Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 40599 

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

20 17 CFR 240.19b–4(f)(2). 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). 

4 17 CFR 240.19b–4(f)(6)(iii). 

innovative pricing in this space. The 

Exchange expects firms to make 

decisions on how much and what types 

of data to consume on the basis of the 

total cost of interacting with MIAX 

Options or other exchanges. Of course, 

the explicit data fees are only one factor 

in a total platform analysis. Some 

competitors have lower transactions fees 

and higher data fees, and others are vice 

versa. The market for this proprietary 

information is highly competitive and 

continually evolves as products develop 

and change. Additionally, respecting 

intra-market competition, the AIS feed 

and the ToM feed are available to all 

subscribers, thus providing all 

subscribers to the data products with an 

even playing field with respect to 

information and access to trade on 

MIAX Options. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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,19 and Rule 

19b–4(f)(2) 20 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 

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 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– 

MIAX–2018–20 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–MIAX–2018–20. 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–MIAX–2018–20, and 

should be submitted on or before 

September 5, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17494 Filed 8–14–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83809; File No. SR– 

CboeBZX–2018–057)] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend 

Exchange Rule 1.5, Definitions, 

Exchange Rule 14.6, Obligations for 

Companies Listed on the Exchange, 

and Exchange Rule 14.11, Other 

Securities 

August 9, 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 August 1, 

2018, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 

amend Rule 1.5(c), which defines the 

After Hours Trading Session, to allow 

trading until 8:00 p.m. ET. 

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 


daltland on DSKBBV9HB2PROD with NOTICES
40600 Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 

5 ‘‘Early Trading Session’’ means the time 

between 7:00 a.m. and 8:00 a.m. ET. See Rule 

1.5(ee). 

6 ‘‘Pre-Opening Session’’ means the time between 

8:00 a.m. and 9:30 a.m. ET. See Rule 1.5(r). 

7 ‘‘Regular Trading Hours’’ means the time 

between 9:30 a.m. and 4:00 p.m. ET. See Rule 

1.5(w). 

8 ‘‘After Hours Trading Session’’ means the time 

between 4:00 p.m. and 5:00 p.m. ET. See Rule 

1.5(c). 

9 ‘‘User’’ means any Member or Sponsored 

Participant who is authorized to obtain access to the 

System pursuant to Rule 11.3. See Rule 1.5(cc). 

10See Rule 11.9(b). 

11See EDGX and EDGA Rule 1.5(r), which both 

define ‘‘Post-Closing Session’’ as the time between 

4:00 p.m. and 8:00 p.m. ET. 

12See Securities Exchange Act Release No. 73745 

(December 4, 2014), 79 FR 73359 (December 10, 

2014) (SR–BATS–2014–062). 

13See SR–CboeBYX–2018–013 (pending 

publication). 

14 15 U.S.C. 78f(b). 

15 15 U.S.C. 78f(b)(5). 16See supra note 11. 

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 offers four distinct 

trading sessions where the Exchange 

accepts orders for potential execution: 

(1) The ‘‘Early Trading Session,’’ which 

begins at 7:00 a.m. Eastern Time (‘‘ET’’) 

and continues until 8:00 a.m. ET,5 (2) 

the ‘‘Pre-Opening Session,’’ which 

begins at 8:00 a.m. ET and continues 

until 9:30 a.m. ET,6 (3) ‘‘Regular Trading 

Hours,’’ which begin at 9:30 a.m. ET and 

continue until 4:00 p.m. ET,7 and (4) the 

‘‘After Hours Trading Session,’’ which 

begins at 4:00 p.m. ET and continues 

until 5:00 p.m. ET.8 Users9 may 

designate when their orders are eligible 

for execution by selecting their desired 

Time-in-Force instruction.10

The purpose of the proposed rule 

change is to amend Rule 1.5(c), which 

defines the After Hours Trading Session, 

to allow trading until 8:00 p.m. ET, 

consistent with the hours currently 

available on the Exchange’s affiliates 

Cboe EDGX Exchange, Inc. (‘‘EDGX’’) 

and Cboe EDGA Exchange, Inc. 

(‘‘EDGA’’).11 The After Hours Trading 

Session will continue to begin after 

Regular Trading Hours end at 4:00 p.m. 

ET but instead of ending at 5:00 p.m. 

ET, as is the case today, will now be 

available until 8:00 p.m. ET similar to 

the EGDX and EDGA markets. Rule 

11.1(a), which was inadvertently 

modified in November 2014 to include 

an 8:00 p.m. ET cutoff for entering 

orders as part of a proposed rule change 

to accept orders beginning at 6:00 a.m. 

ET,12 will not be amended by this 

proposed rule change as the Exchange 

will now accept orders until 8:00 p.m. 

ET as described in that rule. 

The Exchange’s affiliate, Cboe BYX 

Exchange, Inc. (‘‘BYX’’), is also filing to 

extend its trading hours to 8:00 p.m. 

ET.13 The proposed rule change will 

therefore promote a consistent 

experience for market participants 

across all four equities markets operated 

by Cboe Global Markets, Inc. Orders 

entered for participation in the After 

Hours Trading Session will continue to 

be handled in the same manner as 

today, with the exception that the 

Exchange will now accept those orders 

until 8:00 p.m. ET, thereby providing 

additional time for market participants 

to source liquidity outside of Regular 

Trading Hours. The Exchange therefore 

believes that amending Rule 1.5(c) to 

extend the Exchange’s trading hours 

will be benefit investors that will now 

be able to trade on the Exchange later 

in the day. 

