83 FR 8913 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1082 and Eliminate Obsolete Language Referring to Legacy Phlx XL System

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 41 (March 1, 2018)

Page Range		8913-8914
FR Document		2018-04125
Federal Register, Volume 83 Issue 41 (Thursday, March 1, 2018)
[Federal Register Volume 83, Number 41 (Thursday, March 1, 2018)]
[Notices]
[Pages 8913-8914]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-04125]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82765; File No. SR-Phlx-2018-16]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1082 
and Eliminate Obsolete Language Referring to Legacy Phlx XL System

February 23, 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 February 13, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``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.
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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 proposes to amend Rule 1082, as described below.
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqphlx.cchwallstreet.com/, at the principal 
office of the Exchange, 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.

[[Page 8914]]

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

1. Purpose
    The purpose of the proposal is to update Rule 1082. Specifically, 
the Exchange proposes to delete Rule 1082(a)(ii)(B)(2), which is 
obsolete, because the Phlx XL system no longer operates. It was 
replaced by Phlx XL II.\3\ The Exchange no longer automatically 
provides two-sided quotes with a size of one contract that comply with 
the Exchange's rules concerning quote spread parameters on behalf of 
the specialist until such time as the specialist revises the quotation. 
The rule text of Rule 1082(a)(ii)(B)(2) is clear that this 
functionality only applied to Phlx XL.
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    \3\ See Securities Exchange Act Release No. 59995 (May 28, 
2009), 74 FR 26750 (June 3, 2009) (SR-Phlx-2009-32).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\4\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\5\ in particular, in that it is designed to promote 
just and equitable principles of trade and to protect investors and the 
public interest by eliminating from the Exchange's Rules a provision 
that has become obsolete. Updating Rule 1082 will protect investors and 
the public interest by ensuring that the Rule is accurate and 
reflective of the operation of the current trading system that the 
Exchange employs.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposal will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act. The proposal to delete an obsolete provision 
of Rule 1082 will not impact competition because the proposal is not 
designed to address competitive issues, but rather to render the 
Exchange's Rulebook accurate and current.

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

    No written comments were either solicited or 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)(iii) of the Act \6\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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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    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 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-Phlx-2018-16 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-Phlx-2018-16. 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 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-Phlx-2018-16 and should be submitted on or before March 22, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-04125 Filed 2-28-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 41 / Thursday, March 1, 2018 / Notices 8913

