83 FR 44096 - Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe BYX Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 168 (August 29, 2018)
Federal Register Volume 83, Issue 168 (August 29, 2018)
| Page Range | 44096-44098 | |
| FR Document | 2018-18676 |
[Federal Register Volume 83, Number 168 (Wednesday, August 29, 2018)] [Notices] [Pages 44096-44098] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-18676] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83925; File No. SR-CboeBYX-2018-017] Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe BYX Exchange, Inc. August 23, 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 August 9, 2018, Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the Exchange's fee schedule applicable to its equities trading platform to: (1) Increase the ADV requirements to qualify for Add/Remove Volume Tier 6 associated with fee codes W, BB, and N, and (2) increase the routing fee charged to orders routed to Investors Exchange LLC using the Destination Specific routing strategy under fee code IX, and eliminate an outdated reference to the TRIM and TRIM2 routing strategies in this fee code. The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. (A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend the Exchange's fee schedule applicable to its equities trading platform (``BYX Equities'') to: (1) Increase the ADV \5\ requirements to qualify for Add/Remove Volume Tier 6 associated with fee codes W,\6\ BB,\7\ and N,\8\ and (2) increase the routing fee charged to orders routed to Investors Exchange LLC (``IEX'') using the Destination Specific \9\ routing strategy under fee code IX,\10\ and eliminate an outdated reference to the TRIM and [[Page 44097]] TRIM2 \11\ routing strategies in this fee code. --------------------------------------------------------------------------- \5\ ``ADAV'' means average daily added volume calculated as the number of shares added per day and ``ADV'' means average daily volume calculated as the number of shares added or removed, combined, per day. See BYX Fee Schedule, Definitions. ADAV and ADV are calculated on a monthly basis. The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours (``Exchange System Disruption''), on any day with a scheduled early market close and on the last Friday in June (the ``Russell Reconstitution Day''). Routed shares are not included in ADAV or ADV calculation. With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD). \6\ W is associated with orders that remove liquidity from BYX in Tape A securities. \7\ BB is associated with orders that remove liquidity from BYX in Tape B securities. \8\ N is associated with orders that remove liquidity from BYX in Tape C securities. \9\ Destination Specific is a routing option under which an order checks the System for available shares and then is sent to an away trading center or centers specified by the User. See Rule 11.13(b)(3)(E). \10\ IX is associated with orders routed to IEX using the Destination Specific, TRIM or TRIM2 routing strategies. \11\ TRIM and TRIM2 are both routing options under which an order checks the System for available shares and then is sent to destinations on the applicable System routing table. See Rule 11.13(b)(3)(G). --------------------------------------------------------------------------- Fee Codes W, BB, and N: Add/Remove Volume Tier 6 The Exchange provides a standard rebate of $0.00050 for orders that remove liquidity from BYX in securities priced at or above $1.00. Members may also qualify for a higher rebate based on the Exchange's Add/Remove Volume Tiers, which are designed to encourage Members to bring order flow to BYX by providing higher rebates for removing liquidity and discounted fees for adding liquidity to firms based on their activity on the Exchange.\12\ Currently, Members can qualify for a higher rebate of $0.0015 pursuant to Tier 6 of the Add/Remove Volume Tiers if the Member has: (1) An ADV that is greater than or equal to 0.05% of TCV,\13\ and (2) an ADAV that is greater than or equal to 500,000 shares. The Exchange proposes to increase the ADV requirement for Tier 6 so that an ADV that is greater than or equal to 0.08% of TCV would be required. The current ADAV requirement of greater than or equal to 500,000 shares would remain unchanged. The proposed change applies to fee codes W, BB, and N, which relate to orders that remove liquidity from BYX in Tapes A, B, and C, respectively. --------------------------------------------------------------------------- \12\ See BYX Fee Schedule, footnote 1, Add/Remove Volume Tiers. \13\ ``TCV'' means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. The Exchange excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day. --------------------------------------------------------------------------- Fee Code IX: IEX Routing Fees Currently, the fee schedule provides that orders in securities priced at or above $1.00 routed to IEX using specified routing strategies--i.e., Destination Specific, TRIM, or TRIM2--are charged a fee of $0.0010 per share under fee code IX. The Exchange proposes to increase the routing fee charged to orders routed to IEX to $0.0030 so that the Exchange can recoup increased costs associated with routing order flow to that market. Furthermore, in May 2018, the Exchange removed IEX from the System routing table for its TRIM and TRIM2 routing strategies, which are designed to route to low cost away markets, due to increased costs associated with routing to IEX. Since IEX is no longer considered as a potential routing destination for those strategies, the Exchange proposes to eliminate the reference to these routing strategies in fee code IX. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\14\ in general, and furthers the objectives of Section 6(b)(4) and 6(b)(5),\15\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities and is designed 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 mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f. \15\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Fee Codes W, BB, and N: Add/Remove Volume Tier 6 The Exchange believes that the proposed changes to the Add/Remove Volume Tier 6 are reasonable because the proposed changes are designed to incentivize Members to bring more order flow to the Exchange. Under the Exchange's fee schedule members are eligible for a rebate for liquidity removing orders that may be increased based on meeting certain additional requirements. With respect to Add/Remove Volume Tier 6, Members that meet specified ADV and ADAV requirements are eligible for such an increased remove rebate. The Exchange is proposing to increase the ADV requirements for this rebate tier to encourage Members to send more order flow to the Exchange in order to qualify for the rebate. The Exchange believes that the rebates are still competitive with rebates provided on other equities exchanges, notwithstanding the higher volume requirements required to meet this tier. The Exchange also believes that the proposed change is equitable and not unfairly discriminatory because the proposed ADV requirements (and associated rebate) would apply equally to all Members. Furthermore, the Exchange believes that all market participants would benefit from additional trading opportunities if the Exchange is successful in incentivizing increased order flow. Fee Code IX: IEX Routing Fees As other exchanges amend the fees charged for accessing liquidity, the Exchange believes that it is appropriate to amend its own routing fees so that it can recoup costs associated with routing orders to such away markets. The Exchange believes that the proposed fees for orders routed to IEX are reasonable because they reflect the costs associated with executing orders on IEX and additional operational expenses incurred by the Exchange. The Exchange is proposing to increase its routing fees due to an announced change in IEX's fee schedule that would result in a significant increase in the transaction fees being charged by IEX to some orders, including orders routed by the Exchange.\16\ The Exchange believes that it is reasonable to pass these increased costs to Members that use the Exchange to route orders to that market. Members that do not wish to pay the proposed fee can send their routable orders directly to IEX instead of using routing functionality provided by the Exchange. The Exchange also believes that this change is equitable and not unfairly discriminatory because the proposed fees would apply equally to all Members that use the Exchange to route orders to IEX using the Destination Specific routing strategy. Routing through the Exchange is voluntary, and the Exchange operates in a competitive environment where market participants can readily direct order flow to competing venues or providers of routing services if they deem fee levels to be excessive. --------------------------------------------------------------------------- \16\ See SR-IEX-2018-16 (pending publication). --------------------------------------------------------------------------- The Exchange also believes that the proposed change to eliminate references to TRIM and TRIM2 is consistent with the public interest and the protection of investors as this is a non-substantive change being made because the Exchange no longer routes to IEX using these routing strategies. The Exchange had previously routed orders to IEX using the TRIM and TRIM2 order routing strategies, which are designed to route to low cost venues, but recently stopped doing so due increased routing costs associated with trading on IEX. As such, the Exchange believes that updating the fee schedule to reflect that these two routing strategies are not available for routing to IEX will increase transparency around the operation of the Exchange to the benefit of Members and investors. Because this change merely updates a fee code to remove references to routing strategies that are not in use on the Exchange, it will have [[Page 44098]] no impact on the transaction fees actually assessed to Members. (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The proposed changes to the Add/Remove Tiers are designed to incentivize Members to bring more order flow to BYX as the Exchange competes for order flow with other equities markets. Furthermore, the proposed changes to the IEX routing fees are meant to recoup costs associated with executing orders on that market, and to increase transparency by properly reflecting the routing strategies available for IEX, and are therefore not designed to have any significant impact on competition. The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and rebates to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \17\ and paragraph (f) of Rule 19b-4 thereunder.\18\ 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. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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-CboeBYX-2018-017 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-CboeBYX-2018-017. 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 such filing will also 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-CboeBYX-2018-017 and should be submitted on or before September 19, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-18676 Filed 8-28-18; 8:45 am] BILLING CODE 8011-01-P
![44096 Federal Register / Vol. 83, No. 168 / Wednesday, August 29, 2018 / Notices
duration of the wind-down process, For the Commission, by the Division of office of the Exchange, and at the
OCC’s capitalization through the wind- Trading and Markets, pursuant to delegated Commission’s Public Reference Room.
