83 FR 59427 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Enhance the Mutual Fund Profile Service To Provide for the Transmission of Event Notifications Through a New Feature Called MF Info Xchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 226 (November 23, 2018)
Federal Register Volume 83, Issue 226 (November 23, 2018)
| Page Range | 59427-59429 | |
| FR Document | 2018-25468 |
[Federal Register Volume 83, Number 226 (Friday, November 23, 2018)] [Notices] [Pages 59427-59429] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25468] [[Page 59427]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84611; File No. SR-NSCC-2018-010] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Enhance the Mutual Fund Profile Service To Provide for the Transmission of Event Notifications Through a New Feature Called MF Info Xchange November 16, 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 13, 2018, National Securities Clearing Corporation (``NSCC'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the clearing agency. NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(4) 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). \4\ 17 CFR 240.19b-4(f)(4). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of modifications to NSCC's Rules & Procedures (``Rules'') in order to reflect proposed enhancements to NSCC's Mutual Fund Services.\5\ The proposed rule change would enhance the Mutual Fund Profile Service (``MFPS'') \6\ of NSCC to provide for the delivery and receipt of event notifications relating to funds and pooled investment entities through a new feature called MF Info Xchange, as described in greater detail below. --------------------------------------------------------------------------- \5\ Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such terms in the Rules, available at http://dtcc.com/~/media/Files/Downloads/legal/rules/ nscc_rules.pdf. \6\ Section D of Rule 52, supra note 5. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The proposed rule change consists of modifications to the Rules in order to reflect proposed enhancements to NSCC's Mutual Fund Services. The proposed rule change would enhance MFPS to provide for the delivery and receipt of event notifications relating to funds and pooled investment entities through a new feature called MF Info Xchange, as described in greater detail below. (i) Background In 1996, NSCC launched MFPS, providing participating Members with an automated method of transmitting and receiving daily price and rate information pertaining to funds and other pooled investment entities (collectively referred hereto as ``Funds'') through a centralized and standardized facility.\7\ In 1998, NSCC implemented three new databases as part of MFPS, (i) the participant profile database, (ii) the security issue profile database and (iii) the distribution declaration information profile database,\8\ through which NSCC offers the Funds industry a centralized repository for prospectus and operational information relating to Fund securities, Fund distributions and Fund processing capabilities. --------------------------------------------------------------------------- \7\ Securities Exchange Act Release No. 37171 (May 8, 1996), 61 FR 24343 (May 14, 1996) (SR-NSCC-1996-04). \8\ Securities Exchange Act Release No. 40614 (October 28, 1998), 63 FR 59615 (November 4, 1998) (SR-NSCC-1998-09). --------------------------------------------------------------------------- MF Info Xchange would be a new feature of MFPS that would facilitate communication of event notifications among Funds, their principal underwriters or other entities authorized to process transactions on behalf of Funds, that are Members, Mutual Fund/ Insurance Services Members, Investment Manager/Agent Members, TPP Members, TPA Members, Data Services Only Members and Fund Members (``data providers''), on the one hand, and the distribution partners of the Funds, such as broker-dealers and banks that are NSCC Members \9\ and other third parties identified by the data providers to receive event notifications (``data receivers''), on the other hand. On a daily basis, data providers and data receivers exchange a number of event notifications via email, fax and phone call outside of NSCC relating to events affecting the Funds. Such event notifications include corporate actions, such as Fund name changes, mergers, acquisitions and closures, and other events, such as expense ratio changes and benchmark changes. These event notifications are not standardized across the industry, and data receivers do not currently have an efficient standardized method to view and manage past and upcoming Fund events. --------------------------------------------------------------------------- \9\ For purposes of this filing, ``NSCC Members'' shall mean Members and Limited Members. --------------------------------------------------------------------------- The mutual fund industry has requested that NSCC deliver a data sharing solution for participants in the Fund industry to exchange such event notifications, and create standardization to the event notification process. The current event notification process is inconsistent among data providers and data receivers, with data providers sending event notifications using various methods without standardized formats across the industry. The existing methods of sending event notifications are often time consuming manual processes that add risk and complexity by increasing the chance of manual errors and leaving event notifications open to interpretation because of the lack of standardized formats. MF Info Xchange has been developed with the active participation of an industry working group to streamline the delivery and receipt of various types of Fund event notifications to provide a standardized method of sending event notifications. Data providers using MF Info Xchange would be able to submit event notifications for distribution, using data entry, uploads and other input mechanisms, modify previously submitted event