83 FR 3816 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule Concerning Firm Incentive Programs

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 18 (January 26, 2018)

Page Range		3816-3819
FR Document		2018-01363

Federal Register, Volume 83 Issue 18 (Friday, January 26, 2018)

[Federal Register Volume 83, Number 18 (Friday, January 26, 2018)]
[Notices]
[Pages 3816-3819]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-01363]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82548; File No. SR-CBOE-2018-005]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fees Schedule Concerning Firm Incentive Programs

January 19, 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 January 12, 2017, 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,
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.
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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 proposes to amend its Fees Schedule. The text of the
proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also 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.

[[Page 3817]]

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. Particularly, the
Exchange proposes to amend Footnote 11 of its Fees Schedule, which
governs the Clearing Trading Permit Holder Fee Cap, Proprietary
Products Sliding Scale, Proprietary VIX Sliding Scale, and Supplemental
VIX Total Firm Discount (collectively, ``Firm Incentive Programs'')
which applies to (i) Clearing Trading Permit Holder proprietary orders
(``F'' origin code), and (ii) orders of Non-Trading Permit Holder
Affiliates (``Non-TPH Affiliates'') of a Clearing Trading Permit Holder
(``Clearing TPH'') orders (``L'' origin code). Footnote 11 currently
defines a ``Non-Trading Permit Holder Affiliate'' for this purpose as a
100% wholly-owned affiliate or subsidiary of a Clearing TPH that is
registered as a United States or foreign broker-dealer and that is not
a Cboe Options Trading Permit Holder (``TPH''). It also provides that
only proprietary orders of the Non-TPH Affiliate effected for purposes
of hedging the proprietary over-the-counter trading of the Clearing TPH
or its affiliates will be included in calculating the Firm Incentive
Programs. Additionally, Footnote 11 provides that the Exchange will
aggregate the fees and trading activity of separate Clearing TPHs for
the purposes of the Firm Incentive Programs if there is at least 75%
common ownership between the Clearing TPHs as reflected on each
Clearing TPH's Form BD, Schedule A. Footnote 11 further states that
each Clearing TPH is responsible for notifying the TPH Department of
all of its affiliations so that fees and contracts of the Clearing TPH
and its affiliates may be aggregated and each Clearing TPH is required
to inform the Exchange immediately of any event that causes an entity
to cease to be an affiliate. A Clearing TPH is also required to certify
the affiliate status of any Non-TPH Affiliate whose trading activity it
seeks to aggregate.
The Exchange first proposes to modify which ``L'' orders may be
included in calculating the Firm Incentive Programs. Particularly, the
Exchange proposes to eliminate the requirement that to be included in
calculating the Firm Incentive Programs, ``L'' orders must be
proprietary orders of a Non-TPH Affiliate effected for purposes of
hedging the proprietary over-the-counter trading of the Clearing TPH or
its affiliates. In its place, the Exchange proposes to provide that all
proprietary orders of a Non-TPH Affiliate may be included in the above-
mentioned calculations. The Exchange wishes to encourage Non-TPH
Affiliates to send all of their proprietary orders to the Exchange, not
just transactions that are effected for purposes of hedging over-the-
counter trading.
Next, the Exchange proposes to clarify that in order to provide
``L'' origin code rates to ``L'' origin code orders, the orders need to
clear through an Exchange-registered OCC number. The Exchange notes
