Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 6.56, Compression Forums, 12234-12236 [2018-05564]
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Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.85
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–05565 Filed 3–19–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82875; File No. SR–CBOE–
2018–022]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Rule 6.56,
Compression Forums
March 14, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 8,
2018, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 6.56. The text of the proposed rule
change is provided below.
(additions are italicized; deletions are
[bracketed])
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Cboe Exchange, Inc. Rules
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Rule 6.56. Compression Forums
(a) Procedure.
(1) Prior to 4:30 p.m. Chicago time on
the second to last business day of each
calendar week; the second, third, and
fourth to last business day of each
calendar month; and the second, third,
fourth, fifth, and sixth to last business
day of each calendar quarter, in a
manner and format determined by the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
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Exchange, a Trading Permit Holder may
provide the Exchange with a list of open
SPX options positions that it would like
to close through the compression forum
for that calendar month (‘‘compressionlist positions’’). Trading Permit Holders
may also permit their Clearing Trading
Permit Holders or the Clearing
Corporation to submit a list of these
positions to the Exchange on their
behalf.
(2) Prior to the open of Regular
Trading Hours on the last business day
of each calendar week; each of the last
three business days of each calendar
month; and each of the last five
business days of each calendar quarter,
[second to last business day, and third
to last business day of each calendar
month,] the Exchange will make
available to all Trading Permit Holders
a list including the size of the offsetting
compression-list positions (including all
possible combinations of offsetting
multi-leg positions) in each series (and
multi-leg position) for which both long
and short compression-list positions
have been submitted to the Exchange
(‘‘compression-list positions file’’).
(3)–(5) No change.
(6) The Exchange will make available
an open outcry ‘‘compression forum’’ in
which all Trading Permit Holders may
participate on the last business day of
each calendar week, each of the last
three business days of every calendar
month, and each of the last five
business days of every calendar quarter,
at a location on the trading floor
determined by the Exchange. The
compression forum will be held for four
(4) hours during Regular Trading Hours
on the last business day of each
calendar week, each of the last three
business days of every calendar month,
and each of the last five business days
of every calendar quarter, unless [or
three (3) hours if] any of those days is
an abbreviated trading day, as[t times]
determined by the Exchange, in which
case the compression forum will be held
for three (3) hours.
(b)–(c) (No change).
*
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*
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The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.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
PO 00000
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concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend rule
6.56 (Compression Forums) to increase
the number of compression forums that
are held on the Exchange.
Currently, compression forums are
held on each of the last three business
days of every calendar month.5 In
addition to holding compression forums
on each of the last three business days
of every calendar month, the Exchange
seeks to hold compression forums on
the last business day of every calendar
week and each of the last five business
days of every calendar quarter. In order
to increase the frequency of
compression forums the Exchange also
proposes to increase the frequency with
which TPHs submit compression-list
positions to the Exchange and the
frequency with which the Exchange
generates the compression-list positions
file. The Exchange notes that it is not
proposing any modification to the type
of information TPHs submit to the
Exchange pursuant to Rule 6.56 nor
modifying the manner by which the
Exchange generates files and
information pursuant to Rule 6.56.
Rather, the Exchange is simply
increasing the frequency with which
TPHs may submit compression-list
positions, the frequency with which the
Exchange generates the compression-list
positions file, and the number of
compression forums that will be held on
the Exchange. The Exchange believes
that more frequent compression forums
will further encourage the closing of
positions, which, once closed, may
serve to alleviate the capital
requirement constraints on TPHs and
improve overall market liquidity by
freeing capital currently tied up in
certain SPX positions.
The Exchange proposes to implement
this rule change on March 22, 2018, in
order to allow a compression forum to
be held on March 23rd and each of the
last five business days of March.
5 See
E:\FR\FM\20MRN1.SGM
Rule 6.56(a)(6).
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Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices
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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.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 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) 8 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the proposed rule
change will increase the number of
compression forums that are held and
thereby further encourage the closing of
positions, which, in general, helps to
protect investors and the public interest
because closing positions via the
compression process serves to alleviate
the adverse impact of bank capital
requirements.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Cboe Options 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 change would encourage the
closing of positions, which, once closed,
may serve to alleviate the capital
requirement constraints on TPHs and
improve overall market liquidity by
freeing capital currently tied up in
certain SPX positions. The Exchange
does not believe that the proposed rule
changes will impose any burden on
intermarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act because the
proposed rule change applies only to
the trading of SPX options, which are
exclusively-listed on Cboe Options. To
the extent that the proposed changes
make the Exchange a more attractive
6 15
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 Id.
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marketplace for market participants at
other exchanges, such market
participants are eligible to participant
through Cboe Options TPHs.
Furthermore, participation in
compression forums is completely
voluntary and open to all TPHs.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
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, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6) 12
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 the
Commission may 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 operative on
March 22, 2018 to allow for the
compression forum to be held on March
23, 2018, in addition to each of the last
five business days of March as the
calendar quarter ends. The Commission
notes that the proposal is not modifying
the information that TPHs submit or the
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
11 15 U.S.C. 78s(b)(3)(A).
