35296 Federal Register / Vol. 83, No. 143 / Wednesday, July 25, 2018 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the existing collection of 

information provided for in the 

following rule: Rule 24b–1 (17 CFR 

240.24b–1). 

Rule 24b–1 under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) requires a national securities 

exchange to keep and make available for 

public inspection a copy of its 

registration statement and exhibits filed 

with the Commission, along with any 

amendments thereto. 

There are 21 national securities 

exchanges that spend approximately 

one half hour each complying with this 

rule, for an aggregate total compliance 

burden of 10.5 hours per year. The staff 

estimates that the average cost per 

respondent is $65.18 per year, 

calculated as the costs of copying 

($13.97) plus storage ($51.21), resulting 

in a total cost of compliance for the 

respondents of $1,368.78 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Candace Kenner, 100 F 

Street NE, Washington, DC 20549, or by 

sending an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: July 19, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15852 Filed 7–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 17f–1(b), SEC File No. 270–028, OMB 

Control No. 3235–0032 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 17f–1(b) (17 CFR 

240.17f–1(b)), under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Under Rule 17f–1(b) under the 

Exchange Act, approximately 10,000 

entities in the securities industry are 

registered in the Lost and Stolen 

Securities Program (‘‘Program’’). 

Registration fulfills a statutory 

requirement that entities report and 

inquire about missing, lost, counterfeit, 

or stolen securities. Registration also 

allows entities in the securities industry 

to gain access to a confidential database 

that stores information for the Program. 

The Commission staff estimates that 

10 new entities will register in the 

Program each year. The staff estimates 

that the average number of hours 

necessary to comply with Rule 17f–1(b) 

is one-half hour. Accordingly, the staff 

estimates that total annual burden for all 

participants is 5 hours (10 × one-half 

hour). The Commission staff estimates 

that compliance staff work at subject 

entities results in an internal cost of 

compliance, at an estimated hourly 

wage of $283, of $141.50 per year per 

entity (.5 hours × $283 per hour = 

$141.50 per year). Therefore, the 

aggregate annual internal cost of 

compliance is approximately $1,415 

($141.50 × 10= $1,415). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Candace 

Kenner, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: July 19, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15854 Filed 7–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83674; File No. SR– 

CboeEDGX–2018–025] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change to Exchange 

Rule 11.6, Definitions, To Amend the 

Operation of the Super Aggressive 

Order Instruction 

July 19, 2018. 

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 July 11, 

2018, Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) 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 Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6) thereunder,4

which renders it effective upon filing 

with the Commission. 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 filed a proposal to 

amend the operation of the Super 

Aggressive order instruction under 

paragraph (n)(2) of Exchange Rule 11.6. 

The text of the proposed rule change 

is available at the Exchange’s website at 

www.markets.cboe.com, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 


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Federal Register / Vol. 83, No. 143 / Wednesday, July 25, 2018 / Notices 35297 

5The Exchange also proposes to remove the 

extraneous word ‘‘solely’’ from the second sentence 

of Rule 11.6(n)(2). The removal of this word does 

not alter the operation of the Super Aggressive 

order instruction. 

6The term ‘‘System’’ is defined as ‘‘the electronic 

communications and trading facility designated by 

the Board through which securities orders of Users 

are consolidated for ranking, execution and, when 

applicable, routing away.’’ See Exchange Rule 

1.5(cc). 

7See Exchange Rule 1.5(d). 

8The Exchange will execute an order with a Post 

Only instruction priced at or above $1.00 in certain 

circumstances where the value of such execution 

when removing liquidity equals or exceeds the 

value of such execution if the order instead posted 

to the EDGX Book and subsequently provided 

liquidity, including the applicable fees charged or 

rebates provided. See Exchange Rule 11.6(n)(4). 

9See id. 

10See Exchange Rule 11.6(n)(7). 

