Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Dissemination of End-of-Day Indicative Values Via the Options Price Reporting Authority, 48201-48202 [2019-19706]
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Federal Register / Vol. 84, No. 177 / Thursday, September 12, 2019 / Notices
012), be, and hereby is, approved on an
accelerated basis.33
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–19703 Filed 9–11–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86892; File No. SR–CBOE–
2019–054]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the
Dissemination of End-of-Day Indicative
Values Via the Options Price Reporting
Authority
September 6, 2019.
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 August
29, 2019, 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, II, and III 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.
jbell on DSK3GLQ082PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes that the
dissemination of end-of-day indicative
values via the Options Price Reporting
Authority (‘‘OPRA’’) will not be
discontinued pursuant to SR–CBOE–
2019–046.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
33 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
34 17 CFR 200.30–3(a)(12).
1 15 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).
VerDate Sep<11>2014
17:27 Sep 11, 2019
Jkt 247001
48201
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
Exchanges,6 the Exchange also intends
to implement this proposed rule change
on October 7, 2019.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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 facilitating 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.
The proposed rule change is merely
continuing the dissemination of
indicative values via OPRA, without
altering the proposed rule under SR–
CBOE–2019–046 that the indicative
values data will also be made publicly
available, e.g., on the Exchange’s
website. This will proposed amendment
will not impact the manner in which the
proposed rule pursuant to SR–CBOE–
2019–046 will function nor the public
access that market participants will
have to indicative values, but will
merely allow indicative values to
continue to be disseminated via OPRA,
a process which market participants are
already familiar with and for which
many already subscribe. Thus,
continuing the dissemination of
indicative values via OPRA with not
impact market participants as it will
continue to allow OPRA to disseminate
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
On August 12, 2019, the Exchange
filed a rule filing, SR–CBOE–2019–046,
which, amended Exchange Rules in
connection with end-of-month (‘‘EOM’’)
and end-of-day (‘‘EOD’’) indicative
values.5 Pursuant to SR–CBOE–2019–
046, which will be effective on October
7, 2019, the Exchange stated that it
would discontinue the dissemination of
indicative values via OPRA. In addition
to this, the proposed change under SR–
CBOE–2019–046 provides that the
Exchange will make indicative values
publicly available, e.g., on its website.
The Exchange, however, has determined
that it will continue the dissemination
of indicative values via OPRA while
also making such values publicly
available. The Exchange notes that this
will not impact the manner in which the
EOD indicative values rule will function
pursuant to SR–CBOE–2019–046, nor
alter the free access market participants
will have to the indicative values made
publicly available pursuant to the
proposed rule. This update is merely
intended to continue to allow the
dissemination of indicative values via
OPRA in the same manner they are
currently disseminated and made
available to current OPRA subscribers.
The indicative values disseminated via
OPRA will continue to be clearly
marked with an ‘‘I’’ indicator to
distinguish them as indicative values,
and not a quote or last sale. In order to
coincide with the effective date of SR–
CBOE–2019 and the migration of the
Exchange’s trading platform to the same
system used by the Cboe Affiliated
5 See
PO 00000
SR–CBOE–2019–046 (August 12, 2019).
Frm 00101
Fmt 4703
Sfmt 4703
6 In 2016, the Exchange’s parent company, Cboe
Global Markets, Inc. (formerly named CBOE
Holdings, Inc.) (‘‘Cboe Global’’), which is also the
parent company of Cboe C2 Exchange, Inc. (‘‘C2’’),
acquired Cboe EDGA Exchange, Inc. (‘‘EDGA’’),
Cboe EDGX Exchange, Inc. (‘‘EDGX’’ or ‘‘EDGX
Options’’), Cboe BZX Exchange, Inc. (‘‘BZX’’ or
‘‘BZX Options’’), and Cboe BYX Exchange, Inc.
(‘‘BYX’’ and, together with Cboe Options, C2,
EDGX, EDGA, and BZX, the ‘‘Cboe Affiliated
Exchanges’’).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 Id.
