45080 Federal Register / Vol. 82, No. 186 / Wednesday, September 27, 2017 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Privacy Act Officer. Denora Miller can 

be contacted by telephone at 202–692– 

1236 or email at pcfr@peacecorps.gov. 

Email comments must be made in text 

and not in attachments. 

FOR FURTHER INFORMATION CONTACT: 

Denora Miller at Peace Corps address 

above. 

SUPPLEMENTARY INFORMATION: 

Title: Generic Clearance for the 

Collection of Qualitative Feedback on 

Agency Service Delivery. 

OMB Control Number: 0420–0545. 

Type of Request: Extension without 

change of a currently approved 

collection. 

Affected Public: Individuals. 

Respondents Obligation to Reply: 

Voluntary. 

Burden to the Public: 

Estimated burden (hours) of the 

collection of information: 

Average Expected Annual Number of 

Activities: 13. 

Annual Number of Respondents: 

85,917. 

Annual Responses: 85,917. 

Frequency of Response: Once per 

request. 

Average Minutes per Response: 26. 

Annual Burden Hours: 28,197. 

General Description of Collection: The 

proposed information collection activity 

provides a means to garner qualitative 

customer and stakeholder feedback in 

an efficient, timely manner, in 

accordance with the Administration’s 

commitment to improving service 

delivery. By qualitative feedback we 

mean information that provides useful 

insights on perceptions and opinions, 

but are not statistical surveys that yield 

quantitative results that can be 

generalized to the population of study. 

This feedback will provide insights into 

customer or stakeholder perceptions, 

experiences and expectations, provide 

an early warning of issues with service, 

or focus attention on areas where 

communication, training or changes in 

operations might improve delivery of 

products or services. These collections 

will allow for ongoing, collaborative and 

actionable communications between the 

Agency and its customers and 

stakeholders. It will also allow feedback 

to contribute directly to the 

improvement of program management. 

The solicitation of feedback will target 

areas such as: Timeliness, 

appropriateness, accuracy of 

information, courtesy, efficiency of 

service delivery, and resolution of 

issues with service delivery. Responses 

will be assessed to plan and inform 

efforts to improve or maintain the 

quality of service offered to the public. 

If this information is not collected, vital 

feedback from customers and 

stakeholders on Peace Corps’ services 

will be unavailable. 

Peace Corps will only submit a 

collection for approval under this 

generic clearance if it meets the 

following conditions: 

• The collections are voluntary; 

• The collections are low-burden for 

respondents (based on considerations of 

total burden hours, total number of 

respondents, or burden-hours per 

respondent) and are low-cost for both 

the respondents and the Federal 

Government; 

• The collections are noncontroversial and do not raise issues of 

concern to other Federal agencies; 

• Any collection is targeted to the 

solicitation of opinions from 

respondents who have experience with 

the program or may have experience 

with the program in the near future; 

• Personally identifiable information 

(PII) is collected only to the extent 

necessary and is not retained; 

• Information gathered will be used 

only internally for general service 

improvement and program management 

purposes and is not intended for release 

outside of the agency; 

• Information gathered will not be 

used for the purpose of substantially 

informing influential policy decisions; 

and 

• Information gathered will yield 

qualitative information; the collections 

will not be designed or expected to 

yield statistically reliable results or used 

as though the results are generalizable to 

the population of study. 

Feedback collected under this generic 

clearance provides useful information, 

but it does not yield data that can be 

generalized to the overall population. 

This type of generic clearance for 

qualitative information will not be used 

for quantitative information collections 

that are designed to yield reliably 

actionable results, such as monitoring 

trends over time or documenting 

program performance. Such data uses 

require more rigorous designs that 

address: The target population to which 

generalizations will be made, the 

sampling frame, the sample design 

(including stratification and clustering), 

the precision requirements or power 

calculations that justify the proposed 

sample size, the expected response rate, 

methods for assessing potential nonresponse bias, the protocols for data 

collection, and any testing procedures 

that were or will be undertaken prior to 

fielding the study. Depending on the 

degree of influence the results are likely 

to have, such collections may still be 

eligible for submission for other generic 

mechanisms that are designed to yield 

quantitative results. 