12 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.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
10 17
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12235
information that the Exchange prepares,
but rather adds a few additional days on
which compression forums will be held
and correspondingly increases as the
number of opportunities for TPHs to
submit positions and receive
compression lists from the Exchange in
connection with those compression
forums. Therefore, the Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposal
operative on March 22, 2018.15
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CBOE–2018–022 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–CBOE–2018–022. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
15 For purposes only of waving the 30-day
operative delay, the Commission has considered the
purposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices
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–CBOE–2018–022 and
should be submitted on or before April
10, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–05564 Filed 3–19–18; 8:45 am]
BILLING CODE 8011–01–P
Commissioner Piwowar, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Brent J. Fields from the Office of the
Secretary at (202) 551–5400.
Dated: March 15, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018–05658 Filed 3–16–18; 11:15 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
National Highway Traffic Safety
Administration
Reports, Forms, and Record Keeping
Requirements Agency Information
Collection Activity Under OMB Review
National Highway Traffic
Safety Administration (NHTSA), DOT.
ACTION: Notice of the OMB review of
information collection and solicitation
of public comment.
AGENCY:
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
2:00 p.m. on Thursday,
March 22, 2018.
PLACE: Closed Commission Hearing,
Room 10800.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
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TIME AND DATE:
16 17
CFR 200.30–3(a)(12).
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In compliance with the
Paperwork Reduction Act of 1995, this
notice announces that the Information
Collection Request (ICR) abstracted
below will be submitted to the Office of
Management and Budget (OMB) for
review. The ICR describes the nature of
the information collection and its
expected burden. A Federal Register
Notice with a 60-day comment period
soliciting public comments on the
following information collection was
published on July 17, 2017 (Federal
Register/Vol. 82, No. 135/pp. 32757–
32758).
SUMMARY:
Submit comments to the Office
of Management and Budget (OMB) on or
before April 19, 2018.
FOR FURTHER INFORMATION CONTACT:
Amy Berning, Contracting Officer’s
Representative—Task Order, DOT/
NHTSA (NTI–131), 1200 New Jersey
Avenue SE, W46–497, Washington, DC
20590. Ms. Berning’s phone number is
DATES:
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(202) 366–5587 and her email address is
amy.berning@dot.gov.
SUPPLEMENTARY INFORMATION:
OMB Control Number: None.
Title: Crash Risk Associated with
Drug and Alcohol Use by Drivers in
Fatal and Serious Injury Crashes.
Form No.: NHTSA Form 1420, 1421,
1422.
Type of Review: Regular.
Respondents: Participants will
include seriously or fatally injured
crash-involved drivers (n = 2,500) and
matched non-crash-involved drivers
(n = 5,000). Crash-involved drivers will
include seriously injured drivers who
are transported to a trauma center by
emergency medical services and fatally
injured drivers who are transported
directly to the medical examiner’s
office. Sampling will occur at three
trauma centers and within the roadway
catchment area served by the trauma
center(s). Non-crash-involved drivers
will be matched to injured drivers on
crash day of the week, crash time of day,
and crash direction of travel.
Estimated Time per Participant:
Surveys will be administered to control
participants. Questions will be on
demographics, trip information, and
opinions about driving while using
alcohol and or drugs. Control
participants will also be asked to
provide a preliminary breath test (PBT)
sample, and a blood sample.
For control subjects, the total
estimated time is approximately 5
minutes to complete the recruiting and
consent process, 5 minutes to complete
the survey, and 10 minutes to provide
PBT and blood samples (20 minutes
total). The time to decline participation
would take approximately 1 minute to
listen to the researcher describe the
study. A person may drive away if not
interested in participating.
For crash-involved drivers who
survived, it will take less than one
minute for obtaining the blood sample,
and 4 minutes to review the study’s
description—and if not interested in
participating—to complete the ‘‘optout’’ form (5 minutes total).
For crash-involved drivers who died,
it will take less than one minute to
obtain the blood sample. There will be
no burden to the deceased person or to
the public.
Total Estimated Annual Burden
Hours: 965.5 hours per year; for a total
of 1,931 hours across two years.
Frequency of Collection: Each
participant will only respond to the
survey and/or blood sample requests a
single time during the study period.
Abstract: The National Highway
Traffic Safety Administration (NHTSA)
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]]>Agencies
[Federal Register Volume 83, Number 54 (Tuesday, March 20, 2018)]
[Notices]
[Pages 12234-12236]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05564]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82875; File No. SR-CBOE-2018-022]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule
6.56, Compression Forums
March 14, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 8, 2018, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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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 6.56. The text of the proposed
rule change is provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
Cboe Exchange, Inc. Rules
* * * * *
Rule 6.56. Compression Forums
(a) Procedure.
