83 FR 28472 - Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 118 (June 19, 2018)
Federal Register Volume 83, Issue 118 (June 19, 2018)
| Page Range | 28472-28474 | |
| FR Document | 2018-13085 |
[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)] [Notices] [Pages 28472-28474] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13085] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83426; File No. SR-CboeBYX-2018-007] Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees June 13, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 1, 2018, Cboe BYX Exchange, Inc. (``Exchange'' or ``BYX'') 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 Exchange has designated the [[Page 28473]] proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-Members of the Exchange pursuant to BYX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 parts of such statements. (A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its fee schedule applicable to its equities trading platform (``BYX Equities'') to (i) eliminate Add Volume Tier 6 and (ii) modify criteria in certain Add and Remove Volume Tiers, effective June 1, 2018. By way of background, for orders that yield fee codes B, V, and Y, the Exchange assesses a standard transaction fee of $0.0019 per share for orders that add liquidity for securities at or above $1.00. The Exchange also currently offers six tiers under footnote 1 that offer reduced fees for orders that add liquidity yielding fee codes B, V, and Y. The Exchange first proposes to eliminate Add Volume Tier 6. Add Volume Tier 6 currently provides Members a reduced fee of $0.0017 per share where a MPID (i) has an ADAV \6\ of greater than or equal to 0.10% of the TCV \7\ and (ii) has a Step-Up ADAV \8\ of greater or equal to 0.05% of the TCV from September 2017 baseline. The Exchange no longer wishes to maintain this tier level. As such, the Exchange proposes to eliminate Add Volume Tier 6 from the Fees Schedule and renumber the subsequent Volume Tiers accordingly. --------------------------------------------------------------------------- \6\ ``ADAV'' means average daily volume calculated as the number of shares added per day. ADAV is calculated on a monthly basis. See BYX Equities Exchange Fee Schedule. \7\ ``TCV'' means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. See BYX Equities Exchange Fee Schedule. \8\ ``Step-Up ADAV'' means ADAV in the relevant baseline month subtracted from current ADAV. See BYX Equities Exchange Fee Schedule. --------------------------------------------------------------------------- The Exchange next proposes to modify the criteria for Add Volume Tiers 2 and 3. Pursuant to Add Volume Tier 2, a Member will be assessed a reduced fee of $0.0013 per share where a Member adds an ADAV greater than or equal to 0.40% of the TCV. The Exchange proposes to increase the ADAV requirement to greater than or equal to 0.45% of the TCV. Pursuant to Add Volume Tier 3, a Member will be assessed a reduced fee of $0.0012 per share where a Member adds an ADAV greater than or equal to 0.80% of the TCV. The Exchange proposes to increase the ADAV requirement to greater than or equal to 1.00% of the TCV. The Exchange next proposes to modify the criteria for Remove Volume Tiers 8 and 9. Currently, for orders that yield fee codes N, W, and BB, the Exchange provides a rebate of $0.0005 per share for orders that remove liquidity for securities at or above $1.00. The Exchange currently offers four tiers under footnote 1 that offer enhanced rebates for orders that remove liquidity yielding fee codes BB, N, and W. Pursuant to Remove Volume Tier 8 (proposed to be renumbered to Remove Volume Tier 7), a Member will receive an enhanced rebate of $0.0016 per share where a Member (i) has a Step-Up Remove \9\ TCV from July 2017 greater than or equal to 0.05% and (ii) has a remove ADV \10\ greater than or equal to 0.20% of TCV. The Exchange proposes to modify the second prong to increase the ADV requirement to greater than or equal to 0.25% of the TCV. --------------------------------------------------------------------------- \9\ ``Step-Up Remove TCV'' means remove ADV as a percentage of TCV in the relevant baseline month subtracted from current remove ADV as a percentage of TCV. See BYX Equities Exchange Fee Schedule. \10\ ``ADV'' means average daily volume calculated as the number of shares added or removed, combined, per day. ADV is calculated on a monthly basis. See BYX Equities Exchange Fee Schedule. --------------------------------------------------------------------------- Pursuant to Remove Volume Tier 9 (proposed to be renumbered Remove Volume Tier 8), a Member will receive an enhanced rebate of $0.0017 per share where a Member (i) has a Step-Up Remove TCV from December 2017 greater than or equal to 0.075% and (ii) has an ADV greater than or equal to 0.10% of TCV. The Exchange proposes to modify the first prong to increase the Step-Up Remove TCV from 0.075% to 0.10% of TCV. The Exchange notes that the modification to the first prong renders the second prong unnecessary, as the second prong criteria will always be met if the proposed first prong criteria is met. The Exchange therefore proposes to eliminate the second prong of Remove Volume Tier 9. