83 FR 56116 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter XIV, Index Rules, Section 10(g), Pricing When Primary Market Does Not Open
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 218 (November 9, 2018)
Federal Register Volume 83, Issue 218 (November 9, 2018)
| Page Range | 56116-56118 | |
| FR Document | 2018-24527 |
[Federal Register Volume 83, Number 218 (Friday, November 9, 2018)] [Notices] [Pages 56116-56118] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24527] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84540; File No. SR-BX-2018-049] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter XIV, Index Rules, Section 10(g), Pricing When Primary Market Does Not Open November 5, 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 30, 2018, Nasdaq BX, Inc. (``BX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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 Chapter XIV, Index Rules, Section 10(g), Pricing When Primary Market Does Not Open. The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. [[Page 56117]] 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 Exchange proposes to amend its rules at Chapter XIV, Index Rules, Section 10(g) of the Exchange's rulebook regarding determination of the price of component securities for purposes of calculating the current index value at expiration of Exchange index options on days when the primary market for the underlying security does not open.\3\ The proposed amendment would apply to both AM-settled and PM-settled index options.\4\ --------------------------------------------------------------------------- \3\ Three of the Exchange's affiliated options exchanges, Nasdaq ISE, LLC (``ISE''), The Nasdaq Stock Market LLC (``Nasdaq'') and Nasdaq PHLX LLC, will also be proposing rule changes relating to the manner of determining an underlying index component security's price for purposes of calculating the current index value at expiration of an index option under these circumstances. See SR-NASDAQ-2018-081, SR-Phlx-2018-63, and SR-ISE-2018-88. The Exchange desires its rules to be aligned with those of the affiliated exchanges. \4\ Currently, traditional index options expiring on the third Friday of the month are A.M.-settled, meaning that the index option's settlement value is calculated based upon opening prices of the index's component securities on the last day of trading in the component securities prior to expiration, normally on Friday morning. By contrast, the settlement of P.M.-settled index options is based upon the closing index value, defined as the last index value reported on a business day, for the day on which the index option is exercised. P.M.-settled options expiring on the third Friday of the month would therefore normally be settled on the basis of Friday's closing prices of component securities. --------------------------------------------------------------------------- Currently, Chapter XIV, Section 10(g) provides that when the primary market for a security underlying the current index value of an index option does not open for trading on a given day, the price of that security shall be determined, for purposes of calculating the current index value at expiration, based on the opening price of that security on the next day that its primary market is open for trading.\5\ --------------------------------------------------------------------------- \5\ The rule provides, however, that this procedure shall not be used if the current index value at expiration is fixed in accordance with the Rules and By-Laws of the options Clearing Corporation (``OCC''). --------------------------------------------------------------------------- The Exchange now proposes to delete from the rule the language providing for determination of the price of the component security, for purposes of calculating the current index value at expiration, based on the opening price of that security on the next day that its primary market is open for trading. The Exchange proposes to amend Chapter XIV, Section 10(g) so that it provides that when the primary market for a security underlying the current index value of an index option does not open for trading on a given day which is an expiration day, for the purposes of calculating the settlement price at expiration, the last reported sale price of the security from the previous trading day shall be used.\6\ The revised provision would permit market participants the certainty of knowing the settlement value on the day on which the primary market fails to open. Additionally, the amendment would eliminate the potential difficulties that could arise if the reporting authority for the index were unwilling or unable to calculate the settlement value using prices for the relevant security(ies) on the next day that its primary market is open for trading.\7\ --------------------------------------------------------------------------- \6\ Chapter XIV, Section 10(g) would continue to apply to both A.M.-settled and P.M.-settled index options. \7\ The index calculator for the NDX, MNX and BKX indexes, which are products traded on Nasdaq affiliated exchanges, uses the previous day's closing price if components of the index do not open. --------------------------------------------------------------------------- The rule would continue to provide that this procedure shall not be used if the current index value at expiration is fixed in accordance with OCC rules and by-laws. This language recognizes that OCC is authorized under its rules and by-laws to take certain actions relating to settlement in the event of the unavailability or inaccuracy of the current underlying interest value.