83 FR 55771 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete ISE Section 22 of the Rulebook Entitled “Rate-Modified Foreign Currency Options Rules”
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 216 (November 7, 2018)
Federal Register Volume 83, Issue 216 (November 7, 2018)
| Page Range | 55771-55773 | |
| FR Document | 2018-24304 |
[Federal Register Volume 83, Number 216 (Wednesday, November 7, 2018)] [Notices] [Pages 55771-55773] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24304] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84516; File No. SR-ISE-2018-91] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete ISE Section 22 of the Rulebook Entitled ``Rate-Modified Foreign Currency Options Rules'' November 1, 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 25, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``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. --------------------------------------------------------------------------- [[Page 55772]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delete ISE Section 22 of the Rulebook entitled ``Rate-Modified Foreign Currency Options Rules.'' 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 Today, the Exchange has a set of rules within ISE Section 22, titled ``Rate-Modified Foreign Currency Options Rules'' which governs the listing and trading of foreign currency options on ISE. The Exchange proposes to delete ISE Section 22. Background In 2007, ISE received approval for the listing and trading of cash- settled rate-modified foreign currency options (``FCOs'').\3\ The Exchange adopted rules for the listing and trading of FCOs on the following currencies: The euro, the British pound, the Australian dollar, the New Zealand dollar, the Japanese yen, the Canadian dollar, the Swiss franc, the Chinese renminbi, the Mexican peso, the Swedish krona, the Russian ruble, the South African rand, the Brazilian real, the Israeli shekel, the Norwegian krone, the Polish zloty, the Hungarian forint, the Czech koruna and the Korean won (collectively, the ``Currencies''). The Exchange currently has rules which permit it to list and trade FCOs that include, among other things, the U.S. Dollar on one side of the underlying currency pair, as well as certain cross-rate FCOs that include two of the aforementioned Currencies in the underlying currency pair. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 55575 (April 3, 2007), 72 FR 17963 (April 10, 2007) (SR-ISE-2006-59). --------------------------------------------------------------------------- Proposal The Exchange notes that it has not listed or traded any FCOs since January 2018.\4\ The Exchange does not desire to list or trade FCOs on ISE at this time. The Exchange proposes to eliminate the rules within ISE Section 22 and reserve this section. The Exchange would file rules with the Commission to list and trade FCOs if it determines to list and trade foreign currency options at a later date. --------------------------------------------------------------------------- \4\ Specifically, the last expiration was for the Canadian dollar option with a symbol of ``CDD'' on January 19, 2018. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\5\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\6\ in particular, in that it is designed to promote just and equitable principles of trade, 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, by eliminating rules within its Rulebook which it no longer intends to utilize for listing and trading FCOs. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange notes that it has not listed or traded any FCOs since January 2018. The Exchange does not desire to list or trade FCOs on ISE at this time. The Exchange proposes to eliminate the rules within ISE Section 22 and reserve this section. The Exchange would file rules with the Commission to list and trade FCOs if it determines to list and trade foreign currency options at a later date. 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. The Exchange does not believe that eliminating the ISE Section 22 rules will create an undue burden on intra-market competition because no market participant on ISE would be able to trade FCOs. Further the Exchange notes that the deletion of the ISE Section 22 rules will not create an undue burden on inter- market competition because other markets today such as Nasdaq Phlx LLC lists FCOs.\7\ --------------------------------------------------------------------------- \7\ See Phlx Rule 1009. --------------------------------------------------------------------------- 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 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 \8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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 necessary or appropriate in the public interest, for the protection of investors, or 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 [email protected]. Please include File Number SR-ISE-2018-91 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-ISE-2018-91. This file [[Page 55773]] 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-2018-91 and should be submitted on or before November 28, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-24304 Filed 11-6-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 216 / Wednesday, November 7, 2018 / Notices 55771
already served two consecutive three- (C) Clearing Agency’s Statement on those that may be withheld from the
year terms and therefore may possess Comments on the Proposed Rule public in accordance with the
institutional knowledge and judgment Change Received from Members, provisions of 5 U.S.C. 552, will be
that is valuable to the Board and Participants or Others available for website viewing and
difficult to replace. Written comments on the proposed printing in the Commission’s Public
rule change were not and are not Reference Room, 100 F Street NE,
The proposed rule change is not
intended to be solicited with respect to Washington, DC 20549, on official
inconsistent with the existing rules of
the proposed rule change and none have business days between the hours of
OCC, including any other rules 10:00 a.m. and 3:00 p.m. Copies of such
proposed to be amended. been received.
