83 FR 56129 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Operation of its SPXPM Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 218 (November 9, 2018)
Federal Register Volume 83, Issue 218 (November 9, 2018)
| Page Range | 56129-56131 | |
| FR Document | 2018-24528 |
[Federal Register Volume 83, Number 218 (Friday, November 9, 2018)] [Notices] [Pages 56129-56131] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24528] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84535; File No. SR-CBOE-2018-069] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Operation of its SPXPM Pilot Program 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 November 2, 2018, Cboe Exchange, Inc. (``Exchange'' or ``Cboe Options'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b- 4(f)(6) thereunder.\4\ 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. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the operation of its SPXPM pilot program. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules [sic] * * * * * Rule 24.9. Terms of Index Option Contracts (No change). . . . Interpretations and Policies: .01-.13 (No change). .14 In addition to A.M.-settled Standard & Poor's 500 Stock Index options approved for trading on the Exchange pursuant to Rule 24.9, the Exchange may also list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (P.M.-settled third Friday-of-the-month SPX options series). The Exchange may also list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled''). P.M.-settled third Friday-of-the-month SPX options series and P.M.- settled XSP options will be listed for trading for a pilot period ending [November 5, 2018] May 6, 2019. * * * * * The text of the proposed rule change is also available on the Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, 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 On February 8, 2013, the Exchange received approval of a rule change that established a Pilot Program that allows the Exchange to list options on the S&P 500 Index whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``SPXPM'').\5\ On July 31, 2013, the Exchange received approval of a rule change that amended the Pilot Program to allow the Exchange to list options on the Mini-SPX Index (``XSP'') whose exercise settlement value is derived from closing prices on the last trading day prior to expiration (``P.M.-settled'') \6\ (together, SPXPM and P.M.-settled XSP to be referred to herein as the ``Pilot Products'').\7\ The Exchange has extended the pilot period five times, which is currently set to expire on the earlier of November 5, 2018 or the date on which the pilot program is approved on a permanent basis.\8\ The Exchange [[Page 56130]] hereby proposes to further extend the end date of the pilot period to May 6, 2019. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-2012-120) (the ``SPXPM Approval Order''). Pursuant to Securities Exchange Act Release No. 80060 (February 17, 2017), 82 FR 11673 (February 24, 2017) (SR-CBOE-2016-091), the Exchange moved third-Friday P.M.- settled options into the S&P 500 Index options class, and as a result, the trading symbol for P.M.-settled S&P 500 Index options that have standard third Friday-of-the-month expirations changed from ``SPXPM'' to ``SPXW.'' This change went into effect on May 1, 2017, pursuant to Cboe Options Regulatory Circular RG17-054. \6\ See Securities Exchange Act Release No. 70087 (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055) (the ``P.M.- settled XSP Approval Order''). \7\ For more information on the Pilot Products or the Pilot Program, see the SPXPM Approval Order and the P.M.-settled XSP Approval Order. \8\ See Securities Exchange Act Release Nos. 71424 (January 28, 2014), 79 FR 6249 (February 3, 2014) (SR-CBOE-2014-004); 73338 (October 10, 2014), 79 FR 62502 (October 17, 2014) (SR-CBOE-2014- 076); 77573 (April 8, 2016), 81 FR 22148 (April 14, 2016) (SR-CBOE- 2016-036); 80386 (April 6, 2017), 82 FR 17704 (April 12, 2017) (SR- CBOE-2017-025); and 83166 (May 3, 2018), 83 FR 21324 (May 9, 2018) (SR-CBOE-2018-036). --------------------------------------------------------------------------- During the course of the Pilot Program and in support of the extensions of the Pilot Program, the Exchange submits to the Securities and Exchange Commission (the ``Commission'') reports regarding the Pilot Program that detail the Exchange's experience with the Pilot Program, pursuant to the SPXPM Approval Order and the P.M.-settled XSP Approval Order. Specifically, the Exchange submits annual Pilot Program reports to the Commission that contain an analysis of volume, open interest, and trading patterns. The analysis examines trading in Pilot Products as well as trading in the securities that comprise the underlying index. Additionally, for series that exceed certain minimum open interest parameters, the annual reports provide analysis of index price volatility and share trading activity. The Exchange also submits periodic interim reports that contain some, but not all, of the information contained in the annual reports. In providing the annual and periodic interim reports (the ``pilot reports'') to the Commission, the Exchange has previously requested confidential treatment of the pilot reports under the Freedom of Information Act (``FOIA'').\9\ --------------------------------------------------------------------------- \9\ 5 U.S.C. 552. --------------------------------------------------------------------------- The pilot reports both contain the following volume and open interest data: (1) Monthly volume aggregated for all trades; (2) monthly volume aggregated by expiration date; (3) monthly volume for each individual series; (4) month-end open interest aggregated for all series; (5) month-end open interest for all series aggregated by expiration date; and (6) month-end open interest for each individual series. The annual reports also contain the information noted in Items (1) through (6) above for Expiration Friday, A.M.