83 FR 54791 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchanges Schedule of Fees To Modify the Crossing Fee Cap
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 211 (October 31, 2018)
Federal Register Volume 83, Issue 211 (October 31, 2018)
| Page Range | 54791-54793 | |
| FR Document | 2018-23732 |
[Federal Register Volume 83, Number 211 (Wednesday, October 31, 2018)] [Notices] [Pages 54791-54793] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-23732] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84487; File No. SR-ISE-2018-87] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchanges Schedule of Fees To Modify the Crossing Fee Cap October 25, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 11, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') 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 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's Schedule of Fees to modify the Crossing Fee Cap, as described further below. The text of the proposed rule change is available on the Exchange's website at http://ise.cchwallstreet.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 aspects 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 Schedule of Fees to exclude Non-Nasdaq ISE Market Makers \3\ from the Crossing Fee Cap in Section IV.H. --------------------------------------------------------------------------- \3\ A ``Non-Nasdaq ISE Market Maker'' is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange. --------------------------------------------------------------------------- By way of background, Crossing Orders are contracts that are submitted as part of a Facilitation, Solicitation, Price Improvement Mechanism (``PIM''), Block or QCC order. As set forth in Section IV.H of the Schedule of Fees, the Exchange currently caps Crossing Order fees at $90,000 per month per member on all Firm Proprietary and Non- Nasdaq Market Maker transactions that are part of the originating or contra side of a Crossing Order.\4\ The following fees are not included in the calculation of the monthly Crossing Fee cap: (1) Fees for Responses to Crossing Orders, (2) surcharge fees for licensed products and the fees for index options as set forth in Section III, and (3) service fee.\5\ For purposes of the Crossing Fee Cap the Exchange attributes eligible volume to the ISE Member on whose behalf the Crossing Order was executed.\6\ The Exchange now seeks to exclude Non- Nasdaq ISE Market Maker transactions from the Crossing Fee Cap, and make related changes to remove references to Non-Nasdaq ISE Market Maker contracts throughout its Schedule of Fees where the Crossing Fee Cap is described. --------------------------------------------------------------------------- \4\ Members that elect prior to the start of the month to pay $65,000 per month will have these crossing fees capped at that level instead. All eligible volume from affiliated Members will be aggregated for purposes of the Crossing Fee Cap, provided there is at least 75% common ownership between the Members as reflected on each Member's Form BD, Schedule A. \5\ A service fee of $0.00 per side applies to all order types that are eligible for the fee cap. The service fee does not apply once a Member reaches the fee cap level and does apply to every contract side above the fee cap. A Member who does not reach the monthly fee cap will not be charged the service fee. Once the fee cap is reached, the service fee applies to eligible Firm Proprietary and Non-Nasdaq ISE market Maker orders in all Nasdaq ISE products. The service fee is not calculated in reaching the cap. \6\ The Exchange's fee cap is functionally similar to the Clearing Trading Permit Holder Fee Cap in place at Cboe Exchange (``CBOE''), and the Monthly Firm Fee Cap in place at Nasdaq PHLX (``Phlx''). See CBOE Fees Schedule, Equity Options Rate Table, Clearing Trading Permit Holder Fee Cap, footnote 11; and Phlx Pricing Schedule, Section II, Monthly Firm Fee Cap. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it [[Page 54792]] provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Crossing Fee Cap was established to reward members for executing a high volume of Firm Proprietary and Non-Nasdaq ISE Market Maker Crossing Orders on the Exchange. However, the Exchange has determined that this program has not proven to be effective in encouraging Non-Nasdaq ISE Market Maker volume in Crossing Orders and therefore believes it is reasonable to eliminate the Crossing Fee Cap for these market participants. Furthermore, the Exchange believes that it is reasonable to no longer apply the Crossing Fee Cap to Non-Nasdaq ISE Market Maker transactions because other options exchanges offer similar fee caps that only apply to firm proprietary orders.