83 FR 60529 - Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify Its Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 227 (November 26, 2018)
Federal Register Volume 83, Issue 227 (November 26, 2018)
| Page Range | 60529-60530 | |
| FR Document | 2018-25600 |
[Federal Register Volume 83, Number 227 (Monday, November 26, 2018)] [Notices] [Pages 60529-60530] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25600] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84623; File No. SR-CboeEDGA-2018-018] Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify Its Fee Schedule November 19, 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 6, 2018, Cboe EDGA Exchange, Inc. (``Exchange'' or ``EDGA'') 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 Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Cboe EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to modify its fee schedule. 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 The Exchange proposes to amend its Fee Schedule to correct an inadvertent oversight to update an amended transaction fee in a footnote. Specifically, on March 14, 2018, the Exchange filed a rule filing, SR-CboeEDGA-2018-004, which proposed, among other things, to implement a fee for its expansion of the Cboe Connect service to provide routing to single-dealer platforms through a connectivity option to be labeled C-LNK.\3\ Specifically, the Exchange proposed to charge a fee of $0.0002 for each share executed by a single dealer platform for orders routed via Cboe Connect. The Exchange notes that although it reflected the rate increase in the Cboe Connect portion of the Fee Schedule, it did not add such rate to the Fee Codes and Associated Fees table or adopt a fee code for C-LNK executions. To assist Users that refer to fee codes in connection with their reconciliation of fees imposed by the Exchange, the Exchange proposes to adopt a fee code, fee code LK, and to charge a fee of $0.0002 for each share executed by a single dealer platform for orders routed via Cboe Connect's C-LNK connectivity option. No substantive changes are being made by the proposed rule change. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 82904 (March 20, 2018), 83 FR 12995 (March 26, 2018) (SR-CboeEDGA-2018-004). --------------------------------------------------------------------------- 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.\4\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \5\ 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. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed rule change to update the Fee Codes and Associated Fees section of the Fee Schedule, will alleviate potential confusion, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system and protecting investors and the public interest. As noted above, the proposed filing does not substantively change any transaction fees, but merely adds a fee code for a fee previously adopted by the Exchange. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change does not address competitive issues, but rather, as discussed above, is merely intended to add a fee code for a fee previously adopted by the Exchange, which will alleviate potential confusion. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. [[Page 60530]] 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 \6\ and paragraph (f) of Rule 19b-4 \7\ thereunder. 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 will institute proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 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 rule-comments@sec.gov. Please include File Number SR-CboeEDGA-2018-018 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-CboeEDGA-2018-018. 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-CboeEDGA-2018-018 and should be submitted on or before December 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-25600 Filed 11-23-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices 60529
those that may be withheld from the Commission (‘‘Commission’’) a being made by the proposed rule
public in accordance with the proposed rule change to modify its fee change.
provisions of 5 U.S.C. 552, will be schedule.
2. Statutory Basis
available for website viewing and The text of the proposed rule change
printing in the Commission’s Public is also available on the Exchange’s The Exchange believes the proposed
Reference Room, 100 F Street NE, website (http://www.cboe.com/About rule change is consistent with the
Washington, DC 20549, on official CBOE/CBOELegalRegulatoryHome. Securities Exchange Act of 1934 (the
business days between the hours of aspx), at the Exchange’s Office of the ‘‘Act’’) and the rules and regulations
10:00 a.m. and 3:00 p.m. Copies of the Secretary, and at the Commission’s thereunder applicable to the Exchange
filing also will be available for Public Reference Room. and, in particular, the requirements of
inspection and copying at the principal Section 6(b) of the Act.4 Specifically,
office of the Exchange. All comments II. Self-Regulatory Organization’s the Exchange believes the proposed rule
received will be posted without change. Statement of the Purpose of, and change is consistent with the Section
Persons submitting comments are Statutory Basis for, the Proposed Rule 6(b)(5) 5 requirements that the rules of
cautioned that we do not redact or edit Change an exchange be designed to prevent
personal identifying information from In its filing with the Commission, the fraudulent and manipulative acts and
comment submissions. You should Exchange included statements practices, to promote just and equitable
submit only information that you wish concerning the purpose of and basis for principles of trade, to foster cooperation
to make available publicly. All the proposed rule change and discussed and coordination with persons engaged
submissions should refer to File any comments it received on the in regulating, clearing, settling,
Number SR–NASDAQ–2018–091 and proposed rule change. The text of these processing information with respect to,
should be submitted on or before statements may be examined at the and facilitating transactions in
December 17, 2018. places specified in Item IV below. The securities, to remove impediments to
For the Commission, by the Division of Exchange has prepared summaries, set and perfect the mechanism of a free and
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of open market and a national market
authority.10 the most significant aspects of such system, and, in general, to protect
Eduardo A. Aleman, statements. investors and the public interest.