-settled, S&P 500 index options traded on Cboe Options, as well as the following analysis of trading patterns in the Pilot Products options series in the Pilot Program: (1) A time series analysis of open interest; and (2) an analysis of the distribution of trade sizes. Finally, for series that exceed certain minimum parameters, the annual reports contain the following analysis related to index price changes and underlying share trading volume at the close on Expiration Fridays: (1) A comparison of index price changes at the close of trading on a given Expiration Friday with comparable price changes from a control sample. The data includes a calculation of percentage price changes for various time intervals and compare that information to the respective control sample. Raw percentage price change data as well as percentage price change data normalized for prevailing market volatility, as measured by the Cboe Volatility Index (VIX), is provided; and (2) a calculation of share volume for a sample set of the component securities representing an upper limit on share trading that could be attributable to expiring in-the-money series. The data includes a comparison of the calculated share volume for securities in the sample set to the average daily trading volumes of those securities over a sample period. The minimum open interest parameters, control sample, time intervals, method for randomly selecting the component securities, and sample periods are determined by the Exchange and the Commission. In proposing to extend the Pilot Program, the Exchange will continue to abide by the reporting requirements described herein, as well as in the SPXPM Approval Order and the P.M.-settled XSP Approval Order.\10\ Additionally, the Exchange will provide the Commission with any additional data or analyses the Commission requests because it deems such data or analyses necessary to determine whether the Pilot Program is consistent with the Exchange Act. The Exchange is in the process of making public on its website data and analyses previously submitted to the Commission under the Pilot Program, which it expects to complete in the fourth quarter of 2018, and will make public any data and analyses it submits to the Commission under the Pilot Program in the future. --------------------------------------------------------------------------- \10\ Pursuant to Securities Exchange Act Release No. 75914 (September 14, 2015), 80 FR 56522 (September 18, 2015) (SR-CBOE- 2015-079), the Exchange added SPXPM and P.M.-settled XSP options to the list of products approved for trading during Extended Trading Hours (``ETH''). The Exchange will also include the applicable information regarding SPXPM and P.M.-settled XSP options that trade during ETH in its annual and interim reports. --------------------------------------------------------------------------- The Exchange proposes the extension of the Pilot Program in order to continue to give the Commission more time to consider the impact of the Pilot Program. To this point, Cboe Options believes that the Pilot Program has been well-received by its Trading Permit Holders and the investing public, and the Exchange would like to continue to provide investors with the ability to trade SPXPM and P.M.-settled XSP options. All terms regarding the trading of the Pilot Products shall continue to operate as described in the SPXPM Approval Order and the P.M.-settled XSP Approval Order. The Exchange merely proposes herein to extend the term of the Pilot Program to May 6, 2019. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\11\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \12\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \13\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). \13\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed extension of the Pilot Program will continue to provide greater opportunities for investors. Further, the Exchange believes that it has not experienced any adverse effects or meaningful regulatory concerns from the operation of the Pilot Program. As such, the Exchange believes that the extension of the Pilot Program does not raise any unique or prohibitive regulatory concerns. Also, the Exchange believes that such trading has not, and will not, adversely impact fair and orderly markets on Expiration Fridays for the underlying stocks comprising the S&P 500 index. The extension of the Pilot Program will continue to provide investors with the opportunity to trade the desirable products of SPXPM and [[Page 56131]] P.M.-settled XSP, while also providing the Commission further opportunity to observe such trading of the Pilot Products. B. Self-Regulatory Organization's Statement on Burden on Competition Cboe Options does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe the continuation of the Pilot Program will impose any unnecessary or inappropriate burden on intramarket competition because it will continue to apply equally to all Cboe Options market participants, and the Pilot Products will be available to all Cboe Options market participants. The Exchange believes there is sufficient investor interest and demand in the Pilot Program to warrant its extension. The Exchange believes that, for the period that the Pilot Program has been in operation, it has provided investors with desirable products with which to trade. Furthermore, the Exchange believes that it has not experienced any adverse market effects or regulatory concerns with respect to the Pilot Program. The Exchange further does not believe that the proposed extension of the Pilot Program will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on Cboe Options. To the extent that the continued trading of the Pilot Products may make Cboe Options a more attractive marketplace to market participants at other exchanges, such market participants may elect to become Cboe Options market participants. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b- 4(f)(6)(iii) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that waiver of the 30-day operative delay will allow it to extend the Pilot Program prior to its expiration on November 5, 2018, and maintain the status quo, thereby reducing market disruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the Pilot Program to continue uninterrupted, thereby avoiding investor confusion that could result from a temporary interruption in the Pilot Program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\16\ --------------------------------------------------------------------------- \16\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 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. 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-CBOE-2018-069 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-CBOE-2018-069. 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 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-CBOE-2018-069, and should be submitted on or before November 30, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-24528 Filed 11-8-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices 56129
Commission, 100 F Street NE, (‘‘Act’’),1 and Rule 19b–4 thereunder,2 at the Commission’s Public Reference
Washington, DC 20549–1090. notice is hereby given that on November Room.