\9\ --------------------------------------------------------------------------- \9\ See CBOE Fees Schedule, Equity Options Rate Table, Clearing Trading Permit Holder Fee Cap, footnote 11 (providing in relevant part that the ``. . . Clearing Trading Permit Holder Fee Cap in all products except Underlying Symbol List A (34) excluding binary options (the ``Fee Cap'') and Sector Indexes (47), the Cboe Options Proprietary Products Sliding Scale for Clearing Trading Permit Holder Proprietary Orders (the ``Proprietary Products Sliding Scale''), the Clearing Trading Permit Holder Proprietary VIX Sliding Scale (the ``VIX Sliding Scale''), and the Supplemental VIX Total Firm Discount (the Supplemental VIX Discount'') apply to (i) Clearing Trading Permit Holder proprietary orders (``F'' origin code), and (ii) orders of Non-Trading Permit Holder Affiliates of a Clearing Trading Permit Holder. A ``Non-Trading Permit Holder Affiliate'' for this purpose is a 100% wholly owned affiliate or subsidiary of a Clearing Trading Permit Holder that is registered as a United States or foreign broker-dealer and that is not a Cboe Options Trading Permit Holder. Only proprietary orders of the Non- Trading Permit Holder Affiliate that clear through a Cboe Options- registered OCC clearing number(s) will be included in calculating the Fee Cap, Proprietary Products Sliding Scale, VIX Sliding Scale, and Supplemental VIX Discount.''). In addition, Phlx's Monthly Firm Fee Cap is only offered to firm proprietary orders. See Phlx Pricing Schedule, Section II, Monthly Firm Fee Cap. --------------------------------------------------------------------------- The Exchange further believes that the proposed fee change is equitable and not unfairly discriminatory because it would apply uniformly to all members engaged in Firm Proprietary trading in options classes traded on the Exchange. The Exchange's decision to no longer apply the Crossing Fee Cap to Non-Nasdaq ISE Market Maker orders is not unfairly discriminatory because as noted above, the Exchange has determined that this program has not proven to be effective in encouraging Non-Nasdaq ISE Market Maker volume in Crossing Orders and as a matter of practice, members submitting Firm Proprietary orders are most likely to use or pre-pay the Crossing Fee Cap. As such, the Exchange believes there will be minimal impact on removing this fee cap for Non-Nasdaq ISE Market Maker orders. Moreover, the proposed variance between Firm Proprietary and Non-Nasdaq ISE Market Maker participants does not misalign pricing in that Firm Proprietary orders already benefit from certain pricing advantages that Non-Nasdaq ISE Market Makers do not also enjoy, such as a PIM and Facilitation rebate as well as a lower complex order maker fee.\10\ Such differentiated pricing exists today on another options exchange.\11\ The Exchange believes there is nothing impermissible about ISE offering the Crossing Fee Cap solely to Firm Proprietary transactions given that this practice is consistent with the above examples and the fee caps in place at other options exchanges.\12\ Furthermore, to the extent the Crossing Fee Cap provides an incentive for Firm Proprietary orders to transact order flow on the Exchange, such order flow brings increased liquidity to the benefit of all market participants, including Non-Nasdaq ISE Market Makers. --------------------------------------------------------------------------- \10\ See Schedule of Fees, Section IV.B. See Schedule of Fees, Section II (assessing Non-Nasdaq ISE Market Maker orders a complex order maker fee of $0.20 per contract in Select Symbols, while Firm Proprietary orders are assessed the lower $0.10 per contract maker fee). \11\ CBOE assesses a reduced transaction fee to Clearing Trading Permit Holder Proprietary participants, which clear in the Firm range at The Options Clearing Corporation, of $0.43 per contract for electronic Penny Classes and $0.70 per contract for electronic Non- Penny Classes. In contrast, CBOE assesses Non-Trading Permit Holder Market Makers a $0.47 per contract fee for electronic Penny Classes and a $0.75 per contract fee for electronic Non-Penny Classes. See CBOE Fees Schedule. \12\ See note 9 above. --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. Although the Exchange is no longer including Non-Nasdaq ISE Market Maker transactions in the Crossing Fee Cap, as described above, the Exchange notes that other options exchanges offer similar fee caps that apply only to firm proprietary orders and the Exchange therefore seeks to modify its fee cap for competitive reasons.