83 FR 60534 - Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Reserve Orders
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 227 (November 26, 2018)
Federal Register Volume 83, Issue 227 (November 26, 2018)
| Page Range | 60534-60536 | |
| FR Document | 2018-25596 |
[Federal Register Volume 83, Number 227 (Monday, November 26, 2018)] [Notices] [Pages 60534-60536] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25596] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84619; File No. SR-CboeEDGX-2018-051] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Reserve Orders 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 5, 2018, Cboe EDGX Exchange, Inc. (``Exchange'' or ````EDGX'''') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The 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 EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX Options'') proposes to adopt Reserve Orders. (additions are italicized; deletions are [bracketed]) * * * * * Rules of Cboe EDGX Exchange, Inc. * * * * * Rule 21.1. Definitions The following definitions apply to Chapter XXI for the trading of options listed on EDGX Options. (a)-(c) No change. (d) The term ``Order Type'' shall mean the unique processing prescribed for designated orders that are eligible for entry into the System, and shall include: (1) [(Reserved.)] ``Reserve Orders'' are limit orders that have both a portion of the quantity displayed (``Display Quantity'') and a reserve portion of the quantity (``Reserve Quantity'') not displayed. Both the Display Quantity and Reserve Quantity of the Reserve Order are available for potential execution against incoming orders. When entering a Reserve Order, a User must instruct the Exchange as to the quantity of the order to be initially displayed by the System (``Max Floor''). If the Display Quantity of a Reserve Order is fully executed, the System will, in accordance with the User's instruction, replenish the Display Quantity from the Reserve Quantity using one of the below replenishment instructions. If the remainder of an order is less than the replenishment amount, the System will display the entire remainder of the order. The System creates a new timestamp for both the Display Quantity and Reserve Quantity of the order each time it is replenished from reserve. (A) Random Replenishment. An instruction that a User may attach to an order with Reserve Quantity where the System randomly replenishes the Display Quantity for the order with a number of contracts not outside a replenishment range, which equals the Max Floor plus and minus a replenishment value established by the User when entering a Reserve Order with a Random Replenishment instruction. (B) Fixed Replenishment. For any order that a User does not select Random Replenishment, the System will replenish the Display Quantity of the order with the number of contracts equal to the Max Floor. (2)-(12) No change. (e)-(j) No change. * * * * * Rule 21.6. Entry of Orders Users can enter orders into the System, subject to the following requirements and conditions: (a) Users shall be permitted to transmit to the System multiple orders at a single as well as multiple price levels. Each order will indicate the Reserve Quantity (if applicable). (b)-(f) No change. * * * * * Rule 21.8. Order Display and Book Processing (a)-(k) No change. (l) Nondisplayed Orders. Displayed orders have priority over nondisplayed orders. Nondisplayed portions of Reserve Orders are allocated in accordance with paragraph (c) above, but additional priority overlays do not apply, except for the Customer Overlay (if applicable). * * * * * 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 In 2016, the Exchange's parent company, Cboe Global Markets, Inc. (formerly named CBOE Holdings, Inc.) (``Cboe Global''), which is also the parent company of Cboe Exchange, Inc. (``Cboe Options'') and Cboe C2 Exchange, Inc. (``C2''), acquired the Exchange and its affiliated exchanges, [[Page 60535]] Cboe EDGA Exchange, Inc. (``EDGA''), Cboe BZX Exchange, Inc. (``BZX or BZX Options''), and Cboe BYX Exchange, Inc. (``BYX'' and, together with C2, Cboe Options, EDGX, EDGA, and BZX, the ``Cboe Affiliated Exchanges''). In this context, EDGX Options proposes to align certain system functionality with C2 and BZX Options. Although the Exchange intentionally offers certain features that differ from those offered by the Cboe Affiliated Exchange and will continue to do so, the Exchange believes offering similar functionality to the extent practicable will reduce potential confusion for market participants. The proposed rule change adopts Reserve Orders. Reserve Orders permit Users to enter orders with both displayed and nondisplayed amounts. Specifically, proposed Rule 21.1(d)(1) provides that ``Reserve Orders'' are limit orders that have both a portion of the quantity displayed (``Display Quantity'') and a reserve portion of the quantity (``Reserve Quantity'') not displayed.\3\ Both the Display Quantity and Reserve Quantity of the Reserve Order are available for potential execution against incoming orders. When entering a Reserve Order, a User must instruct the Exchange as to the quantity of the order to be initially displayed by the System (``Max Floor''). If the Display Quantity of a Reserve Order is fully executed, the System will, in accordance with the User's instruction, replenish the Display Quantity from the Reserve Quantity using one of two replenishment options, as described below. If the remainder of an order is less than the replenishment amount, the System will display the entire remainder of the order. The System creates a new timestamp for both the Display Quantity and Reserve Quantity of the order each time it is replenished from reserve. --------------------------------------------------------------------------- \3\ The proposed change to Rule 21.6(a) states that each order will indicate the Reserve Quantity (if applicable). --------------------------------------------------------------------------- A User may determine that a Reserve Order should be subject to ``Random Replenishment'' or ``Fixed Replenishment.'' If a Reserve Order has a Random Replenishment instruction, the System randomly replenishes the Display Quantity for the order with a number of contracts not outside a replenishment range, which equals the Max Floor plus and minus a replenishment value established by the User when