83 FR 45472 - Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Expand the Types of Messages That Users May Submit Into Bulk Order Ports
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 174 (September 7, 2018)
Federal Register Volume 83, Issue 174 (September 7, 2018)
| Page Range | 45472-45474 | |
| FR Document | 2018-19375 |
[Federal Register Volume 83, Number 174 (Friday, September 7, 2018)] [Notices] [Pages 45472-45474] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-19375] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84011; File No. SR-CboeEDGX-2018-038] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Expand the Types of Messages That Users May Submit Into Bulk Order Ports August 31, 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 24, 2018, Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it 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). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to expand the types of messages that Users may submit into bulk order ports. 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. [[Page 45473]] 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 proposed rule change expands the types of messages that Users may submit into bulk order ports. A bulk order port is a logical port that provides Users with the ability to submit bulk messages to enter, modify, or cancel orders designated as Post Only Orders, provided such orders are entered with a Time-in-Force of Day \5\ or GTD \6\ with an expiration time on that trading day. Post Only Orders \7\ with a Time- in-Force of Day or GTD are orders that will be posted to and displayed by the Exchange, rather than removing liquidity or routing to another options exchange. The Exchange currently limits the use of bulk order ports to these orders to limit the use of these ports to liquidity provision. The primary purpose of bulk order ports is to encourage Users, and Market-Makers in particular, to quote on the Exchange. As a general matter, however, the overall purpose of bulk order ports is to allow Users to bundle multiple instructions in a single message and provide all Users (not just Market-Makers) with an efficient way to provide liquidity on the Exchange. --------------------------------------------------------------------------- \5\ An order designated as ``Day'' means a limit order to buy or sell that, if not executed expires at market close. See Rule 21.1(f)(3). \6\ An order designated as ``GTD'' means an order (or unexecuted portion) that will remain available for potential display and/or execution for the amount of time specified by the entering User unless cancelled by the entering party. See Rule 21.1(f)(1). \7\ A ``Post Only Order'' is an order that is to be ranked and executed on the Exchange pursuant to Rule 21.8 (Order Display and Book Processing) or cancelled, as appropriate, without routing away to another options exchange except that the order will not remove liquidity from the EDGX Options Book. A Post Only Order that is not subject to the Price adjust process that would lock or cross a Protected Quotation of another options exchange or the Exchange will be cancelled. See Rule 21.1(d)(8). --------------------------------------------------------------------------- The proposed rule change permits Users to submit auction responses into bulk order ports, in addition to Post Only Orders with a Time-in- Force of Day or GTD with an expiration time on that trading day. The Exchange offers various auction mechanisms that provide Users with additional execution opportunities and potential price improvement for their orders.\8\ When the Exchange initiates an auction, it disseminates messages that contain the relevant information about the auction order.\9\ The purpose of these messages is to encourage Users to provide liquidity against which the auctioned orders may trade. Users submit this liquidity in the form of auction responses. Like Post Only Orders with a Time-in-Force of Day or GTD with an expiration time on the applicable trading day, auction responses will not remove liquidity from the Exchange order book or route to another options exchange. Auction responses are similarly available for execution for a limited time period. Unexecuted auction responses are cancelled at the end of the auction, and thus do not last beyond the auction to which they were submitted.\10\ Because the purpose of auction responses is to provide liquidity, which is the purpose of bulk order ports, the Exchange believes it is appropriate to permit Users to submit auction responses into bulk order ports. --------------------------------------------------------------------------- \8\ See Rules 21.18 (Step Up Mechanism (``SUM''), pursuant to which eligible marketable orders are auctioned when the Exchange's disseminated quote is not at the national best bid or offer (``NBBO'')); 21.19 (Bats Auction Mechanism (``BAM''), pursuant to which a Member may submit an eligible order paired with contra interest for potential price improvement); and 21.20(d) (Complex Order Auction (``COA''), pursuant to which eligible complex orders are auctioned for execution and potential price improvement). \9\ See Rules 21.18(b) (the Exchange exposes orders received by SUM); 21.19(b)(1)(C) (the Exchange sends an auction notification message when it receives an order for BAM processing); and 21.20(d)(2) (the Exchange initiates the COA process by sending a COA auction message). \10\ See Rules 21.18(b)(3), 21.19(b)(5), and 21.20(d)(4). --------------------------------------------------------------------------- Orders submitted to the Exchange through all ports are subject to various parameters, such as price reasonability checks and volume restrictions.