Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices 3233 

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). 

III. Date of Effectiveness of the Advance 

Notice and Timing for Commission 

Action 

The proposed change may be 

implemented if the Commission does 

not object to the proposed change 

within 60 days of the later of (i) the date 

the proposed change was filed with the 

Commission or (ii) the date any 

additional information requested by the 

Commission is received. OCC shall not 

implement the proposed change if the 

Commission has any objection to the 

proposed change. 

The Commission may extend the 

period for review by an additional 60 

days if the proposed change raises novel 

or complex issues, subject to the 

Commission providing the clearing 

agency with prompt written notice of 

the extension. A proposed change may 

be implemented in less than 60 days 

from the date the advance notice is 

filed, or the date further information 

requested by the Commission is 

received, if the Commission notifies the 

clearing agency in writing that it does 

not object to the proposed change and 

authorizes the clearing agency to 

implement the proposed change on an 

earlier date, subject to any conditions 

imposed by the Commission. 

OCC shall post notice on its website 

of proposed changes that are 

implemented. 

The proposal shall not take effect 

until all regulatory actions required 

with respect to the proposal are 

completed. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the advance notice is 

consistent with the Clearing 

Supervision 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– 

OCC–2017–810 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. 

All submissions should refer to File 

Number SR–OCC–2017–810. 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 advance notice that 

are filed with the Commission, and all 

written communications relating to the 

advance notice 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 OCC and on OCC’s website at 

https://www.theocc.com/components/ 

docs/legal/rules_and_bylaws/sr_occ_17_

810.pdf. 

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–OCC–2017–810 and should 

be submitted on or before February 13, 

2018. 

By the Commission. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–01071 Filed 1–22–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82519; File No. SR– 

CboeEDGX–2018–002] 

Self-Regulatory Organizations; CBOE 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Harmonize 

the Definition of Non-Professional User 

in Its Fee Schedule With That of Its 

Affiliates 

January 17, 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 January 8, 

2018, Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(the ‘‘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 Market Data section of its fee 

schedule applicable to its equity options 

platform (‘‘EDGX Options’’) to 

harmonize the definition of ‘‘NonProfessional User’’ with that of its 

affiliates, Cboe Exchange, Inc. (‘‘Cboe’’) 

and Cboe C2 Exchange, Inc. (‘‘C2’’). 

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 the 

Market Data section of its fee schedule 

applicable to EDGX Options to 

harmonize the definition of ‘‘NonProfessional User’’ with that of its 

affiliates, Cboe and C2. In late 2016, the 

Exchange and its affiliates Cboe EDGA 

Exchange, Inc. (‘‘EDGA’’), Cboe BYX 

Exchange, Inc. (‘‘BYX’’), and Cboe BZX 

Exchange, Inc. (‘‘BZX’’) received 

approval to effect a merger (the 


sradovich on DSK3GMQ082PROD with NOTICES
3234 Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices 

5See Securities Exchange Act Release No. 79585 

(December 16, 2016), 82 FR 6961 (December 22, 

2016) (SR–BatsEDGX–2016–60; SR–BatsEDGA– 

2016–24; SR–BatsBYX–2017–29; and SR–BatsBYX– 

2016–68). 

6See the Cboe fee schedule available at https:// 

www.cboe.org/general-info/pdfframed?content=/ 

publish/mdxfees/cboe-cds-fees-schedule-for-cboedatafeeds.pdf§ion=SEC_MDX_CSM&title=

Cboe%20CDS%20Fees%20Schedule and the C2 fee 

schedule available at https://www.cboe.org/generalinfo/pdfframed?content=/publish/mdxfees/c2-cdsfees-schedule.pdf§ion=SEC_MDX_CSM&title=

C2%20CDS%20Fees%20Schedule. 

7 15 U.S.C. 78f. 

8 15 U.S.C. 78f(b)(5). 

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

10 17 CFR 240.19b–4(f)(6). 

‘‘Merger’’) of the Exchange’s parent 

company, Bats Global Markets, Inc., the 

parent of EDGA, EDGX, BYX, and BZX 

with CBOE Holding, Inc. (now known as 

Cboe Global Markets, Inc.) the parent 

company of Cboe and C2.5 In order to 

provide consistent rules and 

terminology amongst the Exchange, 

Cboe, and C2, the Exchange proposes to 

amend the definition of ‘‘NonProfessional User’’ to harmonize it with 

that of its affiliates, Cboe and C2. The 

EDGX Option’s fee schedule currently 

defines ‘‘Non-Professional User’’ as: 

a natural person who is not: (i) registered or 

qualified in any capacity with the 

Commission, the Commodity Futures 

Trading Commission, any state securities 

agency, any securities exchange or 

association, or any commodities or futures 

contract market or association; (ii) engaged as 

an ‘‘investment adviser’’ as that term is 

defined in Section 202(a)(11) of the 

Investment Advisers Act of 1940 (whether or 

not registered or qualified under that Act); or 

(iii) employed by a bank or other 

organization exempt from registration under 

federal or state securities laws to perform 

functions that would require registration or 

qualification if such functions were 

performed for an organization not so exempt. 

