83 FR 28298 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1001, Entitled “Position Limits”

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 117 (June 18, 2018)

Page Range		28298-28300
FR Document		2018-12928
Federal Register, Volume 83 Issue 117 (Monday, June 18, 2018)
[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)]
[Notices]
[Pages 28298-28300]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-12928]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83412; File No. SR-Phlx-2018-44]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1001, 
Entitled ``Position Limits''

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 June 4, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I, II, and III below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 1001, entitled ``Position 
Limits'', to amend position limits for options on the SPDR[supreg] S&P 
500[supreg] exchange-traded fund (``SPY ETF'' or ``SPY''),\3\ which 
list and trade under the symbol ``SPY.''
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    \3\ ``SPDR[supreg],'' ``Standard & Poor's[supreg],'' 
``S&P[supreg],'' ``S&P 500[supreg],'' and ``Standard & Poor's 500'' 
are registered trademarks of Standard & Poor's Financial Services 
LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a 
unit investment trust that generally corresponds to the price and 
yield performance of the SPDR S&P 500 Index.
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    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqphlx.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
    Phlx Rule 1001, entitled ``Position Limits'' establishes position 
for aggregate positions in option contracts traded on the Exchange. The 
rule lists specific position limits for certain select underlying 
securities.\4\ 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 scheduled to expire 
on July 12, 2018 (``SPY Pilot Program'').\5\
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    \4\ Rule 1002, entitled ``Exercise Limits'' notes that ``except 
as set forth in subparagraph (c) herein, no member or member 
organization shall exercise, for any account in which such member or 
member organization has an interest or for the account of any 
partner, officer, director or employee thereof or for the account of 
any customer, a long position in any option contract of a class of 
options dealt in on the Exchange (or, respecting an option not dealt 
in on the Exchange, another exchange if the member or member 
organization is not a member of that exchange) if as a result 
thereof such member or member organization, or partner, officer, 
director or employee thereof or customer, acting alone or in concert 
with others, directly or indirectly, has or will have exercised 
within any five (5) consecutive business days aggregate long 
positions in that class (put or call) as set forth as the position 
limit in Rule 1001, in the case of options on a stock or on an 
Exchange-Traded Fund Share, on a foreign currency, or stock index 
warrants; without regard to the exchange on which the options were 
purchased.''
    \5\ See Securities Exchange Act Release No. 67999 (October 5, 
2012), 77 FR 62295 (October 12, 2012) (SR-Phlx-2012-122); 70879 
(November 14, 2013), 78FR 69731 (November 20, 2013) (SR-PHLX-2013-
108); 74099 (January 20, 2015), 80 FR 4021 (January 26, 2015) (SR-
Phlx-2015-07); 75414 (July 9, 2015), 80 FR 41538 (July 15, 2015) 
(SR-Phlx-2015-60); 78124 (June 22, 2016), 81 FR 42008 (June 28, 
2016) (SR-Phlx-2016-68); and 81091 (July 7, 2017), 82 FR 32404 (July 
13, 2017) (SR-Phlx-2017-52).
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    The Exchange proposes to amend Rule 1001 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

[[Page 28299]]

Program Reports provided to the Commission,\6\ the Exchange believes it 
is appropriate to terminate the SPY Pilot Program and that permanent 
position and exercise limits should be established for SPY.
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    \6\ Id.
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    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.\7\ 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.\8\ 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.\9\ Then, in 2012, the position limits for SPY options were 
eliminated as part of the SPY Pilot Program.\10\
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    \7\ See Securities Exchange Act Release No. 67999 (October 5, 
2012), 77 FR 62295 (October 12, 2012) (SR-Phlx-2012-122).
    \8\ See Securities Exchange Act Release No. 51071 (January 21, 
2005), 70 FR 4911 (January 31, 2005) (SR-Phlx-2005-05).
    \9\ See Securities Exchange Act Release No. 64348 (April 27, 
2011), 76 FR 24951 (May 3, 2011) (SR-Phlx-2011-58).
    \10\ See note 5 above.
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    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 Rule 1001 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 QQQQ, 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.\11\ The Exchange 
also notes that SPY is more liquid than QQQQ.\12\ 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.
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    \11\ See Securities Exchange Act Release No. 82932 (March 22, 
2018), 83 FR 13316 (March 28, 2018) (SR-Phlx-2018-24).
    \12\ From the beginning of the year, through May 15, 2018, the 
ADV for SPY was 108.32 million shares while the ADV for QQQQ was 
46.64 million shares (calculated using data from Yahoo Finance as of 
May 15, 2018).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\13\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\14\ in particular, in that it is designed to 
promote just and equitable principles of trade, 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.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
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    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),\15\ 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, QQQQ, 
and EWJ.\16\ Furthermore, as previously mentioned, the Commission 
specifically approved a proposal by the Exchange to increase the 
position and exercise limits for options on QQQQ 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 current proposal for options on SPY.\17\ 
The Exchange also notes that SPY is more liquid than QQQQ.\18\
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    \15\ See note 9.
    \16\ See note 11 above.
    \17\ Id.
    \18\ See note 12 above.
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    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.\19\ 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).\20\
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    \19\ See note 11 above.
    \20\ See note 9 above
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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 the 
entire proposal is consistent with Section (6)(b)(8) of the Act \21\ 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