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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

description of the Super Aggressive 

instruction under paragraph (n)(2) of 

Exchange Rule 11.6, Routing/Posting 

Instructions to: (i) Specify that an 

incoming order with a Post Only 

instruction that locks a resting order 

with a Super Aggressive instruction 

must include a Displayed instruction for 

the order with a Super Aggressive 

instruction to engage in a liquidity swap 

and execute against that incoming order; 

and (ii) modify language from the 

description of the Super Aggressive 

instruction that states if an order that 

does not contain a Super Aggressive 

instruction maintains higher priority 

than one or more Super Aggressive 

eligible orders, the Super Aggressive 

eligible order(s) with lower priority will 

not be converted and the incoming 

order with a Post Only instruction will 

be posted or cancelled in accordance 

with Exchange Rule 11.6(n)(4).5

Super Aggressive is an optional order 

instruction that directs the System 6 to 

route an order when an away Trading 

Center locks or crosses the limit price of 

the order resting on the EDGX Book.7

When an order with a Super Aggressive 

instruction is locked by an incoming 

order with a Post Only instruction that 

does not remove liquidity pursuant to 

Rule 11.6(n)(4),8 the order with a Super 

Aggressive instruction is converted to 

an executable order and will remove 

liquidity against such incoming order. 

First, the Exchange proposes to 

modify the behavior of the Super 

Aggressive instruction to require that 

the incoming order with a Post Only 

instruction that locks a resting order 

with a Super Aggressive instruction 

must include a Displayed instruction for 

an execution to occur. The Super 

Aggressive instruction is generally 

utilized for best execution purposes 

because it enables the order to 

immediately attempt to access displayed 

liquidity on another Trading Center that 

is either priced equal to or better than 

the order with a Super Aggressive 

instruction’s limit price. The Super 

Aggressive instruction also enables the 

order to execute against an equally 

priced incoming order with a Post Only 

instruction that would otherwise not 

execute by being willing to act as the 

liquidity remover in such a scenario. 

Today, the incoming order with a Post 

Only instruction may include either a 

Displayed or Non-Displayed instruction 

for it to engage in a liquidity swap with 

an order with a Super Aggressive 

instruction resting on the EDGX Book. 

Consistent with the Super Aggressive 

instruction to access liquidity displayed 

on other Trading Centers, the Exchange 

proposes to amend the Super Aggressive 

instruction such that an order with such 

instruction will execute against an 

equally priced incoming order with a 

Post Only instruction only when such 

order is to be displayed on the EDGX 

Book. The order with a Super 

Aggressive instruction would continue 

to act as a liquidity remover in such a 

scenario. Should such an equally priced 

incoming order with a Post Only 

instruction not include a Displayed 

instruction, the resting order with a 

Super Aggressive instruction would 

remain on the EDGX Book and await an 

execution where it may act as a liquidity 

provider. The incoming order with a 

Post Only instruction and a NonDisplayed instruction would be posted 

to the EDGX Book at its limit price, 

creating an internally locked nondisplayed book. As is the case today, an 

execution would continue to occur 

where an incoming order with a Post 

Only instruction is priced more 

aggressively than the order with a Super 

Aggressive instruction resting on the 

EDGX Book, regardless of whether the 

incoming order included a Displayed or 

Non-Displayed instruction.9

The Exchange notes that Users 

seeking to act as a liquidity remover 

once resting on the EDGX Book in all 

cases (i.e., seeking to execute against 

incoming Post Only orders regardless of 

the display instruction) may attach the 

Non-Displayed Swap (‘‘NDS’’) 

instruction to their order.10 The NDS 

instruction is similar to the Super 

Aggressive instruction, in that it also is 

an optional order instruction that a User 

may include on an order that directs the 

Exchange to have such order, when 

resting on the EDGX Book, execute 

against an incoming order with a Post 

Only instruction rather than have it be 

locked by the incoming order. Today, 

because orders with either instruction 

(i.e., Super Aggressive and NDS) will 

execute against incoming orders with a 

Post Only instruction regardless of 

whether the order is to be displayed, the 

instructions are currently identical with 

two exceptions. First, an order with a 

Super Aggressive instruction will not 

convert into a liquidity removing order 

and execute against an order with a Post 

Only instruction if there is an order on 

the order book with priority over such 

order that does not also contain a Super 

Aggressive instruction. As further 

described below, the Exchange is 

proposing to modify this feature of the 

Super Aggressive instruction. The 

second current distinction between the 

two instructions, which would remain, 

is that an order with a Super Aggressive 

instruction can be displayed on the 

Exchange whereas an order with the 

NDS instruction must be non-displayed. 

