83 FR 577 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 5050 To Extend the Pilot Program That Lists RealDay Options (“RealDay Pilot Program”)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 3 (January 4, 2018)
Federal Register Volume 83, Issue 3 (January 4, 2018)
| Page Range | 577-579 | |
| FR Document | 2017-28436 |
[Federal Register Volume 83, Number 3 (Thursday, January 4, 2018)] [Notices] [Pages 577-579] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-28436] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82414; File No. SR-BOX-2017-38] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 5050 To Extend the Pilot Program That Lists RealDay Options (``RealDay Pilot Program'') December 28, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 21, 2017, BOX Options Exchange LLC (the ``Exchange'') 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 self-regulatory organization. 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 578]] I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend Rule 5050 to extend the pilot program that lists RealDay Options (``RealDay Pilot Program''). The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's internet website at http://boxoptions.com. 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 self-regulatory organization 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 self-regulatory organization 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 Rule 5050(f) to extend the time period of the RealDay Pilot Program,\3\ which is currently scheduled to expire on February 2, 2018, through February 2, 2019. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 79936 (February 2, 2017), 82 FR 9886 (February 8, 2017) (Order Granting Approval of a Proposed Rule Change To Amend Rule 5050 Series of Options Contracts Open for Trading To Provide for the Listing and Trading on the Exchange of RealDay). --------------------------------------------------------------------------- This filing does not propose any substantive changes to the RealDay Pilot Program. In the original proposal to establish the RealDay Pilot Program, the Exchange stated that if it were to propose an extension, permanent approval or termination of the program, the Exchange would submit, along with any filing proposing such amendments to the program, a report containing an analysis of volume, open interest, and trading patterns in RealDay Options. In addition, the Exchange stated that pilot report would provide analysis of price volatility and trading activity in additional option series. Because the industry has not finished developing the technology for clearing and settlement of RealDay Options and BOX has not launched this product, there is no meaningful data available to compile the Pilot Report at this time and therefore the Exchange did not file a Pilot Report prior to this extension request. The Exchange believes it is appropriate to extend the RealDay Pilot Program to provide time for the industry to develop and implement the requisite technology so that the Exchange can prepare a meaningful Pilot Report if it were to propose any further extension, permanent approval or termination of the program. As with the original proposal to establish the RealDay Pilot Program, the Exchange represents that the Pilot Report will be submitted within two (2) months of the end of the extended pilot period. The Pilot Report will contain the following volume and open interest data for RealDay Options: (1) Daily contract trading volume aggregated for all trades, for all option series with less than 31 days until expiration; (2) daily contract trading volume aggregated by expiration date, for all option series with less than 31 days until expiration; (3) daily contract trading volume for each individual series; (4) daily open interest aggregated for all series, for all option series with less than 31 days until expiration; (5) daily open interest aggregated for all series by expiration date, for all option series with less than 31 days until expiration; (6) daily open interest for each individual series; (7) statistics on the distribution of trade sizes; (8) type of market participant trading (e.g., contract trading volume for each market participant type); and (9) 5-minute returns, level changes, and trading volume for the S&P 500 Index, VIX, SPY, IVV, and expiring RealDay options between open and close for the first and second Wednesday of the month that is a trading day and trading days when standard SPY options expire. In addition to the pilot report, the Exchange would periodically provide the Commission with interim reports of the information listed in items (1) through (9) above as required by the Commission while the pilot is in effect. These interim reports would also be provided on a confidential basis. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,\4\ in general, and Section 6(b)(5) of the Act,\5\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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. The Exchange believes that extending the RealDay Pilot Program promotes just and equitable principles of trade by permitting market participants, including market makers, institutional investors and retail investors, to introduce new and innovative products to the marketplace. Further, the Exchange believes that extending the RealDay Pilot Program will allow the industry to fully develop and implement the requisite technology for RealDay Options which will allow the Exchange to launch the Program in order to gather the requisite data for the above mentioned pilot report. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 proposed rule change is not designed to address any aspect of competition, whether between the Exchange and its competitors, or among market participants. Instead, the proposed rule change is designed to allow the RealDay Pilot Program to continue while the industry develops the technology needed for RealDay Options. