29844 Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 

8 15 U.S.C. 78s(b)(2)(B)(ii). 

9 Id. 

10 Id. 

11 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b-4. 

3As defined in Cboe Options Rule 24.21(b). 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change.8 The Commission may, 

however, extend the period for issuing 

an order approving or disapproving the 

proposed rule change by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination.9

The 180th day after publication of the 

notice for the Proposed Rule Change in 

the Federal Register is June 24, 2018. 

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 received. Accordingly, the 

Commission, pursuant to Section 

19(b)(2)(B)(ii) of the Act,10 designates 

August 23, 2018 as the date by which 

the Commission shall either approve or 

disapprove the Proposed Rule Change. 

The Commission also seeks additional 

comment to help further inform its 

analysis of the Proposed Rule Change. 

Specifically, the Commission invites 

interested persons to provide views, 

data, and arguments concerning the 

Proposed Rule Change, including 

whether the Proposed Rule Change is 

consistent with the Act and the 

applicable rules or regulations 

thereunder. Please note that comments 

previously received on the substance of 

the Proposed Rule Change will be 

considered together with comments 

submitted in response to this notice. 

Therefore, while commenters are free to 

submit additional comments at this 

time, they need not re-submit earlier 

comments. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

OCC–2017–021 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–OCC–2017–021. 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/about/ 

publications/bylaws.jsp. 

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–2017–021 and should 

be submitted on or before July 11, 2018. 

Any person who wishes to file a rebuttal 

to any other person’s submission must 

file that rebuttal on or before July 17, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13638 Filed 6–25–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83486; File No. SR–CBOE– 

2018–043] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Rule 

Governing Crowd Space Disputes 

June 20, 2018. 

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

Securities Exchange Act of 1934,1 and 

Rule 19b-4 thereunder,2 notice is hereby 

given that on June 7, 2018, Cboe 

Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe 

Options’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 24.21 relating to Crowd Space 

Disputes. The text of the proposed rule 

change is also available on the 

Exchange’s website (http://

www.cboe.com/AboutCBOE/CBOELegal

RegulatoryHome.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 

The purpose of this rule change is to 

amend Rule 24.21 (Index Crowd Space 

Dispute Resolution Procedures). By way 

of background, Rule 24.21 provides for 

guidelines and procedures to resolve 

disputes concerning the right of Trading 

Permit Holders (‘‘TPHs’’) to occupy a 

certain space in certain index option 

trading pits. 

Particularly, the Exchange proposes to 

amend subparagraphs (b) and (g) of Rule 

24.21, which provisions relate to the 

Space Mediator and the Crowd Space 

Dispute Resolution (‘‘CSDR’’) panel, 

respectively. Currently, the rule 

provides that the Space Mediator 3 will 

select a CSDR Panel (‘‘Panel’’) 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29845 

4 15 U.S.C. 78f(b). 

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

6 Id. 

composed of seven TPHs to hear and 

resolve a space dispute. The rule 

provides that the Space Mediator selects 

six members of the Panel from members 

of the Exchange (other than the Space 

Mediator himself) and of those six 

members, three members shall be TPHs 

who trade in the trading station where 

the dispute has arisen and three shall be 

TPHs who do not trade in the trading 

station where the dispute has arisen. 

The seventh Panel member shall be a 

Floor Official designated by the 

Exchange. 

The Exchange is seeking to reduce the 

number of TPHs that must be appointed 

to a Panel. Specifically, the Exchange 

proposes that Panels be comprised of 5 

TPHs, two of whom trade in a trading 

station where the dispute has arisen and 

two of whom trade outside of the 

trading station where the dispute has 

arisen. The fifth Panel member would 

be a TPH Floor Official that may trade 

in or out of the trading station where the 

dispute has arisen. The Exchange 

desires this reduction in Panel size 

because it has become increasingly 

burdensome for the Exchange to 

designate a sufficient number of TPHs to 

sit on any given Panel, as fewer TPHs 

are willing to perform these functions 

and often times there are conflicts 

limiting the pools of available TPHs. 

The Exchange notes that the proposed 

change to state that the fifth panel 

member must be a ‘‘TPH’’ Floor Official 

is not a substantive change, but rather 

reflects the Exchange’s current practice 

with respect to staffing Panels (i.e., the 

Space Mediator does not appoint Floor 

Officials that are Exchange employees). 

The Exchange also proposes to 

eliminate the language providing that 

the Space Mediator selects members of 

the Panel ‘‘other than the Space 

Mediator himself’’. Particularly, the 

Exchange notes that Space Mediator 

currently is, and has been for some time, 

an Exchange employee. Additionally, 

the Exchange does not intend in the 

future to appoint a Space Mediator that 

is a TPH. Since all Panels are to be 

comprised of TPHs (and thereby could 

not include the Space Mediator), the 

Exchange believes the above-mentioned 

language is unnecessary and therefore 

proposes to eliminate it. Similarly, the 

Exchange proposes to make clear in 

subparagraph (b) of Rule 24.21 that the 

Space Mediator shall be an Exchange 

employee, to provide clarity in the rules 

and reflect current practice. Lastly, the 

Exchange proposes to move the 

sentence ‘‘The selection of all Panel 

members will be according to the sole 

discretion of the Space Mediator’’ 

within subparagraph (g) to make the 

rule easier to read, as this sentence 

applies to the Panel in its entirety. 

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.4 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 5 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) 6 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, over the years, fewer 

TPHs have made themselves available to 

serve on Panels. The Exchange notes 

that service on a Panel is voluntary and 

it cannot force any TPH to serve on a 

Panel. As such, it has become 

increasingly burdensome to appoint a 

sufficient number of TPHs to the Panels. 

