45650 Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5Additional opening procedures for classes that 

are not traded on the Hybrid Trading System are 

also contained in Rule 6.2A (Rapid Opening 

System). The ‘‘Hybrid Trading System’’ refers to the 

Exchange’s trading platform that allows MarketMakers to submit electronic quotes in their 

appointed classes and any connectivity to the 

foregoing trading platform that is administered by 

or on behalf of the Exchange, such as a 

communications hub. ‘‘Hybrid 3.0 Platform’’ is an 

electronic trading platform on the Hybrid Trading 

System that allows one or more quoters to submit 

electronic quotes which represent the aggregate 

Market-Maker quoting interest in a series for the 

trading crowd. References to ‘‘Hybrid,’’ ‘‘Hybrid 

System,’’ or ‘‘Hybrid Trading System’’ in the 

Exchange’s Rules include all platforms unless 

otherwise provided by rule, including both the 

Hybrid and Hybrid 3.0 platforms. See Rule 1.1(aaa) 

(Definitions—Hybrid Trading System). Currently, 

all classes traded on the Exchange are traded on the 

Hybrid System as defined under Rule 1.1(aaa), with 

standard SPX options contracts being the only 

group of series of any class that is traded on the 

Hybrid 3.0 Platform. 

6Although Rule 6.2 pertains to trading rotations, 

Interpretation and Policy .02 to Rule 6.2 provides 

that the Designated Primary Market-Maker (‘‘DPM’’) 

or LMM appointed in the class may deviate from 

any rotation policy or procedure issued by the 

Exchange with the approval of two Floor Officials. 

Rule 6.2B(h) is silent as to the type of closing 

procedure that may be employed in the interests of 

a fair and orderly market. Rule 24.13 references 

Rules 6.2 and 6.2B, indicating that the procedures 

set forth in those rules may be employed with 

respect to index options. 

7See Rules 6.2.02, 6.2.03, 6.2.05, 6.2B(h), 6.2B(f), 

and 24.13.01. 

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 

office 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–2017–109 and should be 

submitted on or before October 20, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20888 Filed 9–28–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81714; File No. SR–CBOE– 

2017–062] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Permit the Exchange 

To Publish End-of-Day Indicative 

Values in SPX After the Close of 

Regular Trading Hours in SPX 

September 25, 2017. 

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 

September 18, 2017, Chicago Board 

Options Exchange, Incorporated (the 

‘‘Exchange’’ or ‘‘CBOE’’) 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 filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 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 a 

process for disseminating two-sided 

indicative values in non-expiring series 

of S&P 500 Index (‘‘SPX’’) options, 

when necessary, in the interests of fair 

and orderly markets (‘‘End-of-Day 

Indicative Values’’). 

The text of the proposed rule change 

is also available on the Exchange’s Web 

site (http://www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Interpretation and Policy .06 to Rule 

6.2B (Hybrid Opening (and Sometimes 

Closing) System (‘‘HOSS’’)) to establish 

its aftermarket procedure for generating 

two-sided indicative values in certain 

series of SPX options (including series 

of SPX and SPXW). Specifically, 

proposed paragraph (a) would contain 

the current text of Interpretation and 

Policy .06 to Rule 6.2B, which the 

Exchange is not proposing to change, 

regarding the Exchange’s end-of-month 

process for disseminating after the close 

of trading bid and offer quotations that 

reflect a designated Lead MarketMaker’s (‘‘LMM’s’’) calculated 

theoretical fair value of non-expiring 

series of SPX options as of time of the 

close of trading in the underlying cash 

market on the last business day of each 

calendar month. Proposed paragraph (b) 

of Interpretation and Policy .06 to Rule 

6.2B would establish the Exchange’s 

process for generating two-sided 

indicative values for non-expiring series 

of SPX options when the Exchange 

determines that it is necessary to 

publish such values in the interests of 

fair and orderly markets on trading days 

other than the final business day of a 

calendar month. The specific provisions 

of proposed paragraph (b) to 

Interpretation and Policy .06 to Rule 

6.2B are discussed in detail below. 

Background 

The Exchange’s opening and closing 

procedures are codified in Rules 6.2 

(Trading Rotations), 6.2B (Hybrid 

Opening System (‘‘HOSS’’)), and 24.13 

(Trading Rotations).5 In addition to 

describing the Exchange’s normal 

opening and closing procedures, the 

Rules also provide for deviations from 

the Exchange’s regular opening and 

closing procedures, which, from timeto-time, the Exchange employs in the 

interests of fair and orderly markets 

under certain circumstances.6 Pursuant 

to Rules 6.2, 6.2A, 6.2B and 24.13, the 

Exchange may, in the interests of a fair 

and orderly market, decide to employ 

special closing procedures after the 

normal close of a trading session.7 For 

example, Interpretation and Policy .02 

to Rule 6.2 provides that a closing 

trading rotation may be conducted in 

non-expiring options whenever two 

Floor Officials conclude, in their 

judgment, that such action is 


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8See Rule 6.6(a) (Unusual Market Conditions) 

(Whenever in the judgment of any two Floor 

Officials, because of an influx of orders or other 

unusual conditions or circumstances, the interest of 

maintaining a fair and orderly market so require, 

those Floor Officials may declare the market in one 

or more classes of option contracts to be ‘‘fast.’’). 

