34638 Federal Register / Vol. 83, No. 140 / Friday, July 20, 2018 / Notices 

21 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5See e.g., Cboe BZX U.S. Securities Fee Schedule, 

Fee Codes and Associated Fees, fee code X. 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8See e.g., Cboe BZX Equities Exchange Fee 

Schedule, Fee Codes and Associated Fees, fee code 

X. 

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

10 17 CFR 240.19b–4(f). 

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 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–2018–62, and should 

be submitted on or before August 10, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15499 Filed 7–19–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83638; File No. SR– 

CboeBYX–2018–011] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Related to Fees 

for Use on Cboe BYX Exchange, Inc. 

July 16, 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 2, 

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, II and III 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated the proposed rule change as 

one establishing or changing a member 

due, fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the 

proposed rule change 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 fee schedule to modify 

certain Routing Fees. 

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 Exchange proposes to amend its 

fee schedule, effective July 2, 2018, to 

modify pricing for orders in securities at 

or above $1.00 that are routed to a 

displayed market to remove liquidity 

using Parallel D, Parallel 2D, ROUT, 

ROUX or Post [sic] Away routing 

strategy, which orders yield fee code X. 

The Exchange currently assesses 

$0.00290 per share for these orders. The 

Exchange is proposing to increase the 

rate from $0.00290 per share to 

$0.00300 per share. The Exchange notes 

that the proposed amount is in line with 

amounts assessed for similar 

transactions on another exchange.5

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,6

in general, and furthers the objectives of 

Section 6(b)(4),7 in particular, as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

other persons using its facilities. 

Particularly, the Exchange believes its 

proposed routing fee change is 

reasonable taking into account routing 

costs and also notes that the proposed 

change is in line with the amount 

assessed for similar transactions by 

another exchange.8 The Exchange 

believes the proposed change is 

equitable and not unfairly 

discriminatory because it applies 

equally to all Members. The Exchange 

notes that routing through the Exchange 

is voluntary and also notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues or providers of routing services 

if they deem fee levels to be excessive. 

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. The 

Exchange believes the proposed routing 

fee will not impose an undue burden on 

competition because the Exchange will 

uniformly assess the affected routing 

fees on all Members. Additionally, 

Members may opt to disfavor the 

Exchange’s pricing if they believe that 

alternatives offer them better value or if 

they view the proposed fee as excessive. 

Further, excessive fees for participation 

would serve to impair an exchange’s 

ability to compete for order flow and 

members rather than burdening 

competition. 

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 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 9 and paragraph (f) of Rule 

19b–4 thereunder.10 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 140 / Friday, July 20, 2018 / Notices 34639 

1117 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 3Phlx Rule 1081(c)(ii). 

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– 

CboeBYX–2018–011 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–CboeBYX–2018–011. 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–CboeBYX–2018–011, and 

should be submitted on or before 

August 10, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–15497 Filed 7–19–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83642; File No. SR–BX– 

2018–029] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BX Rules at 

Chapter VII, Section 6 Related to 

Market Maker Quotations, Section 14 

Related to Lead Market Maker 

Quotations and Section 15 Related to 

Directed Market Maker Quotations 

July 16, 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 2, 

2018, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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 BX 

Rules at Chapter VII, Section 6 related 

to Market Maker quotations, Section 14 

related to Lead Market Maker quotations 

and Section 15 related to Directed 

Market Maker quotations. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqbx.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 

BX proposes to amend the current 

rule text of Chapter VII, Section 6(d), 

Section 14 and Section 15 related to 

quoting obligations for Market Makers, 

Lead Market Makers and Directed 

Market Makers, to restructure the 

current rule to mirror rule text utilized 

on Nasdaq Phlx LLC.3 The Exchange 

does not propose to amend the current 

quoting obligations, rather the Exchange 

proposes to more clearly state the 

current quoting obligations utilizing the 

same format as Phlx Rule 1081(c). 

Chapter VII, Section 6(d)(i) 

The Exchange proposes to amend 

Chapter VII, Section 6(d) to remove the 

word ‘‘continuous’’ from this first 

sentence in the rule. The Exchange is 

removing the word ‘‘continuous’’ 

because the Exchange notes that Market 

Makers quote a percentage of the day 

and therefore the word continuous may 

not accurately reflect the manner in 

which Market Makers quote on BX. The 

Exchange proposes to retitle Section 

6(d) as ‘‘Intra-day Quotes.’’ 

The Exchange also proposes to 

replace references to ‘‘continuous’’ with 

‘‘intra-day’’ within the Rulebook. The 

Exchange proposes to amend Chapter V, 

Section 3 to replace ‘‘continuous 

quoting’’ with ‘‘intra-day quoting.’’ The 

Exchange proposes to amend proposed 

Chapter VII, Section 14(f)(4) to replace 

‘‘continuous electronic quote 

obligation’’ with ‘‘intra-day electronic 

quote obligation.’’ The Exchange 

proposes to amend proposed Chapter 

VII, Section 14(g) to replace 

‘‘continuous quotes’’ with ‘‘intra-day 

quotes.’’ The Exchange proposes to 

amend Chapter VII, Section 15(iii)(d) to 

replace ‘‘continuous electronic quote 

obligation’’ with ‘‘intra-day electronic 

quote obligation.’’ The Exchange 

proposes to amend Chapter X, Section 

7(c) to replace ‘‘continuous quotes’’ and 

‘‘continuous bids and offers’’ with 

‘‘intra-day quotes’’ and ‘‘intra-day bids 

and offers.’’ 

The Exchange proposes to amend 

Chapter VII, Section 6(d)(i) to delete the 


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