83 FR 53339 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To List and Trade Corporate Non-Convertible Bonds on Nasdaq

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 204 (October 22, 2018)

Page Range		53339-53339
FR Document		2018-22910

Federal Register, Volume 83 Issue 204 (Monday, October 22, 2018)

[Federal Register Volume 83, Number 204 (Monday, October 22, 2018)]
[Notices]
[Page 53339]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-22910]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84439; File No. SR-NASDAQ-2018-070]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To List and Trade Corporate Non-Convertible Bonds 
on Nasdaq

October 16, 2018.
    On August 27, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``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 list and trade corporate non-convertible bonds 
on Nasdaq. The proposed rule change was published for comment in the 
Federal Register on September 6, 2018.\3\ On October 12, 2018, the 
Exchange filed Amendment No. 1 to the proposed rule change.\4\ The 
Commission has received no comments on the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 84001 (August 30, 
2018), 83 FR 45289.
    \4\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nasdaq-2018-070/srnasdaq2018070-4514560-176013.pdf.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ 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 proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is October 21, 2018. The Commission is extending the 45-day time period 
for Commission action on the proposed rule change.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider this proposed rule change and Amendment No. 
1 thereto. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\6\ designates December 5, 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 No. 
SR-NASDAQ-2018-070).
---------------------------------------------------------------------------

    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-22910 Filed 10-19-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 204 / Monday, October 22, 2018 / Notices 53339

