00 a.m. and 3:00 p.m. Copies of the
competitive with other exchanges and summarily may temporarily suspend filing also will be available for
with alternative trading systems that such rule change if it appears to the inspection and copying at the principal
have been exempted from compliance Commission that such action is: (i) office of the Exchange. All comments
with the statutory standards applicable Necessary or appropriate in the public received will be posted without change.
to exchanges. Because competitors are interest; (ii) for the protection of Persons submitting comments are
free to modify their own fees in investors; or (iii) otherwise in cautioned that we do not redact or edit
response, and because market furtherance of the purposes of the Act. personal identifying information from
participants may readily adjust their If the Commission takes such action, the comment submissions. You should
order routing practices, the Exchange Commission shall institute proceedings submit only information that you wish
believes that the degree to which fee to determine whether the proposed rule to make available publicly. All
changes in this market may impose any should be approved or disapproved. submissions should refer to File
burden on competition is extremely Number SR–ISE–2018–50 and should be
limited. IV. Solicitation of Comments
submitted on or before July 9, 2018.
In this instance, the Exchange’s Interested persons are invited to
proposal does not impose a burden on submit written data, views, and For the Commission, by the Division of
competition because the Exchange’s arguments concerning the foregoing, Trading and Markets, pursuant to delegated
authority.17
amozie on DSK3GDR082PROD with NOTICES1
execution services are completely including whether the proposed rule
voluntary and subject to extensive change is consistent with the Act. Eduardo A. Aleman,
competition both from other exchanges Assistant Secretary.
and from off-exchange venues. 14 See Miax Options Options Fee Schedule,
[FR Doc. 2018–12927 Filed 6–15–18; 8:45 am]
Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc.
Fees Schedule (May 1, 2018). BILLING CODE 8011–01–P
13 See Miax Options Options Fee Schedule,
15 15 U.S.C. 78s(b)(3)(A)(ii).
Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc.
Fees Schedule (May 1, 2018). 16 17 CFR 240.19b–4(f)(2). 17 17 CFR 200.30–3(a)(12).
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Document Created: 2018-06-18 15:51:09
Document Modified: 2018-06-18 15:51:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 28272 |
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