83 FR 30786 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 510 To Extend the Penny Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 126 (June 29, 2018)

Page Range		30786-30787
FR Document		2018-13981
Federal Register, Volume 83 Issue 126 (Friday, June 29, 2018)
[Federal Register Volume 83, Number 126 (Friday, June 29, 2018)]
[Notices]
[Pages 30786-30787]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13981]



[[Page 30786]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83515; File No. SR-MIAX-2018-12]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend MIAX Options Rule 510 To Extend the Penny 
Pilot Program

June 25, 2018,
    Pursuant to the provisions of 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 18, 2018, Miami International Securities 
Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change as described in Items I and II below, which Items have been 
prepared by the Exchange. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Rule 510, 
Interpretations and Policies .01 to extend the pilot program for the 
quoting and trading of certain options in pennies.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings, at MIAX's principal 
office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is a participant in an industry-wide pilot program 
that provides for the quoting and trading of certain option classes in 
penny increments (the ``Penny Pilot Program'' or ``Program''). The 
Penny Pilot Program allows the quoting and trading of certain option 
classes in minimum increments of $0.01 for all series in such option 
classes with a price of less than $3.00; and in minimum increments of 
$0.05 for all series in such option classes with a price of $3.00 or 
higher. Options overlying the PowerShares QQQ^TM (``QQQ''), 
SPDR[reg] S&P 500[reg] ETF (``SPY''), and iShares[reg] Russell 2000 ETF 
(``IWM''), however, are quoted and traded in minimum increments of 
$0.01 for all series regardless of the price. The Penny Pilot Program 
was initiated at the then existing option exchanges in January 2007 \3\ 
and currently includes more than 300 of the most active option classes. 
The Penny Pilot Program is currently scheduled to expire on June 30, 
2018.\4\ The purpose of the proposed rule change is to extend the Penny 
Pilot Program in its current format through December 31, 2018.
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    \3\ See Securities Exchange Act Release Nos. 55154 (January 23, 
2007), 72 FR 4743 (February 1, 2007) (SR-CBOE-2006-92); 55161 
(January 24, 2007), 72 FR 4754 (February 1, 2007) (SR-ISE-2006-62); 
54886 (December 6, 2006), 71 FR 74979 (December 13, 2006) (SR-Phlx-
2006-74); 54590 (October 12, 2006), 71 FR 61525 (October 18, 2006) 
(SR-NYSEArca-2006-73); and 54741 (November 9, 2006), 71 FR 67176 
(November 20, 2006) (SR-Amex-2006-106).
    \4\ See Securities Exchange Act Release No. 82354 (December 19, 
2017), 82 FR 61058 (December 26, 2017) (SR-MIAX-2017-48) (extending 
the Penny Pilot Program from December 31, 2017 to June 30, 2018).
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    In addition to the extension of the Penny Pilot Program through 
December 31, 2018, the Exchange proposes to extend one other date in 
the Rule. Currently, Interpretations and Policies .01 states that the 
Exchange will replace any Penny Pilot issues that have been delisted 
with the next most actively traded multiply listed option classes that 
are not yet included in the Penny Pilot Program, and that the 
replacement issues will be selected based on trading activity in the 
previous six months. Such option classes will be added to the Penny 
Pilot Program on the second trading day following January 1, 2018.\5\ 
Because this date has expired and the Exchange intends to continue this 
practice for the duration of the Penny Pilot Program, the Exchange is 
proposing to amend the Rule to reflect that such option classes will be 
added to the Penny Pilot Program on the second trading day following 
July 1, 2018.
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    \5\ The month immediately preceding a replacement class's 
addition to the Pilot Program (i.e., June) is not used for purposes 
of the six-month analysis. For example, a replacement added on the 
second trading day following July 1, 2018, will be identified based 
on trading activity from December 1, 2017, through May 31, 2018.
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    The purpose of this provision is to reflect the new date on which 
replacement issues may be added to the Penny Pilot Program.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \6\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \7\ in particular, in that it 
is 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 facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanisms of a free and open market and a national market system and, 
in general, to protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed rule change, which extends the Penny 
Pilot Program for six months, allows the Exchange to continue to 
participate in a program that has been viewed as beneficial to traders, 
investors and public customers and viewed as successful by the other 
options exchanges participating in it.

