Self-Regulatory Organizations; The Depository Trust Company; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Settlement Guide Procedures To Provide Status Information for Institutional Transactions to a Matching Utility, 27172-27173 [2019-12191]
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27172
Federal Register / Vol. 84, No. 112 / Tuesday, June 11, 2019 / Notices
MOC and LOC orders will be voluntary.
The Exchange does not believe the
proposed rule change will impose any
burden on intermarket competition
because the proposed change is based
on rules that allow for substantially the
same order types that are available on
another options exchange.23
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
Because the 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 if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 24 and Rule 19b–4(f)(6)
thereunder.25
A proposed rule change filed under
Rule 19b–4(f)(6) 26 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 27 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. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest as it will allow the Exchange to
offer two order types that are
substantially similar to order types that
are currently available on Cboe Options.
Thus, as represented by the Exchange,
the proposed rule change does not
introduce any new functionality or
present any novel issues. For this
reason, the Commission designates the
proposed rule change to be operative on
23 See
supra note 11.
U.S.C. 78s(b)(3)(A).
25 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) 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.
26 17 CFR 240.19b–4(f)(6).
27 17 CFR 240.19b–4(f)(6)(iii).
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24 15
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June 20, 2019, the day before the
Exchange would like to implement
MOC and LOC orders.28
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 Number SR–
C2–2019–013 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–C2–2019–013. 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
28 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
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–C2–2019–013 and should
be submitted on or before July 2, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–12192 Filed 6–10–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86037; File No. SR–DTC–
2018–010]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change
To Amend the Settlement Guide
Procedures To Provide Status
Information for Institutional
Transactions to a Matching Utility
June 5, 2019.
On November 29, 2018, The
Depository Trust Company (‘‘DTC’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change, pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 to allow DTC to
share status information with matching
utilities (SR–DTC–2018–010).
The proposed rule change was
published for comment in the Federal
Register on December 12, 2018.3 In
response, the Commission received one
comment letter on the proposed rule
change.4 On December 26, 2018, the
Commission extended the time period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
29 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 84751
(December 7, 2018), 83 FR 63948 (December 12,
2018) (SR–DTC–2018–010).
4 Letter from Mari-Anne Pisarri, Pickard Djinis
and Pisarri LLP, dated January 2, 2019, to Eduardo
A. Aleman, Assistant Secretary, Commission,
available at https://www.sec.gov/comments/sr-dtc2018-010/srdtc2018010-4842066-177179.pdf
(‘‘SS&C Letter I’’).
1 15
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Federal Register / Vol. 84, No. 112 / Tuesday, June 11, 2019 / Notices
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determine whether to approve or
disapprove the proposed rule change to
March 12, 2019.5 On March 11, 2019,
the Commission issued an order
instituting proceedings under Section
19(b)(2)(B) of the Act 6 to determine
whether to approve or disapprove the
proposed rule change (‘‘OIP’’).7 The
Commission received two comments on
the proposal in response to the OIP.8
Section 19(b)(2)(B)(ii) of the Act 9
provides that, after initiating
proceedings, the Commission shall issue
an order approving or disapproving the
proposed rule change not later than 180
days after the date of publication of
notice of filing of the proposed rule
change. The Commission may extend
the period for issuing an order
approving or disapproving the proposed
rule change, however, by not more than
60 days if the Commission determines
that a longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for notice and
comment in the Federal Register on
December 12, 2018. The 180th day after
publication of the Notice is June 10,
2019, and August 9, 2019 is an
additional 60 days from that date.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
the proposed rule change and the
comment letters. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,10 designates August
9, 2019, as the date by which the
Commission shall either approve or
disapprove the proposed rule change
(SR–DTC–2018–010).
5 Securities Exchange Act Release No. 84954
(December 26, 2018), 84 FR 873 (January 31, 2019)
(SR–DTC–2018–010).
6 15 U.S.C. 78s(b)(2)(B)(ii).
7 Securities Exchange Act Release No. 85288
(March 11, 2019), 84 FR 9565 (March 15, 2019) (SR–
DTC–2018–010).
8 Letter from Mari-Anne Pisarri, Pickard Djinis
and Pisarri LLP, dated April 15, 2019, to Vanessa
Countryman, Acting Secretary, Commission,
available at https://www.sec.gov/comments/sr-dtc2018-010/srdtc2018010-5364127-184089.pdf
(‘‘SS&C Letter II’’); Letter from Murray Pozmanter,
Managing Director, Head of Clearing Agency
Services and Global Operations, Depository Trust
and Clearing Corporation, dated March 26, 2019, to
Brent J. Fields, Secretary, Commission, available at
https://www.sec.gov/comments/sr-dtc-2018-010/
srdtc2018010-5224494-183708.pdf (‘‘DTC Letter’’).
9 15 U.S.C. 78s(b)(2).
10 Id.
11 17 CFR 200.30–3(a)(57).
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–12191 Filed 6–10–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86035; File No. SR–BOX–
2019–18]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend BOX Rule IM–
5050–1 Allow $1 Strike Price Intervals
Above $200 on Options on the QQQ
and IWM Exchange-Traded Funds
June 5, 2019.
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 May 30,
2019, BOX Exchange LLC (the
‘‘Exchange’’) 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 ‘‘non-controversial’’
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 amend
BOX Rule IM–5050–1 (Strike Price
Intervals) to allow for $1 strike prices
above $200 on additional options on
Units of certain exchange-traded fund
(‘‘ETF’’) products. The text of the
proposed rule change is available from
the principal office of the Exchange, at
the Commission’s Public Reference
Room and also on the Exchange’s
internet website at https://
boxoptions.com.
