83 FR 28481 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Position Limits and Exercise Limits for Options on the SPDR Exchange-Traded Fund
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 118 (June 19, 2018)
Federal Register Volume 83, Issue 118 (June 19, 2018)
| Page Range | 28481-28483 | |
| FR Document | 2018-13082 |
[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)] [Notices] [Pages 28481-28483] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13082] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83423; File No. SR-BX-2018-022] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Position Limits and Exercise Limits for Options on the SPDR Exchange-Traded Fund June 13, 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 12, 2018, Nasdaq BX, Inc. (``BX'' 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend BX Rules at Supplementary Material to Chapter III, Section 7, entitled ``Position Limits,'' and Section 9, entitled ``Exercise Limits,'' to amend position limits and exercise limits for options on the SPDR[reg] S&P 500[reg] exchange-traded fund (``SPY ETF'' or ``SPY''),\3\ which list and trade under the symbol ``SPY.'' --------------------------------------------------------------------------- \3\ ``SPDR[reg],'' ``Standard & Poor's[reg],'' ``S&P[reg],'' ``S&P 500[reg],'' 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. --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.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 [[Page 28482]] 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 BX Rules at Supplementary Material to Chapter III, Section 7, entitled ``Position Limits'' and Section 9, entitled ``Exercise Limits'' indicate the manner in which positions for aggregate positions in option contracts are treated on the Exchange. 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'').\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 69179 (March 19, 2013), 78 FR 17952 (March 25, 2013) (SR-BX-2013-024); 72143 (May 9, 2014), 79 FR 27963 (May 15, 2014) (SR-BX-2014-025); 75412 (July 9, 2015), 80 FR 41517 (July 15, 2015) (SR-BX-2015-039); 78125 (June 22, 2016), 81 FR 42009 (June 28, 2016) (SR-BX-2016-030); and 81093 (July 7, 2017), 82 FR 32415 (July 13, 2017) (SR-BX-2017-030). --------------------------------------------------------------------------- The Exchange proposes to amend Chapter III, Sections 7 and 9 to allow the SPY Pilot Program to terminate on July 12, 2018, the current expiration date of the SPY Pilot Program. In lieu of extending the SPY Pilot Program for another year, the Exchange proposes to allow the SPY Pilot Program to terminate and to establish position and exercise limits of 1,800,000 contracts, for options on SPY, with such change becoming operative on July 12, 2018, so that there is no lapse in time between termination of the SPY Pilot Program and the establishment of the new limits. Furthermore, as a result of the termination of the SPY Pilot Program, the Exchange does not believe it is necessary to submit a SPY Pilot Program Report at the end of the SPY Pilot Program. Based on the prior SPY Pilot Program Reports provided to the Commission,\5\ the Exchange believes it is appropriate to terminate the SPY Pilot Program and that permanent position and exercise limits should be established for SPY. --------------------------------------------------------------------------- \5\ Id. --------------------------------------------------------------------------- Position limits are designed to address potential manipulative schemes and adverse market impact surrounding the use of options, such as disrupting the market in the security underlying the options. The potential manipulative schemes and adverse market impact are balanced against the potential of setting the limits so low as to discourage participation in the options market. The level of those position limits must be balanced between curtailing potential manipulation and the cost of preventing potential hedging activity that could be used for legitimate economic purposes. The SPY Pilot Program was established in 2013 in order to eliminate position and exercise limits for physically-settled SPY options.\6\ 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.\7\ 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.\8\ Then, in 2012, the position limits for SPY options were eliminated as part of the SPY Pilot Program.\9\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 69179 (March 19, 2013), 78 FR 17952 (March 25, 2013) (SR-BX-2013-024). \7\ See Securities Exchange Act Release No. 51041 (January 14, 2005), 70 FR 3408 (January 24, 2005) (SR-CBOE-2005-06). At this time BX was not in existence. \8\ See Securities Exchange Act Release No. 64928 (July 20, 2011), 76 FR 44633 (July 26, 2011) (SR-CBOE-2011-065). At this time BX was not in existence. \9\ See note 4 above. --------------------------------------------------------------------------- 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 Chapter III, Sections 7 and 9 to set forth that the position and exercise limits for options on SPY would be 1,800,000 contracts on the same side of the market. These position and exercise limits equal the current position and exercise limits for options on QQQ, which the Commission previously approved to be increased from 900,000 contracts on the same side of the market, to 1,800,000 contracts on the same side of the market.\10\ The Exchange also notes that SPY is more liquid than QQQ.\11\ 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. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 82770 (February 23, 2018), 83 FR 8907 (March 1, 2018) (SR-CBOE-2017-057). BX's current rule is based on Cboe Exchange, Inc.'s rule. \11\ From the beginning of the year, through May 15, 2018, the ADV for SPY was 108.32 million shares while the ADV for QQQ was 46.64 million shares (calculated using data from Yahoo Finance as of May 15, 2018). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Increased position limits for select actively traded options, such as that proposed herein (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program),\14\ 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, [[Page 28483]] QQQ, and EWJ.\15\ Furthermore, as previously mentioned, the Commission specifically approved a proposal by the Exchange to increase the position and exercise limits for options on QQQ from 900,000 contracts on the same side of the market to 1,800,000 contracts on the same side of the market; similar to the current proposal for options on SPY.\16\ The Exchange also notes that SPY is more liquid than QQQ.\17\ --------------------------------------------------------------------------- \14\ See note 8. \15\ See note 10 above. \16\ Id. \17\ See note 11 above. --------------------------------------------------------------------------- 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.\18\ 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).\19\ --------------------------------------------------------------------------- \18\ See note 10 above. \19\ See note 8 above. --------------------------------------------------------------------------- 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 \20\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes the proposal promotes competition because it will enable the option exchanges to attract additional order flow from the over-the-counter market, who in turn compete for those orders. The Exchange believes that the proposed rule change will result in continued opportunities to achieve the investment and trading objectives of market participants seeking efficient trading and hedging vehicles, to the benefit of investors, market participants, and the marketplace in general. 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. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78(f)(b)(8). --------------------------------------------------------------------------- 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 \21\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\22\ --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(3)(A)(iii). \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (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 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-BX-2018-022 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-BX-2018-022. 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-BX-2018-022 and should be submitted on or before July 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13082 Filed 6-18-18; 8:45 am] BILLING CODE 8011-01-P
![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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![Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices 28483
QQQ, and EWJ.15 Furthermore, as the other options exchanges will file All submissions should refer to File
previously mentioned, the Commission similar proposals with the Commission. Number SR–BX–2018–022. This file
specifically approved a proposal by the number should be included on the
C. Self-Regulatory Organization’s
Exchange to increase the position and subject line if email is used. To help the
Statement on Comments on the
exercise limits for options on QQQ from Proposed Rule Change Received From Commission process and review your
900,000 contracts on the same side of Members, Participants, or Others comments more efficiently, please use
the market to 1,800,000 contracts on the only one method. The Commission will
same side of the market; similar to the No written comments were either post all comments on the Commission’s
current proposal for options on SPY.16 solicited or received. internet website (http://www.sec.gov/
The Exchange also notes that SPY is III. Date of Effectiveness of the rules/sro.shtml). Copies of the
more liquid than QQQ.17 Proposed Rule Change and Timing for submission, all subsequent
Commission Action amendments, all written statements
Lastly, the Commission expressed the
with respect to the proposed rule
belief that implementing higher position Because the foregoing proposed rule
change that are filed with the
and exercise limits may bring additional change does not: (i) Significantly affect
Commission, and all written
depth and liquidity without increasing the protection of investors or the public
communications relating to the
concerns regarding intermarket interest; (ii) impose any significant
proposed rule change between the
manipulation or disruption of the burden on competition; and (iii) become
Commission and any person, other than
options or the underlying securities.18 operative for 30 days from the date on
those that may be withheld from the
The Exchange’s existing surveillance which it was filed, or such shorter time
public in accordance with the
and reporting safeguards are designed to as the Commission may designate, it has
provisions of 5 U.S.C. 552, will be
deter and detect possible manipulative become effective pursuant to Section
available for website viewing and
behavior which might arise from 19(b)(3)(A)(iii) of the Act 21 and
printing in the Commission’s Public
increasing position and exercise limits subparagraph (f)(6) of Rule 19b–4
Reference Room, 100 F Street NE,
(increased as compared to the 900,000 thereunder.22
At any time within 60 days of the Washington, DC 20549, on official
limit in place prior to the SPY Pilot business days between the hours of
Program).19 filing of the proposed rule change, the
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
B. Self-Regulatory Organization’s temporarily suspend such rule change if filing also will be available for
Statement on Burden on Competition it appears to the Commission that such inspection and copying at the principal
action is: (i) Necessary or appropriate in office of the Exchange. All comments
The Exchange does not believe that the public interest; (ii) for the protection received will be posted without change.