\11\ These parameters may be configured either by the Exchange or the Member. Orders are also subject to other validation checks and processes before execution, entry into the book, or cancellation. Examples of such validation checks include validating an order's Capacity, Time-in-Force, order instructions, and routing options. While orders submitted through bulk order ports pass through these same validation checks and processes, they are not subject to parameters such as routing options and are restricted to one order instruction and two Time-in-Force options. As a result, the System can perform these validation checks with respect to orders submitted through bulk order ports in a more efficient manner. --------------------------------------------------------------------------- \11\ See, e.g., Rules 21.16 and 21.17 and technical specifications available at http://markets.cboe.com/us/options/support/technical/. --------------------------------------------------------------------------- Pursuant to Exchange technical specifications,\12\ the order messages per second that a User may submit through a non-bulk order port is smaller than the order messages per second that a User may submit through a bulk order port. The Exchange understands from certain Members that they may restrict the number of auction response messages they submit to avoid having to obtain additional ports. The Exchange believes permitting Users to submit auction responses through bulk order ports will encourage Users to provide increased liquidity to auction mechanisms in a more cost-efficient manner. While bulk order ports have a higher monthly cost, the higher order message/second rate may ultimately be more cost-efficient than a User having to obtain multiple additional non-bulk ports to accommodate the submission of auction responses. Additionally, Users that have both bulk and non-bulk order ports would be able to increase their submission of auction responses without additional monthly fees.\13\ --------------------------------------------------------------------------- \12\ These technical specifications are available at http://markets.cboe.com/us/options/support/technical/. \13\ The Exchange notes certain Market-Makers currently only have bulk order ports, and thus are unable to provide liquidity to auction mechanisms without obtaining additional non-bulk order ports. --------------------------------------------------------------------------- 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.\14\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \15\ 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 [[Page 45474]] 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 the Section 6(b)(5) \16\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). \16\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes the proposed rule change protects investors and the public interest because it provides all Users with an efficient process to enter and update auction responses. Like quoting, auction responses are a critical form of liquidity on the Exchange. Auction mechanisms and the execution and price improvement opportunities they provide are dependent on auction responses submitted during the auctions. Permitting Users to submit auction responses into bulk order ports is consistent with the purpose of these ports and have a similar purpose as the orders that Users are currently permitted to enter into bulk order ports. The Exchange believes the proposed rule change may encourage the provision of additional liquidity in auctions, which will provide additional execution and price improvement opportunities to auctioned orders, which ultimately benefit investors. (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 competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe the proposed rule change will impose any burden on intramarket competition, as the use of bulk order ports and the proposed functionality is voluntary and available to all Users of the Exchange. Bulk order entry functionality is available to all Users of the Exchange, as is the proposed functionality to submit auction responses into bulk order ports. Users may already submit auction responses to the Exchange using other types of ports--the proposed rule change merely provides Users of the Exchange with an additional method to submit auction responses to the Exchange. The Exchange does not believe the proposed rule change will have any direct impact on intermarket competition, as the proposed rule change relates solely to the manner in which Users may submit auction responses into auctions occurring on the Exchange. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. 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 \17\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\18\ --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A)(iii). \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its 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. --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 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 rule-comments@sec.gov. Please include File Number SR-CboeEDGX-2018-038 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-CboeEDGX-2018-038. 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-CboeEDGX-2018-038 and should be submitted on or before September 28, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-19375 Filed 9-6-18; 8:45 am] BILLING CODE 8011-01-P
![45472 Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices
• Federal Rulemaking Website: Go to II. Background 4. How can the burden of the
http://www.regulations.gov and search In accordance with the Paperwork information collection on respondents
for Docket ID NRC–2018–0035. Reduction Act of 1995 (44 U.S.C. be minimized, including the use of
NRC’s Agencywide Documents Access Chapter 35), the NRC is requesting automated collection techniques or
and Management System (ADAMS): public comment on its intention to other forms of information technology?
