83 FR 31810 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule With Respect to Expiring Fee Waivers and Remove the FLEX Trader Incentive Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 131 (July 9, 2018)
Federal Register Volume 83, Issue 131 (July 9, 2018)
| Page Range | 31810-31812 | |
| FR Document | 2018-14666 |
[Federal Register Volume 83, Number 131 (Monday, July 9, 2018)] [Notices] [Pages 31810-31812] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-14666] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83587; File No. SR-CBOE-2018-051] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule With Respect to Expiring Fee Waivers and Remove the FLEX Trader Incentive Program July 3, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 2, 2018, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b- 4(f)(6) thereunder.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Fees Schedule relating to various fee waivers and the Flex Trader Incentive Program that are set to expire June 30, 2018. The text of the proposed rule change is available on the Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, 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 proposes to amend its Fees Schedule relating to various fee waivers and the Flex Trader Incentive Program that are set to expire June 30, 2018. VIX and Select Sector License Index Surcharge The Exchange first proposes to extend the current waiver of the VIX and Select Sector Index License Surcharge of $0.10 per contract for Clearing Trading Permit Holder Proprietary (``Firm'') (origin codes ``F'' or ``L'') VIX and Select Sector orders that have a premium of $0.10 or lower and have series with an expiration of seven (7) calendar days or less. The Exchange adopted the current waiver to reduce transaction costs on expiring, low-priced VIX and Select Sector options, which the Exchange believed would encourage Firms to seek to close and/or roll over such positions close to expiration at low premium levels, including facilitating customers to do so, in order to free up capital and encourage additional trading. The Exchange had proposed to waive the surcharge through June 30, 2018, at which time the Exchange had stated that it would evaluate whether the waiver has in fact prompted Firms to close and roll over these positions close to expiration as intended. The Exchange believes the waiver encourages Firms to do so and as such, proposes to extend the waiver of the surcharge through December 31, 2018, at which time the Exchange will again reevaluate whether the waiver has continued to prompt Firms to close and roll over positions close to expiration at low premium levels. Accordingly, the Exchange proposes to delete the reference to the current waiver period of June 30, 2018 from the Fees Schedule and replace it with December 31, 2018. Extended Trading Hour Fees In order to promote and encourage trading during the Extended Trading Hours (``ETH'') session, the Exchange currently waives ETH Trading Permit and Bandwidth Packet fees for one (1) of each initial Trading Permits and one (1) of each initial Bandwidth Packet, per affiliated TPH. The Exchange notes that waiver is set to expire June 30, 2018. The Exchange also waives fees through June 30, 2018 for a CMI and FIX login [[Page 31811]] ID if the CMI and/or FIX login ID is related to a waived ETH Trading Permit and/or waived Bandwidth packet. In order to continue to promote trading during ETH, the Exchange wishes to extend these waivers through December 31, 2018. RLG, RLV, RUI, AWDE, FTEM, FXTM and UKXM Transaction Fees In order to promote and encourage trading of seven new FTSE Russell Index products (i.e., Russell 1000 Growth Index (``RLG''), Russell 1000 Value Index (``RLV''), Russell 1000 Index (``RUI''), FTSE Developed Europe Index (``AWDE''), FTSE Emerging Markets Index (``FTEM''), China 50 Index ``(FXTM'') and FTSE 100 Index (``UKXM'')), the Exchange waives all transaction fees (including the Floor Brokerage Fee, Index License Surcharge and CFLEX Surcharge Fee) for each of these products. This waiver however, is set to expire June 30, 2018. In order to continue to promote trading of these options classes, the Exchange proposes to extend the fee waiver through December 31, 2018. FLEX Asian and Cliquet Flex Trader Incentive Program By way of background, a FLEX Trader is entitled to a pro-rata share of the monthly compensation pool based on the customer order fees collected from customer orders traded against that FLEX Trader's orders with origin codes other than ``C'' in FLEX Broad-Based Index Options with Asian or Cliquet style settlement (``Exotics'') each month (``Flex Trader Incentive Program''). The Fees Schedule provides that the Flex Trader Incentive Program is set to expire either by June 30, 2018 or until total average daily volume in Exotics exceeds 15,000 contracts for three consecutive months, whichever comes first. The Exchange notes that total average daily volume in Exotics has not yet exceeded 15,000 contracts for three consecutive months. The Exchange also has determined that it no longer wishes to maintain this program and as such does not intend to extend the program past June 30, 2018. As such, the Exchange proposes to remove the program (currently set forth in Footnote 42) from the Fees Schedule. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\5\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \6\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,\7\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). \7\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes it's appropriate to continue to waive the VIX and Select Sector Index License Surcharge for Clearing Trading Permit Holder Proprietary VIX and Select Sector orders that have a premium of $0.10 or lower and have series with an expiration of 7 calendar days or less because the Exchange wants to continue encouraging Firms to roll and close over positions close to expiration at low premium levels. Particularly, the Exchange believes it's reasonable to waive the entire $0.10 per contract surcharge because without the waiver of the surcharge, firms are less likely to engage in these transactions, as opposed to other VIX and Select Sector transactions, due to the associated transaction costs. The Exchange believes it's equitable and not unfairly discriminatory to limit the waiver to Clearing Trading Permit Holder Proprietary orders because they contribute capital to facilitate the execution of VIX and Select Sector customer orders with a premium of $0.10 or lower and series with an expiration of 7 calendar days or less. Finally, the Exchange believes it's reasonable, equitable and not unfairly discriminatory to provide that the surcharge will be waived through December 2018, as it gives the Exchange additional time to evaluate if the waiver is continuing to have the desired effect of encouraging these transactions. The Exchange believes extending the waiver of ETH Trading Permit and Bandwidth Packet fees for one of each type of Trading Permit and Bandwidth Packet, per affiliated TPH through December 31, 2018 is reasonable, equitable and not unfairly discriminatory, because those respective fees are being waived in their entirety, which promotes and encourages trading during the ETH session and applies to all ETH TPHs. The Exchange believes it's also reasonable, equitable and not unfairly discriminatory to waive fees for Login IDs related to waived Trading Permits and/or Bandwidth Packets in order to promote and encourage ongoing participation in ETH and also applies to all ETH TPHs. The Exchange believes it is reasonable, equitable and not unfairly discriminatory to extend the waiver of all transaction fees for RLG, RLV, RUI, AWDE, FTEM, FXTM and UKXM transactions, including the Floor Brokerage fee, the License Index Surcharge and CFLEX Surcharge Fee, because the respective fees are being waived in their entirety, which promotes and encourages trading of these products which are still relatively new and applies to all TPHs. The Exchange believes eliminating the FLEX Asian and Cliquet Flex Trading Incentive Program is reasonable, equitable and not unfairly discriminatory because the program is not providing the desired result of incentivizing FLEX Traders to trade FLEX Asian and Cliquet options. The Exchange believes the proposed change is not unfairly discriminatory because it will apply equally to all Flex Traders. 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 intramarket or intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes are intended to either extend existing fee waivers or eliminate from the Fees Schedule a program that is expiring on June 30, 2018 and apply to all TPHs uniformly. The proposed changes only affect trading on Cboe Options. The Exchange believes the proposed change therefore does not raise any competitive issues. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. [[Page 31812]] 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 \8\ and subparagraph (f)(6) Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 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 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 requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally does not become operative for 30 days after the date of filing. However Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay to permit the applicable fee waivers to be extended on a timely basis and without interruption and to update its rule text to reflect the sunsetting of the FLEX Trader Incentive Program as scheduled. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest because the proposal to extend to December 31, 2018 temporary incentives designed to encourage trading in the above-discussed products and trading sessions, and to remove obsolete text concerning the FLEX Trader Incentive Program, does not raise any new or novel issues. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\12\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change 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-CBOE-2018-051 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-CBOE-2018-051. 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-CBOE-2018-051 and should be submitted on or before July 30, 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. 2018-14666 Filed 7-6-18; 8:45 am] BILLING CODE 8011-01-P
![31810 Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
80% of the Fund’s total assets and are SECURITIES AND EXCHANGE the most significant aspects of such
publicly traded on a United States stock COMMISSION statements.