As a general matter, information 

collections will not result in any new 

system of records containing privacy 

information and will not ask questions 

of a sensitive nature, such as sexual 

behavior and attitudes, religious beliefs, 

and other matters that are commonly 

considered private. 

Request for Comment: Peace Corps 

invites comments on whether the 

proposed collections of information are 

necessary for proper performance of the 

functions of the Peace Corps, including 

whether the information will have 

practical use; the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the information 

to be collected; and, ways to minimize 

the burden of the collection of 

information on those who are to 

respond, including through the use of 

automated collection techniques, when 

appropriate, and other forms of 

information technology. 

This notice is issued in Washington, DC on 

September 21, 2017. 

Denora Miller, 

FOIA/Privacy Act Officer, Management. 

[FR Doc. 2017–20602 Filed 9–26–17; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81675; File No. SR– 

NYSEArca–2017–110] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To List and Trade Shares 

of the GraniteShares Platinum Trust 

Under NYSE Arca Equities Rule 8.201 

September 21, 2017. 

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 

September 12, 2017, NYSE Arca, Inc. 

(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


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4On September 8, 2017, the Trust submitted to 

the Commission its draft registration statement on 

Form S–1 (the ‘‘Registration Statement’’) under the 

Securities Act of 1933 (15 U.S.C. 77a) (‘‘Securities 

Act’’). The Jumpstart Our Business Startups Act, 

enacted on April 5, 2012, added Section 6(e) to the 

Securities Act. Section 6(e) of the Securities Act 

provides that an ‘‘emerging growth company’’ may 

confidentially submit to the Commission a draft 

registration statement for confidential, non-public 

review by the Commission staff prior to public 

filing, provided that the initial confidential 

submission and all amendments thereto shall be 

publicly filed not later than 21 days before the date 

on which the issuer conducts a road show, as such 

term is defined in Securities Act Rule 433(h)(4). An 

emerging growth company is defined in Section 

2(a)(19) of the Securities Act as an issuer with less 

than $1,000,000,000 total annual gross revenues 

during its most recently completed fiscal year. The 

Trust meets the definition of an emerging growth 

company and consequently has submitted its Form 

S–1 Registration Statement on a confidential basis 

with the Commission. 

5Commodity-Based Trust Shares are securities 

issued by a trust that represents investors’ discrete 

identifiable and undivided beneficial ownership 

interest in the commodities deposited into the 

Trust. 

6 15 U.S.C. 80a–1. 

7 17 U.S.C. 1. 

8The Trustee is responsible for the day-to-day 

administration of the Trust. The responsibilities of 

the Trustee include (1) processing orders for the 

creation and redemption of Baskets; (2) 

coordinating with the Custodian the receipt and 

delivery of platinum transferred to, or by, the Trust 

in connection with each issuance and redemption 

of Baskets; (3) calculating the net asset value of the 

Trust on each business day; and (4) selling the 

Trust’s platinum as needed to cover the Trust’s 

expenses. The Trust does not have a Board of 

Directors or persons acting in a similar capacity. 

9The Custodian is responsible for safekeeping the 

platinum owned by the Trust. The Custodian is 

appointed by the Trustee and is responsible to the 

Trustee under the Trust’s platinum custody 

agreements. The Custodian will facilitate the 

transfer of platinum in and out of the Trust through 

the unallocated platinum accounts it may maintain 

for each Authorized Participant or unallocated 

platinum accounts that may be maintained for an 

Authorized Participant by another platinumclearing bank approved by the London Platinum 

and Palladium Market (‘‘LPPM’’), and through the 

unallocated platinum account it will maintain for 

the Trust. The Custodian is responsible for 

allocating specific bars of platinum to the Trust 

Allocated Account. As used herein, ‘‘Trust 

Allocated Account’’ means the loco London 

account established in the name of the Trustee and 

maintained for the benefit of the Trust by the 

Custodian on an allocated basis pursuant to a 

written custody agreement between the Trustee and 

the Custodian. The Custodian will provide the 

Trustee with regular reports detailing the platinum 

transfers in and out of the Trust Unallocated 

Account with the Custodian and identifying the 

platinum bars held in the Trust Allocated Account. 