B. Self-Regulatory Organization’s to determine whether the proposed rule For the Commission, by the Division of
Statement on Burden on Competition should be approved or disapproved. Trading and Markets, pursuant to delegated
authority.9
The Exchange does not believe that IV. Solicitation of Comments Robert W. Errett,
the proposed rule change will impose
any burden on competition that is not Interested persons are invited to Deputy Secretary.
necessary or appropriate in furtherance submit written data, views, and [FR Doc. 2018–04127 Filed 2–28–18; 8:45 am]
of the purposes of the Act. The arguments concerning the foregoing, BILLING CODE 8011–01–P
Exchange notes that the proposal will including whether the proposed rule
provide consistent functionality change is consistent with the Act.
between EDGX Options and BZX Comments may be submitted by any of SECURITIES AND EXCHANGE
Options, thereby potentially reducing the following methods: COMMISSION
complexity and providing Electronic Comments [Release No. 34–82765; File No. SR–Phlx–
improvements to rules to avoid 2018–16]
potential confusion by Users of the • Use the Commission’s internet
Exchange that are also participants on comment form (http://www.sec.gov/ Self-Regulatory Organizations; Nasdaq
BZX Options. As noted elsewhere in the rules/sro.shtml); or PHLX LLC; Notice of Filing and
proposal, the Exchange is not proposing • Send an email to rule-comments@ Immediate Effectiveness of Proposed
any new or unique functionality that sec.gov. Please include File Number SR– Rule Change To Amend Rule 1082 and
has not been previously filed with the CboeEDGX–2018–006 on the subject Eliminate Obsolete Language
Commission. Thus, the Exchange does line. Referring to Legacy Phlx XL System
not believe the proposal creates any
Paper Comments February 23, 2018.
significant impact on competition.
Pursuant to Section 19(b)(1) of the
C. Self-Regulatory Organization’s • Send paper comments in triplicate Securities Exchange Act of 1934
Statement on Comments on the to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Proposed Rule Change Received From Commission, 100 F Street NE, notice is hereby given that on February
Members, Participants, or Others Washington, DC 20549–1090. 13, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
No comments were solicited or All submissions should refer to File ‘‘Exchange’’) filed with the Securities
received on the proposed rule change. Number SR–CboeEDGX–2018–006. This and Exchange Commission (‘‘SEC’’ or
file number should be included on the ‘‘Commission’’) the proposed rule
III. Date of Effectiveness of the change as described in Items I, II, and
Proposed Rule Change and Timing for subject line if email is used. To help the
Commission process and review your III, below, which Items have been
Commission Action prepared by the Exchange. The
comments more efficiently, please use
Because the foregoing proposed rule only one method. The Commission will Commission is publishing this notice to
change does not: (A) Significantly affect post all comments on the Commission’s solicit comments on the proposed rule
the protection of investors or the public internet website (http://www.sec.gov/ change from interested persons.
interest; (B) impose any significant rules/sro.shtml). Copies of the
burden on competition; and (C) by its I. Self-Regulatory Organization’s
submission, all subsequent Statement of the Terms of Substance of
terms, become operative for 30 days amendments, all written statements
from the date on which it was filed or the Proposed Rule Change
with respect to the proposed rule
such shorter time as the Commission change that are filed with the The Exchange proposes to amend
may designate it has become effective Commission, and all written Rule 1082, as described below.
pursuant to Section 19(b)(3)(A) of the communications relating to the The text of the proposed rule change
Act 7 and paragraph (f)(6) of Rule 19b– proposed rule change between the is available on the Exchange’s website at
4 thereunder,8 the Exchange has Commission and any person, other than http://nasdaqphlx.cchwallstreet.com/,
designated this rule filing as non- at the principal office of the Exchange,
those that may be withheld from the
controversial. The Exchange has given and at the Commission’s Public
public in accordance with the
the Commission written notice of its Reference Room.
provisions of 5 U.S.C. 552, will be
intent to file the proposed rule change,
available for website viewing and II. Self-Regulatory Organization’s
along with a brief description and text
printing in the Commission’s Public Statement of the Purpose of, and
of the proposed rule change at least five
Reference Room, 100 F Street NE, Statutory Basis for, the Proposed Rule
business days prior to the date of filing
Washington, DC 20549, on official Change
of the proposed rule change, or such
business days between the hours of
shorter time as designated by the In its filing with the Commission, the
10:00 a.m. and 3:00 p.m. Copies of the
Commission. Exchange included statements
At any time within 60 days of the filing also will be available for
concerning the purpose of and basis for
filing of the proposed rule change, the inspection and copying at the principal
the proposed rule change and discussed
Commission summarily may office of the Exchange. All comments
any comments it received on the
temporarily suspend such rule change if received will be posted without change.
proposed rule change. The text of these
it appears to the Commission that such Persons submitting comments are
statements may be examined at the
action is: (1) Necessary or appropriate in cautioned that we do not redact or edit
places specified in Item IV below. The
the public interest; (2) for the protection personal identifying information from
Exchange has prepared summaries, set
amozie on DSK30RV082PROD with NOTICES

of investors; or (3) otherwise in comment submissions. You should
forth in sections A, B, and C below, of
furtherance of the purposes of the Act. submit only information that you wish
the most significant aspects of such
If the Commission takes such action, the to make available publicly. All
statements.
Commission shall institute proceedings submissions should refer to File
Number SR–CboeEDGX–2018–006, and 9 17 CFR 200.30–3(a)(12).
7 15 U.S.C. 78s(b)(3)(A). should be submitted on or before March 1 15 U.S.C. 78s(b)(1).
8 17 CFR 240.19b–4. 22, 2018. 2 17 CFR 240.19b–4.

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8914 Federal Register / Vol. 83, No. 41 / Thursday, March 1, 2018 / Notices

