83 FR 28479 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 118 (June 19, 2018)
Federal Register Volume 83, Issue 118 (June 19, 2018)
| Page Range | 28479-28481 | |
| FR Document | 2018-13083 |
[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)] [Notices] [Pages 28479-28481] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13083] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83424; File No. SR-NYSE-2018-27] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List June 13, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on June 1, 2018, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Price List to (1) add a new incentive for member organizations and Supplemental Liquidity Providers (``SLP'') in Tape A securities when adding liquidity in securities traded pursuant to Unlisted Trading Privileges (``UTP'') (Tapes B and C) on the Pillar Trading Platform; (2) add a new Tier 4 for SLPs; and (3) make non-substantive changes to eliminate obsolete footnotes. The Exchange proposes to implement these changes to its Price List effective June 1, 2018. The proposed rule change is available on the Exchange's website at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Price List to (1) add a new incentive for member organizations and SLPs on Tape A when adding liquidity in UTP Securities (Tapes B and C) on the Pillar Trading Platform; (2) add a new Tier 4 for SLPs; and (3) make non-substantive changes to eliminate obsolete footnotes. The Exchange proposes to implement these changes to its Price List effective June 1, 2018. New Cross Tape Incentive The Exchange proposes an additional incentive to member organizations and SLPs in Tape A securities that add liquidity to the Exchange in UTP Securities, as follows. As proposed, member organizations that meet the current requirements for the Non-Tier Adding Credit, Tier 3 Adding Credit, and Tier 4 Adding Credit on Tape A would be eligible to receive an additional $0.0001 per share if the member organization adds liquidity, excluding liquidity added as an SLP, in UTP Securities of at least 0.20% of Tape B and Tape C consolidated average daily volume (``CADV'') combined. Similarly, SLPs that (1) meet the current requirements for SLP Tier 3, SLP Tier 2 and SLP Tier 1A credits, and (2) add liquidity in UTP Securities of at least 0.30% of Tape B and Tape C CADV combined, would be eligible for an additional $0.0001 per share in securities with a per share price of $1.00 or more that meet the 10% average or more quoting requirement in an assigned security pursuant to Rule 107B (quotes of an SLP-Prop and an SLMM of the same member organization would not be aggregated). New SLP Tier 4 The Exchange proposes a new, fifth SLP Tier designated ``4'' that would provide that an SLP that either (1) is in the first two calendar months as an SLP, or (2) adds liquidity for all assigned SLP securities in the aggregate (including shares of both an SLP-Prop and an SLMM \4\ of the same or an affiliated member organization) of an ADV of more than 0.03% of NYSE CADV after averaging less an adding ADV \5\ of than 0.01% in each of the prior 3 months, after a discount of the percentage for the prior quarter of NYSE CADV in DMM assigned securities as of the last business day of the prior month, would receive a credit of $0.0029, or $0.00105 if a Non-Displayed Reserve Order, if the SLP meets the 10% average or more quoting requirement in an assigned security pursuant to Rule 107B when adding liquidity to the NYSE with orders, other than Mid-Point Liquidity (``MPL'') orders, in securities with a per share price of $1.00 or more. For [[Page 28480]] purposes of qualifying for the proposed Tier, quotes of an SLP-Prop and an SLMM of the same member organization would not be aggregated. The Exchange believes that the new tier will provide greater incentives for newer and less active SLPs to add liquidity to the Exchange. --------------------------------------------------------------------------- \4\ Under Rule 107B, an SLP can be either a proprietary trading unit of a member organization (``SLP-Prop'') or a registered market maker at the Exchange (``SLMM''). For purposes of the 10% average or more quoting requirement in assigned securities pursuant to Rule 107B, quotes of an SLP-Prop and an SLMM of the same member organization are not aggregated. However, for purposes of adding liquidity for assigned SLP securities in the aggregate, shares of both an SLP-Prop and an SLMM of the same member organization are included. \5\ The phrase ``Adding ADV'' in the proposed tier would have a citation to footnote 4 in the current Price List, which provides ``For purposes of transaction fees and Supplemental Liquidity Provider liquidity credits, ADV calculations exclude early closing days.'' The text of current footnote 4 would remain unchanged. --------------------------------------------------------------------------- Non-Substantive Changes Currently, as reflected in footnote * to the section of the Price List setting forth adding tiers for trading UTP Securities,\6\ the Exchange waives the Tier 1 adding tier requirement and the remove tier requirements for securities priced at or above $1.00 until June 1, 2018. Similarly, as reflected in footnote ** of the section of the Price List setting forth the SLP Provide Tiers for trading in UTP Securities, the Exchange also currently waives the provide volume component of the SLP Tier requirements for securities priced at or above $1.00 until June 1, 2018. Because the waivers set forth in footnotes * and ** expire on June 1, 2018, and the Exchange does not propose to extend the waivers, the Exchange accordingly proposes to delete footnotes * and ** as obsolete. --------------------------------------------------------------------------- \6\ The term ``UTP Security'' means a security that is listed on a national securities exchange other than the Exchange and that trades on the Exchange pursuant to unlisted trading privileges. See Rule 1.1(ii). --------------------------------------------------------------------------- * * * * * The proposed changes are not otherwise intended to address any other issues, and the Exchange is not aware of any problems that member organizations would have in complying with the