B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX Options 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. Specifically, the Exchange 
believes that, by extending the expiration of the Pilot Program, the 
proposed rule change will allow for further analysis of the Penny Pilot 
Program and a determination of how the Program should be structured in 
the future. In doing so, the proposed rule change will also serve to 
promote regulatory clarity and consistency, thereby reducing burdens on 
the marketplace, facilitating investor protection, and fostering a 
competitive environment. In addition, consistent with previous 
practices, the Exchange believes the other options exchanges

[[Page 30787]]

will be filing similar extensions of the Penny Pilot Program.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
Because the 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally 
does not become operative prior to 30 days after the date of the 
filing.\11\ However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the 
Commission may designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because doing so will allow the Pilot Program to continue without 
interruption in a manner that is consistent with the Commission's prior 
approval of the extension and expansion of the Pilot Program and will 
allow the Exchange and the Commission additional time to analyze the 
impact of the Pilot Program.\13\ Accordingly, the Commission designates 
the proposed rule change as operative upon filing with the 
Commission.\14\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and the text of 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 pre-filing requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ See Securities Exchange Act Release No. 61061 (November 24, 
2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44).
    \14\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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) \15\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-MIAX-2018-12 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-MIAX-2018-12. 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-MIAX-2018-12 and 
should be submitted on or before July 20, 2018. For the Commission, by 
the Division of Trading and Markets, pursuant to delegated 
authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).

Eduardo A. Aleman,
 Assistant Secretary.
[FR Doc. 2018-13981 Filed 6-28-18; 8:45 am]
 BILLING CODE 8011-01-P
30786 Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices

SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s Because this date has expired and the
COMMISSION Statement of the Purpose of, and Exchange intends to continue this
Statutory Basis for, the Proposed Rule practice for the duration of the Penny
[Release No. 34–83515; File No. SR–MIAX– Change Pilot Program, the Exchange is
2018–12] proposing to amend the Rule to reflect
1. Purpose
that such option classes will be added
Self-Regulatory Organizations; Miami The Exchange is a participant in an to the Penny Pilot Program on the
International Securities Exchange LLC; industry-wide pilot program that second trading day following July 1,
Notice of Filing and Immediate provides for the quoting and trading of 2018.
Effectiveness of a Proposed Rule certain option classes in penny The purpose of this provision is to
increments (the ‘‘Penny Pilot Program’’ reflect the new date on which
Change To Amend MIAX Options Rule
or ‘‘Program’’). The Penny Pilot Program replacement issues may be added to the
510 To Extend the Penny Pilot Program
allows the quoting and trading of certain Penny Pilot Program.
June 25, 2018, option classes in minimum increments
of $0.01 for all series in such option 2. Statutory Basis
Pursuant to the provisions of Section classes with a price of less than $3.00;
19(b)(1) of the Securities Exchange Act The Exchange believes that its
and in minimum increments of $0.05 for proposed rule change is consistent with
of 1934 (‘‘Act’’) 1 and Rule 19b–4 all series in such option classes with a
thereunder,2 notice is hereby given that Section 6(b) of the Act 6 in general, and
price of $3.00 or higher. Options furthers the objectives of Section 6(b)(5)
on June 18, 2018, Miami International overlying the PowerShares QQQTM of the Act 7 in particular, in that it is