that if an order marked with an ``L'' origin code uses a non-Exchange
registered OCC clearing number, the orders would not be aggregated with
any ``F'' orders, as the clearing number is not known to the Exchange's
billing system. In order to avoid confusion, the Exchange proposes to
make clear that only proprietary orders of a Non-TPH Affiliate that
clears through a Cboe Options-registered OCC clearing number(s) will be
included in calculating the Firm Incentive Programs. Similarly, the
Exchange wishes to further clarify Footnote 16 and add a reference to
``L'' origin codes to Footnote 16. Footnote 16 currently provides that
Broker-Dealer transaction fees (i.e., fees assessed for orders with a
``B'' origin code) will apply to certain orders with an ``F'' origin
code if those orders are from OCC members that are not Cboe Options
TPHs. As noted above, if an order uses a non-Exchange registered OCC
clearing number, the clearing number is not known to the Exchange's
billing system. This is true regardless of if the order came from an
OCC member that is or is not a Cboe Options TPH. As such, the Exchange
proposes to also clarify that ``F'' and ``L'' orders will be billed as
``B'' orders if the orders are from OCC numbers that are not from Cboe
Options TPHs or are not registered with the Exchange.
The Exchange next proposes to eliminate the requirement that each
Clearing TPH certify the affiliate status of any Non-TPH Affiliate
who's trading activity it seeks to aggregate. The Exchange believes
that it is incumbent on any TPH marking an order with any origin code
to ensure that it is marking the order appropriately and meeting any
stated criteria. Orders should only be marked with an ``L'' origin code
if it meets the definition provided for in Footnote 11, which, as noted
above, requires that the order be from a 100% wholly-owned affiliate or
subsidiary of a Clearing TPH that is registered as a United States or
foreign broker-dealer and that is not a Cboe Options TPH. Accordingly,
the Exchange does not believe it's necessary for further certification
and therefore does not believe this language is necessary to maintain
in the Fees Schedule.
Lastly, the Exchange proposes to (i) relocate to a new Footnote and
(2) modify, the language currently in Footnote 11 requiring each
Clearing TPH to notify the TPH Department of all of its affiliations
and of any event that causes an entity to cease to be an affiliate.
Particularly, the Exchange notes that the definition of an
``affiliate'' as used in Footnote 11 (i.e., 75% common ownership
between the firms as reflected on each firm's Form BD, Schedule A) is
also referenced numerous times throughout the Fees Schedule.
Particularly, there are a number of other occasions for which the
Exchange may aggregate activity between affiliates.\3\ As such, the
Exchange believes it would be more appropriate to relocate the notice
requirement to its own footnote (proposed Footnote 39) and expand the
scope of the notice requirement to apply to all TPHs (not just Clearing
TPHs). Accordingly, the Fees Schedule will now provide that each TPH is
responsible for notifying the Exchange of all its affiliates and is
required to inform the Exchange immediately of any event that causes an
entity to cease to be an affiliate, in a form and manner to be
determined by the Exchange. As noted above, an ``affiliate'' is defined
as having at least 75% common ownership between two entities as
reflected on each entity's Form BD, Schedule A.
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\3\ See e.g., Cboe Exchange, Inc. Fees Schedule, Footnote 10,
which provides the Exchange will aggregate the trading activity of
separate Liquidity Provider firms for purposes of the Liquidity
Provider Sliding Scale if there is at least 75% common ownership
between the firms as reflected on each firm's Form BD, Schedule A.
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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

