66808 Federal Register / Vol. 83, No. 247 / Thursday, December 27, 2018 / Notices 

14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See generally CHX Article 19. 5See CHX Article 18, Rules 1 and 1A. The 

Exchange will submit a separate Rule 19b–4 filing 

to eliminate fees and credits associated with the 

outbound routing service and SNAP. 6See CHX Article 1, Rule 1(s). From January 1, 

2018 through November 30, 2018, the Exchange 

routed away a total of 634 orders and executed 

178,682 away shares pursuant to the outbound 

routing service. Moreover, a total of 60 SNAP 

auctions that resulted in order executions were 

initiated since June 2016, 16 of which occurred in 

2018. 7See CHX Article 1, Rule 2(b)(3)(A). 8 17 CFR 242.611. 

9 17 CFR 242.610(d). 

10See CHX Article 1, Rule 2(b)(1)(C); see also 

amended CHX Article 20, Rules 5 and 6. 

11See CHX Article 1, Rule 2(h)(1). 

12See CHX Article 1, Rule 2(h)(2). 

13See CHX Article 1, Rule 2(h)(3). 

14See CHX Article 1, Rule 1(b). 

15See CHX Article 18, Rules 1A(a) and (b). 

16The Matching System is a ‘‘Trading Facility’’ of 

the Exchange as defined under CHX Article 1, Rule 

1(z). 

and 3:00 p.m., located at 100 F Street 

NE, Washington, DC 20549. 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–2018–38 and should 

be submitted on or before January 17, 

2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–27993 Filed 12–26–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84852; File No. SR–CHX– 

2018–09] 

Self-Regulatory Organizations; 

Chicago Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change To 

Decommission the Exchange’s 

Outbound Routing Service and the 

Sub-Second Non-Displayed Auction 

Process 

December 19, 2018. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

12, 2018, the Chicago Stock Exchange, 

Inc. (‘‘CHX’’ or ‘‘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 self-regulatory 

organization. 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 the 

rules of the Exchange (‘‘Rules’’) to 

decommission the Exchange’s outbound 

routing service and the Sub-second 

Non-displayed Auction Process 

(‘‘SNAP’’). The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

2. Background 

The Exchange proposes to amend the 

Rules to decommission the Exchange’s 

outbound routing service 4 and SNAP.5

Since initial launch of the outbound 

routing service in May 2015 and SNAP 

in June 2016, neither product has been 

frequently or actively utilized by 

Participants.6 Accordingly, to 

streamline the Exchange’s product 

offerings and to reallocate Exchange 

resources to other initiatives and 

obligations, the Exchange proposes to 

decommission the outbound routing 

service and SNAP as of December 31, 

2018 (‘‘Operative Date’’). 

On the Operative Date, the Exchange’s 

outbound routing broker-dealer, 

CHXBD, LLC (‘‘CHXBD’’), will cease 

business operations and all inbound 

orders received by the Exchange will be 

handled Do Not Route.7 Specifically, to 

the extent an inbound order would 

trade-through a protected quotation of 

an away market in violation of Rule 611 

of Regulation NMS 8 or impermissibly 

lock or cross a protected quotation of an 

away market in violation of Rule 610(d) 

of Regulation NMS,9 the order will 

either be cancelled back to the order 

sender or price slid to a permissible 

price if it is marked CHX Only.10

With respect to SNAP, pursuant to 

Article 20, Rule 4(b), the Exchange 

deactivated the Start SNAP,11 Cancel On 

SNAP,12 and SNAP Auction Only Order 

(‘‘SNAP AOO’’) 13 order modifiers as of 

August 16, 2018. As SNAP Cycles 14 can 

only be initiated upon receipt of a valid 

Start SNAP order or pursuant to the 

Exchange’s pro forma review of the 

SNAP AOO queue,15 the Exchange does 

not currently conduct any SNAP 

auctions. Therefore, elimination of the 

SNAP-related Rules will have no impact 

on the current operation of the Matching 

System.16

3. Proposed Rule Change 

To effect the decommissioning of the 

outbound routing service and SNAP, the 

Exchange proposes to amend the Rules 

as follows: 

a. Amendments to Article 1 

Current Article 1, Rule 1(oo) defines 

the term ‘‘Routable Order,’’ which are 

the only orders that may be routed away 

pursuant to the outbound routing 

service. The Exchange proposes to 

amend Article 1, Rule 1(oo) to eliminate 

‘‘Routable Order’’ as a defined term and 

to insert the term ‘‘Reserved’’ in its 

place. 