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has 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 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) of the Act and Rule 19b- 4(f)(6) thereunder.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 240.19b-4(f)(6). 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. --------------------------------------------------------------------------- [[Page 579]] 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 rule-comments@sec.gov. Please include File Number SR-BOX-2017-38 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-BOX-2017-38. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 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-BOX-2017-38, and should be submitted on or before January 25, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-28436 Filed 1-3-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 3 / Thursday, January 4, 2018 / Notices 577
broker-dealer firms and from third- enhance competition among both proposed rule change between the
parties, which may provide prices free market participants and listing venues, Commission and any person, other than
with a time delay, or ‘‘live’’ with a paid to the benefit of investors and the those that may be withheld from the
fee. Major broker-dealer firms will also marketplace. public in accordance with the
provide intraday quotes on swaps of the provisions of 5 U.S.C. 552, will be
C. Self-Regulatory Organization’s
type held by the Fund. For Bitcoin available for website viewing and
Futures Contracts, such intraday Statement on Comments on the
Proposed Rule Change Received From printing in the Commission’s Public
information is available directly from Reference Room, 100 F Street NE,
the applicable listing exchange. Intraday Members, Participants, or Others
Washington, DC 20549 on official
price information is also available The Exchange has neither solicited business days between the hours of
through subscription services, such as nor received written comments on the 10:00 a.m. and 3:00 p.m. Copies of the
Bloomberg and Thomson Reuters, proposed rule change. filing also will be available for
which can be accessed by authorized inspection and copying at the principal
III. Date of Effectiveness of the
participants and other investors. Pricing office of the Exchange. All comments
Proposed Rule Change and Timing for
information related to money market received will be posted without change.
Commission Action
fund shares will be available through Persons submitting comments are
issuer websites and publicly available Within 45 days of the date of
cautioned that we do not redact or edit
quotation services such as Bloomberg, publication of this notice in the Federal
personal identifying information from
Markit and Thomson Reuters. Money Register, or within such longer period
comment submissions. You should
market fund shares are not generally up to 90 days (i) as the Commission may
submit only information that you wish
priced or quoted on an intraday basis. designate if it finds such longer period
to make available publicly. All
The proposed rule change is designed to be appropriate and publishes its
submissions should refer to File
to perfect the mechanism of a free and reasons for so finding or (ii) as to which
Number SR–CboeBZX–2017–013 and
open market and, in general, to protect the self-regulatory organization
should be submitted on or before
investors and the public interest in that consents, the Commission will:
A. by order approve or disapprove the January 25, 2018.
it will facilitate the listing and trading
of additional types of actively-managed proposed rule change, or For the Commission, by the Division of
exchange-traded products that will B. institute proceedings to determine Trading and Markets, pursuant to delegated
enhance competition among market whether the proposed rule change authority.51
participants, to the benefit of investors should be disapproved. Robert W. Errett,
and the marketplace. As noted above, IV. Solicitation of Comments Deputy Secretary.
the Exchange has in place surveillance [FR Doc. 2017–28439 Filed 1–3–18; 8:45 am]
procedures relating to trading in the Interested persons are invited to
Shares and may obtain information via submit written data, views, and BILLING CODE 8011–01–P
ISG from other exchanges that are arguments concerning the foregoing,
members of ISG or with which the including whether the proposed rule
change is consistent with the Act. SECURITIES AND EXCHANGE
Exchange has entered into a
Comments may be submitted by any of COMMISSION
comprehensive surveillance sharing
agreement as well as trade information the following methods:
for certain fixed income instruments as [Release No. 34–82414; File No. SR–BOX–
Electronic Comments 2017–38]
reported to FINRA’s TRACE. At least
90% of the weight of the Bitcoin • Use the Commission’s internet
Derivatives held by the Funds will trade comment form (http://www.sec.gov/ Self-Regulatory Organizations; BOX
on markets that are a member of ISG or rules/sro.shtml); or Options Exchange LLC; Notice of
affiliated with a member of ISG or with • Send an email to rule-comments@ Filing and Immediate Effectiveness of
which the Exchange has in place a sec.gov. Please include File Number SR– a Proposed Rule Change To Amend
comprehensive surveillance sharing CboeBZX–2017–013 on the subject line. Rule 5050 To Extend the Pilot Program
agreement. In addition, as noted above, That Lists RealDay Options (‘‘RealDay
Paper Comments
investors will have ready access to Pilot Program’’)
information regarding the Fund’s • Send paper comments in triplicate
to Secretary, Securities and Exchange December 28, 2017.
