Product Change-Priority Mail Negotiated Service Agreement, 62911 [2018-26451]
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Federal Register / Vol. 83, No. 234 / Thursday, December 6, 2018 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
Rule 19.8. Long-Term Options Contracts
Date of required notice:
December 5, 2018.
DATES:
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 30,
2018, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 485 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2019–36, CP2019–38.
SUPPLEMENTARY INFORMATION:
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–26451 Filed 12–4–18; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84695; File No. SR–
CboeBZX–2018–084]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule
19.8, Long-Term Options Contracts
khammond on DSK30JT082PROD with NOTICES
November 30, 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 November
23, 2018, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX Options’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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20:35 Dec 04, 2018
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Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX Options’’)
proposes to amend Rule 19.8, LongTerm Options Contracts. The text of the
proposed rule change is provided
below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe BZX Exchange, Inc.
*
*
*
*
*
[(a)] Notwithstanding conflicting
language in Rule 19.6 (Series of Options
Contracts Open for Trading), the
Exchange may list long-term options
contracts that expire from twelve (12) to
thirty-nine (39) months from the time
they are listed. There may be up to ten
(10) additional expiration months for
options on SPY and up to six (6)
additional expiration months for all
other option classes. 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 (9) months.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 19.8, Long-Term Option Contracts,
to permit the listing and trading of up
to ten (10) long-term expiration months
PO 00000
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62911
for long-term options on the SPDR® S&P
500® exchange-traded fund (‘‘SPY’’) in
response to customer demand.3 Rule
19.8 currently provides that the
Exchange may list long-term option
contracts that expire from twelve (12) to
thirty-nine (39) months from the time
they are listed (‘‘long-term expiration
months’’). There may be up to six (6)
long-term expiration months per option
class.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
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 long-term 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
long-term expiration months on any
other class of options.5
The Exchange proposes to implement
the proposed rule change on the date of
this rule filing.
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.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 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
3 The proposed rule change also deletes the
paragraph letter (a) in Rule 19.8, as there is only one
paragraph in the Rule, making a paragraph letter
unnecessary. In contrast to Rule 19.8, Rule
29.11(b)(1)(A) (which applies to index options)
permits the Exchange to list long-term index
options series based on either the full or reduced
value of the underlying index, adding up to ten (10)
expiration months. The Exchange seeks to list ten
(10) long-term expiration months on SPY, just as it
now may list ten (10) expiration months on longterm index option series, in order to provide
investors with a wider choice of investments.
4 Pursuant to rule 19.8, strike price interval, bid/
ask differential, and continuity rules do not apply
to such options series until the time to expiration
is less than nine (9) months.
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).
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]]>Agencies
[Federal Register Volume 83, Number 234 (Thursday, December 6, 2018)]
[Notices]
[Page 62911]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26451]
[[Page 62911]]
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POSTAL SERVICE
Product Change--Priority Mail Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: December 5, 2018.
FOR FURTHER INFORMATION CONTACT: Elizabeth Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
November 30, 2018, it filed with the Postal Regulatory Commission a
USPS Request to Add Priority Mail Contract 485 to Competitive Product
List. Documents are available at www.prc.gov, Docket Nos. MC2019-36,
CP2019-38.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018-26451 Filed 12-4-18; 8:45 am]
BILLING CODE 7710-12-P
