83 FR 5286 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt Rule 7600(i) To Allow Split-Price Transactions on the Trading Floor
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 25 (February 6, 2018)
Federal Register Volume 83, Issue 25 (February 6, 2018)
| Page Range | 5286-5287 | |
| FR Document | 2018-02269 |
[Federal Register Volume 83, Number 25 (Tuesday, February 6, 2018)] [Notices] [Pages 5286-5287] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-02269] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82607; File No. SR-BOX-2017-36] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt Rule 7600(i) To Allow Split-Price Transactions on the Trading Floor January 31, 2018. On November 30, 2017, BOX Options Exchange LLC (``Exchange'') 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 proposed Rule 7600(i) to allow split-price transactions on the Trading Floor. The proposed rule change was published for comment in the Federal Register on December 19, 2017.\3\ The Commission has received no comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 82315 (December 13, 2017), 82 FR 60256. --------------------------------------------------------------------------- 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 [[Page 5287]] 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 proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is February 2, 2018. The Commission is extending this 45-day time period. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds that 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 the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates March 19, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File Number SR-BOX-2017-36). --------------------------------------------------------------------------- \5\ Id. 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. 2018-02269 Filed 2-5-18; 8:45 am] BILLING CODE 8011-01-P
![5286 Federal Register / Vol. 83, No. 25 / Tuesday, February 6, 2018 / Notices
most recent and reliable market C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be
information possible. Statement on Comments on the available for website viewing and
The Exchange further believes that the Proposed Rule Change Received From printing in the Commission’s Public
proposed TWAP calculation would Members, Participants, or Others Reference Room, 100 F Street NE,
remove impediments to and perfect the Washington, DC 20549, on official
No written comments were solicited
mechanism of a free and open market business days between the hours of
or received with respect to the proposed
and a national market system because it 10:00 a.m. and 3:00 p.m. Copies of the
rule change.
would provide for a more robust filing also will be available for
mechanism to determine the value of an III. Date of Effectiveness of the inspection and copying at the principal
affected security for purposes of Proposed Rule Change and Timing for office of the Exchange. All comments
determining an Official Closing Price. Commission Action received will be posted without change.
By using a time-weighted calculation Persons submitting comments are
Within 45 days of the date of
based on the midpoint of the NBBO over cautioned that we do not redact or edit
publication of this notice in the Federal
the last five minutes of trading and then personal identifying information from
Register or up to 90 days (i) as the
assigning a weight to that TWAP comment submissions. You should
Commission may designate if it finds
calculation as compared to any last-sale submit only information that you wish
such longer period to be appropriate
eligible trades leading into the close, the to make available publicly. All
and publishes its reasons for so finding
Exchange believes that the proposed submissions should refer to File
or (ii) as to which the self-regulatory
calculation would result in the price of Number SR–NYSEArca–2018–08 and
a security that is reflective of the true organization consents, the Commission
will: should be submitted on or before
and current value of such security on February 27, 2018.
that trading day. Additionally, by (A) By order approve or disapprove
adding a TWAP calculation rather than the proposed rule change, or For the Commission, by the Division of
(B) institute proceedings to determine Trading and Markets, pursuant to delegated
just the last consolidated last-sale authority.14
eligible price as of the end of regular whether the proposed rule change
should be disapproved. Eduardo A. Aleman,
trading hours, the Exchange would
Assistant Secretary.
reduce the potential for an anomalous IV. Solicitation of Comments
[FR Doc. 2018–02270 Filed 2–5–18; 8:45 am]
trade that may not reflect the true and
Interested persons are invited to BILLING CODE 8011–01–P
current price of a security from being set
as the Exchange’s Official Closing Price submit written data, views, and
for that security. arguments concerning the foregoing,
Finally, the Exchange believes that including whether the proposed rule SECURITIES AND EXCHANGE
the proposed methodology for change is consistent with the Act. COMMISSION
determining an Official Closing Price Comments may be submitted by any of [Release No. 34–82607; File No. SR–BOX–
would be appropriate for Derivative the following methods: 2017–36]
Securities Products because if such Electronic Comments
securities are thinly traded, a last-sale Self-Regulatory Organizations; BOX
price from earlier in a trading day or • Use the Commission’s internet Options Exchange LLC; Notice of
even from a prior trading day or days comment form (http://www.sec.gov/ Designation of a Longer Period for
may no longer be reflective of the value rules/sro.shtml); or Commission Action on a Proposed
of such product, which should be priced • Send an email to rule-comments@ Rule Change To Adopt Rule 7600(i) To
relative to the value of the components sec.gov. Please include File Number SR– Allow Split-Price Transactions on the
of such security. In such case, recent NYSEArca–2018–08 on the subject line. Trading Floor
quoting may be more reflective of the Paper Comments January 31, 2018.