[[Page 3818]]

thereunder applicable to the Exchange and, in particular, the
requirements of Section 6(b) of the Act.\4\ Specifically, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \5\ 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,\6\ 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.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ 15 U.S.C. 78f(b)(4).
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The Exchange believes allowing a Clearing TPH to aggregate its
trading activity for purposes of the Firm Incentive Programs with its
Non-TPH Affiliate(s) for all proprietary orders of the Non-TPH
Affiliate(s) and not just those effected for purposes of hedging the
proprietary over-the-counter trading of the Clearing TPH or its
affiliates is equitable, reasonable and not unfairly discriminatory.
Particularly, the Exchange notes that ``L'' orders will continue to get
the benefit of ``L'' order rates (now just a wider universe of orders).
The Exchange believes it's equitable and not unfairly discriminatory to
expand the scope of allowable ``L'' orders, as it still requires Non-
TPH Affiliate(s) to be registered as a United States or foreign broker-
dealer and for there to be complete identity of common ownership
between the Clearing TPH and Non-TPH Affiliate. The Exchange does not
believe it's necessary to continue to require the Non-TPH Affiliate's
orders be effected for purposes of hedging. The elimination of this
requirement would encourage the sending of all Non-TPH Affiliate's
proprietary orders, which thereby brings greater trading activity,
volume and liquidity, benefitting all market participants.
The Exchange next believes that clarifying Footnote 11 to state
that only proprietary orders of a Non-TPH Affiliate (``L'' origin code)
that clear through a Cboe Options-registered OCC clearing number(s)
will be processed as an ``L'' order, maintains transparency in the Fees
Schedule and reduces potential confusion. For the same reasons, the
Exchange is further clarifying Footnote 16 to provide that both ``F''
and ``L'' orders will be processed as Broker-Dealer (origin code ``B'')
orders if they are from an OCC number that does not belong to a Cboe
Options TPH or is not registered with the Exchange. As noted above,
orders marked with either an ``F'' or ``L'' origin code that clear
through a non-Exchange registered OCC clearing number are not processed
as such, as the clearing number is not known to the Exchange's billing
system. The Exchange believes that explicitly clarifying this
requirement in both Footnote 11 and Footnote 16 will reduce potential
confusion. The alleviation of confusion removes impediments to and
perfects the mechanism of a free and open market and a national market
system, and, in general, protects investors and the public interest.
The Exchange next believes it's reasonable to eliminate the
requirement that each Clearing TPH certify the affiliate status of any
Non-TPH Affiliate who's trading activity it seeks to aggregate because
the Exchange believes marking an order with an ``L'' origin code should
serve as certification that the order meets the requirements described
above. Therefore, the Exchange does not believe this current language
is necessary to maintain in the Fees Schedule. Eliminating unnecessary
language reduces potential confusion, thereby removing impediments to
and perfecting the mechanism of a free and open market and a national
market system, and, in general, protecting investors and the public
interest.
Lastly, the Exchange believes its proposal to (i) relocate the
language requiring each Clearing TPH to notify the TPH Department of
all of its affiliations and of any event that causes an entity to cease
to be an affiliate from Footnote 11 to a new Footnote and (ii) modify
the language to expand the scope of the language such that the notice
requirement applies to the entire Fees Schedule, and all TPHs
generally, promotes transparency in the Fees Schedule and reduces
confusion. As noted above, the definition of an affiliate (i.e., 75%
common ownership between the firms as reflected on each firm's Form BD,
Schedule A) is referenced numerous times throughout the Fees Schedule
and there are a number of other occasions for which the Exchange
aggregates activity between such affiliates. As such, the Exchange
believes it would be more appropriate for the language requiring notice
of affiliations and termination of such relationships to be applicable
to all TPHs and therefore be relocated to its own footnote which would
apply to the entire Fees Schedule. Additionally, clarifying that such
information shall be communicated to the Exchange in a form and manner
to be determined by the Exchange allows the Exchange to provide a
uniform and orderly manner in which to receive the information.

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

The Exchange does not believe that the proposed rule changes will
impose any burdens on competition that are not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because to the extent Non-TPH
Affiliates receive beneficial pricing, the Exchange notes that Non-TPH
Affiliate(s) are required to have complete identity of common ownership
between itself and its affiliated Clearing TPH, and Clearing TPHs have
clearing obligations that other market participants do not have.
Moreover, the proposed changes are intended to encourage market
participants to bring increased volume to the Exchange (which benefits
all market participants). Additionally, the clarifying rule changes are
not intended to address any competitive issues but rather to provide
more clarity and transparency regarding Non-TPH Affiliates and
affiliates. The Exchange does not believe that the proposed change will
cause any unnecessary burden on intermarket competition because the
proposed change only affects trading on Cboe Options. To the extent
that the proposed changes make Cboe Options a more attractive
marketplace for market participants at other exchanges, such market
participants are welcome to become Cboe Options market participants.

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.

