83_FR_9089 83 FR 9047 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Data Feed on the Exchange's Equity Options Platform

83 FR 9047 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Data Feed on the Exchange's Equity Options Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 42 (March 2, 2018)

Page Range9047-9049
FR Document2018-04212

Federal Register, Volume 83 Issue 42 (Friday, March 2, 2018)
[Federal Register Volume 83, Number 42 (Friday, March 2, 2018)]
[Notices]
[Pages 9047-9049]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-04212]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82776; File No. SR-CboeBZX-2018-013]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To 
Introduce a New Data Feed on the Exchange's Equity Options Platform

February 26, 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 20, 2018, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') 
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 Exchange has designated this 
proposal as a ``non-controversial'' proposed rule change pursuant to 
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)(iii) 
thereunder,\4\ which renders it effective upon filing with the 
Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to introduce a new data feed on its 
equity options platform (``BZX Options'') to be known as BZX Options 
Top.
    The text of the proposed rule change is available at the Exchange's 
website at www.markets.cboe.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 parts 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 introduce a new data feed on BZX Options 
to be known as BZX Options Top. The Exchange also proposes to amend 
Exchange Rule 21.15(b) to add a description of the BZX Options Top feed 
and to change the name of the Multicast PITCH feed to BZX Options 
Depth.
    A description of each market data product offered by the Exchange 
is described in Exchange Rule 21.15(b). The Exchange proposes to amend 
Rule 21.15(b) to introduce and add a description of the BZX Options Top 
feed to Exchange under subparagraph (2).\5\ The BZX Options Top feed 
would be described as ``a data feed that offers top of book quotations 
and execution information based on options orders entered into the 
System.'' \6\ The

[[Page 9048]]

Exchange notes that its affiliate, Cboe EDGX Exchange, Inc. (``EDGX'') 
offers an identical data feed for its equity options platform (``EDGX 
Options''), known as EDGX Options Top. The description of the BZX 
Options Top feed under Exchange Rule 21.15(b)(2) is substantially 
similar to the description of the EDGX Options Top feed under EDGX Rule 
21.15(b)(2).\7\
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    \5\ The Exchange also proposes to renumber current subparagraph 
(2) as (3) and current subparagraph (3) as (4).
    \6\ Exchange Rule 21.15(b)(2).
    \7\ Unlike BZX, EDGX offers separate EDGX Options Top data feeds 
for the EDGX's Simple Book and Complex Order Book. See EDGX Rule 
21.15(b)(2).
---------------------------------------------------------------------------

    The Exchange also propose to rename Multicast Pitch as BZX Options 
Depth and amend its rules and fee schedule accordingly. BZX Options 
Depth is a data feed that offers depth of book quotations and execution 
information based on options orders entered into the System.\8\
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    \8\ Exchange Rule 21.15(b)(1).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\10\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and to protect investors and the public 
interest, and that it is not designed to permit unfair discrimination 
among customers, brokers, or dealers. This proposal is in keeping with 
those principles in that it promotes increased transparency through the 
dissemination of BZX Options Top. The proposed rule change would 
benefit investors by facilitating their prompt access to real-time top-
of-book information contained in BZX Options Top. The Exchange notes 
that its affiliate, EDGX, offers an identical data feed for EDGX 
Options, known as EDGX Options Top. The description of the BZX Options 
Top feed under Exchange Rule 21.15(b)(2) is substantially similar to 
the description of the EDGX Options Top feed under EDGX Rule 
21.15(b)(2).\11\
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    \9\ 15 U.S.C. 78f.
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ Unlike BZX, EDGX offers separate EDGX Options Top data 
feeds for the EDGX's Simple Book and Complex Order Book. See EDGX 
Rule 21.15(b)(2).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange 
believes that the proposal will promote competition by the Exchange 
offering a service similar to that offered by Nasdaq.\12\ Thus, the 
Exchange believes this proposed rule change is necessary to permit fair 
competition among national securities exchanges. Therefore, the 
Exchange does not believe the proposed rule change will result in any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.
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    \12\ BONO stands for Best of Nasdaq Options (``BONO\SM\'') is a 
data feed that provides The Nasdaq Options Market (``NOM'') Best Bid 
and Offer and last sale information for trades executed on NOM. See 
Nasdaq Sec. 4(d), NASDAQ Options Market Data Distributor Fees 
available at http://www.nasdaqtrader.com/Micro.aspx?id=optionsPricing.
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(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written 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 \13\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's 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) \15\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, Rule 19b-4(f)(6)(iii) \16\ 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 proposal 
may become operative immediately upon filing. The Exchange states that 
waiving the operative delay will enable the Exchange to implement the 
proposed rule change on March 9, 2018, the anticipated date upon which 
the Exchange hopes to offer BZX Options Top.\17\ The Exchange further 
notes that its affiliate, EDGX, offers a substantially similar data 
feed as discussed earlier in this proposed rule change. Based on the 
foregoing, 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 operative delay 
and designates the proposed rule change as operative upon filing.\18\
---------------------------------------------------------------------------

