Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 28039 

102 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

proposed change would result in 

potentially higher contribution 

requirements for Clearing Members with 

large shares of overall margin relative to 

open interest, which could be the result 

of a portfolio that contains directional 

exposures driving higher margin 

requirements or accounts that have 

significant exposures in futures subject 

to customer gross margining 

requirements. OCC believes that this 

change is prudent from a risk 

management perspective as it would 

better align each Clearing Member’s 

contribution requirement with the risk it 

presents to OCC by requiring those 

members that bring elevated levels of 

risk to contribute more to the Clearing 

Fund and thereby incentivize those 

firms to reduce the risk of their 

exposures. As a result, OCC believes 

that any impact on competition would 

be necessary and appropriate in 

furtherance of the purposes of 

protecting investors and the public 

interest under the Act. 

OCC also proposes to modify the 

volume component of its Clearing Fund 

contribution allocation weighting 

methodology to provide that OCC would 

use cleared volume, as opposed to 

executed volume, in allocating Clearing 

Fund contribution requirements. OCC 

believes that the proposed change also 

is designed to more appropriately 

allocate contribution requirements 

commensurate to the risks posed by its 

Clearing Members by basing the volume 

component of the allocation on where 

the position is ultimately cleared, and 

where the risk is ultimately maintained, 

as opposed to where it was executed. 

OCC notes that the Clearing Members 

most directly impacted by the proposed 

change are execution-only Clearing 

Members that directly give up trades 

through transfers to other Clearing 

Members and do not to clear or carry 

positions on a routine basis, and would 

therefore generally see reduced 

contribution requirements due to the 

change from executed volume to cleared 

volume. OCC believes the overall 

impact to non-execution-only Clearing 

Members due only to the change to 

cleared volume would be minimal. As a 

result, OCC does not believe the 

proposed change would have an impact 

or impose a burden on competition. 

OCC also proposes a number of nonmaterial changes, such as relocating 

provisions of OCC’s By-Laws 

concerning the Clearing Fund to its 

Rules, making other clarifying and 

conforming changes to its Rules, Policy 

and procedures, and clarifying certain 

pro-cyclicality measures in its existing 

margin methodology, which are not 

expected to have any impact on 

competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments on the proposed 

rule change were not and are not 

intended to be solicited with respect to 

the proposed rule change and none have 

been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

OCC–2018–008 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–OCC–2018–008. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s website at 

https://www.theocc.com/components/ 

docs/legal/rules_and_bylaws/sr_occ_18_

008.pdf. 

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–OCC–2018–008 and should 

be submitted on or before July 6, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.102

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12855 Filed 6–14–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83405; File No. SR– 

NASDAQ–2018–040] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Descriptions of Certain Data Feeds 

Within the Nasdaq Options Market 

June 11, 2018. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on May 30, 

2018, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ 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 Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


sradovich on DSK3GMQ082PROD with NOTICES
28040 Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 

3The data provided for each options series 

includes the symbols (series and underlying 

security), put or call indicator, expiration date, the 

strike price of the series, and whether the option 

series is available for trading on ISE and identifies 

if the series is available for closing transactions 

only. 

4Securities and Exchange Act Release No. 83193 

(May 9, 2018), 83 FR 22539 (May 15, 2018) (SR– 

NASDAQ–2018–036). 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78f(b)(8). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

descriptions of certain data feeds within 

the Nasdaq Options Market LLC 

(‘‘NOM’’) Chapter VI, Section 19, 

entitled ‘‘Data Feeds and Trade 

Information.’’ The Exchange also 

proposes to correct an error within the 

fee schedule. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaq.cchwallstreet.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 the 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Chapter VI, Section 19, entitled ‘‘Data 

Feeds and Trade Information’’ to further 

detail the type of information available 

on Nasdaq ITCH to Trade Options 

(ITTO) or Best of Nasdaq Options 

(BONO) which describes symbol 

directory information with a more 

specific description of the options 

symbol directory that was recently 

utilized in ISE Rule 718(a).3 The 

Exchange also proposes to correct an 

inadvertent omission within Chapter 

XV, Section 3 pertaining to an options 

port fee. 

Chapter VI, Section 19 

The Exchange desires to amend the 

description of ITTO which currently 

provides, ‘‘ITTO is a data feed that 

provides quotation information for 

individual orders on the NOM book, last 

sale information for trades executed on 

NOM, and Order Imbalance Information 

as set forth in NOM Rules Chapter VI, 

Section 8.’’ The Exchange proposes to 

amend this sentence to provide, ‘‘ITTO 

is a data feed that provides full order 

and quote depth information for 

individual orders and quotes on the 

NOM book, last sale information for 

trades executed on NOM, and Order 

Imbalance Information as set forth in 

NOM Rules Chapter VI, Section 8.’’ The 

Exchange proposes this language to 

make clear that this data feed has full 

order and quote information and not top 

of book information. The Exchange 

believes this proposed language will 

bring greater clarity to this description. 

