Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee, 42715-42719 [2018-18163]
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Federal Register / Vol. 83, No. 164 / Thursday, August 23, 2018 / Notices
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[FR Doc. 2018–18145 Filed 8–22–18; 8:45 am]
BILLING CODE 7590–01–P
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OVERSEAS PRIVATE INVESTMENT
CORPORATION
Sunshine Act Meeting Notice
Thursday, September
13, 2018 1 p.m. (OPEN Portion), 1:15
p.m. (CLOSED Portion).
PLACE: Offices of the Corporation,
Twelfth Floor Board Room, 1100 New
York Avenue NW, Washington, DC
TIME AND DATE:
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Meeting OPEN to the Public
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MATTERS TO BE CONSIDERED:
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June 14, 2018, Board of Directors
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STATUS:
Dated: August 21, 2018.
Catherine Andrade,
Corporate Secretary, Overseas Private
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[FR Doc. 2018–18335 Filed 8–21–18; 11:15 am]
BILLING CODE 3210–01–P
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, & First-Class
Package Service Negotiated Service
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42715
Priority Mail Express, Priority Mail, &
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to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2018–210, CP2018–292.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–18225 Filed 8–22–18; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail and
First-Class Package Service
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
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FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
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gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on August 20,
2018, it filed with the Postal Regulatory
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Priority Mail & First-Class Package
Service Contract 86 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2018–211,
CP2018–293.
SUMMARY:
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–18226 Filed 8–22–18; 8:45 am]
BILLING CODE 7710–12–P
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
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2018, it filed with the Postal Regulatory
Commission a USPS Request to Add
SUMMARY:
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83878; File No. SR–
CboeBZX–2018–061]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Options Regulatory Fee
August 17, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 83, No. 164 / Thursday, August 23, 2018 / Notices
notice is hereby given that on August 9,
2018, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. 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 filed a proposal to
amend its fees schedule relating to the
Options Regulatory Fee.
The text of the proposed rule change
is available at the Exchange’s website at
www.markets.cboe.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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
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1. Purpose
The Exchange proposes to implement
proposed changes to its Fees Schedule
for its equity options platform (‘‘BZX
Options’’) to clarify how the Options
Regulatory Fee (‘‘ORF’’) is assessed and
collected.
Background
By way of background, the ORF is
assessed by the Exchange to each
Member for options transactions cleared
by the Member that are cleared by The
3 15
4 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
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Options Clearing Corporation (‘‘OCC’’)
in the customer range (i.e., transactions
that clear in a customer account at OCC)
regardless of the exchange on which the
transaction occurs. The ORF is designed
to recover a material portion of the costs
to the Exchange of the supervision and
regulation of Member customer options
business, including performing routine
surveillances, investigations,
examinations, financial monitoring, as
well as policy, rulemaking, interpretive
and enforcement activities.5 The
Exchange believes that revenue
generated from the ORF, when
combined with all of the Exchange’s
other regulatory fees and fines, will
cover a material portion, but not all, of
the Exchange’s regulatory costs.
The Exchange monitors the amount of
revenue collected from the ORF to
ensure that it, in combination with its
other regulatory fees and fines, does not
exceed the Exchange’s total regulatory
costs. The Exchange monitors its
regulatory costs and revenues at a
minimum on a semi-annual basis. If the
Exchange determines regulatory
revenues exceed or are insufficient to
cover a material portion of its regulatory
costs, the Exchange will adjust the ORF
by submitting a fee change filing to the
Commission. The Exchange notifies
Members of adjustments to the ORF via
an exchange notice. The Exchange
provides Members with such notice at
least 30 calendar days prior to the
effective date of the change.
Under the Exchange’s current process,
the ORF is assessed to Members and
collected indirectly from Members
through their clearing firms by OCC on
behalf of the Exchange. The following
scenarios reflect how the ORF is
assessed and collected (these apply
regardless if the transaction is executed
on the Exchange or on an away
exchange):
1. If a Member is the executing
clearing firm on a transaction
(‘‘Executing Clearing Firm’’), the ORF is
assessed to and collected from that
Member by OCC on behalf of the
Exchange.
2. If a Member is the Executing
Clearing Firm and the transaction is
‘‘given up’’ to a different Member that
clears the transaction (‘‘Clearing Giveup’’), the ORF is assessed to the
Executing Clearing Firm (the ORF is the
obligation of the Executing Clearing
5 The Exchange notes that its regulatory
responsibilities with respect to Member compliance
with options sales practice rules have largely been
allocated to FINRA under a 17d–2 agreement. The
ORF is not designed to cover the cost of that options
sales practice regulation. See Securities Exchange
Act Release No. 76309 (October 29, 2015), 80 FR
68361 (November 4, 2015).