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
self-regulatory organization included
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
27173
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 self-regulatory organization 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
BOX Rule IM–5050–1 to allow for $1
strike prices above $200 on additional
options on Units of certain exchangetraded fund (‘‘ETF’’) products. This is a
competitive filing that is based on a
proposal recently submitted by Cboe
Exchange, Inc. (‘‘Cboe’’) and approved
by the Commission.5
Currently, IM–5050–1(b) to Rule 5050
allows for the interval between strike
prices of series of options on Units of
SPY, IVV, and DIA to be $1 or greater
where the strike price is greater than
$200. Under IM–5050–1(b), for all other
series of options on Exchange Traded
Fund Shares that satisfy the criteria set
forth in Rule 5020(h), the interval of
strike prices may be $1 or greater where
the strike price is $200 or less or $5 or
greater where the strike price is over
$200. The Exchange now proposes to
modify the interval setting regime to
allow $1 strike price intervals where the
strike price is above $200 for IWM and
QQQ options. The Exchange believes
that the proposed rule change would
make QQQ and IWM options easier for
investors and traders to use and more
tailored to their investment needs.
The QQQ and IWM are designed to
provide investors different ways to
efficiently gain exposure to the equity
markets and execute risk management,
hedging, asset allocation and income
generation strategies. The QQQ is a Unit
investment trust designed to closely
track the price and performance of a the
Nasdaq-100 Index (‘‘NDX’’), which
represents the largest and most active
non-financial domestic and
international issues listed on The
Nasdaq Stock Market based on market
capitalization. Likewise, the IWM is an
index ETF designed to closely track the
price and performance of the Russell
2000 Index (‘‘RUT’’), which represents
the small capitalization sector of the
U.S. equity market. In general, QQQ and
1 15
2 17
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5 See Securities Exchange Act Release No. 85754
(April 30, 2019), 84 FR 19823 (May 6, 2019) (SR–
CBOE–2019–015).
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]]>Agencies
[Federal Register Volume 84, Number 112 (Tuesday, June 11, 2019)]
[Notices]
[Pages 27172-27173]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12191]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86037; File No. SR-DTC-2018-010]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Designation of a Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To Amend the Settlement Guide Procedures To Provide Status
Information for Institutional Transactions to a Matching Utility
June 5, 2019.
On November 29, 2018, The Depository Trust Company (``DTC''), filed
with the Securities and Exchange Commission (``Commission'') a proposed
rule change, pursuant to Section 19(b)(1) of the Securities Exchange
Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ to allow DTC to
share status information with matching utilities (SR-DTC-2018-010).
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The proposed rule change was published for comment in the Federal
Register on December 12, 2018.\3\ In response, the Commission received
one comment letter on the proposed rule change.\4\ On December 26,
2018, the Commission extended the time period within which to approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to
[[Page 27173]]
determine whether to approve or disapprove the proposed rule change to
March 12, 2019.\5\ On March 11, 2019, the Commission issued an order
instituting proceedings under Section 19(b)(2)(B) of the Act \6\ to
determine whether to approve or disapprove the proposed rule change
(``OIP'').\7\ The Commission received two comments on the proposal in
response to the OIP.\8\
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 84751 (December 7,
2018), 83 FR 63948 (December 12, 2018) (SR-DTC-2018-010).
\4\ Letter from Mari-Anne Pisarri, Pickard Djinis and Pisarri
LLP, dated January 2, 2019, to Eduardo A. Aleman, Assistant
Secretary, Commission, available at https://www.sec.gov/comments/sr-dtc-2018-010/srdtc2018010-4842066-177179.pdf (``SS&C Letter I'').
\5\ Securities Exchange Act Release No. 84954 (December 26,
2018), 84 FR 873 (January 31, 2019) (SR-DTC-2018-010).
\6\ 15 U.S.C. 78s(b)(2)(B)(ii).
\7\ Securities Exchange Act Release No. 85288 (March 11, 2019),
84 FR 9565 (March 15, 2019) (SR-DTC-2018-010).
\8\ Letter from Mari-Anne Pisarri, Pickard Djinis and Pisarri
LLP, dated April 15, 2019, to Vanessa Countryman, Acting Secretary,
Commission, available at https://www.sec.gov/comments/sr-dtc-2018-010/srdtc2018010-5364127-184089.pdf (``SS&C Letter II''); Letter
from Murray Pozmanter, Managing Director, Head of Clearing Agency
Services and Global Operations, Depository Trust and Clearing
Corporation, dated March 26, 2019, to Brent J. Fields, Secretary,
Commission, available at https://www.sec.gov/comments/sr-dtc-2018-010/srdtc2018010-5224494-183708.pdf (``DTC Letter'').
---------------------------------------------------------------------------
Section 19(b)(2)(B)(ii) of the Act \9\ provides that, after
initiating proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on December 12, 2018. The 180th day after publication
of the Notice is June 10, 2019, and August 9, 2019 is an additional 60
days from that date.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change and the comment letters. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,\10\ designates August 9, 2019,
as the date by which the Commission shall either approve or disapprove
the proposed rule change (SR-DTC-2018-010).
---------------------------------------------------------------------------
\10\ Id.
\11\ 17 CFR 200.30-3(a)(57).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-12191 Filed 6-10-19; 8:45 am]
BILLING CODE 8011-01-P
