83 FR 58655 - Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 406, Long-Term Option Contracts

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 224 (November 20, 2018)

Page Range		58655-58657
FR Document		2018-25236
Federal Register, Volume 83 Issue 224 (Tuesday, November 20, 2018)
[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)]
[Notices]
[Pages 58655-58657]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-25236]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84584; File No. SR-MIAX-2018-28]


Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Exchange Rule 406, Long-Term Option 
Contracts

November 14, 2018.
    Pursuant to the provisions of 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 8, 2018, Miami International 
Securities Exchange, LLC (``MIAX Options'' or the ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') a 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Rule 406, Long-Term 
Option Contracts.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/ at MIAX Options' 
principal office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend MIAX Options Rule 406, Long-Term 
Option Contracts, to permit the listing and trading of up to ten (10) 
long-term expiration months for long term options on the SPDR[supreg] 
S&P 500[supreg] exchange-traded fund (``SPY'') in response to customer 
demand.\3\ Rule 406(a) currently provides that the Exchange may list 
long-term option contracts that expire from twelve (12) to thirty-nine 
(39) months from the time they are listed (``long-term expiration 
months'') until expiration. There may be up to six (6) long-term 
expiration months per option class.\4\ The proposal will add liquidity 
to the SPY options market by allowing market participants to hedge 
risks relating to SPY positions over a longer period with a known and 
limited cost.
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    \3\ In contrast to Rule 406(a), Exchange Rule 1809(b) which 
applies to index options permits the Exchange to list long-term 
index options series based on either the full or reduced value of 
the underlying index, adding up to ten (10) expiration months. The 
Exchange seeks to list ten (10) long-term expiration months on SPY, 
just as it now may list ten (10) expiration months on long-term 
index options series, in order to provide investors with a wider 
choice of investments.
    \4\ Strike price interval (Rule 404), bid/ask differential (Rule 
603(b)(4)) and continuous quoting (Rule 604(e)(2) and (3)) rules 
shall not apply to such options series until the time to expiration 
is less than nine (9) months.
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    The SPY options market today is characterized by its tremendous 
daily and annual liquidity. As a consequence the Exchange believes that 
the listing of additional SPY long-term expiration months would be well 
received by investors. This proposal to expand the number of permitted 
SPY long-term expiration months would not apply to long-term expiration 
months on any other class of options.\5\
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    \5\ Historically, SPY is the largest and most actively traded 
ETF in the United States as measured by its assets under management 
and the value of shares traded.
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    The Exchange proposes to implement the proposed rule change on 
November 16, 2018.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \6\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \7\ in particular, in that it 
is 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 facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanisms 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) \8\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ Id.
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    In particular, the proposed rule change offers market participants 
additional long-term expiration months on SPY options for their 
investment and risk management purposes. The proposal is intended 
simply to provide additional trading opportunities which have been 
requested by customers, thereby facilitating transactions in options 
and contributing to the protection of investors and the maintenance of 
fair and orderly markets. The proposed rule change responds to the 
continuing needs of market participants, particularly portfolio 
managers and other institutional customers, by providing protection 
from long-term market moves and by offering an alternative to hedging 
portfolios with future positions or off-exchange customized derivative 
instruments.

[[Page 58656]]