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Firm). The ORF is collected from the
Clearing Give-up.
3. If the Executing Clearing Firm is a
non-Member and the Clearing Give-up
is a Member, the ORF is assessed to and
collected from the Clearing Give-up.
4. As of August 1, 2018, if a Member
is the Executing Clearing Firm and a
non-Member is the Clearing Give-up,
the ORF will be assessed to the
Executing Clearing Firm. The ORF is the
obligation of the Executing Clearing
Firm but will be collected from the nonMember Clearing Give-up (for the
reasons described below). The Exchange
notes that this assessment is consistent
with how ORF is assessed and collected
on two of the Exchange’s affiliated
exchanges.6
5. No ORF is assessed if neither the
Executing Clearing Firm nor the
Clearing Give-Up are Members.
The Exchange currently uses an OCC
file that summarizes total trades cleared
in the customer range by OCC number
to determine the Executing Clearing
Firm and the Clearing Give-up. As of
August 1, 2018, the Exchange will use
a different and more detailed OCC
cleared trades file to determine the
Executing Clearing Firm and the
Clearing Give-up.7
In each of scenarios 1 through 4
above, if the transaction is transferred
pursuant to a Clearing Member Trade
Assignment (‘‘CMTA’’) arrangement to
another clearing firm who ultimately
clears the transaction, the ORF is
collected from the clearing firm that
ultimately clears the transaction (which
firm may be a non-Member), by OCC on
behalf of the Exchange. No ORF is
assessed if neither the Executing
Clearing Firm nor the Clearing Give-Up
are Members. Using CMTA transfer
information provided by the OCC, the
Exchange subtracts the ORF charge from
the monthly ORF bill of the clearing
firm that transfers the position and adds
the charge to the monthly ORF bill of
the clearing firm that receives the
CMTA transfer (i.e., the ultimate
clearing firm). This process is performed
at the end of each month on each
transfer in the OCC CMTA transfer file
for that month.8
6 See Securities Exchange Act Release No. 82164
(November 28, 2017), 82 FR 231 (December 4, 2017)
(SR–CBOE–2017–074) and Securities Exchange Act
Release No. 82163 (November 28, 2017), 82 FR 231
(December 4, 2017) (SR–C2–2017–031).
7 The Exchange notes that in the case where a
non-self-clearing Member executes a transaction on
the Exchange, the Member’s guaranteeing Clearing
Member is reflected as the Executing Clearing Firm
in the OCC cleared trades file and the ORF is
assessed to and collected from the Executing
Clearing Firm.
8 The Exchange notes that OCC provides the
Exchange and other exchanges with information to
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Proposed Amendments to the Fees
Schedule
The Exchange proposes to amend its
Fees Schedule in the following respects
to clarify how the ORF is assessed and
collected.
First, the Exchange proposes to
amend its Fees Schedule to clarify that
the ORF is assessed by the Exchange to
each Member for options transactions
cleared by the Member (as opposed to
‘‘all’’ options transaction ‘‘executed and
cleared’’ by the Member) that are
cleared by OCC in the customer range
regardless of the exchange on which the
transaction occurs. Because the ORF is
always assessed to a Clearing Member,
the Exchange proposes to remove the
words ‘‘executed and, or simply’’ from
the Fee Schedule description of the ORF
to clarify that the ORF is assessed for
options transactions cleared by a
Member.
Second, the Exchange proposes to
make explicit that the Exchange uses
reports from OCC when assessing and
collecting the ORF, as noted above.
Third, the Exchange proposes to make
clear in the Fees Schedule, that as of
August 1, 2018, the ORF will be
collected by OCC on behalf of the
Exchange from the Clearing Member or
non-Clearing Member that ultimately
clears the transaction. While the ORF is
an obligation of Members, due to
industry request the ORF is collected
from the clearing firm that ultimately
clears the eligible trade, even if such
firm is a not a Member. The Exchange,
OCC and the industry agreed to this
collection method in response to
comments that by collecting the ORF in
this manner Members and non-Members
could more easily pass-through the ORF
to their customers. As such, in scenario
4 above the ORF is collected from the
non-Clearing Member that clears the
transaction in order to facilitate the
pass-through of the ORF to the endcustomer. Likewise, collection of the
ORF from the ultimate (CMTA) clearing
firm facilitates the passing of the fee to
the end-customer. In those cases where
the ORF is collected from a nonClearing Member, the Exchange
(through OCC) collects the ORF as a
convenience for the Member whose
obligation it is to pay the fee to the
Exchange.
assist in excluding CMTA transfers done to correct
bona fide errors from the ORF calculation.
