Federal Register / Vol. 83, No. 152 / Tuesday, August 7, 2018 / Notices 38757 

22 17 CFR 200.30–3(a)(12). 

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)(iii). 

5The Exchange has filed to make the pilot 

program permanent. See Cboe–BYX–2018–014 

(pending publication). 

6See Securities Exchange Act Release No. 68303 

(November 27, 2012), 77 FR 71652 (December 3, 

2012) (‘‘RPI Approval Order’’) (SR–BYX–2012–019). 

7A ‘‘User’’ is defined in BYX Rule 1.5(cc) as any 

member or sponsored participant of the Exchange 

who is authorized to obtain access to the System. 

8A ‘‘Retail Order’’ is defined in Rule 11.24(a)(2) 

as an agency order that originates from a natural 

person and is submitted to the Exchange by a RMO, 

provided that no change is made to the terms of the 

order with respect to price or side of market and 

the order does not originate from a trading 

algorithm or any computerized methodology. See 

Rule 11.24(a)(2). 

9The term Protected Quotation is defined in BYX 

Rule 1.5(t) and has the same meaning as is set forth 

in Regulation NMS Rule 600(b)(58). The terms 

Protected NBB and Protected NBO are defined in 

BYX Rule 1.5(s). The Protected NBB is the bestpriced protected bid and the Protected NBO is the 

best-priced protected offer. Generally, the Protected 

NBB and Protected NBO and the national best bid 

(‘‘NBB’’) and national best offer (‘‘NBO’’, together 

with the NBB, the ‘‘NBBO’’) will be the same. 

However, a market center is not required to route 

to the NBB or NBO if that market center is subject 

to an exception under Regulation NMS Rule 

611(b)(1) or if such NBB or NBO is otherwise not 

available for an automatic execution. In such case, 

the Protected NBB or Protected NBO would be the 

best-priced protected bid or offer to which a market 

center must route interest pursuant to Regulation 

NMS Rule 611. 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2018–54 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–NYSEArca–2018–54. 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–NYSEArca–2018–54 and 

should be submitted on or before 

August 28, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2018–16803 Filed 8–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83758; File No. SR– 

CboeBYX–2018–015] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Extend the 

Pilot Period for the Exchange’s Retail 

Price Improvement Program 

August 1, 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 July 30, 

2018, Cboe BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) 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)(iii) 

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 

extend the pilot period for the 

Exchange’s Retail Price Improvement 

Program, which is currently scheduled 

to expire on July 31, 2018, until the 

earlier of approval of the filing to make 

the Program permanent or December 31, 

2018. 

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. 

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 purpose of the proposed rule 

change is to extend the pilot period for 

the Exchange’s Retail Price 

Improvement Program (the ‘‘Program’’), 

which is set to expire on July 31, 2018, 

until the earlier of approval of the filing 

to make the Program permanent or 

December 31, 2018.5

Background 

In November 2012, the Commission 

approved the Program on a pilot basis.6

The Program is designed to attract retail 

order flow to the Exchange, and allows 

such order flow to receive potential 

price improvement. The Program is 

currently limited to trades occurring at 

prices equal to or greater than $1.00 per 

share. Under the Program, all Exchange 

Users 7 are permitted to provide 

potential price improvement for Retail 

Orders 8 in the form of non-displayed 

interest that is better than the national 

best bid that is a Protected Quotation 

(‘‘Protected NBB’’) or the national best 

offer that is a Protected Quotation 

(‘‘Protected NBO’’, and together with the 

Protected NBB, the ‘‘Protected NBBO’’).9


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38758 Federal Register / Vol. 83, No. 152 / Tuesday, August 7, 2018 / Notices 

10See RPI Approval Order, supra note 6 at 71652. 

11 Id. 

12See Securities Exchange Act Release Nos. 

71249 (January 7, 2014), 79 FR 2229 (January 13, 

2014) (SR–BYX–2014–001); 74111 (January 22, 

2015), 80 FR 4598 (January 28, 2015) (SR–BYX– 

2015–05); 76965 (January 22, 2016), 81 FR 4682 

(January 27, 2016) (SR–BYX–2016–01); 78180 (June 

28, 2016), 81 FR 43306 (July 1, 2016) (SR–BYX– 

2016–15); 81368 (August 10, 2017), 82 FR 38960 

(August 16, 2017) (SR–BYX–2017–18). 

13A ‘‘Retail Price Improvement Order’’ is defined 

in Rule 11.24(a)(3) as an order that consists of nondisplayed interest on the Exchange that is priced 

better than the Protected NBB or Protected NBO by 

at least $0.001 and that is identified as such. See 

Rule 11.24(a)(3). 

14See RPI Approval Order, supra note 6 at 71655. 

15Concurrently with this filing, the Exchange has 

submitted a request for an extension of the 

exemption under Regulation NMS Rule 612 

previously granted by the Commission that permits 

it to accept and rank the RPI orders in sub-penny 

increments. See Letter from Anders Franzon, SVP, 

Deputy General Counsel, Cboe BYX Exchange, Inc. 

to Brent J. Fields, Secretary, Securities and 

Exchange Commission dated July 30, 2018. 

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

17 15 U.S.C. 78f(b)(5). 

18 15 U.S.C. 78s(b)(3)(A). 