    Rule 406 has permitted up to six (6) long-term expiration months in 
option classes since the launch of the Exchange, in 2012. Other 
exchanges, such as Nasdaq PHLX LLC (``Phlx''), have permitted up to six 
``LEAPS'' since 1991, when it increased the number of permissible 
expiration months from four to six. As noted by Phlx (in its recent 
proposal to permit up to ten LEAPS expiration months for options on 
SPY), when the Commission approved the increase to six expiration 
months, the Commission stated that it did not believe that increasing 
the number of expiration months to six would cause, by itself, a 
proliferation of expiration months. The Commission also required that 
Phlx monitor the volume of additional options series listed as a result 
of the rule change, and the effect on Phlx's system capacity and 
quotation dissemination displays.\9\ MIAX Options believes that the 
addition today of four (4) additional long-term expiration months on 
SPY options likewise does not represent a proliferation of expiration 
months, but is instead a very modest expansion of long-term options in 
response to stated customer demand. Significantly, the proposal would 
feature new long-term expiration months in only a single class of 
options that are very liquid and heavily traded, as discussed above. 
Additionally, the Exchange notes by way of precedent, that ten (10) 
expiration months are already permitted for long-term index options 
series. Further, the Exchange has the necessary systems capacity to 
support the new SPY long-term expiration months.
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    \9\ See Securities Exchange Act Release No. 84449 (October 18, 
2018), 83 FR 53699 (October 24, 2018) (SR-Phlx-2018-64). See also 
Securities Exchange Act Release No. 29103 (April 18, 1991), 56 FR 
19132 (April 25, 1991) (approving SR-Phlx-91-18).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX 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 proposal merely provides 
investors additional investment and risk management opportunities by 
providing flexibility to the Exchange to list additional long-term 
options expiration series, expanding the number of SPY long-term 
expiration months offered on the Exchange from six (6) long-term 
expiration months to ten (10) long-term expiration months.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4. 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, along 
with a brief description and 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 satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\13\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative on November 16, 2018, to coincide with the 
effective date of Phlx's proposed rule change on which the proposal is 
based.\14\ The Exchange's proposal would conform the Exchange's rules 
relating to permitted number of long-term expiration months on SPY 
options to those of Phlx. Accordingly, the Commission believes that the 
proposal raises no new or novel regulatory issues and waiver of the 30-
day operative delay is consistent with the protection of investors and 
the public interest. The Commission therefore waives the 30-day 
operative delay and designates the proposal operative on November 16, 
2018.\15\
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    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ See Securities Exchange Act Release No. 84449 (October 18, 
2018), 83 FR 53699 (October 24, 2018) (SR-Phlx-2018-64).
    \15\ 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).
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    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 Comments

     Use 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-MIAX-2018-28 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-MIAX-2018-28. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-MIAX-2018-28 and should

[[Page 58657]]

be submitted on or before December 11, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25236 Filed 11-19-18; 8:45 am]
 BILLING CODE 8011-01-P
58656 Federal Register / Vol. 83, No. 224 / Tuesday, November 20, 2018 / Notices