Specifically, if a clearing firm gives up or CMTA
transfers a position to the wrong clearing firm, the
firm that caused the error will send an offsetting
CMTA transfer to that firm and send a new CMTA
transfer to the correct firm. The offsetting CMTA
transfer is marked with a CMTA Transfer ORF
Indicator which results in the original erroneous
transfer being excluded from the ORF calculation.
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Fourth, the Exchange proposes to
clarify its process for assessing the ORF
on linkage transactions. An options
order entered on the Exchange may be
routed to and executed on another
exchange pursuant to the Options Order
Protection and Locked/Crossed Market
Plan. The Exchange may engage a
routing broker to provide routing
services (‘‘Routing Services’’) to
facilitate linkage transactions. A
customer order routed by a routing
broker for execution at another
exchange results in a transaction on that
exchange and an obligation of the
routing broker to pay the options
regulatory fee, if any, of that exchange.
After receiving a fill on the away
exchange, the routing broker trades
against the original order entered on the
Exchange and incurs the BZX Options
ORF. Pursuant to its agreement with the
routing broker, the Exchange reimburses
the routing broker for any options
regulatory fee assessed by the Exchange
and by the away market on which the
customer order was executed. As a
result, only the original customer order
executed on the Exchange is assessed
the ORF. The Exchange proposes to
amend its Fees Schedule to clarify that,
with respect to linkage transactions, the
Exchange reimburses its routing broker
providing Routing Services for options
regulatory fees it incurs in connection
with the Routing Services it provides.
Fifth, the Exchange proposes to
change the method it uses to assess the
ORF to better align with the Exchange’s
Fees Schedule. Currently, the Exchange
assesses the ORF to a Member based on
the OCC clearing number(s) that the
Member registers with the Exchange. A
Member may have additional OCC
clearing numbers that are not registered
with the Exchange because they are
used by the Member to clear activity on
other exchanges. If a Member uses a
non-BZX Options registered OCC
clearing number on a transaction and
that clearing number is denoted as the
Executing Clearing Firm or the Clearing
Give-up, the ORF is not assessed to that
transaction because the clearing number
is not known to the Exchange. Such
transactions are subject to the ORF
under the Exchange’s Fees Schedule
because the Executing Clearing Firm or
the Clearing Give-up was a Member.
The ORF is assessed at the Member
entity level, not at the OCC clearing
number level. In order to conform its
ORF billing practice to its Fees
Schedule, the Exchange proposes to
amend the Fees Schedule to require
Members, pursuant to BZX Options
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Rule 24.1,9 to provide the Exchange
with a complete list of its OCC clearing
numbers. The Exchange would use the
list provided solely for ORF billing
purposes. Members would be required
to keep such information up to date
with the Exchange. The Exchange will
issue an Exchange Notice to provide
Members with notice of this change and
a deadline for initial submission of its
OCC clearing numbers list. The
Exchange expects to implement this
change for August 2018 ORF billing in
order for the Exchange to provide
Members with notice of this new
requirement and time to comply.
The Exchange lastly proposes a
couple of minor clean up changes to the
Fees Schedule such as defining the
‘‘OCC’’ as ‘‘The Options Clearing
Corporation’’.
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.10 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 11 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,12 which
requires that Exchange rules provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
Members and other persons using its
facilities.
The Exchange believes the proposed
clarifications to the Fees Schedule with
respect to how ORF is assessed and
collected provides further transparency
in the Fees Schedule and alleviates
potential confusion. The alleviation of
9 BZX Options Rule 24.1 provides that no
Member shall refuse to make available to the
Exchange such books, records or other information
as may be called for under the Rules or as may be
requested in connection with an investigation by
the Exchange.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
12 15 U.S.C. 78f(b)(4).
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confusion removes impediments to and
perfects the mechanism of a free and
open market and a national market
system, and, in general, protects
investors and the public interest.
Additionally, the Exchange notes that
the proposal to clarify that the ORF is
assessed to Members for options
transactions cleared by the Member (as
opposed to executed and cleared) is
appropriate and equitable because it
adds clarity to the Fee Schedule by
better and more accurately describing
the application of the ORF. The
Exchange believes it is appropriate to
charge the ORF only to transactions that
clear as customer at the OCC. The
Exchange believes that its broad
regulatory responsibilities with respect
to its Members’ activities supports
applying the ORF to transactions
cleared by a Member. The Exchange’s
regulatory responsibilities are the same
regardless of whether a Member
executes a transaction or clears a
transaction executed on its behalf. The
Exchange regularly reviews all such
activity, including performing
surveillance for position limit
violations, manipulation, insider
trading, front-running and contrary
exercise advice violations. The
Exchange believes the proposal is
equitable and not unfairly
discriminatory because it applies in the
same manner to Members subject to the
ORF. The ORF is only assessed to a
Member with respect to a particular
transaction in which it is either the
Executing Clearing Firm or the Clearing
Give-up.
