Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Related to Its PULSe Workstation, 23521-23522 [2018-10709]

Download as PDF Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83242; File No. SR–C2– 2018–008] Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Related to Its PULSe Workstation May 15, 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 May 1, 2018, Cboe C2 Exchange, Inc. (the ‘‘Exchange’’ or ‘‘C2’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its fees schedule related to its PULSe workstation. The text of the proposed rule change is also available on the Exchange’s website (https://www.c2exchange.com/ Legal/), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. sradovich on DSK3GMQ082PROD with NOTICES 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 its Fees Schedule. The Exchange is changing fees related to its PULSe 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 18:20 May 18, 2018 workstation. The fees herein will be effective on May 1, 2018. By way of background, the PULSe workstation is a front-end order entry system designed for use with respect to orders that may be sent to the trading systems of the Exchange. Exchange Trading Permit Holders (‘‘TPHs’’) may also make workstations available to their customers, which may include TPHs, non-broker dealer public customers, and non-TPH broker dealers. Financial Information eXchange (‘‘FIX’’) language-based connectivity, upon request, provides customers (both TPH and non-TPH) of TPHs that are brokers and PULSe users (‘‘PULSe brokers’’) with the ability to receive ‘‘drop-copy’’ order fill messages from their PULSe brokers. These fill messages allow customers to update positions, risk calculations, and streamline backoffice functions. The Exchange is proposing to reduce and cap the monthly fee to be assessed on TPHs who are sending drop copies to non-TPH customers via a PULSe workstation. Currently, if a customer receiving drop copies is a non-TPH, the PULSe broker (the sending TPH) who sends drop copies via PULSe to that customer is charged $400 per month. The Exchange is proposing to reduce that fee to $0.02 per contract with a cap of $400 per month per receiving nonTPH. If that PULSe broker sends drop copies via PULSe to multiple non-TPH customers, the PULSe broker will be charged the fee for each customer. For example, if a PULSe broker sends drop copies via its PULSe workstation to each of non-TPH customer A, non-TPH customer B, and non-TPH customer C, the PULSe broker (the sending TPH) will be charged a fee of $.02 per contract for drop copies it sends via PULSe to non-TPH customers A, B, and C (the receiving non-TPHs) with a cap of $1,200 ($400 per non-TPH customers A, B, and C). 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.3 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 4 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 3 15 4 15 Jkt 244001 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00108 Fmt 4703 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 Section 6(b)(4) of the Act,5 which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. The Exchange believes that reducing the $400 per month to $0.02 per contract with a cap of $400 per month on a TPH sending drop copies from PULSe to a non-TPH customer is reasonable because the fee will continue to allow the Exchange to monitor, develop and implement upgrades, maintain, and customize PULSe to ensure a non-TPH customer receives timely and accurate drop copies while also potentially reducing the sending TPH’s costs. The Exchange believes the fee is equitable and not unfairly discriminatory because the monthly fee is assessed equally to any TPH sending drop copies to its non-TPH customers. Additionally, use of the drop copy functionality by a TPH and non-TPH customer is voluntary. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule changes will impose any burdens on competition that are not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed PULSe-related fees are assessed equally to TPH broker’s electing to use the optional Drop Copy functionality. The Exchange does not believe that the proposed change will cause any unnecessary burden on intermarket competition because the proposed fees relate to use of an Exchange-provided order entry system. To the extent that any proposed change makes the Exchange a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become Exchange market participants. 5 15 Sfmt 4703 23521 U.S.C. 78f(b)(4). E:\FR\FM\21MYN1.SGM 21MYN1 23522 Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices 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 foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and paragraph (f) of Rule 19b–4 7 thereunder. 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: sradovich on DSK3GMQ082PROD with NOTICES 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– C2–2018–008 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–C2–2018–008. 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 amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written 6 15 7 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). VerDate Sep<11>2014 18:20 May 18, 2018 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–C2–2018–008 and should be submitted on or before June 11, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–10709 Filed 5–18–18; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [License No. 04/04–0340] Resolute Capital Partners Fund IV, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Resolute Capital Partners IV, L.P., 20 Burton Hills Blvd., Suite 430, Nashville, TN 37215, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). Resolute Capital Partners IV, L.P. proposes to provide loan and equity security financing to Power Design Holdings LLC, 2200 Ross Ave., Suite 4050, Dallas, TX 75201. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because Resolute Capital Partners III, L.P., an Associate of Resolute Capital Partners IV, L.P., owns more than ten percent of Power Design 8 17 Jkt 244001 PO 00000 CFR 200.30–3(a)(12). Frm 00109 Fmt 4703 Sfmt 4703 Holdings LLC and therefore this transaction is considered Financing an Associate. requiring prior SBA approval. Notice is hereby given that any interested person may submit written comments on this transaction within fifteen days of the date of this publication to the Associate Administrator, Office of Investment and Innovation, U.S. Small Business Administration, 409 Third Street SW, Washington, DC 20416. A. Joseph Shepard, Associate Administrator for Office of Investment and Innovation. [FR Doc. 2018–10792 Filed 5–18–18; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF STATE [Public Notice 10419] Notice of Determinations; Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Giacometti’’ Exhibition Notice is hereby given of the following determinations: I hereby determine that certain objects to be included in the exhibition ‘‘Giacometti,’’ imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the Solomon R. Guggenheim Museum, New York, New York, from on or about June 8, 2018, until on or about September 12, 2018, and at possible additional exhibitions or venues yet to be determined, is in the national interest. I have ordered that Public Notice of these determinations be published in the Federal Register. FOR FURTHER INFORMATION CONTACT: Elliot Chiu, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: 202–632–6471; email: section2459@state.gov). The mailing address is U.S. Department of State, L/PD, SA–5, Suite 5H03, Washington, DC 20522–0505. SUPPLEMENTARY INFORMATION: The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), E.O. 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, and SUMMARY: E:\FR\FM\21MYN1.SGM 21MYN1