filing also will be available for
(B) Clearing Agency’s Statement on III. Date of Effectiveness of the inspection and copying at the principal
Burden on Competition Proposed Rule Change and Timing for office of OCC and on OCC’s website at
Commission Action https://www.theocc.com/about/
Section 17A(b)(3)(I) of the Act 35 Within 45 days of the date of publications/bylaws.jsp.
requires that the rules of a clearing publication of this notice in the Federal All comments received will be posted
agency not impose any burden on Register or within such longer period without change. Persons submitting
competition not necessary or up to 90 days (i) as the Commission may comments are cautioned that we do not
appropriate in furtherance of the designate if it finds such longer period redact or edit personal identifying
purposes of the Act. OCC does not to be appropriate and publishes its information from comment submissions.
believe that the proposed rule change reasons for so finding or (ii) as to which You should submit only information
would impact or impose any burden on the self- regulatory organization that you wish to make available
competition. consents, the Commission will: publicly.
Clearing Members would not be (A) By order approve or disapprove All submissions should refer to File
placed at a competitive disadvantage to the proposed rule change, or Number SR–OCC–2018–013 and should
other Clearing Members as a result of (B) institute proceedings to determine be submitted on or before November 28,
whether the proposed rule change 2018.
Member Directors becoming eligible to
serve for a third consecutive three-year should be disapproved. For the Commission, by the Division of
term. Member Directors would still be IV. Solicitation of Comments Trading and Markets, pursuant to delegated
authority.37
required to be nominated by the GNC Interested persons are invited to Eduardo A. Aleman,
and elected by OCC’s stockholders, and submit written data, views and
in the case of any Member Director who Assistant Secretary.
arguments concerning the foregoing, [FR Doc. 2018–24309 Filed 11–6–18; 8:45 am]
has served two consecutive terms the including whether the proposed rule
GNC would remain free to determine BILLING CODE 8011–01–P
change is consistent with the Act.
that such Member Director is not Comments may be submitted by any of
appropriate as a nominee for a third the following methods: SECURITIES AND EXCHANGE
consecutive term, including in light of COMMISSION
fair representation considerations. In Electronic Comments
this way, the proposed rule change • Use the Commission’s internet
comment form (http://www.sec.gov/ [Release No. 34–84516; File No. SR–ISE–
applies equally to all Clearing Members.
2018–91]
The proposed term limit increase is rules/sro.shtml); or
intended to provide OCC with greater • Send an email to rule-comments@ Self-Regulatory Organizations; Nasdaq
flexibility to select Member Directors sec.gov. Please include File Number SR– ISE, LLC; Notice of Filing and
who optimize Board performance while OCC–2018–013 on the subject line. Immediate Effectiveness of Proposed
keeping in place existing requirements Paper Comments Rule Change To Delete ISE Section 22
that promote fair representation among of the Rulebook Entitled ‘‘Rate-
• Send paper comments in triplicate
Clearing Members on the Board, such as Modified Foreign Currency Options
to Secretary, Securities and Exchange
the GNC’s administration of the fair Rules’’
Commission, 100 F Street NE,
representation considerations in Article Washington, DC 20549–1090. November 1, 2018.