The Exchange believes the proposal to
collect the ORF from non-Members that
ultimately clear the transaction is an
equitable allocation of reasonable dues,
fees, and other charges among its
Members and other persons using its
facilities. The Exchange notes that there
is a material distinction between
‘‘assessing’’ the ORF and ‘‘collecting’’
the ORF. The Exchange does not assess
the ORF to non-Members. The ORF is an
obligation of Members. Once, however,
the ORF is assessed to a Member for a
particular transaction, the ORF may be
collected from a Member or a nonMember, depending on how the
transaction is cleared at OCC. If there
was no change to the clearing number
of the original transaction, the ORF
would be collected from the Member. If
there was a change to the clearing
number of the original transaction and
a non-Member becomes the ultimate
clearing firm for that transaction, then
the ORF will be collected from that nonMember. The Exchange believes that
this collection practice is reasonable
and appropriate, and was originally
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instituted at the request of the industry
for the ORF be collected from the
clearing firm that ultimately clears the
transaction in order to facilitate the
passing of the fee to the end-customer.
The Exchange believes that the
proposal to clarify that the ORF is
collected by OCC on behalf of the
Exchange from the Clearing Member
that ultimately clears the transaction
also provides clarity in the Fee
Schedule and is reasonable. As
discussed, if the ORF is assessed to a
Member for a particular transaction and
there was no change to the clearing
number of the original transaction, the
ORF would be collected from the
Member. If there was a change to the
clearing number of the original
transaction and another Member
becomes the ultimate clearing firm for
that transaction, then the ORF will be
collected from the Member that
ultimately cleared the transaction.
Similarly, as noted above, if there is a
change to the clearing number of the
original transaction and a non-Member
becomes the ultimate clearing firm for
that transaction, then the ORF will be
collected from that non-Member.
The Exchange believes it is
reasonable, equitable and
nondiscriminatory not to pass the ORF
to a CMTA transferee when neither the
CMTA transferor, transferee nor
executing Clearing Firm is a Member
because this would help ensure the ORF
is not collected on any transactions that
may not be subject to the ORF.
The Exchange also believes it is
reasonable, equitable and
nondiscriminatory to reimburse its
routing broker for any options
regulatory fees the broker incurs in
connection with Routing Services
because this helps ensure the Exchange
does not charge the ORF more than once
to a single customer order.
Lastly, the Exchange believes the
minor clean-up change to define ‘‘OCC
reduces confusion, thereby removing
impediments to and perfecting the
mechanism of a free and open market
and a national market system, and, in
general, protecting investors and the
public interest.
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. This
proposal does not create an unnecessary
or inappropriate intra-market burden on
competition because the ORF applies to
all customer activity, thereby raising
regulatory revenue to offset regulatory
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expenses. It also supplements the
regulatory revenue derived from noncustomer activity. This proposal does
not create an unnecessary or
inappropriate inter-market burden on
competition because it is a regulatory
fee that supports regulation in
furtherance of the purposes of the Act.
The Exchange is obligated to ensure that
the amount of regulatory revenue
collected from the ORF, in combination
with its other regulatory fees and fines,
does not exceed regulatory costs.
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 13 and paragraph (f) of Rule
19b–4 thereunder.14 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.
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 rule-comments@
sec.gov. Please include File No. SR–
CboeBZX–2018–061 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 No.
SR-CboeBZX–2018–061. 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
13 15
14 17
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
23AUN1
Federal Register / Vol. 83, No. 164 / Thursday, August 23, 2018 / Notices
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 No.
SR–CboeBZX–2018–061, and should be
submitted on or before September 13,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–18163 Filed 8–22–18; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–83880; File No. SR–
CboeEDGX–2018–033]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Options Regulatory Fee
August 17, 2018.
daltland on DSKBBV9HB2PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange filed a proposal to
amend its Fees Schedule relating to the
Options Regulatory Fee.
The text of the proposed rule change
is available at the Exchange’s website at
www.markets.cboe.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 parts 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
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 August 9,
2018, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1. Purpose
The Exchange proposes to implement
proposed changes to its Fees Schedule
for its equity options platform (‘‘BZX
[sic] Options’’) to clarify how the
Options Regulatory Fee (‘‘ORF’’) is
assessed and collected.