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SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 98 (Monday, May 21, 2018)]
[Notices]
[Pages 23521-23522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10709]



[[Page 23521]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83242; File No. SR-C2-2018-008]


Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Its Fees Schedule Related to Its PULSe Workstation

May 15, 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 May 1, 2018, Cboe C2 Exchange, Inc. (the ``Exchange'' or 
``C2'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its fees schedule related to its 
PULSe workstation.
    The text of the proposed rule change is also available on the 
Exchange's website (https://www.c2exchange.com/Legal/), 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 its Fees Schedule. The Exchange is 
changing fees related to its PULSe workstation. The fees herein will be 
effective on May 1, 2018.
    By way of background, the PULSe workstation is a front-end order 
entry system designed for use with respect to orders that may be sent 
to the trading systems of the Exchange. Exchange Trading Permit Holders 
(``TPHs'') may also make workstations available to their customers, 
which may include TPHs, non-broker dealer public customers, and non-TPH 
broker dealers.
    Financial Information eXchange (``FIX'') language-based 
connectivity, upon request, provides customers (both TPH and non-TPH) 
of TPHs that are brokers and PULSe users (``PULSe brokers'') with the 
ability to receive ``drop-copy'' order fill messages from their PULSe 
brokers. These fill messages allow customers to update positions, risk 
calculations, and streamline back-office functions.
    The Exchange is proposing to reduce and cap the monthly fee to be 
assessed on TPHs who are sending drop copies to non-TPH customers via a 
PULSe workstation. Currently, if a customer receiving drop copies is a 
non-TPH, the PULSe broker (the sending TPH) who sends drop copies via 
PULSe to that customer is charged $400 per month. The Exchange is 
proposing to reduce that fee to $0.02 per contract with a cap of $400 
per month per receiving non-TPH. If that PULSe broker sends drop copies 
via PULSe to multiple non-TPH customers, the PULSe broker will be 
charged the fee for each customer. For example, if a PULSe broker sends 
drop copies via its PULSe workstation to each of non-TPH customer A, 
non-TPH customer B, and non-TPH customer C, the PULSe broker (the 
sending TPH) will be charged a fee of $.02 per contract for drop copies 
it sends via PULSe to non-TPH customers A, B, and C (the receiving non-
TPHs) with a cap of $1,200 ($400 per non-TPH customers A, B, and C).
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.\3\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \4\ 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 
Section 6(b)(4) of the Act,\5\ which requires that Exchange rules 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its Trading Permit Holders and other persons using 
its facilities.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that reducing the $400 per month to $0.02 per 
contract with a cap of $400 per month on a TPH sending drop copies from 
PULSe to a non-TPH customer is reasonable because the fee will continue 
to allow the Exchange to monitor, develop and implement upgrades, 
maintain, and customize PULSe to ensure a non-TPH customer receives 
timely and accurate drop copies while also potentially reducing the 
sending TPH's costs. The Exchange believes the fee is equitable and not 
unfairly discriminatory because the monthly fee is assessed equally to 
any TPH sending drop copies to its non-TPH customers. Additionally, use 
of the drop copy functionality by a TPH and non-TPH customer is 
voluntary.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will 
impose any burdens on competition that are not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange does not 
believe that the proposed rule change will impose any burden on 
intramarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act because the proposed PULSe-
related fees are assessed equally to TPH broker's electing to use the 
optional Drop Copy functionality. The Exchange does not believe that 
the proposed change will cause any unnecessary burden on intermarket 
competition because the proposed fees relate to use of an Exchange-
provided order entry system. To the extent that any proposed change 
makes the Exchange a more attractive marketplace for market 
participants at other exchanges, such market participants are welcome 
to become Exchange market participants.

[[Page 23522]]

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 foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \6\ and paragraph (f) of Rule 19b-4 \7\ 
thereunder. 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-C2-2018-008 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-C2-2018-008. 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 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-C2-2018-008 and should be submitted on 
or before June 11, 2018.
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10709 Filed 5-18-18; 8:45 am]
 BILLING CODE 8011-01-P

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