All submissions should refer to File 2, 2018, Cboe Exchange, Inc.
II. Self-Regulatory Organization’s
Number SR–NASDAQ–2018–081. This (‘‘Exchange’’ or ‘‘Cboe Options’’) filed
Statement of the Purpose of, and
file number should be included on the with the Securities and Exchange Statutory Basis for, the Proposed Rule
subject line if email is used. To help the Commission (‘‘Commission’’) the Change
Commission process and review your proposed rule change as described in
comments more efficiently, please use Items I and II below, which Items have In its filing with the Commission, the
only one method. The Commission will been prepared by the Exchange. The Exchange included statements
post all comments on the Commission’s Exchange filed the proposal as a ‘‘non- concerning the purpose of and basis for
internet website (http://www.sec.gov/ controversial’’ proposed rule change the proposed rule change and discussed
rules/sro.shtml). Copies of the pursuant to Section 19(b)(3)(A)(iii) of any comments it received on the
submission, all subsequent the Act 3 and Rule 19b–4(f)(6) proposed rule change. The text of these
amendments, all written statements thereunder.4 The Commission is statements may be examined at the
with respect to the proposed rule publishing this notice to solicit places specified in Item IV below. The
comments on the proposed rule change Exchange has prepared summaries, set
change that are filed with the
from interested persons. forth in sections A, B, and C below, of
Commission, and all written
the most significant aspects of such
communications relating to the I. Self-Regulatory Organization’s statements.
proposed rule change between the Statement of the Terms of Substance of
Commission and any person, other than the Proposed Rule Change A. Self-Regulatory Organization’s
those that may be withheld from the Statement of the Purpose of, and
public in accordance with the The Exchange proposes to extend the Statutory Basis for, the Proposed Rule
provisions of 5 U.S.C. 552, will be operation of its SPXPM pilot program. Change
available for website viewing and The text of the proposed rule change
is provided below. 1. Purpose
printing in the Commission’s Public
Reference Room, 100 F Street NE, (additions are italicized; deletions are On February 8, 2013, the Exchange
Washington, DC 20549 on official [bracketed]) received approval of a rule change that
business days between the hours of 10 established a Pilot Program that allows
a.m. and 3 p.m. Copies of such filing * * * * * the Exchange to list options on the S&P
also will be available for inspection and Cboe Exchange, Inc. Rules [sic] 500 Index whose exercise settlement
copying at the principal office of the value is derived from closing prices on
* * * * * the last trading day prior to expiration
Exchange. All comments received will
be posted without change. Persons Rule 24.9. Terms of Index Option (‘‘SPXPM’’).5 On July 31, 2013, the
submitting comments are cautioned that Contracts Exchange received approval of a rule
we do not redact or edit personal change that amended the Pilot Program
(No change). to allow the Exchange to list options on
identifying information from comment . . . Interpretations and Policies:
submissions. You should submit only the Mini-SPX Index (‘‘XSP’’) whose
.01–.13 (No change). exercise settlement value is derived
information that you wish to make .14 In addition to A.M.-settled
available publicly. All submissions from closing prices on the last trading
Standard & Poor’s 500 Stock Index day prior to expiration (‘‘P.M.-settled’’) 6
should refer to File Number SR– options approved for trading on the
NASDAQ–2018–081, and should be (together, SPXPM and P.M.-settled XSP
Exchange pursuant to Rule 24.9, the to be referred to herein as the ‘‘Pilot
submitted on or before November 30, Exchange may also list options on the
2018. Products’’).7 The Exchange has
S&P 500 Index whose exercise extended the pilot period five times,
For the Commission, by the Division of settlement value is derived from closing which is currently set to expire on the
Trading and Markets, pursuant to delegated prices on the last trading day prior to earlier of November 5, 2018 or the date
authority.18 expiration (P.M.-settled third Friday-of- on which the pilot program is approved
Eduardo A. Aleman, the-month SPX options series). The on a permanent basis.8 The Exchange
Assistant Secretary. Exchange may also list options on the
[FR Doc. 2018–24525 Filed 11–8–18; 8:45 am] Mini-SPX Index (‘‘XSP’’) whose exercise 5 See Securities Exchange Act Release No. 68888