10Securities Exchange Act Release No. 61219 

(December 22, 2009), 74 FR 68886 (December 29, 

2009) (SR–NYSEArca–2009–95). 11Securities Exchange Act Release No. 61220 

(December 22, 2009), 74 FR 68895 (December 29, 

2009) (SR–NYSEArca–2009–94). 12Securities Exchange Act Release No. 68430 

(December 13, 2012), 77 FR 75239 (December 13, 

2012) (SR–NYSEArca–2012–111). 

13With respect to the application of Rule 10A– 

3 (17 CFR 240.10A–3) under the Act, the Trust 

relies on the exemption contained in Rule 10A– 

3(c)(7). 

14The description of the operation of the Trust, 

the Shares and the platinum market contained 

herein are based, in part, on the Registration 

Statement. See note 4, supra. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade shares of the GraniteShares 

Platinum Trust under NYSE Arca 

Equities Rule 8.201. The proposed 

change is available on the Exchange’s 

Web site at www.nyse.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 

self-regulatory organization 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 those 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 list and 

trade shares (‘‘Shares’’) of the 

GraniteShares Platinum Trust (the 

‘‘Trust’’), under NYSE Arca Equities 

Rule 8.201.4 Under NYSE Arca Equities 

Rule 8.201, the Exchange may propose 

to list and/or trade pursuant to unlisted 

trading privileges (‘‘UTP’’) CommodityBased Trust Shares.5

The Trust will not be registered as an 

investment company under the 

Investment Company Act of 1940, as 

amended,6 and is not required to 

register under such act. [sic] The Trust 

is not a commodity pool for purposes of 

the Commodity Exchange Act, as 

amended.7

The Sponsor of the Trust is 

GraniteShares LLC, a Delaware limited 

liability company. The Bank of New 

York Mellon is the trustee of the Trust 

(the ‘‘Trustee’’) 8 and ICBC Standard 

Bank PLC is the custodian of the Trust 

(the ‘‘Custodian’’).9

The Commission has previously 

approved listing on the Exchange under 

NYSE Arca Equities Rule 8.201 of other 

precious metals and platinum-based 

commodity trusts, including the ETFS 

Platinum Trust,10 the ETFS Palladium 

Trust,11 and the Sprott Physical 

Platinum and Palladium Trust.12

The Exchange represents that the 

Shares satisfy the requirements of NYSE 

Arca Equities Rule 8.201 and thereby 

qualify for listing on the Exchange.13

Operation of the Trust 14

The investment objective of the Trust 

will be for the Shares to reflect the 

performance of the price of platinum, 

less the expenses and liabilities of the 

Trust. The Trust will issue Shares 

which represent units of fractional 

undivided beneficial interest in and 

ownership of the Trust. 

The Trust will not trade in platinum 

futures or options on any futures 

exchange or over the counter (‘‘OTC’’) 

transactions in spot, forwards, and 

options and other derivatives. The Trust 

will not hold or trade in commodity 

futures contracts, ‘‘commodity 

interests’’, or any other instruments 

regulated by the Commodities Exchange 

Act. The Trust will take delivery of 

physical platinum that complies with 

the LPPM platinum delivery rules. 

The Shares are intended to constitute 

a simple and cost-effective means of 

making an investment similar to an 

investment in platinum. Although the 

Shares are not the exact equivalent of an 

investment in platinum, they provide 

investors with an alternative that allows 

a level of participation in the platinum 

market through the securities market. 

Operation of the Platinum Market 

The global trade in platinum consists 

of OTC transactions in spot, forwards, 

and options and other derivatives, 

together with exchange traded futures 

and options. 

Most trading in physical platinum is 

conducted on the OTC market, 

predominantly in Zurich and London. 

The LPPM coordinates various OTC 

market activities, including clearing and 

vaulting, acts as the principal 

intermediary between physical 

platinum market participants and the 

relevant regulators, promotes good 

trading practices and develops standard 

market documentation. In addition, the 

LPPM promotes refining standards for 

the platinum market by maintaining the 

‘‘London/Zurich Good Delivery List,’’ 

which are the lists [sic] of LPPM 

accredited melters and assayers of 

platinum. 

The basis for settlement and delivery 

of a spot trade is payment (generally in 

US dollars) two business days after the 

trade date against delivery. Delivery of 

the platinum can either be by physical 

delivery or through the clearing systems 

to an unallocated account. The unit of 

trade in London and Zurich is the troy 


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ounce, whose conversion between 

grams is: 1,000 grams is equivalent to 

32.1507465 troy ounces, and one troy 

ounce is equivalent to 31.1034768 

grams. 