Current Article 1, Rule 1(rr) defines 

the term ‘‘SNAP Price,’’ which is the 

single price at which an order will be 

executed during a SNAP Cycle, and 

current Article 1, Rule 1(ss) defines 

‘‘SNAP Eligible Orders,’’ which are 

specific orders that are eligible for 

participation in a SNAP Cycle. The 

Exchange proposes to amend these 

Rules to eliminate SNAP Price and 

SNAP Eligible Orders as defined terms 

and to insert the term ‘‘Reserved’’ in 

their place. 

Current Article 1, Rule 2(a) provides 

that the general order types described 

thereunder shall be accepted by the 

Matching System, subject to the 

requirements of Article 20, Rule 4. 

Because the decommissioning of the 

outbound routing service would result 

in all orders being non-routable, the 


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17See CHX Article 1, Rule 1(qq) defining ‘‘Open 

Trading State.’’ 18 17 CFR 242.611. 

19 17 CFR 242.610(d). 

20See CHX Article 1, Rule 2(f)(2). 

Exchange proposes to amend Rule 2(a) 

to provide that all orders received by the 

Matching System would be deemed to 

have been received ‘‘Do Not Route,’’ as 

defined under Article 1, Rule 2(b)(3)(A), 

which cannot be overridden by the 

order sender. Because all orders 

received by the Exchange would be 

handled ‘‘Do Not Route,’’ the Exchange 

proposes to delete repetitive text under 

Article 1, Rules 2(b)(1)(C), 2(b)(1)(D), 

2(b)(3)(B), 2(d)(2), and 2(d)(4). 

Current Article 1, Rule 2(h) defines 

the three order modifiers specific to 

SNAP: Start SNAP, under paragraph 

(h)(1); Cancel On SNAP, under 

paragraph (h)(2); and SNAP AOO, under 

paragraph (h)(3). The Exchange 

proposes to eliminate Start SNAP, 

Cancel On SNAP, and SNAP AOO as 

defined terms and delete Rule 2(h) in its 

entirety. Elimination of these order 

modifiers would have no impact on 

trading during the Open Trading State,17

as they are only valid in the context of 

SNAP Cycles. 

b. Amendments to Article 18 

Current Article 18 (Auctions) includes 

Rule 1, which describes the SNAP 

Cycle, and Rule 1A, which describes 

how a SNAP Cycle is initiated and the 

process by which a SNAP Cycle is 

initiated by the Exchange. In light of the 

proposed decommissioning of SNAP, 

the Exchange proposes to delete Rules 1 

and 1A in their entirety. Because the 

Exchange does not currently offer any 

other auction products, the Exchange 

proposes to replace the term ‘‘Auctions’’ 

in the heading to Article 18 with the 

term ‘‘Reserved.’’ 

c. Amendments to Article 19 

Current Article 19 (Operation of the 

CHX Routing Services) describes the 

CHX Routing Services, which includes 

both outbound and inbound order 

routing. Specifically, Rule 1 (CHX 

Routing Services) provides a summary 

of the outbound routing function, as 

well as limitation of liability and firm 

order provisions. Rule 2 (Routing 

Broker) describes the functions and 

obligations of CHXBD as outbound 

router under paragraph (a) and 

Archipelago Securities LLC (‘‘Arca 

Securities’’) as inbound router to the 

Exchange from NYSE Arca, Inc. (‘‘NYSE 

Arca’’), NYSE American, LLC (‘‘NYSE 

American’’), New York Stock Exchange, 

LLC (‘‘NYSE’’), and NYSE National, Inc. 

(‘‘NYSE National,’’ and with the 

Exchange, NYSE Arca, NYSE American, 

NYSE, and NYSE National, the ‘‘NYSE 

Group Exchanges’’) under paragraph (b). 