Securities Exchange, LLC (‘‘MIAX (‘‘QQQ’’), SPDR® S&P 500® ETF designed to prevent fraudulent and
Options’’ or ‘‘Exchange’’) filed with the (‘‘SPY’’), and iShares® Russell 2000 manipulative acts and practices, to
Securities and Exchange Commission ETF (‘‘IWM’’), however, are quoted and promote just and equitable principles of
(‘‘Commission’’) a proposed rule change traded in minimum increments of $0.01 trade, to foster cooperation and
as described in Items I and II below, for all series regardless of the price. The coordination with persons engaged in
which Items have been prepared by the Penny Pilot Program was initiated at the facilitating transactions in securities, to
Exchange. The Commission is then existing option exchanges in remove impediments to and perfect the
publishing this notice to solicit January 2007 3 and currently includes mechanisms of a free and open market
comments on the proposed rule change more than 300 of the most active option and a national market system and, in
from interested persons. classes. The Penny Pilot Program is general, to protect investors and the
currently scheduled to expire on June public interest.
I. Self-Regulatory Organization’s 30, 2018.4 The purpose of the proposed
Statement of the Terms of Substance of In particular, the proposed rule
rule change is to extend the Penny Pilot
the Proposed Rule Change change, which extends the Penny Pilot
Program in its current format through
Program for six months, allows the
December 31, 2018.
The Exchange is filing a proposal to Exchange to continue to participate in a
In addition to the extension of the
amend Rule 510, Interpretations and program that has been viewed as
Penny Pilot Program through December
Policies .01 to extend the pilot program beneficial to traders, investors and
31, 2018, the Exchange proposes to
for the quoting and trading of certain public customers and viewed as
extend one other date in the Rule.
options in pennies. successful by the other options
Currently, Interpretations and Policies
exchanges participating in it.
The text of the proposed rule change .01 states that the Exchange will replace
is available on the Exchange’s website at any Penny Pilot issues that have been B. Self-Regulatory Organization’s
http://www.miaxoptions.com/rule- delisted with the next most actively Statement on Burden on Competition
filings, at MIAX’s principal office, and traded multiply listed option classes
that are not yet included in the Penny MIAX Options does not believe that
at the Commission’s Public Reference the proposed rule change will impose
Room. Pilot Program, and that the replacement
issues will be selected based on trading any burden on competition that is not
II. Self-Regulatory Organization’s activity in the previous six months. necessary or appropriate in furtherance
Statement of the Purpose of, and Such option classes will be added to the of the purposes of the Act. Specifically,
Statutory Basis for, the Proposed Rule Penny Pilot Program on the second the Exchange believes that, by extending
Change trading day following January 1, 2018.5 the expiration of the Pilot Program, the
proposed rule change will allow for
In its filing with the Commission, the 3 See Securities Exchange Act Release Nos. 55154 further analysis of the Penny Pilot
Exchange included statements (January 23, 2007), 72 FR 4743 (February 1, 2007) Program and a determination of how the
concerning the purpose of and basis for (SR–CBOE–2006–92); 55161 (January 24, 2007), 72 Program should be structured in the
FR 4754 (February 1, 2007) (SR–ISE–2006–62); future. In doing so, the proposed rule
the proposed rule change and discussed 54886 (December 6, 2006), 71 FR 74979 (December
any comments it received on the 13, 2006) (SR–Phlx–2006–74); 54590 (October 12, change will also serve to promote
proposed rule change. The text of these 2006), 71 FR 61525 (October 18, 2006) (SR– regulatory clarity and consistency,
statements may be examined at the NYSEArca–2006–73); and 54741 (November 9, thereby reducing burdens on the
2006), 71 FR 67176 (November 20, 2006) (SR– marketplace, facilitating investor
places specified in Item IV below. The Amex–2006–106).
Exchange has prepared summaries, set 4 See Securities Exchange Act Release No. 82354 protection, and fostering a competitive
sradovich on DSK3GMQ082PROD with NOTICES