value of the security. However, to take
into consideration a stale quote or an • Send paper comments in triplicate On November 30, 2017, BOX Options
to Brent J. Fields, Secretary, Securities Exchange LLC (‘‘Exchange’’) filed with
aberrant trade that may occur leading
and Exchange Commission, 100 F Street the Securities and Exchange
into the close, the Exchange believes a
NE, Washington, DC 20549–1090. Commission (‘‘Commission’’), pursuant
time-weighted average price derived
All submissions should refer to File to Section 19(b)(1) of the Securities
from the midpoint of the NBBO would
Number SR–NYSEArca–2018–08. This Exchange Act of 1934 (‘‘Act’’) 1 and Rule
provide a greater indication of the value
file number should be included on the 19b–4 thereunder,2 a proposed rule
of such securities.
subject line if email is used. To help the change to adopt proposed Rule 7600(i)
B. Self-Regulatory Organization’s Commission process and review your to allow split-price transactions on the
Statement on Burden on Competition comments more efficiently, please use Trading Floor. The proposed rule
The Exchange does not believe that only one method. The Commission will change was published for comment in
the proposed rule change will impose post all comments on the Commission’s the Federal Register on December 19,
any burden on competition that is not internet website (http://www.sec.gov/ 2017.3 The Commission has received no
necessary or appropriate in furtherance rules/sro.shtml). Copies of the comments on the proposed rule change.
of the purposes of the Act. The submission, all subsequent Section 19(b)(2) of the Act 4 provides
proposed rule change is not designed to amendments, all written statements that, within 45 days of the publication
address any competitive issues, but with respect to the proposed rule of notice of the filing of a proposed rule
daltland on DSKBBV9HB2PROD with NOTICES
rather to provide for how the Exchange change that are filed with the change, or within such longer period up
would determine an Official Closing Commission, and all written 14 17 CFR 200.30–3(a)(12).
Price for Exchange-listed securities that communications relating to the 1 15 U.S.C. 78s(b)(1).
are Derivative Securities Products if proposed rule change between the 2 17 CFR 240.19b–4.
there is no Closing Auction or if a Commission and any person, other than 3 See Securities Exchange Act Release No. 82315
Closing Auction trade is less than a those that may be withheld from the (December 13, 2017), 82 FR 60256.
round lot on a trading day. public in accordance with the 4 15 U.S.C. 78s(b)(2).
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![Federal Register / Vol. 83, No. 25 / Tuesday, February 6, 2018 / Notices 5287
to 90 days as the Commission may Commissioner Peirce, as duty officer, The text of the proposed rule change
designate if it finds such longer period voted to consider the items listed for the is available on the Exchange’s website at
to be appropriate and publishes its closed meeting in closed session. http://nasdaqphlx.cchwallstreet.com/,
reasons for so finding or as to which the The subject matters of the closed at the principal office of the Exchange,
self-regulatory organization consents, meeting will be: and at the Commission’s Public
the Commission shall either approve the Institution and settlement of Reference Room.
proposed rule change, disapprove the injunctive actions;
Institution and settlement of II. Self-Regulatory Organization’s
proposed rule change, or institute
administrative proceedings; and Statement of the Purpose of, and
proceedings to determine whether the
Other matters relating to enforcement Statutory Basis for, the Proposed Rule
proposed rule change should be
proceedings. Change
disapproved. The 45th day after
publication of the notice for this At times, changes in Commission In its filing with the Commission, the
proposed rule change is February 2, priorities require alterations in the Exchange included statements
2018. The Commission is extending this scheduling of meeting items. concerning the purpose of and basis for
45-day time period. CONTACT PERSON FOR MORE INFORMATION: the proposed rule change and discussed
The Commission finds that it is For further information and to ascertain any comments it received on the
appropriate to designate a longer period what, if any, matters have been added, proposed rule change. The text of these
within which to take action on the deleted or postponed; please contact statements may be examined at the
proposed rule change so that it has Brent J. Fields from the Office of the places specified in Item IV below. The
sufficient time to consider the proposed Secretary at (202) 551–5400. Exchange has prepared summaries, set
rule change. Accordingly, the forth in sections A, B, and C below, of
Dated: February 1, 2018.
