Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section IV.D of the Exchange's Schedule of Fees, 28272-28273 [2018-12927]
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Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on June 12, 2018,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 443 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2018–168, CP2018–240.
SUPPLEMENTARY INFORMATION:
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–12956 Filed 6–15–18; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83411; File No. SR–ISE–
2018–50]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Section IV.D of
the Exchange’s Schedule of Fees
June 12, 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 30,
2018, Nasdaq ISE, LLC (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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.
amozie on DSK3GDR082PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to Section
IV.D. of the Exchange’s Schedule of
Fees, as described further below. The
text of the proposed rule change is
available on the Exchange’s website at
https://ise.cchwallstreet.com/, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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18:00 Jun 15, 2018
Jkt 244001
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 purpose of this proposed rule
change is to amend certain Market
Maker 3 fees for Regular Orders in NonSelect Symbols 4 and FX Options.
Presently, the Exchange charges a
base execution fee of $0.25 per contract
to Members who trade 250,000 contracts
or less in a calendar month in NonSelect Symbols and FX Options, and a
fee of $0.20 per contract if a Member
trades more than 250,000 contracts in
Non-Select Symbols and FX Options in
a calendar month. In addition, once a
Member reaches the highest tier, the fee
applicable to that tier will apply
retroactively to all Market Maker
contracts for Regular Orders in NonSelect Symbols and FX Options.
Presently, the Exchange waives this fee
entirely for Market Makers that execute
Flash Orders.5
The Exchange proposes to eliminate
this fee waiver for Flash Orders, such
that Market Makers that execute Flash
Orders will be subject to one of the two
foregoing fee tiers. However, the
Exchange notes that Flash Orders will
remain exempt from the $0.70 per
contract Marketing Fee that it otherwise
charges to Market Makers pursuant to
Section IV.E of the Exchange’s Schedule
of Fees. The Exchange will also
continue to provide credits to Market
Makers that respond to Customer Flash
Orders, pursuant to Section IV.G.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5)
of the Act,7 in particular, in that it
provides for the equitable allocation of
3 The term ‘‘Market Makers’’ refers to
‘‘Competitive Market Makers’’ and ‘‘Primary Market
Makers’’ collectively. See ISE Rule 100(a)(28).
4 ‘‘Non-Select Symbols’’ are options overlying all
symbols excluding Select Symbols. ‘‘Select
Symbols’’ are options overlying all symbols listed
on ISE that are in the Penny Pilot Program.
5 A ‘‘Flash Order’’ is an order that is exposed at
the National Best Bid and Offer by the Exchange to
all Members for execution prior to routing the order
to another exchange or cancelling it, as provided
under Supplementary Material .02 to ISE Rule 1901.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4) and (5).
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
reasonable dues, fees, and other charges
among members and issuers and other
persons using any facility, and is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The Commission and the courts have
repeatedly expressed their preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. In Regulation NMS, while
adopting a series of steps to improve the
current market model, the Commission
highlighted the importance of market
forces in determining prices and SRO
revenues and, also, recognized that
current regulation of the market system
‘‘has been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 8
Likewise, in NetCoalition v. Securities
and Exchange Commission 9
(‘‘NetCoalition’’) the D.C. Circuit upheld
the Commission’s use of a market-based
approach in evaluating the fairness of
market data fees against a challenge
claiming that Congress mandated a costbased approach.10 As the court
emphasized, the Commission ‘‘intended
in Regulation NMS that ‘market forces,
rather than regulatory requirements’
play a role in determining the market
data . . . . to be made available to
investors and at what cost.’’ 11
Further, ‘‘[n]o one disputes that
competition for order flow is ‘fierce.’
. . . As the SEC explained, ‘[i]n the U.S.
national market system, buyers and
sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
[and] ‘no exchange can afford to take its
market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers’ . . . .’’ 12 Although the court
and the SEC were discussing the cash
equities markets, the Exchange believes
that these views apply with equal force
to the options markets.
The Exchange believes it is reasonable
and equitable to eliminate the fee
waiver for Flash orders because the fee
that the Exchange proposes to charge for
8 Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
9 NetCoalition v. SEC, 615 F.3d 525 (DC Cir.
2010).
10 See NetCoalition, at 534–535.
11 Id. at 537.
12 Id. at 539 (quoting Securities Exchange Act
Release No. 59039 (December 2, 2008), 73 FR
74770, 74782–83 (December 9, 2008) (SR–
NYSEArca–2006–21)).