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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)

[[Page 3819]]

of the Act \7\ and paragraph (f) of Rule 19b-4 \8\ thereunder. 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 will institute proceedings to determine whether
the proposed rule change should be approved or disapproved.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f).
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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-CBOE-2018-005 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-2018-005. 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-2018-005 and should be submitted on
or before February 16, 2018.
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\9\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01363 Filed 1-25-18; 8:45 am]
BILLING CODE 8011-01-P

3816 Federal Register / Vol. 83, No. 18 / Friday, January 26, 2018 / Notices

will have no effect on the assessment of At any time within 60 days of the personal identifying information from
fees for current BOX Participants as they filing of the proposed rule change, the comment submissions. You should
are all fully certified to transact business Commission summarily may submit only information that you wish
on the Exchange. Future BOX temporarily suspend the rule change if to make available publicly. All
Participants will be assessed the ORF it appears to the Commission that the submissions should refer to File No.
once their application has been action is necessary or appropriate in the SR–BOX–2018–02, and should be
approved; as BOX’s regulatory public interest, for the protection of submitted on or before February 16,
responsibility begins as soon as a firm investors, or would otherwise further 2018.
becomes a Participant and not when the the purposes of the Act. If the
Participant is technologically certified. Commission takes such action, the For the Commission, by the Division of
Commission shall institute proceedings Trading and Markets, pursuant to delegated
B. Self-Regulatory Organization’s to determine whether the proposed rule authority.16
Statement on Burden on Competition should be approved or disapproved. Eduardo A. Aleman,
The Exchange does not believe that IV. Solicitation of Comments Assistant Secretary.
the proposed rule change will impose [FR Doc. 2018–01362 Filed 1–25–18; 8:45 am]
any burden on competition not Interested persons are invited to
BILLING CODE 8011–01–P
necessary or appropriate in furtherance submit written data, views, and
of the purposes of the Act. The ORF is arguments concerning the foregoing,
not intended to have any impact on including whether the proposed rule
SECURITIES AND EXCHANGE
competition. Rather, it is designed to change is consistent with the Act.
Comments may be submitted by any of COMMISSION
enable the Exchange to recover a
material portion of the Exchange’s cost the following methods:
[Release No. 34–82548; File No. SR–CBOE–
related to its regulatory activities. The Electronic Comments 2018–005]
Exchange is obligated to ensure that the • Use the Commission’s internet
amount of regulatory revenue collected comment form (http://www.sec.gov/ Self-Regulatory Organizations; Cboe
from the ORF, in combination with its rules/sro.shtml); or Exchange, Inc.; Notice of Filing and
other regulatory fees and fines, does not • Send an email to rule-comments@ Immediate Effectiveness of a Proposed
exceed regulatory costs. Unilateral sec.gov. Please include File No. SR– Rule Change To Amend the Fees
action by BOX in establishing fees for BOX–2018–02 on the subject line. Schedule Concerning Firm Incentive
services provided to its Participants and Programs
others using its facilities will not have Paper Comments
an impact on competition. In the highly • Send paper comments in triplicate January 19, 2018.
competitive environment for equity to Secretary, Securities and Exchange
Pursuant to Section 19(b)(1) of the
options trading, BOX does not have the Commission, 100 F Street NE,
market power necessary to set prices for Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
services that are unreasonable or ‘‘Act’’),1 and Rule 19b–4 thereunder,2
All submissions should refer to File No.
unfairly discriminatory in violation of notice is hereby given that on January
SR–BOX–2018–02. This file number
the Act. The Exchange’s ORF, as should be included on the subject line 12, 2017, Cboe Exchange, Inc. (the
described herein, is comparable to fees if email is used. To help the ‘‘Exchange’’ or ‘‘Cboe Options’’) filed
charged by other options exchanges for Commission process and review your with the Securities and Exchange
the same or similar services. The comments more efficiently, please use Commission (the ‘‘Commission’’) the
Exchange believes that limiting the only one method. The Commission will proposed rule change as described in
changes to the ORF to twice a year on post all comments on the Commission’s Items I, II, and III below, which Items
specific dates with advance notice is not internet website (http://www.sec.gov/ have been prepared by the Exchange.
intended to address a competitive issue rules/sro.shtml). Copies of the The Commission is publishing this
but rather to provide Participants with submission, all subsequent notice to solicit comments on the
better notice of any change that the amendments, all written statements proposed rule change from interested
Exchange may make to the ORF. with respect to the proposed rule persons.
C. Self-Regulatory Organization’s change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s
Statement on Comments on the Statement of the Terms of Substance of
Proposed Rule Change Received From communications relating to the
proposed rule change between the the Proposed Rule Change
Members, Participants, or Others
Commission and any person, other than The Exchange proposes to amend its
No written comments were either those that may be withheld from the Fees Schedule. The text of the proposed
solicited or received. public in accordance with the rule change is provided in Exhibit 5.
III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
available for website viewing and The text of the proposed rule change
Proposed Rule Change and Timing for is also available on the Exchange’s
Commission Action printing in the Commission’s Public
Reference Room, 100 F Street NE, website (http://www.cboe.com/
The foregoing rule change has become Washington, DC 20549, on official AboutCBOE/CBOELegalRegulatory
effective pursuant to Section business days between the hours of Home.aspx), at the Exchange’s Office of
daltland on DSKBBV9HB2PROD with NOTICES