notifications, view upcoming and past notifications and manage distribution lists. Upon receipt of the event notification data through MF Info Xchange, NSCC would create a unique ID associated with the event relating to the notification, and track corrections and updates to the same event using the same event ID. NSCC would also store the data in a data repository for retrieval by NSCC Members. In addition, NSCC would distribute the event notifications via email to a defined distribution list provided by the data providers. Data providers could also indicate the NSCC Members on the distribution list that could be given access to the event notifications on the data repository. Such NSCC Members that have subscribed to MF Info Xchange would have access to the data repository to retrieve the event notifications and [[Page 59428]] updates to those event notifications from a centralized location. NSCC Members would be able to use MF Info Xchange to transmit event notifications for certain predefined event types. Upon the initial launch, Fund mergers/acquisitions and Fund closures would be the only event types for which event notifications could be sent using MF Info Xchange. NSCC would announce by Important Notice posted on its website any enhancements of MF Info Xchange that result in new event types available for event notifications. Given the limited number of Fund event types available for event notifications upon the launch of MF Info Xchange, NSCC would not charge fees initially for the use of MF Info Xchange. NSCC would file with the Commission an appropriate rule change proposal to implement any fees for MF Info Xchange if NSCC adds a fee for the feature. (ii) Proposed Rule Changes The proposed rule change would amend Rule 52 to state that NSCC would provide MF Info Xchange to enable data providers that are Members, Mutual Fund/Insurance Services Members, Investment Manager/ Agent Members, TPP Members, TPA Members, Data Services Only Members and Fund Members to transmit event notifications relating to Funds to other NSCC Members and to other third parties identified by the data providers to receive the event notifications, or to otherwise supply and provide access to event notifications directly to or from NSCC through a data repository. The proposed rule change would provide that NSCC may determine from time to time, and would announce by Important Notice, which types of event notifications may be transmitted using MF Info Xchange. The proposed rule change would provide that NSCC would not be responsible for the completeness or accuracy of any event notifications transmitted using MF Info Xchange nor for any errors, omissions or delays that may occur relating to the event notifications. (iii) Implementation Timeframe NSCC expects to implement MF Info Xchange on November 29, 2018. As proposed, a legend would be added to Rule 52 stating there are changes that became effective upon filing with the Commission but have not yet been implemented. The proposed legend also would include a date on which such changes would be implemented and the file number of this proposal, and state that, once this proposal is implemented, the legend would automatically be removed from Rule 52. 2. Statutory Basis Section 17A(b)(3)(F) of the Act \10\ requires, in part, that the Rules be designed to foster cooperation and coordination with persons engaged in the clearance and settlement of securities transactions. NSCC believes that the proposed rule change would enhance the ability of data providers to send, and for data receivers to access and retrieve, Fund event notification data in a standardized format and in a centralized location. Currently, there is not an industry-wide structured method of providing such event notification data, and data providers send, and data receivers receive, such event notifications in an inefficient and non-standardized manner across the industry. NSCC believes that the proposed rule change would provide the Fund industry a more efficient and streamlined method for data providers to communicate Fund event notification data to data receivers. As such, NSCC believes that the proposed rule change would foster cooperation and coordination among persons engaged in the clearance and settlement of securities, consistent with the requirements of Section 17A(b)(3)(F) of the Act.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78q-1(b)(3)(F). \11\ Id. --------------------------------------------------------------------------- In addition, the proposed rule change is designed to be consistent with Rule 17Ad-22(e)(21) promulgated under the Act.\12\ Rule 17Ad- 22(e)(21) requires NSCC to, inter alia, establish, implement, maintain and enforce written policies and procedures reasonably designed to be efficient and effective in meeting the requirements of its participants and the markets it serves. The proposed rule change would streamline the Fund event notifications process, which would enhance (i) efficiency in making such event notifications by reducing reliance on emails, faxes and phone calls for event notifications, which are inconsistent and a time consuming manual process, and (ii) effectiveness in making such event notifications by providing a standardized format to send such event notifications, which NSCC believes would reduce errors in the event notification process that occur as a result of the current inconsistent and unstructured event notification process. Therefore, by establishing a more efficient and effective process for data providers to deliver, and data receivers to receive, Fund event notifications, NSCC believes that the proposed change is consistent with the requirements of Rule 17Ad-22(e)(21), promulgated under the Act.