[[Page 28300]]

efficient trading and hedging vehicles, to the benefit of investors, 
market participants, and the marketplace in general. The Exchange 
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, the Exchange believes that the other options exchanges 
will file similar proposals with the Commission.
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    \21\ 15 U.S.C. 78(f)(b)(8).
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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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \22\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\23\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 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.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2018-44 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-Phlx-2018-44. 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-Phlx-2018-44 and should be submitted on 
or before July 9, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12928 Filed 6-15-18; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices 28299

Program Reports provided to the position and exercise limits for options Increased position limits for select
Commission,6 the Exchange believes it on SPY would be 1,800,000 contracts on actively traded options, such as that
is appropriate to terminate the SPY Pilot the same side of the market. These proposed herein (increased as compared
Program and that permanent position position and exercise limits equal the to the 900,000 limit in place prior to the
and exercise limits should be current position and exercise limits for SPY Pilot Program),15 is not novel and
established for SPY. options on QQQQ, which the has been previously approved by the
Position limits are designed to Commission previously approved to be Commission. For example, the
address potential manipulative schemes increased from 900,000 contracts on the Commission has previously approved a
and adverse market impact surrounding same side of the market, to 1,800,000 rule change permitting the Exchange to
the use of options, such as disrupting contracts on the same side of the double the position and exercise limits
the market in the security underlying market.11 The Exchange also notes that for FXI, EEM, IWM, EFA, EWZ, TLT,
the options. The potential manipulative SPY is more liquid than QQQQ.12 The QQQQ, and EWJ.16 Furthermore, as
schemes and adverse market impact are Exchange believes that establishing previously mentioned, the Commission
balanced against the potential of setting position and exercise limits for the SPY specifically approved a proposal by the
the limits so low as to discourage options in the amount of 1,800,000 Exchange to increase the position and
participation in the options market. The contracts on the same side of the market exercise limits for options on QQQQ
level of those position limits must be subject to this proposal would allow for from 900,000 contracts on the same side
balanced between curtailing potential the maintenance of the liquid and of the market to 1,800,000 contracts on
manipulation and the cost of preventing competitive market environment for the same side of the market; similar to
potential hedging activity that could be these options, which will benefit the current proposal for options on
used for legitimate economic purposes. customers interested in these products. SPY.17 The Exchange also notes that
The SPY Pilot Program was Under the proposal, the reporting SPY is more liquid than QQQQ.18
established in 2012 in order to eliminate requirement for the options would be Lastly, the Commission expressed the
position and exercise limits for unchanged. belief that implementing higher position
physically-settled SPY options.7 In and exercise limits may bring additional
2005, the position limits for SPY 2. Statutory Basis depth and liquidity without increasing
options were increased from 75,000 concerns regarding intermarket
contracts to 300,000 contracts on the The Exchange believes that its
manipulation or disruption of the
same side of the market.8 In July 2011, proposal is consistent with Section 6(b)
options or the underlying securities.19
the position limit for these options was of the Act,13 in general, and furthers the
The Exchange’s existing surveillance
again increased from 300,000 contracts objectives of Section 6(b)(5) of the Act,14 and reporting safeguards are designed to
to 900,000 contracts on the same side of in particular, in that it is designed to deter and detect possible manipulative
the market.9 Then, in 2012, the position promote just and equitable principles of behavior which might arise from
limits for SPY options were eliminated trade, to remove impediments to and increasing position and exercise limits
as part of the SPY Pilot Program.10 perfect the mechanism of a free and (increased as compared to the 900,000
The underlying SPY tracks the open market and a national market limit in place prior to the SPY Pilot
performance of the S&P 500 Index and system, and, in general to protect Program).20
the Exchange notes that the SPY and investors and the public interest. The
SPY options have deep, liquid markets Exchange believes that establishing B. Self-Regulatory Organization’s
that reduce concerns regarding permanent position and exercise limits Statement on Burden on Competition
manipulation and disruption in the for SPY options subject to this proposal The Exchange does not believe that
underlying markets. In support of this will encourage Market Makers to the proposed rule change will impose
proposed rule change, the Exchange has continue to provide sufficient liquidity any burden on competition that is not
collected the following trading statistics in SPY options on the Exchange, which necessary or appropriate in furtherance
for SPY and SPY Options: (1) The will enhance the process of price of the purposes of the Act. The
average daily volume (‘‘ADV’’) to date discovery conducted on the Exchange. Exchange believes the entire proposal is
(as of May 15, 2018) for SPY is 108.32 The proposal will also benefit consistent with Section (6)(b)(8) of the
million shares; (2) the ADV to date in institutional investors as well as retail Act 21 in that it does not impose any
2018 for SPY options is 3.9 million traders, and public customers, by burden on competition that is not
contracts per day; (3) the total shares continuing to provide them with an necessary or appropriate in furtherance
outstanding for SPY are 965.43 million; effective trading and hedging vehicle. In of the purposes of the Act. On the
and (4) the fund market cap for SPY is addition, the Exchange believes that the contrary, the Exchange believes the
261.65 billion. The Exchange represents structure of the SPY options subject to proposal promotes competition because
further that there is tremendous this proposal and the considerable it will enable the option exchanges to
liquidity in the securities that make up liquidity of the market for those options attract additional order flow from the
the S&P 500 Index. diminishes the opportunity to over-the-counter market, who in turn
Accordingly, the Exchange proposes manipulate this product and disrupt the compete for those orders. The Exchange
to amend Rule 1001 to set forth that the underlying market that a lower position believes that the proposed rule change
limit may protect against. will result in continued opportunities to
6 Id.
achieve the investment and trading
7 See Securities Exchange Act Release No. 67999 11 See Securities Exchange Act Release No. 82932
objectives of market participants seeking
amozie on DSK3GDR082PROD with NOTICES1