As amended, the additional distinction 

between the two instructions would be 

whether an order would become a 

liquidity removing order against any 

order with a Post Only instruction that 

would lock it (i.e., NDS) or only when 

the order with a Post Only instruction 

that would lock it also contains a 

Displayed instruction (i.e., Super 

Aggressive). 

The below examples illustrate the 

proposed behavior. Assume the 

National Best Bid and Offer (‘‘NBBO’’) 

is $10.00 by $10.10. An order to buy is 

displayed on the EDGX Book at $10.00 

with a Super Aggressive instruction. 

There are no other orders resting on the 

EDGX Book. An order to sell at $10.00 

with a Post Only and Displayed 

instruction is entered. The incoming 

order to sell would execute against the 

resting order to buy at $10.00, the 


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35298 Federal Register / Vol. 83, No. 143 / Wednesday, July 25, 2018 / Notices 

11See Exchange Rule 11.6(n)(7). See also 

Securities Exchange Act Release No. 80841 (June 1, 

2017), 82 FR 26559 (June 7, 2017) (SR–BatsEDGX– 

2017–25) (including an example where an order 

cedes execution priority to an order with an NDS 

instruction). 

12Such order would be posted to the EDGX Book 

in accordance with the Exchange’s re-pricing 

instructions to comply with Rule 610(d) of 

Regulation NMS. See Exchange Rule 11.6(l)(1). See 

also 242 CFR 242.610(d). 

13This behavior is consistent with the operation 

of the Exchange’s NDS instruction. See supra note 

11. 

14The execution occurs here because the value of 

the execution against the buy order when removing 

liquidity exceeds the value of such execution if the 

order instead posted to the EDGX Book and 

subsequently provided liquidity, including the 

applicable fees charged or rebates provided. See 

supra note 8. 

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

16 15 U.S.C. 78f(b)(5). 

locking price, because the incoming 

order included a Displayed instruction. 

The order to buy would act as the 

liquidity remover and the order to sell 

would act as the liquidity adder. 

However, no execution would occur if 

the incoming order to sell included a 

Non-Displayed instruction. Instead, the 

incoming order to sell would be posted 

non-displayed to the EDGX Book at 

$10.00, its limit price, causing the EDGX 

Book to be internally locked. 

Second, the Exchange proposes to 

enable an incoming order with a Post 

Only instruction and Displayed 

instruction to execute against an equally 

priced non-displayed order with a 

Super Aggressive instruction where a 

non-displayed order without a Super 

Aggressive instruction maintains time 

priority over the Super Aggressive 

eligible order at that price. In such case, 

the non-displayed, non-Super 

Aggressive order seeks to remain a 

liquidity provider and would cede time 

priority to the order with a Super 

Aggressive instruction, which is willing 

to act as a liquidity remover to facilitate 

the execution. The Exchange proposes 

to effect this change by modifying 

language in the description of the Super 

Aggressive instruction to state that if an 

order displayed on the EDGX Book does 

not contain a Super Aggressive 

instruction and maintains higher 

priority than one or more Super 

Aggressive eligible orders, the Super 

Aggressive eligible order(s) with lower 

priority will not be converted and the 

incoming order with a Post Only 

instruction will be posted or cancelled 

in accordance with Exchange Rule 

11.6(n)(4). Thus, an order with a Super 

Aggressive instruction, whether 

displayed on the Exchange or nondisplayed, will never execute ahead of 

a displayed order that maintains time 

priority. 