\13\ The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. For the reasons discussed above, the Exchange believes that the proposed fee change reflects this competitive environment. --------------------------------------------------------------------------- \13\ See note 9 above. --------------------------------------------------------------------------- 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)(ii) of the Act.\14\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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-ISE-2018-87 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. [[Page 54793]] All submissions should refer to File Number SR-ISE-2018-87. 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-ISE-2018-87 and should be submitted on or before November 21, 2018. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-23732 Filed 10-30-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices 54791
POLICIES AND PRACTICES FOR RETENTION AND SECURITIES AND EXCHANGE Schedule of Fees to exclude Non-
DISPOSAL OF RECORDS: COMMISSION Nasdaq ISE Market Makers 3 from the
Paper and electronic records are Crossing Fee Cap in Section IV.H.
[Release No. 34–84487; File No. SR–ISE–
maintained in accordance with General 2018–87] By way of background, Crossing
Records Schedules 4.2 and 5.1, or for as Orders are contracts that are submitted
long as needed for business use. Self–Regulatory Organizations; as part of a Facilitation, Solicitation,
Nasdaq ISE, LLC; Notice of Filing and Price Improvement Mechanism (‘‘PIM’’),
ADMINISTRATIVE, TECHNICAL, AND PHYSICAL
Immediate Effectiveness of Proposed Block or QCC order. As set forth in
SAFEGUARDS:
Rule Change To Amend the Exchanges Section IV.H of the Schedule of Fees,
Paper records are maintained in Schedule of Fees To Modify the the Exchange currently caps Crossing
offices and file cabinets. During duty Crossing Fee Cap Order fees at $90,000 per month per
hours, the records are under member on all Firm Proprietary and
surveillance of personnel charged with October 25, 2018.
Non-Nasdaq Market Maker transactions
their custody. After duty hours, the Pursuant to Section 19(b)(1) of the that are part of the originating or contra
offices are accessible only using an Securities Exchange Act of 1934 side of a Crossing Order.4 The following
office key or access card. Access to (‘‘Act’’),1 and Rule 19b–4 thereunder,2 fees are not included in the calculation
electronic records maintained on an notice is hereby given that on October of the monthly Crossing Fee cap: (1)
OSHRC shared drive is restricted to 11, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or Fees for Responses to Crossing Orders,
personnel who require access to perform ‘‘Exchange’’) filed with the Securities
(2) surcharge fees for licensed products
their official functions. and Exchange Commission
and the fees for index options as set
(‘‘Commission’’) the proposed rule
forth in Section III, and (3) service fee.5
RECORD ACCESS PROCEDURES: change as described in Items I, II, and
For purposes of the Crossing Fee Cap
Individuals who wish to gain access III, below, which Items have been
the Exchange attributes eligible volume
to their records should notify: Privacy prepared by the Exchange. The
to the ISE Member on whose behalf the
Officer, OSHRC, 1120 20th Street NW, Commission is publishing this notice to
Crossing Order was executed.6 The
Ninth Floor, Washington, DC 20036– solicit comments on the proposed rule
Exchange now seeks to exclude Non-
3457. For an explanation on how such change from interested persons.
Nasdaq ISE Market Maker transactions
requests should be drafted, refer to 29 I. Self–Regulatory Organization’s from the Crossing Fee Cap, and make
CFR 2400.6 (procedures for requesting Statement of the Terms of Substance of related changes to remove references to
records). the Proposed Rule Change Non-Nasdaq ISE Market Maker contracts
CONTESTING RECORD PROCEDURES: The Exchange proposes to amend the throughout its Schedule of Fees where
Exchange’s Schedule of Fees to modify the Crossing Fee Cap is described.
