Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices 40797 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 13 15 U.S.C. 78s(b)(2)(B). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

applicants are much more likely not to 

complete the listing process. 

The proposed amendment to Section 

142 is not unfairly discriminatory and 

represents an equitable allocation of 

reasonable fees, as it will result in a 

SPAC that remains listed on the 

Exchange after its Business Combination 

being treated the same as a SPAC that 

transfers to the Exchange from another 

listing venue. The Exchange also 

believes the proposed amendment to 

Section 142 is not unfairly 

discriminatory and represents an 

equitable allocation of reasonable fees 

with respect to listed operating 

companies, as operating companies 

generally do not have an event in their 

life cycle parallel to the Business 

Combination for a SPAC which would 

normally give rise to a reconsideration 

of the company’s listing venue. 

The proposed removal of text relating 

to fees that are no longer applicable is 

ministerial in nature and has no 

substantive effect. 

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 purpose of the Act. The proposed 

amendment to Section 140 does not 

impose and burden on competition as it 

merely will allow the Exchange to better 

compete with other exchanges for initial 

listing of SPACs. In addition, the 

proposed amendment to Section 142 

does not impose any burden on 

competition, as it will have the effect of 

treating a SPAC that remains listed on 

the Exchange after its Business 

Combination the same for fee purposes 

as a SPAC that transfers to the Exchange 

from another listing venue or transfers 

to another listing venue at that time. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 11 of the Act and 

subparagraph (f)(2) of Rule 19b–4 12

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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) 13 of the Act to 

determine whether the proposed rule 

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 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– 

NYSEAMER–2018–37 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEAMER–2018–37. 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–NYSEAMER–2018–37 and 

should be submitted on or before 

September 6, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–17629 Filed 8–15–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83826; File No. SR–Phlx– 

2018–55] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing of 

Proposed Rule Change Relating to 

Anticipatory Hedging 

August 10, 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 August 3, 

2018, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 1064(d) related to Anticipatory 

Hedging. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqphlx.cchwallstreet.com/, 

at the principal office of the Exchange, 

and at the Commission’s Public 

Reference Room. 


sradovich on DSK3GMQ082PROD with NOTICES
40798 Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices 

3NDX represents A.M.-settled options on the 

Nasdaq 100 ® Index. NDXP represent P.M.-settled 

options on the Nasdaq 100 ® Index. 

4A tied hedge transaction is described in Rule 

1064(d)(iii)(C)–(H). 

5See Securities Exchange Act Release No. 44740 

(August 23, 2001), 66 FR 45721 (August 29, 2001) 

(SR–Phlx–2001–61). 

6See Securities Exchange Act Release No. 61066 

(November 25, 2009), 74 FR 63162 (December 2, 

2009) (SR–Phlx–2009–98). 

7 Id. 

8 Id. 

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 proposes to amend 

Rule 1064 entitled ‘‘Crossing, 

Facilitation and Solicited Orders.’’ 

Specifically, the Exchange proposes to 

amend 1064(d)(iii)(A) to add a specific 

eligibility size when transacting options 

on the Nasdaq 100® Index including 

options with nonstandard expiration 

dates 3 (‘‘NDX’’ and ‘‘NDXP’’). The 

Exchange also proposes to amend an 

incorrect cross-reference to Rule 1064 

and replace certain references with a 

defined term. 

Rule 1064(d) describes rules for 

anticipatory hedging on Phlx. The rule 

provides: 

no member organization or person associated 

with a member or member organization who 

has knowledge of the material terms and 

conditions of a solicited order, an order being 

facilitated, or orders being crossed, the 

execution of which are imminent, shall enter, 

based on such knowledge, an order to buy or 

sell an option for the same underlying 

security; an order to buy or sell the security 

underlying such class; or an order to buy or 

sell any related instrument until (i) or (ii) 

occur: (i) the terms and conditions of the 

order and any changes in the terms of the 

order of which the member, member 

organization or person associated with a 

member or member organization has 

knowledge are disclosed to the trading 

crowd, or (ii) the trade can no longer 

reasonably be considered imminent in view 

of the passage of time since the order was 

received. For purposes of this Rule, an order 

to buy or sell a ‘‘related instrument’’ means, 

in reference to an index option, an order to 

buy or sell securities comprising 10% or 

more of the component securities in the 

index or an order to buy or sell a futures 

contract on an economically equivalent 

index. 