Creation and Redemption of Shares 

The Trust will create and redeem 

Shares on a continuous basis in one or 

more blocks of 15,000 Shares (a block of 

15,000 Shares is called a ‘‘Basket’’). As 

described below, the Trust will issue 

Shares in Baskets to certain authorized 

participants (‘‘Authorized Participants’’) 

on an ongoing basis. Baskets of Shares 

will only be issued or redeemed in 

exchange for an amount of platinum 

represented by the aggregate number of 

Shares redeemed. No Shares will be 

issued unless the Custodian has 

allocated to the Trust’s account the 

corresponding amount of platinum. 

Initially, a Basket will require delivery 

of 1,500 fine ounces of platinum. The 

amount of platinum necessary for the 

creation of a Basket, or to be received 

upon redemption of a Basket, will 

decrease over the life of the Trust, due 

to the payment or accrual of fees and 

other expenses or liabilities payable by 

the Trust. 

Baskets may be created or redeemed 

only by Authorized Participants. Orders 

must be placed by 3:59 p.m. Eastern 

Time (‘‘E.T.’’). The day on which a Trust 

receives a valid purchase or redemption 

order is the order date. 

Each Authorized Participant must be 

a registered broker-dealer, a participant 

in Depository Trust Corporation 

(‘‘DTC’’), have entered into an 

agreement with the Trustee (the 

‘‘Authorized Participant Agreement’’) 

and have established a platinum 

unallocated account with the Custodian 

or a physical platinum clearing bank. 

The Authorized Participant Agreement 

provides the procedures for the creation 

and redemption of Baskets and for the 

delivery of platinum in connection with 

such creations or redemptions. 

According to the Registration 

Statement, Authorized Participants, 

acting on authority of the registered 

holder of Shares, may surrender Baskets 

of Shares in exchange for the 

corresponding Basket Amount 

announced by the Trustee. Upon 

surrender of such Shares and payment 

of the Trustee’s applicable fee and of 

any expenses, taxes or charges (such as 

stamp taxes or stock transfer taxes or 

fees), the Trustee will deliver to the 

order of the redeeming Authorized 

Participant the amount of platinum 

corresponding to the redeemed Baskets. 

Shares can only be surrendered for 

redemption in Baskets of 15,000 Shares 

each. 

Before surrendering Baskets of Shares 

for redemption, an Authorized 

Participant must deliver to the Trustee 

a written request indicating the number 

of Baskets it intends to redeem or on a 

business day when the LBMA Platinum 

Price PM or other applicable benchmark 

price is not announced. The date the 

Trustee receives that order determines 

the Basket Amount to be received in 

exchange. However, orders received by 

the Trustee after 3:59 p.m. E.T. on a 

business day or on a business day when 

the LBMA Platinum Price PM or other 

applicable benchmark price is not 

announced, will not be accepted. 

The redemption distribution from the 

Trust will consist of a credit to the 

redeeming Authorized Participant’s 

unallocated account representing the 

amount of the platinum held by the 

Trust evidenced by the Shares being 

redeemed as of the date of the 

redemption order. 

Net Asset Value 

The NAV of the Trust will be 

calculated by subtracting the Trust’s 

expenses and liabilities on any day from 

the value of the platinum owned by the 

Trust on that day; the NAV per Share 

will be obtained by dividing the NAV of 

the Trust on a given day by the number 

of Shares outstanding on that day. On 

each day on which the Exchange is open 

for regular trading, the Trustee will 

determine the NAV as promptly as 

practicable after 4:00 p.m. E.T. The 

Trustee will value the Trust’s platinum 

based on the most recently announced 

LBMA Platinum Price PM or LBMA 

Palladium Price AM. If neither price is 

available for that day, the Trustee will 

value the Trust’s platinum based on the 

most recently announced LBMA 

Platinum Price PM or LBMA Platinum 

Price AM. If [sic] Sponsor determines 

that such price is inappropriate to use, 

the Sponsor will identify an alternate 

basis for evaluation to be employed by 

the Trustee. Further, the Sponsor may 

instruct the Trustee to use on an ongoing basis a different publicly available 

price which the Sponsor determines to 

fairly represent the commercial value of 

the Trust’s platinum. 

