Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Notices 46867 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 

15 15 U.S.C. 78s(b)(2)(B). 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See press release dated July 14, 2017 from 

Intercontinental Exchange (‘‘ICE’’) and the LBMA 

announced [sic] that IBA has been chosen as the 

new administrator for the LBMA Silver Price, 

which is available here: http://www.lbma.org.uk/_

blog/lbma_media_centre/post/ice-benchmarkadministration-to-take-over-administration-of-thelbma-silver-price/. See also, ICE press release dated 

September 21, 2017, ‘‘ICE Benchmark 

Administration to Launch LBMA Silver Price on 2 

October 2017’’, which is available here: http://

ir.theice.com/press/press-releases/all-categories/ 

2017/09-21-2017-110006932?=news_promo. 

4See Securities Exchange Act Release Nos. 58956 

(November 14, 2008), 73 FR 71074 (November 24, 

2008) (SR–NYSEArca 2008–124) (approving listing 

on the Exchange of the iShares Silver Trust); 53520 

(March 20, 2006), 71 FR 14977 (March 24, 2006) 

(SR–PCX–2005–117) (order approving listing and 

trading of shares of the iShares Silver Trust 

pursuant to unlisted trading privileges); 53521 

(March 20, 2006), 71 FR 14967 (March 24, 2006) 

Continued 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 13 of the Act and 

subparagraph (f)(2) of Rule 19b–4 14

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 15 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the 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–2017–105 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–2017–105. 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 

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–2017–105 and should be 

submitted on or before October 27, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21539 Filed 10–5–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81792; File No. SR– 

NYSEArca–2017–113] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Reflect a Change to 

the Administrator for the London 

Bullion Market Association Silver Price 

to ICE Benchmark Administration 

October 2, 2017. 

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 

September 21, 2017, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 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 reflect a 

change to the administrator for the 

London Bullion Market Association 

(‘‘LBMA’’) Silver Price from CME 

Group, Inc. and Thomson Reuters to ICE 

Benchmark Administration, effective as 

of October 2, 2017. 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. 

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 reflect a 

change to the administrator for the 

LBMA Silver Price from CME Group, 

Inc. (‘‘CME’’) and Thomson Reuters to 

ICE Benchmark Administration (‘‘IBA’’), 

effective as of October 2, 2017, as 

described further below.3 The LBMA 

Silver Price is the price used with 

respect to calculation of the net asset 

value for the iShares Silver Trust,4 ETFS 


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(SR–Amex–2005–72) (order approving listing and 

trading on the American Stock Exchange LLC of 

shares of the iShares Silver Trust). 

5See Securities Exchange Act Release No. 59781 

(April 17, 2009), 78 FR 18771 (April 24, 2009) (SR– 

NYSEArca–2009–28) (notice of filing and order 

granting accelerated approval relating to listing and 

trading of shares of the ETFS Silver Trust). 

6See Securities Exchange Act Release No. 62402 

(June 29, 2010), 75 FR 39292 (July 8, 2010) (SR– 

NYSEArca–2010–56) (notice of filing of proposed 

rule change to list and trade shares of the ETFS 

Precious Metals Basket Trust); 62692 (August 11, 

2010), 75 FR 50789 (August 17, 2010) (order 

approving proposed rule change to list and trade 

shares of the ETFS Precious Metals Basket Trust). 

7See Securities Exchange Act Release Nos. 58457 

(September 3, 2008), (73 FR 52711 (September 10, 

2008) (SR–NYSEArca–2008–91) (notice of filing and 

order granting accelerated approval of proposed 

rule change regarding listing and trading of shares 

of 14 funds of the Commodities and Currency Trust, 

now the ProShares Trust II); 58162 (July 15, 2008), 

73 FR 42391 (July 21, 2008) (SR–NYSEArca–2008– 

73) (notice of filing and immediate effectiveness of 

proposed rule change relating to trading of shares 

of 14 funds of the Commodities and Currency Trust 

pursuant to unlisted trading privileges). See also 

Securities Exchange Act Release Nos. 58161 (July 

15, 2008), 73 FR 42380 (July 21, 2008) (SR–Amex– 

2008–39) (order approving listing and trading on 

the American Stock Exchange LLC of shares of 14 

funds of the Commodities and Currency Trust); 

57932 (June 5, 2008), 73 FR 33467 (June 12, 2008) 

(notice of proposed rule change regarding listing 

and trading of shares of 14 funds of the 

Commodities and Currency Trust). 