Among other conditions, Rule 

1064(d)(iii) provides that it does not 

prohibit a member or member 

organization from buying or selling a 

stock, security futures or futures 

position following receipt of an option 

order, including a complex order, but 

prior to announcing such order to the 

trading crowd, provided that the option 

order is in a class designated as eligible 

for ‘‘tied hedge’’ transactions 4 as 

determined by the Exchange and is 

within the designated tied hedge 

eligibility size parameters, which 

parameters shall be determined by the 

Exchange and may not be smaller than 

500 contracts per order (there shall be 

no aggregation of multiple orders to 

satisfy the size parameter). 

When Phlx originally adopted the 

anticipatory hedge rule in 2001,5 the 

Exchange believed that the prohibition 

on anticipatory hedging was necessary 

to prevent members and associated 

persons from using undisclosed nonpublic information about imminent 

solicited option transactions to trade the 

relevant option or any closely-related 

instrument in advance of persons 

represented in the relevant options 

crowd. The Exchange notes that the 

tied-hedge exception was designed to 

preserve the right to cross orders in 

advance of submitting a proposal to the 

trading crowd, while at the same time 

assuring that orders that are the subject 

of crossing are exposed to the auction 

market (trading crowd) in a meaningful 

way by prohibiting behavior such as 

anticipatory hedging.6

The Exchange notes that the primary 

purpose of the provision, ‘‘not smaller 

than 500 contracts’’ is to limit use of the 

tied hedge procedures to larger orders 

that might benefit from a member’s or 

member organization’s ability to execute 

a facilitating hedge.7 When adopting the 

tied hedge exception the Exchange 

stated that it believes that, given the 

decreased amount of liquidity available 

at the NBBO, the frequency with which 

quotes may flicker, and differing costs 

associated with accessing liquidity on 

various markets, as well as for ease of 

administration, the proposed 500 

contract minimum should be sufficient 

to address these considerations.8

The Exchange is proposing to add an 

exception to the eligibility size 

parameters for options on the Nasdaq 

100® Index including options with 

nonstandard expiration dates (‘‘NDX’’ 

and ‘‘NDXP’’) which lowers the size 

eligibility for this index to not smaller 

than 50 contracts per order. The 

Exchange believes that this smaller 

order eligibility size is appropriate for 

NDX and NDXP because the index value 

for NDX and NDXP is high as compared 

to other securities instruments. An 

index has a multiplier of 100. The 

Exchange believes that lowering the 

eligibility size for NDX and NDXP from 

500 to 50 contracts is appropriate 

because it would reduce the minimal 

notional value of the trade. 

For example NDX, as of July 19, 2018, 

had an Index Level of 7,356 and 

factoring in the contract multiplyer of 

100 provides a notional value of 

$735,600 as compared to PowerShares 

QQQ (‘‘QQQ’’) which had an equity 

value of 179.03 with a notional value of 

$17,903 (100 × underlying value) as of 

July 19, 2018. The premium value of 

NDX front month, at-the-money calls for 

August 17th midpoint was $130.35. 

Utilizing this value with 500 contracts 

would equate to a total premium for 

NDX of $6,517,500 and utilizing this 

value with 50 contracts would equate to 

a total premium for NDX of $651,750. 

By comparison, the premium value of 

QQQ front month, at-the-money calls for 

August 17th midpoint was $3.43. 

Utilizing this value with 500 contracts 

would equate to a total premium for 

QQQ of $171,500 and utilizing this 

value with 50 contracts would equate to 

a total premium for QQQ of $17,150. 

The example demonstrates the much 

larger size of NDX as compared to QQQ, 

a highly liquidity equity option. This 

example reflects the size comparison 

against a large broad based index and 

demonstrates the size of NDX. 