Individuals who wish to contest their
records should notify: Privacy Officer, the Crossing Fee Cap, as described 2. Statutory Basis
OSHRC, 1120 20th Street NW, Ninth further below.
The text of the proposed rule change The Exchange believes that its
Floor, Washington, DC 20036–3457. For proposal is consistent with Section 6(b)
is available on the Exchange’s website at
an explanation on the specific of the Act,7 in general, and furthers the
http://ise.cchwallstreet.com/, at the
procedures for contesting the contents objectives of Sections 6(b)(4) and 6(b)(5)
principal office of the Exchange, and at
of a record, refer to 29 CFR 2400.8 of the Act,8 in particular, in that it
the Commission’s Public Reference
(Procedures for requesting amendment),
Room.
and 29 CFR 2400.9 (Procedures for 3 A ‘‘Non-Nasdaq ISE Market Maker’’ is a market
appealing). II. Self–Regulatory Organization’s maker as defined in Section 3(a)(38) of the
Statement of the Purpose of, and Securities Exchange Act of 1934, as amended,
NOTIFICATION PROCEDURES: Statutory Basis for, the Proposed Rule registered in the same options class on another
Individuals interested in inquiring Change options exchange.
4 Members that elect prior to the start of the
about their records should notify: In its filing with the Commission, the month to pay $65,000 per month will have these
Privacy Officer, OSHRC, 1120 20th Exchange included statements crossing fees capped at that level instead. All
Street NW, Ninth Floor, Washington, DC concerning the purpose of and basis for eligible volume from affiliated Members will be
20036–3457. For an explanation on how the proposed rule change and discussed
aggregated for purposes of the Crossing Fee Cap,
such requests should be drafted, refer to provided there is at least 75% common ownership
any comments it received on the between the Members as reflected on each
29 CFR 2400.5 (notification), and 29 proposed rule change. The text of these Member’s Form BD, Schedule A.
CFR 2400.6 (procedures for requesting statements may be examined at the 5 A service fee of $0.00 per side applies to all
records). places specified in Item IV below. The order types that are eligible for the fee cap. The
service fee does not apply once a Member reaches
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
Exchange has prepared summaries, set the fee cap level and does apply to every contract
forth in sections A, B, and C below, of side above the fee cap. A Member who does not
None. the most significant aspects of such reach the monthly fee cap will not be charged the
service fee. Once the fee cap is reached, the service
HISTORY: statements. fee applies to eligible Firm Proprietary and Non-
April 14, 2006, 71 FR 19556; August A. Self–Regulatory Organization’s Nasdaq ISE market Maker orders in all Nasdaq ISE
products. The service fee is not calculated in
4, 2008, 73 FR 45256; October 5, 2015, Statement of the Purpose of, and reaching the cap.
80 FR 60182; and September 28, 2017, Statutory Basis for, the Proposed Rule 6 The Exchange’s fee cap is functionally similar to
Change
amozie on DSK3GDR082PROD with NOTICES1
82 FR 45324. the Clearing Trading Permit Holder Fee Cap in
place at Cboe Exchange (‘‘CBOE’’), and the Monthly
Dated: October 24, 2018. 1. Purpose Firm Fee Cap in place at Nasdaq PHLX (‘‘Phlx’’).
Nadine N. Mancini, The purpose of the proposed rule See CBOE Fees Schedule, Equity Options Rate
General Counsel, Senior Agency Official for Table, Clearing Trading Permit Holder Fee Cap,
change is to amend the Exchange’s footnote 11; and Phlx Pricing Schedule, Section II,
Privacy. Monthly Firm Fee Cap.