The Exchange believes reducing the 

number of Panel members will remove 

impediments to, and perfect the 

mechanism of, a free and open market 

because it will assist the Exchange in 

being able to appoint a sufficient 

number of TPHs to a Panel in a timely 

manner. The Exchange notes that the 

composition requirements of ensuring 

there are Panel members both in and 

outside of the station where the dispute 

occurred still ensures a fair balance. 

The Exchange also believes the 

proposed changes to make explicit that 

the Floor Official panel member must be 

a TPH and that the Space Mediator must 

be an Exchange employee provides 

transparency and clarity in the rules, 

which alleviates confusion, thereby 

protecting investors and the public 

interest. The Exchange also notes these 

changes do not reflect substantive 

changes from current practice, but 

rather clarifies and codifies the 

Exchange’s current practice. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Cboe Options 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 Act. The 

proposed rule change merely reduces 

the number of Panel members that must 

serve on a Panel and clarifies and 

codifies current practices relating to the 

spot dispute process and thus has no 

impact on current trading on Cboe 

Options. Therefore, the proposed rule 

change has 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 

Because the foregoing 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. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2018–043 on the subject line. 


sradovich on DSK3GMQ082PROD with NOTICES
29846 Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3On December 8, 2017, OCC also filed this 

proposal as an advance notice SR–OCC–2017–809 

(‘‘Advance Notice’’) with the Commission pursuant 

to Section 806(e)(1) of Title VIII of the Dodd-Frank 

Wall Street Reform and Consumer Protection Act, 

entitled the Payment, Clearing, and Settlement 

Supervision Act of 2010 (12 U.S.C. 5465(e)(1)) and 

Rule 19b–4(n)(1)(i) of the Act (17 CFR 240.19b– 

4(n)(1)(i)). Notice of filing of the Advance Notice 

was published for comment in the Federal Register 

on January 23, 2018. Securities Exchange Act 

Release No. 82513 (Jan. 17, 2018), 83 FR 3244 (Jan. 

23, 2018) (SR–OCC–2017–809). 

On January 22, 2018, the Commission sent OCC 

a request for additional information, which tolls the 

Commission’s 60-day review period for the 

Advance Notice. See Memorandum from Office of 

Clearance and Settlement, Division of Trading and 

Markets, dated January 23, 2018, available at 

https://www.sec.gov/comments/sr-occ-2017-809/ 

occ2017809.htm. The new review period will be 60 

days from the date the Commission receives the 

information requested. See Section 806(e)(1). The 

proposal in the Proposed Rule Change and the 

Advance Notice shall not take effect until all 

regulatory actions required with respect to the 

proposal are completed. 

4Securities Exchange Act Release No. 82531 (Dec. 

19, 2017), 82 FR 61107 (Dec. 26, 2017) (SR–OCC– 

2017–020). 

5See Letter from Jacqueline H. Mesa, Senior Vice 

President of Global Policy, FIA, dated Jan. 16, 2018, 

available at https://www.sec.gov/comments/sr-occ2017-020/occ2017020.htm. Since the proposal 

contained in the Proposed Rule Change was also 

filed as an Advance Notice, the Commission is 

considering all public comments received on the 

proposal regardless of whether the comments are 

submitted to the Proposed Rule Change or the 

Advance Notice. 

6 15 U.S.C. 78s(b)(2)(B)(i). 

7See Securities Exchange Act Release No. 82926 

(March 22, 2018), 83 FR 13171 (March 27, 2018) 

(SR–OCC–2018–020). 

8 15 U.S.C. 78s(b)(2)(B)(ii). 

9 Id. 

10 Id. 

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–CBOE–2018–043. 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–CBOE–2018–043 and 

should be submitted on or before July 

17, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13620 Filed 6–25–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83484; File No. SR–OCC– 

2017–020] 

Self-Regulatory Organizations; 

Options Clearing Corporation; Notice 

of Designation of Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

Concerning Enhanced and New Tools 

for Recovery Scenarios 

June 20, 2018. 

On December 18, 2017, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–OCC–2017–020 

(‘‘Proposed Rule Change’’) pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 concerning 

enhanced and new tools for recovery 

scenarios.3 The Proposed Rule Change 

was published for comment in the 

Federal Register on December 26, 

2017.4 To date, the Commission has 

received one comment letter to the 

Proposed Rule Change.5 On March 22, 

2018, the Commission instituted 

proceedings under Section 19(b)(2)(B)(i) 

of the Act 6 to determine whether to 

approve or disapprove the Proposed 

Rule Change.7

Section 19(b)(2)(B)(ii) of the Act 

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.8 The Commission may, 

however, extend the period for issuing 

an order approving or disapproving the 

proposed rule change by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination.9

The 180th day after publication of the 

notice for the Proposed Rule Change in 

the Federal Register is June 24, 2018. 

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 received. Accordingly, the 

Commission, pursuant to Section 

19(b)(2)(B)(ii) of the Act,10 designates 

August 23, 2018 as the date by which 

the Commission shall either approve or 

disapprove the Proposed Rule Change. 

The Commission also seeks additional 

comment to help further inform its 

analysis of the Proposed Rule Change. 

Specifically, the Commission invites 

interested persons to provide views, 

data, and arguments concerning the 

Proposed Rule Change, including 

whether the Proposed Rule Change is 

consistent with the Act and the 

applicable rules or regulations 

thereunder. Please note that comments 

previously received on the substance of 

the Proposed Rule Change will be 

considered together with comments 

submitted in response to this notice. 

Therefore, while commenters are free to 

submit additional comments at this 

time, they need not re-submit earlier 

comments. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

OCC–2017–020 on the subject line. 


sradovich on DSK3GMQ082PROD with NOTICES