The Super Aggressive instruction is 

designed to facilitate executions that 

would otherwise not occur due to the 

Post Only instruction requirement to not 

remove liquidity. Users entering orders 

with the Super Aggressive instruction 

tend to be fee agnostic because an order 

with a Super Aggressive instruction is 

willing to route to an away Trading 

Center displaying an equally or better 

priced order (i.e., pay a fee at such 

Trading Center). Meanwhile, an order 

without the Super Aggressive 

instruction elects to remain on the 

EDGX Book as the liquidity provider 

until it may execute against an incoming 

order that would act as the liquidity 

remover. Therefore, enabling the Super 

Aggressive order to execute against an 

incoming order, regardless of whether a 

non-displayed order without a Super 

Aggressive instruction maintains 

priority, is consistent with the User’s 

intent for both orders—one choses to 

remain the liquidity provider and forgo 

the execution while the other is willing 

to execute irrespective of whether it is 

the liquidity provider or remover. The 

Exchange notes that similar behavior 

occurs for orders utilizing the NDS 

instruction,11 which also seeks to 

engage in a liquidity swap against 

incoming orders with a Post Only 

instruction. The Exchange, however, has 

proposed to retain the existing 

limitation with respect to orders 

displayed on the EDGX Book. 

The following example illustrates the 

operation of an order with a Super 

Aggressive instruction under the 

proposed rule change. Assume the 

NBBO is $10.00 by $10.04. There is a 

non-displayed Limit Order to buy 

resting on the EDGX Book at $10.03 

(‘‘Order A’’). A second non-displayed 

Limit Order to buy at $10.03 is then 

entered with a Super Aggressive 

instruction and has time priority behind 

the first Limit Order (‘‘Order B’’). An 

order to sell with a Post Only 

instruction priced at $10.03 is entered. 

Under current behavior, the incoming 

sell order with a Post Only instruction 

would not execute against Order A and 

would post to the EDGX Book 12 because 

the value of such execution against the 

resting buy order when removing 

liquidity does not equal or exceed the 

value of such execution if the order 

instead posted to the EDGX Book and 

subsequently provided liquidity, 

including the applicable fees charged or 

rebates provided. Further, the incoming 

sell order with a Post Only instruction 

could not execute against Order B 

because Order A is on the EDGX Book 

and maintains time priority over Order 

B. Under the proposed change, the 

incoming sell order, if it contained a 

Displayed instruction, would execute 

against Order B and Order B would 

become the remover of liquidity while 

the incoming sell order with a Post Only 

instruction would become the liquidity 

provider. In such case, Order A cedes 

priority to Order B because Order A did 

not also include a Super Aggressive 

instruction 13 and thus the User that 

submitted the order did not indicate the 

preference to be treated as the remover 

of liquidity in favor of an execution; 

instead, by not using Super Aggressive, 

a User indicates the preference to 

remain posted on the EDGX Book as a 

liquidity provider. However, if the 

incoming sell order was priced at 

$10.02, it would receive sufficient price 

improvement to execute upon entry 

against all resting buy Limit Orders in 

time priority at $10.03.14 Also, if Order 

A was displayed on the EDGX Book, no 

execution would occur, as the proposed 

change would only apply to nondisplayed liquidity. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 15 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 16

in particular, in that it is designed 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. 

The proposed changes to the Super 

Aggressive order instruction are 

designed 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. The Super 

Aggressive instruction is an optional 

feature that is intended to reflect the 

order management practices of various 

market participants. The proposal to 

limit the execution of an order with a 

Super Aggressive instruction to execute 

against incoming orders with a Post 

Only instruction that also contain a 

Displayed instruction promotes just and 

equitable principles of trade because it 

enables Users to elect an order 

instruction consistent with their intent 

to execute only against displayed 

orders, in part, for best execution 


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17See Exchange Rule 11.6(n)(7). 

18See supra note 11. 

19 15 U.S.C. 78s(b)(3)(A)(iii). 

20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

21 17 CFR 240.19b–4(f)(6)(iii). 