(October 5, 2012), 77 FR 62295 (October 12, 2012) (March 22, 2018), 83 FR 13316 (March 28, 2018)
(SR–Phlx–2012–122). (SR–Phlx–2018–24). 15 See
8 See Securities Exchange Act Release No. 51071 12 From the beginning of the year, through May note 9.
16 See note 11 above.
(January 21, 2005), 70 FR 4911 (January 31, 2005) 15, 2018, the ADV for SPY was 108.32 million
17 Id.
(SR–Phlx–2005–05). shares while the ADV for QQQQ was 46.64 million
18 See note 12 above.
9 See Securities Exchange Act Release No. 64348 shares (calculated using data from Yahoo Finance
(April 27, 2011), 76 FR 24951 (May 3, 2011) (SR– as of May 15, 2018). 19 See note 11 above.
Phlx–2011–58). 13 15 U.S.C. 78f(b). 20 See note 9 above
10 See note 5 above. 14 15 U.S.C. 78f(b)(5). 21 15 U.S.C. 78(f)(b)(8).

VerDate Sep<11>2014 18:00 Jun 15, 2018 Jkt 244001 PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 E:\FR\FM\18JNN1.SGM 18JNN1
28300 Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices

efficient trading and hedging vehicles, Electronic Comments SECURITIES AND EXCHANGE
to the benefit of investors, market COMMISSION
participants, and the marketplace in • Use the Commission’s internet
general. The Exchange believes this comment form (http://www.sec.gov/
[Release No. 34–83410; File No. SR–
proposed rule change is necessary to rules/sro.shtml); or
NYSEArca–2018–42]
permit fair competition among the • Send an email to rule-comments@
options exchanges and to establish sec.gov. Please include File Number SR– Self-Regulatory Organizations; NYSE
uniform position limits for additional Phlx–2018–44 on the subject line. Arca, Inc.; Notice of Filing and
multiply listed option classes. Immediate Effectiveness of Proposed
Paper Comments
Furthermore, the Exchange believes that Rule Change To Amend the NYSE Arca
the other options exchanges will file • Send paper comments in triplicate Equities Fees and Charges To Extend
similar proposals with the Commission. to Brent J. Fields, Secretary, Securities the Effectiveness of the Decommission
C. Self-Regulatory Organization’s and Exchange Commission, 100 F Street Extension Fee Until September 2018
Statement on Comments on the NE, Washington, DC 20549–1090.
June 12, 2018.
Proposed Rule Change Received From All submissions should refer to File
Members, Participants, or Others Pursuant to Section 19(b)(1) 1 of the
Number SR–Phlx–2018–44. This file Securities Exchange Act of 1934 (the
number should be included on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
No written comments were either
subject line if email is used. To help the notice is hereby given that, on June 1,
solicited or received.
Commission process and review your 2018, NYSE Arca, Inc. (the ‘‘Exchange’’
III. Date of Effectiveness of the comments more efficiently, please use or ‘‘NYSE Arca’’) filed with the
Proposed Rule Change and Timing for only one method. The Commission will Securities and Exchange Commission
Commission Action post all comments on the Commission’s (the ‘‘Commission’’) the proposed rule
internet website (http://www.sec.gov/ change as described in Items I, II, and
Because the foregoing proposed rule rules/sro.shtml). Copies of the
change does not: (i) Significantly affect III below, which Items have been
submission, all subsequent prepared by the self-regulatory
the protection of investors or the public amendments, all written statements
interest; (ii) impose any significant organization. The Commission is
with respect to the proposed rule publishing this notice to solicit
burden on competition; and (iii) become change that are filed with the
operative for 30 days from the date on comments on the proposed rule change
Commission, and all written from interested persons.