holdings, the Intraday Indicative Value,
the Disclosed Portfolio, and quotation Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the
and last sale information for the Shares. Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
For the above reasons, the Exchange All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2
believes that the proposed rule change Number SR–CboeBZX–2017–013. This notice is hereby given that on December
is consistent with the requirements of file number should be included on the 21, 2017, BOX Options Exchange LLC
Section 6(b)(5) of the Act. subject line if email is used. To help the (the ‘‘Exchange’’) filed with the
Commission process and review your Securities and Exchange Commission
B. Self-Regulatory Organization’s comments more efficiently, please use (‘‘Commission’’) the proposed rule
Statement on Burden on Competition only one method. The Commission will change as described in Items I and II
The Exchange does not believe that post all comments on the Commission’s below, which Items have been prepared
the proposed rule change will impose internet website (http://www.sec.gov/ by the self-regulatory organization. The
ethrower on DSK3G9T082PROD with NOTICES
any burden on competition that is not rules/sro.shtml). Copies of the Commission is publishing this notice to
necessary or appropriate in furtherance submission, all subsequent solicit comments on the proposed rule
of the purpose of the Act. The Exchange amendments, all written statements change from interested persons.
notes that the proposed rule change, with respect to the proposed rule
rather will facilitate the listing and change that are filed with the 51 17 CFR 200.30–3(a)(12).
trading of additional actively-managed Commission, and all written 1 15 U.S.C. 78s(b)(1).
exchange-traded products that will communications relating to the 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 16:16 Jan 03, 2018 Jkt 244001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\04JAN1.SGM 04JAN1](https://thefederalregister.org/doc/83_FR_580/page/1.svg)
![Federal Register / Vol. 83, No. 3 / Thursday, January 4, 2018 / Notices 579
At any time within 60 days of the inspection and copying at the principal schedule to lower the Internal
filing of the proposed rule change, the office of the Exchange. All comments Distribution 5 fees and to adopt per User
Commission summarily may received will be posted without change. fees for the Cboe One Summary Feed.
temporarily suspend such rule change if Persons submitting comments are The text of the proposed rule change
it appears to the Commission that such cautioned that we do not redact or edit is available at the Exchange’s website at
action is necessary or appropriate in the personal identifying information from www.markets.cboe.com, at the principal
public interest, for the protection of comment submissions. You should office of the Exchange, and at the
investors, or otherwise in furtherance of submit only information that you wish Commission’s Public Reference Room.
the purposes of the Act. If the to make available publicly. All II. Self-Regulatory Organization’s
Commission takes such action, the submissions should refer to File Statement of the Purpose of, and
Commission shall institute proceedings Number SR–BOX–2017–38, and should Statutory Basis for, the Proposed Rule
to determine whether the proposed rule be submitted on or before January 25, Change
should be approved or disapproved. 2018.
In its filing with the Commission, the
IV. Solicitation of Comments For the Commission, by the Division of Exchange included statements
Trading and Markets, pursuant to delegated
Interested persons are invited to authority.7 concerning the purpose of and basis for
submit written data, views, and the proposed rule change and discussed
Robert W. Errett,
arguments concerning the foregoing, any comments it received on the
Deputy Secretary.
including whether the proposed rule proposed rule change. The text of these
[FR Doc. 2017–28436 Filed 1–3–18; 8:45 am] statements may be examined at the
change is consistent with the Act.
Comments may be submitted by any of
BILLING CODE 8011–01–P places specified in Item IV below. The
the following methods: Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
Electronic Comments SECURITIES AND EXCHANGE the most significant parts of such
COMMISSION statements.
• Use the Commission’s internet
comment form (http://www.sec.gov/ [Release No. 34–82423; File No. SR–
(A) Self-Regulatory Organization’s
rules/sro.shtml); or CboeEDGA–2017–004]
Statement of the Purpose of, and
• Send an email to rule-comments@ Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Cboe
sec.gov. Please include File Number SR– Change
EDGA Exchange, Inc.; Notice of Filing
BOX–2017–38 on the subject line.
and Immediate Effectiveness of a 1. Purpose
Paper Comments Proposed Rule Change Related to
The Exchange proposes to amend the
Market Data Fees
• Send paper comments in triplicate Market Data section of its fee schedule
to Brent J. Fields, Secretary, Securities December 29, 2017. to lower the fee for Internal Distribution
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the and to adopt separate fees for
NE, Washington, DC 20549–1090. Securities Exchange Act of 1934 (the Professional 6 and Non-Professional
All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Users 7 for the Cboe One Summary Feed.
