Federal Register / Vol. 82, No. 209 / Tuesday, October 31, 2017 / Notices 50469 

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

10 17 CFR 240.19b–4(f)(3). 11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

or structure of the Exchange have taken 

place. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The name 

change will align with the parent 

company, Nasdaq, Inc. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A) of the 

Act 9 and Rule 19b–4(f)(3) thereunder,10

the Exchange has designated this 

proposal as one that is concerned solely 

with the administration of the selfregulatory organization, and therefore 

has become effective. 

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. 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– 

BX–2017–046 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BX–2017–046. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–BX–2017–046 and should 

be submitted on or before November 21, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23584 Filed 10–30–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81941; File No. SR–ISE– 

2017–93] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rules for 

Excluding Days From the Exchange’s 

ADV and Market Maker Plus Tier 

Calculations in the Schedule of Fees 

October 25, 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 October 

11, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s provisions for excluding a 

day from its volume calculations for 

purposes of determining volume based 

pricing, and to adopt language that 

allows the Exchange to remove a day 

from Market Maker Plus tiers whenever 

a day is removed from the Exchange’s 

volume calculations. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at www.ise.com, at the principal office 

of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Exchange’s 

provisions for excluding a day from its 

volume calculations for purposes of 

determining volume based pricing, and 

to adopt language that allows the 

Exchange to remove a day from Market 

Maker Plus tiers whenever a day is 

removed from the Exchange’s volume 

calculations. 

To avoid penalizing members when 

aberrant low volume days result from 

systems or other issues at the Exchange, 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
50470 Federal Register / Vol. 82, No. 209 / Tuesday, October 31, 2017 / Notices 

3The current language in the Schedule of Fees 

applies to the calculation of Priority Customer 

Complex ADV used to determine pricing for 

Priority Customer complex order tiers and a 

discounted Market Maker taker fee in complex 

orders. See Schedule of Fees, II. Complex Order 

Fees and Rebates. It also applies to the calculation 

of a member’s ADV in unsolicited Crossing Orders 

for the Member Order Routing Program. See 

Schedule of Fees, IV. Other Options Fees and 

Rebates, E. Member Order Routing Program. 

4See id. Since the proposed language will now 

apply to all current and future programs 

administered by the Exchange that are based on 

ADV, the Exchange proposes to move it to the 

Preface of its Schedule of Fees. For example, PIM 

and FX Options tiered pricing, currently in the 

Schedule of Fees at Sections III would now be 

subject to the proposed rule change in the Preface 

as a result of this rule change. 

5See Securities Exchange Act Release No. 73601 

(November 11, 2014), 79 FR 69170 (November 20, 

2014) (SR–ISE–2014–51). 

6The Exchange provides ADV based tiered 

rebates to Priority Customer complex orders that 

trade with non-Priority Customer orders in the 

complex order book or trade with quotes and orders 

on the regular order book. See Section I and II of 

ISE’s Schedule of Fees. 

7The Market Maker complex order taker fee in 

Select Symbols fee is reduced from $0.47 per 

contract to $0.44 per contract for Market Makers 

with total affiliated Priority Customer Complex 

ADV of 150,000 or more contracts. See Section I of 

ISE’s Schedule of Fees. 

8The Member Order Routing Program is a 

program that provides tiered rebates to order 

routing firms that select the Exchange as the default 

routing destination for unsolicited Crossing Orders. 

See Section IV, E of the Schedule of Fees. 

9See the Preface to Phlx’s Pricing Schedule. 

10The term ‘‘Market Makers’’ refers to 

‘‘Competitive Market Makers’’ and ‘‘Primary Market 

Makers’’ collectively. See ISE Rule 100(a)(25). 

11 ‘‘Select Symbols’’ are options overlying all 

symbols listed on the Nasdaq ISE that are in the 

Penny Pilot Program. 

12A Market Maker’s single best and single worst 

quoting days each month based on the front two 

expiration months, on a per symbol basis, will be 

excluded in calculating whether a Market Maker 

qualifies for this rebate, if doing so will qualify a 

Market Maker for the rebate. 

13This rebate is $0.16 per contract in SPY and 

QQQ, except when trading against complex orders 

that leg into the regular book. A Market Maker that 

achieves Tier 2 Market Maker Plus in either SPY or 

QQQ will receive this rebate in both SPY and QQQ. 

14This rebate is $0.20 per contract in SPY and 

QQQ, except when trading against complex orders 

that leg into the regular book under footnote 10 

above. A Market Maker that achieves Tier 3 Market 

Maker Plus in either SPY or QQQ will receive this 

rebate in both SPY and QQQ. 