22For 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). 

purposes. The amended Super 

Aggressive instruction would ensure 

executions at the best available price 

displayed on another Trading Center or 

against an incoming order that would 

have been displayed on the EDGX Book. 

Users seeking to act as a liquidity 

remover once resting on the EDGX Book 

and execute against an incoming order 

with a Post Only and Non-Displayed 

instruction may attach the NDS 

instruction to their order.17

The proposed change to the Super 

Aggressive instruction also removes 

impediments to and perfects the 

mechanism of a free and open market 

and a national market system because it 

is designed to facilitate executions that 

would otherwise not occur due to the 

Post Only instruction requirement to not 

remove liquidity. The proposal enables 

non-displayed Super Aggressive orders 

to execute against an incoming order, 

regardless of whether another nondisplayed order without a Super 

Aggressive instruction maintains 

priority consistent with the User’s intent 

for both orders—one chooses to remain 

the liquidity provider and forgo the 

execution while the other is willing to 

execute irrespective of whether it is the 

liquidity provider or remover. The nonSuper Aggressive order seeks to remain 

a liquidity provider and cede its time 

priority to the order with a Super 

Aggressive instruction, which is willing 

to act as a liquidity remover to facilitate 

the execution. It also enables an order 

without the Super Aggressive 

instruction to remain on the EDGX Book 

as a liquidity provider, consistent with 

the expected operation of their resting 

order. The Exchange notes that similar 

behavior occurs for orders utilizing the 

NDS 18 instruction, which also seeks to 

engage in a liquidity swap against 

incoming orders with a Post Only 

instruction. Finally, by limiting the 

proposed change to non-displayed 

orders, the proposal remains consistent 

with NDS and also retains existing 

functionality with respect to the 

handling of displayed orders. 

For the reasons set forth above, the 

Exchange believes the proposal removes 

impediments to and perfects the 

mechanism of a free and open market 

and a national market system, and, in 

general, protects investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

On the contrary, the proposed changes 

to the Super Aggressive order 

instruction are intended to improve the 

usefulness of the instruction and to 

align its operation with the intention of 

the User, resulting in enhanced 

competition through increased usage 

and execution quality on the Exchange. 

Thus, to the extent the change is 

intended to improve functionality on 

the Exchange to encourage Users to 

direct their orders to the Exchange, the 

change is competitive, but the Exchange 

does not believe the proposed change 

will result in any burden on intermarket 

competition as it is a minor change to 

available functionality. The proposed 

changes to the Super Aggressive order 

instruction also promote intramarket 

competition because they will facilitate 

the execution of orders that would 

otherwise remain unexecuted consistent 

with the intent of the User entering the 

order, thereby increasing the efficient 

functioning of the Exchange. Further, 

the Super Aggressive order instruction 

will remain available to all Users in the 

same way it is today. Thus, Users can 

continue to choose between various 

optional order instructions, including 

Super Aggressive, NDS, and others, 

depending on the order handling they 

prefer the Exchange to utilize. 

Therefore, the Exchange does not 

believe the proposed rule change will 

result in any burden on intramarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written 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)(iii) of the Act 19 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.20

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of the filing. However, Rule 19b– 

4(f)(6)(iii) 21 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. In its 

filing, EDGX requested that the 

Commission waive the 30-day operative 

delay so that the Exchange can 

implement the proposed rule change 

promptly after filing. The Exchange 

stated that the proposal to allow an 

order with a Super Aggressive 

instruction to execute against an 

incoming Post Only order only if the 

Post Only order is displayable is 

consistent with the use of the Super 

Aggressive instruction to access 

liquidity displayed on other Trading 

Centers. Further, according to the 

Exchange, users seeking to execute 

against incoming non-displayable Post 

Only orders will continue to be able to 

attach the NDS order instruction, as 

well as other order instructions that may 

permit such executions. In addition, the 

Exchange stated that the proposed 

priority change where non-displayed 

orders without a Super Aggressive 

instruction would cede priority to nondisplayed orders with a Super 

Aggressive instruction is similar to, and 

consistent with, the Exchange’s priority 

ceding functionality for orders with an 

NDS instruction and would facilitate 

executions that would otherwise not 

occur due to an incoming Post Only 

order’s requirement not to remove 

liquidity. The Commission believes that 

waiver of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest, as the 

proposed rule change relates to optional 

functionality that is consistent with 

existing functionality and, if selected by 

Exchange users, may enable them to 

better manage their orders and may 

increase order interaction on the 

Exchange. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change operative upon filing.22