proposed change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) & (5). --------------------------------------------------------------------------- New Cross Tape Incentive The Exchange believes that providing an additional incentive in Tape A securities for member organizations that add liquidity in UTP Securities is reasonable because it would further contribute to incenting member organizations to provide additional liquidity to a public exchange in UTP Securities, thereby promoting price discovery and transparency and enhancing order execution opportunities for member organizations. The Exchange believes that that the proposal is reasonable and not unfairly discriminatory because it would apply to all member organizations eligible for the relevant Tape A tier credits equally. The Exchange further believes that limiting the additional credit to Non-Tier, Adding Tier 3 and Adding Tier 4 is reasonable because members qualifying for Adding Tier 1 and Adding Tier 2 would already receive a higher credit for such executions. Similarly, the Exchange believes that limiting the additional credit to SLP Tier 3, SLP Tier 2 and SLP Tier 1A is reasonable because SLPs qualifying for SLP Tier 1 would already receive a higher credit for such executions. New SLP Tier 4 The Exchange believes that the proposal to introduce a new SLP Tier 4 is reasonable because it provides SLPs as well as SLPs that are also DMMs with an additional way to qualify for a rebate, thereby providing SLPs with greater flexibility and creating an added incentive for SLPs to bring additional order flow to a public market. In particular, as noted above, the Exchange believes that the new tier will provide greater incentives for newer and less active SLPs to add liquidity to the Exchange, to the benefit of the investing public and all market participants. Moreover, offering a higher credit for the first two months would provide an incentive for new and less active SLPs to add liquidity and meet the SLP quoting requirements, thereby contributing to additional levels of liquidity at the Exchange, which benefits all market participants. The Exchange also believes that the two-month period for new SLPs and inactive SLPs to qualify for the new tier is reasonable because it will allow newer and less active SLPs more time to meet the SLP volume requirements while building up the SLPs' liquidity providing activities during the first two months. Finally, the Exchange believes that the proposed tier is equitable and not unfairly discriminatory because it would apply equally to all SLPs and because there are two ways to qualify for the proposed tier. Non-Substantive Changes The Exchange believes that the proposed deletion of footnotes * and ** removes impediments to and perfects the mechanism of a free and open market by adding clarity as to whether waivers are operative and when, thereby reducing potential confusion, and making the Exchange's rules easier to navigate. The Exchange also believes that eliminating obsolete material from its rulebook also removes impediments to and perfects the mechanism of a free and open market by removing confusion that may result from having obsolete material in the Exchange's rulebook. The Exchange believes that eliminating such obsolete material would not be inconsistent with the public interest and the protection of investors because investors will not be harmed and in fact would benefit from increased transparency, thereby reducing potential confusion. Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\9\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, the Exchange believes that the proposed change would foster liquidity provision and stability in the marketplace, thereby promoting price discovery and transparency and enhancing order execution opportunities for member organizations. In this regard, the Exchange believes that the transparency and competitiveness of attracting additional executions on an exchange market would encourage competition. The Exchange also believes that the proposed rule change is designed to provide the public and investors with a Price List that is clear and consistent, thereby reducing burdens on the marketplace and facilitating investor protection. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, 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 and rebates 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 and credits in [[Page 28481]] 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. As a result of all of these considerations, the Exchange does not believe that the proposed changes will impair the ability of member organizations 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 solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule 19b-4 \11\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSE-2018-27 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-NYSE-2018-27. 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-NYSE-2018-27 and should be submitted on or before July 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13083 Filed 6-18-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices 28479
internet website (http://www.sec.gov/ Items I, II, and III below, which Items As proposed, member organizations
rules/sro.shtml). Copies of the have been prepared by the self- that meet the current requirements for
submission, all subsequent regulatory organization. The the Non-Tier Adding Credit, Tier 3
amendments, all written statements Commission is publishing this notice to Adding Credit, and Tier 4 Adding Credit
with respect to the proposed rule solicit comments on the proposed rule on Tape A would be eligible to receive
change that are filed with the change from interested persons. an additional $0.0001 per share if the
Commission, and all written member organization adds liquidity,
I. Self-Regulatory Organization’s
communications relating to the excluding liquidity added as an SLP, in
Statement of the Terms of Substance of
proposed rule change between the UTP Securities of at least 0.20% of Tape
the Proposed Rule Change
Commission and any person, other than B and Tape C consolidated average daily
those that may be withheld from the The Exchange proposes to amend its volume (‘‘CADV’’) combined.