\13\ --------------------------------------------------------------------------- \12\ 17 CFR 240.17Ad-22(e)(21). \13\ Id. --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition NSCC does not believe that the proposed rule change would have any adverse impact, or impose any burden, on competition because the proposed rule change would add an optional feature to NSCC's services that would provide data providers the ability to send event notification data in a standardized format. As an optional feature available for subscription with no additional fees, the proposed rule change would not disproportionally impact any NSCC participants. Moreover, because the proposed rule change would allow data providers to more effectively communicate Fund event notifications, NSCC believes the proposed rule change would have a positive effect on competition among Fund industry participants. The proposed feature would provide data providers with a more efficient method of distributing event notifications to parties that need to see such information in order to facilitate the trading and processing of Fund securities. NSCC believes this would enhance competition among Funds and Fund participants by allowing parties to distribute such information more quickly and in a more streamlined manner. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others NSCC has not received or solicited any written comments relating to this proposal. NSCC will notify the Commission of any written comments received by NSCC. III. Date of Effectiveness of the Proposed Rule Change, and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ 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 [[Page 59429]] investors, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-NSCC-2018-010 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. All submissions should refer to File Number SR-NSCC-2018-010. 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 NSCC and on DTCC's website (http://dtcc.com/legal/sec-rule-filings.aspx). 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-NSCC-2018-010 and should be submitted on or before December 14, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-25468 Filed 11-21-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 59427
SECURITIES AND EXCHANGE statements may be examined at the On a daily basis, data providers and
COMMISSION places specified in Item IV below. The data receivers exchange a number of
clearing agency has prepared event notifications via email, fax and
[Release No. 34–84611; File No. SR–NSCC–
2018–010]
summaries, set forth in sections A, B, phone call outside of NSCC relating to
and C below, of the most significant events affecting the Funds. Such event
Self-Regulatory Organizations; aspects of such statements. notifications include corporate actions,
National Securities Clearing such as Fund name changes, mergers,
(A) Clearing Agency’s Statement of the
Corporation; Notice of Filing and acquisitions and closures, and other
Purpose of, and Statutory Basis for, the
Immediate Effectiveness of a Proposed events, such as expense ratio changes
Proposed Rule Change
Rule Change To Enhance the Mutual and benchmark changes. These event
Fund Profile Service To Provide for the 1. Purpose notifications are not standardized across
Transmission of Event Notifications The proposed rule change consists of the industry, and data receivers do not
Through a New Feature Called MF Info modifications to the Rules in order to currently have an efficient standardized
Xchange reflect proposed enhancements to method to view and manage past and
NSCC’s Mutual Fund Services. The upcoming Fund events.
November 16, 2018.
proposed rule change would enhance The mutual fund industry has
Pursuant to Section 19(b)(1) of the MFPS to provide for the delivery and requested that NSCC deliver a data
Securities Exchange Act of 1934 receipt of event notifications relating to sharing solution for participants in the
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 funds and pooled investment entities Fund industry to exchange such event
notice is hereby given that on November through a new feature called MF Info notifications, and create standardization
13, 2018, National Securities Clearing Xchange, as described in greater detail to the event notification process. The
Corporation (‘‘NSCC’’) filed with the below. current event notification process is
Securities and Exchange Commission inconsistent among data providers and
(‘‘Commission’’) the proposed rule (i) Background data receivers, with data providers
change as described in Items I, II and III In 1996, NSCC launched MFPS, sending event notifications using
below, which Items have been prepared providing participating Members with various methods without standardized
by the clearing agency. NSCC filed the an automated method of transmitting formats across the industry. The existing
proposed rule change pursuant to and receiving daily price and rate methods of sending event notifications
Section 19(b)(3)(A) of the Act 3 and Rule information pertaining to funds and are often time consuming manual
19b–4(f)(4) thereunder.4 The other pooled investment entities processes that add risk and complexity
Commission is publishing this notice to (collectively referred hereto as ‘‘Funds’’) by increasing the chance of manual
solicit comments on the proposed rule through a centralized and standardized errors and leaving event notifications
change from interested persons. facility.7 In 1998, NSCC implemented open to interpretation because of the
three new databases as part of MFPS, (i) lack of standardized formats. MF Info
I. Clearing Agency’s Statement of the Xchange has been developed with the
Terms of Substance of the Proposed the participant profile database, (ii) the
security issue profile database and (iii) active participation of an industry
Rule Change working group to streamline the
the distribution declaration information
The proposed rule change consists of profile database,8 through which NSCC delivery and receipt of various types of
modifications to NSCC’s Rules & offers the Funds industry a centralized Fund event notifications to provide a
Procedures (‘‘Rules’’) in order to reflect repository for prospectus and standardized method of sending event
proposed enhancements to NSCC’s operational information relating to Fund notifications.