Commission, pursuant to Section the most significant aspects of such
Brent J. Fields, statements.
19(b)(2) of the Act,5 designates March
19, 2018, as the date by which the Secretary.
[FR Doc. 2018–02392 Filed 2–2–18; 11:15 am]
A. Self-Regulatory Organization’s
Commission shall either approve or Statement of the Purpose of, and
disapprove, or institute proceedings to BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule
determine whether to disapprove, the Change
proposed rule change (File Number SR–
BOX–2017–36). SECURITIES AND EXCHANGE 1. Purpose
COMMISSION
For the Commission, by the Division of The Exchange proposes to relocate
Trading and Markets, pursuant to delegated [Release No. 34–82609; File No. SR–Phlx– Execution Protections currently located
authority.6 2018–12] at Phlx Rule 1080(p) to new Phlx Rule
Eduardo A. Aleman, 1099 and entitle the rule ‘‘Order
Self-Regulatory Organizations; Nasdaq Protections.’’ The Exchange also
Assistant Secretary.
PHLX LLC; Notice of Filing and proposes to conform certain rule text
[FR Doc. 2018–02269 Filed 2–5–18; 8:45 am]
Immediate Effectiveness of Proposed within the current rule throughout new
BILLING CODE 8011–01–P Rule Change To Relocate the Rule 1099.
Execution Protections Rule The Exchange proposes to utilize the
SECURITIES AND EXCHANGE January 31, 2018. term ‘‘System’’ throughout new Rule
COMMISSION Pursuant to Section 19(b)(1) of the 1099 instead of the terms ‘‘Phlx XL’’ or
Securities Exchange Act of 1934 ‘‘system.’’ 3 The Exchange also proposes
Sunshine Act Meetings (‘‘Act’’),1 and Rule 19b–4 thereunder,2 to remove the term ‘‘Phlx’’ and replace
notice is hereby given that on January it with the word ‘‘Exchange.’’ These
TIME AND DATE: 2:00 p.m. on Thursday, non-substantive rule changes are meant
February 8, 2018. 24, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities to simply conform terms within the new
PLACE: Closed Commission Hearing Rule for consistency.
and Exchange Commission
Room 10800. (‘‘Commission’’) the proposed rule Locating these order protection rules
STATUS: This meeting will be closed to change as described in Items I and II within new Rule 1099 will make them
the public. below, which Items have been prepared easier to locate and also shorten the
MATTERS TO BE CONSIDERED: by the Exchange. The Commission is length of Rule 1080 for ease of reading
Commissioners, Counsel to the publishing this notice to solicit that rule.
Commissioners, the Secretary to the comments on the proposed rule change The Exchange also proposes to update
Commission, and recording secretaries from interested persons. cross-references to Rule 1080(p) to Rule
will attend the closed meeting. Certain 1099.4
staff members who have an interest in I. Self-Regulatory Organization’s
Statement of the Terms of Substance of 2. Statutory Basis
the matters also may be present.
The General Counsel of the the Proposed Rule Change The Exchange believes that its
Commission, or his designee, has The Exchange proposes to relocate proposal is consistent with Section 6(b)
certified that, in his opinion, one or Execution Protections currently located of the Act,5 in general, and furthers the
more of the exemptions set forth in 5 at Phlx Rule 1080(p) to new Phlx Rule objectives of Section 6(b)(5) of the Act,6
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 1099 and entitle the rule ‘‘Order in particular, in that it is designed to
daltland on DSKBBV9HB2PROD with NOTICES
and (10) and 17 CFR 200.402(a)(3), Protections.’’ The Exchange proposes to promote just and equitable principles of
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and amend certain words within the current 3 System is defined at Phlx Rule 1000(45).
(a)(10), permit consideration of the rule text to conform the language within 4 The Exchange proposes to amend cross-
scheduled matters at the closed meeting. this Rule 1080(p). references in Rule 1082 (Firm Quotations) and Rule
1098 (Complex Orders on the System).
5 Id. 1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b).
6 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4. 6 15 U.S.C. 78f(b)(5).
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Document Created: 2018-02-06 00:30:32
Document Modified: 2018-02-06 00:30:32
| 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 5286 |
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