Background
By way of background, the ORF is
assessed by the Exchange to each
Member for options transactions cleared
by the Member that are cleared by The
Options Clearing Corporation (‘‘OCC’’)
in the customer range (i.e., transactions
that clear in a customer account at OCC)
regardless of the exchange on which the
transaction occurs. The ORF is designed
to recover a material portion of the costs
15 17
1 15
VerDate Sep<11>2014
19:43 Aug 22, 2018
3 15
4 17
Jkt 244001
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00084
Fmt 4703
Sfmt 4703
42719
to the Exchange of the supervision and
regulation of Member customer options
business, including performing routine
surveillances, investigations,
examinations, financial monitoring, as
well as policy, rulemaking, interpretive
and enforcement activities.5 The
Exchange believes that revenue
generated from the ORF, when
combined with all of the Exchange’s
other regulatory fees and fines, will
cover a material portion, but not all, of
the Exchange’s regulatory costs.
The Exchange monitors the amount of
revenue collected from the ORF to
ensure that it, in combination with its
other regulatory fees and fines, does not
exceed the Exchange’s total regulatory
costs. The Exchange monitors its
regulatory costs and revenues at a
minimum on a semi-annual basis. If the
Exchange determines regulatory
revenues exceed or are insufficient to
cover a material portion of its regulatory
costs, the Exchange will adjust the ORF
by submitting a fee change filing to the
Commission. The Exchange notifies
Members of adjustments to the ORF via
an exchange notice. The Exchange
provides Members with such notice at
least 30 calendar days prior to the
effective date of the change.
Under the Exchange’s current process,
the ORF is assessed to Members and
collected indirectly from Members
through their clearing firms by OCC on
behalf of the Exchange. The following
scenarios reflect how the ORF is
assessed and collected (these apply
regardless if the transaction is executed
on the Exchange or on an away
exchange):
1. If a Member is the executing
clearing firm on a transaction
(‘‘Executing Clearing Firm’’), the ORF is
assessed to and collected from that
Member by OCC on behalf of the
Exchange.
2. If a Member is the Executing
Clearing Firm and the transaction is
‘‘given up’’ to a different Member that
clears the transaction (‘‘Clearing Giveup’’), the ORF is assessed to the
Executing Clearing Firm (the ORF is the
obligation of the Executing Clearing
Firm). The ORF is collected from the
Clearing Give-up.
3. If the Executing Clearing Firm is a
non-Member and the Clearing Give-up
is a Member, the ORF is assessed to and
collected from the Clearing Give-up.
5 The Exchange notes that its regulatory
responsibilities with respect to Member compliance
with options sales practice rules have largely been
allocated to FINRA under a 17d–2 agreement. The
ORF is not designed to cover the cost of that options
sales practice regulation. See Securities Exchange
Act Release No. 76309 (October 29, 2015), 80 FR
68361 (November 4, 2015).
E:\FR\FM\23AUN1.SGM
23AUN1
]]>Agencies
[Federal Register Volume 83, Number 164 (Thursday, August 23, 2018)]
[Notices]
[Pages 42715-42719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18163]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83878; File No. SR-CboeBZX-2018-061]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Options Regulatory Fee
August 17, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\
[[Page 42716]]
notice is hereby given that on August 9, 2018, Cboe BZX Exchange, Inc.
(the ``Exchange'' or ``BZX'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II and III below, which Items have been prepared by the
Exchange. The Exchange has designated the proposed rule change as one
establishing or changing a member due, fee, or other charge imposed by
the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-
4(f)(2) thereunder,\4\ which renders the proposed rule change effective
upon filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange filed a proposal to amend its fees schedule relating
to the Options Regulatory Fee.
The text of the proposed rule change is available at the Exchange's
website at www.markets.cboe.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 parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to implement proposed changes to its Fees
Schedule for its equity options platform (``BZX Options'') to clarify
how the Options Regulatory Fee (``ORF'') is assessed and collected.
Background
By way of background, the ORF is assessed by the Exchange to each
Member for options transactions cleared by the Member that are cleared
by The Options Clearing Corporation (``OCC'') in the customer range
(i.e., transactions that clear in a customer account at OCC) regardless
of the exchange on which the transaction occurs. The ORF is designed to
recover a material portion of the costs to the Exchange of the
supervision and regulation of Member customer options business,
including performing routine surveillances, investigations,
examinations, financial monitoring, as well as policy, rulemaking,
interpretive and enforcement activities.\5\ The Exchange believes that
revenue generated from the ORF, when combined with all of the
Exchange's other regulatory fees and fines, will cover a material
portion, but not all, of the Exchange's regulatory costs.
---------------------------------------------------------------------------
\5\ The Exchange notes that its regulatory responsibilities with
respect to Member compliance with options sales practice rules have
largely been allocated to FINRA under a 17d-2 agreement. The ORF is
not designed to cover the cost of that options sales practice
regulation. See Securities Exchange Act Release No. 76309 (October
29, 2015), 80 FR 68361 (November 4, 2015).