    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ See Cboe BZX and EDGX Options Exchanges to Introduce 
Multicast Top Feed, available at http://cdn.batstrading.com/resources/release_notes/2018/Cboe-BZX-and-EDGX-Options-Exchanges-to-Introduce-Multicast-Top-Feed.pdf.
    \18\ 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 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-CboeBZX-2018-013 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-CboeBZX-2018-013. 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

[[Page 9049]]

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-CboeBZX-2018-013 and should be submitted 
on or before March 23, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04212 Filed 3-1-18; 8:45 am]
BILLING CODE 8011-01-P



                                                                                 Federal Register / Vol. 83, No. 42 / Friday, March 2, 2018 / Notices                                                        9047

                                               C. Self-Regulatory Organization’s                         Commission, and all written                           thereunder,4 which renders it effective
                                               Statement on Comments on the                              communications relating to the                        upon filing with the Commission. The
                                               Proposed Rule Change Received From                        proposed rule change between the                      Commission is publishing this notice to
                                               Members, Participants, or Others                          Commission and any person, other than                 solicit comments on the proposed rule
                                                 No written comments were either                         those that may be withheld from the                   change from interested persons.
                                               solicited or received.                                    public in accordance with the
                                                                                                         provisions of 5 U.S.C. 552, will be                   I. Self-Regulatory Organization’s
                                               III. Date of Effectiveness of the                         available for website viewing and                     Statement of the Terms of Substance of
                                               Proposed Rule Change and Timing for                       printing in the Commission’s Public                   the Proposed Rule Change
                                               Commission Action                                         Reference Room, 100 F Street NE,                         The Exchange filed a proposal to
                                                  The proposed rule change has become                    Washington, DC 20549 on official                      introduce a new data feed on its equity
                                               effective pursuant to Section 19(b)(3)(A)                 business days between the hours of                    options platform (‘‘BZX Options’’) to be
                                               of the Act 9 and Rule 19b–4(f)(3) 10                      10:00 a.m. and 3:00 p.m. Copies of the                known as BZX Options Top.
                                               thereunder in that the proposed rule                      filing also will be available for                        The text of the proposed rule change
                                               change is concerned solely with the                       inspection and copying at the principal               is available at the Exchange’s website at
                                               administration of the Exchange.                           office of the Exchange. All comments                  www.markets.cboe.com, at the principal
                                                  At any time within 60 days of the                      received will be posted without change.               office of the Exchange, and at the
                                               filing of the proposed rule change, the                   Persons submitting comments are                       Commission’s Public Reference Room.
                                               Commission summarily may                                  cautioned that we do not redact or edit
                                               temporarily suspend such rule change if                   personal identifying information from                 II. Self-Regulatory Organization’s
                                               it appears to the Commission that such                    comment submissions. You should                       Statement of the Purpose of, and
                                               action is: (i) Necessary or appropriate in                submit only information that you wish                 Statutory Basis for, the Proposed Rule
                                               the public interest; (ii) for the protection              to make available publicly. All                       Change
                                               of investors; or (iii) otherwise in                       submissions should refer to File                        In its filing with the Commission, the
                                               furtherance of the purposes of the Act.                   Number SR–NASDAQ–2018–014 and                         Exchange included statements
                                               If the Commission takes such action, the                  should be submitted on or before March                concerning the purpose of and basis for
                                               Commission shall institute proceedings                    23, 2018.                                             the proposed rule change and discussed
                                               to determine whether the proposed rule                      For the Commission, by the Division of              any comments it received on the
                                               should be approved or disapproved.                        Trading and Markets, pursuant to delegated            proposed rule change. The text of these
                                                                                                         authority.11                                          statements may be examined at the
                                               IV. Solicitation of Comments
                                                                                                         Eduardo A. Aleman,                                    places specified in Item IV below. The
                                                 Interested persons are invited to                       Assistant Secretary.                                  Exchange has prepared summaries, set
                                               submit written data, views, and                           [FR Doc. 2018–04211 Filed 3–1–18; 8:45 am]            forth in Sections A, B, and C below, of