public in accordance with the Price List to (1) add a new incentive for Similarly, SLPs that (1) meet the
provisions of 5 U.S.C. 552, will be member organizations and current requirements for SLP Tier 3,
available for website viewing and Supplemental Liquidity Providers SLP Tier 2 and SLP Tier 1A credits, and
printing in the Commission’s Public (‘‘SLP’’) in Tape A securities when (2) add liquidity in UTP Securities of at
Reference Room, 100 F Street NE, adding liquidity in securities traded least 0.30% of Tape B and Tape C CADV
Washington, DC 20549, on official pursuant to Unlisted Trading Privileges combined, would be eligible for an
business days between the hours of (‘‘UTP’’) (Tapes B and C) on the Pillar additional $0.0001 per share in
10:00 a.m. and 3:00 p.m. Copies of these Trading Platform; (2) add a new Tier 4 securities with a per share price of $1.00
filings also will be available for for SLPs; and (3) make non-substantive or more that meet the 10% average or
inspection and copying at the principal changes to eliminate obsolete footnotes. more quoting requirement in an
office of the Exchange. All comments The Exchange proposes to implement assigned security pursuant to Rule 107B
received will be posted without change. these changes to its Price List effective (quotes of an SLP-Prop and an SLMM of
Persons submitting comments are June 1, 2018. The proposed rule change the same member organization would
cautioned that we do not redact or edit is available on the Exchange’s website at not be aggregated).
personal identifying information from www.nyse.com, at the principal office of
comment submissions. You should the Exchange, and at the Commission’s New SLP Tier 4
submit only information that you wish Public Reference Room. The Exchange proposes a new, fifth
to make available publicly. All II. Self-Regulatory Organization’s SLP Tier designated ‘‘4’’ that would
submissions should refer to File Statement of the Purpose of, and provide that an SLP that either (1) is in
Number SR–CHX–2018–001 and should Statutory Basis for, the Proposed Rule the first two calendar months as an SLP,
be submitted on or before July 10, 2018. Change or (2) adds liquidity for all assigned SLP
Rebuttal comments should be submitted securities in the aggregate (including
by July 24, 2018. In its filing with the Commission, the shares of both an SLP-Prop and an
self-regulatory organization included SLMM 4 of the same or an affiliated
For the Commission, by the Division of statements concerning the purpose of,
Trading and Markets, pursuant to delegated member organization) of an ADV of
and basis for, the proposed rule change
authority.39 more than 0.03% of NYSE CADV after
and discussed any comments it received
Eduardo A. Aleman, averaging less an adding ADV 5 of than
on the proposed rule change. The text
Assistant Secretary. 0.01% in each of the prior 3 months,
of those statements may be examined at
[FR Doc. 2018–13084 Filed 6–18–18; 8:45 am] after a discount of the percentage for the
the places specified in Item IV below.
prior quarter of NYSE CADV in DMM
BILLING CODE 8011–01–P The Exchange has prepared summaries,
assigned securities as of the last
set forth in sections A, B, and C below,
business day of the prior month, would
of the most significant parts of such
SECURITIES AND EXCHANGE receive a credit of $0.0029, or $0.00105
statements.