19(b)(3)(A)(ii) of the Exchange Act 14 10:00 a.m. and 3:00 p.m. Copies of the the Secretary, and at the Commission’s
and Rule 19b–4(f)(2) thereunder,15 filing also will be available for Public Reference Room.
because it establishes or changes a due, inspection and copying at the principal
or fee. office of the Exchange. All comments
received will be posted without change. 16 17 CFR 200.30–3(a)(12).
14 15 US.C. 78s(b)(3)(A)(ii). Persons submitting comments are 1 15 U.S.C. 78s(b)(1).
15 17 CFR 240.19b–4(f)(2). cautioned that we do not redact or edit 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 20:14 Jan 25, 2018 Jkt 244001 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 E:\FR\FM\26JAN1.SGM 26JAN1

Federal Register / Vol. 83, No. 18 / Friday, January 26, 2018 / Notices 3819

of the Act 7 and paragraph (f) of Rule inspection and copying at the principal For the Commission, by the Division of
19b–4 8 thereunder. At any time within office of the Exchange. All comments Trading and Markets, pursuant to delegated
60 days of the filing of the proposed rule received will be posted without change. authority.5
change, the Commission summarily may Persons submitting comments are Eduardo A. Aleman,
temporarily suspend such rule change if cautioned that we do not redact or edit Assistant Secretary.
it appears to the Commission that such personal identifying information from [FR Doc. 2018–01415 Filed 1–25–18; 8:45 am]
action is necessary or appropriate in the comment submissions. You should BILLING CODE 8011–01–P
public interest, for the protection of submit only information that you wish
investors, or otherwise in furtherance of to make available publicly. All
the purposes of the Act. If the submissions should refer to File SECURITIES AND EXCHANGE
Commission takes such action, the Number SR–CBOE–2018–005 and COMMISSION
Commission will institute proceedings should be submitted on or before [Release No. 34–82552; File No. SR–
to determine whether the proposed rule February 16, 2018. CboeBZX–2017–006]
change should be approved or For the Commission, by the Division of
disapproved. Trading and Markets, pursuant to delegated Self-Regulatory Organizations; Cboe
authority.9 BZX Exchange, Inc.; Notice of
IV. Solicitation of Comments
Eduardo A. Aleman, Designation of a Longer Period for
Interested persons are invited to Assistant Secretary. Commission Action on Proposed Rule
submit written data, views, and Change to List and Trade Shares of a
[FR Doc. 2018–01363 Filed 1–25–18; 8:45 am]
arguments concerning the foregoing, Series of the Cboe Vest S&P 500
BILLING CODE 8011–01–P
including whether the proposed rule Enhanced Growth Strategy ETF Under
change is consistent with the Act. the ETF Series Solutions Trust, Under
Comments may be submitted by any of SECURITIES AND EXCHANGE Rule 14.11(c)(3), Index Fund Shares
the following methods: COMMISSION January 19, 2018.
Electronic Comments [Release No. 34–82560; File No. SR– On November 21, 2017, Cboe BZX
• Use the Commission’s internet CboeBZX–2017–013] Exchange, Inc. (‘‘Exchange’’) filed with
comment form (http://www.sec.gov/ the Securities and Exchange
rules/sro.shtml); or Self-Regulatory Organizations; Cboe Commission (‘‘Commission’’), pursuant
• Send an email to rule-comments@ BZX Exchange, Inc.; Notice of to Section 19(b)(1) of the Securities
sec.gov. Please include File Number SR– Withdrawal of a Proposed Rule Change Exchange Act of 1934 (‘‘Act’’) 1 and Rule
CBOE–2018–005 on the subject line. To List and Trade Shares of the REX 19b–4 thereunder,2 a proposed rule
Bitcoin Strategy ETF and the REX change to list and trade shares of a
Paper Comments Short Bitcoin Strategy ETF, Each a series of the Cboe Vest S&P 500®