                                               arguments concerning the foregoing,                       BILLING CODE 8011–01–P                                the most significant parts of such
                                               including whether the proposed rule                                                                             statements.
                                               change is consistent with the Act.
                                               Comments may be submitted by any of                       SECURITIES AND EXCHANGE                               (A) Self-Regulatory Organization’s
                                               the following methods:                                    COMMISSION                                            Statement of the Purpose of, and
                                                                                                                                                               Statutory Basis for, the Proposed Rule
                                               Electronic Comments                                       [Release No. 34–82776; File No. SR–                   Change
                                                 • Use the Commission’s internet                         CboeBZX–2018–013]
                                               comment form (http://www.sec.gov/                                                                               1. Purpose
                                                                                                         Self-Regulatory Organizations; Cboe
                                               rules/sro.shtml); or                                                                                              The Exchange proposes to introduce a
                                                 • Send an email to rule-comments@                       BZX Exchange, Inc.; Notice of Filing
                                                                                                         and Immediate Effectiveness of a                      new data feed on BZX Options to be
                                               sec.gov. Please include File Number SR–                                                                         known as BZX Options Top. The
                                               NASDAQ–2018–014 on the subject line.                      Proposed Rule Change To Introduce a
                                                                                                         New Data Feed on the Exchange’s                       Exchange also proposes to amend
                                               Paper Comments                                            Equity Options Platform                               Exchange Rule 21.15(b) to add a
                                                                                                                                                               description of the BZX Options Top
                                                  • Send paper comments in triplicate                    February 26, 2018.                                    feed and to change the name of the
                                               to Secretary, Securities and Exchange                        Pursuant to Section 19(b)(1) of the                Multicast PITCH feed to BZX Options
                                               Commission, 100 F Street NE,                              Securities Exchange Act of 1934                       Depth.
                                               Washington, DC 20549–1090.                                (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 A description of each market data
                                               All submissions should refer to File                      notice is hereby given that on February               product offered by the Exchange is
                                               Number SR–NASDAQ–2018–014. This                           20, 2018, Cboe BZX Exchange, Inc.                     described in Exchange Rule 21.15(b).
                                               file number should be included on the                     (‘‘Exchange’’ or ‘‘BZX’’) filed with the              The Exchange proposes to amend Rule
                                               subject line if email is used. To help the                Securities and Exchange Commission                    21.15(b) to introduce and add a
                                               Commission process and review your                        (‘‘Commission’’) the proposed rule                    description of the BZX Options Top
                                               comments more efficiently, please use                     change as described in Items I and II                 feed to Exchange under subparagraph
                                               only one method. The Commission will                      below, which Items have been prepared                 (2).5 The BZX Options Top feed would
                                               post all comments on the Commission’s                     by the Exchange. The Exchange has                     be described as ‘‘a data feed that offers
                                               internet website (http://www.sec.gov/                     designated this proposal as a ‘‘non-                  top of book quotations and execution
                                               rules/sro.shtml). Copies of the                           controversial’’ proposed rule change
daltland on DSKBBV9HB2PROD with NOTICES




                                                                                                                                                               information based on options orders
                                               submission, all subsequent                                pursuant to Section 19(b)(3)(A) of the                entered into the System.’’ 6 The
                                               amendments, all written statements                        Act 3 and Rule 19b–4(f)(6)(iii)
                                               with respect to the proposed rule                                                                                 4 17CFR 240.19b–4(f)(6)(iii).
                                               change that are filed with the                              11 17 CFR 200.30–3(a)(12).                            5 The Exchange also proposes to renumber
                                                                                                           1 15 U.S.C. 78s(b)(1).
                                                                                                                                                               current subparagraph (2) as (3) and current
                                                 9 15   U.S.C. 78s(b)(3)(A).                               2 17 CFR 240.19b–4.                                 subparagraph (3) as (4).
                                                 10 17   CFR 240.19b–4(f)(3).                              3 15 U.S.C. 78s(b)(3)(A).                             6 Exchange Rule 21.15(b)(2).