8 In connection with implementation of the 

LBMA Silver Price as a replacement for the London 

Silver Fix, the Exchange filed a proposed rule 

change regarding procedures to be implemented by 

CME as of August 14, 2014 in connection with 

administration of the LBMA Silver Price, as well as 

the change to the benchmark price for the Silver 

Trusts and the change to the underlying benchmark 

for the Silver Funds from the London Silver Fix to 

the LBMA Silver Price. See Securities Exchange Act 

Release No. 72847 (August 14, 2014), 79 FR 49350 

(August 20, 2014) (SR–NYSEArca–2014–88) (notice 

of filing and immediate effectiveness of proposed 

rule change in connection with implementation of 

the LBMA Silver Price). See also Securities 

Exchange Act Release No. 77830 (May 13, 2016), 81 

FR 31671 (May 19, 2016) (SR–NYSEArca–2016–72) 

(notice of filing and immediate effectiveness of 

proposed rule change relating to changes to 

procedures regarding establishing the LBMA Silver 

Price). 

9 IBA is a London-based company that was 

created specifically to administer systemically 

important benchmarks. Formed in 2013, IBA is part 

of ICE. 

10The procedures to be utilized by IBA will be 

similar to those that IBA utilizes in connection with 

its administration of the LBMA Gold Price. See 

Securities Exchange Act Release No. 74544 (March 

19, 2015), 80 FR 15840 (March 25, 2015) (SR– 

NYSEArca–2015–19) (notice of filing and 

immediate effectiveness of proposed rule change 

relating to the LBMA Gold Price as a replacement 

for the London Gold Fix for certain gold related 

exchange traded products). 

11The WebICE platform provides real-time order 

management as well as separation of direct 

participant and sponsored client orders, live credit 

limit controls, audit history, advanced Excel 

integration and automated deal notifications. 

12The Chairman will have significant experience 

in the silver markets and will be employed by IBA. 

13The conduct of financial institutions is 

overseen by the FCA, which was formed from the 

former Financial Services Authority and is separate 

from the Bank of England. The LBMA Silver Price 

is regulated under the FCA’s Market Conduct 

(MAR) Sourcebook (MAR 8.3). 

14On June 12, 2014, the UK Chancellor of the 

Exchequer announced steps to raise standards of 

conduct in the financial system with a joint review 

by the UK Treasury, the Bank of England and the 

FCA into the way wholesale financial markets 

operate. According to this announcement, the ‘‘Fair 

and Effective Markets Review’’, led by Bank of 

England Deputy Governor for Markets and Banking, 

has been tasked with investigating those wholesale 

markets, both regulated and unregulated, where 

most of the recent concerns about misconduct have 

Silver Trust,5 and ETFS Precious Metals 

Basket Trust 6 (together, the ‘‘Silver 

Trusts’’), each of which is currently 

listed on the Exchange under NYSE 

Arca Rule 8.201–E (Commodity-Based 

Trust Shares), and is the underlying 

benchmark for ProShares Ultra Silver 

and ProShares UltraShort Silver 

(together, the ‘‘Silver Funds’’),7 each of 

which is currently listed on the 

Exchange under NYSE Arca Rule 8.200– 

E (Trust Issued Receipts). 

Revised Procedures for the LBMA 

Silver Price 8

On July 14, 2017, the LBMA 

announced that IBA 9 has been selected 

to be the third-party administrator for 

the ‘‘LBMA Silver Price.’’ IBA, an 

independent specialist benchmark 

administrator, will provide the auction 

platform and methodology as well as the 

overall administration and governance 

for the LBMA Silver Price benchmark. 

As the administrator for the LBMA 

Silver Price benchmark and the operator 

of the ‘‘IBA Silver Auction,’’ IBA will 

implement procedures that provide a 

physically settled, electronic and 

tradeable auction, with the ability to 

settle trades in U.S. Dollars (‘‘USD’’), 

euros or British Pounds.10 Each London 

business day, at 12 p.m. (noon) IBA runs 

an auction to determine the final price 

to use as the benchmark. The 

benchmark is published when the 

auction finishes, typically a few minutes 

after 12 p.m. IBA will use ICE’s frontend system—WebICE—as the 

technology platform that will allow 

direct participants, as well as sponsored 

clients of direct participants, to manage 

their orders in the auction in real time 

via their desktops.11

Participants in the auction will 

include direct participants and 

sponsored clients of direct participants. 