19The Exchange has fulfilled this requirement. 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(6). 

22For purposes only of waiving the operative 

delay, the Commission has considered the proposed 

rule’s impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

23 15 U.S.C. 78s(b)(2)(B). 

The Program was approved by the 

Commission on a pilot basis running 

one year from the date of 

implementation.10 The Commission 

approved the Program on November 27, 

2012.11 The Exchange implemented the 

Program on January 11, 2013, and has 

extended the pilot period five times.12

The pilot period for the Program is set 

to expire on July 31, 2018. This filing 

seeks to extend the pilot until the earlier 

of approval of the filing to make the 

Program permanent or December 31, 

2018. 

Proposal To Extend the Operation of 

the Program 

The Exchange established the 

Program in an attempt to attract retail 

order flow to the Exchange by 

potentially providing price 

improvement to such order flow. The 

Exchange believes that the Program 

promotes competition for retail order 

flow by allowing Exchange members to 

submit Retail Price Improvement Orders 

(‘‘RPI Orders’’) 13 to interact with Retail 

Orders. Such competition has the ability 

to promote efficiency by facilitating the 

price discovery process and generating 

additional investor interest in trading 

securities, thereby promoting capital 

formation. The Exchange believes that 

extending the pilot is appropriate 

because it will allow the Exchange and 

the Commission additional time to 

gather and analyze data regarding the 

Program that the Exchange has 

committed to provide.14 As such, the 

Exchange believes that it is appropriate 

to extend the current operation of the 

Program.15 Through this filing, the 

Exchange seeks to extend the current 

pilot period of the Program until the 

earlier of approval of the filing to make 

the Program permanent or December 31, 

2018. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the 

Act.16 In particular, the Exchange 

believes the proposed change furthers 

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

Act,17 in that it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. The Exchange believes that 

extending the pilot period for the 

Program is consistent with these 

principles because the Program is 

reasonably designed to attract retail 

order flow to the exchange environment, 

while helping to ensure that retail 

investors benefit from the better price 

that liquidity providers are willing to 

give their orders. Additionally, as 

previously stated, the competition 

promoted by the Program may facilitate 

the price discovery process and 

potentially generate additional investor 

interest in trading securities. The 

extension of the pilot period will allow 

the Commission and the Exchange to 

continue to monitor the Program for its 

potential effects on public price 

discovery, and on the broader market 

structure. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change extends an 

established pilot program, thus allowing 

the Program to enhance competition for 

retail order flow and contribute to the 

public price discovery process. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from Members or other 

interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (A) Significantly affect 

the protection of investors or the public 

interest; (B) impose any significant 

burden on competition; and (C) by its 

terms, 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 18 and paragraph (f)(6) of Rule 19b– 

4 thereunder, provided that the selfregulatory organization has given 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,19 the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 20 and 

Rule 19b–4(f)(6) thereunder.21

The Exchange has requested that the 

Commission waive the 30-day operative 

delay period after which a proposed 

rule change under Rule 19b–4(f)(6) 

becomes operative so that the proposal 

may become operative immediately 

upon filing. The Commission believes 

that waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest 

because such waiver will allow the 

Exchange to extend the Program 

uninterrupted and will ensure that the 

Program continues while the Exchange 

and Commission continue to analyze 

data. Accordingly, the Commission 

hereby grants the Exchange’s request 

and designates the proposal operative 

upon filing.22

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 23 of the Act to 

determine whether the proposed rule 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 152 / Tuesday, August 7, 2018 / Notices 38759 

24 17 CFR 200.30–3(a)(12). 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposal 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 No. SR– 

CboeBYX–2018–015 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 No. 

SR–CboeBYX–2018–015. 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 will also be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File No. SR–CboeBYX– 

2018–015 and should be submitted on 

or before August 28, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2018–16802 Filed 8–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

August 9, 2018. 

PLACE: Closed Commission Hearing 

Room 10800. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

Commissioner Stein, as duty officer, 

voted to consider the items listed for the 

closed meeting in closed session. 

The subject matters of the closed 

meeting will be: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed; please contact 

Brent J. Fields from the Office of the 

Secretary at (202) 551–5400. 

Dated: August 2, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–16903 Filed 8–3–18; 11:15 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15584 and #15585; 

Texas Disaster Number TX–00500] 

Presidential Declaration Amendment of 

a Major Disaster for the State of Texas 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 2. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Texas (FEMA– 

4377–DR), dated 07/06/2018. 

Incident: Severe Storms and Flooding. 

Incident Period: 06/19/2018 through 

07/13/2018. 

DATES: Issued on 07/31/2018. 

Physical Loan Application Deadline 

Date: 09/04/2018. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/08/2019. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for the State of Texas, dated 

07/06/2018, is hereby amended to 

include the following areas as adversely 

affected by the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): Jim Wells 

Contiguous Counties (Economic Injury 

Loans Only): 

Texas: Duval, Kleberg, Live Oak, 

Nueces, San Patricio 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

James Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2018–16866 Filed 8–6–18; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15618 and #15619; 

Vermont Disaster Number VT–00035] 

Presidential Declaration of a Major 

Disaster for Public Assistance Only for 

the State of Vermont 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 


daltland on DSKBBV9HB2PROD with NOTICES