the proposed rule change will impose of investors; or (iii) otherwise in Persons submitting comments are
any burden on competition that is not furtherance of the purposes of the Act. cautioned that we do not redact or edit
necessary or appropriate in furtherance If the Commission takes such action, the personal identifying information from
of the purposes of the Act. The Commission shall institute proceedings comment submissions. You should
Exchange believes the entire proposal is to determine whether the proposed rule submit only information that you wish
consistent with Section (6)(b)(8) of the should be approved or disapproved. to make available publicly. All
Act 20 in that it does not impose any submissions should refer to File
burden on competition that is not IV. Solicitation of Comments Number SR–BX–2018–022 and should
necessary or appropriate in furtherance Interested persons are invited to be submitted on or before July 10, 2018.
of the purposes of the Act. On the submit written data, views, and For the Commission, by the Division of
contrary, the Exchange believes the arguments concerning the foregoing, Trading and Markets, pursuant to delegated
proposal promotes competition because including whether the proposed rule authority.23
it will enable the option exchanges to change is consistent with the Act. Eduardo A. Aleman,
attract additional order flow from the Comments may be submitted by any of Assistant Secretary.
over-the-counter market, who in turn the following methods: [FR Doc. 2018–13082 Filed 6–18–18; 8:45 am]
compete for those orders. The Exchange Electronic Comments BILLING CODE 8011–01–P
believes that the proposed rule change
will result in continued opportunities to • Use the Commission’s internet
comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
achieve the investment and trading
rules/sro.shtml); or COMMISSION
objectives of market participants seeking
• Send an email to rule-comments@
efficient trading and hedging vehicles, sec.gov. Please include File Number SR– [Release No. 34–83422; File No. SR–FINRA–
to the benefit of investors, market BX–2018–022 on the subject line. 2018–015]
participants, and the marketplace in
general. The Exchange believes this Paper Comments Self-Regulatory Organizations;
proposed rule change is necessary to • Send paper comments in triplicate Financial Industry Regulatory
permit fair competition among the to Brent J. Fields, Secretary, Securities Authority, Inc.; Notice of Designation
options exchanges and to establish and Exchange Commission, 100 F Street of a Longer Period for Commission
uniform position limits for additional NE, Washington, DC 20549–1090. Action on a Proposed Rule Change To
multiply listed option classes. Amend FINRA Rule 6433 To Adopt the
Furthermore, the Exchange believes that OTC Quotation Tier Size Pilot as
daltland on DSKBBV9HB2PROD with NOTICES
21 15 U.S.C. 78s(b)(3)(A)(iii).
22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Permanent
15 See note 10 above. 4(f)(6) requires a self-regulatory organization to give
16 Id. the Commission written notice of its intent to file June 13, 2018.
17 See
the proposed rule change at least five business days On April 20, 2018, Financial Industry
note 11 above. prior to the date of filing of the proposed rule
18 See note 10 above.
change, or such shorter time as designated by the Regulatory Authority, Inc. (‘‘FINRA’’)
19 See note 8 above.
Commission. The Exchange has satisfied this
20 15 U.S.C. 78(f)(b)(8). requirement. 23 17 CFR 200.30–3(a)(12).
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Document Created: 2018-07-02 11:21:52
Document Modified: 2018-07-02 11:21:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 28481 |
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