Rule 3 (Routing Events) describes the 

circumstances under which Routable 

Orders are routed away from the 

Exchange. 

Given that the Exchange is proposing 

to decommission outbound routing only 

and thereby maintain the inbound 

routing function, the Exchange proposes 

to delete Rules 1(a), 1(c), and 3, and all 

language under Rule 2(a) (replacing the 

deleted text with the term ‘‘Reserved’’), 

but to maintain Rules 1(b) (as amended 

Rule 1) and 2(b). Specifically, current 

Rule 2(b) describes the inbound routing 

function and current Rule 1(b) 

(amended Rule 1) provides that use of 

the CHX Routing Services (i.e., the 

inbound routing function) is optional 

and subject to the Exchange’s limitation 

of liability under Article 3, Rule 19. 

With respect to the proposed deletion 

of current Article 19, Rule 2(a)(7) related 

to the CHXBD Error Account, the 

Exchange notes that since the outbound 

routing service will be decommissioned, 

the Exchange will not be at risk of 

having to liquidate unpaired trade 

positions, as such positions would only 

result from issues related to routed 

orders. However, even if unpaired trade 

positions were to result from executions 

within the Matching System, the 

Exchange would be permitted to nullify 

such transactions pursuant to Article 20, 

Rules 10(f) and (g), and would rely on 

the limitation on liability provisions 

under Article 3, Rule 19. Therefore, the 

CHXBD Error Account will not be 

required to address unpaired trade 

positions. 

The Exchange notes that current Rules 

3(c) and 3(d) refer to Article 20, Rules 

8(b)(7), 8(f), and 12(b), all of which the 

Exchange proposes to delete, as 

described below. 

d. Amendments to Article 20 

Current Article 20, Rule 5 (Prevention 

of Trade-Throughs) describes the 

handling of inbound orders whose 

immediate execution would be 

improper under Rule 611 of Regulation 

NMS 18 for Routable Orders under Rule 

5(a)(1) and non-Routable Orders under 

Rule 5(a)(2). The Exchange proposes to 

delete language under current Rule 

5(a)(1) and insert the term ‘‘Reserved.’’ 

Also, since all inbound orders received 

by the Matching System would be 

deemed received as Do Not Route, 

pursuant to amended Article 1, Rule 

2(a), the Exchange proposes to amend 

current Rule 5(a)(2) to delete as 

repetitive the phrase ‘‘and the order 

cannot be routed away.’’ Therefore, 

amended Rule 5(a)(2) would provide 

that if execution of all or part of an 

inbound order would cause an improper 

trade-through, the order shall be 

automatically cancelled; provided, 

however, that such an order marked 

CHX Only may be subject to the CHX 

Only Price Sliding Processes, detailed 

under Article 1, Rule 2(b)(1)(C) and not 

automatically cancelled. 

Current Article 20, Rule 6 (Locked 

and Crossed Markets) describes the 

handling of inbound orders whose 

immediate display would be improper 

under Rule 610(d) of Regulation NMS 19

for Routable Orders under Rule 6(d)(1) 

and non-Routable Orders under Rule 

6(d)(2). The Exchange proposes to delete 

language under current Rule 6(d)(1) and 

insert the term ‘‘Reserved.’’ Also, since 

all inbound orders received by the 

Matching System will be deemed 

received as Do Not Route, pursuant to 

amended Article 1, Rule 2(a), the 

Exchange proposes to amend current 

Rule 6(d)(2) to delete as repetitive the 

phrase ‘‘and the order cannot be routed 

away.’’ Therefore, amended Rule 6(d)(2) 

provides that if the display of an order 

would impermissibly lock or cross a 

protected quotation of an external 

market, that order shall be automatically 

cancelled; provided, however, that such 

an order marked CHX Only may be 

subject to the CHX Only Price Sliding 

Processes, detailed under Article 1, Rule 

2(b)(1)(C) and not automatically 

cancelled. 

