Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Exchange Rule 518, Complex Orders, 67758-67759 [2018-28377]
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Federal Register / Vol. 83, No. 249 / Monday, December 31, 2018 / Notices
Act 10 and Rule 19b–4(f)(6) 11
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),13 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because doing so will
allow the Pilot Program to continue
without interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program.14 Accordingly, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.15
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:
10 15
U.S.C. 78s(b)(3)(A).
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.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 See Securities Exchange Release No. 61061
(November 24, 2009), 74 FR 62857 (December 1,
2009) (SR–NYSEArca–2009–44).
15 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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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–
CboeEDGX–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
Number SR–CboeEDGX–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
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 20549–1090 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–CboeEDGX–2018–061 and
should be submitted on or before
January 22, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Brent J. Fields,
Secretary.
[FR Doc. 2018–28380 Filed 12–28–18; 8:45 am]
BILLING CODE 8011–01–P
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CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84950; File No. SR–MIAX–
2018–36]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Designation of Longer Period
for Commission Action on Proposed
Rule Change To Amend Exchange
Rule 518, Complex Orders
December 21, 2018.
On November 9, 2018, Miami
International Securities Exchange, LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Exchange Rule 518 (Complex
Orders). The proposed rule change was
published for comment in the Federal
Register on November 23, 2018.3 The
Commission has received no comments
on the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is January 7, 2019.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, pursuant to Section
19(b)(2) of the Act 5 and for the reasons
stated above, the Commission
designates February 21, 2019, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR–MIAX–2018–
36).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84613
(Nov. 16, 2018), 83 FR 59435.
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
2 17
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Federal Register / Vol. 83, No. 249 / Monday, December 31, 2018 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Brent J. Fields,
Secretary.
[FR Doc. 2018–28377 Filed 12–28–18; 8:45 am]
BILLING CODE 8011–01–P
*
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84940; File No. SR–CBOE–
2018–076]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the Penny
Pilot Program
December 21, 2018.
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 December
20, 2018, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 extend the
operation of Penny Pilot Program
through June 30, 2019. The text of the
proposed rule change is provided
below.
(additions are in italics; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe Exchange, Inc.
*
*
*
*
*
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Rule 6.42. Minimum Increments for Bids and
Offers
(a)–(b) No change.
. . . Interpretations and Policies:
.01–.03 No change.
.04 The Exchange may replace any option
class participating in the Penny Pilot
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
16:24 Dec 28, 2018
*
*
*
*
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 Penny Pilot Program (the ‘‘Pilot
Program’’) is scheduled to expire on
December 31, 2018. The Exchange
proposes to extend the Pilot Program
until June 30, 2019. The Exchange
believes that extending the Pilot
Program will allow for further analysis
of the Pilot Program and a
determination of how the Pilot Program
should be structured in the future.
During this extension of the Pilot
Program, the Exchange proposes that it
may replace any option class that is
currently included in the Pilot Program
and that has been delisted with the next
most actively traded, multiply listed
option class that is not yet participating
in the Pilot Program (‘‘replacement
class’’). Any replacement class would be
determined based on national average
daily volume in the preceding six
months,5 and would be added on the
5 The month immediately preceding a
replacement class’s addition to the Pilot Program
(i.e., December) would not be used for purposes of
the six-month analysis. Thus, a replacement class
to be added on the second trading day following
January 1, 2019 would be identified based on The
6 17
VerDate Sep<11>2014
Program that has been delisted with the next
most actively traded, multiply listed option
class, based on national average daily volume
in the preceding six calendar months, that is
not yet included in the Pilot Program. Any
replacement class would be added on the
second trading day following [July 1,
2018]January 1, 2019. The Penny Pilot will
expire on [December 31, 2018]June 30, 2019.
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67759
second trading day following January 1,
2019. The Exchange will employ the
same parameters to prospective
replacement classes as approved and
applicable in determining the existing
classes in the Pilot Program, including
excluding high-priced underlying
securities.6 The Exchange will
announce to its Trading Permit Holders
by circular any replacement classes in
the Pilot Program.
The Exchange is specifically
authorized to act jointly with the other
options exchanges participating in the
Pilot Program in identifying any
replacement class. The Exchange lastly
represents that the Exchange has the
necessary system capacity to continue to
support operation of the Penny Pilot.
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.7 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 8 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 facilitation 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
the Section 6(b)(5) 9 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the proposed rule change
allows for an extension of the Pilot
Program for the benefit of market
participants. The Exchange notes that
this proposal does not propose any new
policies or provisions that are unique or
unproven, but instead relates to the
continuation of an existing program that
operates on a pilot basis.
Option Clearing Corporation’s trading volume data
from June 1, 2018 through November 30, 2018.
6 See Securities Exchange Act Release No. 60864
(October 22, 2009), 74 FR 55876 (October 29, 2009)
(SR–CBOE–2009–76).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 Id.
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]]>Agencies
[Federal Register Volume 83, Number 249 (Monday, December 31, 2018)]
[Notices]
[Pages 67758-67759]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28377]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84950; File No. SR-MIAX-2018-36]
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Designation of Longer Period for Commission
Action on Proposed Rule Change To Amend Exchange Rule 518, Complex
Orders
December 21, 2018.
On November 9, 2018, Miami International Securities Exchange, LLC
(``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Exchange Rule 518 (Complex Orders). The
proposed rule change was published for comment in the Federal Register
on November 23, 2018.\3\ The Commission has received no comments on the
proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 84613 (Nov. 16,
2018), 83 FR 59435.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day for this filing is January 7, 2019.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission is extending the 45-day time period for Commission
action on the proposed rule change. The Commission finds that it is
appropriate to designate a longer period within which to take action on
the proposed rule change so that it has sufficient time to consider the
proposed rule change.
Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for
the reasons stated above, the Commission designates February 21, 2019,
as the date by which the Commission shall either approve or disapprove,
or institute proceedings to determine whether to disapprove, the
proposed rule change (File No. SR-MIAX-2018-36).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
[[Page 67759]]
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2018-28377 Filed 12-28-18; 8:45 am]
BILLING CODE 8011-01-P