III, Section 5 of the By-Laws, a review
All submissions should refer to File Pursuant to Section 19(b)(1) of the
by the GNC at least every three years of
Number SR–OCC–2018–013. This file Securities Exchange Act of 1934
the composition of the Board as a whole
number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
for consistency with public interest and subject line if email is used. To help the notice is hereby given that on October
regulatory requirements, and evaluation Commission process and review your 25, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
of the potential nominees under the comments more efficiently, please use ‘‘Exchange’’) filed with the Securities
Fitness Standards.36 only one method. The Commission will and Exchange Commission (‘‘SEC’’ or
For the foregoing reasons, OCC post all comments on the Commission’s ‘‘Commission’’) the proposed rule
believes that the proposed rule change internet website (http://www.sec.gov/ change as described in Items I, II, and
is in the public interest, would be rules/sro.shtml). Copies of the III, below, which Items have been
consistent with the requirements of the submission, all subsequent prepared by the Exchange. The
amozie on DSK3GDR082PROD with NOTICES1
Act applicable to clearing agencies, and amendments, all written statements Commission is publishing this notice to
would not impact or impose a burden with respect to the proposed rule solicit comments on the proposed rule
on competition. change that are filed with the change from interested persons.
Commission, and all written
communications relating to the 37 17 CFR 200.30–3(a)(12).
35 15 U.S.C. 78q–1(b)(3)(I). proposed rule change between the 1 15 U.S.C. 78s(b)(1).
36 See supra notes 18–20 and accompanying text. Commission and any person, other than 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 216 / Wednesday, November 7, 2018 / Notices 55773
number should be included on the will be open to the public via telephone. Register on August 7, 2018.3 On
subject line if email is used. To help the The meeting will be webcast by audio- September 19, 2018, pursuant to Section
Commission process and review your only on the Commission’s website at 19(b)(2) of the Act,4 the Commission
comments more efficiently, please use www.sec.gov. designated a longer period within which
only one method. The Commission will MATTERS TO BE CONSIDERED: On October to approve the proposed rule change,
post all comments on the Commission’s 17, 2018, the Commission issued notice disapprove the proposed rule change, or
internet website (http://www.sec.gov/ of the Committee meeting (Release No. institute proceedings to determine
rules/sro.shtml). Copies of the 33–10568), indicating that the meeting whether to approve or disapprove the
submission, all subsequent is open to the public via telephone, and proposed rule change.5 The Commission
amendments, all written statements inviting the public to submit written has received no comment letters on the
with respect to the proposed rule comments to the Committee. This proposed rule change. This order
change that are filed with the Sunshine Act notice is being issued institutes proceedings pursuant to
Commission, and all written because a quorum of the Commission Section 19(b)(2)(B) of the Act 6 to
communications relating to the may attend the meeting. The duty determine whether to approve or
proposed rule change between the officer determined that no earlier notice disapprove the proposed rule change.
Commission and any person, other than of this Meeting was practicable. II. Description of the Proposed Rule
those that may be withheld from the The agenda for the meeting includes: Change 7
public in accordance with the Welcome remarks; a discussion of the
provisions of 5 U.S.C. 552, will be Commission’s Proposed Regulation Best Commentary .01 to NYSE Arca Rule
available for website viewing and Interest and Proposed Form CRS 8.600–E sets forth the generic listing
printing in the Commission’s Public Relationship Summary (including a standards for Managed Fund Shares.
Reference Room, 100 F Street NE, recommendation of the Investor as The Exchange proposes to amend
Washington, DC 20549, on official Purchaser subcommittee). Commentaries .01(a) and (b) to NYSE
business days between the hours of CONTACT PERSON FOR MORE INFORMATION:
Arca Rule 8.600–E as described below.
10:00 a.m. and 3:00 p.m. Copies of the For further information and to ascertain A. Proposed Amendments to
filing also will be available for what, if any, matters have been added, Commentary .01(a) to NYSE Arca Rule
inspection and copying at the principal deleted or postponed; please contact 8.600–E
office of the Exchange. All comments Brent J. Fields from the Office of the
received will be posted without change. Commentary .01(a) to NYSE Arca
Secretary at (202) 551–5400.