Current Article 20, Rule 8(a) generally 

provides that Participants may route 

orders to the Matching System through 

any communications line approved by 

the Exchange but may only route orders 

away from the Matching System by 

utilizing the CHX Routing Services, 

pursuant to Article 19. The Exchange 

proposes to amend Rule 8(a) to delete 

language related to routing orders away 

from the Matching System. 

Current Article 20, Rule 8(b)(7) 

describes how the unexecuted 

remainder of routed orders returned to 

the Matching System are ranked on the 

CHX book. In light of the proposed 

decommissioning of the outbound 

routing service, the Matching System 

will not receive any unexecuted 

remainders of orders routed away from 

the Matching System, and therefore, the 

Exchange proposes to delete Rule 8(b)(7) 

in its entirety. 

Current Article 20, Rule 8(d)(3) 

describes how Odd Lot 20 orders and 

unexecuted Odd Lot remainders of 

routed orders are handled by the 

Matching System. The Exchange 

proposes to amend Rule 8(d)(3) to 

eliminate language relating to routing 


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66810 Federal Register / Vol. 83, No. 247 / Thursday, December 27, 2018 / Notices 

21 17 CFR 242.201. 

22 17 CFR 242.201. 

23 15 U.S.C. 78f(b)(5). 

24See supra note 6. 

25 17 CFR 242.201. 

26 17 CFR 242.610(d). 

27 17 CFR 242.611. 

28 15 U.S.C. 78f(b)(5). 

29 15 U.S.C. 78s(b)(3)(A)(iii). 

30 17 CFR 240.19b–4(f)(6). 

31 17 CFR 240.19b–4(f)(6). 

32 17 CFR 240.19b–4(f)(6)(iii). 

away orders. Accordingly, amended 

Rule 8(d)(3) provides that an Odd Lot 

order or unexecuted Odd Lot 

remainders shall be posted to, remain 

in, or be cancelled from the Matching 

System according to the attached order 

modifiers. 

Current Article 20, Rule 8(d)(4) (Rule 

201 of Regulation SHO 21) describes 

how orders subject to the short sale 

price test restriction will be handled 

during the Open Trading State and 

transition to the Open Trading State 

from a SNAP Cycle, under subparagraph 

(A), and during a SNAP Cycle, under 

subparagraph (B). The Exchange 

proposes to delete reference to the stage 

five Transition to the Open Trading 

State under subparagraph (A) and to 

delete subparagraph (B) in its entirety as 

it describes the handling of orders 

subject to the short sale price test 

restriction during a SNAP Cycle. 

Moreover, the Exchange proposes to 

amend subparagraph (A)(iv) to omit 

reference to the routing away of Sell 

Short orders. Accordingly, amended 

subparagraph (A)(iv) will provide that a 

Sell Short order, other than a CHX Only 

order, will be cancelled back to the 

order sender if, based on Rule 201 of 

Regulation SHO,22 such order is not 

executable or cannot be posted to the 

Matching System. 

Current Article 20, Rule 8(e) describes 

the execution of certain orders, order 

types, and auctions. The Exchange 

proposes to amend Rule 8(e) to delete 

reference to ‘‘auctions’’ in the header 

and to delete the language under current 

Rule 8(e)(2) related to the execution of 

orders during a SNAP Cycle, inserting 

the term ‘‘Reserved’’ in its place. 

Current Article 20, Rule 8(f) describes 

how orders cancellation messages 

submitted by Participants are handled 

and Rule 8(f)(2), in particular, describes 

how cancel messages received by the 

Exchange for routed orders are handled. 

The Exchange proposes to delete Rule 

8(f)(2) in its entirety. 

Current Article 20, Rule 12 (Order 

Cancellation/Release by the Exchange) 

describes the circumstances under 

which the Exchange may cancel or 

release orders. Specifically, Rule 12(a) 

permits the Exchange or CHXBD to 

cancel orders it deems necessary to 

maintain fair and orderly markets if a 

technical or systems issue occurs at the 

Exchange, CHXBD, a non-affiliated 

third-party broker, or another trading 

center to which an order was routed. 