down process, the maintenance of authority.39
Eduardo A. Aleman, II. Self-Regulatory Organization’s
Critical Services and Critical Support
Assistant Secretary. Statement of the Purpose of, and
Functions, and the retention of
Statutory Basis for, the Proposed Rule
personnel and contractual relationships. [FR Doc. 2018–18673 Filed 8–28–18; 8:45 am]
Change
OCC also provided information BILLING CODE 8011–01–P
regarding its assumption about the cost In its filing with the Commission, the
of the wind-down process. Further, the Exchange included statements
RWD Plan identifies potential SECURITIES AND EXCHANGE concerning the purpose of and basis for
transactions that could be effected to COMMISSION the proposed rule change and discussed
accomplish the objectives of wind-down [Release No. 34–83925; File No. SR– any comments it received on the
with the ultimate goal of transferring CboeBYX–2018–017] proposed rule change. The text of these
ownership of OCC itself by the statements may be examined at the
consummation or a consensual sale or Self-Regulatory Organizations; Cboe places specified in Item IV below. The
similar transaction, in a manner that BYX Exchange, Inc.; Notice of Filing Exchange has prepared summaries, set
ensures the continuation of OCC’s and Immediate Effectiveness of a forth in Sections A, B, and C below, of
Critical Services. The Commission Proposed Rule Change Related to Fees the most significant parts of such
considered the assumptions that the for Use on Cboe BYX Exchange, Inc. statements.
RWD Plan makes regarding wind-down August 23, 2018. (A) Self-Regulatory Organization’s
as well as the potential transactions in Pursuant to Section 19(b)(1) of the Statement of the Purpose of, and
which OCC might engage in the event of Securities Exchange Act of 1934 (the Statutory Basis for, the Proposed Rule
a wind-down. The Commission also ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Change
considered the estimated cost of wind- notice is hereby given that on August 9,
down noted in the RWD Plan in light of 2018, Cboe BYX Exchange, Inc. (the 1. Purpose
OCC’s rules regarding the maintenance ‘‘Exchange’’ or ‘‘BYX’’) filed with the
of certain capital levels and qualifying The purpose of the proposed rule
Securities and Exchange Commission
change is to amend the Exchange’s fee
liquid resources. The Commission (‘‘Commission’’) the proposed rule
schedule applicable to its equities
believes that the RWD Plan, which change as described in Items I, II and III
trading platform (‘‘BYX Equities’’) to: (1)
indicates the cost at which OCC could below, which Items have been prepared
Increase the ADV 5 requirements to
effectuate an orderly wind-down, i.e., at by the Exchange. The Exchange has
qualify for Add/Remove Volume Tier 6
a lower cost than the amount of its designated the proposed rule change as
associated with fee codes W,6 BB,7 and
liquid resources is consistent with Rule one establishing or changing a member
N,8 and (2) increase the routing fee
17Ad–22(e)(15)(i).35 due, fee, or other charge imposed by the
charged to orders routed to Investors
Therefore, the Commission believes Exchange under Section 19(b)(3)(A)(ii)
Exchange LLC (‘‘IEX’’) using the
that the proposed changes that would of the Act 3 and Rule 19b–4(f)(2)
Destination Specific 9 routing strategy
determine costs associated with an thereunder,4 which renders the
under fee code IX,10 and eliminate an
orderly wind-down and that would proposed rule change effective upon
outdated reference to the TRIM and
further ensure that OCC holds liquid net filing with the Commission. The
Commission is publishing this notice to
assets greater than these costs, are 5 ‘‘ADAV’’ means average daily added volume
solicit comments on the proposed rule
consistent with Rule 17Ad– calculated as the number of shares added per day
change from interested persons. and ‘‘ADV’’ means average daily volume calculated