\8\ The Exchange proposes to retain this language in recognition of OCC's authority to establish settlement prices and procedures in certain circumstances where normal settlement procedures cannot be followed due unforeseen events, such as the unanticipated closure of a primary market for a component security on a day on which it would normally be open for trading. The Exchange would thus retain the last sentence of Chapter XIV, Section 10(g) which will make clear that the new procedure would not apply in the event that OCC exercises its authority to determine settlement prices. Rather, the proposed new language would apply only when a primary market does not open and OCC elects not to exercise its authority to intervene and take action to establish a settlement price. --------------------------------------------------------------------------- \8\ See OCC By-Laws Article XVII, Section 4(a), which provides in relevant part that if OCC shall determine that the primary market for one or more index components did not open or remain open for trading (or that any such components did not open or remain open for trading on such market(s)) on a trading day at or before the time when the current index value for that trading day would ordinarily be determined, or that a current index value or other value or price to be used as, or to determine, the exercise settlement amount (a ``required value'') for a trading day is otherwise unreported, inaccurate, unreliable, unavailable or inappropriate for purposes of calculating the exercise settlement amount, then, in addition to any other actions that OCC may be entitled to take under OCC's bylaws and rules, the, OCC is empowered to take any or all of a range of permitted actions with respect to any series of options on such index, including fixing the exercise settlement amount. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ 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. As noted above, the amendment to Chapter XIV, Section 10(g) would establish clearly the procedure for determination of an index component security's price in the event that the primary market for the security fails to open. By adopting the proposed rule amendment, the Exchange would provide certainty to the market regarding the procedure it would follow in the absence of action by OCC. Additionally, it would provide market participants with the certainty of knowing the settlement value on the day on which the primary market fails to open, and eliminate the potential difficulties that could arise if the reporting authority for the index were unwilling or unable to calculate the settlement value using prices for the relevant security(ies) on the next day that its primary market is open for trading. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- It would also acknowledge clearly, however, that OCC may, under its rules and by-laws, establish settlement prices for expiring index options that may differ from the settlement prices that would otherwise be provided for in Exchange rules, thereby protecting investors and the public interest by reducing potential for confusion in that regard. [[Page 56118]] 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. On the contrary, the Exchange believes that the proposed amendment will benefit investors, market participants, and the marketplace in general by setting forth clearly the manner in which index option settlement values will be determined if the primary market for a security underlying the current index value of an index option does not open for trading, allowing market participants the certainty of knowing the settlement price on the day on which the primary market fails to open, eliminating the potential difficulties that could arise if the reporting authority for the index were unwilling or unable to calculate the settlement value using prices for the relevant security(ies) on the next day that its primary market is open for trading, and retaining the existing provision stating that the Exchange will defer to OCC in the determination of settlement prices when and if OCC exercises its authority under its own settlement price procedures in accordance with its rules and by-laws. 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 Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\ Because the 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) of the Act and Rule 19b-4(f)(6) thereunder.\13\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(iii). \12\ 17 CFR 240.19b-4(f)(6). \13\ 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 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally does not become operative for 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. In its filing with the Commission, the Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing to provide certainty regarding the determination of settlement prices for index options when the primary market for a security underlying the current index value of an index option does not does not open for trading on an expiration day, including in instances in which OCC exercises its authority to determine the settlement price. According to the Exchange, the proposed rule change will allow investors to know the settlement price of an index option on the day on which the primary market of an underlying component fails to open and will avoid potential difficulties that could arise if the reporting authority for the index was unwilling or unable to calculate the settlement value using prices for the relevant securities on the next day that its primary market is open for trading. As such, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest and designates the proposed rule change operative upon filing.\16\ --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6). \15\ 17 CFR 240.19b-4(f)(6)(iii). \16\ For purposes only of waiving the operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) \17\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-BX-2018-049 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-BX-2018-049. 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 a.m. and 3 p.m. Copies of such 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-BX- 2018-049, and should be submitted on or before November 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-24527 Filed 11-8-18; 8:45 am] BILLING CODE 8011-01-P
![56116 Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices
C. Self-Regulatory Organization’s At any time within 60 days of the be posted without change. Persons
Statement on Comments on the filing of the proposed rule change, the submitting comments are cautioned that
Proposed Rule Change Received From Commission summarily may we do not redact or edit personal
Members, Participants, or Others temporarily suspend such rule change if identifying information from comment
it appears to the Commission that such submissions. You should submit only
The Exchange neither solicited nor
action is necessary or appropriate in the information that you wish to make
received comments on the proposed
public interest, for the protection of available publicly. All submissions
rule change.