15A $0.10 per contract fee applies when trading 

against Priority Customer complex orders that leg 

into the regular order book. There will be no fee 

charged or rebate provided when trading against 

non-Priority Customer complex orders that leg into 

the regular order book. 

or where the Exchange closes early for 

holiday observance, the Exchange has 

language in its Schedule of Fees 

allowing it to exclude certain days from 

its average daily volume (‘‘ADV’’) 

calculations. Currently, language in the 

Exchange’s Schedule of Fees provides 

that, for purposes of determining ADV 

for certain incentive programs,3 any day 

that the Exchange, or complex order 

book, as appropriate, is not open for the 

entire trading day or the Exchange 

instructs members in writing to route 

their orders to other markets may be 

excluded from such calculation; 

provided that the Exchange will only 

remove the day for members that would 

have a lower ADV with the day 

included. The proposed rule change 

would: (1) Apply the rules for excluding 

a day to all ADV calculations rather 

than specified incentive programs,4 and 

(2) remove the Exchange’s ability to 

separately exclude a day for the regular 

and complex order books.5 As proposed, 

with these two changes, the Exchange’s 

rules will state that any day that the 

market is not open for the entire trading 

day or the Exchange instructs members 

in writing to route their orders to other 

markets may be excluded from the ADV 

calculation; provided that the Exchange 

will only remove the day for members 

that would have a lower ADV with the 

day included. The Exchange will inform 

members of any day that is to be 

excluded from its ADV calculations 

through an Options Trader Alert. 

Currently, the Exchange’s rules for 

removing a day from its ADV 

calculations apply to specific ADV 

calculations. In particular, the Exchange 

can remove a day from tier calculations 

for the following programs: (1) Priority 

Customer complex order rebates,6 and a 

Market Maker taker fee discount in 

complex orders that is also based on 

Priority Customer Complex ADV; 7 and 

(2) Member Order Routing Program 

rebates.8 The Exchange now believes 

that it is appropriate to expand this 

provision to cover all ADV calculations 

rather than limit it to specific 

enumerated programs. Applying this 

rule to all ADV calculations will benefit 

members by permitting the Exchange to 

exclude aberrant low volume days from 

its ADV calculations regardless of the 

specific pricing program impacted. As is 

the case today, the Exchange will only 

remove the day for members that would 

have a lower ADV with the day 

included. 

Furthermore, the current rules for 

removing a day may be applied 

separately for the regular and complex 

order books, allowing the Exchange to 

remove a day based on separate impact 

to the regular or complex market. In 

connection with the changes discussed 

above, the Exchange also proposes to 

eliminate the ability to separately 

exclude a day for the regular and 

complex order books by adding the 

general interpretation to the Preface 

section so that it applies universally. 

Although the Exchange had previously 

filed rule changes that consider the 

regular and complex order books 

separately, the Exchange no longer 

believes that it is necessary to do so, and 

will therefore not exclude days where, 

for example, only the complex order 

book experiences a systems issue. With 

this rule change the Exchange would 

generally exclude days for either the 

simple or complex order books where 

any systems issue occurs. The 

Exchange’ tiers seek to incentive market 

participants to transact a greater amount 

of liquidity on the ISE markets. The 

Exchange does not desire to 

disincentive a member simply because 

the day is shortened due to a holiday or 

because the market has experienced an 

unexpected closure. The proposal seeks 

to provide market participants with the 

ability to plan for and in the case of 

unexpected events, not be harmed by 

shortened or closed days. By not 

considering the simple and complex 

order books separately, the Exchange 

believes that market participants will be 

incentivized to send both simple and 

complex order flow without concern on 

days whether a market event has 

occurred. This rule change will simplify 

the operation of this rule. The Exchange 

notes that NASDAQ PHLX, LLC 

(‘‘Phlx’’), which also trades complex 

orders, excludes a day for the entire 

market rather than only for a specific 

segment of order flow.9

Finally, the Exchange operates a 

Market Maker Plus program that 

provides tiered rebates to Market 

Makers 10 in Select Symbols 11 based on 

time at the national best bid or offer 

(‘‘NBBO’’). Specifically, a Market Maker 

Plus is a Market Maker who is on the 

NBBO a specified percentage of the time 

for series trading between $0.03 and 

$3.00 (for options whose underlying 

stock’s previous trading day’s last sale 

price was less than or equal to $100) 

and between $0.10 and $3.00 (for 

options whose underlying stock’s 

previous trading day’s last sale price 

was greater than $100) in premium in 

each of the front two expiration months. 