Persons submitting comments are Rule 8.600–E sets forth the generic
cautioned that we do not redact or edit Dated: November 2, 2018. listing standards applicable to equity
personal identifying information from Brent J. Fields, securities 8 in the portfolio of a series of
comment submissions. You should Secretary. Managed Fund Shares.
submit only information that you wish [FR Doc. 2018–24405 Filed 11–5–18; 11:15 am]
1. Proposed Amendments to
to make available publicly. All BILLING CODE 8011–01–P
Commentary .01(a)(2) to NYSE Arca
submissions should refer to File Rule 8.600–E
Number SR–ISE–2018–91 and should be
submitted on or before November 28, SECURITIES AND EXCHANGE Commentary .01(a)(2) to NYSE Arca
2018. COMMISSION Rule 8.600–E sets forth the generic
For the Commission, by the Division of
listing standards applicable to Non-U.S.
Trading and Markets, pursuant to delegated [Release No. 34–84517; File No. SR– Component Stocks 9 in the portfolio of
authority.10 NYSEArca-2018–54]
3 See Securities Exchange Act Release No. 83759
Eduardo A. Aleman,
Self-Regulatory Organizations; NYSE (August 1, 2018), 83 FR 38753 (‘‘Notice’’).
Assistant Secretary. Arca, Inc.; Order Instituting 4 15 U.S.C. 78s(b)(2).
[FR Doc. 2018–24304 Filed 11–6–18; 8:45 am] 5 See Securities Exchange Act Release No. 84195,
Proceedings To Determine Whether To
83 FR 48474 (September 25, 2018). The
BILLING CODE 8011–01–P Approve or Disapprove a Proposed Commission designated November 5, 2018 as the
Rule Change To Amend Commentary date by which the Commission shall approve the
.01 to NYSE Arca Rule 8.600–E proposed rule change, disapprove the proposed rule
SECURITIES AND EXCHANGE Relating to Certain Generic Listing change, or institute proceedings to determine
COMMISSION whether to approve or disapprove the proposed rule
Standards for Managed Fund Shares change.
6 15 U.S.C. 78s(b)(2)(B).
Sunshine Act Meetings November 1, 2018. 7 For a full description of the proposed rule
TIME AND DATE: Notice is hereby given, I. Introduction change, see Notice, supra note 3.
8 Commentary .01(a) to NYSE Arca Rule 8.600–E
pursuant to the provisions of the On July 18, 2018, NYSE Arca, Inc. provides that equity securities include the
Government in Sunshine Act, Public (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed following: U.S. Component Stocks (as described in
Law 94–409, that the Securities and with the Securities and Exchange NYSE Arca Rule 5.2–E(j)(3)); Non-U.S. Component
Exchange Commission Investor Stocks (as described in NYSE Arca Rule 5.2–E(j)(3));
Commission (‘‘Commission’’), pursuant Derivative Securities Products (i.e., Investment
Advisory Committee will hold a to Section 19(b)(1) of the Securities Company Units and securities described in Section
telephonic meeting on Wednesday, Exchange Act of 1934 (‘‘Act’’) 1 and Rule 2 of NYSE Arca Rule 8–E); and Index-Linked
November 7, 2018. 19b–4 thereunder,2 a proposed rule Securities that qualify for Exchange listing and
amozie on DSK3GDR082PROD with NOTICES1
trading under NYSE Arca Rule 5.2–E(j)(6).
PLACE: The meeting will be open to the change to amend certain generic listing 9 NYSE Arca Rule 5.2–E(j)(3) defines Non-U.S.
public via telephone at 1–800–260– standards for Managed Fund Shares. Component Stock to mean an equity security that
0702, participant code 455778. The proposed rule change was is not registered under Sections 12(b) or 12(g) of the
STATUS: This meeting will begin at 2:00 published for comment in the Federal Act and that is issued by an entity that (a) is not
organized, domiciled or incorporated in the United
p.m. (ET) and conclude at 3:30 p.m. and States, and (b) is an operating company (including
1 15 U.S.C. 78s(b)(1). Real Estate Investment Trusts and income trusts,
10 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. Continued
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Document Created: 2018-11-07 00:04:41
Document Modified: 2018-11-07 00:04:41
| 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 55771 |
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