The Exchange notes that this smaller 

size carve out for NDX is in line with 

the original intent of the selection of the 

size of the contracts, to limit use of the 

tied hedge procedures to larger orders 

that might benefit from a member’s or 

member organization’s ability to execute 

a facilitating hedge. The Exchange notes 

that a size of 50 contracts for NDX is 

still considered a large size order given 

the higher notional value. 

The Exchange notes that it conducts 

certain surveillances in connection with 

anticipatory hedging. Specifically, the 

Exchange conducts an on-floor 

surveillance to ensure both the stock 

and option component parts of the trade 

were exposed in open outcry and there 

was a reasonable opportunity for the 

trading crowd to participant in the 

transaction. Further, post-trade 

surveillance is conducted with respect 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices 40799 

9System is defined in Phlx Rule 1000(b)(45). 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

to anticipatory hedging rules. The 

Exchange notes that pursuant to Phlx 

Rule 1064(d)(iii)(G), prior to entering 

tied hedge orders on behalf of 

customers, the member or member 

organization must deliver to the 

customer a written notification 

informing the customer that his order 

may be executed using the Exchange’s 

tied hedge procedures. The written 

notification must disclose the terms and 

conditions contained herein and be in a 

form approved by the Exchange. The 

Exchange notes that tied hedge 

transactions does not occur with great 

frequency on the Exchange’s trading 

floor. 

Amend Cross Reference and Define 

Term 

The Exchange proposes to amend 

Rule 1066(f)(4) entitled ‘‘Tied Hedge 

Order.’’ Currently, the rule provides that 

a tied hedge order is an option order 

that is tied to a hedge transaction as 

defined in Commentary .04 to Rule 

1064, following the receipt of an option 

order in a class determined by the 

Exchange as eligible for ‘‘tied hedge’’ 

transactions. The Exchange proposes to 

replace Commentary .04 to Rule 1064 

within Rule 1066(f)(4) to reference Rule 

1064(d)(iii) to correct the crossreference. 

The Exchange also proposes to 

replace legacy references to the 

Exchange’s trading platform in Rule 

1066, namely ‘‘PHLX XL’’ and ‘‘PHLX 

XL II’’ with the term ‘‘System’’ which 

was recently defined by the Exchange.9

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,11

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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, by 

changing the size requirements to assist 

NDX and NDXP to meet the eligibility 

requirements for Rule 1064(d). 

The Exchange’s proposed amendment 

to Rule 1064(d) to permit lower size 

eligibility requirements for NDX and 

NDXP of not smaller than 50 contracts 

per order is consistent with the Act and 

the protection of investors and the 

public interest because this smaller 

order eligibility size is appropriate for 

NDX and NDXP. NDX is a broad based 

index that is designed to reflect the 

movement of a large segment of the 

market. Each of these options represents 

a notional value equal to 100 units of 

the index. NDX is a large-cap growth 

index with 105 components. As with 

other broad based indexes, NDX has a 

large notional value as compared to 

non-index options. The index value for 

NDX and NDXP is 6400. Based on the 

index multiplier of 100, an index option 

would equate to 640,000 in notional 

value, which is high. The Exchange 

believes that lowering the eligibility size 

for NDX and NDXP from 500 to 50 

contracts is appropriate because it 

would reduce the notional value of one 

contract to 64,000 in notional value. The 

proposed rule would permit an 

eligibility size for NDX and NDXP that 

takes into account the notional value for 

this index. The Exchange believes that 

permitting the lower eligibility size for 

NDX and NDXP does not substantively 

amend the eligible order size, rather it 

provides a more appropriate 

mathematical equivalent. 

The Exchange notes that this smaller 

size carve out for NDX is in line with 

the original intent of the selection of the 

size of the contracts, to limit use of the 

tied hedge procedures to larger orders 

that might benefit from a member’s or 

member organization’s ability to execute 

a facilitating hedge. The Exchange notes 

that a size of 50 contracts for NDX is 

still considered a large size order and in 

fact, in the case of NDX, a larger size 

than 500 contracts for an option 

contract. 