A. Self-Regulatory Organization’s III. Date of Effectiveness of the internet website (http://www.sec.gov/
Statement of the Purpose of, and Proposed Rule Change and Timing for rules/sro.shtml).
Statutory Basis for, the Proposed Rule Commission Action Copies of the submission, all
Change subsequent amendments, all written
Because the foregoing proposed rule statements with respect to the proposed
1. Purpose change does not: (i) Significantly affect rule change that are filed with the
the protection of investors or the public Commission, and all written
The purpose of the proposal is to interest; (ii) impose any significant communications relating to the
update Rule 1082. Specifically, the burden on competition; and (iii) become proposed rule change between the
Exchange proposes to delete Rule operative for 30 days from the date on Commission and any person, other than
1082(a)(ii)(B)(2), which is obsolete, which it was filed, or such shorter time those that may be withheld from the
because the Phlx XL system no longer as the Commission may designate, it has public in accordance with the
operates. It was replaced by Phlx XL II.3 become effective pursuant to Section provisions of 5 U.S.C. 552, will be
The Exchange no longer automatically 19(b)(3)(A)(iii) of the Act 6 and available for website viewing and
provides two-sided quotes with a size of subparagraph (f)(6) of Rule 19b–4 printing in the Commission’s Public
one contract that comply with the thereunder.7 Reference Room, 100 F Street NE,
Exchange’s rules concerning quote At any time within 60 days of the Washington, DC 20549, on official
spread parameters on behalf of the filing of the proposed rule change, the business days between the hours of
specialist until such time as the Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
specialist revises the quotation. The rule temporarily suspend such rule change if filing also will be available for
text of Rule 1082(a)(ii)(B)(2) is clear that it appears to the Commission that such inspection and copying at the principal
this functionality only applied to Phlx action is: (i) Necessary or appropriate in office of the Exchange. All comments
XL. the public interest; (ii) for the protection received will be posted without change.
of investors; or (iii) otherwise in Persons submitting comments are
2. Statutory Basis furtherance of the purposes of the Act. cautioned that we do not edit personal
If the Commission takes such action, the identifying information from comment
The Exchange believes that its Commission shall institute proceedings submissions. You should submit only
proposal is consistent with Section 6(b) to determine whether the proposed rule information that you wish to make
of the Act,4 in general, and furthers the should be approved or disapproved. available publicly. All submissions
objectives of Section 6(b)(5) of the Act,5 should refer to File Number SR–Phlx–
in particular, in that it is designed to IV. Solicitation of Comments
2018–16 and should be submitted on or
promote just and equitable principles of Interested persons are invited to before March 22, 2018.
trade and to protect investors and the submit written data, views, and
For the Commission, by the Division of
public interest by eliminating from the arguments concerning the foregoing, Trading and Markets, pursuant to delegated
Exchange’s Rules a provision that has including whether the proposed rule authority.8
become obsolete. Updating Rule 1082 change is consistent with the Act. Robert W. Errett,
will protect investors and the public Comments may be submitted by any of Deputy Secretary.
interest by ensuring that the Rule is the following methods:
[FR Doc. 2018–04125 Filed 2–28–18; 8:45 am]
accurate and reflective of the operation Electronic Comments BILLING CODE 8011–01–P
of the current trading system that the
Exchange employs. • Use the Commission’s internet
comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
B. Self-Regulatory Organization’s rules/sro.shtml); or COMMISSION
Statement on Burden on Competition • Send an email to rule-comments@
sec.gov. Please include File Number SR– [Release No. 34–82766; File No. SR–Phlx–
The Exchange does not believe that Phlx–2018–16 on the subject line. 2018–14]
the proposal will impose any burden on
competition not necessary or Paper Comments Self-Regulatory Organizations; Nasdaq
appropriate in furtherance of the PHLX LLC; Notice of Filing of
• Send paper comments in triplicate
purposes of the Act. The proposal to Proposed Rule Change, as Modified by
to Secretary, Securities and Exchange
delete an obsolete provision of Rule Amendment No. 1, To Adopt New
Commission, 100 F Street NE,
1082 will not impact competition Order Type Protections, Butterfly and
Washington, DC 20549–1090.
because the proposal is not designed to Box Spread Protections for Complex
All submissions should refer to File Order Strategy Trades
address competitive issues, but rather to Number SR–Phlx–2018–16. This file
render the Exchange’s Rulebook number should be included on the February 23, 2018.
accurate and current. subject line if email is used. To help the Pursuant to Section 19(b)(1) of the
C. Self-Regulatory Organization’s Commission process and review your Securities Exchange Act of 1934
Statement on Comments on the comments more efficiently, please use (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
only one method. The Commission will notice is hereby given that on February
Proposed Rule Change Received From
post all comments on the Commission’s 9, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
Members, Participants, or Others
the ‘‘Exchange’’) filed with the
No written comments were either 6 15 U.S.C. 78s(b)(3)(A)(iii). Securities and Exchange Commission
amozie on DSK30RV082PROD with NOTICES

solicited or received. 7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– (‘‘SEC’’ or ‘‘Commission’’) the proposed
4(f)(6) requires a self-regulatory organization to give rule change as described in Items I, II,
the Commission written notice of its intent to file and III below, which Items have been
3 See Securities Exchange Act Release No. 59995
the proposed rule change at least five business days
(May 28, 2009), 74 FR 26750 (June 3, 2009) (SR– prior to the date of filing of the proposed rule
Phlx–2009–32). change, or such shorter time as designated by the
8 17 CFR 200.30–3(a)(12).
4 15 U.S.C. 78f(b). 1 15 U.S.C. 78s(b)(1).
Commission. The Exchange has satisfied this
5 15 U.S.C. 78f(b)(5). requirement. 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 17:26 Feb 28, 2018 Jkt 244001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\01MRN1.SGM 01MRN1
Document Created: 2018-02-28 23:57:43
Document Modified: 2018-02-28 23:57:43
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 8913