Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Related to Its PULSe Workstation, 23497-23498 [2018-10711]
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<![CDATA[
Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices
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–NYSEArca–2018–32, and
should be submitted on or before June
11, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–10713 Filed 5–18–18; 8:45 am]
BILLING CODE 8011–01–P
‘‘Exchange’’ or ‘‘Cboe Options’’) 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.cboe.com/
AboutCBOE/CBOELegalRegulatory
Home.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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83244; File No. SR–CBOE–
2018–033]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fees
Schedule Related to Its PULSe
Workstation
sradovich on DSK3GMQ082PROD with NOTICES
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 Exchange, Inc. (the
21 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
18:20 May 18, 2018
Jkt 244001
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
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
23497
‘‘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
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
3 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
5 15 U.S.C. 78f(b)(4).
4 15
E:\FR\FM\21MYN1.SGM
21MYN1
23498
Federal Register / Vol. 83, No. 98 / Monday, May 21, 2018 / Notices
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.
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.
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.
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–2018–033 on the subject line.
sradovich on DSK3GMQ082PROD with 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
6 15
U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f).
VerDate Sep<11>2014
18:20 May 18, 2018
Jkt 244001
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:
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–2018–033. 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
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
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–2018–033 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. 2018–10711 Filed 5–18–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83239; File No. SR–MRX–
2018–14]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend
Supplementary Material to Rule 706 To
Harmonize Its Sponsored Access
Rules With Those of Its Affiliates
May 15, 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 May 9,
2018, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) 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 Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Regulatory Organization’s Statement
of the Terms of Substance of the
Proposed Rule Change
The Exchange proposes to amend
Supplementary Material to Rule 706 to
harmonize its sponsored access rules
with those of its affiliates.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqmrx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\21MYN1.SGM
21MYN1
]]>Agencies
[Federal Register Volume 83, Number 98 (Monday, May 21, 2018)]
[Notices]
[Pages 23497-23498]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10711]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83244; File No. SR-CBOE-2018-033]
Self-Regulatory Organizations; Cboe 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 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, 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.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 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
[[Page 23498]]
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.
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-CBOE-2018-033 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-2018-033. 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-CBOE-2018-033 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. 2018-10711 Filed 5-18-18; 8:45 am]
BILLING CODE 8011-01-P