9See Rule 6.2.02. 

10Under Rule 24.13 (Trading Rotations), the 

Exchange may provide for the opening rotation to 

be conducted using the procedures as described in 

this Rule 24.13 or in Rule 6.2, or by use of the 

Exchange’s Rapid Opening System as set forth in 

Rule 6.2A or the Exchange’s Hybrid Opening 

System as set forth in Rule 6.2B. The DPM, LMM 

or Order Book Official (‘‘OBO’’), with the approval 

of two Floor Officials, may deviate from any 

rotation policy or procedure issued by the Exchange 

when they conclude in their judgment that such 

action is appropriate in the interests of a fair and 

orderly market. 

11This process would not change the end-ofmonth fair value process, which is described in 

current Interpretation and Policy .06 to Rule 6.2B 

and which would become paragraph (a) to 

Interpretation and Policy .06 to Rule 6.2B under the 

Exchange’s proposal. In addition, the rule text 

would provide that the Exchange may determine, 

on a series-by-series basis, to disseminate two-sided 

indicative values in non-expiring series of SPX 

options only. This process would not be applicable 

to expiring series of SPX options as those series 

would be settled at the final cash market closing 

value (i.e. intrinsic value at expiration). 

appropriate. Among the factors that may 

be considered in determining whether 

to conduct a closing rotation are 

whether there has been a recent opening 

or reopening of trading in the 

underlying security, a declaration of a 

‘‘fast market’’ pursuant to Rule 6.6,8 a 

need for a rotation in connection with 

expiring individual security options, an 

end of the year rotation, or the restart of 

a rotation which is already in progress.9

Notably, Interpretation and Policy .02 to 

Rule 6.2 explicitly provides that the list 

of examples identified as factors that 

may be considered in determining 

whether to employ a closing rotation are 

exemplary, not exhaustive. In addition, 

Rule 6.2 expressly provides that the 

DPM or LMM appointed in the class 

may, with the approval of senior Help 

Desk personnel, deviate from any 

rotation policy or procedure issued by 

the Exchange. Such deviations from 

normal policies and procedures may 

include, for example, determinations to 

employ abbreviated closing rotation 

procedures pursuant to Interpretation 

and Policy .04 to Rule 6.2. 

Similarly, Rule 6.2B(g) permits the 

Exchange to employ a closing rotation 

in series traded on the Hybrid Trading 

System. Under Rule 6.2B(h), the 

Exchange may decide to employ a 

closing rotation in a series after the end 

of the normal close of any trading 

session whenever the Exchange 

concludes that such action is 

appropriate in the interests of a fair and 

orderly market. Similar to Interpretation 

and Policy .02 to Rule 6.2, the list of 

factors that may be considered in 

determining whether to hold a closing 

rotation procedure include, but are not 

limited to, whether there has been a 

recent opening or reopening of trading 

in the underlying security, a declaration 

of a fast market, or a need for a closing 

procedure in connection with expiring 

individual security options, an end of 

the year procedure, or the restart of a 

procedure which is already in progress. 

Rule 6.2B(g) provides that senior Help 

Desk personnel and senior management 

may deviate from the standard manner 

of conducting a closing rotation in any 

option class if necessary in the interests 

of maintaining a fair and orderly market. 

Similarly, Rule 24.13 extends the 

closing rotation procedures in Rules 6.2 

and 6.2B to index options products.10

In general, the Exchange’s end-of-day 

bid and offer quotations are determined 

based on actual bids and offers 

displayed in market as of the close of 

trading on the Exchange. These final 

end-of-day bids and offer are used by 

various market participants, which may 

include broker-dealers, mutual funds, 

hedge funds, advisory firms, and 

clearing houses, for different business 

and risk-related functions such as 

portfolio performance analyses, daily 

profit and loss reports. On certain 

trading days, however, market 

conditions may cause Market-Makers to 

widen or remove their quotes from the 

market during the final moments of 

trading in order to mitigate the risk and 

uncertainty associated with carrying 

overnight positions and the possibility 

of hedges being unavailable to offset 

such risk after the close of trading. 