entering a Reserve Order with a Random Replenishment instruction. For any order that a User does not select Random Replenishment, the System will replenish the Display Quantity of the order with the number of contracts equal to the Max Floor. Pursuant to proposed Rule 21.8(l), displayed orders have priority over nondisplayed orders. In other words, while both portions of a Reserve Order may execute against incoming marketable orders, the displayed portion will be executed first, and the non-displayed portion will only execute after all displayed interest (from other orders) at that price has executed. Nondisplayed portions of Reserve Orders are allocated in accordance with Rule 21.8(c), but additional priority overlays will not apply, except for the Customer Overlay (if applicable). Therefore, if there are nondisplayed portions of multiple Reserve Orders at the same price that can execute against an incoming marketable order, those nondisplayed portions will be allocated in a pro-rata manner; however, if the Customer Overlay has been applied to the class, the nondisplayed portion of any Customer Reserve Orders will execute first. The Exchange notes that pursuant to Rule 22.13, Interpretation and Policy .03, with respect to nondisplayed trading interest, including the Reserve Quantity of a Reserve Order, the exposure requirement in Rule 22.13(a) is satisfied if the displayable portion of the order (the Display Quantity) is displayed at its displayable price for one second. The proposed rule change is substantially the same as the rules of other options exchanges.\4\ --------------------------------------------------------------------------- \4\ See, e.g., C2 Rules 1.1 (definition of Reserve order in Order Instruction definition) and 6.12(a)(3); and BZX Options Rules 21.1(d)(1) and 21.8(a)(2). --------------------------------------------------------------------------- 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.\5\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \6\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). \7\ Id. --------------------------------------------------------------------------- The proposed rule change is generally intended to add certain system functionality currently offered by C2 and BZX Options to the Exchange's System in order to provide a consistent technology offering for the Cboe Affiliated Exchanges. A consistent technology offering, in turn, will simplify the technology implementation, changes and maintenance by Users of the Exchange that are also participants on Cboe Affiliated Exchanges. The proposed rule change will provide Users with additional flexibility to manage and display their orders on the Exchange, as well as increased functionality on the Exchange. This may encourage market participants to bring additional liquidity to the market, which benefits all investors. Additionally, this will provide Users with greater harmonization between the order handling instructions available among the Cboe Affiliated Exchanges. The proposed rule change also removes impediments to and perfect the mechanism of a free and open market and a national market system because the proposed functionality is available on other options exchanges.\8\ The proposed rule change does not propose to implement new or unique functionality that has not been previously filed with the Commission or is not available on Cboe Affiliated Exchanges. --------------------------------------------------------------------------- \8\ See supra note 6. --------------------------------------------------------------------------- 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 will not impose a burden on intramarket competition, because the use of Reserve Orders, like all other order instructions available on the Exchange, is voluntary. Reserve Orders entered by all Users will be handled in the same manner. The proposed rule change will not impose a burden on intermarket competition, because Reserve Order functionality is available on other options exchanges.\9\ --------------------------------------------------------------------------- \9\ Id. --------------------------------------------------------------------------- [[Page 60536]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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)(iii) of the Act \10\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). 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. --------------------------------------------------------------------------- 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, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to 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 proposed rule change may become effective and operative immediately upon filing. The Exchange states that waiver of the operative delay will provide Users with additional flexibility to manage and display their orders and provide additional control over their executions on the Exchange as soon as possible. The Exchange further states that waiver of the operative delay will allow the Exchange to continue to strive towards a complete technology integration of the Cboe Affiliated Exchanges, with gradual roll-outs of new functionality to ensure the stability of the System. The Exchange notes that the proposed rule change is generally intended to codify and to add certain system functionality to the Exchange's System in order to provide a consistent technology offering for the Cboe Affiliated Exchanges. The Exchange further notes that a consistent technology offering will simplify the technology implementation changes and maintenance by Trading Permit Holders of the Exchange that are also participants on Cboe Affiliated Exchanges. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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-CboeEDGX-2018-051 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-CboeEDGX-2018-051. 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-CboeEDGX-2018-051 and should be submitted on or before December 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-25596 Filed 11-23-18; 8:45 am] BILLING CODE 8011-01-P
![60534 Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices
response for a total annual internal solicit comments on the proposed rule order with the number of contracts
burden of 2,715,829 hours (59 hours per change from interested persons. equal to the Max Floor.
