Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action and Reopening the Period for Comment on Proposed Rule Change To Expand Sponsoring Member Eligibility in the Government Securities Division Rulebook and Make Other Changes, 5523-5524 [2019-02896]

Download as PDF Federal Register / Vol. 84, No. 35 / Thursday, February 21, 2019 / Notices All submissions should refer to File Number SR–BOX–2019–02. 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 such 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–BOX–2019–02, and should be submitted on or before March 14, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–02900 Filed 2–20–19; 8:45 am] amozie on DSK3GDR082PROD with NOTICES1 BILLING CODE 8011–01–P 11 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:08 Feb 20, 2019 Jkt 247001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85137; File No. SR–FICC– 2018–013] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action and Reopening the Period for Comment on Proposed Rule Change To Expand Sponsoring Member Eligibility in the Government Securities Division Rulebook and Make Other Changes February 14, 2019. On December 13, 2018, Fixed Income Clearing Corporation (‘‘FICC’’) 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 proposed rule change SR–FICC–2018–013 to expand sponsoring member eligibility and make other changes.3 The proposed rule change was published for comment in the Federal Register on December 31, 2018.4 As of February 13, 2019, the Commission has received five comment letters to the proposed rule change,5 including a response letter from FICC. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 On December 13, 2018, FICC also filed the proposal contained in the proposed rule change as advance notice SR–FICC–2018–802 with the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the Payment, Clearing, and Settlement Supervision Act of 2010 (‘‘Clearing Supervision Act’’), 12 U.S.C. 5465(e)(1), and Rule 19b–4(n)(1)(i) of the Act, 17 CFR 240.19b–4(n)(1)(i). 4 Securities Exchange Act Release No. 84951 (December 21, 2018), 83 FR 67801 (December 31, 2018) (SR–FICC–2018–013) (‘‘Notice’’). 5 See letter from Robert E. Pooler, Jr., Chief Financial Officer, Ronin Capital, LLC, dated January 18, 2019, to Brent J. Fields, Secretary, Commission (‘‘Ronin Letter’’); letter from James Tabacchi, Chairman, Independent Dealer and Trade Association, dated January 22, 2019, to Brent J. Fields, Secretary, Commission (‘‘IDTA Letter’’); letter from Robert Toomey, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association, dated January 22, 2019, to Brent J. Fields, Secretary, Commission (‘‘SIFMA Letter’’); letter from Stephen John Berger, Managing Director, Government & Regulatory Policy, Citadel, dated January 30, 2019, to Brent J. Fields, Secretary, Commission (‘‘Citadel Letter’’); and letter from Murray Pozmanter, Managing Director, DTCC, dated February 4, 2019, to Brent J. Fields, Secretary, Commission (‘‘FICC Response Letter’’). See comments on the proposed rule change (SR–FICC–2018–013), available at https:// www.sec.gov/comments/sr-ficc-2018-013/srficc 2018013.htm. Because the proposal contained in the proposed rule change was also filed as an advance notice, supra note 3, the Commission is considering all public comments received on the proposal regardless of whether the comments were submitted to the advance notice or the proposed rule change. 2 17 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 5523 Section 19(b)(2) of the Act 6 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 after publication of the notice for the proposed rule change is February 14, 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 and take action on the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act 7 and for the reasons stated above, the Commission designates March 31, 2019 as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change (File No. SR–FICC–2018–013). The Commission also seeks additional comment to help further inform its analysis of the proposed rule change. The comment period for the proposed rule change ended on January 22, 2019.8 As of February 13, 2019, the Commission has received five comment letters to the proposed rule change.9 The Commission is reopening the comment period for the proposed rule change to allow interested persons additional time to analyze the issues and prepare their comments. Accordingly, the Commission designates [insert date 21 days from publication in the Federal Register] as the date comments should be submitted on or before. Specifically, the Commission invites interested persons to provide views, data, and arguments concerning the proposed rule change, including whether the proposed rule change is consistent with the Act and the applicable rules or regulations thereunder. Please note that comments previously received on the substance of the proposed rule change will be considered together with comments 6 15 U.S.C. 78s(b)(2). U.S.C. 78s(b)(2). 