Additionally, synchronization issues 

may cause Market-Makers to widen or 

remove their quotes from the market 

during the final moments of trading if 

their feed from the underlying futures 

markets are not synchronized with the 

Exchange’s close of trading. In these 

instances, resulting quotations may not 

reflect true market pricing, which may 

artificially affect the Net Asset Value 

(‘‘NAV’’) of mutual funds, portfolio 

managers’ performance indicators, and 

institutional and retail capital 

requirements. Consistent with the 

discretion afforded to the Exchange 

under Rules 6.2A, 6.2B, and 24.13, as 

discussed above, the Exchange may 

conduct special closing procedures to 

ensure that the end-of-day pricing is 

consistent with actual market 

conditions as of the close of trading if 

it concludes that deviation from the 

Exchange’s standard closing procedures 

is appropriate in the interests of fair and 

orderly markets. In such cases, in 

addition to publishing the actual end-ofday bid and offer quotations displayed 

in market as of the close of trading, the 

Exchange provides notice to Trading 

Permit Holders (‘‘TPHs’’) that a second 

set of quotations, determined based on 

an objectively selected Market-Maker’s 

algorithmically generated bid and offer 

quotations in affected series, will be 

disseminated after the close of trading 

pursuant to special closing procedures. 

In an effort to enhance and increase 

transparency around the end-of-day 

process, the Exchange proposes to 

change the way that it deals with wide 

and absent quotations in non-expiring 

series of SPX on days other than the 

final business day of each calendar 

month by adding to the Rules a 

procedure for disseminating clearly 

marked two-sided indicative values, 

derived from previously displayed firm 

quotations and orders or generally 

accepted volatility and options pricing 

models after the close of trading. 

Proposal 

The Exchange proposes to adopt 

paragraph (b) to Interpretation and 

Policy .06 to Rule 6.2B to describe its 

end-of-day process for formulating twosided indicative values for certain series 

of SPX options when necessary in the 

interests of fair and orderly markets. 

Specifically, proposed paragraph (b) of 

Interpretation and Policy .06 to Rule 

6.2B would provide that following the 

close of trading on any trading day that 

is not the last business day of a calendar 

month, in addition to the Exchange’s 

regular end-of-day quotations, the 

Exchange may determine, on a seriesby-series basis, to disseminate two-sided 

indicative values in non-expiring series 

of SPX options in the interests of fair 

and orderly markets. Under the 

proposed rule, the determination to 

disseminate two-sided end-of-day 

indicative values would be made by the 

Exchange based on various sets of 

objective criteria such as the absence of 

any bid or offer in the series, whether 

the bid-ask differential in a series is 

unreasonably or extraordinarily wide in 

relation to the quote widths that existed 

in series during trading, or whether the 

midpoint between the quotes in the 

series moved by a certain amount 

within the final moments of trading.11

The Exchange would algorithmically 

derive such two-sided indicative values, 

on a series-by-series basis, based on the 

last displayed quotations and orders 

that meet an objective measure of 

reasonability (e.g., quotes and orders 


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12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14 Id. 

15The Exchange also notes the Commission’s 

emphasis on the need for exchanges to adopt 

measures to dampen and protect against excessive 

risk and market volatility. See, e.g., 15 U.S.C. 

240.15c3–5 (Risk Management Controls for Brokers 

or Dealers with Market Access); Securities 

Exchange Act Release No. 34–67091 (May 31, 2011), 

(Order Approving, on a Pilot Basis, the National 

Market System Plan to Address Extraordinary 

Market Volatility), File No. 4–631. Various 

exchanges have also instituted precautionary 

systematic controls to assist market participants in 

limiting exposure and ensuring against excessive 

risk-taking. See, e.g., Nasdaq ISE, LLC Rule 804(g) 

(Automated Quotation Adjustments); Nasdaq Stock 

Market LLC Rule 6130 (NASDAQ Kill Switch); see 

also Rule 8.18 (Quote Risk Monitor Mechanism). 

that create a bid-ask differential that is 

not wider than a particular amount) 

prior to the close of trading. The 

Exchange notes that quotes and orders 

that meet the reasonability criteria 

typically exist within 15 minutes of the 

close of trading. In the absence of quotes 

and orders in the series that meet the 

objective reasonability criteria, twosided indicative values would be 

generated using generally accepted 

volatility and options pricing models 

(e.g., Black Scholes) as determined by 

the Exchange. The Exchange would 

apply the model to a set of data points 

(i.e. displayed quotations and orders) 

over a period of time prior to the close 

of trading to calculate implied volatility 

for all series within the data set and 

generate a volatility surface. Outlier data 

points (wide quotes or no bid series) 

would be removed from the calculation 

pursuant to a set of objective criteria. 

