44114 Federal Register / Vol. 83, No. 168 / Wednesday, August 29, 2018 / Notices 

41 17 CFR 240.17Ad–22(e)(15)(i). 

42 17 CFR 240.17Ad–22(e)(15)(i). 

43 12 U.S.C. 5465(e)(1)(I). 

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). 

5 IX is associated with order [sic] routed to IEX 

using TRIM or TRIM2 routing strategy. 

6TRIM and TRIM2 are both routing options under 

which an order checks the System for available 

shares and then is sent to destinations on the 

applicable System routing table. See Rule 

11.13(b)(3)(G). 

7The term ‘‘System routing table’’ refers to the 

proprietary process for determining the specific 

trading venues to which the System routes orders 

and the order in which it routes them. See Rule 

11.13(b)(3). Rule 11.13(b)(3) permits the Exchange 

to maintain a different System routing table for 

different routing options and to modify the System 

routing table at any time without notice. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

believes that the RWD Plan, which 

indicates the cost at which OCC could 

effectuate an orderly wind-down, i.e., at 

a lower cost than the amount of its 

liquid resources is consistent with Rule 

17Ad–22(e)(15)(i).41

Therefore, the Commission believes 

that the proposed changes that would 

determine costs associated with an 

orderly wind-down and that would 

further ensure that OCC holds liquid net 

assets greater than these costs, are 

consistent with Rule 17Ad– 

22(e)(15)(i).42

IV. Conclusion 

It is therefore noticed, pursuant to 

Section 806(e)(1)(I) of the Clearing 

Supervision Act,43 that the Commission 

does not object to Advance Notice (SR– 

OCC–2017–810), as modified by Partial 

Amendment No. 3, and that OCC is 

authorized to implement the proposed 

change as of the date of this notice or 

the date of an order by the Commission 

approving proposed rule change SR– 

OCC–2017–021, as modified by Partial 

Amendment No. 3, whichever is later. 

By the Commission. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18656 Filed 8–28–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83926; File No. SR– 

CboeBZX–2018–060] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Amending the 

Fee Schedule To Eliminate Fee Code IX 

on Cboe BZX Exchange, Inc. 

August 23, 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 9, 

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 the Exchange’s fee schedule 

applicable to its equities trading 

platform to eliminate fee code IX, which 

applies to orders routed to Investors 

Exchange LLC using the Exchange’s 

TRIM or TRIM2 routing strategies. 

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 amend the Exchange’s fee 

schedule applicable to its equities 

trading platform (‘‘BZX Equities’’) to 

eliminate fee code IX,5 which applies to 

orders routed to Investors Exchange LLC 

(‘‘IEX’’) using the Exchange’s TRIM or 

TRIM2 6 routing strategies. Currently, 

the fee schedule provides that orders 

routed to IEX using the TRIM or TRIM2 

routing strategies are charged a fee of 

$0.0010 per share under fee code IX. In 

May 2018, the Exchange removed IEX 

from the System routing table for its 

TRIM and TRIM2 routing strategies,7

which are designed to route to low cost 

away markets, due to increased costs 

associated with routing to IEX. Since 

IEX is no longer considered as a 

potential routing destination for those 

strategies, the Exchange proposes to 

eliminate fee code IX. Orders routed to 

IEX using other routing strategies will 

not be impacted by this proposed rule 

change and will continue to be charged 

the same rates as in place today. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 8 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 9

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. 

The Exchange believes that the 

proposed change to eliminate fee code 

IX is consistent with the public interest 

and the protection [sic] investors as this 

is a non-substantive change being made 

because the Exchange no longer routes 

to IEX using the routing strategies 

specified in that fee code. The Exchange 

had previously routed orders to IEX 

using the TRIM and TRIM2 order 

routing strategies, which are designed to 

route to low cost venues, but recently 

stopped doing so due to increased 

routing costs associated with trading on 

IEX. As such, the Exchange believes that 

updating the fee schedule to reflect that 

these two routing strategies are not 

available for routing to IEX will increase 

transparency around the operation of 

the Exchange to the benefit of Members 

and investors. Because the proposed 

changes apply only to a fee code that is 

no longer in use on the Exchange, the 

proposed rule change will have no 

impact on the transaction fees actually 

assessed to Members. 

(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 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 168 / Wednesday, August 29, 2018 / Notices 44115 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of 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. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

15 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The proposed rule change eliminates a 

fee code that is no longer in use by the 

Exchange due to the fact that IEX is no 

longer an eligible destination for the 

TRIM and TRIM2 routing strategies. As 

the proposed rule change only makes a 

non-substantive change to retire a fee 

code that is not currently in use, the 

Exchange believes that it will not cause 

any significant burden on competition. 

(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 

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 10 and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 12 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 13

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative 

immediately upon filing. The Exchange 

notes that waiver of the operative delay 

would allow it to immediately remove 

an outdated fee code from its fee 

schedule, the elimination of which 

would ensure that the fee schedule 

properly reflects the routing strategies 

currently available for routing to IEX. 

The Commission believes that waiving 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest because the proposed 

rule change is designed to increase 

transparency around the operation of 

the Exchange and the routing strategies 

that it provides. Accordingly, the 

Commission hereby waives the 

operative delay and designates the 

proposal operative upon filing.14

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–2018–060 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–2018–060. 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–2018–060 and 

should be submitted on or before 

September 19, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18677 Filed 8–28–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83929; File No. SR–NYSE– 

2018–37] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend its 

Price List 

August 23, 2018. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on August 

10, 2018, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 its 

Price List to (1) amend the cap 

applicable to certain transactions at the 


sradovich on DSK3GMQ082PROD with NOTICES