exchange like shares of the Fund’s A. Self-Regulatory Organization’s
[Release No. 34–83587; File No. SR–CBOE–
common stock. The number of Alibaba 2018–051] Statement of the Purpose of, and
shares to be exchanged per tendered Statutory Basis for, the Proposed Rule
Fund share will be based on a fixed Self-Regulatory Organizations; Cboe Change
exchange ratio. The amount of cash to Exchange, Inc.; Notice of Filing and
be paid per tendered Fund share will be Immediate Effectiveness of a Proposed 1. Purpose
equal to a fixed multiple applied to the Rule Change To Amend Its Fees The Exchange proposes to amend its
volume weighted average price for Schedule With Respect to Expiring Fee Fees Schedule relating to various fee
Alibaba ADSs on the second to last full Waivers and Remove the FLEX Trader waivers and the Flex Trader Incentive
trading day of the In-Kind Repurchase Incentive Program Program that are set to expire June 30,
Offer. Stockholders will not be given a July 3, 2018.
2018.
choice as to the amount or form of Pursuant to Section 19(b)(1) of the VIX and Select Sector License Index
consideration. Each tendering Securities Exchange Act of 1934 (the Surcharge
stockholder will receive, for each Fund ‘‘Act’’),1 and Rule 19b–4 thereunder,2
share tendered, the same number of The Exchange first proposes to extend
notice is hereby given that on July 2, the current waiver of the VIX and Select
Alibaba ADSs and the same amount of 2018, Cboe Exchange, Inc. (the
cash. Sector Index License Surcharge of $0.10
‘‘Exchange’’ or ‘‘Cboe Options’’) filed per contract for Clearing Trading Permit
2. The Alibaba ADSs offered and with the Securities and Exchange Holder Proprietary (‘‘Firm’’) (origin
exchanged to stockholders pursuant to Commission (the ‘‘Commission’’) the codes ‘‘F’’ or ‘‘L’’) VIX and Select Sector
the In-Kind Repurchase Offer are proposed rule change as described in orders that have a premium of $0.10 or
securities that are listed on a public Items I and II below, which Items have lower and have series with an
securities market for which quoted bid been prepared by the Exchange. The expiration of seven (7) calendar days or
and asked prices are available. Exchange filed the proposal as a ‘‘non- less. The Exchange adopted the current
controversial’’ proposed rule change waiver to reduce transaction costs on
3. The Alibaba ADSs offered and pursuant to Section 19(b)(3)(A)(iii) of
exchanged to stockholders pursuant to expiring, low-priced VIX and Select
the Act 3 and Rule 19b–4(f)(6) Sector options, which the Exchange
the In-Kind Repurchase Offer will be thereunder.4 The Commission is
valued in the same manner as they believed would encourage Firms to seek
publishing this notice to solicit to close and/or roll over such positions
would be valued for purposes of comments on the proposed rule change close to expiration at low premium
computing Applicant’s net asset value, from interested persons. levels, including facilitating customers
consistent with the requirements of
I. Self-Regulatory Organization’s to do so, in order to free up capital and
section 2(a)(41) of the Act. encourage additional trading. The
Statement of the Terms of Substance of
4. Applicant will maintain and the Proposed Rule Change Exchange had proposed to waive the
preserve for a period of not less than six surcharge through June 30, 2018, at
The Exchange proposes to amend its
years from the end of the fiscal year in which time the Exchange had stated that
Fees Schedule relating to various fee
which the In-Kind Repurchase Offer waivers and the Flex Trader Incentive it would evaluate whether the waiver
occurs, the first two years in an easily Program that are set to expire June 30, has in fact prompted Firms to close and
accessible place, a written record of the 2018. roll over these positions close to
In-Kind Repurchase Offer, that includes The text of the proposed rule change expiration as intended. The Exchange
the identity of each stockholder of is available on the Exchange’s website believes the waiver encourages Firms to
record that participated in the In-Kind (http://www.cboe.com/AboutCBOE/ do so and as such, proposes to extend
Repurchase Offer, whether that CBOELegalRegulatoryHome.aspx), at the waiver of the surcharge through
stockholder was an Affiliated the Exchange’s Office of the Secretary, December 31, 2018, at which time the
Stockholder, a description of each and at the Commission’s Public Exchange will again reevaluate whether
security distributed, the terms of the Reference Room. the waiver has continued to prompt
distribution, and the information or Firms to close and roll over positions
II. Self-Regulatory Organization’s close to expiration at low premium
materials upon which the valuation was
Statement of the Purpose of, and levels. Accordingly, the Exchange
made. Statutory Basis for, the Proposed Rule proposes to delete the reference to the
For the Commission, by the Division of Change current waiver period of June 30, 2018
Investment Management, under delegated from the Fees Schedule and replace it
In its filing with the Commission, the
authority. with December 31, 2018.