Amend Cross Reference and Define 

Term 

The Exchange’s proposal to replace 

Commentary .04 to Rule 1064 with Rule 

1064(d)(iii) to correct the cross-reference 

and replace ‘‘PHLX XL’’ and ‘‘PHLX XL 

II’’ with the term ‘‘System’’ are 

consistent with the Act because they 

will provide more clarity as to the 

Exchange’s Rules. The Exchange also 

proposes to replace the words ‘‘PHLX 

XL’’ in the title of Phlx Rule 1066 with 

the newly defined term System. The 

term PHLX XL is the name of the 

Exchange’s trading platform. The term 

‘‘System’’ is intended to define the 

electronic trading platform. 

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 that the proposed 

amendment to Rule 1064(d) to permit 

lower size eligibility requirements for 

NDX and NDXP will apply uniformly to 

all market participants. The Exchange 

notes that this smaller size carve out for 

NDX is in line with the original intent 

of the selection of the size of the 

contracts, to limit use of the tied hedge 

procedures to larger orders that might 

benefit from a member’s or member 

organization’s ability to execute a 

facilitating hedge. The Exchange’s 

proposal to replace Commentary .04 to 

Rule 1064 with Rule 1064(d)(iii) to 

correct the cross-reference and replace 

‘‘PHLX XL’’ and ‘‘PHLX XL II’’ with the 

term ‘‘System’’ are non-substantive rule 

changes. The Exchange does not believe 

that this will impact inter-market 

competition because the smaller 

eligibility size will permit NDX and 

NDXP to be available to market 

participants for a tied hedge similar to 

other competing index options. 

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 

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 Exchange consents, the Commission 

shall: (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 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– 

Phlx–2018–55 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. 


sradovich on DSK3GMQ082PROD with NOTICES
40800 Federal Register / Vol. 83, No. 159 / Thursday, August 16, 2018 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 See Securities Exchange Act Release No. 83341 

(May 30, 2018), 83 FR 26121 (Jun. 5, 2018) (Notice). 

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

5 See Securities Exchange Act Release No. 83668 

(Jul. 18, 2018), 83 FR 35040 (Jul. 24, 2018). 

6 See Letter from Duane Fiedler, to Secretary, 

Securities and Exchange Commission (Jun. 23, 

2018). 

7 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. 83576 

(July 2, 2018), 83 FR 31783. 4 15 U.S.C. 78s(b)(2). 

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

6 17 CFR 200.30–3(a)(31). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

All submissions should refer to File 

Number SR–Phlx–2018–55. 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–Phlx–2018–55 and should 

be submitted on or before September 6, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2018–17633 Filed 8–15–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83829; File No. SR– 

NYSEAMER–2018–22] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Withdrawal of 

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 

August 10, 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

On July 18, 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 The Commission has 

received one comment letter in response 

to the proposed rule change.6

On August 10, 2018, the Exchange 

withdrew the proposed rule change 

(SR–NYSEAmer–2018–22). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–17632 Filed 8–15–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83818; File No. SR–ISE– 

2018–56] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Designation of 

Longer Period for Commission Action 

on Proposed Rule Change To Amend 

Its Rules Related to Complex Orders 

August 10, 2018. 

On June 22, 2018, Nasdaq ISE, LLC 

(the ‘‘Exchange’’) 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 

add greater detail to its rules governing 

the trading of complex orders. The 

proposed rule change was published for 

comment in the Federal Register on July 

9, 2018.3 The Commission has received 

no comments regarding the proposal. 

Section 19(b)(2) of the Act 4 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 45th day for this filing 

is August 23, 2018. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. 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, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates October 5, 2018, as the date 

by which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–ISE–2018–56). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–17626 Filed 8–15–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83820; File No. SR–IEX– 

2018–17] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Increase the SpreadCrossing Eligible Remove Fee to 

$0.0009 Per Share for Executions at or 

Above $1.00 That Remove NonDisplayed Liquidity 

August 10, 2018. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3


sradovich on DSK3GMQ082PROD with NOTICES