35038 Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices 

12 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. 82911 

(March 20, 2018), 83 FR 12966 (March 26, 2018) 

(SR–ISE–2017–106). 

4 Id. The Exchange notes that similar features are 

available with other index options contracts listed 

on the Exchange and other options exchanges, 

including P.M. settled options on the full value of 

the Nasdaq-100 Index (‘‘NDXP’’). 

all market participants. Therefore, ICC 

does not believe the proposed rule 

changes impose any burden on 

competition that is inappropriate in 

furtherance of the purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change, Security-Based Swap 

Submission, or Advance Notice 

Received From Members, Participants or 

Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

III. Date of Effectiveness of the 

Proposed Rule Change, Security-Based 

Swap Submission, or Advance Notice 

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 

such 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, security-based swap 

submission, or advance notice 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– 

ICC–2018–008 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–ICC–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, security-based swap 

submission, or advance notice that are 

filed with the Commission, and all 

written communications relating to the 

proposed rule change, security-based 

swap submission, or advance notice 

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 the 

filing also will be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/regulation. 

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–ICC–2018–008 and 

should be submitted on or before 

August 14, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15771 Filed 7–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83660; File No. SR–ISE– 

2018–63] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Exchange’s Schedule of Fees To 

Waive Fees and Rebates for Trades in 

NQX Options 

July 18, 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 6, 

2018, Nasdaq ISE, LLC (‘‘ISE’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Schedule of Fees, as further 

described below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://ise.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 

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 Exchange recently received 

approval to list index options on the 

Nasdaq 100 Reduced Value Index 

(‘‘NQX’’) on a pilot basis.3 The NQX 

options contract will be the same in all 

respects as the current Nasdaq-100 

Index (‘‘NDX’’) options contract listed 

on the Exchange, except that it will be 

based on 1⁄5 of the value of the Nasdaq 

100 Index, and will be P.M. settled with 

an exercise settlement value based on 

the closing index value of the Nasdaq 

100 on the day of expiration.4 The 


jstallworth on DSKBBY8HB2PROD with NOTICES
Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices 35039 

5The Exchange initially filed the proposed 

pricing changes on June 26, 2018 (SR–ISE–2018– 

58). On July 6, 2018, the Exchange withdrew that 

filing and submitted this filing. 

6For example, the Exchange provides Market 

Makers discounted fees for regular orders in NonSelect Symbols if the Market Maker executes a 

monthly volume of 250,000 contracts or more. See 

Schedule of Fees, Section IV.D. As proposed, the 

Market Maker’s executions in NQX between June 

26–29, 2018 would not be entitled to any 

discounted fees given that no fees or rebates would 

be provided during the proposed period, but such 

executions would still be counted toward the 

monthly volume calculation (i.e., to reach the 

250,000 contract threshold). NQX is a Non-Select 

Symbol. 

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

8 15 U.S.C. 78f(b)(4) and (5). 

9 15 U.S.C. 78s(b)(3)(A)(ii). 

10 17 CFR 240.19b–4(f)(2). 

Exchange will begin to list NQX on June 

26, 2018.5

The Exchange now proposes to amend 

its Schedule of Fees to provide that 

there will be no fees or rebates for trades 

in NQX options executed from June 26– 

29, 2018. Volume executed in NQX 

options during this period will continue 

to be counted toward a member’s tier for 

June activity. As such, NQX executions 

from June 26–29, 2018 will be included 

in the applicable volume tier 

calculations for a member’s June 

activity, including those volume 

calculations specific to Non-Select 

Symbols (i.e., options overlying all 

symbols that are not in the Penny Pilot 

Program).6 The Exchange plans to adopt 

pricing for NQX as of July 2, 2018, and 

will do so through the SEC rulemaking 

process. The proposed changes would 

simplify the Exchange’s billing by 

allowing the Exchange to bill for NQX 

activity traded as of July 2nd, and is an 

inducement for members to trade NQX 

options during the first week of listing 

as there would be no transaction fees for 

doing so. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,7 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,8 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes that it is 

reasonable and equitable to assess no 

fees or rebates for executions in NQX 

from June 26–29, 2018 because it will 

simplify the Exchange’s billing and 

promote members to trade in NQX 

during the first week of listing, as 

further discussed above. For the same 

foregoing reasons, the Exchange also 

believes that it is reasonable and 

equitable to provide that volume 

executed in NQX during this time 

period will continue to be counted 

toward a member’s tier for June activity. 