Exchange included statements
Eduardo A. Aleman, concerning the purpose of and basis for Extended Trading Hour Fees
Assistant Secretary. the proposed rule change and discussed
[FR Doc. 2018–14658 Filed 7–6–18; 8:45 am] any comments it received on the In order to promote and encourage
proposed rule change. The text of these trading during the Extended Trading
BILLING CODE P
statements may be examined at the Hours (‘‘ETH’’) session, the Exchange
currently waives ETH Trading Permit
sradovich on DSK3GMQ082PROD with NOTICES
places specified in Item IV below. The
Exchange has prepared summaries, set and Bandwidth Packet fees for one (1)
forth in Sections A, B, and C below, of of each initial Trading Permits and one
(1) of each initial Bandwidth Packet, per
1 15 U.S.C. 78s(b)(1). affiliated TPH. The Exchange notes that
2 17 CFR 240.19b–4. waiver is set to expire June 30, 2018.
3 15 U.S.C. 78s(b)(3)(A)(iii). The Exchange also waives fees through
4 17 CFR 240.19b–4(f)(6). June 30, 2018 for a CMI and FIX login
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![31812 Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
III. Date of Effectiveness of the investors, or otherwise in furtherance of should be submitted on or before July
Proposed Rule Change and Timing for the purposes of the Act. If the 30, 2018.
Commission Action Commission takes such action, the For the Commission, by the Division of
Because the foregoing proposed rule Commission shall institute proceedings Trading and Markets, pursuant to delegated
change does not: (i) Significantly affect to determine whether the proposed rule authority.13
the protection of investors or the public change should be approved or Eduardo A. Aleman,
interest; (ii) impose any significant disapproved. Assistant Secretary.
burden on competition; and (iii) become IV. Solicitation of Comments [FR Doc. 2018–14666 Filed 7–6–18; 8:45 am]
operative for 30 days from the date on
Interested persons are invited to BILLING CODE 8011–01–P
which it was filed, or such shorter time
submit written data, views, and
as the Commission may designate, it has
arguments concerning the foregoing,
become effective pursuant to Section SECURITIES AND EXCHANGE
including whether the proposed rule
19(b)(3)(A)(iii) of the Act 8 and COMMISSION
change is consistent with the Act.
subparagraph (f)(6) Rule 19b–4
Comments may be submitted by any of [Release No. 34–83577; File No. SR–MIAX–
thereunder.9
the following methods: 2018–13]
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not Electronic Comments
Self-Regulatory Organizations; Miami
become operative for 30 days after the • Use the Commission’s internet International Securities Exchange,
date of filing. However Rule 19b– comment form (http://www.sec.gov/ LLC; Notice of Filing and Immediate
4(f)(6)(iii) 11 permits the Commission to rules/sro.shtml); or Effectiveness of a Proposed Rule
designate a shorter time if such action • Send an email to rule-comments@ Change To Amend Exchange Rule 602,
is consistent with the protection of sec.gov. Please include File Number SR– Appointment of Market Makers
investors and the public interest. The CBOE–2018–051 on the subject line.
Exchange has requested that the July 2, 2018.