[FR Doc. 2018–23729 Filed 10–30–18; 8:45 am] 1 15 U.S.C. 78s(b)(1). 7 15 U.S.C. 78f(b).
BILLING CODE 7600–01–P 2 17 CFR 240.19b–4. 8 15 U.S.C. 78f(b)(4) and (5).
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![Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices 54793
All submissions should refer to File ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Shares.5 The Commission has
Number SR–ISE–2018–87. This file notice is hereby given that, on October previously approved a proposed rule
number should be included on the 12, 2018, NYSE Arca, Inc. (the change regarding certain changes that
subject line if email is used. To help the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with would result in the portfolio for the
Commission process and review your the Securities and Exchange Fund not meeting all of the ‘‘generic’’
comments more efficiently, please use Commission (the ‘‘Commission’’) the listing requirements of Commentary .01
only one method. The Commission will proposed rule change as described in to NYSE Arca Rule 8.600–E applicable
post all comments on the Commission’s Items I and II below, which Items have to the listing of Managed Fund Shares.6
internet website (http://www.sec.gov/ been prepared by the self-regulatory PGIM Investments LLC (the
rules/sro.shtml). Copies of the organization. The Commission is ‘‘Adviser’’) is the investment adviser for
submission, all subsequent publishing this notice to solicit the Fund. PGIM Fixed Income (the
amendments, all written statements comments on the proposed rule change ‘‘Subadviser’’), a unit of PGIM, Inc., is
with respect to the proposed rule from interested persons. the subadviser to the Fund. The Adviser
change that are filed with the and the Subadviser are indirect wholly-
I. Self-Regulatory Organization’s owned subsidiaries of Prudential
Commission, and all written Statement of the Terms of Substance of
communications relating to the Financial, Inc.7
the Proposed Rule Change As stated in the Prior Releases, the
proposed rule change between the
Commission and any person, other than The Exchange proposes certain Fund may invest in derivatives to (i)
those that may be withheld from the changes regarding investments of the provide exposure to the ‘‘Principal
public in accordance with the PGIM Ultra Short Bond ETF (the Investment Instruments’’ (as defined in
provisions of 5 U.S.C. 552, will be ‘‘Fund’’), a series of PGIM ETF Trust the Prior Releases), and (ii) enhance
available for website viewing and (the ‘‘Trust’’), and shares of which are returns, manage portfolio duration, or
printing in the Commission’s Public currently listed and traded on the manage the risk of securities price
Reference Room, 100 F Street NE, Exchange under NYSE Arca Rule 8.600– fluctuations. Derivatives that the Fund
Washington, DC 20549, on official E (‘‘Managed Fund Shares’’). The may enter into include only: Over-the-
business days between the hours of proposed change is available on the counter (‘‘OTC’’) deliverable and non-
10:00 a.m. and 3:00 p.m. Copies of the Exchange’s website at www.nyse.com, at deliverable foreign exchange forward
filing also will be available for the principal office of the Exchange, and contracts; listed futures contracts on one
inspection and copying at the principal at the Commission’s Public Reference
5 A Managed Fund Share is a security that
office of the Exchange. All comments Room.
represents an interest in an investment company
received will be posted without change. II. Self-Regulatory Organization’s registered under the Investment Company Act of
Persons submitting comments are Statement of the Purpose of, and 1940 (15 U.S.C. 80a-1) (the ‘‘1940 Act’’) organized
cautioned that we do not redact or edit as an open-end investment company or similar
Statutory Basis for, the Proposed Rule entity that invests in a portfolio of securities
personal identifying information from Change selected by its investment adviser consistent with
comment submissions. You should its investment objectives and policies. In contrast,
submit only information that you wish In its filing with the Commission, the an open-end investment company that issues
to make available publicly. All self-regulatory organization included Investment Company Units, listed and traded on
submissions should refer to File statements concerning the purpose of, the Exchange under NYSE Arca Rule 5.2–E(j)(3),
and basis for, the proposed rule change seeks to provide investment results that correspond
Number SR–ISE–2018–87 and should be generally to the price and yield performance of a
submitted on or before November and discussed any comments it received specific foreign or domestic stock index, fixed
21,2018. on the proposed rule change. The text income securities index or combination thereof.
