Product Change-Priority Mail Negotiated Service Agreement, 18093 [2018-08581]
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Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices
This Notice will be published in the
Federal Register.
Stacy L. Ruble,
Secretary.
[FR Doc. 2018–08629 Filed 4–24–18; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 25,
2018.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 19, 2018,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 432 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2018–144, CP2018–207.
SUMMARY:
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–08581 Filed 4–24–18; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83065; File No. SR–
NYSEAMER–2018–14]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify Rule 904,
Commentary .07 To Expand Position
Limits for Options on Certain
Exchange-Traded Funds
sradovich on DSK3GMQ082PROD with NOTICES
April 19, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b-4 thereunder,3
notice is hereby given that on April 6,
2018, NYSE American LLC (the
‘‘Exchange’’ or ‘‘NYSE American’’) filed
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
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 self-regulatory
organization. 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 the Substance
of the Proposed Rule Change
The Exchange proposes to modify
Rule 904 (Position Limits), Commentary
.07 to expand position limits for options
on certain Exchange-Traded Funds
(ETFs). The proposed rule change is
available on the Exchange’s website at
www.nyse.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
self-regulatory organization 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 those 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 amend
Rule 904, Commentary .07 to expand
position limits for options on certain
ETFs. Specifically, the Exchange
proposes to expand the position limits
for options on the following ETFs:
iShares China Large-Cap ETF (‘‘FXI’’),
iShares MSCI EAFE ETF (‘‘EFA’’),
iShares MSCI Emerging Markets ETF
(‘‘EEM’’), iShares Russell 2000 ETF
(‘‘IWM’’), iShares MSCI Brazil Capped
ETF (‘‘EWZ’’), iShares 20+ Year
Treasury Bond Fund ETF (‘‘TLT’’),
PowerShares QQQ Trust (‘‘QQQQ’’),
and iShares MSCI Japan ETF (‘‘EWJ’’).
This is a competitive filing that is based
on a proposal recently submitted by the
Chicago Board Options Exchange
Incorporated (‘‘Cboe’’) and approved by
the Securities and Exchange
Commission (‘‘Commission’’).4
1 15
2 15
VerDate Sep<11>2014
19:12 Apr 24, 2018
4 See Securities Exchange Act Release No. 82770
(February 23, 2018), 83 FR 8907 (March 1, 2018)
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18093
Position Limit Increase
Position limits are designed to
address potential manipulative schemes
and adverse market impact surrounding
the use of options, such as disrupting
the market in the security underlying
the options. The potential manipulative
schemes and adverse market impact are
balanced against the potential of setting
the limits so low as to discourage
participation in the options market. The
level of those position limits must be
balanced between curtailing potential
manipulation and the cost of preventing
potential hedging activity that could be
used for legitimate economic purposes.
Position limits for options on ETFs,
such as those subject to this proposal,
are determined pursuant to Rule 904,
and vary according to the number of
outstanding shares and the trading
volume of the underlying stocks or ETFs
over the past six-months. Pursuant to
Rule 904, the largest in capitalization
and the most frequently traded stocks
and ETFs have an option position limit
of 250,000 contracts (with adjustments
for splits, re-capitalizations, etc.) on the
same side of the market; and smaller
capitalization stocks and ETFs have
position limits of 200,000, 75,000,
50,000 or 25,000 contracts (with
adjustments for splits, re-capitalizations,
etc.) on the same side of the market.
Options on FXI, EFA, EWZ, TLT, and
EWJ are currently subject to the
standard position limit of 250,000
contracts as set forth in Rule 904.5 Rule
904, Commentary .07 sets forth separate
position limits for options on specific
ETFs as follows:
• Options on EEM are 500,000
contracts;
• Options on IWM are 500,000
contracts; and
• Options on QQQQ are 900,000
contracts.
The purpose of this proposal is to
amend Rule 904, Commentary .07 to
double the position and exercise limits
for FXI, EEM, IWM, EFA, EWZ, TLT,
QQQQ, and EWJ.6 The Exchange notes
(Order Granting Accelerated Approval SR–SR–
CBOE–2017–057) (the ‘‘Cboe Approval Order’’).
5 See https://www.theocc.com/webapps/delosearch.
6 By virtue of Rule 905 (Exercise Limits), which
is not being amended by this filing, the exercise
limit for FXI, EEM, IWM, EFA, EWZ, TLT, QQQQ,
and EWJ options would be similarly increased. The
Exchange notes that it also proposes to make nonsubstantive changes corrections to the names of
IWM and EEM and to assign letters (a)–(f) to the
paragraphs in current Commentary .07 to the Rule
to make it easier to follow (and reference). See
proposed Commentary .07(a)–(f) to Rule 904. The
Exchange does not propose to alter the substances
of new paragraphs (a)–(e) of the Commentary.
Proposed changes to paragraph (f) are discussed
E:\FR\FM\25APN1.SGM
Continued
25APN1
]]>Agencies
[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)]
[Notices]
[Page 18093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08581]
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POSTAL SERVICE
Product Change--Priority Mail Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: April 25, 2018.
FOR FURTHER INFORMATION CONTACT: Elizabeth Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
April 19, 2018, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Contract 432 to Competitive Product List.
Documents are available at www.prc.gov, Docket Nos. MC2018-144, CP2018-
207.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018-08581 Filed 4-24-18; 8:45 am]
BILLING CODE 7710-12-P