The NAV per Share will be calculated 

by taking the current price of the Trust’s 

total assets, subtracting any liabilities, 

and dividing by the total number of 

Shares outstanding. Authorized 

Participants will offer Shares at an 

offering price that will vary, depending 

on, among other factors, the price of 

platinum and the trading price of the 

Shares on the Exchange at the time of 

offer. Authorized Participants will not 

receive from the Trust, the Sponsor, the 

Trustee or any of their affiliates any fee 

or other compensation in connection 

with the offering of the Shares. 

Secondary Market Trading 

While the Trust seeks to reflect 

generally the performance of the price of 

platinum less the Trust’s expenses and 

liabilities, Shares may trade at, above or 

below their NAV. The NAV of Shares 

will fluctuate with changes in the 

market value of the Trust’s assets. The 

trading prices of Shares will fluctuate in 

accordance with changes in their NAV 

as well as market supply and demand. 

The amount of the discount or premium 

in the trading price relative to the NAV 

may be influenced by non-concurrent 

trading hours between the major 

platinum markets and the Exchange. 

While the Shares trade on the Exchange 

until 4:00 p.m. E.T., liquidity in the 

market for platinum may be reduced 

after the close of the major world 

platinum markets, including London, 

Zurich and COMEX. As a result, during 

this time, trading spreads, and the 

resulting premium or discount, on 

Shares may widen. 

Availability of Information Regarding 

Platinum 

Currently, the Consolidated Tape Plan 

does not provide for dissemination of 

the spot price of a commodity such as 

platinum over the Consolidated Tape. 

However, there will be disseminated 

over the Consolidated Tape the last sale 

price for the Shares, as is the case for 

all equity securities traded on the 

Exchange (including exchange-traded 

funds). In addition, there is a 

considerable amount of platinum price 

and market information available on 

public Web sites and through 

professional and subscription services. 

Investors may obtain platinum pricing 

information on a 24-hour basis based on 

the spot price for an ounce of platinum 

from various financial information 

service providers, such as Reuters and 

Bloomberg. Reuters and Bloomberg 

provide at no charge on their Web sites 

delayed information regarding the spot 

price of platinum and last sale prices of 

platinum futures, as well as information 

about news and developments in the 

platinum market. Reuters and 

Bloomberg also offer a professional 

service to subscribers for a fee that 

provides information on platinum 

prices directly from market participants. 

ICAP plc provides an electronic trading 

platform called EBS for the trading of 

spot platinum, as well as a feed of realtime streaming prices, delivered as 

record-based digital data from the EBS 

platform to its customer’s market data 

platform via Bloomberg or Reuters. 


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15The IIV on a per Share basis disseminated 

during the Core Trading Session should not be 

viewed as a real-time update of the NAV, which is 

calculated once a day. 

16The bid-ask price of the Shares will be 

determined using the highest bid and lowest offer 

on the Consolidated Tape as of the time of 

calculation of the closing day NAV. 

17See NYSE Arca Equities Rule 7.12. 

18FINRA conducts cross-market surveillances on 

behalf of the Exchange pursuant to a regulatory 

services agreement. The Exchange is responsible for 

FINRA’s performance under this regulatory services 

agreement. 

Complete real-time data for platinum 

futures and options prices traded on the 

COMEX are available by subscription 

from Reuters and Bloomberg. The 

NYMEX also provides delayed futures 

and options information on current and 

past trading sessions and market news 

free of charge on its Web site. There are 

a variety of other public Web sites 

providing information on platinum, 

ranging from those specializing in 

precious metals to sites maintained by 

major newspapers, such as The Wall 

Street Journal. 

Availability of Information 

The intraday indicative value (‘‘IIV’’) 

per Share for the Shares will be 

disseminated by one or more major 

market data vendors at least every 15 

seconds during the Core Trading 

Session. The IIV will be calculated 

based on the amount of platinum held 

by the Trust and a price of platinum 

derived from updated bids and offers 

indicative of the spot price of 

platinum.15

The Web site for the Trust 

(www.graniteshares.com) will contain 

the following information, on a per 

Share basis, for the Trust: (a) The midpoint of the bid-ask price 16 at the close 

of trading (‘‘Bid/Ask Price’’), and a 

calculation of the premium or discount 

of such price against such NAV; and (b) 

data in chart format displaying the 

frequency distribution of discounts and 

premiums of the Bid/Ask Price against 

the NAV, within appropriate ranges, for 

each of the four previous calendar 

quarters. The Web site for the Trust will 

also provide the Trust’s prospectus. 