BILLING CODE 8011–01–P settlement value is derived from closing (February 8, 2013), 78 FR 10668 (February 14, 2013)
prices on the last trading day prior to (SR–CBOE–2012–120) (the ‘‘SPXPM Approval
Order’’). Pursuant to Securities Exchange Act
expiration (‘‘P.M.-settled’’). P.M.-settled Release No. 80060 (February 17, 2017), 82 FR 11673
SECURITIES AND EXCHANGE third Friday-of-the-month SPX options (February 24, 2017) (SR–CBOE–2016–091), the
COMMISSION series and P.M.-settled XSP options will Exchange moved third-Friday P.M.-settled options
be listed for trading for a pilot period into the S&P 500 Index options class, and as a
[Release No. 34–84535; File No. SR–CBOE– result, the trading symbol for P.M.-settled S&P 500
2018–069]
ending [November 5, 2018] May 6, 2019. Index options that have standard third Friday-of-
* * * * * the-month expirations changed from ‘‘SPXPM’’ to
Self-Regulatory Organizations; Cboe The text of the proposed rule change ‘‘SPXW.’’ This change went into effect on May 1,
2017, pursuant to Cboe Options Regulatory Circular
Exchange, Inc.; Notice of Filing and is also available on the Exchange’s RG17–054.
Immediate Effectiveness of a Proposed website (http://www.cboe.com/ 6 See Securities Exchange Act Release No. 70087
khammond on DSK30JT082PROD with NOTICES
Rule Change To Extend the Operation AboutCBOE/CBOELegal (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR–
of its SPXPM Pilot Program RegulatoryHome.aspx), at the CBOE–2013–055) (the ‘‘P.M.-settled XSP Approval
Order’’).
Exchange’s Office of the Secretary, and 7 For more information on the Pilot Products or
November 5, 2018.
the Pilot Program, see the SPXPM Approval Order
Pursuant to Section 19(b)(1) of the 1 15 U.S.C. 78s(b)(1). and the P.M.-settled XSP Approval Order.
Securities Exchange Act of 1934 2 17 CFR 240.19b–4. 8 See Securities Exchange Act Release Nos. 71424
3 15 U.S.C. 78s(b)(3)(A)(iii).
(January 28, 2014), 79 FR 6249 (February 3, 2014)
18 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6). Continued
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![Federal Register / Vol. 83, No. 218 / Friday, November 9, 2018 / Notices 56131
P.M.-settled XSP, while also providing effective pursuant to Section 19(b)(3)(A) All submissions should refer to File
the Commission further opportunity to of the Act 14 and Rule 19b–4(f)(6)(iii) Number SR–CBOE–2018–069. This file
observe such trading of the Pilot thereunder.15 number should be included on the
Products. The Exchange has asked the subject line if email is used. To help the
Commission to waive the 30-day Commission process and review your
B. Self-Regulatory Organization’s
Statement on Burden on Competition operative delay so that the proposal may comments more efficiently, please use
become operative immediately upon only one method. The Commission will
Cboe Options does not believe that filing. The Exchange states that waiver post all comments on the Commission’s
the proposed rule change will impose of the 30-day operative delay will allow internet website (http://www.sec.gov/
any burden on competition that is not it to extend the Pilot Program prior to rules/sro.shtml). Copies of the
necessary or appropriate in furtherance its expiration on November 5, 2018, and submission, all subsequent
of the purposes of the Act. The maintain the status quo, thereby amendments, all written statements
Exchange does not believe the reducing market disruption. The with respect to the proposed rule
continuation of the Pilot Program will Commission believes that waiving the change that are filed with the
impose any unnecessary or 30-day operative delay is consistent Commission, and all written
inappropriate burden on intramarket with the protection of investors and the communications relating to the
competition because it will continue to public interest, as it will allow the Pilot proposed rule change between the
apply equally to all Cboe Options Program to continue uninterrupted, Commission and any person, other than
market participants, and the Pilot thereby avoiding investor confusion that those that may be withheld from the
Products will be available to all Cboe could result from a temporary public in accordance with the
Options market participants. The interruption in the Pilot Program. For provisions of 5 U.S.C. 552, will be
Exchange believes there is sufficient this reason, the Commission designates available for website viewing and
investor interest and demand in the the proposed rule change to be operative printing in the Commission’s Public
Pilot Program to warrant its extension. upon filing.16 Reference Room, 100 F Street NE,