8 Notice, 83 FR at 67808. 9 See supra note 5. 7 15 E:\FR\FM\21FEN1.SGM 21FEN1 5524 Federal Register / Vol. 84, No. 35 / Thursday, February 21, 2019 / Notices submitted in response to this notice. Therefore, while commenters are free to submit additional comments at this time, they need not re-submit earlier comments. 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 Number SR– FICC–2018–013 on the subject line. 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. All submissions should refer to File Number SR–FICC–2018–013. 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 FICC and on DTCC’s website (https://dtcc.com/legal/sec-rulefilings.aspx). 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–FICC– 2018–013 and should be submitted on or before March 14, 2019. VerDate Sep<11>2014 17:08 Feb 20, 2019 Jkt 247001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Eduardo A. Aleman, Deputy Secretary. 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. [FR Doc. 2019–02896 Filed 2–20–19; 8:45 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85138; File No. SR–MIAX– 2019–02] Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors February 14, 2019. Pursuant to the provisions of 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 February 6, 2019, Miami International Securities Exchange, LLC (‘‘MIAX Options’’ or the ‘‘Exchange’’) 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxoptions.com/rulefilings/ at MIAX Options’ principal office, 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 10 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 1. Purpose On October 12, 2018, the Securities and Exchange Commission (‘‘SEC’’) approved a proposal by the MIAX Exchange (the ‘‘Exchange’’) to list and trade on the Exchange, options on the SPIKESTM Index, a new index that measures expected 30-day volatility of the SPDR S&P 500 ETF Trust.3 To establish the settlement value for the Index, a final settlement price calculation will occur once per month, on the morning of SPIKES Index options expiration.4 The Exchange proposes to amend Exchange Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors, to adopt a provision specifically related to its volatility index product. Currently, subparagraph (b)(1), Transactions at the Open, of Rule 521, provides that for a transaction occurring as part of the Opening Process 5 (as described in Rule 503) the Exchange will determine the Theoretical Price 6 if there is no NBB (National Best Bid) or NBO (National Best Offer) for the affected series just prior to the erroneous transaction or if the bid/ask differential of the NBB and NBO just prior to the erroneous transaction is equal to or greater than the Minimum Amount set forth in the chart contained in sub-paragraph (b)(3) of this rule.7 If the bid/ask differential is less than the Minimum Amount, the Theoretical Price is the NBB or NBO just prior to the erroneous transaction. The Exchange now proposes to adopt new subparagraph (A) to state that for transactions occurring in any option series being used to calculate the final settlement price of a volatility index on the final settlement day, the Theoretical 3 See Securities Exchange Act Release No. 84417 (October 12, 2018), 83 FR 52865 (October 18, 2018) (SR–MIAX–2018–14) (Order Granting Approval of a Proposed Rule Change to List and Trade Options on the SPIKESTM Index). 4 See Exchange Rule 503.02. 5 See Exchange Rule 503(f). 6 See Exchange Rule 521(b). 7 If the bid price at the time of the trade was below $2.00 the Minimum Amount is $0.75, similarly if the bid price at the time of the trade is between $2.00 and $5.00, the Minimum Amount is $1.25; above $5.00 to $10.00, $1.50; above $10.00 to $20.00, $2.50; above $20.00 to $50.00, $3.00; above $50.00 to $100.00, $4.50; above $100, $6.00. See Exchange Rule 521(b)(3). E:\FR\FM\21FEN1.SGM 21FEN1