COMMISSION if a Non-Displayed Reserve Order, if the
A. Self-Regulatory Organization’s SLP meets the 10% average or more
[Release No. 34–83424; File No. SR–NYSE– Statement of the Purpose of, and the
2018–27]
quoting requirement in an assigned
Statutory Basis for, the Proposed Rule security pursuant to Rule 107B when
Self-Regulatory Organizations; New Change adding liquidity to the NYSE with
York Stock Exchange LLC; Notice of 1. Purpose orders, other than Mid-Point Liquidity
Filing and Immediate Effectiveness of (‘‘MPL’’) orders, in securities with a per
The Exchange proposes to amend its share price of $1.00 or more. For
Proposed Rule Change To Amend Its
Price List to (1) add a new incentive for
Price List
member organizations and SLPs on 4 Under Rule 107B, an SLP can be either a
June 13, 2018. Tape A when adding liquidity in UTP proprietary trading unit of a member organization
Pursuant to Section 19(b)(1) 1 of the Securities (Tapes B and C) on the Pillar (‘‘SLP-Prop’’) or a registered market maker at the
Exchange (‘‘SLMM’’). For purposes of the 10%
Securities Exchange Act of 1934 (the Trading Platform; (2) add a new Tier 4 average or more quoting requirement in assigned
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 for SLPs; and (3) make non-substantive securities pursuant to Rule 107B, quotes of an SLP-
notice is hereby given that, on June 1, changes to eliminate obsolete footnotes. Prop and an SLMM of the same member
2018, New York Stock Exchange LLC The Exchange proposes to implement organization are not aggregated. However, for
these changes to its Price List effective purposes of adding liquidity for assigned SLP
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with securities in the aggregate, shares of both an SLP-
the Securities and Exchange June 1, 2018.
daltland on DSKBBV9HB2PROD with NOTICES
Prop and an SLMM of the same member
Commission (the ‘‘Commission’’) the New Cross Tape Incentive organization are included.
5 The phrase ‘‘Adding ADV’’ in the proposed tier
proposed rule change as described in
The Exchange proposes an additional would have a citation to footnote 4 in the current
39 17 incentive to member organizations and Price List, which provides ‘‘For purposes of
CFR 200.30–3(a)(57). transaction fees and Supplemental Liquidity
1 15 U.S.C. 78s(b)(1). SLPs in Tape A securities that add Provider liquidity credits, ADV calculations
2 15 U.S.C. 78a. liquidity to the Exchange in UTP exclude early closing days.’’ The text of current
3 17 CFR 240.19b–4. Securities, as follows. footnote 4 would remain unchanged.
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![Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices 28481
response, and because market Paper Comments SECURITIES AND EXCHANGE
participants may readily adjust their COMMISSION
order routing practices, the Exchange • Send paper comments in triplicate
believes that the degree to which fee to Brent J. Fields, Secretary, Securities [Release No. 34–83423; File No. SR–BX–
changes in this market may impose any and Exchange Commission, 100 F Street 2018–022]
burden on competition is extremely NE, Washington, DC 20549–1090.
Self-Regulatory Organizations; Nasdaq
limited. As a result of all of these All submissions should refer to File BX, Inc.; Notice of Filing and
considerations, the Exchange does not Number SR–NYSE–2018–27. This file Immediate Effectiveness of Proposed
believe that the proposed changes will number should be included on the Rule Change To Amend Position
impair the ability of member Limits and Exercise Limits for Options
subject line if email is used. To help the
organizations or competing order on the SPDR Exchange-Traded Fund
Commission process and review your
execution venues to maintain their
competitive standing in the financial comments more efficiently, please use June 13, 2018.
markets. only one method. The Commission will
Pursuant to Section 19(b)(1) of the
post all comments on the Commission’s
C. Self-Regulatory Organization’s Securities Exchange Act of 1934
internet website (http://www.sec.gov/ (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Statement on Comments on the rules/sro.shtml). Copies of the
Proposed Rule Change Received From notice is hereby given that on June 12,
submission, all subsequent 2018, Nasdaq BX, Inc. (‘‘BX’’ or
Members, Participants, or Others amendments, all written statements ‘‘Exchange’’) filed with the Securities
No written comments were solicited with respect to the proposed rule and Exchange Commission
or received with respect to the proposed change that are filed with the (‘‘Commission’’) the proposed rule
rule change. Commission, and all written change as described in Items I, II, and
III. Date of Effectiveness of the communications relating to the III below, which Items have been
Proposed Rule Change and Timing for proposed rule change between the prepared by the Exchange. The
Commission Action Commission and any person, other than Commission is publishing this notice to
those that may be withheld from the solicit comments on the proposed rule
The foregoing rule change is effective public in accordance with the change from interested persons.