which it was filed, or such shorter time
communications relating to the
as the Commission may designate, it has I. Self-Regulatory Organization’s
proposed rule change between the
become effective pursuant to Section Statement of the Terms of the Substance
Commission and any person, other than
19(b)(3)(A)(iii) of the Act 22 and of the Proposed Rule Change
those that may be withheld from the
subparagraph (f)(6) of Rule 19b–4
public in accordance with the
thereunder.23 The Exchange proposes to amend the
provisions of 5 U.S.C. 552, will be
At any time within 60 days of the available for website viewing and NYSE Arca Equities Fees and Charges
filing of the proposed rule change, the printing in the Commission’s Public (the ‘‘Fee Schedule’’) to extend the
Commission summarily may Reference Room, 100 F Street NE, effectiveness of the Decommission
temporarily suspend such rule change if Washington, DC 20549, on official Extension Fee until September 2018.
it appears to the Commission that such business days between the hours of The proposed rule change is available
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of the on the Exchange’s website at
the public interest; (ii) for the protection filing also will be available for www.nyse.com, at the principal office of
of investors; or (iii) otherwise in inspection and copying at the principal the Exchange, and at the Commission’s
furtherance of the purposes of the Act. office of the Exchange. All comments Public Reference Room.
If the Commission takes such action, the received will be posted without change. II. Self-Regulatory Organization’s
Commission shall institute proceedings Persons submitting comments are Statement of the Purpose of, and
to determine whether the proposed rule cautioned that we do not redact or edit Statutory Basis for, the Proposed Rule
should be approved or disapproved. personal identifying information from Change
IV. Solicitation of Comments comment submissions. You should
submit only information that you wish In its filing with the Commission, the
Interested persons are invited to to make available publicly. All self-regulatory organization included
submit written data, views, and submissions should refer to File statements concerning the purpose of,
arguments concerning the foregoing, Number SR–Phlx–2018–44 and should and basis for, the proposed rule change
including whether the proposed rule be submitted on or before July 9, 2018. and discussed any comments it received
change is consistent with the Act. on the proposed rule change. The text
For the Commission, by the Division of
Comments may be submitted by any of of those statements may be examined at
Trading and Markets, pursuant to delegated
the following methods: authority.24
the places specified in Item IV below.
The Exchange has prepared summaries,
Eduardo A. Aleman,
amozie on DSK3GDR082PROD with NOTICES1

22 15 U.S.C. 78s(b)(3)(A)(iii). set forth in sections A, B, and C below,
23 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Assistant Secretary. of the most significant parts of such
4(f)(6) requires a self-regulatory organization to give [FR Doc. 2018–12928 Filed 6–15–18; 8:45 am]
the Commission written notice of its intent to file
statements.
BILLING CODE 8011–01–P
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
1 15 U.S.C. 78s(b)(1).
change, or such shorter time as designated by the
2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this
requirement. 24 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.

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Document Created: 2018-06-18 15:50:48
Document Modified: 2018-06-18 15:50:48
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 28298