Rule 406 has permitted up to six (6) C. Self-Regulatory Organization’s Commission summarily may
long-term expiration months in option Statement on Comments on the temporarily suspend such rule change if
classes since the launch of the Proposed Rule Change Received From it appears to the Commission that such
Exchange, in 2012. Other exchanges, Members, Participants, or Others action is necessary or appropriate in the
such as Nasdaq PHLX LLC (‘‘Phlx’’), Written comments were neither public interest, for the protection of
have permitted up to six ‘‘LEAPS’’ since solicited nor received. investors, or otherwise in furtherance of
1991, when it increased the number of the purposes of the Act.
III. Date of Effectiveness of the
permissible expiration months from four IV. Solicitation of Comments
Proposed Rule Change and Timing for
to six. As noted by Phlx (in its recent Commission Action Interested persons are invited to
proposal to permit up to ten LEAPS submit written data, views, and
expiration months for options on SPY), Because the foregoing proposed rule
change does not: (i) Significantly affect arguments concerning the foregoing,
when the Commission approved the including whether the proposed rule
increase to six expiration months, the the protection of investors or the public
interest; (ii) impose any significant change is consistent with the Act.
Commission stated that it did not Comments may be submitted by any of
burden on competition; and (iii) become
believe that increasing the number of the following methods:
operative for 30 days from the date on
expiration months to six would cause, which it was filed, or such shorter time Electronic Comments
by itself, a proliferation of expiration as the Commission may designate, it has
months. The Commission also required • Use the Commission’s internet
become effective pursuant to Section
that Phlx monitor the volume of comment form (http://www.sec.gov/
19(b)(3)(A) of the Act 10 and Rule 19b–
additional options series listed as a rules/sro.shtml); or
4(f)(6) thereunder.11 • Send an email to rule-comments@
result of the rule change, and the effect A proposed rule change filed under
sec.gov. Please include File Number SR–
on Phlx’s system capacity and quotation Rule 19b–4(f)(6) 12 normally does not
MIAX–2018–28 on the subject line.
dissemination displays.9 MIAX Options become operative prior to 30 days after
believes that the addition today of four the date of the filing. However, pursuant Paper Comments
(4) additional long-term expiration to Rule 19b4(f)(6)(iii),13 the Commission • Send paper comments in triplicate
months on SPY options likewise does may designate a shorter time if such to Secretary, Securities and Exchange
not represent a proliferation of action is consistent with the protection Commission, 100 F Street NE,
expiration months, but is instead a very of investors and the public interest. The Washington, DC 20549–1090.
modest expansion of long-term options Exchange has asked the Commission to All submissions should refer to File
in response to stated customer demand. waive the 30-day operative delay so that Number SR–MIAX–2018–28. This file
Significantly, the proposal would the proposal may become operative on number should be included on the
November 16, 2018, to coincide with the subject line if email is used. To help the
feature new long-term expiration
effective date of Phlx’s proposed rule Commission process and review your
months in only a single class of options
change on which the proposal is comments more efficiently, please use
that are very liquid and heavily traded, based.14 The Exchange’s proposal
as discussed above. Additionally, the only one method. The Commission will
would conform the Exchange’s rules
Exchange notes by way of precedent, post all comments on the Commission’s
relating to permitted number of long-
that ten (10) expiration months are internet website (http://www.sec.gov/
term expiration months on SPY options
already permitted for long-term index rules/sro.shtml). Copies of the
to those of Phlx. Accordingly, the
options series. Further, the Exchange submission, all subsequent
Commission believes that the proposal
has the necessary systems capacity to amendments, all written statements
raises no new or novel regulatory issues
support the new SPY long-term with respect to the proposed rule
and waiver of the 30-day operative
expiration months. change that are filed with the
delay is consistent with the protection
Commission, and all written
of investors and the public interest. The
B. Self-Regulatory Organization’s Commission therefore waives the 30-day communications relating to the
Statement on Burden on Competition operative delay and designates the proposed rule change between the
proposal operative on November 16, Commission and any person, other than
MIAX Options does not believe that those that may be withheld from the
the proposed rule change will impose 2018.15
At any time within 60 days of the public in accordance with the
any burden on competition that is not provisions of 5 U.S.C. 552, will be
filing of the proposed rule change, the
necessary or appropriate in furtherance available for website viewing and
of the purposes of the Act. The proposal 10 15 U.S.C. 78s(b)(3)(A). printing in the Commission’s Public
merely provides investors additional 11 17 CFR 240.19b–4. In addition, Rule 19b– Reference Room, 100 F Street NE,
investment and risk management 4(f)(6)(iii) requires a self-regulatory organization to Washington, DC 20549, on official
opportunities by providing flexibility to give the Commission written notice of its intent to business days between the hours of
file the proposed rule change, along with a brief
the Exchange to list additional long- description and text of the proposed rule change,
10:00 a.m. and 3:00 p.m. Copies of the
term options expiration series, at least five business days prior to the date of filing filing also will be available for
expanding the number of SPY long-term of the proposed rule change, or such shorter time inspection and copying at the principal
as designated by the Commission. The Exchange office of the Exchange. All comments
expiration months offered on the has satisfied this requirement.
Exchange from six (6) long-term 12 17 CFR 240.19b–4(f)(6).
received will be posted without change.
expiration months to ten (10) long-term 13 17 CFR 240.19b–4(f)(6)(iii). Persons submitting comments are
expiration months. 14 See Securities Exchange Act Release No. 84449 cautioned that we do not redact or edit
(October 18, 2018), 83 FR 53699 (October 24, 2018) personal identifying information from
9 See Securities Exchange Act Release No. 84449
(SR–Phlx–2018–64). comment submissions. You should
15 For purposes only of waiving the 30-day
(October 18, 2018), 83 FR 53699 (October 24, 2018)
submit only information that you wish
operative delay, the Commission has also
(SR–Phlx–2018–64). See also Securities Exchange considered the proposed rule’s impact on
to make available publicly. All
Act Release No. 29103 (April 18, 1991), 56 FR efficiency, competition, and capital formation. See submissions should refer to File
19132 (April 25, 1991) (approving SR–Phlx–91–18). 15 U.S.C. 78c(f). Number SR–MIAX–2018–28 and should