Rule 12(a) also requires the Exchange or 

CHXBD to provide notice of the 

cancellation to affected Participants as 

soon as practicable. In addition, Rule 

12(b) permits the Exchange to release 

orders being held on the Exchange 

awaiting another trading center 

execution as it deems necessary to 

maintain fair and orderly markets if a 

technical or systems issue occurs at the 

Exchange, CHXBD, a non-affiliated 

third-party broker, or another Trading 

Center to which an order has been 

routed. Given that the proposed 

decommissioning of the outbound 

routing service will not require the 

Exchange to cancel or release orders that 

have been routed away from the 

Exchange, the Exchange proposes to 

amend the header to Rule 12 to read 

‘‘Order Cancellation by the Exchange,’’ 

amend Rule 12(a) to limit its scope to 

technical or systems issues that occur at 

the Exchange only, and to delete Rule 

12(b) in its entirety. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b)(5) of the Exchange Act,23 in 

that it is 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 

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. 

Specifically, the Exchange believes 

that the proposal to amend the Rules to 

decommission the Exchange’s outbound 

routing service and SNAP will permit 

the Exchange to reallocate resources 

currently used to maintain the 

infrequently utilized 24 outbound 

routing service and SNAP to the 

development of other business 

initiatives and to further support the 

Exchange’s regulatory obligations. In 

addition, the Exchange notes that the 

decommissioning of the outbound 

routing service will result in all inbound 

orders received by the Exchange being 

handled Do Not Route and therefore 

subject to the Exchange’s current order 

processing procedures and rules for 

non-routable orders, which will ensure 

that the Matching System continues to 

be reasonably designed to comply with 

the requirements of Rule 201 of 

Regulation SHO 25 and Rules 610(d) 26

and 611 27 of Regulation NMS. Also, the 

Exchange is not required by rule or 

regulation to provide outbound routing 

services and Participants will continue 

to be able to route orders to away 

markets either directly or through 

another routing service. Therefore, the 

Exchange believes that the proposed 

rule change will remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system in furtherance of Section 6(b)(5) 

of the Exchange Act.28

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act. 

Specifically, the proposed rule change 

will result in the decommissioning of 

certain Exchange products that have not 

been frequently or actively utilized by 

Participants. Therefore, the Exchange 

submits that the proposal does not raise 

any competitive issues. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 29 and Rule 

19b–4(f)(6) thereunder.30 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 

prior to 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 and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 31 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),32 the Commission 

may designate a shorter time if such 

action is consistent with the protection 


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33See supra note 6. 34For 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). 35 15 U.S.C. 78s(b)(2)(B). 36 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 84643 

(November 21, 2018), 83 FR 60916. 4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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 on 

December 31, 2018 to coincide with the 

termination of its clearing agreement 

with a third-party routing broker-dealer 

at the completion of calendar year 2018. 

According to CHX, waiver of the 

operative delay would provide cost 

savings that would permit the Exchange 

to allocate those resources to developing 

new business initiatives or further 

supporting its regulatory obligations. 

The Exchange also notes that the neither 

outbound router nor SNAP are utilized 

frequently.33 The Commission believes 

that a partial waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest and hereby designates the 

proposal operative on December 31, 

2018.34

At any time within 60 days of the 

filing of such 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) 35 of the Act to 

determine whether the proposed rule 

change 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: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or • Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CHX–2018–09 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–CHX–2018–09. 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 (http://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–CHX–2018–09 and should 

be submitted on or before January 17, 

2019.36

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–27986 Filed 12–26–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84867; File No. SR–C2– 

2018–022] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Adopt Complex 

Reserve Order Functionality 

December 19, 2018. 

On November 8, 2018, Cboe C2 

Exchange, Inc. 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 

adopt Complex Reserve Order 

functionality. The proposed rule change 

was published for comment in the 

Federal Register on November 27, 

2018.3 The Commission has received no 

comment letters regarding the proposed 

rule change. 

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 after 

publication of the notice for this 

proposed rule change is January 11, 

2019. The Commission is extending this 

45-day time period. 

The Commission finds it 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, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates February 25, 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–C2–2018–022). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–27996 Filed 12–26–18; 8:45 am] 

BILLING CODE 8011–01–P 


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