22(e)(15)(i).36
as the number of shares added or removed,
I. Self-Regulatory Organization’s combined, per day. See BYX Fee Schedule,
IV. Conclusion Statement of the Terms of Substance of Definitions. ADAV and ADV are calculated on a
On the basis of the foregoing, the the Proposed Rule Change monthly basis. The Exchange excludes from its
calculation of ADAV and ADV shares added or
Commission finds that the Amended The Exchange filed a proposal to removed on any day that the Exchange’s system
Proposed Rule Change is consistent amend the Exchange’s fee schedule experiences a disruption that lasts for more than 60
with the requirements of the Exchange applicable to its equities trading minutes during regular trading hours (‘‘Exchange
System Disruption’’), on any day with a scheduled
Act, and in particular, with the platform to: (1) Increase the ADV early market close and on the last Friday in June
requirements of Section 17A of the requirements to qualify for Add/Remove (the ‘‘Russell Reconstitution Day’’). Routed shares
Exchange Act 37 and the rules and Volume Tier 6 associated with fee codes are not included in ADAV or ADV calculation. With
W, BB, and N, and (2) increase the prior notice to the Exchange, a Member may
regulations thereunder. aggregate ADAV or ADV with other Members that
It is therefore ordered, pursuant to routing fee charged to orders routed to control, are controlled by, or are under common
Section 19(b)(2) of the Exchange Act,38 Investors Exchange LLC using the control with such Member (as evidenced on such
Destination Specific routing strategy Member’s Form BD).
that the Proposed Rule Change (SR– 6 W is associated with orders that remove
under fee code IX, and eliminate an
OCC–2017–021), as modified by Partial liquidity from BYX in Tape A securities.
outdated reference to the TRIM and
Amendment No. 2, be, and it hereby is, 7 BB is associated with orders that remove
TRIM2 routing strategies in this fee liquidity from BYX in Tape B securities.
approved.
code. 8 N is associated with orders that remove liquidity
sradovich on DSK3GMQ082PROD with NOTICES
The text of the proposed rule change from BYX in Tape C securities.
35 Id.
36 Id.
is available at the Exchange’s website at 9 Destination Specific is a routing option under
www.markets.cboe.com, at the principal which an order checks the System for available
37 In approving this Proposed Rule Change, the
shares and then is sent to an away trading center
Commission has considered the proposed rule’s or centers specified by the User. See Rule
1 15 U.S.C. 78s(b)(1).
impact on efficiency, competition, and capital 11.13(b)(3)(E).
formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. 10 IX is associated with orders routed to IEX using
38 15 U.S.C. 78s(b)(2). 3 15 U.S.C. 78s(b)(3)(A)(ii).
the Destination Specific, TRIM or TRIM2 routing
39 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(2). strategies.
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![44098 Federal Register / Vol. 83, No. 168 / Wednesday, August 29, 2018 / Notices
no impact on the transaction fees be submitted by any of the following SECURITIES AND EXCHANGE
actually assessed to Members. methods: COMMISSION
(B) Self-Regulatory Organization’s Electronic Comments [Release No. 34–83923; File No. SR–CBOE–
Statement on Burden on Competition 2018–059]
• Use the Commission’s internet
The Exchange does not believe that comment form (http://www.sec.gov/ Self-Regulatory Organizations; Cboe
the proposed rule change will result in rules/sro.shtml); or Exchange, Inc.; Notice of Filing and
any burden on competition that is not
• Send an email to rule-comments@ Immediate Effectiveness of a Proposed
necessary or appropriate in furtherance Rule Change To Delay the
sec.gov. Please include File Number SR–
of the purposes of the Act, as amended. Implementation Date of Changes to
CboeBYX–2018–017 on the subject line.