E:\FR\FM\18JNN1.SGM
18JNN1
Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices
amozie on DSK3GDR082PROD with NOTICES1
such orders are within the range of fees
assessed by other exchanges employing
similar pricing schemes. As noted
above, pursuant to Section IV.E of the
Exchange’s Schedule of Fees, the
Exchange does not charge a $.70 per
contract marketing fee for Flash Orders,
whereas MIAX and CBOE do so.13 The
Exchange also provides a credit to
Market Makers that respond to Flash
Orders, pursuant to Section IV.G. As
such, even with the proposed rule
change, the Exchange’s fee structure for
Flash Orders will remain materially less
expensive than the fee structures of
other exchanges. Moreover, the
Exchange operates in a highly
competitive market in which market
participants can readily direct order
flow to another exchange if they deem
fee levels at a particular exchange to be
excessive.
The Exchange also believes its
proposal is not unfairly discriminatory
because the proposed fees for Flash
Orders would apply uniformly to all
similarly situated Market Makers.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. In terms of
inter-market competition, the Exchange
notes that it operates in a highly
competitive market in which market
participants can readily favor competing
venues if they deem fee levels at a
particular venue to be excessive, or
rebate opportunities available at other
venues to be more favorable. In such an
environment, the Exchange must
continually adjust its fees to remain
competitive with other exchanges and
with alternative trading systems that
have been exempted from compliance
with the statutory standards applicable
to exchanges. Because competitors are
free to modify their own fees in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
believes that the degree to which fee
changes in this market may impose any
burden on competition is extremely
limited.
In this instance, the Exchange’s
proposal does not impose a burden on
competition because the Exchange’s
execution services are completely
voluntary and subject to extensive
competition both from other exchanges
and from off-exchange venues.
13 See Miax Options Options Fee Schedule,
Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc.
Fees Schedule (May 1, 2018).
VerDate Sep<11>2014
18:00 Jun 15, 2018
Jkt 244001
Moreover, even with the proposed rule
change, the range of fees that Exchange
proposes to charge its Market Makers for
Flash orders will remain competitive
with the fees that other exchange
charge. As noted above, pursuant to
Section IV.E of the Exchange’s Schedule
of Fees, the Exchange does not charge a
$.70 per contract marketing fee for Flash
Orders, whereas MIAX and CBOE do
so.14 The Exchange also provides a
credit to Market Makers that respond to
Flash Orders, pursuant to Section IV.G.
Thus, even with the proposed rule
change, the Exchange’s fee structure for
Flash Orders will remain materially less
expensive than the fee structures of
other exchanges.
In sum, if the changes proposed
herein are unattractive to market
participants, it is likely that the
Exchange will lose market share as a
result. Accordingly, the Exchange does
not believe that the proposed changes
will impair the ability of members or
competing order execution venues to
maintain their competitive standing in
the financial markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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)(ii) of the Act,15 and Rule
19b–4(f)(2) 16 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: (i)
Necessary or appropriate in the public
interest; (ii) for the protection of
investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
14 See Miax Options Options Fee Schedule,
Section 1(b) (Mar. 1, 2018); CBOE Exchange Inc.
Fees Schedule (May 1, 2018).
15 15 U.S.C. 78s(b)(3)(A)(ii).
16 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00092
Fmt 4703
Sfmt 4703
28273
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–
ISE–2018–50 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–ISE–2018–50. 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–ISE–2018–50 and should be
submitted on or before July 9, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–12927 Filed 6–15–18; 8:45 am]
BILLING CODE 8011–01–P
17 17
E:\FR\FM\18JNN1.SGM
CFR 200.30–3(a)(12).
18JNN1
]]>Agencies
[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)]
[Notices]
[Pages 28272-28273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12927]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83411; File No. SR-ISE-2018-50]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Section
IV.D of the Exchange's Schedule of Fees
June 12, 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 30, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``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.
---------------------------------------------------------------------------
\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 Section IV.D. of the Exchange's Schedule
of Fees, as described further below. The text of the proposed rule
change is available on the Exchange's website at https://ise.cchwallstreet.com/, at the principal office of the Exchange, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant 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 purpose of this proposed rule change is to amend certain Market
Maker \3\ fees for Regular Orders in Non-Select Symbols \4\ and FX
Options.
---------------------------------------------------------------------------
\3\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Rule
100(a)(28).
\4\ ``Non-Select Symbols'' are options overlying all symbols
excluding Select Symbols. ``Select Symbols'' are options overlying
all symbols listed on ISE that are in the Penny Pilot Program.