The ITTO feed is not changing. 

Also, today ITTO and BONO have an 

options symbol directory within those 

data feeds. The Exchange proposes to 

add a sentence to each of those data 

feeds to describe the data provided for 

each options series. The data includes 

the symbol (series and underlying 

security), put or call indicator, 

expiration date, the strike price of the 

series, and whether the option series is 

available for trading on NOM and 

identifies if the series is available for 

closing transactions only. The Exchange 

inadvertently excluded this information 

when it originally filed the description 

for these feeds. The Exchange believes 

that adding this language will bring 

greater clarity to each of these feeds. 

The Exchange also proposes to 

replace the word ‘‘Exchange’’ with 

‘‘NOM’’ in Section 19(a). 

Chapter XV, Section 3 

The Exchange filed a rule change to 

reorganize its port fees.4 The Exchange 

added a new section 3(i) which 

included the order and quote protocols 

are available on NOM. The Exchange 

noted in that rule change that it was not 

amending any pricing related to the 

protocols, rather the Exchange relocated 

and reorganized certain fees including 

the OTTO Port Fee. The Exchange 

relocated the OTTO port fee to section 

3(i) and noted the OTTO Port Fee was 

$750, per port, per month. The 

Exchange did not properly carry over 

the description of the OTTO Port Fee, 

which was $750, per port, per month, 

per mnemonic. The Exchange proposes 

to correct this error by adding ‘‘per 

mnemonic’’ back to this fee as it never 

intended to amend the manner in which 

an OTTO Port was billed. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Securities Exchange 

Act of 1934,5 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,6

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism for a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest, by 

providing greater transparency to the 

data feed information offered on NOM. 

The Exchange’s proposal to add more 

detail to both the ITTO and BONO data 

feeds will bring greater transparency to 

the Exchange’s Rules. The Exchange 

believes that the proposed rule change 

is consistent with the protection of 

investors and the public interest as it 

provides information relating to the data 

available on the Exchange for the benefit 

of its Members within its Rules and 

adds greater transparency to these 

offerings. Finally, the amendments seek 

to add greater clarity to the data 

offerings and conform the text of the 

offerings across its Nasdaq affiliated 

markets. 

The Exchange’s proposal to correct an 

inadvertent error within Chapter XV, 

Section 3 will clarify the manner in 

which OTTO Ports are billed today on 

NOM. The Exchange did not properly 

carry over the description of the OTTO 

Port Fee, which was $750, per port, per 

month, per mnemonic. The Exchange 

proposes to correct this error by adding 

‘‘per mnemonic’’ back to this fee as it 

never intended to amend the manner in 

which an OTTO Port was billed. The 

Exchange believes that this correct to 

the OTTO feed within Chapter XV, 

Section 3 is consistent with the Act and 

the protection of investors and the 

public interest because it will make 

clear how OTTO Ports are billed today. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,7 the Exchange does not believe 

that the proposed rule change will 

impose any burden on intermarket or 

intra-market competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The data feed 

offerings are available to any market 

participant. The Exchange’s proposal to 

amend the description of the data 

offerings will bring greater transparency 

to the Rulebook. The amendments seek 

to add greater clarity to the data 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices 28041 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice the Exchange’s intent to 

file the proposed rule change, along with a brief 

description and text of 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. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For 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). 

13 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. 

offerings and conform the text of the 

offerings. The Exchange’s proposal to 

correct an inadvertent error within 

Chapter XV, Section 3 will clarify the 

manner in which OTTO Ports are billed 

today on NOM. All OTTO Ports will 

continue to be billed in a uniform 

manner. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 8 and Rule 19b–4(f)(6) 

thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),11 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

upon filing. The Exchange states that 

such waiver will allow it to update its 

rules to provide more detail regarding 

its data offerings and properly reflect 

the manner in which an OTTO Port is 

currently billed. The Exchange believes 

this will further the protection of 

investors and the public interest 

because it will provide greater 

transparency as to the data offerings 

available to members and avoid 

confusion by correcting an error on its 

fee schedule. For this reason, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest and, therefore, the 

Commission designates the proposed 

rule change to be operative upon 

filing.12

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

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– 

NASDAQ–2018–040 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–NASDAQ–2018–040. 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–NASDAQ–2018–040 and 

should be submitted on or before July 6, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12854 Filed 6–14–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83402; File No. SR– 

NYSEAMER–2018–23] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend the NYSE American 

Equities Price List and the NYSE 

American Options Fee Schedule 

Related to Co-Location Services in 

Connection With the Re-Launch of 

Trading on NYSE National, Inc. and 

Proposed NYSE National Co-Location 

Services 

June 11, 2018. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on May 30, 

2018, NYSE American LLC (the 

‘‘Exchange’’ or ‘‘NYSE American’’) 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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


sradovich on DSK3GMQ082PROD with NOTICES