The Exchange also believes that it is 

reasonable to include NQX volume in 

this manner because it would be more 

burdensome to make changes to the 

Exchange’s billing system in the middle 

of the month rather than the start to 

exclude a new symbol from the 

applicable volume tier calculations, as 

described above. The Exchange further 

believes that its proposal is not unfairly 

discriminatory as it will apply to trades 

in NQX that are executed by all market 

participants. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. As discussed 

above, the proposed change to not 

assess any fees or rebates for executions 

of NQX orders from June 26–29, 2018 is 

merely intended to simplify the 

Exchange’s billing, and promote 

members to trade in NQX during the 

first week of listing. Furthermore, the 

proposal will apply uniformly to all 

similarly situated market participants, 

as discussed above. For the foregoing 

reasons, the Exchange does not believe 

that its proposal will impose an undue 

burden on competition. 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and with alternative trading 

systems that have been exempted from 

compliance with the statutory standards 

applicable to exchanges. Because 

competitors are free to modify their own 

fees in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,9 and Rule 

19b–4(f)(2) 10 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: (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– 

ISE–2018–63 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–ISE–2018–63. 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 


jstallworth on DSKBBY8HB2PROD with NOTICES
35040 Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices 

11 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. 83341 

(May 30, 2018), 83 FR 2612 (June 5, 2018). 

4See Letter from Duane Fiedler, to Secretary, 

Securities and Exchange Commission (June 23, 

2018). 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 82532 

(Jan. 18, 2018), 83 FR 3380 (Jan. 24, 2018). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 82795 

(Mar. 1, 2018), 83 FR 9768 (Mar. 7, 2018). 

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

7See Securities Exchange Act Release No. 83094 

(Apr. 23, 2018), 83 FR 18603 (Apr. 27, 2018). 

Specifically, the Commission instituted proceedings 

to allow for additional analysis of the proposed rule 

change’s consistency with Section 6(b)(5) of the 

Act, which requires, among other things, that the 

rules of a national securities exchange be ‘‘designed 

to prevent fraudulent and manipulative acts and 

practices, to promote just and equitable principles 

of trade,’’ and ‘‘to protect investors and the public 

interest.’’ See id. at 18604 (citing 15 U.S.C. 

78f(b)(5)). 

8See Letters from Steven Williams (May 17, 2018) 

and Sharon Brown-Hruska, Managing Director, and 

Trevor Wagener, Consultant, NERA Economic 

Consulting (May 18, 2018). All comments on the 

proposed rule change are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-nysearca-2018-02/ 

nysearca201802.htm. 

9 15 U.S.C. 78s(b)(2). 

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–ISE–2018–63 and should be 

submitted on or before August 14, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15767 Filed 7–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83668; File No. SR– 

NYSEAMER–2018–22] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change To 

Amend Exchange Rule 7.35E Relating 

to the Auction Reference Price for a 

Trading Halt Auction Following a 

Regulatory Halt 

July 18, 2018. 

On May 15, 2018, NYSE American 

LLC (‘‘Exchange’’ or ‘‘NYSE American’’) 

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 amend Exchange Rule 7.35E 

relating to the Auction Reference Price 

for a Trading Halt Auction following a 

regulatory halt. The proposed rule 

change was published for comment in 

the Federal Register on June 5, 2018.3

The Commission has received one 

comment letter in response to the 

proposed rule change.4

Section 19(b)(2) of the Act 5 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 Commission is 

extending this 45-day time period. The 

Commission finds that it is 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,6

designates September 3, 2018, 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–NYSEAMER– 

2018–22). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15765 Filed 7–23–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83661; File No. SR– 

NYSEArca–2018–02] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove a Proposed 

Rule Change Relating to Listing and 

Trading of the Direxion Daily Bitcoin 

Bear 1X Shares, Direxion Daily Bitcoin 

1.25X Bull Shares, Direxion Daily 

Bitcoin 1.5X Bull Shares, Direxion 

Daily Bitcoin 2X Bull Shares and 

Direxion Daily Bitcoin 2X Bear Shares 

Under NYSE Arca Rule 8.200–E 

July 18, 2018. 

On January 4, 2018, NYSE Arca, Inc. 

(‘‘NYSE Arca’’) 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 

list and trade shares of the following 

exchange-traded products under NYSE 

Arca Rule 8.200–E, Commentary .02: 

Direxion Daily Bitcoin Bear 1X Shares, 

Direxion Daily Bitcoin 1.25X Bull 

Shares, Direxion Daily Bitcoin 1.5X Bull 

Shares, Direxion Daily Bitcoin 2X Bull 

Shares, and Direxion Daily Bitcoin 2X 

Bear Shares. The proposed rule change 

was published for comment in the 

Federal Register on January 24, 2018.3

On March 1, 2018, pursuant to Section 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On April 23, 2018, the 

Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

The Commission has received two 

comments on the proposed rule 

change.8

Section 19(b)(2) of the Act 9 provides 

that, after initiating disapproval 

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. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

January 24, 2018. July 23, 2018, is 180 


jstallworth on DSKBBY8HB2PROD with NOTICES