29582 Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / Notices 

Commission a USPS Request to Add 

Priority Mail Contract 450 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2018–183, CP2018–257. 

Elizabeth Reed, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2018–13481 Filed 6–22–18; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail Express 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: June 25, 

2018. 

FOR FURTHER INFORMATION CONTACT: 

Elizabeth Reed, 202–268–3179. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on June 19, 2018, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Express Contract 63 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2018–181, CP2018–255. 

Elizabeth Reed, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2018–13479 Filed 6–22–18; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission will hold an 

Open Meeting on June 28, 2018 at 10 

a.m. 

PLACE: The meeting will be held in the 

Auditorium, Room LL–002 at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will begin at 10 

a.m. (ET) and will be open to the public. 

Seating will be on a first-come, firstserved basis. Visitors will be subject to 

security checks. The meeting will be 

webcast on the Commission’s website at 

http://www.sec.gov. 

MATTERS TO BE CONSIDERED: The subject 

matters of the Open Meeting will be the 

Commission’s consideration of: • Whether to adopt amendments to 

the definition of ‘‘smaller reporting 

company’’ and other rules and forms in 

light of the new definition. • whether to adopt amendments to 

rules and forms to require the use of the 

Inline eXtensible Business Reporting 

Language (XBRL) format for the 

submission of operating company 

financial statement information and 

fund risk/return summary information 

and related changes. • whether to propose rule 6c–11 

under the Investment Company Act of 

1940 that would permit exchange-traded 

funds that satisfy certain conditions to 

operate without first obtaining an 

exemptive order from the Commission, 

as well as related form amendments. • whether to adopt amendments to 

Form N–PORT and Form N–1A related 

to disclosures of liquidity risk 

management for open end management 

investment companies. • whether to propose amendments to 

the Commission’s existing rules that 

govern the whistleblower award 

program. • whether the Commission should 

enter into a revised memorandum of 

understanding with the Commodity 

Futures Trading Commission that would 

update and supersede the existing 

regulatory coordination memorandum 

of understanding between the two 

agencies. At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact the 

Office of the Secretary at (202) 551– 

5400. 

Dated: June 20, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–13623 Filed 6–21–18; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83475; File No. 265–30] 

Fixed Income Market Structure 

Advisory Committee 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of meeting. 

SUMMARY: The Securities and Exchange 

Commission Fixed Income Market 

Structure Advisory Committee is 

providing notice that it will hold a 

public meeting on Monday, July 16, 

2018, in Multi-Purpose Room LL–006 at 

the Commission’s headquarters, 100 F 

Street NE, Washington, DC. The meeting 

will begin at 9:30 a.m. (EDT) and will 

be open to the public. The public 

portions of the meeting will be webcast 

on the Commission’s website at 

www.sec.gov. Persons needing special 

accommodations to take part because of 

a disability should notify the contact 

persons listed below. The public is 

invited to submit written statements to 

the Committee. The meeting will 

include updates and presentations from 

the subcommittees. 

DATES: The public meeting will be held 

on Monday, July 16, 2018. Written 

statements should be received on or 

before July 11, 2018. 

ADDRESSES: The meeting will be held at 

the Commission’s headquarters, 100 F 

Street NE, Washington, DC. Written 

statements may be submitted by any of 

the following methods: 

Electronic Statements 

• Use the Commission’s internet 

submission form (http://www.sec.gov/ 

rules/other.shtml); or 

• Send an email message to rulecomments@sec.gov. Please include File 

Number 265–30 on the subject line; or 

Paper Statements 

• Send paper statements in triplicate 

to Brent J. Fields, Federal Advisory 

Committee Management Officer, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File No. 

265–30. This file number should be 

included on the subject line if email is 

used. To help us process and review 

your statement more efficiently, please 

use only one method. The Commission 

will post all statements on the 

Commission’s internet website at SEC 

website at (http://www.sec.gov/ 

comments/265-30/265-30.shtml). 

Statements also will be available for 

website viewing and printing in the 

Commission’s Public Reference Room, 

100 F Street NE, Room 1580, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. All statements 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / Notices 29583 

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

2 17 CFR 240.19b–4. 

3A complex order is any order involving the 

simultaneous purchase and/or sale of two or more 

different options series in the same underlying 

security, for the same account, in a ratio that is 

equal to or greater than one-to-three (.333) and less 

than or equal to three-to-one (3.00) and for the 

purpose of executing a particular investment 

strategy. See ISE Rule 722(a)(1). 

4This rule change is similar to Phlx Rule 1098(i) 

and (j). 

5This strategy utilizes a combination of either all 

calls or all puts of the same expiration date in the 

same underlying to limit risk. 

6This strategy utilizes a combination of put/call 

pairs of options with the same expiration date in 

the same underlying to limit risk. 