investors, or otherwise in furtherance of should refer to File Number SR–CBOE–
III. Date of Effectiveness of the the purposes of the Act. If the 2018–071 and should be submitted on
Proposed Rule Change and Timing for Commission takes such action, the or before November 30, 2018.
Commission Action Commission shall institute proceedings
For the Commission, by the Division of
to determine whether the proposed rule
Because the proposed rule change Trading and Markets, pursuant to delegated
should be approved or disapproved.
does not (i) significantly affect the authority.24
protection of investors or the public IV. Solicitation of Comments
interest; (ii) impose any significant Interested persons are invited to Eduardo A. Aleman,
burden on competition; and (iii) become submit written data, views and Assistant Secretary.
operative for 30 days from the date on arguments concerning the foregoing, [FR Doc. 2018–24524 Filed 11–8–18; 8:45 am]
which it was filed, or such shorter time including whether the proposed rule BILLING CODE 8011–01–P
as the Commission may designate if change is consistent with the Act.
consistent with the protection of Comments may be submitted by any of
investors and the public interest, the the following methods:
proposed rule change has become SECURITIES AND EXCHANGE
effective pursuant to Section 19(b)(3)(A) Electronic Comments COMMISSION
of the Act 19 and Rule 19b–4(f)(6) • Use the Commission’s internet
thereunder.20 comment form (http://www.sec.gov/ [Release No. 34–84540; File No. SR–BX–
A proposed rule change filed under rules/sro.shtml); or 2018–049]
Rule 19b–4(f)(6) 21 normally does not • Send an email to rule-comments@
become operative for 30 days after the sec.gov. Please include File Number SR– Self-Regulatory Organizations; Nasdaq
date of filing. However, pursuant to CBOE–2018–071 on the subject line. BX, Inc.; Notice of Filing and
Rule 19b–4(f)(6)(iii),22 the Commission Immediate Effectiveness of Proposed
Paper Comments Rule Change To Amend Chapter XIV,
may designate a shorter time if such
action is consistent with the protection • Send paper comments in triplicate Index Rules, Section 10(g), Pricing
of investors and the public interest. The to Secretary, Securities and Exchange When Primary Market Does Not Open
Exchange has asked the Commission to Commission, 100 F Street NE,
Washington, DC 20549–1090. November 5, 2018.
waive the 30-day operative delay so that
the proposal may become operative All submissions should refer to File Pursuant to Section 19(b)(1) of the
immediately upon filing. The Exchange Number SR–CBOE–2018–071. This file Securities Exchange Act of 1934
states that such waiver will allow the number should be included on the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Exchange to extend the pilot program subject line if email is used. To help the notice is hereby given that on October
prior to its expiration on November 5, Commission process and review your 30, 2018, Nasdaq BX, Inc. (‘‘BX’’ or the
2018, and maintain the status quo, comments more efficiently, please use ‘‘Exchange’’) filed with the Securities
thereby reducing market disruption. only one method. The Commission will and Exchange Commission (‘‘SEC’’ or
The Commission believes that post all comments on the Commission’s ‘‘Commission’’) the proposed rule
waiving the 30-day operative delay is internet website (http://www.sec.gov/ change as described in Items I and II
consistent with the protection of rules/sro.shtml). Copies of the below, which Items have been prepared
investors and the public interest, as it submission, all subsequent by the Exchange. The Commission is
will allow the pilot program to continue amendments, all written statements publishing this notice to solicit
uninterrupted, thereby avoiding with respect to the proposed rule comments on the proposed rule change
investor confusion that could result change that are filed with the from interested persons.