Commission waive the 30-day operative Paper Comments
Pursuant to Section 19(b)(1) of the
delay to permit the applicable fee • Send paper comments in triplicate Securities Exchange Act of 1934
waivers to be extended on a timely basis to Secretary, Securities and Exchange (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
and without interruption and to update Commission, 100 F Street NE, notice is hereby given that on June 26,
its rule text to reflect the sunsetting of Washington, DC 20549–1090. 2018, Miami International Securities
the FLEX Trader Incentive Program as All submissions should refer to File Exchange, LLC (‘‘MIAX Options’’ or the
scheduled. The Commission believes Number SR–CBOE–2018–051. This file ‘‘Exchange’’) filed with the Securities
that waiver of the 30-day operative number should be included on the and Exchange Commission
delay is consistent with the protection subject line if email is used. To help the (‘‘Commission’’) a proposed rule change
of investors and the public interest Commission process and review your as described in Items I, II, and III below,
because the proposal to extend to comments more efficiently, please use which Items have been prepared by the
December 31, 2018 temporary only one method. The Commission will Exchange. The Commission is
incentives designed to encourage post all comments on the Commission’s publishing this notice to solicit
trading in the above-discussed products internet website (http://www.sec.gov/ comments on the proposed rule change
and trading sessions, and to remove rules/sro.shtml). Copies of the from interested persons.
obsolete text concerning the FLEX submission, all subsequent
Trader Incentive Program, does not raise amendments, all written statements I. Self-Regulatory Organization’s
any new or novel issues. Therefore, the with respect to the proposed rule Statement of the Terms of Substance of
Commission hereby waives the 30-day change that are filed with the the Proposed Rule Change
operative delay and designates the Commission, and all written The Exchange is filing a proposal to
proposed rule change operative upon communications relating to the amend Rule 602, Appointment of
filing.12 proposed rule change between the Market Makers, to specify the new
At any time within 60 days of the Commission and any person, other than method by which Lead Market Makers 3
filing of the proposed rule change, the those that may be withheld from the (‘‘LMMs’’) and Registered Market
Commission summarily may public in accordance with the Makers 4 (‘‘RMMs’’) request
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be appointments to one or more classes of
it appears to the Commission that such available for website viewing and option contracts traded on the
action is necessary or appropriate in the printing in the Commission’s Public Exchange.
public interest, for the protection of Reference Room, 100 F Street NE,
Washington, DC 20549 on official 13 17 CFR 200.30–3(a)(12).
8 15 U.S.C. 78s(b)(3)(A). business days between the hours of 1 15 U.S.C. 78s(b)(1).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 2 17 CFR 240.19b–4.
10:00 a.m. and 3:00 p.m. Copies of the
4(f)(6)(iii) requires the Exchange to give the 3 The term ‘‘Lead Market Maker’’ means a
Commission written notice of the Exchange’s intent filing also will be available for
Member registered with the Exchange for the
to file the proposed rule change, along with a brief inspection and copying at the principal purpose of making markets in securities traded on
description and text of the proposed rule change, office of the Exchange. All comments the Exchange and that is vested with the rights and
at least five business days prior to the date of filing received will be posted without change. responsibilities specified in Chapter VI of the
of the proposed rule change, or such shorter time Exchange’s Rules with respect to Lead Market
Persons submitting comments are
sradovich on DSK3GMQ082PROD with NOTICES
as designated by the Commission. The Exchange Makers. See Exchange Rule 100.
has satisfied this requirement. cautioned that we do not redact or edit 4 The term ‘‘Registered Market Maker’’ means a
10 17 CFR 240.19b–4(f)(6). personal identifying information from Member registered with the Exchange for the
11 17 CFR 240.19b–4(f)(6)(iii).
comment submissions. You should purpose of making markets in securities traded on
12 For purposes only of waiving the 30-day the Exchange, who is not a Lead Market Maker and
submit only information that you wish
operative delay, the Commission also has is vested with the rights and responsibilities
considered the proposed rule’s impact on
to make available publicly. All specified in Chapter VI of the Exchange’s Rules
efficiency, competition, and capital formation. See submissions should refer to File with respect to Registered Market Makers. See
15 U.S.C. 78c(f). Number SR–CBOE–2018–051 and Exchange Rule 100.
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Document Created: 2018-07-07 00:42:44
Document Modified: 2018-07-07 00:42:44
| 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 31810 |
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