You may obtain publicly-available request the OMB’s approval for the Dated at Rockville, Maryland, this 4th day
documents online in the ADAMS Public information collection summarized in of September 2018.
Documents collection at http://
this notice. For the Nuclear Regulatory Commission.
www.nrc.gov/reading-rm/adams.html. 1. The title of the information
To begin the search, select ‘‘Begin Web- David C. Cullison,
collection: NRC Form 664, ‘‘General
based ADAMS Search.’’ For problems NRC Clearance Officer, Office of the Chief
Licensee Registration.’’ Information Officer.
with ADAMS, please contact the NRC’s 2. OMB approval number: 3150–0198.
Public Document Room (PDR) reference 3. Type of submission: Revision. [FR Doc. 2018–19417 Filed 9–6–18; 8:45 am]
staff at 1–800–397–4209, 301–415–4737, 4. The form number, if applicable: BILLING CODE 7590–01–P
or by email to pdr.resource@nrc.gov. A NRC Form 664.
copy of the collection of information 5. How often the collection is required
and related instructions may be or requested: Annually.
obtained without charge by accessing 6. Who will be required or asked to SECURITIES AND EXCHANGE
ADAMS Accession No. ML18135A182. respond: General Licensees of the NRC COMMISSION
The supporting statement is available in who possess certain generally licensed
ADAMS under Accession No. devices subject to annual registration [Release No. 34–84011; File No. SR–
ML18135A184. authorized pursuant to section 31.5 of CboeEDGX–2018–038]
• NRC’s PDR: You may examine and title 10 of the Code of Federal
purchase copies of public documents at Regulations (10 CFR). Self-Regulatory Organizations; Cboe
the NRC’s PDR, Room O1–F21, One 7. The estimated number of annual EDGX Exchange, Inc.; Notice of Filing
White Flint North, 11555 Rockville responses: 525. and Immediate Effectiveness of a
Pike, Rockville, Maryland 20852. 8. The estimated number of annual Proposed Rule Change To Expand the
• NRC’s Clearance Officer: A copy of respondents: 525. Types of Messages That Users May
the collection of information and related 9. The estimated number of hours Submit Into Bulk Order Ports
instructions may be obtained without needed annually to comply with the
charge by contacting NRC’s Clearance information collection requirement or August 31, 2018.
Officer, David Cullison, Office of the request: 175 hours (525 annual Pursuant to Section 19(b)(1) of the
Chief Information Officer, U.S. Nuclear responses × 1⁄3 hour). Securities Exchange Act of 1934 (the
Regulatory Commission, Washington, 10. Abstract: NRC Form 664 is used ‘‘Act’’),1 and Rule 19b–4 thereunder,2
DC 20555–0001; telephone: 301–415– by NRC general licensees to make notice is hereby given that on August
2084; email: Infocollects.Resource@ reports regarding certain generally 24, 2018, Cboe EDGX Exchange, Inc.
