Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section (a)(i)(D) of Rule 1012, 53699-53701 [2018-23173]
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Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices
amozie on DSK3GDR082PROD with NOTICES1
changes to the rule text would provide
clarity and transparency to Exchange
rules and would promote just and
equitable principles of trade and remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system.46 The
proposed rule amendments would also
provide internal consistency within
Exchange rules and operate to protect
investors and the investing public by
making the Exchange rules easier to
navigate and comprehend.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes the proposed quote
designations would add value to market
making on the Exchange and the
proposed order types would provide
market participants the option of
exercising greater control over how
orders interact with contra-side
liquidity both on the Exchange and on
away markets. The proposed quotations
and order types would allow market
participants to exert greater control over
how their quotes and orders interact
with liquidity on the Exchange, thereby
attracting more investors to the
Exchange, which, in turn, leads to
greater price discovery and improves
overall market quality.
The Exchange does not believe the
proposal would impose a burden on
competition among the options
exchanges but instead, because the
Exchange would be offering the
proposed optional quotes and order
types, the proposal would add to the
existing competitive landscape. In this
highly competitive market, the
Exchange would be at a competitive
disadvantage absent this proposal,
which adopts functionality available on
other options exchanges. Permitting the
Exchange to operate on an even playing
field relative to other exchanges that
have similar functionality removes
impediments to and perfects the
mechanism for a free and open market
and a national market system. The
proposal does not impose an undue
burden on intramarket competition
because the proposed quote
designations would be available to all
Market Makers on the Exchange and the
proposed order types would be available
to all market participants. The proposal
is structured to offer the same
enhancement to all Market Makers and/
or market participants, regardless of
46 See,
e.g., supra nn. 4, 5, 16, 17, 24.
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17:43 Oct 23, 2018
Jkt 247001
size, and would not impose a
competitive burden on any participant.
The proposed quote designations,
which provide Market Makers with
enhanced determinism over their
quotes, may contribute to more
aggressive quoting by Market Makers,
resulting in more trading opportunities
and tighter spreads. To the extent this
purpose is achieved, the proposed quote
designations would enhance the market
making function on the Exchange,
which would improve overall market
quality and improve competition on the
Exchange to the benefit of all market
participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
53699
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSEArca–2018–74 and
should be submitted on or before
November 14, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.47
Eduardo A. Aleman,
Assistant Secretary.
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:
[FR Doc. 2018–23174 Filed 10–23–18; 8:45 am]
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2018–74 on the subject line.
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Section
(a)(i)(D) of Rule 1012
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–NYSEArca-2018–74. This
file number should be included on the
subject line if email is used. To help the
PO 00000
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84449; File No. SR–Phlx–
2018–64]
October 18, 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 October
17, 2018, Nasdaq PHLX LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
47 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\24OCN1.SGM
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53700
Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Section (a)(i)(D) of Rule 1012, Series of
Options Open for Trading, to permit the
listing and trading of up to ten
expiration months for long term options
on the SPDR® S&P 500® exchangetraded fund (the ‘‘SPY ETF’’).
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.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 the
Statutory Basis for, the Proposed Rule
Change
amozie on DSK3GDR082PROD with NOTICES1
1. Purpose
Section (a)(i)(D) of Rule 1012
currently provides that the Exchange
may list, with respect to any class of
stock or Exchange-Traded Fund Share
options series, options having from
twelve up to thirty-nine months from
the time they are listed (‘‘LEAPS’’) until
expiration. There may be up to six
expiration months.3 The Exchange
proposes to amend Section (a)(i)(D) of
Rule 1012 to permit up to ten LEAPS
expiration months for options on the
SPDR® S&P 500® exchange-traded fund
(‘‘SPY’’) in response to customer
demand.4 The proposal will add
3 Strike price interval, bid/ask differential and
continuity rules shall not apply to such options
series until the time to expiration is less than nine
months.
4 In contrast to Section (a)(i)(D) of Rule 1012,
Exchange Rule 1101A(b)(iii) which applies to index
VerDate Sep<11>2014
17:43 Oct 23, 2018
Jkt 247001
liquidity to the SPY options market by
allowing market participants to hedge
risks relating to SPY positions over a
longer time period with a known and
limited cost.
The SPY options market today is
characterized by its tremendous daily
and annual liquidity. As a consequence
the Exchange believes that the listing of
additional SPY LEAPS expiration
months would be well received by
investors. This proposal to expand the
number of permitted SPY long-term
expiration months would not apply to
LEAPS on any other class of stock or
Exchange-Traded Fund Share.5
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
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, by
offering market participants additional
LEAPS on SPY options for their
investment and risk management
purposes. The proposal is intended
simply to provide additional trading
opportunities which have been
requested by customers, thereby
facilitating transactions in options and
contributing to the protection of
investors and the maintenance of fair
and orderly markets. The proposed rule
change responds to the continuing
needs of market participants,
particularly portfolio managers and
other institutional customers, by
providing protection from long-term
market moves and by offering an
alternative to hedging portfolios with
futures positions or off-exchange
customized derivative instruments.
