Fixed Income Market Structure Advisory Committee, 29582-29583 [2018-13539]

Download as PDF 29582 Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / Notices Commission a USPS Request to Add Priority Mail Contract 450 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2018–183, CP2018–257. Elizabeth Reed, Attorney, Corporate and Postal Business Law. [FR Doc. 2018–13481 Filed 6–22–18; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Express Negotiated Service Agreement AGENCY: Postal ServiceTM. ACTION: Notice. 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: June 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 June 19, 2018, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express Contract 63 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2018–181, CP2018–255. SUMMARY: Elizabeth Reed, Attorney, Corporate and Postal Business Law. [FR Doc. 2018–13479 Filed 6–22–18; 8:45 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION Dated: June 20, 2018. Brent J. Fields, Secretary. Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold an Open Meeting on June 28, 2018 at 10 a.m. PLACE: The meeting will be held in the Auditorium, Room LL–002 at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will begin at 10 a.m. (ET) and will be open to the public. Seating will be on a first-come, firstserved basis. Visitors will be subject to security checks. The meeting will be webcast on the Commission’s website at https://www.sec.gov. amozie on DSK3GDR082PROD with NOTICES1 TIME AND DATE: VerDate Sep<11>2014 19:17 Jun 22, 2018 Jkt 244001 The subject matters of the Open Meeting will be the Commission’s consideration of: • Whether to adopt amendments to the definition of ‘‘smaller reporting company’’ and other rules and forms in light of the new definition. • whether to adopt amendments to rules and forms to require the use of the Inline eXtensible Business Reporting Language (XBRL) format for the submission of operating company financial statement information and fund risk/return summary information and related changes. • whether to propose rule 6c–11 under the Investment Company Act of 1940 that would permit exchange-traded funds that satisfy certain conditions to operate without first obtaining an exemptive order from the Commission, as well as related form amendments. • whether to adopt amendments to Form N–PORT and Form N–1A related to disclosures of liquidity risk management for open end management investment companies. • whether to propose amendments to the Commission’s existing rules that govern the whistleblower award program. • whether the Commission should enter into a revised memorandum of understanding with the Commodity Futures Trading Commission that would update and supersede the existing regulatory coordination memorandum of understanding between the two agencies. 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 the Office of the Secretary at (202) 551– 5400. MATTERS TO BE CONSIDERED: [FR Doc. 2018–13623 Filed 6–21–18; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83475; File No. 265–30] Fixed Income Market Structure Advisory Committee Securities and Exchange Commission. ACTION: Notice of meeting. AGENCY: The Securities and Exchange Commission Fixed Income Market Structure Advisory Committee is providing notice that it will hold a SUMMARY: PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 public meeting on Monday, July 16, 2018, in Multi-Purpose Room LL–006 at the Commission’s headquarters, 100 F Street NE, Washington, DC. The meeting will begin at 9:30 a.m. (EDT) and will be open to the public. The public portions of the meeting will be webcast on the Commission’s website at www.sec.gov. Persons needing special accommodations to take part because of a disability should notify the contact persons listed below. The public is invited to submit written statements to the Committee. The meeting will include updates and presentations from the subcommittees. The public meeting will be held on Monday, July 16, 2018. Written statements should be received on or before July 11, 2018. DATES: The meeting will be held at the Commission’s headquarters, 100 F Street NE, Washington, DC. Written statements may be submitted by any of the following methods: ADDRESSES: Electronic Statements • Use the Commission’s internet submission form (https://www.sec.gov/ rules/other.shtml); or • Send an email message to rulecomments@sec.gov. Please include File Number 265–30 on the subject line; or Paper Statements • Send paper statements in triplicate to Brent J. Fields, Federal Advisory Committee Management Officer, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File No. 265–30. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. The Commission will post all statements on the Commission’s internet website at SEC website at (https://www.sec.gov/ comments/265-30/265-30.shtml). Statements also will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Room 1580, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. E:\FR\FM\25JNN1.SGM 25JNN1 Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / Notices FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special Counsel, at (202) 551–5131, or Benjamin Bernstein, Attorney-Adviser, at (202) 551–5354, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–7010. SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the Federal Advisory Committee Act, 5 U.S.C.-App. 1, and the regulations thereunder, Brett Redfearn, Designated Federal Officer of the Committee, has ordered publication of this notice. Dated: June 20, 2018. Brent J. Fields, Committee Management Officer. [FR Doc. 2018–13539 Filed 6–22–18; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–83464; File No. SR–ISE– 2018–55] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Box and Butterfly Spread Protections June 19, 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 June 7, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or the ‘‘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. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt new order type protections, Butterfly and Box Spread protections, for Complex Order 3 strategy trades. The text of the proposed rule change is available on the Exchange’s website at https://ise.cchwallstreet.com/, at the amozie on DSK3GDR082PROD with NOTICES1 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 the Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION 1 15 principal office of the Exchange, and at the Commission’s Public Reference Room. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 A complex order is any order involving the simultaneous purchase and/or sale of two or more different options series in the same underlying security, for the same account, in a ratio that is equal to or greater than one-to-three (.333) and less than or equal to three-to-one (3.00) and for the purpose of executing a particular investment strategy. See ISE Rule 722(a)(1). 1. Purpose The Exchange proposes to: (i) Adopt Complex Order protections for Butterfly and Box Spread protections for Complex Order strategies; and (ii) reorganize and amend the existing Complex Order protections currently contained within .07 of Supplementary Material to Rule 722 and Rule 714. These amendments will be described in greater detail below. This rule change is similar to protections, which exist today on Nasdaq Phlx LLC (‘‘Phlx’’).4 Adopt Butterfly and Box Spread Protections Today, ISE members may submit Butterfly and Box spreads into the System. ISE proposes to define a Butterfly spread as a three legged Complex Order with certain characteristics.5 The Exchange is proposing to reject Butterfly spreads which are outside of certain parameters to avoid potential executions at prices that exceed the minimum and maximum possible intrinsic value of the spread by a specified amount. Additionally, ISE proposes to define a Box spread as a four legged Complex Order with certain characteristics.6 The Exchange is proposing to reject Box spreads which are outside of certain parameters to avoid potential executions at prices that exceed the minimum and maximum possible intrinsic value of the 2 17 VerDate Sep<11>2014 17:58 Jun 22, 2018 Jkt 244001 4 This rule change is similar to Phlx Rule 1098(i) and (j). 5 This strategy utilizes a combination of either all calls or all puts of the same expiration date in the same underlying to limit risk. 6 This strategy utilizes a combination of put/call pairs of options with the same expiration date in the same underlying to limit risk. PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 29583 spread by a specified amount. Today, the Exchange offers similar order protection features for Complex Orders such as Vertical and Calendar Spread Protections 7 to avoid erroneous trades. Butterfly Spread Protection As noted above, the Exchange proposes to adopt a Butterfly Spread Protection. A Butterfly Spread is a three legged Complex Order with the following: (1) Two legs to buy (sell) the same number of calls (puts); (2) one leg to sell (buy) twice the number of calls (puts) with a strike price at mid-point of the two legs to buy (sell); (3) all legs have the same expiration; and (4) each leg strike price is equidistant from the next sequential strike price. With this protection, a Butterfly Spread Limit Order that is priced higher than the Maximum Value (defined below) or lower than the Minimum Value (defined below) will be rejected. A Butterfly Spread Market Order (or Butterfly Spread Limit Order entered with a net price inside the Butterfly Spread Protection Range) to Buy (Sell) will be restricted from executing by legging into the single leg market with a net price higher (lower) than the Maximum (Minimum) Value. The Butterfly Spread Protection Range is the absolute difference between the Minimum Value and the Maximum Value. ISE’s proposal continues to protect Butterfly Spreads from legging into the single leg market(s), similar to Phlx Rule 1098(i), at a price higher than the Maximum Value for buy orders and lower than the Minimum Value for sell orders. ISE’s proposal differs from Phlx in that ISE allows legging below the Minimum Value for buys and above the Maximum Value for sells at a price made available by the synthetic (cIBBO) market outside of the Butterfly Spread Protection Range.8 The Exchange believes that these limitations, which exist today for ISE Vertical and Calendar Spreads,9 are consistent with the Act because the limits permit buying below the minimum and selling above the maximum thereby allowing buyers and sellers to achieve better prices without taking on additional risk. The intrinsic value for the Butterfly Spread that could be achieved when closing the position would not be negatively impacted in 7 See Supplementary Material .07(c) to ISE Rule 722. 8 Allowing sell orders to trade by legging into the simple market at prices above the Maximum Value (buy orders below the Minimum Value) offers an opportunity for sellers/buyers to receive a premium beyond the potential intrinsic value of the spread without creating risk for the Complex Order Book. 9 Id. E:\FR\FM\25JNN1.SGM 25JNN1

Agencies

[Federal Register Volume 83, Number 122 (Monday, June 25, 2018)]
[Notices]
[Pages 29582-29583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13539]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83475; File No. 265-30]


Fixed Income Market Structure Advisory Committee

AGENCY: Securities and Exchange Commission.

ACTION: Notice of meeting.

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SUMMARY: The Securities and Exchange Commission Fixed Income Market 
Structure Advisory Committee is providing notice that it will hold a 
public meeting on Monday, July 16, 2018, in Multi-Purpose Room LL-006 
at the Commission's headquarters, 100 F Street NE, Washington, DC. The 
meeting will begin at 9:30 a.m. (EDT) and will be open to the public. 
The public portions of the meeting will be webcast on the Commission's 
website at www.sec.gov. Persons needing special accommodations to take 
part because of a disability should notify the contact persons listed 
below. The public is invited to submit written statements to the 
Committee. The meeting will include updates and presentations from the 
subcommittees.

DATES: The public meeting will be held on Monday, July 16, 2018. 
Written statements should be received on or before July 11, 2018.

ADDRESSES: The meeting will be held at the Commission's headquarters, 
100 F Street NE, Washington, DC. Written statements may be submitted by 
any of the following methods:

Electronic Statements

     Use the Commission's internet submission form (https://www.sec.gov/rules/other.shtml); or
     Send an email message to [email protected]. Please 
include File Number 265-30 on the subject line; or

Paper Statements

     Send paper statements in triplicate to Brent J. Fields, 
Federal Advisory Committee Management Officer, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File No. 265-30. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method. The Commission will post all statements on the Commission's 
internet website at SEC website at (https://www.sec.gov/comments/265-30/265-30.shtml).
    Statements also will be available for website viewing and printing 
in the Commission's Public Reference Room, 100 F Street NE, Room 1580, 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. All statements received will be posted without 
change. Persons submitting comments are cautioned that we do not redact 
or edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

[[Page 29583]]


FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special 
Counsel, at (202) 551-5131, or Benjamin Bernstein, Attorney-Adviser, at 
(202) 551-5354, Division of Trading and Markets, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549-7010.

SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the 
Federal Advisory Committee Act, 5 U.S.C.-App. 1, and the regulations 
thereunder, Brett Redfearn, Designated Federal Officer of the 
Committee, has ordered publication of this notice.

     Dated: June 20, 2018.
Brent J. Fields,
Committee Management Officer.
[FR Doc. 2018-13539 Filed 6-22-18; 8:45 am]
 BILLING CODE 8011-01-P
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