response × 46,031 responses). (2)–(12) No change.
I. Self-Regulatory Organization’s (e)–(j) No change.
Written comments are invited on: (a)
Statement of the Terms of Substance of
Whether this proposed collection of * * * * *
the Proposed Rule Change
information is necessary for the proper
performance of the functions of the Cboe EDGX Exchange, Inc. (the Rule 21.6. Entry of Orders
agency, including whether the ‘‘Exchange’’ or ‘‘EDGX Options’’) Users can enter orders into the
information will have practical utility; proposes to adopt Reserve Orders. System, subject to the following
(b) the accuracy of the agency’s estimate (additions are italicized; deletions are requirements and conditions:
of the burden imposed by the collection [bracketed]) (a) Users shall be permitted to
of information; (c) ways to enhance the * * * * * transmit to the System multiple orders
quality, utility, and clarity of the at a single as well as multiple price
information collected; and (d) ways to Rules of Cboe EDGX Exchange, Inc. levels. Each order will indicate the
minimize the burden of the collection of * * * * * Reserve Quantity (if applicable).
information on respondents, including (b)–(f) No change.
through the use of automated collection Rule 21.1. Definitions * * * * *
techniques or other forms of information The following definitions apply to
technology. Consideration will be given Rule 21.8. Order Display and Book
Chapter XXI for the trading of options Processing
to comments and suggestions submitted listed on EDGX Options.
in writing within 60 days of this (a)–(c) No change. (a)–(k) No change.
publication. (d) The term ‘‘Order Type’’ shall mean (l) Nondisplayed Orders. Displayed
An agency may not conduct or the unique processing prescribed for orders have priority over nondisplayed
sponsor, and a person is not required to designated orders that are eligible for orders. Nondisplayed portions of
respond to, a collection of information entry into the System, and shall include: Reserve Orders are allocated in
unless it displays a currently valid (1) [(Reserved.)] ‘‘Reserve Orders’’ are accordance with paragraph (c) above,
control number. limit orders that have both a portion of but additional priority overlays do not
Please direct your written comment to the quantity displayed (‘‘Display apply, except for the Customer Overlay
Charles Riddle, Acting Director/Chief Quantity’’) and a reserve portion of the (if applicable).
Information Officer, Securities and quantity (‘‘Reserve Quantity’’) not * * * * *
Exchange Commission, c/o Candace displayed. Both the Display Quantity The text of the proposed rule change
Kenner, 100 F Street NE, Washington, and Reserve Quantity of the Reserve is also available on the Exchange’s
DC 20549 or send an email to: PRA_ Order are available for potential website (http://www.cboe.com/About
Mailbox@sec.gov. execution against incoming orders. CBOE/CBOELegalRegulatoryHome.
Dated: November 20, 2018. When entering a Reserve Order, a User aspx), at the Exchange’s Office of the
Eduardo A. Aleman, must instruct the Exchange as to the Secretary, and at the Commission’s
quantity of the order to be initially Public Reference Room.