The specified percentage is at least 80% 

but lower than 85% of the time for 

Tier 1, at least 85% but lower than 95% 

of the time for Tier 2, and at least 95% 

of the time for Tier 3.12 Market Makers 

that qualify for Market Maker Plus 

receive a maker rebate for regular orders 

in Select Symbols of $0.15 per contract 

for Tier 1, $0.18 per contract for 

Tier 2,13 and $0.22 per contract for 

Tier 3,14 instead of the regular maker fee 

of $0.10 per contract.15 Market Maker 

Plus is designed to reward Maker 

Makers that make quality markets. As 

discussed above, however, member 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 209 / Tuesday, October 31, 2017 / Notices 50471 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(4) and (5). 

participation, including Market Maker 

participation, is generally lower on days 

when the Exchange is experiencing a 

system or other issue that results in the 

market not being open for the entire 

trading day or the Exchange instructing 

members in writing to route their orders 

to other markets. Similar to the 

treatment described above for ADV 

calculations, the Exchange similarly 

believes that it is appropriate to remove 

these days from the Market Maker Plus 

calculation to avoid penalizing Market 

Makers on days that the Exchange is 

experiencing an issue. The Exchange 

therefore proposes to adopt language 

that provides that, other than days 

where the Exchange closes early for 

holiday observance, any day that the 

market is not open for the entire trading 

day or the Exchange instructs members 

in writing to route their orders to other 

markets may be excluded from the 

Market Maker Plus tier calculation; 

provided that the Exchange will only 

remove the day for members that would 

have a lower time at the NBBO for the 

specified series with the day included. 

The proposed rule text would allow 

the Exchange to provide relief to Market 

Makers as to the Market Maker Plus tier 

calculation similar to that provided for 

ADV tiers, except that the Exchange 

does not proposes to use this authority 

to remove days from the Market Maker 

Plus tier calculation where the 

Exchange closes early for holiday 

observance. While Market Makers can 

plan for known events, such as a 

holiday, they are unable to plan for 

market events which may close the 

market for part of a trading day. The 

Exchange believes that permitting the 

exception for the unanticipated event 

therefore provides flexibility to Market 

Makers in anticipating where to send 

order flow. The Exchange desires to 

incentivize Market Makers to send order 

flow to ISE to meet their tier 

requirements. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,16 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,17 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes that the 

proposed change to the ADV calculation 

is reasonable and equitable as it 

provides a new framework for removing 

days from the Exchange’s volume 

calculations that the Exchange believes 

is beneficial to members. The proposed 

rule change would apply the rules for 

excluding a day to all ADV calculations 

rather than specified incentive 

programs, thereby further protecting 

members if the Exchange experiences a 

systems or other issue that results in a 

day being excluded from the Exchange’s 

ADV calculations. Without this change, 

members would only have the day 

excluded for the specific ADV based 

pricing programs described in this 

filing, and would not get the benefit for 

other un-enumerated programs. While 

the Exchange had previously filed to 

separately consider the regular and 

complex books, the Exchange no longer 

believes that this authority is necessary. 

By not considering the simple and 

complex order books separately, the 

Exchange believes that market 

participants will be incentivized to send 

both simple and complex order flow 

without concern on days whether a 

market event has occurred. The 

Exchange believes that this change will 

make this rule easier to administer 

without having a significant impact on 

members. Moreover, the Exchange 

believes that the proposed changes 

preserve the Exchange’s intent behind 

adopting volume-based pricing. Finally, 

the Exchange further believes that the 

proposed change is not unfairly 

discriminatory because it applies 

equally to all members and ADV 

calculations. 

The Exchange also believes that the 

proposed language for Market Maker 

Plus tier calculations is reasonable and 

equitable since it would allow the 

Exchange to remove a day from its 

Market Maker Plus tier calculations in 

similar circumstances as the Exchange 

currently removes days from its ADV 

calculations, and only when beneficial 

to the member. The Exchange believes 

that this proposed change is appropriate 

as it avoids penalizing Market Makers 

on days where the Exchange is 

experiencing a systems or other issue. 

Without this change, Market Makers 

that are wary of participation on the 

Exchange following an issue at the 

Exchange could fall into a lower Market 

Maker Plus tier, resulting in an effective 

cost increase for those members. The 

proposed language for removing a day 

from the Market Maker Plus tier 

calculation mirrors the language 

currently in place for the ADV 

calculation, except that the Exchange 

proposes that it will not remove days 

where the Exchange closes early for 

holiday observance. While Market 

Makers can plan for known events, such 

as a holiday, they are unable to plan for 

market events which may close the 

market for part of a trading day. The 

Exchange believes that permitting the 

exception for the unanticipated event 

therefore provides flexibility to Market 

Makers in anticipating where to send 

order flow. The Exchange desires to 

incentivize Market Makers to send order 

flow to ISE to meet their tier 

requirements. The Exchange believes 

that this is appropriate to incentivize 

Market Makers to continue making 

quality markets where the Exchange is 

not experiencing an issue and merely 

closes early for holiday observance. 