(December 19, 2017), 82 FR 61058 (December 26, environment. In addition, consistent
forth in sections A, B, and C below, of
2017) (SR–MIAX–2017–48) (extending the Penny with previous practices, the Exchange
the most significant aspects of such Pilot Program from December 31, 2017 to June 30, believes the other options exchanges
statements. 2018).
5 The month immediately preceding a

replacement class’s addition to the Pilot Program identified based on trading activity from December
(i.e., June) is not used for purposes of the six-month 1, 2017, through May 31, 2018.
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
analysis. For example, a replacement added on the
2 17 CFR 240.19b–4. second trading day following July 1, 2018, will be 7 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices 30787

will be filing similar extensions of the the Pilot Program.13 Accordingly, the those that may be withheld from the
Penny Pilot Program. Commission designates the proposed public in accordance with the
rule change as operative upon filing provisions of 5 U.S.C. 552, will be
C. Self-Regulatory Organization’s with the Commission.14 available for website viewing and
Statement on Comments on the At any time within 60 days of the printing in the Commission’s Public
Proposed Rule Change Received From filing of such proposed rule change, the Reference Room, 100 F Street NE,
Members, Participants, or Others Commission summarily may Washington, DC 20549, on official
Written comments were neither temporarily suspend such rule change if business days between the hours of
solicited nor received. it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the
action is necessary or appropriate in the filing also will be available for
III. Date of Effectiveness of the public interest, for the protection of inspection and copying at the principal
Proposed Rule Change and Timing for investors, or otherwise in furtherance of office of the Exchange. All comments
Commission Action the purposes of the Act. If the received will be posted without change.
Commission takes such action, the Persons submitting comments are
The Exchange has filed the proposed Commission shall institute proceedings cautioned that we do not redact or edit
rule change pursuant to Section under Section 19(b)(2)(B) 15 of the Act to personal identifying information from
19(b)(3)(A)(iii) of the Act 8 and Rule determine whether the proposed rule comment submissions. You should
19b–4(f)(6) thereunder.9 Because the change should be approved or submit only information that you wish
proposed rule change does not: (i) disapproved. to make available publicly.
Significantly affect the protection of All submissions should refer to File
investors or the public interest; (ii) IV. Solicitation of Comments
Number SR–MIAX–2018–12 and should
impose any significant burden on Interested persons are invited to be submitted on or before July 20, 2018.
competition; and (iii) become operative submit written data, views, and For the Commission, by the Division of
prior to 30 days from the date on which arguments concerning the foregoing, Trading and Markets, pursuant to
it was filed, or such shorter time as the including whether the proposed rule delegated authority.16
Commission may designate, if change is consistent with the Act.
consistent with the protection of Comments may be submitted by any of Eduardo A. Aleman,
investors and the public interest, the the following methods: Assistant Secretary.
proposed rule change has become [FR Doc. 2018–13981 Filed 6–28–18; 8:45 am]
Electronic Comments
effective pursuant to Section 19(b)(3)(A) BILLING CODE 8011–01–P
of the Act and Rule 19b–4(f)(6)(iii) • Use the Commission’s internet
thereunder. comment form (http://www.sec.gov/
A proposed rule change filed under rules/sro.shtml); or SECURITIES AND EXCHANGE
• Send an email to rule-comments@ COMMISSION
Rule 19b–4(f)(6) 10 normally does not
sec.gov. Please include File Number SR–
become operative prior to 30 days after
MIAX–2018–12 on the subject line. [Release No. 34–83505; File No. SR–CBOE–
the date of the filing.11 However,
pursuant to Rule 19b–4(f)(6)(iii),12 the Paper Comments 2018–046]
Commission may designate a shorter • Send paper comments in triplicate
time if such action is consistent with the Self-Regulatory Organizations; Cboe
to Secretary, Securities and Exchange Exchange, Inc.; Notice of Filing and
protection of investors and the public Commission, 100 F Street NE,
interest. The Exchange has asked the Immediate Effectiveness of a Proposed
Washington, DC 20549–1090. Rule Change Relating to Exchange
Commission to waive the 30-day
operative delay so that the proposal may All submissions should refer to File Rule 6.2., Hybrid Opening (and
become operative immediately upon Number SR–MIAX–2018–12. This file Sometimes Closing) System (‘‘HOSS’’)
filing. The Commission believes that number should be included on the
subject line if email is used. To help the June 25, 2018.
waiving the 30-day operative delay is Pursuant to Section 19(b)(1) of the
Commission process and review your
consistent with the protection of Securities Exchange Act of 1934 (the
comments more efficiently, please use
investors and the public interest ‘‘Act’’),1 and Rule 19b–4 thereunder,2
because doing so will allow the Pilot only one method. The Commission will
post all comments on the Commission’s notice is hereby given that on June 15,
Program to continue without 2018, Cboe Exchange, Inc. (the
internet website (http://www.sec.gov/
interruption in a manner that is ‘‘Exchange’’ or ‘‘Cboe Options’’) filed
rules/sro.shtml). Copies of the
consistent with the Commission’s prior with the Securities and Exchange
submission, all subsequent
approval of the extension and expansion Commission (the ‘‘Commission’’) the
amendments, all written statements
of the Pilot Program and will allow the proposed rule change as described in
with respect to the proposed rule
Exchange and the Commission Items I and II below, which Items have
change that are filed with the
additional time to analyze the impact of been prepared by the Exchange. The
Commission, and all written
communications relating to the Exchange filed the proposal pursuant to
8 15 U.S.C. 78s(b)(3)(A)(iii).
9 17
proposed rule change between the Section 19(b)(3)(A)(iii) of the Act 3 and
CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6). Commission and any person, other than Rule 19b–4(f)(6) thereunder.4 The
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Commission is publishing this notice to
sradovich on DSK3GMQ082PROD with NOTICES

4(f)(6)(iii) requires the Exchange to give the 13 See Securities Exchange Act Release No. 61061 solicit comments on the proposed rule
Commission written notice of the Exchange’s intent (November 24, 2009), 74 FR 62857 (December 1, change from interested persons.
to file the proposed rule change along with a brief 2009) (SR–NYSEArca–2009–44).
description and the text of the proposed rule 14 For purposes only of waiving the operative
16 17
change, at least five business days prior to the date delay for this proposal, the Commission has CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
of filing of the proposed rule change, or such considered the proposed rule’s impact on
2 17 CFR 240.19b–4.
shorter time as designated by the Commission. The efficiency, competition, and capital formation. See
Exchange has satisfied this pre-filing requirement. 15 U.S.C. 78c(f). 3 15 U.S.C. 78s(b)(3)(A)(iii).
12 17 CFR 240.19b–4(f)(6)(iii). 15 15 U.S.C. 78s(b)(2)(B). 4 17 CFR 240.19b–4(f)(6).

VerDate Sep<11>2014 17:58 Jun 28, 2018 Jkt 244001 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 E:\FR\FM\29JNN1.SGM 29JNN1
Document Created: 2018-06-29 01:14:01
Document Modified: 2018-06-29 01:14:01
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 30786