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 


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23 17 CFR 200.30–3(a)(12) and (59). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 82948 

(March 27, 2018), 83 FR 14074 (April 2, 2018) (SR– 

IEX–2018–06). 

4See Securities Exchange Act Release No. 83217 

(May 11, 2018), 83 FR 22998 (May 17, 2018). 

5See letter from Claudia Crowley, Chief 

Regulatory Officer, Investors Exchange LLC, dated 

June 27, 2018, available at https://www.sec.gov/ 

comments/sr-iex-2018-06/iex201806-3956434- 

167066.pdf. 

6 17 CFR 200.30 3(a)(12). 

7See Securities Exchange Act Release No. 83558 

(June 29, 2018). 8 17 CFR 201.431. 

it appears to the Commission that such 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

CboeEDGX–2018–025 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–CboeEDGX–2018–025. 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–CboeEDGX–2018–025, and 

should be submitted on or before 

August 15, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15849 Filed 7–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83678/July 20, 2018] 

Securities Exchange Act of 1934; 

Order Scheduling Filing of Statements 

on Review; in the Matter of the 

Investors Exchange LLC; for an Order 

Granting the Approval of Proposed 

Rule Change To Establish a New 

Optional Listing Category on the 

Exchange, ‘‘LTSE Listings on IEX’’ (File 

No. SR–IEX–2018–06) 

On March 15, 2018, Investors 

Exchange LLC (the ‘‘Exchange’’ or 

‘‘IEX’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to establish a new optional 

listing category on the Exchange, 

referred to as the ‘‘LTSE Listings on 

IEX’’ or ‘‘LTSE Listings.’’ The proposed 

rule change was published for comment 

in the Federal Register on April 2, 

2018.3 On May 11, 2018, the Division of 

Trading and Markets, for the 

Commission pursuant to delegated 

authority, extended the time period for 

Commission action on the proposed rule 

change.4 On June 27, 2018, the 

Exchange submitted Amendment No. 1 

to the proposed rule change.5 On June 

29, 2018, the Division of Trading and 

Markets, for the Commission pursuant 

to delegated authority,6 approved the 

proposed rule change, as modified by 

Amendment No. 1.7

Pursuant to Commission Rule of 

Practice 431,8 the Commission is 

reviewing the delegated action, and the 

June 29, 2018 order is stayed. 

Accordingly, it is ordered, pursuant to 

Commission Rule of Practice 431, that 

by August 20, 2018, any party or other 

person may file any additional 

statement. 

It is further ordered that the June 29, 

2018 order approving the proposed rule 

change, as modified by Amendment No. 

1 (SR–IEX–2018–06) shall remain stayed 

pending further order of the 

Commission. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–15926 Filed 7–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 17Ac2–2 and Form TA–2, SEC File 

No. 270–298, OMB Control No. 3235– 

0337 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of the 

existing collection of information 

provided for in Rule 17Ac2–2 (17 CFR 

240.17Ac2–2) and Form TA–2 under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’). 

Rule 17Ac2–2 and Form TA–2 under 

the Exchange Act require transfer agents 

to file an annual report of their business 

activities with the Commission. These 

reporting requirements are designed to 

ensure that all registered transfer agents 

are providing the Commission with 

sufficient information on an annual 

basis about the transfer agent 

community and to permit the 

Commission to effectively monitor 

business activities of transfer agents. 

The amount of time needed to comply 

with the requirements of amended Rule 

17Ac2–2 and Form TA–2 varies. Of the 

total 373 registered transfer agents, 

approximately 9.2% (or 34 registrants) 


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