nrc.gov. licensed devices subject to annual (the ‘‘Exchange’’ or ‘‘EDGX’’) filed with
registration. The registration program the Securities and Exchange
B. Submitting Comments
allows NRC to better track general Commission (‘‘Commission’’) the
Please include Docket ID NRC–2018– licensees, so that they can be contacted proposed rule change as described in
0035 in the subject line of your or inspected as necessary, and to make Items I and II below, which Items have
comment submission, in order to ensure sure that generally licensed devices can been prepared by the Exchange. The
that the NRC is able to make your be identified even if lost or damaged. Exchange has designated this proposal
comment submission available to the Also, the registration program ensures as a ‘‘non-controversial’’ proposed rule
public in this docket. that general licensees are aware of and
The NRC cautions you not to include change pursuant to Section 19(b)(3)(A)
understand the requirements for the of the Act 3 and Rule 19b–4(f)(6)(iii)
identifying or contact information in possession, use, and disposal of devices
comment submissions that you do not thereunder,4 which renders it effective
containing byproduct material. Greater upon filing with the Commission. The
want to be publicly disclosed in your awareness helps to ensure that general
comment submission. The NRC will Commission is publishing this notice to
licensees will comply with the solicit comments on the proposed rule
post all comment submissions at http:// regulatory requirements for proper
www.regulations.gov as well as enter the change from interested persons.
handling and disposal of generally
comment submissions into ADAMS, licensed devices and would reduce the I. Self-Regulatory Organization’s
and the NRC does not routinely edit potential for incidents that could result Statement of the Terms of Substance of
comment submissions to remove in unnecessary radiation exposure to the the Proposed Rule Change
identifying or contact information. public and contamination of property.
If you are requesting or aggregating The Exchange is proposing to expand
comments from other persons for III. Specific Requests for Comments the types of messages that Users may
submission to the NRC, then you should The NRC is seeking comments that submit into bulk order ports.
inform those persons not to include address the following questions: The text of the proposed rule change
identifying or contact information that 1. Is the proposed collection of is available at the Exchange’s website at
they do not want to be publicly information necessary for the NRC to www.markets.cboe.com, at the principal
daltland on DSKBBV9HB2PROD with NOTICES
disclosed in their comment submission. properly perform its functions? Does the office of the Exchange, and at the
Your request should state that the NRC information have practical utility? Commission’s Public Reference Room.
does not routinely edit comment 2. Is the estimate of the burden of the
submissions to remove such information information collection accurate? 1 15 U.S.C. 78s(b)(1).
before making the comment 3. Is there a way to enhance the 2 17 CFR 240.19b–4.
submissions available to the public or quality, utility, and clarity of the 3 15 U.S.C. 78s(b)(3)(A).
entering the comment into ADAMS. information to be collected? 4 17 CFR 240.19b–4(f)(6)(iii).
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![45474 Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices
open market and a national market (C) Self-Regulatory Organization’s All submissions should refer to File
system, and, in general, to protect Statement on Comments on the Number SR–CboeEDGX–2018–038. This
investors and the public interest. Proposed Rule Change Received From file number should be included on the
Additionally, the Exchange believes the Members, Participants or Others subject line if email is used. To help the
proposed rule change is consistent with The Exchange has neither solicited Commission process and review your
the Section 6(b)(5) 16 requirement that nor received written comments on the comments more efficiently, please use
the rules of an exchange not be designed proposed rule change. only one method. The Commission will
to permit unfair discrimination between post all comments on the Commission’s
customers, issuers, brokers, or dealers. III. Date of Effectiveness of the internet website (http://www.sec.gov/
In particular, the Exchange believes Proposed Rule Change and Timing for rules/sro.shtml). Copies of the
the proposed rule change protects Commission Action submission, all subsequent
investors and the public interest Because the foregoing proposed rule amendments, all written statements
because it provides all Users with an change does not: (i) Significantly affect with respect to the proposed rule
efficient process to enter and update the protection of investors or the public change that are filed with the
auction responses. Like quoting, auction interest; (ii) impose any significant Commission, and all written
responses are a critical form of liquidity burden on competition; and (iii) become communications relating to the
on the Exchange. Auction mechanisms operative for 30 days from the date on proposed rule change between the
and the execution and price which it was filed, or such shorter time Commission and any person, other than
improvement opportunities they as the Commission may designate, it has those that may be withheld from the
provide are dependent on auction become effective pursuant to Section public in accordance with the
responses submitted during the 19(b)(3)(A)(iii) of the Act 17 and provisions of 5 U.S.C. 552, will be
auctions. Permitting Users to submit subparagraph (f)(6) of Rule 19b–4 available for website viewing and
auction responses into bulk order ports thereunder.18 printing in the Commission’s Public
is consistent with the purpose of these At any time within 60 days of the Reference Room, 100 F Street NE,
ports and have a similar purpose as the filing of the proposed rule change, the Washington, DC 20549, on official
orders that Users are currently Commission summarily may business days between the hours of
permitted to enter into bulk order ports. temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the
The Exchange believes the proposed it appears to the Commission that such filing also will be available for
rule change may encourage the action is: (i) Necessary or appropriate in inspection and copying at the principal
provision of additional liquidity in the public interest; (ii) for the protection office of the Exchange. All comments
auctions, which will provide additional of investors; or (iii) otherwise in received will be posted without change.