Rule 1012 has permitted up to six
expiration months in LEAPS since 1991,
when the Exchange increased the
number of permissible expiration
months from four to six. In approving
the increase to six expiration months,
the Commission stated that it did not
believe that increasing the number of
options permits to the Exchange to list LEAPS on
any class of stock index options, adding up to ten
expiration months. The Exchange seeks to list ten
expiration months of LEAPS on the SPY ETF, just
as it now may list ten LEAPS expiration months on
index options, in order to provide investors with a
wider choice of investments.
5 Historically, SPY is the largest and most actively
traded ETF in the United States as measured by its
assets under management and the value of shares
traded.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
expiration months to six would cause,
by itself, a proliferation of expiration
months. The Commission also required
that the Exchange monitor the volume
of additional options series listed as a
result of the rule change, and the effect
on the Exchange’s system capacity and
quotation dissemination displays.8 The
Exchange believes that the addition
today of four additional expiration
months for SPY LEAPS likewise does
not represent a proliferation of
expiration months, but is instead a very
modest expansion of LEAPS options in
response to stated customer demand.
Significantly, the proposal would
feature new LEAPS expiration months
in only a single class of options that are
very liquid and heavily traded, as
discussed above. Additionally, the
Exchange notes by way of precedent
that ten expiration months are already
permitted for stock index LEAPS
options. Further, the Exchange has the
necessary systems capacity to support
the new SPY expiration months.
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 proposal
merely provides investors additional
investment and risk management
opportunities by providing flexibility to
the Exchange to list additional long term
options expiration series, expanding the
number of SPY LEAPS offered on the
Exchange from six expiration months to
ten expiration months.
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 9 and
8 See Securities Exchange Act Release No. 29103
(April 18, 1991), 56 FR 19132 (April 25, 1991)
(approving SR–Phlx–91–18).
9 15 U.S.C. 78s(b)(3)(A)(iii).
E:\FR\FM\24OCN1.SGM
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Federal Register / Vol. 83, No. 206 / Wednesday, October 24, 2018 / Notices
subparagraph (f)(6) of Rule 19b–4
thereunder.10
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission 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
Paper Comments
amozie on DSK3GDR082PROD with NOTICES1
• 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–Phlx–2018–64. 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
10 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.
VerDate Sep<11>2014
17:43 Oct 23, 2018
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–Phlx–2018–64, and should
be submitted on or before November 14,
2018.
10/16/2018, Private Non-Profit
organizations that provide essential
services of a governmental nature may
file disaster loan applications 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: Berkeley, Calhoun,
Chesterfield, Clarendon, Colleton,
Darlington, Dillon, Florence,
Georgetown, Horry, Lancaster,
Marion, Marlboro, Williamsburg.
The Interest Rates are:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
For Physical Damage:
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Non-Profit Organizations without Credit Available Elsewhere .....................................
[FR Doc. 2018–23173 Filed 10–23–18; 8:45 am]
BILLING CODE 8011–01–P
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
Phlx–2018–64 on the subject line.
Jkt 247001
53701
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15750 and #15751;
South Carolina Disaster Number SC–00056]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of South Carolina
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
Percent
2.500
2.500
2.500
The number assigned to this disaster
for physical damage is 157508 and for
economic injury is 157510.
(Catalog of Federal Domestic Assistance
Number 59008)
James Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2018–23240 Filed 10–23–18; 8:45 am]
BILLING CODE 8025–01–P
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of South Carolina (FEMA–
4394–DR), dated 10/16/2018.
Incident: Hurricane Florence.
Incident Period: 09/08/2018 through
10/08/2018.
DATES: Issued on 10/16/2018.
Physical Loan Application Deadline
Date: 12/17/2018.
Economic Injury (EIDL) Loan
Application Deadline Date: 07/16/2019.
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
President’s major disaster declaration on
SUMMARY:
11 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00098
Fmt 4703
Sfmt 4703
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15744 and #15745;
Georgia Disaster Number GA–00108]
Presidential Declaration Amendment of
a Major Disaster for the State of
Georgia
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for the State of Georgia (FEMA–
4400–DR), dated 10/14/2018.
Incident: Hurricane Michael.
Incident Period: 10/09/2018 and
continuing.
SUMMARY:
Issued on 10/16/2018.
Physical Loan Application Deadline
Date: 12/13/2018.
Economic Injury (EIDL) Loan
Application Deadline Date: 07/15/2019.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
DATES:
E:\FR\FM\24OCN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 206 (Wednesday, October 24, 2018)]
[Notices]
[Pages 53699-53701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23173]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84449; File No. SR-Phlx-2018-64]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Section
(a)(i)(D) of Rule 1012
October 18, 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 October 17, 2018, Nasdaq PHLX LLC (``Exchange'') filed with the
Securities and Exchange Commission
[[Page 53700]]
(``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Section (a)(i)(D) of Rule 1012,
Series of Options Open for Trading, to permit the listing and trading
of up to ten expiration months for long term options on the
SPDR[supreg] S&P 500[supreg] exchange-traded fund (the ``SPY ETF'').
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Section (a)(i)(D) of Rule 1012 currently provides that the Exchange
may list, with respect to any class of stock or Exchange-Traded Fund
Share options series, options having from twelve up to thirty-nine
months from the time they are listed (``LEAPS'') until expiration.
There may be up to six expiration months.\3\ The Exchange proposes to
amend Section (a)(i)(D) of Rule 1012 to permit up to ten LEAPS
expiration months for options on the SPDR[supreg] S&P 500[supreg]
exchange-traded fund (``SPY'') in response to customer demand.\4\ The
proposal will add liquidity to the SPY options market by allowing
market participants to hedge risks relating to SPY positions over a
longer time period with a known and limited cost.
---------------------------------------------------------------------------
\3\ Strike price interval, bid/ask differential and continuity
rules shall not apply to such options series until the time to
expiration is less than nine months.
\4\ In contrast to Section (a)(i)(D) of Rule 1012, Exchange Rule
1101A(b)(iii) which applies to index options permits to the Exchange
to list LEAPS on any class of stock index options, adding up to ten
expiration months. The Exchange seeks to list ten expiration months
of LEAPS on the SPY ETF, just as it now may list ten LEAPS
expiration months on index options, in order to provide investors
with a wider choice of investments.
---------------------------------------------------------------------------
The SPY options market today is characterized by its tremendous
daily and annual liquidity. As a consequence the Exchange believes that
the listing of additional SPY LEAPS expiration months would be well
received by investors. This proposal to expand the number of permitted
SPY long-term expiration months would not apply to LEAPS on any other
class of stock or Exchange-Traded Fund Share.\5\
---------------------------------------------------------------------------
\5\ Historically, SPY is the largest and most actively traded
ETF in the United States as measured by its assets under management
and the value of shares traded.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ 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,
by offering market participants additional LEAPS on SPY options for
their investment and risk management purposes. The proposal is intended
simply to provide additional trading opportunities which have been
requested by customers, thereby facilitating transactions in options
and contributing to the protection of investors and the maintenance of
fair and orderly markets. The proposed rule change responds to the
continuing needs of market participants, particularly portfolio
managers and other institutional customers, by providing protection
from long-term market moves and by offering an alternative to hedging
portfolios with futures positions or off-exchange customized derivative
instruments.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Rule 1012 has permitted up to six expiration months in LEAPS since
1991, when the Exchange increased the number of permissible expiration
months from four to six. In approving the increase to six expiration
months, the Commission stated that it did not believe that increasing
the number of expiration months to six would cause, by itself, a
proliferation of expiration months. The Commission also required that
the Exchange monitor the volume of additional options series listed as
a result of the rule change, and the effect on the Exchange's system
capacity and quotation dissemination displays.\8\ The Exchange believes
that the addition today of four additional expiration months for SPY
LEAPS likewise does not represent a proliferation of expiration months,
but is instead a very modest expansion of LEAPS options in response to
stated customer demand. Significantly, the proposal would feature new
LEAPS expiration months in only a single class of options that are very
liquid and heavily traded, as discussed above. Additionally, the
Exchange notes by way of precedent that ten expiration months are
already permitted for stock index LEAPS options. Further, the Exchange
has the necessary systems capacity to support the new SPY expiration
months.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 29103 (April 18,
1991), 56 FR 19132 (April 25, 1991) (approving SR-Phlx-91-18).
---------------------------------------------------------------------------
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 proposal merely provides
investors additional investment and risk management opportunities by
providing flexibility to the Exchange to list additional long term
options expiration series, expanding the number of SPY LEAPS offered on
the Exchange from six expiration months to ten expiration months.
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 \9\ and
[[Page 53701]]
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 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.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission 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
Send an email to [email protected]. Please include
File Number SR-Phlx-2018-64 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-Phlx-2018-64. 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-Phlx-2018-64, and should be submitted on
or before November 14, 2018.
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\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23173 Filed 10-23-18; 8:45 am]
BILLING CODE 8011-01-P