7See Supplementary Material .07(c) to ISE Rule 

722. 

8Allowing sell orders to trade by legging into the 

simple market at prices above the Maximum Value 

(buy orders below the Minimum Value) offers an 

opportunity for sellers/buyers to receive a premium 

beyond the potential intrinsic value of the spread 

without creating risk for the Complex Order Book. 

9 Id. 

FOR FURTHER INFORMATION CONTACT: 

David Dimitrious, Senior Special 

Counsel, at (202) 551–5131, or Benjamin 

Bernstein, Attorney-Adviser, at (202) 

551–5354, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–7010. 

SUPPLEMENTARY INFORMATION: In 

accordance with Section 10(a) of the 

Federal Advisory Committee Act, 5 

U.S.C.-App. 1, and the regulations 

thereunder, Brett Redfearn, Designated 

Federal Officer of the Committee, has 

ordered publication of this notice. 

Dated: June 20, 2018. 

Brent J. Fields, 

Committee Management Officer. 

[FR Doc. 2018–13539 Filed 6–22–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83464; File No. SR–ISE– 

2018–55] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Box and 

Butterfly Spread Protections 

June 19, 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 June 7, 

2018, Nasdaq ISE, LLC (‘‘ISE’’ or the 

‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to adopt new 

order type protections, Butterfly and 

Box Spread protections, for Complex 

Order 3 strategy trades. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://ise.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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to: (i) Adopt 

Complex Order protections for Butterfly 

and Box Spread protections for Complex 

Order strategies; and (ii) reorganize and 

amend the existing Complex Order 

protections currently contained within 

.07 of Supplementary Material to Rule 

722 and Rule 714. These amendments 

will be described in greater detail 

below. This rule change is similar to 

protections, which exist today on 

Nasdaq Phlx LLC (‘‘Phlx’’).4

Adopt Butterfly and Box Spread 

Protections 

Today, ISE members may submit 

Butterfly and Box spreads into the 

System. ISE proposes to define a 

Butterfly spread as a three legged 

Complex Order with certain 

characteristics.5 The Exchange is 

proposing to reject Butterfly spreads 

which are outside of certain parameters 

to avoid potential executions at prices 

that exceed the minimum and 

maximum possible intrinsic value of the 

spread by a specified amount. 

Additionally, ISE proposes to define a 

Box spread as a four legged Complex 

Order with certain characteristics.6 The 

Exchange is proposing to reject Box 

spreads which are outside of certain 

parameters to avoid potential executions 

at prices that exceed the minimum and 

maximum possible intrinsic value of the 

spread by a specified amount. Today, 

the Exchange offers similar order 

protection features for Complex Orders 

such as Vertical and Calendar Spread 

Protections 7 to avoid erroneous trades. 

Butterfly Spread Protection 

As noted above, the Exchange 

proposes to adopt a Butterfly Spread 

Protection. A Butterfly Spread is a three 

legged Complex Order with the 

following: (1) Two legs to buy (sell) the 

same number of calls (puts); (2) one leg 

to sell (buy) twice the number of calls 

(puts) with a strike price at mid-point of 

the two legs to buy (sell); (3) all legs 

have the same expiration; and (4) each 

leg strike price is equidistant from the 

next sequential strike price. With this 

protection, a Butterfly Spread Limit 

Order that is priced higher than the 

Maximum Value (defined below) or 

lower than the Minimum Value (defined 

below) will be rejected. A Butterfly 

Spread Market Order (or Butterfly 

Spread Limit Order entered with a net 

price inside the Butterfly Spread 

Protection Range) to Buy (Sell) will be 

restricted from executing by legging into 

the single leg market with a net price 

higher (lower) than the Maximum 

(Minimum) Value. The Butterfly Spread 

Protection Range is the absolute 

difference between the Minimum Value 

and the Maximum Value. 

ISE’s proposal continues to protect 

Butterfly Spreads from legging into the 

single leg market(s), similar to Phlx Rule 

1098(i), at a price higher than the 

Maximum Value for buy orders and 

lower than the Minimum Value for sell 

orders. ISE’s proposal differs from Phlx 

in that ISE allows legging below the 

Minimum Value for buys and above the 

Maximum Value for sells at a price 

made available by the synthetic (cIBBO) 

market outside of the Butterfly Spread 

Protection Range.8

The Exchange believes that these 

limitations, which exist today for ISE 

Vertical and Calendar Spreads,9 are 

consistent with the Act because the 

limits permit buying below the 

minimum and selling above the 

maximum thereby allowing buyers and 

sellers to achieve better prices without 

taking on additional risk. The intrinsic 

value for the Butterfly Spread that could 

be achieved when closing the position 

would not be negatively impacted in 


amozie on DSK3GDR082PROD with NOTICES1