83 FR 4088 - Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Adopt LCH SA's Recovery Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 19 (January 29, 2018)
Federal Register Volume 83, Issue 19 (January 29, 2018)
| Page Range | 4088-4089 | |
| FR Document | 2018-01537 |
[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)] [Notices] [Pages 4088-4089] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-01537] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82570; File No. SR-LCH SA-2017-012] Self-Regulatory Organizations; LCH SA; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Adopt LCH SA's Recovery Plan January 23, 2018. On November 30, 2017, Banque Centrale de Compensation, which conducts business under the name LCH SA (``LCH SA''), filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder \2\ a proposed rule change to adopt an updated recovery plan (the ``RP''). (File No. SR-LCH SA-2017-012). The proposed rule change was published for comment in the Federal Register on December 19, 2017.\3\ To date, the Commission has not received comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Securities Exchange Act Release No. 34-82316 (December 13, 2017), 82 FR 60246 (December 19, 2017) (SR-LCH SA-2017-012) (``Notice''). --------------------------------------------------------------------------- Section 19(b)(2) of the Act \4\ provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate, if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the [[Page 4089]] proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is February 2, 2018. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission is extending the 45-day time period for Commission action on the proposed rule change. LCH SA proposes to adopt an updated RP. The Commission finds it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider LCH SA's proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) \5\ of the Act, designates March 19, 2018, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR- LCH SA-2017-012). --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-01537 Filed 1-26-18; 8:45 am] BILLING CODE 8011-01-P
![4088 Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
any burden on competition not 19(b)(3)(A)(ii) of the Act.25 At any time received will be posted without change.
necessary or appropriate in furtherance within 60 days of the filing of the Persons submitting comments are
of the purposes of the Act. In terms of proposed rule change, the Commission cautioned that we do not redact or edit
inter-market competition, the Exchange summarily may temporarily suspend personal identifying information from
notes that it operates in a highly such rule change if it appears to the comment submissions. You should
competitive market in which market Commission that such action is: (i) submit only information that you wish
participants can readily favor competing Necessary or appropriate in the public to make available publicly. All
venues if they deem fee levels at a interest; (ii) for the protection of submissions should refer to File
particular venue to be excessive, or investors; or (iii) otherwise in Number SR–ISE–2018–07 and should be
rebate opportunities available at other furtherance of the purposes of the Act. submitted on or before February 20,
venues to be more favorable. In such an If the Commission takes such action, the 2018.
environment, the Exchange must Commission shall institute proceedings For the Commission, by the Division of
continually adjust its fees to remain to determine whether the proposed rule Trading and Markets, pursuant to delegated
competitive with other exchanges and should be approved or disapproved. authority.26
with alternative trading systems that Eduardo A. Aleman,
IV. Solicitation of Comments
have been exempted from compliance Assistant Secretary.
with the statutory standards applicable Interested persons are invited to
submit written data, views, and [FR Doc. 2018–01535 Filed 1–26–18; 8:45 am]
to exchanges. Because competitors are
free to modify their own fees in arguments concerning the foregoing, BILLING CODE 8011–01–P
response, and because market including whether the proposed rule
participants may connect to third change is consistent with the Act.
Comments may be submitted by any of SECURITIES AND EXCHANGE
parties instead of directly connecting to
the following methods: COMMISSION
the Exchange, the Exchange believes
that the degree to which fee changes in Electronic Comments [Release No. 34–82570; File No. SR–LCH
this market may impose any burden on SA–2017–012]
competition is extremely limited. • Use the Commission’s internet
In this instance, the proposed changes comment form (http://www.sec.gov/ Self-Regulatory Organizations; LCH
to the charges assessed for connectivity rules/sro.shtml); or SA; Notice of Designation of Longer
to the Exchange are consistent with the • Send an email to rule-comments@ Period for Commission Action on
fees assessed by other exchanges for the sec.gov. Please include File Number SR– Proposed Rule Change To Adopt LCH
same or similar connectivity. The ISE–2018–07 on the subject line. SA’s Recovery Plan
Exchange must assess fees to cover the Paper Comments January 23, 2018.
costs incurred in providing connectivity
• Send paper comments in triplicate On November 30, 2017, Banque
and members had been assessed fees for
to Secretary, Securities and Exchange Centrale de Compensation, which
Exchange connectivity prior to the
Commission, 100 F Street NE, conducts business under the name LCH
sunset of the old Exchange architecture.