---------------------------------------------------------------------------
The Exchange monitors the amount of revenue collected from the ORF
to ensure that it, in combination with its other regulatory fees and
fines, does not exceed the Exchange's total regulatory costs. The
Exchange monitors its regulatory costs and revenues at a minimum on a
semi-annual basis. If the Exchange determines regulatory revenues
exceed or are insufficient to cover a material portion of its
regulatory costs, the Exchange will adjust the ORF by submitting a fee
change filing to the Commission. The Exchange notifies Members of
adjustments to the ORF via an exchange notice. The Exchange provides
Members with such notice at least 30 calendar days prior to the
effective date of the change.
Under the Exchange's current process, the ORF is assessed to
Members and collected indirectly from Members through their clearing
firms by OCC on behalf of the Exchange. The following scenarios reflect
how the ORF is assessed and collected (these apply regardless if the
transaction is executed on the Exchange or on an away exchange):
1. If a Member is the executing clearing firm on a transaction
(``Executing Clearing Firm''), the ORF is assessed to and collected
from that Member by OCC on behalf of the Exchange.
2. If a Member is the Executing Clearing Firm and the transaction
is ``given up'' to a different Member that clears the transaction
(``Clearing Give-up''), the ORF is assessed to the Executing Clearing
Firm (the ORF is the obligation of the Executing Clearing Firm). The
ORF is collected from the Clearing Give-up.
3. If the Executing Clearing Firm is a non-Member and the Clearing
Give-up is a Member, the ORF is assessed to and collected from the
Clearing Give-up.
4. As of August 1, 2018, if a Member is the Executing Clearing Firm
and a non-Member is the Clearing Give-up, the ORF will be assessed to
the Executing Clearing Firm. The ORF is the obligation of the Executing
Clearing Firm but will be collected from the non-Member Clearing Give-
up (for the reasons described below). The Exchange notes that this
assessment is consistent with how ORF is assessed and collected on two
of the Exchange's affiliated exchanges.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 82164 (November 28,
2017), 82 FR 231 (December 4, 2017) (SR-CBOE-2017-074) and
Securities Exchange Act Release No. 82163 (November 28, 2017), 82 FR
231 (December 4, 2017) (SR-C2-2017-031).
---------------------------------------------------------------------------
5. No ORF is assessed if neither the Executing Clearing Firm nor
the Clearing Give-Up are Members.
The Exchange currently uses an OCC file that summarizes total
trades cleared in the customer range by OCC number to determine the
Executing Clearing Firm and the Clearing Give-up. As of August 1, 2018,
the Exchange will use a different and more detailed OCC cleared trades
file to determine the Executing Clearing Firm and the Clearing Give-
up.\7\
---------------------------------------------------------------------------
\7\ The Exchange notes that in the case where a non-self-
clearing Member executes a transaction on the Exchange, the Member's
guaranteeing Clearing Member is reflected as the Executing Clearing
Firm in the OCC cleared trades file and the ORF is assessed to and
collected from the Executing Clearing Firm.
---------------------------------------------------------------------------
In each of scenarios 1 through 4 above, if the transaction is
transferred pursuant to a Clearing Member Trade Assignment (``CMTA'')
arrangement to another clearing firm who ultimately clears the
transaction, the ORF is collected from the clearing firm that
ultimately clears the transaction (which firm may be a non-Member), by
OCC on behalf of the Exchange. No ORF is assessed if neither the
Executing Clearing Firm nor the Clearing Give-Up are Members. Using
CMTA transfer information provided by the OCC, the Exchange subtracts
the ORF charge from the monthly ORF bill of the clearing firm that
transfers the position and adds the charge to the monthly ORF bill of
the clearing firm that receives the CMTA transfer (i.e., the ultimate
clearing firm). This process is performed at the end of each month on
each transfer in the OCC CMTA transfer file for that month.\8\
---------------------------------------------------------------------------
\8\ The Exchange notes that OCC provides the Exchange and other
exchanges with information to assist in excluding CMTA transfers
done to correct bona fide errors from the ORF calculation.
Specifically, if a clearing firm gives up or CMTA transfers a
position to the wrong clearing firm, the firm that caused the error
will send an offsetting CMTA transfer to that firm and send a new
CMTA transfer to the correct firm. The offsetting CMTA transfer is
marked with a CMTA Transfer ORF Indicator which results in the
original erroneous transfer being excluded from the ORF calculation.
---------------------------------------------------------------------------
[[Page 42717]]
Proposed Amendments to the Fees Schedule
The Exchange proposes to amend its Fees Schedule in the following
respects to clarify how the ORF is assessed and collected.