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\11\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \12\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,\13\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). \13\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposal to eliminate Add Volume Tier 6 is reasonable, fair, and equitable because the current tier is not providing the desired result of incentivizing [[Page 28474]] Members to increase their participation in BYX Equities. Therefore, eliminating the tier will have a negligible effect on order flow and market behavior. The Exchange believes the proposed change is not unfairly discriminatory because it will apply equally to all Members. The Exchange next notes that volume-based discounts such as those currently maintained on the Exchange have been widely adopted by exchanges and are equitable and non-discriminatory because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value of an exchange's market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. While the proposed modification to Add/Remove Volume Tiers 2, 3, 8 and 9 makes such tiers slightly more difficult to attain, it is intended to incentivize Members to send additional volume to the Exchange in an effort to qualify or continue to qualify for the reduced fees and enhanced rebates, as applicable, made available by the tiers. As such, the Exchange also believes that the proposed changes are reasonable. The Exchange notes that increased volume on the Exchange provides greater trading opportunities for all market participants. (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. The Exchange does not believe that any of the proposed change to the Exchange's tiered pricing structure burden competition, but instead, that they enhance competition as they are intended to increase the competitiveness of BYX by modifying pricing incentives in order to attract order flow and incentivize participants to increase their participation on the Exchange. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee structures to be unreasonable or excessive. The Exchange does not believe the proposed amendments would burden intramarket competition as they would be available to all Members uniformly. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. 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) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-CboeBYX-2018-007 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-CboeBYX-2018-007. 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-CboeBYX-2018-007 and should be submitted on or before July 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13085 Filed 6-18-18; 8:45 am] BILLING CODE 8011-01-P
![28472 Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices
(3) Publish notice of the computer to recover any overpayment from the 2. RRB–22, Railroad Retirement,
matching program in the Federal accrual of social security benefits. This Survivor, and Pensioner Benefit System,
Register; information is not available from any May 15, 2015 (80 FR 28018)
(4) Furnish detailed reports about other source. The applicable SSA Privacy Act
matching programs to Congress and c. The SSA will receive from RRB Systems of Records used and their
OMB; earnings information on selected Federal Register citation used in the
(5) Notify applicants and beneficiaries individuals. The transfer of information matching program are:
that their records are subject to may be initiated either by RRB or by 1. SSA 60–0058, Master Files of
matching; and SSA. SSA needs this information to Social Security Number (SSN) Holders
(6) Verify match findings before determine eligibility to Social Security and SSN Applications (the Enumeration
reducing, suspending, terminating, or benefits and, if eligibility is met, to System), last published on December 29,
denying a person’s benefits or determine the benefit amount payable. 2010 (75 FR 82121), July 5, 2013 (78 FR
payments. The last notice for this Section 18 of the Railroad Retirement 40542), and February 13, 2014 (79 FR
matching program was published in the Act (45 U.S.C. 231q(2)) requires that 8780).
Federal Register on November 9, 2015 earnings considered as compensation 2. SSA/OS, 60–0059, Earnings
(80 FR 69253). under the Railroad Retirement Act be Recording and Self-Employment Income
Participating agencies: Railroad considered as wages under the Social System (MEF), last published on
Retirement Board (RRB) and the Social Security Act for the purposes of January 11, 2006 (71 FR 1819), July 5,
Security Administration (SSA), Match determining entitlement under the 2013 (78 FR 40542).
#1007. Social Security Act if the person has 3. SSA/ORSIS 60–0090, Master
Authority for conducting the less than 10 years of railroad service or Beneficiary Record (MBR), last
matching program: Section 7(b)(7) of the has 10 or more years of service but does published on January 11, 2006 (71 FR
Railroad Retirement Act (45 U.S.C. not have a current connection with the 1826), December 10, 2007 (72 FR
231f(b)(7)) provides that the Social railroad industry at the time of his/her 69723), and July 5, 2013 (78 FR 40542).
Security Administration shall supply death. 4. SSA/ODISSIS 60–103,
information necessary to administer the 2. Weekly exchange: The SSA will Supplemental Security Income Record
Railroad Retirement Act. Sections 202, receive from the RRB earnings and Special Veteran Benefits last
205(o) and 215(f) of the Social Security information for all railroad employees. published on January 11, 2006 (71 FR
Act (42 U.S.C. 402, 405(o) and 415(f)) SSA will match the identifying 1830), December 10, 2007 (72 FR
relate to benefit provisions, inclusion of information of the records furnished by 69723).
railroad compensation together with the RRB against the identifying 5. SSA/OPB 60–0269, Prisoner
wages for payment of benefits under information contained in its Master Update Processing System (PUPS), last
certain circumstances, and the re- Benefit Record and its Master Earnings published on March 8, 1999 (64 FR
computation of benefits. File. If there is a match, SSA will use 11076), December 10, 2007 (72 FR
the RRB earnings to adjust the amount 69723), and July 5, 2013 (78 FR 40542).