Direct participants may enter orders on 

their own behalf or on behalf of clients. 

Sponsored clients also may manage 

their own positions utilizing their own 

trading screens; however, a sponsored 

client’s orders would be backed by the 

sponsoring direct participant. WebICE 

allows sponsored clients to participate 

in the auction process with the same 

information and order management 

capabilities as direct participants. 

At the opening of each auction, the 

auction chairman (‘‘Chairman’’) will 

announce an opening price (in USD) 

based on the current market conditions 

and begin auction rounds, with an 

expected duration of at least every 30 

seconds each. During each auction 

round, participants may enter the 

volume they wish to buy or sell at that 

price, and such orders will be part of the 

price formation. Aggregate bid and offer 

volume will be shown live on WebICE, 

providing a level playing field for all 

participants. At the end of each auction 

round, the total net volume will be 

calculated. If this ‘imbalance’ is larger 

than the imbalance tolerance (currently 

set at 500,000 oz) then the Chairman 

will choose a new price 12 (based on the 

current market conditions, and the 

direction and magnitude of the 

imbalance in the round) and begin a 

new auction round. If the imbalance is 

less than the tolerance, then the auction 

is complete with all volume tradeable at 

that price. The price will then be set in 

USD and also converted into in euros 

and British Pounds. The auction will 

continue to be run at 12:00 p.m. 

(London time). 

During the auction, the price at the 

start of each round, and the volumes at 

the end of each round will be available 

through major market data vendors. As 

soon as the auction finishes, the final 

prices and volumes will be available 

through major market data vendors. IBA 

will also publish transparency reports, 

detailing the prices, volumes and times 

for each round of the auction. These 

transparency reports will be available 

through major market data vendors and 

IBA when the auction finishes. The 

process can also be observed real-time 

through a WebICE screen. The auction 

mechanism will provide a complete 

audit trail. 

As of August 1, 2017, there were 

seven direct participants in the LBMA 

Silver Price administered by CME and 

Thomson Reuters. The number of direct 

participants upon IBA’s assumption of 

the role of LBMA Silver Price 

administrator is expected to equal or 

exceed the number of market 

participants currently participating in 

the auction process that determines the 

LBMA Silver Price. 

Regulation of the LBMA Silver Price 

As of April 1, 2015, the LBMA Silver 

Price has been regulated by the 

Financial Conduct Authority (‘‘FCA’’) in 

the United Kingdom (‘‘UK’’).13 IBA is 

already authorized as a regulated 

benchmark administrator by the FCA. 

Under the UK benchmark regulation,14


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Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Notices 46869 

arisen: Fixed-income, currency and commodity 

markets, including associated derivatives and 

benchmarks. It will make recommendations on: 

Principles to govern the operation of fair and 

effective markets, focusing on fixed income, 

currency and commodities; reforms to ensure 

standards of behavior are in accordance with those 

principles; tools to strengthen the oversight of 

market conduct; whether the regulatory perimeter 

for wholesale financial markets should be extended, 

and to what extent international action is required; 

and additional reforms in relation to benchmarks, 

in order to strengthen market infrastructure. See 

http://www.bankofengland.co.uk/markets/ 

Documents/femraug2014.pdf. On September 25, 

2014, the Fair and Effective Markets Review 

announced its proposal that the silver fixing 

process may become regulated under UK 

benchmark regulation, effective from April 2015. 

15The Oversight Committee is a key decision 

making forum, with market representation that 

includes participants, users and infrastructure 

providers. The Oversight Committee’s 

responsibilities include review of methodology and 

process relating to the LBMA Silver Price; 

implementation of a Code of Conduct applicable to 

participants; expansion of membership; and 

surveillance oversight, among other functions. The 

Oversight Committee’s structure and 

responsibilities is described in the Oversight 

Committee Terms of Reference, available on the IBA 

Web site. 