First, the Exchange proposes to amend its Fees Schedule to clarify
that the ORF is assessed by the Exchange to each Member for options
transactions cleared by the Member (as opposed to ``all'' options
transaction ``executed and cleared'' by the Member) that are cleared by
OCC in the customer range regardless of the exchange on which the
transaction occurs. Because the ORF is always assessed to a Clearing
Member, the Exchange proposes to remove the words ``executed and, or
simply'' from the Fee Schedule description of the ORF to clarify that
the ORF is assessed for options transactions cleared by a Member.
Second, the Exchange proposes to make explicit that the Exchange
uses reports from OCC when assessing and collecting the ORF, as noted
above.
Third, the Exchange proposes to make clear in the Fees Schedule,
that as of August 1, 2018, the ORF will be collected by OCC on behalf
of the Exchange from the Clearing Member or non-Clearing Member that
ultimately clears the transaction. While the ORF is an obligation of
Members, due to industry request the ORF is collected from the clearing
firm that ultimately clears the eligible trade, even if such firm is a
not a Member. The Exchange, OCC and the industry agreed to this
collection method in response to comments that by collecting the ORF in
this manner Members and non-Members could more easily pass-through the
ORF to their customers. As such, in scenario 4 above the ORF is
collected from the non-Clearing Member that clears the transaction in
order to facilitate the pass-through of the ORF to the end-customer.
Likewise, collection of the ORF from the ultimate (CMTA) clearing firm
facilitates the passing of the fee to the end-customer. In those cases
where the ORF is collected from a non-Clearing Member, the Exchange
(through OCC) collects the ORF as a convenience for the Member whose
obligation it is to pay the fee to the Exchange.
Fourth, the Exchange proposes to clarify its process for assessing
the ORF on linkage transactions. An options order entered on the
Exchange may be routed to and executed on another exchange pursuant to
the Options Order Protection and Locked/Crossed Market Plan. The
Exchange may engage a routing broker to provide routing services
(``Routing Services'') to facilitate linkage transactions. A customer
order routed by a routing broker for execution at another exchange
results in a transaction on that exchange and an obligation of the
routing broker to pay the options regulatory fee, if any, of that
exchange. After receiving a fill on the away exchange, the routing
broker trades against the original order entered on the Exchange and
incurs the BZX Options ORF. Pursuant to its agreement with the routing
broker, the Exchange reimburses the routing broker for any options
regulatory fee assessed by the Exchange and by the away market on which
the customer order was executed. As a result, only the original
customer order executed on the Exchange is assessed the ORF. The
Exchange proposes to amend its Fees Schedule to clarify that, with
respect to linkage transactions, the Exchange reimburses its routing
broker providing Routing Services for options regulatory fees it incurs
in connection with the Routing Services it provides.
Fifth, the Exchange proposes to change the method it uses to assess
the ORF to better align with the Exchange's Fees Schedule. Currently,
the Exchange assesses the ORF to a Member based on the OCC clearing
number(s) that the Member registers with the Exchange. A Member may
have additional OCC clearing numbers that are not registered with the
Exchange because they are used by the Member to clear activity on other
exchanges. If a Member uses a non-BZX Options registered OCC clearing
number on a transaction and that clearing number is denoted as the
Executing Clearing Firm or the Clearing Give-up, the ORF is not
assessed to that transaction because the clearing number is not known
to the Exchange. Such transactions are subject to the ORF under the
Exchange's Fees Schedule because the Executing Clearing Firm or the
Clearing Give-up was a Member. The ORF is assessed at the Member entity
level, not at the OCC clearing number level. In order to conform its
ORF billing practice to its Fees Schedule, the Exchange proposes to
amend the Fees Schedule to require Members, pursuant to BZX Options
Rule 24.1,\9\ to provide the Exchange with a complete list of its OCC
clearing numbers. The Exchange would use the list provided solely for
ORF billing purposes. Members would be required to keep such
information up to date with the Exchange. The Exchange will issue an
Exchange Notice to provide Members with notice of this change and a
deadline for initial submission of its OCC clearing numbers list. The
Exchange expects to implement this change for August 2018 ORF billing
in order for the Exchange to provide Members with notice of this new
requirement and time to comply.
---------------------------------------------------------------------------
\9\ BZX Options Rule 24.1 provides that no Member shall refuse
to make available to the Exchange such books, records or other
information as may be called for under the Rules or as may be
requested in connection with an investigation by the Exchange.
---------------------------------------------------------------------------
The Exchange lastly proposes a couple of minor clean up changes to
the Fees Schedule such as defining the ``OCC'' as ``The Options
Clearing Corporation''.