Using the derived volatility surface and 

ensuring that prices do not cross 

through closing bid/ask quotes (i.e., 

model-generated price cannot be lower 

than the market’s highest bid price or 

greater than the lowest offer price), the 

Exchange would back out midpoint 

prices for all series and then generate 

two-sided indicative values around 

those midpoints, and the created spread 

would vary depending on series. Twosided indicative values would be 

disseminated via the Options Price 

Reporting Authority (‘‘OPRA’’) and 

CBOE Streaming Markets (‘‘CSM’’). 

Consistent with the last sentence of 

proposed Interpretation and Policy 

.06(b) to Rule 6.2B, which provides that 

two-sided indicative values would be 

clearly identified in an appropriate 

manner as determined by the Exchange, 

two-sided indicative values would be 

sent to OPRA with a specific message 

indicator (i.e. message type ‘‘I’’) that has 

been adopted by OPRA solely for the 

purpose of disseminating after-market 

indicative value information. Pursuant 

to OPRA message specifications, the 

new ‘‘I’’ message type would only be 

applicable to and active for messages 

sent after the close of trading of regular 

trading hours, which would be enforced 

to only allow ‘‘I’’ messages to be 

disseminated after 4:15 p.m. ET. The ‘‘I’’ 

indicator will not be disseminated for 

quotes generated during an extended 

trading hours session. The Exchange has 

communicated and worked with other 

OPRA reporting entities to ensure that 

within the industry, the transmission of 

aftermarket messages types marked ‘‘I’’ 

is defined within the OPRA message 

specifications and understood to be 

used to delineate informational twosided indicative values. Pursuant to the 

proposed rule text, these OPRA message 

specifications and the ‘‘I’’ indicator 

would be further described and 

communicated to market participants 

via Regulatory Circular. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.12 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 13 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 14 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that generating end-of-day indicative 

values will serve to protect investors 

and the public interest by giving market 

participants another value to reference, 

if, for example, market participants 

believe the end-of-day indicative values 

are more accurate than the actual endof-day values. The Exchange believes 

that the proposed procedure is a 

reasonable procedure permitting the 

Exchange to disseminate informational 

indicative values more reflective of 

actual options values in addition to final 

end-of-day displayed quotations when 

members’ systems issues or market 

conditions result in an absence of final 

quotes or extraordinarily wide final 

quotes without interfering in the 

markets or impeding any market 

functionalities that rely on accurate 

pricing or end-of-day quotes. The 

Exchange believes that such procedures 

may be especially appropriate given the 

fact that wide or no-bid closing prices 

may be a reflection of prudent risk 

control measures, which may cause 

market participants to widen or pull 

quotations from the market prior to the 

close of trading in order to avoid 

carrying overnight positions or taking 

on positions while appropriate hedging 

instruments are unavailable. The 

Exchange also believes that its proposal 

is consistent with the Commission’s 

recent emphasis on the need for 

exchanges to adopt measures to protect 

investors by dampening the effects of 

unrepresentative market volatility on 

market participants.15

Additionally, the Exchange believes 

that the proposed rule change, which 

simply proposes to make additional 

information regarding the indicative 

market value(s) of select SPX options 

available to market participants after the 

close of the markets is consistent with 

its trading rules and the Act. The 

proposed rule does not seek to modify 

any rules relating to or impacting the 

way in which options transactions are 

handled, represented, executed, or 

reported on the Exchange. Rather, the 

Exchange is simply proposing to make 

additional information available to 

market participants under certain 

circumstances in which such 

information may be informative or 

useful. This information would not be 

disseminated during trading hours and 

would be clearly marked to denote that 

it is informational only. The Exchange 

also believes that its proposal is 

consistent with current Rules 6.2, 6.2A, 

6.2B and 24.13, which provide that the 

Exchange may, in the interests of a fair 

and orderly market, decide to employ 

the end-of-day indicative value process 

after the normal close of a trading 

session. 

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 

proposed rule change merely seeks to 

describe procedures that may be 

employed at the Exchange. The 

proposed procedures will be equally 

applied to affect all market participants 


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16 15 U.S.C. 78s(b)(3)(A)(iii). 

17 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. 18 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. 

equally in the options market. 

Furthermore, when the Exchange 

employs the end-of-day indicative value 

process, market participants determine 

whether to utilize the indicative value. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange 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 16 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.17

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– 

CBOE–2017–062 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–CBOE–2017–062. 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 such 

filing also will be available for 

inspection and copying at the principal 

office 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–CBOE– 

2017–062, and should be submitted on 

or before October 20, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20889 Filed 9–28–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81716; File No. SR– 

NYSEAMER–2017–10] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 928NY To 

Allow Certain Order Types To Be 

Excluded From the Risk Limitation 

Mechanism 

September 25, 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 11, 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 and II 

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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Rule 928NY (Risk Limitation 

Mechanism) to allow certain order types 

to be excluded from the risk limitation 

mechanism. 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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