16The LBMA will continue to provide guidance 

with respect to the LBMA Silver Price through the 

Oversight Committee, which will facilitate 

communication among representatives of all market 

participants to ensure the process continues to 

fulfill the needs of the market. The Oversight 

Committee is responsible for decisions that affect 

the evolution of the process based on changes in the 

market and regulatory environments. 

The term ‘‘LBMA Silver Price’’ means the price 

for an ounce of silver set by LBMA-authorized 

participating bullion banks and market makers in 

the electronic, over-the-counter auction operated by 

IBA at approximately 12:00 noon London time, on 

each working day and disseminated also by IBA. 

IBA provides the electronic auction platform on 

which the price is calculated, while the LBMA 

accredits market participants. IBA is also 

responsible for governance and oversight of the 

LBMA Silver Price, and is regulated by the FCA for 

its role as the benchmark administrator. 

The LBMA Silver Price is regulated under the 

FCA’s Market Conduct (MAR) Sourcebook (MAR 

8.3). As the administrator for the LBMA Silver 

Price, IBA will adopt and issue a Code of Conduct 

relating to administration of the LBMA Silver Price 

and undertake to perform the LBMA Silver Price 

administrator’s responsibilities in accordance with 

MAR 8.3. Among such responsibilities are that the 

administrator: 

(1) Have in place effective arrangements and 

procedures that allow the regular monitoring and 

surveillance of the auction process; 

(2) monitor the benchmark submissions in order 

to identify breaches of its practice standards and 

conduct that may involve manipulation, or 

attempted manipulation, of the specified 

benchmark it administers and provide to the 

oversight committee of the specified benchmark 

timely updates of suspected breaches of practice 

standards and attempted manipulation; 

(3) notify the FCA and provide all relevant 

information where it suspects that, in relation to the 

specified benchmark it administers, there has been 

(i) a material breach of the benchmark 

administrator’s practice standards; (ii) conduct that 

may involve manipulation or attempted 

manipulation of the specified benchmark it 

administers; or (iii) collusion to manipulate or to 

attempt to manipulate the specified benchmark it 

administers; 

(4) ensure that the specified benchmark it 

administers is determined using adequate 

benchmark submissions; and 

(5) establish an oversight committee. 

The LBMA Silver Price Oversight Committee 

reviews and maintains the definition, setting, scope 

and methodology of the benchmark. The Code of 

Conduct can be found on the IBA Web site https:// 

www.theice.com/iba. 

17The IOSCO Principles are designed to enhance 

the integrity, the reliability and the oversight of 

benchmarks by establishing guidelines for 

benchmark administrators and other relevant bodies 

in the following areas: Governance: To protect the 

integrity of the benchmark determination process 

and to address conflicts of interest; Benchmark 

quality: To promote the quality and integrity of 

benchmark determinations through the application 

of design factors; Quality of the methodology: To 

promote the quality and integrity of methodologies 

by setting out minimum information that should be 

addressed within a methodology. These principles 

also call for credible transition policies in case a 

benchmark may cease to exist due to market 

structure change. Accountability mechanisms: To 

establish complaints processes, documentation 

requirements and audit reviews. The IOSCO 

Principles provide a framework of standards that 

might be met in different ways, depending on the 

specificities of each benchmark. In addition to a set 

of high level principles, the framework offers a 

subset of more detailed principles for benchmarks 

having specific risks arising from their reliance on 

submissions and/or their ownership structure. For 

further information concerning the IOSCO 

Principles, see http://www.iosco.org/library/ 

pubdocs/pdf/IOSCOPD415.pdf. 18 15 U.S.C. 78f(b)(5). 

the governance structure for a regulated 

benchmark must include an Oversight 

Committee, made up of market 

participants, industry bodies, direct 

participant representatives, 

infrastructure providers and the 

administrator (i.e., IBA).15 Through the 

Oversight Committee, the LBMA will 

continue to have significant 

involvement in the oversight of the 

auction process, including, among other 

matters, changes to the methodology 

and accreditation of direct 

participants.16

The price discovery process for the 

LBMA Silver Price will be subject to 

surveillance by IBA. IBA is compliant 

with the UK benchmark regulation 

(MAR 8.3), regulated by the FCA, and 

has been formally assessed against the 

IOSCO Principles for Financial 

Benchmarks (the ‘‘IOSCO 

Principles’’).17 In order to meet the 

IOSCO Principles, the price discovery 

used for the LBMA Silver Price 

benchmark will be auditable and 

transparent. 