Mutual Fund Services.5 The proposed securities, Fund distributions and Fund Data providers using MF Info Xchange
rule change would enhance the Mutual processing capabilities. would be able to submit event
Fund Profile Service (‘‘MFPS’’) 6 of MF Info Xchange would be a new notifications for distribution, using data
NSCC to provide for the delivery and feature of MFPS that would facilitate entry, uploads and other input
receipt of event notifications relating to communication of event notifications mechanisms, modify previously
funds and pooled investment entities among Funds, their principal submitted event notifications, view
through a new feature called MF Info underwriters or other entities upcoming and past notifications and
Xchange, as described in greater detail authorized to process transactions on manage distribution lists. Upon receipt
below. behalf of Funds, that are Members, of the event notification data through
Mutual Fund/Insurance Services MF Info Xchange, NSCC would create a
II. Clearing Agency’s Statement of the unique ID associated with the event
Members, Investment Manager/Agent
Purpose of, and Statutory Basis for, the relating to the notification, and track
Members, TPP Members, TPA Members,
Proposed Rule Change corrections and updates to the same
Data Services Only Members and Fund
In its filing with the Commission, the Members (‘‘data providers’’), on the one event using the same event ID. NSCC
clearing agency included statements hand, and the distribution partners of would also store the data in a data
concerning the purpose of and basis for the Funds, such as broker-dealers and repository for retrieval by NSCC
the proposed rule change and discussed banks that are NSCC Members 9 and Members. In addition, NSCC would
any comments it received on the other third parties identified by the data distribute the event notifications via
proposed rule change. The text of these providers to receive event notifications email to a defined distribution list
(‘‘data receivers’’), on the other hand. provided by the data providers. Data
1 15 U.S.C. 78s(b)(1). providers could also indicate the NSCC
amozie on DSK3GDR082PROD with NOTICES1
2 17 CFR 240.19b–4. 7 Securities Exchange Act Release No. 37171 (May Members on the distribution list that
3 15 U.S.C. 78s(b)(3)(A).
8, 1996), 61 FR 24343 (May 14, 1996) (SR–NSCC– could be given access to the event
4 17 CFR 240.19b–4(f)(4). 1996–04). notifications on the data repository.
5 Capitalized terms used herein and not otherwise 8 Securities Exchange Act Release No. 40614
Such NSCC Members that have
defined shall have the meaning assigned to such (October 28, 1998), 63 FR 59615 (November 4, 1998)
terms in the Rules, available at http://dtcc.com/∼/ (SR–NSCC–1998–09). subscribed to MF Info Xchange would
media/Files/Downloads/legal/rules/nscc_rules.pdf. 9 For purposes of this filing, ‘‘NSCC Members’’ have access to the data repository to
6 Section D of Rule 52, supra note 5. shall mean Members and Limited Members. retrieve the event notifications and
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![Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices 59429
investors, or otherwise in furtherance of For the Commission, by the Division of prepared summaries, set forth in
the purposes of the Act. Trading and Markets, pursuant to delegated Sections A, B, and C below, of the most
authority.16 significant aspects of such statements.
IV. Solicitation of Comments Eduardo A. Aleman,
Assistant Secretary.