The proposed changes to the Add/ Cboe Options Rule 24A.4,
Remove Tiers are designed to Paper Comments Interpretation and Policy .02,
incentivize Members to bring more Concerning FLEX Options
order flow to BYX as the Exchange • Send paper comments in triplicate
competes for order flow with other to Secretary, Securities and Exchange August 23, 2018.
equities markets. Furthermore, the Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the
proposed changes to the IEX routing Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
fees are meant to recoup costs All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2
associated with executing orders on that Number SR–CboeBYX–2018–017. This notice is hereby given that on August
market, and to increase transparency by file number should be included on the 14, 2018, Cboe Exchange, Inc. (the
properly reflecting the routing strategies subject line if email is used. To help the ‘‘Exchange’’ or ‘‘Cboe Options’’) filed
available for IEX, and are therefore not Commission process and review your with the Securities and Exchange
designed to have any significant impact comments more efficiently, please use Commission (the ‘‘Commission’’) the
on competition. The Exchange operates only one method. The Commission will proposed rule change as described in
in a highly competitive market in which post all comments on the Commission’s Items I and II below, which Items have
market participants can readily direct internet website (http://www.sec.gov/ been prepared by the Exchange. The
their order flow to competing venues. In rules/sro.shtml). Copies of the Exchange filed the proposal as a ‘‘non-
such an environment, the Exchange submission, all subsequent controversial’’ proposed rule change
must continually review, and consider amendments, all written statements pursuant to Section 19(b)(3)(A)(iii) of
adjusting, its fees and rebates to remain with respect to the proposed rule the Act 3 and Rule 19b–4(f)(6)
competitive with other exchanges. For change that are filed with the thereunder.4 The Commission is
the reasons described above, the Commission, and all written publishing this notice to solicit
Exchange believes that the proposed fee communications relating to the comments on the proposed rule change
changes reflect this competitive proposed rule change between the from interested persons.
environment. Commission and any person, other than I. Self-Regulatory Organization’s
(C) Self-Regulatory Organization’s those that may be withheld from the Statement of the Terms of Substance of
Statement on Comments on the public in accordance with the the Proposed Rule Change
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be
available for website viewing and The Exchange proposes to delay the
Members, Participants or Others
printing in the Commission’s Public implementation date of rule change SR–
No written comments were either Reference Room, 100 F Street NE, CBOE–2018–008 to permit all FLEX
solicited or received. Washington, DC 20549, on official series to be fungible with the
business days between the hours of corresponding non-FLEX series once an
III. Date of Effectiveness of the identical non-FLEX series becomes
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for listed.
Commission Action
inspection and copying at the principal (additions are in italics; deletions are
The foregoing rule change has become office of the Exchange. All comments [bracketed])
effective pursuant to Section 19(b)(3)(A) received will be posted without change. * * * * *
of the Act 17 and paragraph (f) of Rule Persons submitting comments are Rules of Cboe Exchange, Inc.
19b–4 thereunder.18 At any time within cautioned that we do not redact or edit * * * * *
60 days of the filing of the proposed rule personal identifying information from
change, the Commission summarily may comment submissions. You should Rule 24A.4. Terms of FLEX Options
temporarily suspend such rule change if submit only information that you wish * * * * *
it appears to the Commission that such to make available publicly. All . . . Interpretations and Policies:
action is necessary or appropriate in the submissions should refer to File .01 No change.
public interest, for the protection of Number SR–CboeBYX–2018–017 and .02
investors, or otherwise in furtherance of should be submitted on or before The below version of Interpretation
the purposes of the Act. September 19, 2018. and Policy .02 will remain in effect until
IV. Solicitation of Comments For the Commission, by the Division of [an effective date specified by the
Trading and Markets, pursuant to delegated Exchange in a Regulatory Circular. The
Interested persons are invited to
sradovich on DSK3GMQ082PROD with NOTICES
authority.19 effective date shall be no later than July
submit written data, views and 31, 2018, and the Regulatory Circular
Eduardo A. Aleman,
arguments concerning the foregoing, announcing the effective date shall be
including whether the proposal is Assistant Secretary.
consistent with the Act. Comments may [FR Doc. 2018–18676 Filed 8–28–18; 8:45 am] 1 15 U.S.C. 78s(b)(1).
BILLING CODE 8011–01–P 2 17 CFR 240.19b–4.
17 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(iii).
18 17 CFR 240.19b–4(f). 19 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6).
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Document Created: 2018-08-29 00:13:52
Document Modified: 2018-08-29 00:13:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 44096 |
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