A number of other Exchange rules 

related to listings also specifically 

reference the time that the Exchange is 

open for trading (i.e., until 5:00 p.m. ET 

today). The Exchange therefore proposes 

to update references to the Exchange’s 

hours of operation in those rules in 

connection with the changes to extend 

the After Hours Trading Session to 8:00 

p.m. ET. Specifically, the Exchange 

proposes to amend the following rules 

to reference the proposed 8:00 p.m. ET 

end of trading: (1) Interpretations and 

Policies .01 and .02 to Rule 14.6, which 

provide the timing for notifying the 

Exchange of certain public disclosures 

to be made during Exchange market 

hours; (2) Rule 14.11(b)(7),(c)(7) which 

provide that the Exchange may 

designate Portfolio Depository Receipts 

or Index Fund Shares, respectively, for 

trading during the pre-market and postmarket sessions offered on the 

Exchange; (3) Rule 14.11(f)(2)(B), which 

provides that transactions in Trust 

Issued Receipts may be effected until 

5:00 p.m. ET each business day; and (4) 

Rule 14.11(j)(2), which provides that the 

Exchange must distribute an 

information circular for UTP Derivative 

Securities that, among other things, 

includes information about the risks of 

trading during the Exchange’s various 

trading sessions. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 14 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 15

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. Specifically, the 

Exchange believes that the proposed 

rule change will benefit market 

participants by providing additional 

opportunities to transact on the 

Exchange later in the trading day. 

As explained in the purpose section 

of this proposed rule change, the 

Exchange currently accepts orders in its 

After Hours Trading Session until 5:00 

p.m. ET, while two of its affiliated 

exchanges (i.e., EDGX and EDGA) 

currently have a Post-Closing Session 

that ends at 8:00 p.m. ET.16 The 

Exchange believes that market 

participants would benefit from a longer 

After Hours Trading Session on the 

Exchange too, and is therefore 

proposing to extend its After Hours 

Trading Session to the same time as its 

affiliated markets. The Exchange 

believes that this change will provide 

additional opportunities for firms to 

source liquidity for their orders on the 

Exchange. Furthermore, the proposed 

rule change will ensure that Members 

have a similar experience when trading 

on all four Cboe equities markets. 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. 

In addition, the Exchange believes 

that the proposed changes to its listing 

rules are consistent with the Act 

because these changes update those 

rules with references to the proposed 

8:00 p.m. ET time that the Exchange 

would accept orders in the After Hours 

Trading Session. No further substantive 

changes to those rules are proposed. The 

Exchange believes that it is appropriate 

to update all rules that specifically 

reference the Exchange’s hours of 

operation so that the rules properly 

reflect the changes to the After Hours 

Trading Session being implemented in 

this proposed rule change. 

(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. 

The Exchange does not believe that the 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 158 / Wednesday, August 15, 2018 / Notices 40601 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(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. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21See supra note 11. 

22For purposes only of waiving the 30-day 

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 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

proposed rule change would have any 

significant impact on inter-market 

competition as the Exchange’s affiliated 

exchanges already allow after hours 

trading until 8:00 p.m. ET, and other 

markets are free to provide similar 

trading hours. Furthermore, the 

Exchange does not believe that the 

proposed rule change would have any 

significant impact on intra-market 

competition as all Members would be 

able to enter orders later in the day due 

to the extended After Hours Trading 

Session. 

(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) of the Act 17 and Rule 19b– 

4(f)(6) thereunder.18

A proposed rule change filed under 

Rule 19b–4(f)(6) 19 normally does not 

become operative for 30 days after the 

date of its filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),20 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange requests that the Commission 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The Exchange 

represents that waiver of the 30-day 

operative delay will allow the Exchange 

to immediately provide a venue for 

market participants to source liquidity 

until 8:00 p.m. ET, similar to the 

operation of other exchanges. Because 

the proposed rules previously have been 

approved by the Commission for, and 

are substantively identical to those of, 

another listing exchange, the 

Commission believes does not believe 

that the proposal raises any novel or 

unique regulatory issues.21 Therefore, 

the Commission believes that waiving 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. 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 

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 

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 Number SR– 

CboeBZX–2018–057 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–CboeBZX–2018–057. 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. 

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–CboeBZX–2018–057 and 

should be submitted on or before 

September 5, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17490 Filed 8–14–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83815; File No. SR–FINRA– 

2018–023] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Order Approving a 

Proposed Rule Change Relating to 

ATS Reporting to TRACE of 

Transactions in U.S. Treasury 

Securities 

August 9, 2018. 

I. Introduction 

On June 5, 2018, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) 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 FINRA 

Rule 6730 to require certain alternative 

trading systems (‘‘ATSs’’) that report 

transactions in U.S. Treasury Securities 

to the Transaction Reporting and 

Compliance Engine (‘‘TRACE’’) to 

identify non-FINRA-member subscribers 

on those transaction reports. The 

proposed rule change was published for 


daltland on DSKBBV9HB2PROD with NOTICES