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                                               9048                            Federal Register / Vol. 83, No. 42 / Friday, March 2, 2018 / Notices

                                               Exchange notes that its affiliate, Cboe                 of the purposes of the Act. The                           Exchange to implement the proposed
                                               EDGX Exchange, Inc. (‘‘EDGX’’) offers                   Exchange believes that the proposal will                  rule change on March 9, 2018, the
                                               an identical data feed for its equity                   promote competition by the Exchange                       anticipated date upon which the
                                               options platform (‘‘EDGX Options’’),                    offering a service similar to that offered                Exchange hopes to offer BZX Options
                                               known as EDGX Options Top. The                          by Nasdaq.12 Thus, the Exchange                           Top.17 The Exchange further notes that
                                               description of the BZX Options Top                      believes this proposed rule change is                     its affiliate, EDGX, offers a substantially
                                               feed under Exchange Rule 21.15(b)(2) is                 necessary to permit fair competition                      similar data feed as discussed earlier in
                                               substantially similar to the description                among national securities exchanges.                      this proposed rule change. Based on the
                                               of the EDGX Options Top feed under                      Therefore, the Exchange does not                          foregoing, the Commission believes that
                                               EDGX Rule 21.15(b)(2).7                                 believe the proposed rule change will                     waiver of the 30-day operative delay is
                                                 The Exchange also propose to rename                   result in any burden on competition that                  consistent with the protection of
                                               Multicast Pitch as BZX Options Depth                    is not necessary or appropriate in                        investors and the public interest.
                                               and amend its rules and fee schedule                    furtherance of the purposes of the Act.                   Therefore, the Commission hereby
                                               accordingly. BZX Options Depth is a                                                                               waives the operative delay and
                                               data feed that offers depth of book                     (C) Self-Regulatory Organization’s                        designates the proposed rule change as
                                               quotations and execution information                    Statement on Comments on the                              operative upon filing.18
                                               based on options orders entered into the                Proposed Rule Change Received From                           At any time within 60 days of the
                                               System.8                                                Members, Participants or Others                           filing of the proposed rule change, the
                                                                                                         The Exchange has neither solicited                      Commission summarily may
                                               2. Statutory Basis
                                                                                                       nor received written comments on the                      temporarily suspend such rule change if
                                                  The Exchange believes that the                       proposed rule change.                                     it appears to the Commission that such
                                               proposed rule change is consistent with                                                                           action is: (i) Necessary or appropriate in
                                               Section 6(b) of the Act,9 in general, and               III. Date of Effectiveness of the                         the public interest; (ii) for the protection
                                               furthers the objectives of Section 6(b)(5)              Proposed Rule Change and Timing for                       of investors; or (iii) otherwise in
                                               of the Act,10 in particular, in that it is              Commission Action                                         furtherance of the purposes of the Act.
                                               designed to prevent fraudulent and                         Because the foregoing proposed rule                    If the Commission takes such action, the
                                               manipulative acts and practices, to                     change does not: (i) Significantly affect                 Commission shall institute proceedings
                                               promote just and equitable principles of                the protection of investors or the public                 to determine whether the proposed rule
                                               trade, to remove impediments to and                     interest; (ii) impose any significant                     should be approved or disapproved.
                                               perfect the mechanism of a free and                     burden on competition; and (iii) become
                                               open market and a national market                                                                                 IV. Solicitation of Comments
                                                                                                       operative for 30 days from the date on
                                               system, and to protect investors and the                which it was filed, or such shorter time                    Interested persons are invited to
                                               public interest, and that it is not                     as the Commission may designate, it has                   submit written data, views, and
                                               designed to permit unfair                               become effective pursuant to Section                      arguments concerning the foregoing,
                                               discrimination among customers,                         19(b)(3)(A)(iii) of the Act 13 and                        including whether the proposed rule
                                               brokers, or dealers. This proposal is in                subparagraph (f)(6) of Rule 19b–4                         change is consistent with the Act.
                                               keeping with those principles in that it                thereunder.14                                             Comments may be submitted by any of
                                               promotes increased transparency                            A proposed rule change filed under                     the following methods:
                                               through the dissemination of BZX                        Rule 19b–4(f)(6) 15 normally does not                     Electronic Comments
                                               Options Top. The proposed rule change                   become operative prior to 30 days after
                                               would benefit investors by facilitating                                                                             • Use the Commission’s internet
                                                                                                       the date of the filing. However, Rule
                                               their prompt access to real-time top-of-                                                                          comment form (http://www.sec.gov/
                                                                                                       19b–4(f)(6)(iii) 16 permits the
                                               book information contained in BZX                                                                                 rules/sro.shtml); or
                                                                                                       Commission to designate a shorter time                      • Send an email to rule-comments@
                                               Options Top. The Exchange notes that                    if such action is consistent with the
                                               its affiliate, EDGX, offers an identical                                                                          sec.gov. Please include File Number SR–
                                                                                                       protection of investors and the public                    CboeBZX–2018–013 on the subject line.
                                               data feed for EDGX Options, known as                    interest. The Exchange has asked the
                                               EDGX Options Top. The description of                    Commission to waive the 30-day                            Paper Comments
                                               the BZX Options Top feed under
                                               Exchange Rule 21.15(b)(2) is
                                                                                                       operative delay so that the proposal may                     • Send paper comments in triplicate
                                                                                                       become operative immediately upon                         to Secretary, Securities and Exchange
                                               substantially similar to the description                filing. The Exchange states that waiving
                                               of the EDGX Options Top feed under                                                                                Commission, 100 F Street NE,
                                                                                                       the operative delay will enable the                       Washington, DC 20549–1090.
                                               EDGX Rule 21.15(b)(2).11
                                                                                                                                                                 All submissions should refer to File
                                               (B) Self-Regulatory Organization’s                         12 BONO stands for Best of Nasdaq Options
                                                                                                                                                                 Number SR–CboeBZX–2018–013. This
                                               Statement on Burden on Competition                      (‘‘BONOSM’’) is a data feed that provides The
                                                                                                       Nasdaq Options Market (‘‘NOM’’) Best Bid and              file number should be included on the
                                                 The Exchange does not believe that                    Offer and last sale information for trades executed       subject line if email is used. To help the
                                               the proposed rule change will result in                 on NOM. See Nasdaq Sec. 4(d), NASDAQ Options              Commission process and review your
                                                                                                       Market Data Distributor Fees available at http://
                                               any burden on competition that is not                   www.nasdaqtrader.com/
                                                                                                                                                                 comments more efficiently, please use
                                               necessary or appropriate in furtherance                 Micro.aspx?id=optionsPricing.                             only one method. The Commission will
                                                                                                          13 15 U.S.C. 78s(b)(3)(A)(iii).                        post all comments on the Commission’s
                                                 7 Unlike BZX, EDGX offers separate EDGX                  14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–