upon filing pursuant to Section provisions of 5 U.S.C. 552, will be
19(b)(3)(A) 10 of the Act and I. Self-Regulatory Organization’s
available for website viewing and Statement of the Terms of Substance of
subparagraph (f)(2) of Rule 19b–4 11
printing in the Commission’s Public the Proposed Rule Change
thereunder, because it establishes a due,
Reference Room, 100 F Street NE,
fee, or other charge imposed by the The Exchange proposes to amend BX
Exchange. Washington, DC 20549 on official
business days between the hours of Rules at Supplementary Material to
At any time within 60 days of the Chapter III, Section 7, entitled ‘‘Position
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the
Limits,’’ and Section 9, entitled
Commission summarily may filing also will be available for
‘‘Exercise Limits,’’ to amend position
temporarily suspend such rule change if inspection and copying at the principal
limits and exercise limits for options on
it appears to the Commission that such office of the Exchange. All comments
the SPDR® S&P 500® exchange-traded
action is necessary or appropriate in the received will be posted without change. fund (‘‘SPY ETF’’ or ‘‘SPY’’),3 which list
public interest, for the protection of Persons submitting comments are and trade under the symbol ‘‘SPY.’’
investors, or otherwise in furtherance of cautioned that we do not redact or edit The text of the proposed rule change
the purposes of the Act. If the personal identifying information from is available on the Exchange’s website at
Commission takes such action, the comment submissions. You should http://nasdaqbx.cchwallstreet.com/, at
Commission shall institute proceedings submit only information that you wish the principal office of the Exchange, and
under Section 19(b)(2)(B) 12 of the Act to to make available publicly. All at the Commission’s Public Reference
determine whether the proposed rule submissions should refer to File Room.
change should be approved or Number SR–NYSE–2018–27 and should
disapproved. be submitted on or before July 10, 2018. II. Self-Regulatory Organization’s
Statement of the Purpose of, and
IV. Solicitation of Comments For the Commission, by the Division of Statutory Basis for, the Proposed Rule
Interested persons are invited to Trading and Markets, pursuant to delegated Change
submit written data, views, and authority.13
In its filing with the Commission, the
arguments concerning the foregoing, Eduardo A. Aleman,
Exchange included statements
including whether the proposed rule Assistant Secretary. concerning the purpose of and basis for
change is consistent with the Act. [FR Doc. 2018–13083 Filed 6–18–18; 8:45 am] the proposed rule change and discussed
Comments may be submitted by any of BILLING CODE 8011–01–P any comments it received on the
the following methods: proposed rule change. The text of these
Electronic Comments statements may be examined at the
places specified in Item IV below. The
• Use the Commission’s internet
comment form (http://www.sec.gov/ 1 15 U.S.C. 78s(b)(1).
rules/sro.shtml); or
daltland on DSKBBV9HB2PROD with NOTICES
2 17 CFR 240.19b–4.
• Send an email to rule-comments@ 3 ‘‘SPDR®,’’ ‘‘Standard & Poor’s®,’’ ‘‘S&P®,’’
sec.gov. Please include File Number SR– ‘‘S&P 500®,’’ and ‘‘Standard & Poor’s 500’’ are
NYSE–2018–27 on the subject line. registered trademarks of Standard & Poor’s
Financial Services LLC. The SPY ETF represents
ownership in the SPDR S&P 500 Trust, a unit
10 15 U.S.C. 78s(b)(3)(A). investment trust that generally corresponds to the
11 17 CFR 240.19b–4(f)(2). price and yield performance of the SPDR S&P 500
12 15 U.S.C. 78s(b)(2)(B). 13 17 CFR 200.30–3(a)(12). Index.
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Document Created: 2018-07-02 11:21:12
Document Modified: 2018-07-02 11:21:12
| 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 28479 |
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