The LBMA Silver Price benchmark is 

viewed as a full and fair representation 

of all market interest at the conclusion 

of the auction. IBA’s auction process 

will be fully transparent in real time to 

direct participants and sponsored 

clients and, at the close of each auction, 

to the general public. The auction 

process also will be fully auditable since 

an audit trail exists for every change 

made in the process. Moreover, the 

audit trail and active surveillance of the 

auction process by IBA, as well as FCA’s 

oversight of IBA, will deter 

manipulative and abusive conduct in 

establishing each day’s LBMA Silver 

Price. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 18 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 LBMA 

Silver Price benchmark, as administered 

by IBA, will be based on an auction that 

is electronic and auditable and is 

produced from tradeable volumes. The 

LBMA Silver Price and the transparency 

reports showing the prices, timings and 

total volumes for each round will be 

available electronically instantly after 

the conclusion of the auction, as 

described above. The LBMA Silver Price 

benchmark is viewed as a full and fair 

representation of all market interest at 

the conclusion of the auction. IBA’s 

auction process will be fully transparent 

in real time to direct participants and 

sponsored clients and, at the close of 

each auction, to the general public. The 

auction process also will be fully 

auditable since an audit trail exists for 

every change made in the process. 

Moreover, the audit trail and active 

surveillance of the auction process by 

IBA, as well as FCA’s oversight of IBA, 

will deter manipulative and abusive 

conduct in establishing each day’s 

LBMA Silver Price. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market price discovery process 

and, in general, to protect investors and 

the public interest in that the silver 

auction will be transparent, auditable, 

and operated by a regulated benchmark 

administrator (IBA). The LBMA Silver 

price is widely disseminated by major 

market data vendors. The audit trail 

records every change made in the 

process and IBA has regulatory 

obligations to run surveillance on the 

activity in the process to deter and 

identify manipulative and abusive 

conduct in establishing each day’s 

LBMA Silver Price. The LBMA Silver 

Price, as administered by IBA, is 

designed to be a benchmark that meets 


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19See note 18, supra. 

20 15 U.S.C. 78s(b)(3)(A)(iii). 

21 17 CFR 240.19b–4(f)(6). 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

24For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

25 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 81062 

(June 30, 2017), 82 FR 31651. 

the needs of the market and regulators 

(including the IOSCO Principles 19). 

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 will facilitate the 

continued administration of the LBMA 

Silver Price utilizing a fully auditable 

auction process and will promote 

market competition by permitting the 

continued listing and trading of shares 

of the Silver Trusts and the Silver Funds 

utilizing the LBMA Silver Price. 

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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 20 and Rule 

19b–4(f)(6) thereunder.21 Because the 

foregoing proposed rule change does 

not: (i) Significantly affect the 

protection of investors or the public 

interest, (ii) impose any significant 

burden on competition, and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 22 and Rule 19b– 

4(f)(6) thereunder.23

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii), the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. As noted 

above, the administrator for the LBMA 

Silver Price will change from CME and 

Thomson Reuters to IBA, effective 

October 2, 2017. The Commission 

believes that waiver of the operative 

delay is consistent with the protection 

of investors and the public interest as it 

will prevent the disruption in the 

trading of the Silver Trust and the Silver 

Fund shares. Therefore, the Commission 

designates the proposed rule change to 

be operative upon filing.24

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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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–2017–113 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–2017–113. 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 

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–2017–113 and should be 

submitted on or before October 27, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21536 Filed 10–5–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81794; File No. SR– 

NYSEArca–2017–56] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To List and Trade 

Pursuant to NYSE Arca Rule 5.2–E(j)(3) 

Twelve Series of Investment Company 

Units 

DATE: October 2, 2017. 

I. Introduction 

On June 19, 2017, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade certain series of 

Investment Company Units listed 

pursuant to NYSE Arca Rule 5.2–E(j)(3). 

The proposed rule change was 

published for comment in the Federal 

Register on July 7, 2017.3 On August 7, 

2017, the Exchange filed Amendment 

No. 1 to the proposed rule change, 

which amended and superseded the 


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