                                               Options Top data feeds for the EDGX’s Simple Book       4(f)(6)(iii) requires the Exchange to give the               17 See Cboe BZX and EDGX Options Exchanges to
                                               and Complex Order Book. See EDGX Rule
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                                                                                                       Commission written notice of the Exchange’s intent        Introduce Multicast Top Feed, available at http://
                                               21.15(b)(2).                                            to file the proposed rule change, along with a brief      cdn.batstrading.com/resources/release_notes/2018/
                                                 8 Exchange Rule 21.15(b)(1).                          description and text of the proposed rule change,         Cboe-BZX-and-EDGX-Options-Exchanges-to-
                                                 9 15 U.S.C. 78f.                                      at least five business days prior to the date of filing   Introduce-Multicast-Top-Feed.pdf.
                                                 10 15 U.S.C. 78f(b)(5).                               of the proposed rule change, or such shorter time            18 For purposes only of waiving the 30-day
                                                 11 Unlike BZX, EDGX offers separate EDGX              as designated by the Commission. The Exchange             operative delay, the Commission has also
                                               Options Top data feeds for the EDGX’s Simple Book       has satisfied this requirement.                           considered the proposed rule’s impact on
                                                                                                          15 17 CFR 240.19b–4(f)(6).
                                               and Complex Order Book. See EDGX Rule                                                                             efficiency, competition, and capital formation. See
                                               21.15(b)(2).                                               16 17 CFR 240.19b–4(f)(6)(iii).                        15 U.S.C. 78c(f).