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Federal Register / Vol. 83, No. 224 / Tuesday, November 20, 2018 / Notices 58657

be submitted on or before December 11, Exchange has prepared summaries, set Rules 701(c)(3) and (4), and Rule
2018. forth in sections A, B, and C below, of 702(d)(4).5
For the Commission, by the Division of the most significant aspects of such The Exchange also proposes to amend
Trading and Markets, pursuant to delegated statements. Rule 804(e) by deleting the introductory
authority.16 sentence: ‘‘A market maker must enter
A. Self-Regulatory Organization’s continuous quotations for the options
Eduardo A. Aleman, Statement of the Purpose of, and
Assistant Secretary. classes to which it is appointed
Statutory Basis for, the Proposed Rule pursuant to the following.’’ The
[FR Doc. 2018–25236 Filed 11–19–18; 8:45 am] Change Exchange proposes to specifically detail
BILLING CODE 8011–01–P
1. Purpose a Market Maker’s quoting obligations in
The purpose of the proposed rule new rule text within paragraph (e) and
SECURITIES AND EXCHANGE change is to amend Rule 804(e) to therefore believes that the deleted
COMMISSION provide greater detail regarding the language is not necessary given that the
quoting obligations of Market Makers following sentences will replace this
[Release No. 34–84581; File No. SR–GEMX– language, as described below.
2018–37] and the manner in which they are
The Exchange proposes to add new
calculated, and to restructure the
rule text to Rule 804(e). The first new
Self-Regulatory Organizations; Nasdaq current rules to conform to rule text
sentence will provide, similar to Phlx
GEMX, LLC; Notice of Filing and used on its affiliated options market,
Rule 1081(c): ‘‘A market maker must
Immediate Effectiveness of Proposed Nasdaq Phlx (‘‘Phlx’’).3 The Exchange
enter bids and offers for the options to
Rule Change To Amend Its Rules seeks to make conforming changes to
which it is appointed, except in an
Related to Market Maker Quoting Rule 804(e) to promote structural
assigned options series listed intra-day 6
Obligations consistency of the Exchange’s rules with
on the Exchange.’’ The Exchange
those of its affiliated options markets,
November 14, 2018. believes this sentence is clearer than the
and to allow its members to quickly
Pursuant to Section 19(b)(1) of the current Rule 804(e) because it excepts
compare quoting obligations across the
Securities Exchange Act of 1934 intra-day quotes. The Exchange notes
Nasdaq, Inc. affiliated options markets.4
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 that this is the case today, where a
The Exchange notes that it is generally
notice is hereby given that on October Market Maker is not held to quote an
including additional detail in its rules
30, 2018, Nasdaq GEMX, LLC (‘‘GEMX’’ intra-day add of a series because the
on the existing obligations and process
or ‘‘Exchange’’) filed with the Securities options series was not available for
using the same format as Phlx Rule
and Exchange Commission trading the entire day. The Exchange is
1081(c). Other than one modification to
(‘‘Commission’’) the proposed rule adding this exception to the rule text to
allow the Exchange to announce in
change as described in Items I, II, and make clear that Market Makers would
advance a higher percentage of quoting
III, below, which Items have been not be responsible for quoting an intra-
compliance standards as further
prepared by the Exchange. The day addition on the day it was added.
described below, no changes to the
Commission is publishing this notice to The Exchange does not count intra-day
current practice or to the current
solicit comments on the proposed rule adds of a series that were not available
quoting obligations are being