change could encourage market SECURITIES AND EXCHANGE approve or disapprove, or institute
participants to submit orders that offset COMMISSION proceedings to determine whether to
imbalances in constituent option series, disapprove, the proposed rule change
[Release No. 34–84439; File No. SR–
thereby reducing the likelihood that a NASDAQ–2018–070]
(File No. SR–NASDAQ–2018–070).
constituent option series will fail to For the Commission, by the Division of
open due to an order imbalance. By Self-Regulatory Organizations; The Trading and Markets, pursuant to delegated
reducing the likelihood that constituent Nasdaq Stock Market LLC; Notice of authority.7
option series will fail to open, the Designation of a Longer Period for Eduardo A. Aleman,
proposal is reasonably designed to Commission Action on Proposed Rule Assistant Secretary.
facilitate an orderly opening for Change To List and Trade Corporate [FR Doc. 2018–22910 Filed 10–19–18; 8:45 am]
volatility index derivatives. Non-Convertible Bonds on Nasdaq BILLING CODE 8011–01–P
Nevertheless, the Commission remains October 16, 2018.
mindful of the potential for disruptive On August 27, 2018, The Nasdaq
or manipulative trading to occur in Stock Market LLC (‘‘Nasdaq’’ or SECURITIES AND EXCHANGE
connection with the opening process in ‘‘Exchange’’) filed with the Securities COMMISSION
constituent options series on exercise and Exchange Commission [Release No. 34–84435; File No. SR–FICC–
settlement value determination days for (‘‘Commission’’), pursuant to Section 2018–011]
volatility index options. The 19(b)(1) of the Securities Exchange Act
Commission believes that the proposal of 1934 (‘‘Act’’) 1 and Rule 19b–4 Self-Regulatory Organizations; Fixed
provides narrowly tailored guidance to thereunder,2 a proposed rule change to Income Clearing Corporation; Notice of
market participants to promote list and trade corporate non-convertible Filing and Immediate Effectiveness of
participation in the modified HOSS bonds on Nasdaq. The proposed rule a Proposed Rule Change To Allow
opening procedure on exercise change was published for comment in CCIT Members To Elect To Pay Their
settlement value determination days in the Federal Register on September 6, Funds-Only Settlement Amount Debits
a manner that is reasonably designed to 2018.3 On October 12, 2018, the Using a Different Process
support orderly trading in a free and Exchange filed Amendment No. 1 to the
October 16, 2018.
proposed rule change.4 The Commission
open market, which can benefit Pursuant to Section 19(b)(1) of the
has received no comments on the
investors in those constituent options Securities Exchange Act of 1934
proposal.
series and the volatility index Section 19(b)(2) of the Act 5 provides (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
derivatives. that within 45 days of the publication of notice is hereby given that on October
Further, the Commission notes that notice of the filing of a proposed rule 15, 2018, Fixed Income Clearing
TPHs will continue to be subject to change, or within such longer period up Corporation (‘‘FICC’’) filed with the
Exchange Rules 4.1 (Just and Equitable to 90 days as the Commission may Securities and Exchange Commission
Principles of Trade), 4.7 (Manipulation), designate if it finds such longer period (‘‘Commission’’) the proposed rule
and 4.18 (Prevention of the Misuse of to be appropriate and publishes its change as described in Items I, II and III
Material, Nonpublic Information).22 In reasons for so finding, or as to which the below, which Items have been prepared
self-regulatory organization consents, by the clearing agency. FICC filed the
addition, the Exchange will continue to
the Commission shall either approve the proposed rule change pursuant to
conduct surveillance to monitor trading
proposed rule change, disapprove the Section 19(b)(3)(A) of the Act 3 and Rule
in the constituent option series,23 which 19b–4(f)(4) thereunder 4 so that the
the Commission believes is essential to proposed rule change, or institute
proceedings to determine whether the proposal was effective upon filing with
protect investors and the public interest. the Commission. The Commission is
proposed rule change should be
IV. Conclusion disapproved. The 45th day after publishing this notice to solicit
publication of the notice for this comments on the proposed rule change
It is therefore ordered, pursuant to proposed rule change is October 21, from interested persons.
Section 19(b)(2) of the Act,24 that the 2018. The Commission is extending the I. Clearing Agency’s Statement of the
proposed rule change (SR–CBOE–2018– 45-day time period for Commission Terms of Substance of the Proposed
062) is approved. action on the proposed rule change. Rule Change
For the Commission, by the Division of The Commission finds it appropriate
to designate a longer period within The proposed rule change consists of
Trading and Markets, pursuant to delegated
which to take action on the proposed proposed modifications to the FICC
authority.25
rule change so that it has sufficient time Government Securities Division
Eduardo A. Aleman, (‘‘GSD’’) Rulebook (‘‘Rules’’) 5 that
to consider this proposed rule change
Assistant Secretary. and Amendment No. 1 thereto. would to allow CCIT Members to elect
[FR Doc. 2018–22907 Filed 10–19–18; 8:45 am] Accordingly, the Commission, pursuant to pay their Funds-Only Settlement
BILLING CODE 8011–01–P to Section 19(b)(2) of the Act,6 Amount debits using a process for debit
designates December 5, 2018, as the date payments that is different than the
by which the Commission shall either current required process described in
Section 5 of Rule 13. Under this
1 15 U.S.C. 78s(b)(1).
daltland on DSKBBV9HB2PROD with NOTICES

2 17 7 17 CFR 200.30–3(a)(31).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84001 1 15 U.S.C. 78s(b)(1).
(August 30, 2018), 83 FR 45289. 2 17 CFR 240.19b–4.
4 Amendment No. 1 is available at: https:// 3 15 U.S.C. 78s(b)(3)(A).
22 See Notice, supra note 3, at 46236. www.sec.gov/comments/sr-nasdaq-2018-070/ 4 17 CFR 240.19b–4(f)(4).
23 See id. srnasdaq2018070-4514560-176013.pdf. 5 Capitalized terms not defined herein are defined
24 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2).
in the Rules, available at http://dtcc.com/legal/
25 17 CFR 200.30–3(a)(12). 6 Id. rules-and-procedures.

VerDate Sep<11>2014 18:12 Oct 19, 2018 Jkt 247001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\22OCN1.SGM 22OCN1

Document Created: 2018-10-20 01:50:36
Document Modified: 2018-10-20 01:50:36

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 53339