Purposes
of Social Security benefits in its Annual
1. Daily exchanges: Dated: June 14, 2018.
Earnings Reappraisal Operation. This
a. The RRB will obtain from SSA a By authority of the Board.
information is available from no other
record of the wages reported to SSA for source. Martha Rico-Parra,
persons who have applied for benefits Yearly exchange: The RRB will Secretary to the Board.
under the Railroad Retirement Act and receive from SSA a copy of SSA’s [FR Doc. 2018–13103 Filed 6–18–18; 8:45 am]
a record of the amount of benefits paid Master Benefit Record for earmarked BILLING CODE 7905–01–P
by that agency to persons who are RRB annuitants. Section 7(b)(7)) of the
receiving or have applied for benefits Railroad Retirement Act (45 U.S.C.
under the Railroad Retirement Act. The 231f(b)(7)) requires that SSA provide the SECURITIES AND EXCHANGE
wage information is needed to compute requested information. The RRB needs COMMISSION
the amount of the tier I annuity this information to make the necessary
component provided by sections 3(a), [Release No. 34–83426; File No. SR–
cost-of-living computation adjustments
4(a) and 4(f) of the Railroad Retirement CboeBYX–2018–007]
quickly and accurately for those RRB
Act (45 U.S.C. 231b(a), 45 U.S.C. 231c(a) annuitants who are also SSA Self-Regulatory Organizations; Cboe
and 45 U.S.C. 231c(f)). The benefit beneficiaries. BYX Exchange, Inc.; Notice of Filing
information is needed to adjust the tier Categories of individuals: All and Immediate Effectiveness of a
I annuity component for the receipt of applicants for benefits under the Proposed Rule Change Related to Fees
the Social Security benefit. This Railroad Retirement Act and current
information is available from no other beneficiaries will have a record of any June 13, 2018.
source. social security wages and the amount of Pursuant to Section 19(b)(1) of the
b. The RRB will receive from SSA the any social security benefits furnished to Securities Exchange Act of 1934,1 and
amount of certain social security the RRB by SSA. In addition, all persons Rule 19b–4 thereunder,2 notice is
benefits which the RRB pays on behalf who ever worked in the railroad hereby given that on June 1, 2018, Cboe
of SSA. Section 7(b)(2) of the Railroad industry after 1936 will have a record of BYX Exchange, Inc. (‘‘Exchange’’ or
Retirement Act (45 U.S.C. 231f(b)(2)) their service and compensation ‘‘BYX’’) filed with the Securities and
provides that the RRB shall make the furnished to SSA by RRB. Exchange Commission (‘‘Commission’’)
daltland on DSKBBV9HB2PROD with NOTICES
payment of certain social security Systems of records: The applicable the proposed rule change as described
benefits. The RRB also requires this RRB Privacy Act Systems of Records in Items I, II and III below, which Items
information in order to adjust the and their Federal Register citation used have been prepared by the Exchange.
amount of any annuity due to the in the matching program are: The Exchange has designated the
receipt of a social security benefit. 1. RRB–5, Master File of Railroad
Section 10(a) of the Railroad Retirement Employees’ Creditable Compensation, 1 15 U.S.C. 78s(b)(1).
Act (45 U.S.C. 231i(a)) permits the RRB September 30, 2014 (79 FR 58877) 2 17 CFR 240.19b–4.
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![28474 Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices
Members to increase their participation (C) Self-Regulatory Organization’s Commission and any person, other than
in BYX Equities. Therefore, eliminating Statement on Comments on the those that may be withheld from the
the tier will have a negligible effect on Proposed Rule Change Received From public in accordance with the
order flow and market behavior. The Members, Participants or Others provisions of 5 U.S.C. 552, will be
Exchange believes the proposed change The Exchange has not solicited, and available for website viewing and
is not unfairly discriminatory because it does not intend to solicit, comments on printing in the Commission’s Public
will apply equally to all Members. this proposed rule change. The Reference Room, 100 F Street NE,
Exchange has not received any Washington, DC 20549, on official
The Exchange next notes that volume- business days between the hours of
based discounts such as those currently unsolicited written comments from
Members or other interested parties. 10:00 a.m. and 3:00 p.m. Copies of the
maintained on the Exchange have been filing also will be available for
widely adopted by exchanges and are III. Date of Effectiveness of the inspection and copying at the principal
equitable and non-discriminatory Proposed Rule Change and Timing for office of the Exchange. All comments
because they are open to all Members on Commission Action received will be posted without change.