Washington, DC 20549–1090. SA (‘‘LCH SA’’), filed with the
The Exchange considered the historical
All submissions should refer to File Securities and Exchange Commission
fees paid by subscribers to the
Number SR–ISE–2018–07. This file (‘‘Commission’’), pursuant to Section
Exchange’s connectivity and set the
number should be included on the 19(b)(1) of the Securities Exchange Act
proposed fees at a level that it
subject line if email is used. To help the of 1934 (‘‘Act’’) 1 and Rule 19b–4
determined would be as similar to the
Commission process and review your thereunder 2 a proposed rule change to
historical fees paid by members for
comments more efficiently, please use adopt an updated recovery plan (the
similar connectivity. As a consequence,
only one method. The Commission will ‘‘RP’’). (File No. SR–LCH SA–2017–
competition will not be burdened by the
post all comments on the Commission’s 012). The proposed rule change was
proposed fees. In sum, if the changes
internet website (http://www.sec.gov/ published for comment in the Federal
proposed herein are unattractive to
rules/sro.shtml). Copies of the Register on December 19, 2017.3 To
market participants, it is likely that the
submission, all subsequent date, the Commission has not received
Exchange will see a decrease in
amendments, all written statements comments on the proposed rule change.
subscribership to ports and possibly
with respect to the proposed rule Section 19(b)(2) of the Act 4 provides
lose market share as a result.
change that are filed with the that within 45 days of the publication of
Accordingly, the Exchange does not
Commission, and all written notice of the filing of a proposed rule
believe that the proposed changes will
communications relating to the change, or within such longer period up
impair the ability of members or
proposed rule change between the to 90 days as the Commission may
competing order execution venues to
Commission and any person, other than designate, if it finds such longer period
maintain their competitive standing in
those that may be withheld from the to be appropriate and publishes its
the financial markets.
public in accordance with the reasons for so finding or as to which the
C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be self-regulatory organization consents,
Statement on Comments on the available for website viewing and the Commission shall either approve the
Proposed Rule Change Received From printing in the Commission’s Public proposed rule change, disapprove the
Members, Participants, or Others Reference Room, 100 F Street NE, proposed rule change, or institute
proceedings to determine whether the
sradovich on DSK3GMQ082PROD with NOTICES
No written comments were either Washington, DC 20549, on official
solicited or received. business days between the hours of
26 17 CFR 200.30–3(a)(12).
10:00 a.m. and 3:00 p.m. Copies of the
III. Date of Effectiveness of the filing also will be available for
1 15 U.S.C. 78s(b)(1).
Proposed Rule Change and Timing for inspection and copying at the principal
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 34–82316
Commission Action office of the Exchange. All comments (December 13, 2017), 82 FR 60246 (December 19,
The foregoing rule change has become 2017) (SR–LCH SA–2017–012) (‘‘Notice’’).
effective pursuant to Section 25 15 U.S.C. 78s(b)(3)(A)(ii). 4 15 U.S.C. 78s(b)(2).
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![Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices 4089
proposed rule change should be I. Self-Regulatory Organization’s standards,3 and serves to align the rules
disapproved. The 45th day from the Statement of the Terms of Substance of of Phlx and the Exchange.
publication of notice of filing of this the Proposed Rule Change Currently the underlying covered
proposed rule change is February 2, security must have a closing market
2018. The Exchange proposes to amend
Chapter IV, Section 3 (Criteria for price of $3.00 per share for the previous
The Commission is extending the 45- Underlying Securities) of the rules five consecutive business days
day time period for Commission action governing the Nasdaq Options Market preceding the date on which the
on the proposed rule change. LCH SA (‘‘NOM’’) to modify the criteria for Exchange submits a listing certificate to
proposes to adopt an updated RP. The listing an option on an underlying OCC. In the proposed amendment, the
Commission finds it is appropriate to covered security. market price will still be measured by
designate a longer period within which the closing price reported in the primary
The text of the proposed rule change market in which the underlying covered
to take action on the proposed rule is available on the Exchange’s website at
change so that it has sufficient time to security is traded, but the measurement
http://nasdaq.cchwallstreet.com, at the will be the price over the prior three
consider LCH SA’s proposed rule principal office of the Exchange, and at consecutive business day period
change. the Commission’s Public Reference preceding the submission of the listing
Accordingly, the Commission, Room. certificate to OCC, instead of the prior
pursuant to Section 19(b)(2) 5 of the Act, five business day period.
II. Self-Regulatory Organization’s
designates March 19, 2018, as the date
Statement of the Purpose of, and The Exchange acknowledges that the
by which the Commission should either Options Listing Procedures Plan 4
Statutory Basis for, the Proposed Rule
approve or disapprove, or institute requires that the listing certificate be
Change
proceedings to determine whether to provided to OCC no earlier than 12:01
disapprove, the proposed rule change In its filing with the Commission, the a.m. and no later than 11:00 a.m.