Assistant Secretary. The Exchange believes the proposed
A. Self-Regulatory Organization’s rule change to update the Fee Codes and
[FR Doc. 2018–25735 Filed 11–23–18; 8:45 am]
Statement of the Purpose of, and Associated Fees section of the Fee
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule Schedule, will alleviate potential
Change confusion, thereby removing
SECURITIES AND EXCHANGE 1. Purpose impediments to and perfecting the
COMMISSION mechanism of a free and open market
The Exchange proposes to amend its and a national market system and
[Release No. 34–84623; File No. SR– Fee Schedule to correct an inadvertent protecting investors and the public
CboeEDGA–2018–018] oversight to update an amended interest. As noted above, the proposed
transaction fee in a footnote. filing does not substantively change any
Self-Regulatory Organizations; Cboe Specifically, on March 14, 2018, the
EDGA Exchange, Inc.; Notice of Filing transaction fees, but merely adds a fee
Exchange filed a rule filing, SR– code for a fee previously adopted by the
and Immediate Effectiveness of a CboeEDGA–2018–004, which proposed,
Proposed Rule Change To Modify Its Exchange.
among other things, to implement a fee
Fee Schedule for its expansion of the Cboe Connect B. Self-Regulatory Organization’s
November 19, 2018. service to provide routing to single- Statement on Burden on Competition
Pursuant to Section 19(b)(1) of the dealer platforms through a connectivity The Exchange does not believe that
Securities Exchange Act of 1934 option to be labeled C–LNK.3 the proposed rule change will impose
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Specifically, the Exchange proposed to any burden on competition that is not
notice is hereby given that on November charge a fee of $0.0002 for each share necessary or appropriate in furtherance
6, 2018, Cboe EDGA Exchange, Inc. executed by a single dealer platform for of the purposes of the Act. The
(‘‘Exchange’’ or ‘‘EDGA’’) filed with the orders routed via Cboe Connect. The proposed rule change does not address
Securities and Exchange Commission Exchange notes that although it competitive issues, but rather, as
(‘‘Commission’’) the proposed rule reflected the rate increase in the Cboe discussed above, is merely intended to
change as described in Items I, II, and Connect portion of the Fee Schedule, it add a fee code for a fee previously
III below, which Items have been did not add such rate to the Fee Codes adopted by the Exchange, which will
prepared by the Exchange. The and Associated Fees table or adopt a fee alleviate potential confusion.
Commission is publishing this notice to code for C–LNK executions. To assist
C. Self-Regulatory Organization’s
solicit comments on the proposed rule Users that refer to fee codes in
Statement on Comments on the
change from interested persons. connection with their reconciliation of
Proposed Rule Change Received From
fees imposed by the Exchange, the
I. Self-Regulatory Organization’s Members, Participants, or Others
Exchange proposes to adopt a fee code,
Statement of the Terms of Substance of fee code LK, and to charge a fee of The Exchange has not solicited, and
the Proposed Rule Change $0.0002 for each share executed by a does not intend to solicit, comments on
Cboe EDGA Exchange, Inc. (the single dealer platform for orders routed this proposed rule change. The
‘‘Exchange’’ or ‘‘EDGA’’) is filing with via Cboe Connect’s C–LNK connectivity Exchange has not received any written
the Securities and Exchange option. No substantive changes are comments from members or other
interested parties.
10 17 CFR 200.30–3(a)(12). 3 See Securities Exchange Act Release No. 82904
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
(March 20, 2018), 83 FR 12995 (March 26, 2018)
2 17 CFR 240.19b–4. (SR–CboeEDGA–2018–004). 5 15 U.S.C. 78f(b)(5).
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![60530 Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices
III. Date of Effectiveness of the printing in the Commission’s Public (additions are italicized; deletions are
Proposed Rule Change and Timing for Reference Room, 100 F Street NE, [bracketed])
Commission Action Washington, DC 20549, on official * * * * *
The foregoing rule change has become business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also Rules of Cboe EDGX Exchange, Inc.