A. Self-Regulatory Organization’s
Interested persons are invited to Statement of the Purpose of, and
submit written data, views and [FR Doc. 2018–25468 Filed 11–21–18; 8:45 am]
Statutory Basis for, the Proposed Rule
arguments concerning the foregoing, BILLING CODE 8011–01–P
Change
including whether the proposed rule
change is consistent with the Act. 1. Purpose
Comments may be submitted by any of SECURITIES AND EXCHANGE
The Exchange proposes to amend
the following methods: COMMISSION
BOX Rule 5070 (Long-term Options
Electronic Comments [Release No. 34–84612; File No. SR–BOX– Contracts) to permit up to ten (10) long-
2018–35] term options (‘‘LEAPS’’) expiration
• Use the Commission’s internet months for options on SPY.3 BOX Rule
comment form (http://www.sec.gov/ Self-Regulatory Organizations; BOX 5070 currently provides that the
rules/sro.shtml); or Exchange LLC; Notice of Filing and Exchange may list LEAPS that expire
• Send an email to rule-comments@ Immediate Effectiveness of Proposed from twelve (12) to one hundred eighty
sec.gov. Please include File Number SR– Rule Change To Permit Up to Ten (180) months from the time they are
NSCC–2018–010 on the subject line. Expiration Months for Long-Term listed; and there may be up to six (6)
Options on the SPDR® S&P® 500 expiration months.4 The Exchange
Paper Comments Exchange-Traded Fund Shares (‘‘SPY’’) believes the proposal will add liquidity
• Send paper comments in triplicate November 16, 2018. to the SPY options market by allowing
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the market participants to hedge risks
Commission, 100 F Street NE, Securities Exchange Act of 1934 relating to SPY positions over a longer
Washington, DC 20549. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 time period with a known and limited
notice is hereby given that on November cost. This is a filing that is based on a
All submissions should refer to File
16, 2018, BOX Exchange LLC proposal recently submitted by Nasdaq
Number SR–NSCC–2018–010. This file
(‘‘Exchange’’) filed with the Securities PHLX LLC (‘‘Phlx’’).5
number should be included on the
and Exchange Commission The SPY options market today is
subject line if email is used. To help the
(‘‘Commission’’) the proposed rule characterized by its tremendous daily
Commission process and review your
change as described in Items I and II and annual liquidity. As a consequence,
comments more efficiently, please use
below, which Items have been prepared the Exchange believes that the listing of
only one method. The Commission will
by the self-regulatory organization. The additional SPY LEAPS expiration
post all comments on the Commission’s
Commission is publishing this notice to months would be well received by
internet website (http://www.sec.gov/
solicit comments on the proposed rule investors. This proposal to expand the
rules/sro.shtml). Copies of the
from interested persons. number of permitted SPY long-term
submission, all subsequent
expiration months would not apply to
amendments, all written statements I. Self-Regulatory Organization’s LEAPS on any other class of stock or
with respect to the proposed rule Statement of the Terms of Substance of Exchange-Traded Fund Shares.6
change that are filed with the the Proposed Rule Change
Commission, and all written Finally, BOX Rule 5070(a) currently
communications relating to the The Exchange proposes to amend states that there may be ‘‘up to six (6)
proposed rule change between the BOX Rule 5070 (Long-term Options additional expiration months.’’ Because
Commission and any person, other than Contracts) to permit up to ten (10) the rule does not specify which
those that may be withheld from the expiration months for long-term options expiration months the six months are in
public in accordance with the on SPY. The text of the proposed rule addition to, and thus is ambiguous, the
provisions of 5 U.S.C. 552, will be change is available from the principal Exchange proposes to delete the word
available for website viewing and office of the Exchange, at the ‘‘additional.’’ As amended, the rule
printing in the Commission’s Public Commission’s Public Reference Room would clearly and simply provide that
Reference Room, 100 F Street NE, and also on the Exchange’s internet the Exchange may list six expiration
Washington, DC 20549 on official website at http://boxoptions.com. months having from twelve (12) to one
business days between the hours of II. Self-Regulatory Organization’s 3 In contrast to Rule 5070, Exchange Rule
10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and 6090(b)(1)(i), which applies to index options,
filing also will be available for Statutory Basis for, the Proposed Rule permits the Exchange to list LEAPS on any class of
inspection and copying at the principal Change index options, adding up to ten expiration months.
office of NSCC and on DTCC’s website The Exchange seeks to list ten expiration months
In its filing with the Commission, the of LEAPS on SPY, just as it now may list ten LEAPS
(http://dtcc.com/legal/sec-rule-
self-regulatory organization included expiration months on index options, in order to
filings.aspx). All comments received provide investors with a wider choice of
statements concerning the purpose of,
will be posted without change. Persons investments.
and basis for, the proposed rule change
submitting comments are cautioned that 4 Strike price interval, bid/ask differential and
and discussed any comments it received continuity rules shall not apply to such options
we do not redact or edit personal
on the proposed rule change. The text
amozie on DSK3GDR082PROD with NOTICES1
series until the time to expiration is less than nine
identifying information from comment
of these statements may be examined at (9) months. See BOX Rule 5070(a).
submissions. You should submit only 5 See Securities Exchange Act Release No. 34–
the places specified in Item IV below.
information that you wish to make 84449 (October 18, 2018), 83 FR 53699 (SR–Phlx–
The self-regulatory organization has
available publicly. All submissions 2018–64).
6 Historically, SPY is the largest and most actively
should refer to File Number SR–NSCC– 16 17 CFR 200.30–3(a)(12). traded ETF in the United States as measured by its
2018–010 and should be submitted on 1 15 U.S.C. 78s(b)(1). assets under management and the value of shares
or before December 14, 2018. 2 17 CFR 240.19b–4. traded.
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Document Created: 2018-11-27 12:59:43
Document Modified: 2018-11-27 12:59:43
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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