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.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ 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,\12\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Members and other persons using its facilities.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes the proposed clarifications to the Fees
Schedule with respect to how ORF is assessed and collected provides
further transparency in the Fees Schedule and alleviates potential
confusion. The alleviation of
[[Page 42718]]
confusion removes impediments to and perfects the mechanism of a free
and open market and a national market system, and, in general, protects
investors and the public interest.
Additionally, the Exchange notes that the proposal to clarify that
the ORF is assessed to Members for options transactions cleared by the
Member (as opposed to executed and cleared) is appropriate and
equitable because it adds clarity to the Fee Schedule by better and
more accurately describing the application of the ORF. The Exchange
believes it is appropriate to charge the ORF only to transactions that
clear as customer at the OCC. The Exchange believes that its broad
regulatory responsibilities with respect to its Members' activities
supports applying the ORF to transactions cleared by a Member. The
Exchange's regulatory responsibilities are the same regardless of
whether a Member executes a transaction or clears a transaction
executed on its behalf. The Exchange regularly reviews all such
activity, including performing surveillance for position limit
violations, manipulation, insider trading, front-running and contrary
exercise advice violations. The Exchange believes the proposal is
equitable and not unfairly discriminatory because it applies in the
same manner to Members subject to the ORF. The ORF is only assessed to
a Member with respect to a particular transaction in which it is either
the Executing Clearing Firm or the Clearing Give-up.
The Exchange believes the proposal to collect the ORF from non-
Members that ultimately clear the transaction is an equitable
allocation of reasonable dues, fees, and other charges among its
Members and other persons using its facilities. The Exchange notes that
there is a material distinction between ``assessing'' the ORF and
``collecting'' the ORF. The Exchange does not assess the ORF to non-
Members. The ORF is an obligation of Members. Once, however, the ORF is
assessed to a Member for a particular transaction, the ORF may be
collected from a Member or a non-Member, depending on how the
transaction is cleared at OCC. If there was no change to the clearing
number of the original transaction, the ORF would be collected from the
Member. If there was a change to the clearing number of the original
transaction and a non-Member becomes the ultimate clearing firm for
that transaction, then the ORF will be collected from that non-Member.
The Exchange believes that this collection practice is reasonable and
appropriate, and was originally instituted at the request of the
industry for the ORF be collected from the clearing firm that
ultimately clears the transaction in order to facilitate the passing of
the fee to the end-customer.
The Exchange believes that the proposal to clarify that the ORF is
collected by OCC on behalf of the Exchange from the Clearing Member
that ultimately clears the transaction also provides clarity in the Fee
Schedule and is reasonable. As discussed, if the ORF is assessed to a
Member for a particular transaction and there was no change to the
clearing number of the original transaction, the ORF would be collected
from the Member. If there was a change to the clearing number of the
original transaction and another Member becomes the ultimate clearing
firm for that transaction, then the ORF will be collected from the
Member that ultimately cleared the transaction. Similarly, as noted
above, if there is a change to the clearing number of the original
transaction and a non-Member becomes the ultimate clearing firm for
that transaction, then the ORF will be collected from that non-Member.
The Exchange believes it is reasonable, equitable and
nondiscriminatory not to pass the ORF to a CMTA transferee when neither
the CMTA transferor, transferee nor executing Clearing Firm is a Member
because this would help ensure the ORF is not collected on any
transactions that may not be subject to the ORF.
The Exchange also believes it is reasonable, equitable and
nondiscriminatory to reimburse its routing broker for any options
regulatory fees the broker incurs in connection with Routing Services
because this helps ensure the Exchange does not charge the ORF more
than once to a single customer order.
Lastly, the Exchange believes the minor clean-up change to define
``OCC reduces confusion, thereby removing impediments to and perfecting
the mechanism of a free and open market and a national market system,
and, in general, protecting investors and the public interest.
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. This proposal does not create
an unnecessary or inappropriate intra-market burden on competition
because the ORF applies to all customer activity, thereby raising
regulatory revenue to offset regulatory expenses. It also supplements
the regulatory revenue derived from non-customer activity. This
proposal does not create an unnecessary or inappropriate inter-market
burden on competition because it is a regulatory fee that supports
regulation in furtherance of the purposes of the Act. The Exchange is
obligated to ensure that the amount of regulatory revenue collected
from the ORF, in combination with its other regulatory fees and fines,
does not exceed regulatory costs.
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 \13\ and paragraph (f) of Rule 19b-4
thereunder.\14\ 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.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 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 No. SR-CboeBZX-2018-061 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 No. SR-CboeBZX-2018-061. 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
[[Page 42719]]
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 No. SR-CboeBZX-2018-061, and should be submitted
on or before September 13, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-18163 Filed 8-22-18; 8:45 am]
BILLING CODE 8011-01-P