As amended, ‘‘Non-Professional User’’ 

would be defined as: 

a natural person or qualifying trust that uses 

Data only for personal purposes and not for 

any commercial purpose and, for a natural 

person who works in the United States, is 

not: (i) registered or qualified in any capacity 

with the Securities and Exchange 

Commission, the Commodities Futures 

Trading Commission, any state securities 

agency, any securities exchange or 

association, or any commodities or futures 

contract market or association; (ii) engaged as 

an ‘‘investment adviser’’ as that term is 

defined in Section 202(a)(11) of the 

Investment Advisors Act of 1940 (whether or 

not registered or qualified under that Act); or 

(iii) employed by a bank or other 

organization exempt from registration under 

federal or state securities laws to perform 

functions that would require registration or 

qualification if such functions were 

performed for an organization not so exempt; 

or, for a natural person who works outside 

of the United States, does not perform the 

same functions as would disqualify such 

person as a Non-Professional User if he or 

she worked in the United States. 

The revised definition is substantially 

identical to the definition of ‘‘NonProfessional User’ included within the 

Cboe and C2 fee schedules.6 The 

Exchange’s current definition of ‘‘NonProfessional User’’ does differ from that 

contained in the Cboe and C2 fee 

schedules in following minor, nonsubstantive ways. First, the harmonized 

definition will make clear that a NonProfessional User may be a natural 

person or qualifying trust that uses Data 

only for personal purposes and not for 

any commercial purpose. To date, the 

Exchange is not aware of any entity that 

receives an Exchange market data 

product would be deemed a qualifying 

trust and, therefore, has not had to 

determine whether such entity is a 

Professional or Non-Professional User 

under the prior definition. Second, the 

harmonized definition would specify 

that a natural person who works outside 

of the United States would not be 

deemed a Non-Professional User where 

that person does not perform the same 

functions as would disqualify such 

person as a Non-Professional User if he 

or she worked in the United States. The 

definition with regard to natural persons 

who work in the United States are 

substantively identical amongst the old 

and harmonized definition. 

None of these differences impact the 

manner in which the Exchange would 

characterize a User and a Professional or 

Non-Professional. The harmonized 

definition would provide additional 

specificity while harmonizing the 

definition with that of its affiliates. 

Doing so would ensure consistent terms 

amongst the Exchange and its affiliates, 

thereby reducing the potential for 

confusion amongst market data 

subscribers regarding the type of User 

they may be considered by the 

Exchange. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,7

in general, and furthers the objectives of 

Section 6(b)(5) of the Act 8 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 harmonized 

definition of Non-Professional User is 

equitable, reasonable, and removes 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system it would 

provide additional specificity while 

harmonizing the definition with that of 

its affiliates. Doing so would ensure 

consistent terms amongst the Exchange 

and its affiliates, thereby reducing the 

potential for confusion amongst market 

data subscribers regarding the type of 

User they may be considered by the 

Exchange. 

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 harmonized definition of NonProfessional User would have no impact 

on competition because it does not 

materially alter the definition. 

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)(iii) of the Act 9 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.10 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. 

In its filing, the Exchange requested 

that the Commission waive the 30-day 

operative delay in order to enable the 

Exchange to immediately ensure 

consistent use of terms amongst the 

Exchange and its affiliates, thereby 

reducing the potential for confusion 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices 3235 

11See 15 U.S.C. 78c(f). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Market Makers refers to ‘‘Competitive Market 

Makers’’ and ‘‘Primary Market Makers’’ collectively. 

See GEMX Rule 100(a)(25). 

amongst market data subscribers 

regarding the type of User they may be 

considered by the Exchange. The 

Commission believes that such waiver is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission designates 

the proposed rule change to be operative 

upon filing. For 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.11

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 

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– 

CboeEDGX–2018–002 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 CboeEDGX–2018–002. 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 CboeEDGX–2018–002 and 

should be submitted on or before 

February 13, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–01090 Filed 1–22–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82516; File No. SR–GEMX– 

2018–01] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Market Maker 

Orders 

January 17, 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 January 5, 

2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or 

‘‘Exchange’’) 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 Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

The text of the proposed rule change 

is set forth below. Proposed new 

language is italicized; deleted text is in 

[brackets]. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

GEMX Rule 805 to permit Market 

Makers 3 to enter additional order types 

in the options classes to which they are 

appointed. 

* * * * * 

Nasdaq GEMX Rulebook 

* * * * * 

Rule 805. Market Maker Orders 

(a) Options Classes to Which 

Appointed. Market makers may enter all 

order types defined in Rule 715 in the 

options classes to which they are 

appointed under Rule 802, except 

Stopped Orders, Reserve Orders and 

Customer Cross Orders.[not place 

principal orders to buy or sell options 

in the options classes to which they are 

appointed under Rule 802, other than 

opening only orders, immediate-orcancel orders, market orders, fill-or-kill 

orders, sweep orders, and block-size 

orders executed through the Block 

Order Mechanism pursuant to Rule 

716(c).] Competitive Market Makers 

shall comply with the provisions of 

Rule 804(e)(2)(iii) upon the entry of 

such orders if they were not previously 

quoting in the series. 

(b) Options Classes Other Than Those 

to Which Appointed. 

(1) A market maker may enter all 

order types permitted to be entered by 

non-customer participants under the 

Rules to buy or sell options in classes 

of options listed on the Exchange to 

which the market maker is not 

appointed under Rule 802, except for 

Reserve Orders, provided that: 

(i) and (ii) No change. 

(2) and (3) No change. 

* * * * * 

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. 


sradovich on DSK3GMQ082PROD with NOTICES