Agencies

[Federal Register Volume 84, Number 35 (Thursday, February 21, 2019)]
[Notices]
[Pages 5523-5524]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02896]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85137; File No. SR-FICC-2018-013]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action and 
Reopening the Period for Comment on Proposed Rule Change To Expand 
Sponsoring Member Eligibility in the Government Securities Division 
Rulebook and Make Other Changes

February 14, 2019.
    On December 13, 2018, Fixed Income Clearing Corporation (``FICC'') 
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\ proposed rule change SR-
FICC-2018-013 to expand sponsoring member eligibility and make other 
changes.\3\ The proposed rule change was published for comment in the 
Federal Register on December 31, 2018.\4\ As of February 13, 2019, the 
Commission has received five comment letters to the proposed rule 
change,\5\ including a response letter from FICC.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On December 13, 2018, FICC also filed the proposal contained 
in the proposed rule change as advance notice SR-FICC-2018-802 with 
the Commission pursuant to Section 806(e)(1) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act entitled the Payment, 
Clearing, and Settlement Supervision Act of 2010 (``Clearing 
Supervision Act''), 12 U.S.C. 5465(e)(1), and Rule 19b-4(n)(1)(i) of 
the Act, 17 CFR 240.19b-4(n)(1)(i).
    \4\ Securities Exchange Act Release No. 84951 (December 21, 
2018), 83 FR 67801 (December 31, 2018) (SR-FICC-2018-013) 
(``Notice'').
    \5\ See letter from Robert E. Pooler, Jr., Chief Financial 
Officer, Ronin Capital, LLC, dated January 18, 2019, to Brent J. 
Fields, Secretary, Commission (``Ronin Letter''); letter from James 
Tabacchi, Chairman, Independent Dealer and Trade Association, dated 
January 22, 2019, to Brent J. Fields, Secretary, Commission (``IDTA 
Letter''); letter from Robert Toomey, Managing Director and 
Associate General Counsel, Securities Industry and Financial Markets 
Association, dated January 22, 2019, to Brent J. Fields, Secretary, 
Commission (``SIFMA Letter''); letter from Stephen John Berger, 
Managing Director, Government & Regulatory Policy, Citadel, dated 
January 30, 2019, to Brent J. Fields, Secretary, Commission 
(``Citadel Letter''); and letter from Murray Pozmanter, Managing 
Director, DTCC, dated February 4, 2019, to Brent J. Fields, 
Secretary, Commission (``FICC Response Letter''). See comments on 
the proposed rule change (SR-FICC-2018-013), available at https://www.sec.gov/comments/sr-ficc-2018-013/srficc2018013.htm. Because the 
proposal contained in the proposed rule change was also filed as an 
advance notice, supra note 3, the Commission is considering all 
public comments received on the proposal regardless of whether the 
comments were submitted to the advance notice or the proposed rule 
change.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \6\ 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 after publication of the notice for the proposed rule change 
is February 14, 2019.
---------------------------------------------------------------------------

    \6\ 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 and 
take action on the proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \7\ and for 
the reasons stated above, the Commission designates March 31, 2019 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove the proposed 
rule change (File No. SR-FICC-2018-013).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission also seeks additional comment to help further inform 
its analysis of the proposed rule change. The comment period for the 
proposed rule change ended on January 22, 2019.\8\ As of February 13, 
2019, the Commission has received five comment letters to the proposed 
rule change.\9\ The Commission is reopening the comment period for the 
proposed rule change to allow interested persons additional time to 
analyze the issues and prepare their comments. Accordingly, the 
Commission designates [insert date 21 days from publication in the 
Federal Register] as the date comments should be submitted on or 
before.
---------------------------------------------------------------------------

    \8\ Notice, 83 FR at 67808.
    \9\ See supra note 5.
---------------------------------------------------------------------------

    Specifically, the Commission invites interested persons to provide 
views, data, and arguments concerning the proposed rule change, 
including whether the proposed rule change is consistent with the Act 
and the applicable rules or regulations thereunder. Please note that 
comments previously received on the substance of the proposed rule 
change will be considered together with comments

[[Page 5524]]

submitted in response to this notice. Therefore, while commenters are 
free to submit additional comments at this time, they need not re-
submit earlier comments.
    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 Number SR-FICC-2018-013 on the subject line.

Paper Comments

 Send paper comments in triplicate to Secretary, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-FICC-2018-013. 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 FICC and on DTCC's website 
(https://dtcc.com/legal/sec-rule-filings.aspx). 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-FICC-2018-013 and should be submitted on 
or before March 14, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02896 Filed 2-20-19; 8:45 am]
 BILLING CODE 8011-01-P
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