Finally, the Trust’s Web site will 

provide the prior day’s closing price of 

the Shares as traded in the U.S. market. 

In addition, information regarding 

market price and trading volume of the 

Shares will be continually available on 

a real-time basis throughout the day on 

brokers’ computer screens and other 

electronic services. Information 

regarding the previous day’s closing 

price and trading volume information 

for the Shares will be published daily in 

the financial section of newspapers. 

Criteria for Initial and Continued Listing 

The Trust will be subject to the 

criteria in NYSE Arca Equities Rule 

8.201(e) for initial and continued listing 

of the Shares. 

A minimum of one Basket or 15,000 

Shares will be required to be 

outstanding at the start of trading, 

which is equivalent to 1,500 fine ounces 

of platinum. The Exchange believes that 

the anticipated minimum number of 

Shares outstanding at the start of trading 

is sufficient to provide adequate market 

liquidity. 

Trading Rules 

The Exchange deems the Shares to be 

equity securities, thus rendering trading 

in the Trust subject to the Exchange’s 

existing rules governing the trading of 

equity securities. Trading in the Shares 

on the Exchange will occur in 

accordance with NYSE Arca Equities 

Rule 7.34(a). The Exchange has 

appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions. As provided in NYSE 

Arca Equities Rule 7.6, Commentary .03, 

the minimum price variation (‘‘MPV’’) 

for quoting and entry of orders in equity 

securities traded on the NYSE Arca 

Marketplace is $0.01, with the exception 

of securities that are priced less than 

$1.00 for which the MPV for order entry 

is $0.0001. 

Further, NYSE Arca Equities Rule 

8.201 sets forth certain restrictions on 

ETP Holders acting as registered Market 

Makers in the Shares to facilitate 

surveillance. Under NYSE Arca Equities 

Rule 8.201(g), an ETP Holder acting as 

a registered Market Maker in the Shares 

is required to provide the Exchange 

with information relating to its trading 

in the underlying platinum, related 

futures or options on futures, or any 

other related derivatives. Commentary 

.04 of NYSE Arca Equities Rule 6.3 

requires an ETP Holder acting as a 

registered Market Maker, and its 

affiliates, in the Shares to establish, 

maintain and enforce written policies 

and procedures reasonably designed to 

prevent the misuse of any material 

nonpublic information with respect to 

such products, any components of the 

related products, any physical asset or 

commodity underlying the product, 

applicable currencies, underlying 

indexes, related futures or options on 

futures, and any related derivative 

instruments (including the Shares). 

As a general matter, the Exchange has 

regulatory jurisdiction over its ETP 

Holders and their associated persons, 

which include any person or entity 

controlling an ETP Holder. A subsidiary 

or affiliate of an ETP Holder that does 

business only in commodities or futures 

contracts would not be subject to 

Exchange jurisdiction, but the Exchange 

could obtain information regarding the 

activities of such subsidiary or affiliate 

through surveillance sharing agreements 

with regulatory organizations of which 

such subsidiary or affiliate is a member. 

With respect to trading halts, the 

Exchange may consider all relevant 

factors in exercising its discretion to 

halt or suspend trading in the Shares. 

Trading on the Exchange in the Shares 

may be halted because of market 

conditions or for reasons that, in the 

view of the Exchange, make trading in 

the Shares inadvisable. These may 

include: (1) The extent to which 

conditions in the underlying platinum 

market have caused disruptions and/or 

lack of trading, or (2) whether other 

unusual conditions or circumstances 

detrimental to the maintenance of a fair 

and orderly market are present. In 

addition, trading in Shares will be 

subject to trading halts caused by 

extraordinary market volatility pursuant 

to the Exchange’s ‘‘circuit breaker’’ 

rule.17 The Exchange will halt trading in 

the Shares if the NAV of the Trust is not 

calculated or disseminated daily. The 

Exchange may halt trading during the 

day in which an interruption occurs to 

the dissemination of the IIV, as 

described above. If the interruption to 

the dissemination of the IIV persists 

past the trading day in which it occurs, 

the Exchange will halt trading no later 

than the beginning of the trading day 

following the interruption. 