The Exchange believes that, for the At any time within 60 days of the Washington, DC 20549, on official
period that the Pilot Program has been filing of the proposed rule change, the business days between the hours of 10
in operation, it has provided investors Commission summarily may a.m. and 3 p.m. Copies of the filing also
with desirable products with which to temporarily suspend such rule change if will be available for inspection and
trade. Furthermore, the Exchange it appears to the Commission that such copying at the principal office of the
believes that it has not experienced any action is necessary or appropriate in the Exchange. All comments received will
adverse market effects or regulatory public interest, for the protection of be posted without change. Persons
concerns with respect to the Pilot investors, or otherwise in furtherance of submitting comments are cautioned that
Program. The Exchange further does not the purposes of the Act. we do not redact or edit personal
believe that the proposed extension of identifying information from comment
the Pilot Program will impose any IV. Solicitation of Comments
submissions. You should submit only
burden on intermarket competition that Interested persons are invited to information that you wish to make
is not necessary or appropriate in submit written data, views, and available publicly. All submissions
furtherance of the purposes of the Act arguments concerning the foregoing, should refer to File Number SR–CBOE–
because it only applies to trading on including whether the proposed rule 2018–069, and should be submitted on
Cboe Options. To the extent that the change is consistent with the Act. or before November 30, 2018.
continued trading of the Pilot Products Comments may be submitted by any of
may make Cboe Options a more For the Commission, by the Division of
the following methods: Trading and Markets, pursuant to delegated
attractive marketplace to market
Electronic Comments authority.17
participants at other exchanges, such
Eduardo A. Aleman,
market participants may elect to become • Use the Commission’s internet
Cboe Options market participants. Assistant Secretary.
comment form (http://www.sec.gov/
[FR Doc. 2018–24528 Filed 11–8–18; 8:45 am]
C. Self-Regulatory Organization’s rules/sro.shtml); or
Statement on Comments on the • Send an email to rule-comments@ BILLING CODE 8011–01–P
Proposed Rule Change Received From sec.gov. Please include File Number SR–
Members, Participants, or Others CBOE–2018–069 on the subject line.
SMALL BUSINESS ADMINISTRATION
The Exchange neither solicited nor Paper Comments
received comments on the proposed [Disaster Declaration #15688 and #15689;
• Send paper comments in triplicate MINNESOTA Disaster Number MN–00063]
rule change. to Secretary, Securities and Exchange
III. Date of Effectiveness of the Commission, 100 F Street NE, Presidential Declaration Amendment of
Proposed Rule Change and Timing for Washington, DC 20549–1090. a Major Disaster for Public Assistance
Commission Action Only for the State of MINNESOTA
14 15 U.S.C. 78s(b)(3)(A).
Because the proposed rule change 15 17 CFR 240.19b–4(f)(6)(iii). As required under AGENCY: U.S. Small Business
does not (i) significantly affect the Rule 19b–4(f)(6)(iii), the Exchange provided the Administration.
protection of investors or the public Commission with written notice of its intent to file
ACTION: Amendment 1.
interest; (ii) impose any significant the proposed rule change, along with a brief
khammond on DSK30JT082PROD with NOTICES
description and the text of the proposed rule
burden on competition; and (iii) become change, at least five business days prior to the date SUMMARY: This is an amendment of the
operative for 30 days from the date on of filing of the proposed rule change, or such Presidential declaration of a major
which it was filed, or such shorter time shorter time as designated by the Commission. disaster for Public Assistance Only for
16 For purposes only of waiving the 30-day
as the Commission may designate if the State of MINNESOTA (FEMA–4390–
operative delay, the Commission has also
consistent with the protection of considered the proposed rule’s impact on DR), dated 09/05/2018.
investors and the public interest, the efficiency, competition, and capital formation. See
proposed rule change has become 15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12).
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Document Created: 2018-11-09 03:33:57
Document Modified: 2018-11-09 03:33:57
| 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 56129 |
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