execution and price improvement furtherance of the purposes of the Act. Persons submitting comments are
opportunities to auctioned orders, If the Commission takes such action, the cautioned that we do not redact or edit
which ultimately benefit investors. Commission shall institute proceedings personal identifying information from
to determine whether the proposed rule comment submissions. You should
(B) Self-Regulatory Organization’s should be approved or disapproved. submit only information that you wish
Statement on Burden on Competition to make available publicly. All
IV. Solicitation of Comments
The Exchange does not believe that submissions should refer to File
Interested persons are invited to
the proposed rule change will impose Number SR–CboeEDGX–2018–038 and
submit written data, views, and
any burden on competition that is not should be submitted on or before
arguments concerning the foregoing,
necessary or appropriate in furtherance September 28, 2018.
including whether the proposed rule
of the purposes of the Act. The change is consistent with the Act. For the Commission, by the Division of
Exchange does not believe the proposed Comments may be submitted by any of Trading and Markets, pursuant to delegated
rule change will impose any burden on the following methods: authority.19
intramarket competition, as the use of Eduardo A. Aleman,
bulk order ports and the proposed Electronic Comments Assistant Secretary.
functionality is voluntary and available • Use the Commission’s internet [FR Doc. 2018–19375 Filed 9–6–18; 8:45 am]
to all Users of the Exchange. Bulk order comment form (http://www.sec.gov/ BILLING CODE 8011–01–P
entry functionality is available to all rules/sro.shtml); or
Users of the Exchange, as is the • Send an email to rule-comments@
proposed functionality to submit sec.gov. Please include File Number SR– SECURITIES AND EXCHANGE
auction responses into bulk order ports. CboeEDGX–2018–038 on the subject COMMISSION
Users may already submit auction line.
responses to the Exchange using other [Investment Company Act Release No.
Paper Comments 33216]
types of ports—the proposed rule
change merely provides Users of the • Send paper comments in triplicate
to Secretary, Securities and Exchange Notice of Applications for
Exchange with an additional method to
Commission, 100 F Street NE, Deregistration Under Section 8(f) of the
submit auction responses to the
Washington, DC 20549–1090. Investment Company Act of 1940
Exchange. The Exchange does not
believe the proposed rule change will August 31, 2018.
17 15 U.S.C. 78s(b)(3)(A)(iii).
have any direct impact on intermarket The following is a notice of
daltland on DSKBBV9HB2PROD with NOTICES
18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
competition, as the proposed rule applications for deregistration under
4(f)(6)(iii) requires a self-regulatory organization to
change relates solely to the manner in give the Commission written notice of its intent to section 8(f) of the Investment Company
which Users may submit auction file the proposed rule change, along with a brief Act of 1940 for the month of August
responses into auctions occurring on the description and text of the proposed rule change, 2018. A copy of each application may be
Exchange. at least five business days prior to the date of filing
of the proposed rule change, or such shorter time obtained via the Commission’s website
as designated by the Commission. The Exchange
16 Id. has satisfied this requirement. 19 17 CFR 200.30–3(a)(12).
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Document Created: 2018-09-07 00:15:59
Document Modified: 2018-09-07 00:15:59
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