---------------------------------------------------------------------------
Presently, the Exchange charges a base execution fee of $0.25 per
contract to Members who trade 250,000 contracts or less in a calendar
month in Non-Select Symbols and FX Options, and a fee of $0.20 per
contract if a Member trades more than 250,000 contracts in Non-Select
Symbols and FX Options in a calendar month. In addition, once a Member
reaches the highest tier, the fee applicable to that tier will apply
retroactively to all Market Maker contracts for Regular Orders in Non-
Select Symbols and FX Options. Presently, the Exchange waives this fee
entirely for Market Makers that execute Flash Orders.\5\
---------------------------------------------------------------------------
\5\ A ``Flash Order'' is an order that is exposed at the
National Best Bid and Offer by the Exchange to all Members for
execution prior to routing the order to another exchange or
cancelling it, as provided under Supplementary Material .02 to ISE
Rule 1901.
---------------------------------------------------------------------------
The Exchange proposes to eliminate this fee waiver for Flash
Orders, such that Market Makers that execute Flash Orders will be
subject to one of the two foregoing fee tiers. However, the Exchange
notes that Flash Orders will remain exempt from the $0.70 per contract
Marketing Fee that it otherwise charges to Market Makers pursuant to
Section IV.E of the Exchange's Schedule of Fees. The Exchange will also
continue to provide credits to Market Makers that respond to Customer
Flash Orders, pursuant to Section IV.G.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among members and issuers and other persons using any facility,
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \8\
---------------------------------------------------------------------------
\8\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
---------------------------------------------------------------------------
Likewise, in NetCoalition v. Securities and Exchange Commission \9\
(``NetCoalition'') the D.C. Circuit upheld the Commission's use of a
market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\10\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . . to be
made available to investors and at what cost.'' \11\
---------------------------------------------------------------------------
\9\ NetCoalition v. SEC, 615 F.3d 525 (DC Cir. 2010).
\10\ See NetCoalition, at 534-535.
\11\ Id. at 537.
---------------------------------------------------------------------------
Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers' . . . .'' \12\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
---------------------------------------------------------------------------
\12\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
---------------------------------------------------------------------------
The Exchange believes it is reasonable and equitable to eliminate
the fee waiver for Flash orders because the fee that the Exchange
proposes to charge for
[[Page 28273]]
such orders are within the range of fees assessed by other exchanges
employing similar pricing schemes. As noted above, pursuant to Section
IV.E of the Exchange's Schedule of Fees, the Exchange does not charge a
$.70 per contract marketing fee for Flash Orders, whereas MIAX and CBOE
do so.\13\ The Exchange also provides a credit to Market Makers that
respond to Flash Orders, pursuant to Section IV.G. As such, even with
the proposed rule change, the Exchange's fee structure for Flash Orders
will remain materially less expensive than the fee structures of other
exchanges. Moreover, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
another exchange if they deem fee levels at a particular exchange to be
excessive.
---------------------------------------------------------------------------
\13\ See Miax Options Options Fee Schedule, Section 1(b) (Mar.
1, 2018); CBOE Exchange Inc. Fees Schedule (May 1, 2018).
---------------------------------------------------------------------------
The Exchange also believes its proposal is not unfairly
discriminatory because the proposed fees for Flash Orders would apply
uniformly to all similarly situated Market Makers.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
In this instance, the Exchange's proposal does not impose a burden
on competition because the Exchange's execution services are completely
voluntary and subject to extensive competition both from other
exchanges and from off-exchange venues. Moreover, even with the
proposed rule change, the range of fees that Exchange proposes to
charge its Market Makers for Flash orders will remain competitive with
the fees that other exchange charge. As noted above, pursuant to
Section IV.E of the Exchange's Schedule of Fees, the Exchange does not
charge a $.70 per contract marketing fee for Flash Orders, whereas MIAX
and CBOE do so.\14\ The Exchange also provides a credit to Market
Makers that respond to Flash Orders, pursuant to Section IV.G. Thus,
even with the proposed rule change, the Exchange's fee structure for
Flash Orders will remain materially less expensive than the fee
structures of other exchanges.
---------------------------------------------------------------------------
\14\ See Miax Options Options Fee Schedule, Section 1(b) (Mar.
1, 2018); CBOE Exchange Inc. Fees Schedule (May 1, 2018).
---------------------------------------------------------------------------
In sum, if the changes proposed herein are unattractive to market
participants, it is likely that the Exchange will lose market share as
a result. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
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)(ii) of the Act,\15\ and Rule 19b-4(f)(2) \16\ 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: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
\16\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-ISE-2018-50 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-ISE-2018-50. 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-ISE-2018-50 and should be submitted on
or before July 9, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12927 Filed 6-15-18; 8:45 am]
BILLING CODE 8011-01-P