effective pursuant to Section 19(b)(3)(A)
of the Act 6 and paragraph (f) of Rule will be available for inspection and * * * * *
19b–4 7 thereunder. At any time within copying at the principal office of the Rule 21.17. Additional Price
60 days of the filing of the proposed rule Exchange. All comments received will Protection Mechanisms and Risk
change, the Commission summarily may be posted without change. Persons Controls
temporarily suspend such rule change if submitting comments are cautioned that
we do not redact or edit personal The System’s acceptance and
it appears to the Commission that such execution of orders and quotes are
action is necessary or appropriate in the identifying information from comment
submissions. You should submit only subject to the price protection
public interest, for the protection of
information that you wish to make mechanisms and risk controls in Rule
investors, or otherwise in furtherance of
available publicly. All submissions 21.16, this Rule 21.17 (related to all
the purposes of the Act. If the
Commission takes such action, the should refer to File Number SR– orders other than complex orders), Rule
Commission will institute proceedings CboeEDGA–2018–018 and should be 21.20 (related to complex orders) and as
to determine whether the proposed rule submitted on or before December 17, otherwise set forth in the Rules. All
change should be approved or 2018. numeric values established by the
disapproved. For the Commission, by the Division of Exchange pursuant to this Rule will be
Trading and Markets, pursuant to delegated maintained by the Exchange in publicly
IV. Solicitation of Comments authority.8 available specifications and/or
Interested persons are invited to Eduardo A. Aleman, published in a Regulatory Circular.
submit written data, views, and Assistant Secretary. Unless otherwise specified the price
arguments concerning the foregoing, [FR Doc. 2018–25600 Filed 11–23–18; 8:45 am] protections set forth in this Rule,
including whether the proposed rule BILLING CODE 8011–01–P including the numeric values
change is consistent with the Act. established by the Exchange, may not be
Comments may be submitted by any of disabled or adjusted. The Exchange may
the following methods: SECURITIES AND EXCHANGE share any of a User’s risk settings with
Electronic Comments COMMISSION the Clearing Member that clears
transactions on behalf of the User.
• Use the Commission’s internet [Release No. 34–84632; File No. SR–
comment form (http://www.sec.gov/ CboeEDGX–2018–052] (a)–(d) No change.
rules/sro.shtml); or Self-Regulatory Organizations; Cboe (e) Market Orders in No-Bid (Offer)
• Send an email to rule-comments@ Series.
EDGX Exchange, Inc.; Notice of Filing
sec.gov. Please include File Number SR–
and Immediate Effectiveness of a (1) If the System receives a sell Market
CboeEDGA–2018–018 on the subject
Proposed Rule Change Relating To Order in a series after it is open for
line.
Amend Its Rules Regarding How the trading with an NBB of zero:
Paper Comments System Handles Market Orders in (A) if the NBO in the series is less
• Send paper comments in triplicate Series With No Bid or No Offer
than or equal to $0.50, then the System
to Secretary, Securities and Exchange November 20, 2018. converts the Market Order to a Limit
Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the Order with a limit price equal to the
Washington, DC 20549–1090. Securities Exchange Act of 1934 (the minimum trading increment applicable
All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2 to the series and enters the order into
Number SR–CboeEDGA–2018–018. This notice is hereby given that on November the EDGX Options Book with a
file number should be included on the 16, 2018, Cboe EDGX Exchange, Inc. timestamp based on the time it enters
subject line if email is used. To help the (the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the Book. If the order has a Time-in-
Commission process and review your the Securities and Exchange Force of GTC or GTD that expires on a
comments more efficiently, please use Commission (the ‘‘Commission’’) the subsequent day, the order remains on
only one method. The Commission will proposed rule change as described in the Book as a Limit Order until it
post all comments on the Commission’s Items I and II below, which Items have executes, expires, or the User cancels it.
internet website (http://www.sec.gov/ been prepared by the Exchange. The
rules/sro.shtml). Copies of the (B) if the NBO in the series is greater
Commission is publishing this notice to than $0.50, then the System cancels or
submission, all subsequent solicit comments on the proposed rule
amendments, all written statements rejects the market order.
change from interested persons.
with respect to the proposed rule (2) If the System receives a buy market
change that are filed with the I. Self-Regulatory Organization’s order in a series after it is open for
Commission, and all written Statement of the Terms of Substance of trading with an NBO of zero, the System
communications relating to the the Proposed Rule Change cancels or rejects the market order.
proposed rule change between the Cboe EDGX Exchange, Inc. (the * * * * *
Commission and any person, other than ‘‘Exchange’’ or ‘‘EDGX Options’’)
those that may be withheld from the proposes to amend its Rules regarding The text of the proposed rule change
public in accordance with the how the System handles Market Orders is also available on the Exchange’s
provisions of 5 U.S.C. 552, will be in series with no bid or no offer. website (http://www.cboe.com/About
available for website viewing and CBOE/CBOELegalRegulatoryHome.
8 17 CFR 200.30–3(a)(12). aspx), at the Exchange’s Office of the
6 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). Secretary, and at the Commission’s
7 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4. Public Reference Room.
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Document Created: 2018-11-24 00:51:01
Document Modified: 2018-11-24 00:51:01
| 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 60529 |
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