• Send paper comments in triplicate Series of the Exchange Listed Funds Enhanced Growth Strategy ETF under
to Secretary, Securities and Exchange Trust, Under Rule 14.11(i), Managed the ETF Series Solutions Trust under
Commission, 100 F Street NE, Fund Shares Exchange Rule 14.11(c)(3), Index Fund
Washington, DC 20549–1090. Shares. The proposed rule change was
January 22, 2018.
All submissions should refer to File On December 15, 2017, Cboe BZX published for comment in the Federal
Number SR–CBOE–2018–005. This file Exchange, Inc. (‘‘Exchange’’) filed with Register on December 11, 2017.3 The
number should be included on the Commission has received no comment
the Securities and Exchange
subject line if email is used. To help the letters on the proposed rule change.
Commission (‘‘Commission’’), pursuant
Commission process and review your Section 19(b)(2) of the Act 4 provides
to Section 19(b)(1) of the Securities that, within 45 days of the publication
comments more efficiently, please use Exchange Act of 1934 (‘‘Exchange
only one method. The Commission will of notice of the filing of a proposed rule
Act’’) 1 and Rule 19b–4 thereunder,2 a change, or within such longer period up
post all comments on the Commission’s proposed rule change to list and trade
internet website (http://www.sec.gov/ to 90 days as the Commission may
shares of the REX Bitcoin Strategy ETF designate if it finds such longer period
rules/sro.shtml). Copies of the and the REX Short Bitcoin Strategy ETF,
submission, all subsequent to be appropriate and publishes its
each a series of the Exchange Listed reasons for so finding or as to which the
amendments, all written statements Funds Trust, under Rule 14.11(i),
with respect to the proposed rule self-regulatory organization consents,
Managed Fund Shares. The proposed the Commission shall either approve the
change that are filed with the rule change was published for comment
Commission, and all written proposed rule change, disapprove the
in the Federal Register on January 4, proposed rule change, or institute
communications relating to the 2018.3 The Commission received one
proposed rule change between the proceedings to determine whether the
comment letter on the proposed rule proposed rule change should be
Commission and any person, other than change.4
those that may be withheld from the disapproved. The 45th day after
On January 19, 2018, the Exchange publication of the notice for this
public in accordance with the withdrew the proposed rule change
provisions of 5 U.S.C. 552, will be proposed rule change is January 25,
(SR–CboeBZX–2017–013). 2018. The Commission is extending this
available for website viewing and
printing in the Commission’s Public 9 17
45-day time period.
CFR 200.30–3(a)(12). The Commission finds that it is
Reference Room, 100 F Street NE, 1 15 U.S.C. 78s(b)(1).
daltland on DSKBBV9HB2PROD with NOTICES

Washington, DC 20549 on official 2 17 CFR 240.19b–4.
appropriate to designate a longer period
business days between the hours of 3 See Securities Exchange Act Release No. 82417
5 17
(Dec. 28, 2017), 83 FR 570 (Jan. 4, 2018). CFR 200.30–3(a)(12).
10:00 a.m. and 3:00 p.m. Copies of the 1 15 U.S.C. 78s(b)(1).
4 See Letter from Stephen Knell (Jan. 9, 2018).
filing also will be available for The comment on the proposed rule change is
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 82216
available on the Commission’s website at: https://
7 15 U.S.C. 78s(b)(3)(A). (December 5, 2017), 82 FR 58235.
www.sec.gov/comments/sr-cboebzx-2017-013/
8 17 CFR 240.19b–4(f). cboebzx2017013.htm. 4 15 U.S.C. 78s(b)(2).

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Document Created: 2018-10-26 10:03:25
Document Modified: 2018-10-26 10:03:25

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 3816