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                                                                                 Federal Register / Vol. 83, No. 42 / Friday, March 2, 2018 / Notices                                                       9049

                                               internet website (http://www.sec.gov/                     order would permit (a) actively-                      Barolsky, Esq., U.S. Bancorp Fund
                                               rules/sro.shtml). Copies of the                           managed series of certain open-end                    Services, LLC, 615 E. Michigan Street,
                                               submission, all subsequent                                management investment companies                       Milwaukee, WI 53202.
                                               amendments, all written statements                        (‘‘Funds’’) to issue shares redeemable in             FOR FURTHER INFORMATION CONTACT:
                                               with respect to the proposed rule                         large aggregations only (‘‘Creation                   James McGinnis, Senior Counsel, at
                                               change that are filed with the                            Units’’); (b) secondary market                        (202) 551–3025, or Parisa Haghshenas,
                                               Commission, and all written                               transactions in Fund shares to occur at               Branch Chief, at (202) 551–6723
                                               communications relating to the                            negotiated market prices rather than at               (Division of Investment Management,
                                               proposed rule change between the                          net asset value (‘‘NAV’’); (c) certain                Chief Counsel’s Office).
                                               Commission and any person, other than                     Funds to pay redemption proceeds,                     SUPPLEMENTARY INFORMATION: The
                                               those that may be withheld from the                       under certain circumstances, more than                following is a summary of the
                                               public in accordance with the                             seven days after the tender of shares for             application. The complete application
                                               provisions of 5 U.S.C. 552, will be                       redemption; (d) certain affiliated                    may be obtained via the Commission’s
                                               available for website viewing and                         persons of a Fund to deposit securities               website by searching for the file
                                               printing in the Commission’s Public                       into, and receive securities from, the                number, or for an applicant using the
                                               Reference Room, 100 F Street NE,                          Fund in connection with the purchase                  Company name box, at http://
                                               Washington, DC 20549, on official                         and redemption of Creation Units; (e)                 www.sec.gov/search/search.htm or by
                                               business days between the hours of                        certain registered management                         calling (202) 551–8090.
                                               10:00 a.m. and 3:00 p.m. Copies of the                    investment companies and unit
                                               filing also will be available for                         investment trusts outside of the same                 Summary of the Application
                                               inspection and copying at the principal                   group of investment companies as the                    1. Applicants request an order that
                                               office of the Exchange. All comments                      Funds (‘‘Funds of Funds’’) to acquire                 would allow Funds to operate as
                                               received will be posted without change.                   shares of the Funds; and (f) certain                  actively-managed exchange traded
                                               Persons submitting comments are                           Funds (‘‘Feeder Funds’’) to create and                funds (‘‘ETFs’’).1 Fund shares will be
                                               cautioned that we do not redact or edit                   redeem Creation Units in-kind in a                    purchased and redeemed at their NAV
                                               personal identifying information from                     master-feeder structure.                              in Creation Units only. All orders to
                                               comment submissions. You should                           APPLICANTS: Little Harbor Advisors, LLC               purchase Creation Units and all
                                               submit only information that you wish                     (the ‘‘Initial Adviser’’), a Delaware                 redemption requests will be placed by
                                               to make available publicly. All                           limited liability company registered as               or through an ‘‘Authorized Participant’’
                                               submissions should refer to File                          an investment adviser under the                       which will have signed a participant
                                               Number SR–CboeBZX–2018–013 and                            Investment Advisers Act of 1940, ETF                  agreement with the Distributor. Shares
                                               should be submitted on or before March                    Series Solutions (the ‘‘Trust’’), a                   will be listed and traded individually on
                                               23, 2018.                                                 Delaware statutory trust registered                   a national securities exchange, where
                                                 For the Commission, by the Division of                  under the Act as an open-end                          share prices will be based on the current
                                               Trading and Markets, pursuant to delegated                management investment company with                    bid/offer market. Certain Funds may
                                               authority.19                                              multiple series.                                      operate as Feeder Funds in a master-
                                               Eduardo A. Aleman,                                        FILING DATES: The application was filed               feeder structure. Any order granting the
                                               Assistant Secretary.                                      on November 22, 2017 and amended on                   requested relief would be subject to the
                                               [FR Doc. 2018–04212 Filed 3–1–18; 8:45 am]                February 20, 2018.                                    terms and conditions stated in the
                                               BILLING CODE 8011–01–P                                    HEARING OR NOTIFICATION OF HEARING: An
                                                                                                                                                               application.
                                                                                                                                                                 2. Each Fund will consist of a
                                                                                                         order granting the requested relief will
                                                                                                                                                               portfolio of securities and other assets
                                                                                                         be issued unless the Commission orders
                                               SECURITIES AND EXCHANGE                                                                                         and investment positions (‘‘Portfolio
                                                                                                         a hearing. Interested persons may
                                               COMMISSION                                                                                                      Instruments’’). Each Fund will disclose
                                                                                                         request a hearing by writing to the
                                                                                                                                                               on its website the identities and
                                               [Investment Company Act Release No.                       Commission’s Secretary and serving
                                                                                                                                                               quantities of the Portfolio Instruments
                                               33035; 812–14845]                                         applicants with a copy of the request,
                                                                                                                                                               that will form the basis for the Fund’s
                                                                                                         personally or by mail. Hearing requests
                                               Little Harbor Advisors, LLC and ETF                                                                             calculation of NAV at the end of the
                                                                                                         should be received by the Commission
                                               Series Solutions                                                                                                day.
                                                                                                         by 5:30 p.m. on March 23, 2018, and                     3. Shares will be purchased and
                                                                                                         should be accompanied by proof of                     redeemed in Creation Units only and
                                               February 26, 2018.
                                                                                                         service on applicants, in the form of an              generally on an in-kind basis. Except
                                               AGENCY: Securities and Exchange
                                                                                                         affidavit, or for lawyers, a certificate of           where the purchase or redemption will
                                               Commission (‘‘Commission’’).
                                                                                                         service. Pursuant to rule 0–5 under the               include cash under the limited
                                               ACTION: Notice.
                                                                                                         Act, hearing requests should state the
                                                  Notice of an application for an order                  nature of the writer’s interest, any facts              1 Applicants request that the order apply to the