Assistant Secretary.
[FR Doc. 2018–25687 Filed 11–23–18; 8:45 am]
displayed by the System (‘‘Max Floor’’). II. Self-Regulatory Organization’s
If the Display Quantity of a Reserve Statement of the Purpose of, and
BILLING CODE 8011–01–P
Order is fully executed, the System will, Statutory Basis for, the Proposed Rule
in accordance with the User’s Change
SECURITIES AND EXCHANGE instruction, replenish the Display
Quantity from the Reserve Quantity In its filing with the Commission, the
COMMISSION Exchange included statements
using one of the below replenishment
[Release No. 34–84619; File No. SR– instructions. If the remainder of an concerning the purpose of and basis for
CboeEDGX–2018–051] order is less than the replenishment the proposed rule change and discussed
amount, the System will display the any comments it received on the
Self-Regulatory Organizations; Cboe proposed rule change. The text of these
entire remainder of the order. The
EDGX Exchange, Inc.; Notice of Filing statements may be examined at the
System creates a new timestamp for
and Immediate Effectiveness of a places specified in Item IV below. The
both the Display Quantity and Reserve
Proposed Rule Change To Adopt Exchange has prepared summaries, set
Quantity of the order each time it is
Reserve Orders forth in sections A, B, and C below, of
replenished from reserve.
November 19, 2018. (A) Random Replenishment. An the most significant aspects of such
instruction that a User may attach to an statements.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 order with Reserve Quantity where the A. Self-Regulatory Organization’s
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 System randomly replenishes the Statement of the Purpose of, and
notice is hereby given that on November Display Quantity for the order with a Statutory Basis for, the Proposed Rule
5, 2018, Cboe EDGX Exchange, Inc. number of contracts not outside a Change
(‘‘Exchange’’ or ‘‘‘‘EDGX’’’’) filed with replenishment range, which equals the
Max Floor plus and minus a 1. Purpose
the Securities and Exchange
Commission (‘‘Commission’’) the replenishment value established by the In 2016, the Exchange’s parent
proposed rule change as described in User when entering a Reserve Order company, Cboe Global Markets, Inc.
Items I and II below, which Items have with a Random Replenishment (formerly named CBOE Holdings, Inc.)
been prepared by the Exchange. The instruction. (‘‘Cboe Global’’), which is also the
Commission is publishing this notice to (B) Fixed Replenishment. For any parent company of Cboe Exchange, Inc.
order that a User does not select (‘‘Cboe Options’’) and Cboe C2
1 15 U.S.C. 78s(b)(1). Random Replenishment, the System will Exchange, Inc. (‘‘C2’’), acquired the
2 17 CFR 240.19b–4. replenish the Display Quantity of the Exchange and its affiliated exchanges,
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![60536 Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices
C. Self-Regulatory Organization’s technology implementation changes and communications relating to the
Statement on Comments on the maintenance by Trading Permit Holders proposed rule change between the
Proposed Rule Change Received From of the Exchange that are also Commission and any person, other than
Members, Participants, or Others participants on Cboe Affiliated those that may be withheld from the
The Exchange neither solicited nor Exchanges. The Commission believes public in accordance with the
received comments on the proposed that waiver of the 30-day operative provisions of 5 U.S.C. 552, will be
rule change. delay is consistent with the protection available for website viewing and
of investors and the public interest. printing in the Commission’s Public
III. Date of Effectiveness of the Therefore, the Commission hereby Reference Room, 100 F Street NE,
Proposed Rule Change and Timing for waives the 30-day operative delay and Washington, DC 20549, on official
Commission Action designates the proposed rule change as business days between the hours of
Because the foregoing proposed rule operative upon filing.14 10:00 a.m. and 3:00 p.m. Copies of the
change does not: (i) Significantly affect At any time within 60 days of the filing also will be available for
the protection of investors or the public filing of the proposed rule change, the inspection and copying at the principal
interest; (ii) impose any significant Commission summarily may office of the Exchange. All comments
burden on competition; and (iii) become temporarily suspend such rule change if received will be posted without change.