Surveillance 

The Exchange represents that trading 

in the Shares will be subject to the 

existing trading surveillances 

administered by the Exchange, as well 

as cross-market surveillances 

administered by the Financial Industry 

Regulatory Authority (‘‘FINRA’’) on 

behalf of the Exchange, which are 

designed to detect violations of 

Exchange rules and applicable federal 

securities laws.18 The Exchange 

represents that these procedures are 

adequate to properly monitor Exchange 

trading of the Shares in all trading 

sessions and to deter and detect 

violations of Exchange rules and federal 

securities laws applicable to trading on 

the Exchange. 

The surveillances referred to above 

generally focus on detecting securities 

trading outside their normal patterns, 

which could be indicative of 

manipulative or other violative activity. 

When such situations are detected, 

surveillance analysis follows and 

investigations are opened, where 

appropriate, to review the behavior of 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
45084 Federal Register / Vol. 82, No. 186 / Wednesday, September 27, 2017 / Notices 

19For a list of the current members of ISG, see 

www.isgportal.org. 20 15 U.S.C. 78f(b)(5). 

all relevant parties for all relevant 

trading violations. 

The Exchange or FINRA, on behalf of 

the Exchange, or both, will 

communicate as needed regarding 

trading in the Shares with other markets 

and other entities that are members of 

the ISG, and the Exchange or FINRA, on 

behalf of the Exchange, or both, may 

obtain trading information regarding 

trading in the Shares from such markets 

and other entities. In addition, the 

Exchange may obtain information 

regarding trading in the Shares from 

markets and other entities that are 

members of ISG or with which the 

Exchange has in place a comprehensive 

surveillance sharing agreement.19

Also, pursuant to NYSE Arca Equities 

Rule 8.201(g), the Exchange is able to 

obtain information regarding trading in 

the Shares and the underlying platinum, 

platinum futures contracts, options on 

platinum futures, or any other platinum 

derivative, through ETP Holders acting 

as registered Market Makers, in 

connection with such ETP Holders’ 

proprietary or customer trades through 

ETP Holders which they effect on any 

relevant market. 

In addition, the Exchange also has a 

general policy prohibiting the 

distribution of material, non-public 

information by its employees. 

All statements and representations 

made in this filing regarding (a) the 

description of the portfolio, (b) 

limitations on portfolio holdings or 

reference assets, or (c) the applicability 

of Exchange listing rules specified in 

this rule filing shall constitute 

continued listing requirements for 

listing the Shares of the Trust on the 

Exchange. 

The issuer has represented to the 

Exchange that it will advise the 

Exchange of any failure by the Trust to 

comply with the continued listing 

requirements, and, pursuant to its 

obligations under Section 19(g)(1) of the 

Act, the Exchange will monitor for 

compliance with the continued listing 

requirements. If the Trust is not in 

compliance with the applicable listing 

requirements, the Exchange will 

commence delisting procedures under 

NYSE Arca Equities Rule 5.5(m). 

Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

of the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Information Bulletin 

will discuss the following: (1) The 

procedures for purchases and 

redemptions of Shares in Baskets 

(including noting that Shares are not 

individually redeemable); (2) NYSE 

Arca Equities Rule 9.2(a), which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (3) how information 

regarding the IIV is disseminated; (4) the 

requirement that ETP Holders deliver a 

prospectus to investors purchasing 

newly issued Shares prior to or 

concurrently with the confirmation of a 

transaction; (5) the possibility that 

trading spreads and the resulting 

premium or discount on the Shares may 

widen as a result of reduced liquidity of 

platinum trading during the Core and 

Late Trading Sessions after the close of 

the major world platinum markets; and 

(6) trading information. For example, 

the Information Bulletin will advise ETP 

Holders, prior to the commencement of 

trading, of the prospectus delivery 

requirements applicable to the Trust. 

The Exchange notes that investors 

purchasing Shares directly from the 

Trust (by delivery of the Creation Basket 

Deposit) will receive a prospectus. ETP 

Holders purchasing Shares from the 

Trust for resale to investors will deliver 

a prospectus to such investors. 