Finally, the Exchange believes that the 

proposed language for the Market Maker 

Plus tier calculation is not unfairly 

discriminatory as all Market Makers 

have the ability to qualify for Market 

Maker Plus by making quality markets 

on the Exchange and can therefore 

benefit from the proposed changes. As 

explained above, all members also 

benefit from a similar provision that 

applies to the Exchange’s ADV 

calculations. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change would apply the 

rules for excluding a day to all ADV 

calculations rather than specified 

incentive programs, thereby further 

protecting members if the Exchange 

experiences a systems or other issue that 

results in a day being excluded from the 

Exchange’s ADV calculations. This rule 

changes does not impose an undue 

burden on competition because without 

this change, members would only have 

the day excluded for the specific ADV 

based pricing programs described in this 

filing, and would not get the benefit for 

other un-enumerated programs. The 

Exchange will uniformly apply the 

proposed language related to ADV based 

pricing programs. The proposal to not 

consider the simple and complex order 

books separately does not impose an 

undue burden on competition because 

the Exchange would uniformly calculate 

the ADV based pricing programs in a 

uniform manner for all market 

participants. The Exchange believes that 

this change will make this rule easier to 

administer without having a significant 

impact on members. Moreover, the 

Exchange believes that the proposed 

changes preserve the Exchange’s intent 

behind adopting volume-based pricing. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
50472 Federal Register / Vol. 82, No. 209 / Tuesday, October 31, 2017 / Notices 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 17 CFR 240.19b–4(f)(2). 

20 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. 81191 

(July 24, 2017), 82 FR 35256. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 81558, 

82 FR 43278 (September 14, 2017). 

6 In Amendment No. 2, the Exchange: (1) 

Provided additional information regarding the 

Finally, the Exchange further believes 

that the proposed change is not unfairly 

discriminatory because it applies 

equally to all members and ADV 

calculations. 

The proposed rule change is designed 

adopt a new provision covering the 

Market Make Plus tier calculation. The 

proposed language for removing a day 

from the Market Maker Plus tier 

calculation mirrors the language 

currently in place for the ADV 

calculation, except that the Exchange 

proposes that it will not remove days 

where the Exchange closes early for 

holiday observance. While Market 

Makers can plan for known events, such 

as a holiday, they are unable to plan for 

market events which may close the 

market for part of a trading day. The 

Exchange believes that permitting the 

exception for the unanticipated event 

therefore provides flexibility to Market 

Makers in anticipating where to send 

order flow. The Exchange desires to 

incentivize Market Makers to send order 

flow to ISE to meet their tier 

requirements. The Exchange believes 

that the proposed modifications to its 

ADV and Market Maker Plus tier 

calculations are pro-competitive and 

will result in lower total costs to end 

users, a positive outcome of competitive 

markets. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily direct their 

order flow to competing venues. In such 

an environment, the Exchange must 

continually review, and consider 

adjusting, its fees and rebates to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed fee 

changes reflect this competitive 

environment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 18 and Rule 

19b–4(f)(2) 19 thereunder. 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– 

ISE–2017–93 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–ISE–2017–93. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–ISE–2017–93 and should be 

submitted on or before November 21, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23580 Filed 10–30–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81947; File No. SR– 

BatsBZX–2017–46] 

Self-Regulatory Organizations; Bats 

BZX Exchange, Inc.; Notice of Filing of 

Amendments No. 2 and No. 3, and 

Order Granting Accelerated Approval 

of a Proposed Rule Change, as 

Modified by Amendments No. 2 and 

No. 3, To List and Trade Shares of the 

Aptus Fortified Value ETF, a Series of 

ETF Series Solutions, Under Rule 

14.11(c) 

October 25, 2017. 

I. Introduction 

On July 10, 2017, Bats BZX Exchange, 

Inc. (‘‘Exchange’’) 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 shares (‘‘Shares’’) of the 

Aptus Fortified Value ETF (‘‘Fund’’), a 

series of ETF Series Solutions (‘‘Trust’’), 

under Rule 14.11(c). The proposed rule 

change was published for comment in 

the Federal Register on July 28, 2017.3

On August 31, 2017, the Exchange filed 

Amendment No. 1 to the proposed rule 

change. On September 8, 2017, pursuant 

to Section 19(b)(2) of the Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On October 6, 

2017, the Exchange filed Amendment 

No. 2 to the proposed rule change, 

which replaced the proposed rule 

change, as modified by Amendment 

No. 1, in its entirety.6 On October 24, 


asabaliauskas on DSKBBXCHB2PROD with NOTICES