operative for 30 days from the date on it appears to the Commission that such Persons submitting comments are
which it was filed, or such shorter time action is: (i) Necessary or appropriate in cautioned that we do not redact or edit
as the Commission may designate, it has the public interest; (ii) for the protection personal identifying information from
of investors; or (iii) otherwise in comment submissions. You should
become effective pursuant to Section
furtherance of the purposes of the Act. submit only information that you wish
19(b)(3)(A)(iii) of the Act 10 and
If the Commission takes such action, the to make available publicly. All
subparagraph (f)(6) of Rule 19b–4
Commission shall institute proceedings submissions should refer to File
thereunder.11
to determine whether the proposed rule Number SR–CboeEDGX–2018–051 and
A proposed rule change filed under
should be approved or disapproved. should be submitted on or before
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after IV. Solicitation of Comments December 17, 2018.
the date of the filing. However, Rule Interested persons are invited to For the Commission, by the Division of
19b–4(f)(6)(iii) 13 permits the submit written data, views, and Trading and Markets, pursuant to delegated
Commission to designate a shorter time arguments concerning the foregoing, authority.15
if such action is consistent with the including whether the proposed rule Eduardo A. Aleman,
protection of investors and the public change is consistent with the Act. Assistant Secretary.
interest. The Exchange has asked the Comments may be submitted by any of [FR Doc. 2018–25596 Filed 11–23–18; 8:45 am]
Commission to waive the 30-day the following methods: BILLING CODE 8011–01–P
operative delay so that the proposed
rule change may become effective and Electronic Comments
operative immediately upon filing. The • Use the Commission’s internet SECURITIES AND EXCHANGE
Exchange states that waiver of the comment form (http://www.sec.gov/ COMMISSION
operative delay will provide Users with rules/sro.shtml); or
additional flexibility to manage and • Send an email to rule-comments@ [Release No. 34–84636; File No. SR–
display their orders and provide sec.gov. Please include File Number SR– NYSEAMER–2018–49]
additional control over their executions CboeEDGX–2018–051 on the subject
on the Exchange as soon as possible. line. Self-Regulatory Organizations; NYSE
The Exchange further states that waiver American LLC; Notice of Filing and
Paper Comments Immediate Effectiveness of Proposed
of the operative delay will allow the
Exchange to continue to strive towards • Send paper comments in triplicate Rule Change To Amend Article II,
a complete technology integration of the to Secretary, Securities and Exchange Section 2.03(h)(ii) and Article VI of Its
Cboe Affiliated Exchanges, with gradual Commission, 100 F Street NE, Operating Agreement
roll-outs of new functionality to ensure Washington, DC 20549–1090. November 20, 2018.
the stability of the System. The All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
Exchange notes that the proposed rule Number SR–CboeEDGX–2018–051. This Securities Exchange Act of 1934
change is generally intended to codify file number should be included on the (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
and to add certain system functionality subject line if email is used. To help the notice is hereby given that on November
to the Exchange’s System in order to Commission process and review your 9, 2018, NYSE American LLC
provide a consistent technology offering comments more efficiently, please use (‘‘Exchange’’ or ‘‘NYSE American’’) filed
for the Cboe Affiliated Exchanges. The only one method. The Commission will with the Securities and Exchange
Exchange further notes that a consistent post all comments on the Commission’s Commission (‘‘Commission’’) the
technology offering will simplify the internet website (http://www.sec.gov/ proposed rule change as described in
rules/sro.shtml). Copies of the Items I, II, and III below, which Items
10 15 U.S.C. 78s(b)(3)(A)(iii). submission, all subsequent have been prepared by the Exchange.
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– amendments, all written statements The Commission is publishing this
4(f)(6)(iii) requires a self-regulatory organization to with respect to the proposed rule
give the Commission written notice of its intent to notice to solicit comments on the
file the proposed rule change, along with a brief change that are filed with the proposed rule change from interested
description and text of the proposed rule change, Commission, and all written persons.
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time 14 For purposes only of waiving the 30-day
15 17 CFR 200.30–3(a)(12).
as designated by the Commission. The Exchange operative delay, the Commission has also
has satisfied this requirement. considered the proposed rule’s impact on
1 15 U.S.C.78s(b)(1).
12 17 CFR 240.19b–4(f)(6). 2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
13 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4.
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Document Created: 2018-11-24 00:51:30
Document Modified: 2018-11-24 00:51:30
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 60534 |
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