an equal basis and provide additional The foregoing rule change has become Persons submitting comments are
benefits or discounts that are reasonably effective pursuant to Section 19(b)(3)(A) cautioned that we do not redact or edit
related to the value of an exchange’s of the Act 14 and paragraph (f) of Rule personal identifying information from
market quality associated with higher 19b–4 thereunder.15 At any time within comment submissions. You should
levels of market activity, such as higher 60 days of the filing of the proposed rule submit only information that you wish
levels of liquidity provision and/or change, the Commission summarily may to make available publicly. All
growth patterns, and introduction of temporarily suspend such rule change if submissions should refer to File
higher volumes of orders into the price it appears to the Commission that such Number SR–CboeBYX–2018–007 and
and volume discovery processes. While action is necessary or appropriate in the should be submitted on or before July
the proposed modification to Add/ public interest, for the protection of 10, 2018.
Remove Volume Tiers 2, 3, 8 and 9 investors, or otherwise in furtherance of For the Commission, by the Division of
makes such tiers slightly more difficult the purposes of the Act. Trading and Markets, pursuant to delegated
to attain, it is intended to incentivize IV. Solicitation of Comments authority.16
Members to send additional volume to Eduardo A. Aleman,
Interested persons are invited to
the Exchange in an effort to qualify or submit written data, views, and Assistant Secretary.
continue to qualify for the reduced fees arguments concerning the foregoing, [FR Doc. 2018–13085 Filed 6–18–18; 8:45 am]
and enhanced rebates, as applicable, including whether the proposed rule BILLING CODE 8011–01–P
made available by the tiers. As such, the change is consistent with the Act.
Exchange also believes that the Comments may be submitted by any of
proposed changes are reasonable. The the following methods: SECURITIES AND EXCHANGE
Exchange notes that increased volume COMMISSION
Electronic Comments
on the Exchange provides greater
trading opportunities for all market • Use the Commission’s internet [Release No. 34–83421; File No. SR–
participants. comment form (http://www.sec.gov/ NASDAQ–2018–044]
rules/sro.shtml); or
(B) Self-Regulatory Organization’s • Send an email to rule-comments@ Self-Regulatory Organizations; The
Statement on Burden on Competition sec.gov. Please include File Number SR– Nasdaq Stock Market LLC; Notice of
CboeBYX–2018–007 on the subject line. Filing and Immediate Effectiveness of
The Exchange does not believe that Proposed Rule Change To Amend The
the proposed rule change will impose Paper Comments Nasdaq Options Market LLC (‘‘NOM’’)
any burden on competition not • Send paper comments in triplicate Rules at Supplementary Material to
necessary or appropriate in furtherance to Secretary, Securities and Exchange Chapter III, Section 7, Entitled
of the purposes of the Act. The Commission, 100 F Street NE, ‘‘Position Limits,’’ and Section 9,
Exchange does not believe that any of Washington, DC 20549–1090. Entitled ‘‘Exercise Limits’’
the proposed change to the Exchange’s All submissions should refer to File
June 13, 2018.
tiered pricing structure burden Number SR–CboeBYX–2018–007. This
competition, but instead, that they file number should be included on the Pursuant to Section 19(b)(1) of the
enhance competition as they are subject line if email is used. To help the Securities Exchange Act of 1934
intended to increase the Commission process and review your (‘‘Act’’),1 and Rule 19b–4 thereunder,2
competitiveness of BYX by modifying comments more efficiently, please use notice is hereby given that on June 11,
pricing incentives in order to attract only one method. The Commission will 2018, The Nasdaq Stock Market LLC
order flow and incentivize participants post all comments on the Commission’s (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
to increase their participation on the internet website (http://www.sec.gov/ Securities and Exchange Commission
Exchange. The Exchange notes that it rules/sro.shtml). Copies of the (‘‘Commission’’) the proposed rule
operates in a highly competitive market submission, all subsequent change as described in Items I, II, and
amendments, all written statements III below, which Items have been
in which market participants can
with respect to the proposed rule prepared by the Exchange. The
daltland on DSKBBV9HB2PROD with NOTICES
readily direct order flow to competing
change that are filed with the Commission is publishing this notice to
venues if they deem fee structures to be
Commission, and all written solicit comments on the proposed rule
unreasonable or excessive. The change from interested persons.
communications relating to the
Exchange does not believe the proposed proposed rule change between the
amendments would burden intramarket 16 17 CFR 200.30–3(a)(12).
competition as they would be available 14 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
to all Members uniformly. 15 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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Document Created: 2018-07-02 11:21:58
Document Modified: 2018-07-02 11:21:58
| 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 28472 |
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