change from interested persons. for the entire day of trading because the
contemplated by this rule change.
Market Maker would not have the
Accordingly, to the extent there are
I. Self-Regulatory Organization’s opportunity to trade that particular
other differences between the proposed
Statement of the Terms of Substance of options series for the entire trading day,
rule text and the current language, the
the Proposed Rule Change and therefore could not have anticipated
Exchange is in those cases either
The Exchange proposes to amend its the impact such intra-day adds would
conforming to Phlx Rule 1081(c) or
rules related to Market Maker (i.e., have on the calculation of its quoting
codifying current practice explicitly
Primary Market Maker and Competitive obligations.
within the proposed rule, as further
Market Maker) quoting obligations. The Exchange also proposes to note
discussed below.
The text of the proposed rule change within the new rule text the specific
is available on the Exchange’s website at Rule 804(e) quoting obligations for each type of
http://nasdaqgemx.cchwallstreet.com/, The Exchange first proposes to Market Maker by adding: ‘‘On a daily
at the principal office of the Exchange, remove the word ‘‘continuous’’ from the basis, a Market Maker must make
and at the Commission’s Public title of Rule 804(e) and retitle the Rule markets consistent with the applicable
Reference Room. as ‘‘Intra-day Quotes.’’ The Exchange is quoting requirements specified below.’’
replacing the word ‘‘continuous’’ with The Exchange proposes to note within
II. Self-Regulatory Organization’s the new rule text the specific quoting
‘‘intra-day’’ because the Exchange notes
Statement of the Purpose of, and
that Market Makers quote a percentage
Statutory Basis for, the Proposed Rule 5 The Exchange notes that as part of a parallel ISE
of the day and therefore the word
Change filing that also proposes to amend the quoting
‘‘continuous’’ may not accurately reflect obligations, ISE proposes to replace the word
In its filing with the Commission, the the manner in which Market Makers ‘‘continuous’’ with ‘‘intra-day’’ within ISE Rule
Exchange included statements quote on GEMX. The Exchange also 1614(b)(10). ISE Chapter 16, including ISE Rule
concerning the purpose of and basis for proposes related changes to replace the 1614, is incorporated by reference into the
Exchange’s Rulebook. As such, the proposed
the proposed rule change and discussed word ‘‘continuous’’ with ‘‘intra-day’’ amendment to ISE Rule 1614 will also apply to
any comments it received on the within the Rulebook, specifically in GEMX Rule 1614. See SR–ISE–2018–90.
proposed rule change. The text of these 6 An intra-day listing or add of a series means, for

statements may be examined at the 3 See Phlx Rule 1081(c). See also Securities purposes of this Rule 804(e), as an option series that
places specified in Item IV below. The Exchange Act Release No. 83209 (May 10, 2018), 83 is added manually on the same day the series
FR 22717 (May 16, 2018) (SR–Phlx–2018–22) (order begins trading. The Exchange notes that an intra-
granting approval of proposed rule change to amend day add of a series would be counted the following
16 17 CFR 200.30–3(a)(12). Phlx’s quoting requirements, among other changes). trading day (next business day after the intra-day
1 15 U.S.C. 78s(b)(1). 4 Nasdaq ISE, LLC (‘‘ISE’’) and Nasdaq MRX, LLC add of a series was listed) when the options series
2 17 CFR 240.19b–4. will file similar proposals. would be available for a full trading day.

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Document Created: 2018-11-20 07:59:05
Document Modified: 2018-11-20 07:59:05
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 58655