(1) Prior to 4:30 p.m. Chicago time on the second to last business
day of each calendar week; the second, third, and fourth to last
business day of each calendar month; and the second, third, fourth,
fifth, and sixth to last business day of each calendar quarter, in a
manner and format determined by the Exchange, a Trading Permit Holder
may provide the Exchange with a list of open SPX options positions that
it would like to close through the compression forum for that calendar
month (``compression-list positions''). Trading Permit Holders may also
permit their Clearing Trading Permit Holders or the Clearing
Corporation to submit a list of these positions to the Exchange on
their behalf.
(2) Prior to the open of Regular Trading Hours on the last business
day of each calendar week; each of the last three business days of each
calendar month; and each of the last five business days of each
calendar quarter, [second to last business day, and third to last
business day of each calendar month,] the Exchange will make available
to all Trading Permit Holders a list including the size of the
offsetting compression-list positions (including all possible
combinations of offsetting multi-leg positions) in each series (and
multi-leg position) for which both long and short compression-list
positions have been submitted to the Exchange (``compression-list
positions file'').
(3)-(5) No change.
(6) The Exchange will make available an open outcry ``compression
forum'' in which all Trading Permit Holders may participate on the last
business day of each calendar week, each of the last three business
days of every calendar month, and each of the last five business days
of every calendar quarter, at a location on the trading floor
determined by the Exchange. The compression forum will be held for four
(4) hours during Regular Trading Hours on the last business day of each
calendar week, each of the last three business days of every calendar
month, and each of the last five business days of every calendar
quarter, unless [or three (3) hours if] any of those days is an
abbreviated trading day, as[t times] determined by the Exchange, in
which case the compression forum will be held for three (3) hours.
(b)-(c) (No change).
* * * * *
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend rule 6.56 (Compression Forums) to
increase the number of compression forums that are held on the
Exchange.
Currently, compression forums are held on each of the last three
business days of every calendar month.\5\ In addition to holding
compression forums on each of the last three business days of every
calendar month, the Exchange seeks to hold compression forums on the
last business day of every calendar week and each of the last five
business days of every calendar quarter. In order to increase the
frequency of compression forums the Exchange also proposes to increase
the frequency with which TPHs submit compression-list positions to the
Exchange and the frequency with which the Exchange generates the
compression-list positions file. The Exchange notes that it is not
proposing any modification to the type of information TPHs submit to
the Exchange pursuant to Rule 6.56 nor modifying the manner by which
the Exchange generates files and information pursuant to Rule 6.56.
Rather, the Exchange is simply increasing the frequency with which TPHs
may submit compression-list positions, the frequency with which the
Exchange generates the compression-list positions file, and the number
of compression forums that will be held on the Exchange. The Exchange
believes that more frequent compression forums will further encourage
the closing of positions, which, once closed, may serve to alleviate
the capital requirement constraints on TPHs and improve overall market
liquidity by freeing capital currently tied up in certain SPX
positions.
---------------------------------------------------------------------------
\5\ See Rule 6.56(a)(6).
---------------------------------------------------------------------------
The Exchange proposes to implement this rule change on March 22,
2018, in order to allow a compression forum to be held on March 23rd
and each of the last five business days of March.
[[Page 12235]]
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.\6\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \7\ 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) \8\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ Id.
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In particular, the proposed rule change will increase the number of
compression forums that are held and thereby further encourage the
closing of positions, which, in general, helps to protect investors and
the public interest because closing positions via the compression
process serves to alleviate the adverse impact of bank capital
requirements.
B. Self-Regulatory Organization's Statement on Burden on Competition
Cboe Options 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 change would
encourage the closing of positions, which, once closed, may serve to
alleviate the capital requirement constraints on TPHs and improve
overall market liquidity by freeing capital currently tied up in
certain SPX positions. The Exchange does not believe that the proposed
rule changes will impose any burden on intermarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act
because the proposed rule change applies only to the trading of SPX
options, which are exclusively-listed on Cboe Options. To the extent
that the proposed changes make the Exchange a more attractive
marketplace for market participants at other exchanges, such market
participants are eligible to participant through Cboe Options TPHs.
Furthermore, participation in compression forums is completely
voluntary and open to all TPHs.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the 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, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) \12\ thereunder.
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may 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 operative on March 22, 2018 to allow for the
compression forum to be held on March 23, 2018, in addition to each of
the last five business days of March as the calendar quarter ends. The
Commission notes that the proposal is not modifying the information
that TPHs submit or the information that the Exchange prepares, but
rather adds a few additional days on which compression forums will be
held and correspondingly increases as the number of opportunities for
TPHs to submit positions and receive compression lists from the
Exchange in connection with those compression forums. Therefore, the
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposal operative on March 22, 2018.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waving the 30-day operative delay, the
Commission has considered the purposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CBOE-2018-022 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-CBOE-2018-022. 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 (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent
[[Page 12236]]
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-
CBOE-2018-022 and should be submitted on or before April 10, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05564 Filed 3-19-18; 8:45 am]
BILLING CODE 8011-01-P