                                               under section 6(c) of the Investment                      bearing upon the desirability of a                    new series of the Trust as well as to additional
                                               Company Act of 1940 (the ‘‘Act’’) for an                  hearing on the matter, the reason for the             series of the Trust and any other open-end
                                                                                                         request, and the issues contested.                    management investment company or series thereof
                                               exemption from sections 2(a)(32),                                                                               that currently exist or that may be created in the
                                               5(a)(1), 22(d), and 22(e) of the Act and                  Persons who wish to be notified of a                  future (each, included in the term ‘‘Fund’’), each of
                                               rule 22c–1 under the Act, under                           hearing may request notification by                   which will operate as an actively-managed ETF.
                                               sections 6(c) and 17(b) of the Act for an                 writing to the Commission’s Secretary.                Any Fund will (a) be advised by the Initial Adviser
daltland on DSKBBV9HB2PROD with NOTICES




                                                                                                                                                               or an entity controlling, controlled by, or under
                                               exemption from sections 17(a)(1) and                      ADDRESSES: Secretary, Securities and
                                                                                                                                                               common control with the Initial Adviser (each such
                                               17(a)(2) of the Act, and under section                    Exchange Commission, 100 F Street NE,                 entity and any successor thereto is included in the
                                               12(d)(1)(J) of the Act for an exemption                   Washington, DC 20549–1090;                            term ‘‘Adviser’’) and (b) comply with the terms and
                                               from sections 12(d)(1)(A) and                             Applicants: W. John McGuire, Esq.,                    conditions of the application. For purposes of the
                                                                                                                                                               requested Order, the term ‘‘successor’’ is limited to
                                               12(d)(1)(B) of the Act. The requested                     Morgan, Lewis & Bockius LLP, 1111                     an entity that results from a reorganization into
                                                                                                         Pennsylvania Avenue NW, Washington,                   another jurisdiction or a change in the type of
                                                 19 17   CFR 200.30–3(a)(12).                            DC 20004–2541 and Michael D.                          business organization.



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Document Created: 2018-03-01 23:57:01
Document Modified: 2018-03-01 23:57:01
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 9047 

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