Number SR–BOX–2017–38. This file notice is hereby given that on December The Cboe One Feed is an optional
number should be included on the 15, 2017, Cboe EDGA Exchange, Inc. data feed that disseminates, on a real-
subject line if email is used. To help the (the ‘‘Exchange’’ or ‘‘EDGA’’) filed with
5 A ‘‘Distributor’’ is defined as ‘‘any entity that
Commission process and review your the Securities and Exchange
receives the Exchange Market Data product directly
comments more efficiently, please use Commission (‘‘Commission’’) the from the Exchange or indirectly through another
only one method. The Commission will proposed rule change as described in entity and then distributes it internally or externally
post all comments on the Commission’s Items I, II and III below, which Items to a third party.’’ See the Exchange’s fee schedule
available at http://markets.cboe.com/us/equities/
internet website (http://www.sec.gov/ have been prepared by the Exchange. membership/fee_schedule/edga/. An ‘‘Internal
rules/sro.shtml). Copies of the The Exchange has designated the Distributor’’ is defined as ‘‘a Distributor that
submission, all subsequent proposed rule change as one receives the Exchange Market Data product and
amendments, all written statements establishing or changing a member due, then distributes that data to one or more Users
within the Distributor’s own entity.’’ Id.
with respect to the proposed rule fee, or other charge imposed by the 6 A ‘‘Professional User’’ is defined as ‘‘any User
change that are filed with the Exchange under Section 19(b)(3)(A)(ii) other than a Non-Professional User.’’ See the
Commission, and all written of the Act 3 and Rule 19b–4(f)(2) Exchange’s fee schedule available at http://
communications relating to the thereunder,4 which renders the markets.cboe.com/us/equities/membership/fee_
schedule/edga/.
proposed rule change between the proposed rule change effective upon 7 A ‘‘Non-Professional User’’ is currently defined
Commission and any person, other than filing with the Commission. The as ‘‘a natural person who is not: (i) Registered or
those that may be withheld from the Commission is publishing this notice to qualified in any capacity with the Commission, the
public in accordance with the solicit comments on the proposed rule Commodity Futures Trading Commission, any state
securities agency, any securities exchange or
provisions of 5 U.S.C. 552, will be change from interested persons. association, or any commodities or futures contract
available for website viewing and I. Self-Regulatory Organization’s market or association; (ii) engaged as an
printing in the Commission’s Public ‘‘investment adviser’’ as that term is defined in
Statement of the Terms of Substance of Section 202(a)(11) of the Investment Advisers Act
Reference Room, 100 F Street NE, the Proposed Rule Change of 1940 (whether or not registered or qualified
Washington, DC 20549 on official under that Act); or (iii) employed by a bank or other
ethrower on DSK3G9T082PROD with NOTICES
business days between the hours of The Exchange filed a proposal to organization exempt from registration under federal
10:00 a.m. and 3:00 p.m. Copies of such amend the Market Data section of its fee or state securities laws to perform functions that
would require registration or qualification if such
filing also will be available for functions were performed for an organization not so
7 17 CFR 200.30–3(a)(12).
1 15
exempt.’’ Id. See SR–CboeEDGA–2017–003 (filed
description and the text of the proposed rule U.S.C. 78s(b)(1). December 15, 2017) (amending the definition of
2 17 CFR 240.19b–4.
change, at least five business days prior to the date Non-Professional User to harmonize it with that of
3 15 U.S.C. 78s(b)(3)(A)(ii).
of filing of the proposed rule change, or such its affiliate exchanges, Cboe Exchange, Inc. and C2
shorter time as designated by the Commission. 4 17 CFR 240.19b–4(f)(2). Exchange, Inc. as of January 2, 2018).
VerDate Sep<11>2014 16:16 Jan 03, 2018 Jkt 244001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\04JAN1.SGM 04JAN1](https://thefederalregister.org/doc/83_FR_580/page/3.svg)
Document Created: 2018-01-04 02:02:09
Document Modified: 2018-01-04 02:02:09
| 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 577 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR