Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Terms Under Chapter I, Section 1 of the Options Rules, 39490-39492 [2018-17006]
Download as PDF
<![CDATA[
39490
Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices
Reserve Order has setter priority, and
the Permitted Price at which the order
would be replenished would be a
different price, the replenish quantity
would not be eligible for setter
priority.40
The Exchange also proposes to add
two circumstances in which an order
would be evaluated for setter priority.
Currently, an order will be evaluated for
setter priority on arrival (including any
portion that has been routed and returns
unexecuted) and when the order
becomes eligible to trade for the first
time upon transitioning to a new trading
session.41 First, NYSE proposes that an
order would be evaluated for setter
priority when resting and assigned a
new display price.42 If multiple orders
reprice at the same time, none of the
orders would be eligible for setter
priority unless one order is equal to or
greater than a round lot and the sum of
the other orders at the same price is less
than one round lot.43 Second, the
Exchange proposes that an order would
be evaluated for setter priority when the
display quantity of a Reserve Order is
replenished.44 The Exchange asserts
that, if a repriced resting or replenished
Reserve Order meets the conditions for
establishing setter priority,45 then that
order is aggressively displaying
liquidity on the Exchange, which the
Exchange seeks to encourage by
providing a setter priority allocation.46
III. Discussion and Commission
Findings
After careful review of the proposal,
as modified by Amendment No. 1, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act 47 and the rules
and regulations thereunder applicable to
a national securities exchange.48 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,49 which
40 See
Proposed NYSE Rule 7.36(h)(1)(D).
NYSE Rule 7.36(h)(1)(A)–(B).
42 See Proposed NYSE Rule 7.36(h)(1)(C).
43 Id.
44 See Proposed NYSE Rule 7.36(h)(1)(D). In
connection with this proposed change, the
Exchange also proposed to delete current NYSE
Rule 7.36(h)(4)(B), which states that setter priority
is not available when the reserve quantity
replenishes the display quantity of a Reserve Order.
45 The requirements for an order to achieve setter
priority are that it is an order ranked Priority 2—
Display Orders with a display quantity of at least
one round lot, that it establishes a new BBO, and
that it either establishes a new NBBO or joins an
Away Market NBBO. See NYSE Rule 7.36(h).
46 See Notice, supra note 7, at 28704–05.
47 15 U.S.C. 78f.
48 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
49 15 U.S.C. 78f(b)(5).
sradovich on DSK3GMQ082PROD with NOTICES
41 See
VerDate Sep<11>2014
18:11 Aug 08, 2018
Jkt 244001
requires 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.
The proposal would alter how UTP
Securities trade on the Exchange’s Pillar
trading platform with respect to two
order types—reserve orders and primary
pegged orders—and would also amend
the rules that determine when orders are
eligible for setter priority. The proposed
changes relating to Reserve Orders
would seek to reduce the quantity of
child orders and the potential for
information leakage. The Commission
believes that the proposal to replenish
the displayed quantity when it falls
below one round lot is consistent with
reserve order functioning on other
national securities exchanges that the
Commission has found to be consistent
with the Exchange Act.50 The
Commission also believes that the
proposal is consistent with Section
6(b)(5)—with respect to replenishing a
Reserve Order that has two existing
child orders totaling less than one round
lot, routing from reserve interest before
publishing the display quantity, and
aligning the Exchange’s rule text to the
existing treatment of Reserve Orders
that are not routable and of routed
Reserve Orders that return
unexecuted—because the proposed
changes are reasonably designed to
encourage the provision of liquidity on
the exchange by reducing the likelihood
of adverse selection against liquidity
providers through information leakage
and providing clarity to market
participants, while not permitting unfair
discrimination on the exchange.
The proposed changes relating to
Primary Pegged Reserve Orders would
provide that, if the PBBO is locked or
crossed when the display quantity of the
order is to be replenished, the entire
order would be canceled. The
Commission believes that the proposal
is reasonably designed to prevent the
display of locked or crossed quotations
in NMS securities.
The rules relating to the setter priority
would change in two ways. First, the
rules would be amended to reflect that,
under existing order function, an order
is not eligible for setter priority if there
50 See
PO 00000
Notice, supra note 7, at 28704.
Frm 00089
Fmt 4703
Sfmt 4703
is an odd-lot sized order with setter
priority at that price. Second, orders
would be evaluated for setter priority
under two additional circumstances—
when an order is resting and assigned a
new display price, and when the
display quantity of a Reserve Order is
replenished. The Commission believes
that these proposed changes are
reasonably designed to provide
incentives for market participants to
display liquidity on the Exchange.
Accordingly, the Commission finds
that the proposal is consistent with the
requirements of the Act, and is designed
to promote just and equitable principles
of trade, 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.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,51 that the
proposed rule change (SR–NYSE–2018–
26), as modified by Amendment No. 1,
be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.52
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–17004 Filed 8–8–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83771; File No. SR–
NASDAQ–2018–060]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Certain Terms Under Chapter I, Section
1 of the Options Rules
August 3, 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 July 20,
2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ 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
51 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
52 17
E:\FR\FM\09AUN1.SGM
09AUN1
Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices
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 proposal to
amend The Nasdaq Options Market LLC
(‘‘NOM’’) Rules at Chapter I, Section 1
to define certain terms.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaq.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
sradovich on DSK3GMQ082PROD with NOTICES
1. Purpose
NOM rules currently do not define an
‘‘in-the-money’’ or ‘‘out-of-the-money’’
option. The Exchange proposes to
define these terms at Chapter I, Section
1 to bring greater transparency to NOM
rules. In addition, the Exchange notes
that the terms, ‘‘in-the-money’’ and
‘‘out-of-the-money’’ are generally
accepted terms in the options industry.
These terms are utilized throughout the
options industry. The Exchange desires
for its Participants to have a clear
understanding of how NOM’s System
defines these terms.
The Exchange proposes to define an
‘‘in-of-the-money’’ option at Chapter I,
Section 1(a)(68). The Exchange proposes
that the term ‘‘in-the-money’’ shall
mean the following: For call options, all
strike prices below the offer in the
underlying security on the primary
listing market; for put options, all strike
prices above the bid in the underlying
security on the primary listing market.
The Exchange proposes to define an
‘‘out-of-the-money’’ option at Chapter I,
Section 1(a)(69). The Exchange proposes
that the term ‘‘out-of-the-money’’ shall
mean the following: For call options, all
VerDate Sep<11>2014
18:11 Aug 08, 2018
Jkt 244001
strike prices above the offer in the
underlying security on the primary
listing market; for put options, all strike
prices below the bid in the underlying
security on the primary listing market.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,3 in general, and furthers the
objectives of Section 6(b)(5) of the Act,4
in particular, in that it is designed to
promote just and equitable principles of
trade, 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. The
Exchange’s proposal to define the terms
‘‘in-the-money’’ and ‘‘out-of-the-money’’
options is consistent with the Act and
protects investors and the public
interest by bringing greater transparency
to the Rulebook. In addition, the
Exchange notes that the terms, ‘‘in-themoney’’ and ‘‘out-of-the-money’’ are
generally accepted terms in the options
industry. These terms are utilized
throughout the options industry. The
Exchange desires for its Participants to
have a clear understanding of how
NOM’s System defines these terms.
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. The
Exchange’s proposal to define the terms
‘‘in-the-money’’ and ‘‘out-of-the-money’’
options does not unduly burden
competition, rather it adds greater
transparency to the Rulebook.
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
3 15
4 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00090
Fmt 4703
Sfmt 4703
39491
19(b)(3)(A)(iii) of the Act 5 and
subparagraph (f)(6) of Rule 19b–4
thereunder.6
A proposed rule change filed under
Rule 19b–4(f)(6) 7 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),8 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
represents that immediately defining the
terms ‘‘in-the-money’’ and ‘‘out-of-themoney’’ options within its Rulebook
would provide greater transparency to
its Participants. For the same reason, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission waives the 30-day
operative delay and designates the
proposed rule change operative upon
filing.9
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.
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
5 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
7 17 CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii).
9 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
6 17
E:\FR\FM\09AUN1.SGM
09AUN1
39492
Federal Register / Vol. 83, No. 154 / Thursday, August 9, 2018 / Notices
• Send an email to rule-comments@
sec.gov. Please include File Number
SR–NASDAQ–2018–060 on the subject
line.
• 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–NASDAQ–2018–060. 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–NASDAQ–2018–060 and
should be submitted on or before
August 30, 2018.
sradovich on DSK3GMQ082PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–17006 Filed 8–8–18; 8:45 am]
BILLING CODE 8011–01–P
18:11 Aug 08, 2018
Jkt 244001
The State which received an EIDL
Declaration # is Iowa.
(Catalog of Federal Domestic Assistance
Number 59008)
Dated: July 30, 2018.
Linda E. McMahon,
Administrator.
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
[FR Doc. 2018–17022 Filed 8–8–18; 8:45 am]
BILLING CODE 8025–01–P
This is a notice of an
Administrative declaration of a disaster
for the State of Iowa dated 07/30/2018.
Incident: Tornado.
Incident Period: 07/19/2018.
DATES: Issued on 07/30/2018.
Physical Loan Application Deadline
Date: 09/28/2018.
Economic Injury (EIDL) Loan
Application Deadline Date: 04/30/2019.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Marshall
Contiguous Counties:
Iowa: Grundy, Hardin, Jasper,
Poweshiek, Story, Tama
The Interest Rates are:
SUMMARY:
Percent
For Physical Damage:
Homeowners with Credit Available Elsewhere ........................
Homeowners
without
Credit
Available Elsewhere ................
Businesses with Credit Available
Elsewhere ................................
Businesses without Credit Available Elsewhere ........................
Non-Profit Organizations with
Credit Available Elsewhere .....
Non-Profit Organizations without
Credit Available Elsewhere .....
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ................
Non-Profit Organizations without
Credit Available Elsewhere .....
3.875
1.938
7.220
3.610
2.500
2.500
3.610
2.500
The number assigned to this disaster
for physical damage is 15616 C and for
economic injury is 15617 0.
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
[Disaster Declaration #15616 and #15617;
IOWA Disaster Number IA–00078]
Administrative Declaration of a
Disaster for the State of Iowa
Paper Comments
10 17
SMALL BUSINESS ADMINISTRATION
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
DEPARTMENT OF STATE
[Public Notice: 10490]
Defense Trade Advisory Group; Notice
of Open Meeting
The Defense Trade Advisory Group
(DTAG) will meet in open session from
1:00 p.m. until 5:00 p.m. on Thursday,
October 25, 2018 at 1777 F Street NW,
Washington, DC 20006. Entry and
registration will begin at 12:30 p.m. The
membership of this advisory committee
consists of private sector defense trade
representatives, appointed by the
Assistant Secretary of State for PoliticalMilitary Affairs, who advise the
Department on policies, regulations, and
technical issues affecting defense trade.
The purpose of the meeting will be to
discuss current defense trade issues and
topics for further study. The following
agenda topics will be discussed and
final reports presented: (1) Oversight of
technical data under the ITAR and
NISPOM; (2) Challenges regulated
entities face in advising the Department
of ownership changes that implicate
existing licenses and foreign persons,
and processes the Department may
implement to facilitate the provisions of
this information; (3) Possible schedule
for future ongoing periodic review of
USML categories; (4) Developing a
definition for common carrier; and (5)
Issues that exist with licensing of
defense articles, including intelligence
related products, related technical data,
and defense services to the ‘‘Five Eyes’’
countries of the U.S., UK, Australia,
Canada and New Zealand. Members of
the public may attend this open session
and will be permitted to participate in
the question and answer discussion
period following the formal DTAG
presentation on each agenda topic in
accordance with the Chair’s
instructions. Members of the public may
also, if they wish, submit a brief
statement (less than 3 pages) to the
committee in writing for inclusion in
the public minutes of the meeting. As
seating is limited to 125 persons, each
member of the public that wishes to
attend this plenary session must
provide: His/her name and contact
information such as email address and/
E:\FR\FM\09AUN1.SGM
09AUN1
]]>Agencies
[Federal Register Volume 83, Number 154 (Thursday, August 9, 2018)]
[Notices]
[Pages 39490-39492]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-17006]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83771; File No. SR-NASDAQ-2018-060]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Certain Terms Under Chapter I, Section 1 of the Options Rules
August 3, 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 July 20, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' 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
[[Page 39491]]
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 proposal to amend The Nasdaq Options
Market LLC (``NOM'') Rules at Chapter I, Section 1 to define certain
terms.
The text of the proposed rule change is available on the Exchange's
website at https://nasdaq.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
NOM rules currently do not define an ``in-the-money'' or ``out-of-
the-money'' option. The Exchange proposes to define these terms at
Chapter I, Section 1 to bring greater transparency to NOM rules. In
addition, the Exchange notes that the terms, ``in-the-money'' and
``out-of-the-money'' are generally accepted terms in the options
industry. These terms are utilized throughout the options industry. The
Exchange desires for its Participants to have a clear understanding of
how NOM's System defines these terms.
The Exchange proposes to define an ``in-of-the-money'' option at
Chapter I, Section 1(a)(68). The Exchange proposes that the term ``in-
the-money'' shall mean the following: For call options, all strike
prices below the offer in the underlying security on the primary
listing market; for put options, all strike prices above the bid in the
underlying security on the primary listing market. The Exchange
proposes to define an ``out-of-the-money'' option at Chapter I, Section
1(a)(69). The Exchange proposes that the term ``out-of-the-money''
shall mean the following: For call options, all strike prices above the
offer in the underlying security on the primary listing market; for put
options, all strike prices below the bid in the underlying security on
the primary listing market.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\3\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\4\ in particular, in that it is designed to promote
just and equitable principles of trade, 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.
The Exchange's proposal to define the terms ``in-the-money'' and ``out-
of-the-money'' options is consistent with the Act and protects
investors and the public interest by bringing greater transparency to
the Rulebook. In addition, the Exchange notes that the terms, ``in-the-
money'' and ``out-of-the-money'' are generally accepted terms in the
options industry. These terms are utilized throughout the options
industry. The Exchange desires for its Participants to have a clear
understanding of how NOM's System defines these terms.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. The Exchange's proposal to
define the terms ``in-the-money'' and ``out-of-the-money'' options does
not unduly burden competition, rather it adds greater transparency to
the Rulebook.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \5\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \7\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\8\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Exchange
represents that immediately defining the terms ``in-the-money'' and
``out-of-the-money'' options within its Rulebook would provide greater
transparency to its Participants. For the same reason, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Accordingly, the
Commission waives the 30-day operative delay and designates the
proposed rule change operative upon filing.\9\
---------------------------------------------------------------------------
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6)(iii).
\9\ For purposes only of waiving the 30-day operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
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. 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
[[Page 39492]]
Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-060 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-NASDAQ-2018-060. 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-NASDAQ-2018-060 and should be submitted
on or before August 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-17006 Filed 8-8-18; 8:45 am]
BILLING CODE 8011-01-P