E:\FR\FM\12SEN1.SGM
12SEN1
48202
Federal Register / Vol. 84, No. 177 / Thursday, September 12, 2019 / Notices
indicative values to market participants
that already subscribe to their data or
wish to subscribe. Moreover, the
indicative values disseminated via
OPRA will continue to be clearly
marked with an ‘‘I’’ indicator to
distinguish them as indicative values,
and not a quote or last sale, thereby
protecting investors. As a result of the
above, the proposed amendment serves
to protect investors by fostering
coordination with persons engaged in
the processing of information with
respect to securities and removing
impediments to and perfecting the
mechanism of a free and open market
and a national market system.
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.
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
under Section 19(b)(2)(B) 12 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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:
The Exchange does not believe that
the proposed change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed amendment to continue the
dissemination of indicative values via
OPRA, rather than discontinue them
under SR–CBOE–2019–046 (effective
October 7, 2019), is merely allowing a
dissemination process currently in place
to continue, thus allowing for market
participants who currently subscribe to
OPRA data to continue to receive such
values through OPRA after October 7,
2019. As this is a process currently in
place, the Exchange believes this
proposed filing to allow for its
continuation will have no impact on
competition.
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.
jbell on DSK3GLQ082PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 10 of the Act and
Rule 19b–4(f)(6) 11 thereunder. 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, it has
become effective pursuant to Section
U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
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–CBOE–2019–054 and
should be submitted on or before
October 3, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–19706 Filed 9–11–19; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
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–
CBOE–2019–054 on the subject line.
Privacy Act of 1974; System of
Records; Correction
Paper Comments
• Send paper comments in triplicate
to the Secretary, Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2019–054. 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
SUMMARY:
U.S. Small Business
Administration.
ACTION: Notice of a New System of
Records; correction.
AGENCY:
The U. S. Small Business
Administration published a document
in the Federal Register of September
5th, 2019, regarding Notice of a New
System of Records, Small Business
Investment Company Information
System (SBICIS), SORN #40. The
document contained an incorrect
effective date.
FOR FURTHER INFORMATION CONTACT:
David Trzcinski, Branch Chief, Security
Policy & Compliance, 202–205–6372,
David.Trzcinski@sba.gov.
SUPPLEMENTARY INFORMATION:
Correction
In the Federal Register of September
5, 2019, in FR Doc. 2019–19153, on page
46769, in the second column, correct
the DATES caption to read:
DATES: This action will be effective
without further notice on October 7th,
2019 unless comments are received that
would result in a contrary
determination.
Dated: September 6, 2019.
Jason Lima,
Senior Records Manager, Records
Management Division.
[FR Doc. 2019–19736 Filed 9–11–19; 8:45 am]
BILLING CODE 8026–03–P
10 15
VerDate Sep<11>2014
17:27 Sep 11, 2019
12 15
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PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00102
Fmt 4703
13 17
Sfmt 9990
E:\FR\FM\12SEN1.SGM
CFR 200.30–3(a)(12).
12SEN1
]]>Agencies
[Federal Register Volume 84, Number 177 (Thursday, September 12, 2019)]
[Notices]
[Pages 48201-48202]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19706]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86892; File No. SR-CBOE-2019-054]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
to the Dissemination of End-of-Day Indicative Values Via the Options
Price Reporting Authority
September 6, 2019.
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 August 29, 2019, 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, II,
and III 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.
---------------------------------------------------------------------------
\1\ 15 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
that the dissemination of end-of-day indicative values via the Options
Price Reporting Authority (``OPRA'') will not be discontinued pursuant
to SR-CBOE-2019-046.