In addition, the Information Bulletin 

will reference that the Trust is subject 

to various fees and expenses as will be 

described in the Registration Statement. 

The Information Bulletin will also 

reference the fact that there is no 

regulated source of last sale information 

regarding physical platinum, that the 

Commission has no jurisdiction over the 

trading of platinum as a physical 

commodity, and that the CFTC has 

regulatory jurisdiction over the trading 

of platinum futures contracts and 

options on platinum futures contracts. 

The Information Bulletin will also 

discuss any relief, if granted, by the 

Commission or the staff from any rules 

under the Act. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5)20 that an exchange 

have rules that are designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices in that the Shares will 

be listed and traded on the Exchange 

pursuant to the initial and continued 

listing criteria in NYSE Arca Equities 

Rule 8.201. The Exchange has in place 

surveillance procedures that are 

adequate to properly monitor trading in 

the Shares in all trading sessions and to 

deter and detect violations of Exchange 

rules and applicable federal securities 

laws. The Exchange may obtain 

information via ISG from other 

exchanges that are members of ISG or 

with which the Exchange has entered 

into a comprehensive surveillance 

sharing agreement. 

The proposed rule change is designed 

to promote just and equitable principles 

of trade and to protect investors and the 

public interest in that there is a 

considerable amount of platinum price 

and platinum market information 

available on public Web sites and 

through professional and subscription 

services. Investors may obtain platinum 

pricing information on a 24-hour basis 

based on the spot price for an ounce of 

platinum from various financial 

information service providers. ICAP’s 

EBS platform also provides an 

electronic trading platform to 

institutions such as bullion banks and 

dealers for the trading of spot platinum, 

as well as a feed of live streaming prices 

to market data subscribers. 

The NAV of the Trust will be 

published by the Sponsor on each day 

that the NYSE Arca is open for regular 

trading and will be posted on the Trust’s 

Web site. The IIV relating to the Shares 

will be widely disseminated by one or 

more major market data vendors at least 

every 15 seconds during the Core 

Trading Session. The Trust’s Web site 

will also provide the Trust’s prospectus, 

as well as the two most recent reports 

to stockholders. In addition, information 

regarding market price and trading 

volume of the Shares will be continually 

available on a real-time basis throughout 

the day on brokers’ computer screens 

and other electronic services. 

Information regarding the previous 

day’s closing price and trading volume 

information for the Shares will be 

published daily in the financial section 

of newspapers. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

it will facilitate the listing and trading 

of an additional type of exchange-traded 

product that will enhance competition 

among market participants, to the 

benefit of investors and the marketplace. 

As noted above, the Exchange has in 

place surveillance procedures relating to 

trading in the Shares and may obtain 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 186 / Wednesday, September 27, 2017 / Notices 45085 

21 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. 

information via ISG from other 

exchanges that are members of ISG or 

with which the Exchange has entered 

into a comprehensive surveillance 

sharing agreement. In addition, as noted 

above, investors will have ready access 

to information regarding platinum 

pricing. 

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 purposes of the Act. The 

Exchange believes the proposed rule 

change will enhance competition by 

accommodating Exchange trading of an 

additional exchange-traded product 

relating to physical platinum. 

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 

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 self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the 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– 

NYSEArca–2017–110 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–NYSEArca–2017–110. 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 Web site (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 Web site 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 

offices of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEArca–2017–110, and should be 

submitted on or before October 18, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20627 Filed 9–26–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81676; File No. SR– 

NYSEAMER–2017–15] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing of 

Proposed Rule Change Amending Rule 

980NY (Electronic Complex Order 

Trading) To Clarify the Priority of 

Electronic Complex Orders and To 

Modify Aspects of Its Complex Order 

Auction Process 

September 21, 2017. 

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 

September 8, 2017, NYSE American 

LLC (the ‘‘Exchange’’ or ‘‘NYSE 

American’’) 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 self-regulatory 

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 

Rule 980NY(Electronic Complex Order 

Trading) to clarify the priority of 

Electronic Complex Orders and to 

modify aspects of its Complex Order 

Auction Process. 

The proposed rule change is available 

on the Exchange’s Web site at 

www.nyse.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 

self-regulatory organization 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 those 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. 


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