of those statements may be examined at 6 See Amendment No. 1 to SR–NYSEArca–2018–
For the Commission, by the Division of the places specified in Item IV below. 15, available at https://www.sec.gov/comments/sr-
Trading and Markets, pursuant to delegated The Exchange has prepared summaries, nysearca-2018-15/nysearca201815-3510337-
authority.15 162292.pdf (‘‘Prior Amendment’’); Securities
set forth in sections A, B, and C below, Exchange Act Release No. 83319 (May 24, 2018), 83
Eduardo A. Aleman, of the most significant parts of such FR 25097 (May 31, 2018) (SR–NYSEArca–2018–15),
Assistant Secretary. statements. (Order Approving a Proposed Rule Change, as
[FR Doc. 2018–23732 Filed 10–30–18; 8:45 am] Modified by Amendment No. 1 Thereto, to
A. Self-Regulatory Organization’s Continue Listing and Trading Shares of the PGIM
BILLING CODE 8011–01–P
Statement of the Purpose of, and the Ultra Short Bond ETF Under NYSE Arca Rule
8.600–E) (‘‘Approval Order’’ and, together with the
Statutory Basis for, the Proposed Rule Prior Amendment, the ‘‘Prior Releases’’). The Prior
SECURITIES AND EXCHANGE Change Releases stated that the Fund’s portfolio would
COMMISSION meet all requirements of Commentary .01 to NYSE
1. Purpose Arca Rule 8.600–E except for those set forth in
The Exchange proposes certain Commentary .01(a)(1), Commentary .01(b)(4) and
[Release No. 34–84486; File No. SR– Commentary .01(b)(5).
changes, described below under 7 The Trust is registered under the 1940 Act. On
NYSEArca–2018–75] ‘‘Application of Generic Listing March 26, 2018, the Trust filed with the
Self-Regulatory Organizations; NYSE Requirements,’’ regarding investments Commission Pre-Effective Amendment No. 1 to the
Arca, Inc.; Notice of Filing of Proposed of the Fund. The shares (‘‘Shares’’) of Trust’s registration statement on Form N–1A under
the Fund are currently listed and traded the Securities Act of 1933 (15 U.S.C. 77a)
Rule Change Regarding Certain (‘‘Securities Act’’), and under the 1940 Act relating
Investments of the PGIM Ultra Short on the Exchange under Commentary .01 to the Fund (File Nos. 333–222469 and 811–23324)
Bond ETF to NYSE Arca Rule 8.600–E,4 which (‘‘Registration Statement’’). The Trust will file an
amozie on DSK3GDR082PROD with NOTICES1
provides generic criteria applicable to amendment to the Registration Statement as
October 25, 2018. the listing and trading of Managed Fund necessary to conform to the representations in this
filing. The description of the operation of the Trust
Pursuant to Section 19(b)(1) 1 of the 2 15
and the Fund herein is based, in part, on the
U.S.C. 78a. Registration Statement. In addition, the
Securities Exchange Act of 1934 (the 3 17CFR 240.19b–4. Commission has issued an order granting certain
4 Shares of the Fund commenced trading on the exemptive relief to the Trust under the1940 Act.
15 17 CFR 200.30–3(a)(12). Exchange on April 10, 2018 pursuant to See Investment Company Act Release No. 31095
1 15 U.S.C.78s(b)(1). Commentary .01 to NYSE Arca Rule 8.600–E. (June 24, 2014) (File No. 812–14267).
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Document Created: 2018-10-31 00:32:54
Document Modified: 2018-10-31 00:32:54
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 54791 |
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