from a temporary interruption in the Commission, and all written
communications relating to the I. Self-Regulatory Organization’s
pilot program. For this reason, the
proposed rule change between the Statement of the Terms of Substance of
Commission designates the proposed
Commission and any person, other than the Proposed Rule Change
rule change to be operative upon
filing.23 those that may be withheld from the
The Exchange proposes to amend
public in accordance with the
Chapter XIV, Index Rules, Section 10(g),
19 15 U.S.C. 78s(b)(3)(A). provisions of 5 U.S.C. 552, will be
Pricing When Primary Market Does Not
20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– available for website viewing and
4(f)(6) requires the Exchange to give the
Open.
printing in the Commission’s Public
Commission written notice of its intent to file the The text of the proposed rule change
proposed rule change, along with a brief description
Reference Room, 100 F Street NE,
and text of the proposed rule change, at least five Washington, DC 20549, on official is available on the Exchange’s website at
khammond on DSK30JT082PROD with NOTICES
business days prior to the date of filing of the business days between the hours of 10 http://nasdaqbx.cchwallstreet.com/, at
proposed rule change, or such shorter time as a.m. and 3 p.m. Copies of the filing also the principal office of the Exchange, and
designated by the Commission. The Exchange has at the Commission’s Public Reference
satisfied this requirement.
will be available for inspection and
21 17 CFR 240.19b–4(f)(6). copying at the principal office of the Room.
22 17 CFR 240.19b–4(f)(6)(iii). Exchange. All comments received will
23 For purposes only of waiving the operative 24 17 CFR 200.30–3(a)(12) and (59).
1 15 U.S.C. 78s(b)(1).
delay for this proposal, the Commission has efficiency, competition, and capital formation. See
considered the proposed rule’s impact on 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![56118 Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices
B. Self-Regulatory Organization’s A proposed rule change filed under Comments may be submitted by any of
Statement on Burden on Competition Rule 19b–4(f)(6) 14 normally does not the following methods:
become operative for 30 days after the
The Exchange does not believe that Electronic Comments
date of the filing. However, pursuant to
the proposed rule change will impose
Rule 19b–4(f)(6)(iii),15 the Commission • Use the Commission’s internet
any burden on competition not
may designate a shorter time if such comment form (http://www.sec.gov/
necessary or appropriate in furtherance
action is consistent with the protection rules/sro.shtml); or
of the purposes of the Act. On the
of investors and the public interest. In
contrary, the Exchange believes that the
its filing with the Commission, the • Send an email to rule-comments@
proposed amendment will benefit sec.gov. Please include File Number SR–
Exchange has asked the Commission to
investors, market participants, and the BX–2018–049 on the subject line.
waive the 30-day operative delay so that
marketplace in general by setting forth
the proposal may become operative Paper Comments
clearly the manner in which index
immediately upon filing to provide
option settlement values will be
certainty regarding the determination of • Send paper comments in triplicate
determined if the primary market for a
settlement prices for index options to Secretary, Securities and Exchange
security underlying the current index
when the primary market for a security Commission, 100 F Street NE,
value of an index option does not open
underlying the current index value of an Washington, DC 20549–1090.
for trading, allowing market participants
index option does not does not open for
the certainty of knowing the settlement All submissions should refer to File
trading on an expiration day, including
price on the day on which the primary Number SR–BX–2018–049. This file
in instances in which OCC exercises its
market fails to open, eliminating the number should be included on the
authority to determine the settlement
potential difficulties that could arise if subject line if email is used. To help the
price. According to the Exchange, the
the reporting authority for the index Commission process and review your
proposed rule change will allow
were unwilling or unable to calculate comments more efficiently, please use
investors to know the settlement price
the settlement value using prices for the only one method. The Commission will
of an index option on the day on which
relevant security(ies) on the next day post all comments on the Commission’s
the primary market of an underlying
that its primary market is open for internet website (http://www.sec.gov/
component fails to open and will avoid
trading, and retaining the existing rules/sro.shtml). Copies of the
potential difficulties that could arise if
provision stating that the Exchange will submission, all subsequent
the reporting authority for the index was
defer to OCC in the determination of amendments, all written statements
unwilling or unable to calculate the
settlement prices when and if OCC with respect to the proposed rule
settlement value using prices for the
exercises its authority under its own change that are filed with the
relevant securities on the next day that
settlement price procedures in Commission, and all written
its primary market is open for trading.