(File No. SR–LCH SA–2017–012). Exchange included statements (Chicago time) on the trading day prior
For the Commission, by the Division of concerning the purpose of and basis for to the day on which trading is to begin.5
Trading and Markets, pursuant to delegated the proposed rule change and discussed The proposed amendment will still
authority.6 any comments it received on the comport with that requirement. For
Eduardo A. Aleman,
proposed rule change. The text of these example, if an initial public offering
statements may be examined at the (‘‘IPO’’) occurs at 11 a.m. on Monday,
Assistant Secretary.
places specified in Item IV below. The the earliest date the Exchange could
[FR Doc. 2018–01537 Filed 1–26–18; 8:45 am] Exchange has prepared summaries, set submit its listing certificate to OCC
BILLING CODE 8011–01–P forth in sections A, B, and C below, of would be on Thursday by 12:01 a.m.
the most significant aspects of such (Chicago time), with the market price
statements. determined by the closing price over the
SECURITIES AND EXCHANGE three-day period from Monday through
COMMISSION A. Self-Regulatory Organization’s
Wednesday. The option on the IPO
Statement of the Purpose of, and the
would then be eligible for trading on the
Statutory Basis for, the Proposed Rule
[Release No. 34–82573; File No. SR– Exchange on Friday. The proposed
NASDAQ–2018–005] Change
amendment would essentially enable
1. Purpose options trading within four business
Self-Regulatory Organizations; The days of an IPO becoming available
Nasdaq Stock Market LLC; Notice of The purpose of the proposed rule instead of six business days (five
Filing and Immediate Effectiveness of change is to amend NOM Chapter IV,
Proposed Rule Change Relating to the Section 3 to modify the criteria for 3 See Securities Exchange Act Release No. 82474
Criteria for Listing Underlying listing options on an underlying (January 9, 2018) (SR–Phlx–2017–75) (Order
Securities security as defined in Section Granting Approval of a Proposed Rule Change)
(‘‘Phlx Filing’’). The Exchange, together with its
18(b)(1)(A) of the Securities Act of 1933 affiliates, Nasdaq BX, Inc. (‘‘BX’’) and Nasdaq ISE,
January 23, 2018. (hereinafter ‘‘covered security’’ or LLC (‘‘ISE’’), all of which are wholly owned
Pursuant to Section 19(b)(1) of the ‘‘covered securities’’). In particular, the subsidiaries of Nasdaq, Inc. (‘‘Nasdaq HoldCo’’),
Exchange proposes to modify Section have filed identical rule change proposals based on
Securities Exchange Act of 1934 the Phlx Filing.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 3(b)v.1) to permit the listing of an 4 The Plan for the Purpose of Developing and
notice is hereby given that on January option on an underlying covered Implementing Procedures Designed to Facilitate the
16, 2018, The Nasdaq Stock Market LLC security that has a market price of at Listing and Trading of Standardized Options
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the least $3.00 per share for the previous Submitted Pursuant to Section 11a(2)(3)(B) of the
Securities Exchange Act of 1934 (a/k/a the Options
Securities and Exchange Commission three consecutive business days Listing Procedures Plan (‘‘OLPP’’)) is a national
(‘‘SEC’’ or ‘‘Commission’’) the proposed preceding the date on which the market system plan that, among other things, sets
rule change as described in Items I, II, Exchange submits a certificate to the forth procedures governing the listing of new
Options Clearing Corporation (‘‘OCC’’) options series. See Securities Exchange Act Release
and III, below, which Items have been No. 44521 (July 6, 2001), 66 FR 36809 (July 13,
for listing and trading. The Exchange
prepared by the Exchange. The 2001) (Order approving OLPP). The sponsors of
does not intend to amend any other OLPP include Nasdaq; OCC; BATS Exchange, Inc.;
Commission is publishing this notice to
sradovich on DSK3GMQ082PROD with NOTICES
criteria for listing options on an BOX Options Exchange LLC; C2 Options Exchange,
solicit comments on the proposed rule underlying security in Chapter IV, Incorporated; Chicago Board Options Exchange,
change from interested persons. Section 3. Incorporated; EDGX Exchange, Inc.; Miami
International Securities Exchange, LLC; MIAX
5 15 U.S.C. 78s(b)(2).
This proposed rule change is identical PEARL, LLC; Nasdaq PHLX LLC; Nasdaq BX, Inc.;
to a recently-approved rule change by Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq
6 17 CFR 200.30–3(a)(31). MRX, LLC; NYSE American, LLC; and NYSE Arca,
1 15 U.S.C. 78s(b)(1). the Exchange’s affiliate, Nasdaq PHLX Inc.
2 17 CFR 240.19b–4. LLC (‘‘Phlx’’), to its initial listing 5 See OLPP at page 3.
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Document Created: 2018-01-27 00:57:34
Document Modified: 2018-01-27 00:57:34
| 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 4088 |
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