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.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
On August 12, 2019, the Exchange filed a rule filing, SR-CBOE-2019-
046, which, amended Exchange Rules in connection with end-of-month
(``EOM'') and end-of-day (``EOD'') indicative values.\5\ Pursuant to
SR-CBOE-2019-046, which will be effective on October 7, 2019, the
Exchange stated that it would discontinue the dissemination of
indicative values via OPRA. In addition to this, the proposed change
under SR-CBOE-2019-046 provides that the Exchange will make indicative
values publicly available, e.g., on its website. The Exchange, however,
has determined that it will continue the dissemination of indicative
values via OPRA while also making such values publicly available. The
Exchange notes that this will not impact the manner in which the EOD
indicative values rule will function pursuant to SR-CBOE-2019-046, nor
alter the free access market participants will have to the indicative
values made publicly available pursuant to the proposed rule. This
update is merely intended to continue to allow the dissemination of
indicative values via OPRA in the same manner they are currently
disseminated and made available to current OPRA subscribers. The
indicative values disseminated via OPRA will continue to be clearly
marked with an ``I'' indicator to distinguish them as indicative
values, and not a quote or last sale. In order to coincide with the
effective date of SR-CBOE-2019 and the migration of the Exchange's
trading platform to the same system used by the Cboe Affiliated
Exchanges,\6\ the Exchange also intends to implement this proposed rule
change on October 7, 2019.
---------------------------------------------------------------------------
\5\ See SR-CBOE-2019-046 (August 12, 2019).
\6\ In 2016, the Exchange's parent company, Cboe Global Markets,
Inc. (formerly named CBOE Holdings, Inc.) (``Cboe Global''), which
is also the parent company of Cboe C2 Exchange, Inc. (``C2''),
acquired Cboe EDGA Exchange, Inc. (``EDGA''), Cboe EDGX Exchange,
Inc. (``EDGX'' or ``EDGX Options''), Cboe BZX Exchange, Inc.
(``BZX'' or ``BZX Options''), and Cboe BYX Exchange, Inc. (``BYX''
and, together with Cboe Options, C2, EDGX, EDGA, and BZX, the ``Cboe
Affiliated Exchanges'').
---------------------------------------------------------------------------
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 facilitating
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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ Id.
---------------------------------------------------------------------------
The proposed rule change is merely continuing the dissemination of
indicative values via OPRA, without altering the proposed rule under
SR-CBOE-2019-046 that the indicative values data will also be made
publicly available, e.g., on the Exchange's website. This will proposed
amendment will not impact the manner in which the proposed rule
pursuant to SR-CBOE-2019-046 will function nor the public access that
market participants will have to indicative values, but will merely
allow indicative values to continue to be disseminated via OPRA, a
process which market participants are already familiar with and for
which many already subscribe. Thus, continuing the dissemination of
indicative values via OPRA with not impact market participants as it
will continue to allow OPRA to disseminate
[[Page 48202]]
indicative values to market participants that already subscribe to
their data or wish to subscribe. Moreover, the indicative values
disseminated via OPRA will continue to be clearly marked with an ``I''
indicator to distinguish them as indicative values, and not a quote or
last sale, thereby protecting investors. As a result of the above, the
proposed amendment serves to protect investors by fostering
coordination with persons engaged in the processing of information with
respect to securities and removing impediments to and perfecting the
mechanism of a free and open market and a national market system.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed change will impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed amendment to
continue the dissemination of indicative values via OPRA, rather than
discontinue them under SR-CBOE-2019-046 (effective October 7, 2019), is
merely allowing a dissemination process currently in place to continue,
thus allowing for market participants who currently subscribe to OPRA
data to continue to receive such values through OPRA after October 7,
2019. As this is a process currently in place, the Exchange believes
this proposed filing to allow for its continuation will have no impact
on competition.
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
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \10\ of the Act and Rule 19b-4(f)(6) \11\
thereunder. 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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 under
Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-CBOE-2019-054 on the subject line.
Paper Comments
Send paper comments in triplicate to the Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File Number SR-CBOE-2019-054. 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-CBOE-2019-054 and should be submitted on
or before October 3, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19706 Filed 9-11-19; 8:45 am]
BILLING CODE 8011-01-P