accordance with its rules and by-laws. communications relating to the
As such, the Commission believes that
C. Self-Regulatory Organization’s waiver of the 30-day operative delay is proposed rule change between the
Statement on Comments on the consistent with the protection of Commission and any person, other than
Proposed Rule Change Received From investors and the public interest and those that may be withheld from the
Members, Participants, or Others designates the proposed rule change public in accordance with the
operative upon filing.16 provisions of 5 U.S.C. 552, will be
No written comments were either available for website viewing and
solicited or received. At any time within 60 days of the
filing of such proposed rule change, the printing in the Commission’s Public
III. Date of Effectiveness of the Commission summarily may Reference Room, 100 F Street NE,
Proposed Rule Change and Timing for temporarily suspend such rule change if Washington, DC 20549 on official
Commission Action it appears to the Commission that such business days between the hours of 10
action is necessary or appropriate in the a.m. and 3 p.m. Copies of such filing
The Exchange has filed the proposed
public interest, for the protection of also will be available for inspection and
rule change pursuant to Section
investors, or otherwise in furtherance of copying at the principal office of the
19(b)(3)(A) of the Act 11 and Rule 19b–
the purposes of the Act. If the Exchange. All comments received will
4(f)(6) thereunder.12 Because the
Commission takes such action, the be posted without change. Persons
proposed rule change does not: (i)
Commission shall institute proceedings submitting comments are cautioned that
Significantly affect the protection of
under Section 19(b)(2)(B) 17 of the Act to we do not redact or edit personal
investors or the public interest; (ii)
impose any significant burden on determine whether the proposed rule identifying information from comment
competition; and (iii) become operative change should be approved or submissions. You should submit only
for 30 days from the date on which it disapproved. information that you wish to make
was filed, or such shorter time as the available publicly. All submissions
IV. Solicitation of Comments
Commission may designate, it has should refer to File Number SR–BX–
Interested persons are invited to 2018–049, and should be submitted on
become effective pursuant to Section
submit written data, views, and or before November 30, 2018.
19(b)(3)(A) of the Act and Rule 19b–
arguments concerning the foregoing,
4(f)(6) thereunder.13 For the Commission, by the Division of
including whether the proposed rule
Trading and Markets, pursuant to delegated
change is consistent with the Act.
khammond on DSK30JT082PROD with NOTICES
11 15 U.S.C. 78s(b)(3)(A)(iii). authority.18
12 17 CFR 240.19b–4(f)(6).
14 17
Eduardo A. Aleman,
13 In addition, Rule 19b–4(f)(6)(iii) requires a self- CFR 240.19b–4(f)(6).
regulatory organization to give the Commission
15 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary.
16 For purposes only of waiving the operative [FR Doc. 2018–24527 Filed 11–8–18; 8:45 am]
written notice of its intent to file the proposed rule
change at least five business days prior to the date delay, the Commission has considered the proposed
BILLING CODE 8011–01–P
of filing of the proposed rule change, or such rule’s impact on efficiency, competition, and capital
shorter time as designated by the Commission. The formation. See 15 U.S.C. 78c(f).
Exchange has satisfied this requirement. 17 15 U.S.C. 78s(b)(2)(B). 18 17 CFR 200.30–3(a)(12).
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Document Created: 2018-11-09 03:33:52
Document Modified: 2018-11-09 03:33:52
| Category | Regulatory Information | |
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| FR Citation | 83 FR 56116 |
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