Document ID: SEC-2018-1516-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2018-10-01T04:00Z

[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Pages 49437-49440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-21234]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84279; File No. SR-NYSEARCA-2018-67]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Proposed Rule Change To Amend NYSE Arca Rule 5.2-E(j)(6) Relating to 
Equity Index-Linked Securities Listing Standards Set Forth in NYSE Arca 
Rule 5.2-E(j)(6)(B)(I)

September 25, 2018.
    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 10, 2018, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Rule 5.2-E(j)(6) relating 
to Equity Index-Linked Securities listing standards set forth in NYSE 
Arca Rule 5.2-E(j)(6)(B)(I). The proposed change is available on the 
Exchange's website 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
    NYSE Arca Rule 5.2-E(j)(6) relates to listing and trading of Equity 
Index-Linked Securities, Commodity-Linked Securities, Currency-Linked 
Securities, Fixed Income Index-Linked Securities, Futures-Linked 
Securities and Multifactor Index-Linked Securities (collectively, 
``Index-Linked Securities''). These securities are frequently referred 
to as ``Exchange-Traded Notes'' or ``ETNs.'' NYSE Arca Rule 5.2-
E(j)(6)(B)(I) sets forth listing standards applicable to Equity Index-
Linked Securities.\4\
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    \4\ Equity Index-Linked Securities are securities that provide 
for the payment at maturity based on the performance of an 
underlying index or indexes of equity securities, securities of 
closed-end management investment companies registered under the 
Investment Company Act of 1940 (``1940 Act'') and/or Investment 
Company Units (as described in NYSE Arca Rule 5.2-E(j)(3)).
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    The Exchange proposes to amend NYSE Arca Rule 5.2-E (j)(6)(B)(I) 
relating to criteria applicable to components of an index underlying an 
issue of Equity Index-Linked Securities, as described below.\5\
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    \5\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(v) provides that all component 
securities shall be either:
    (A) Securities (other than foreign country securities and 
American Depository Receipts (``ADRs'')) that are (x) issued by a 
1934 Act reporting company or by an investment company registered 
under the 1940 Act, which in each case is listed on a national 
securities exchange, and (y) an ``NMS stock'' (as defined in Rule 
600 of SEC Regulation NMS); or
    (B) Foreign country securities or ADRs, provided that foreign 
country securities or foreign country securities underlying ADRs 
having their primary trading market outside the United States on 
foreign trading markets that are not members of the Intermarket 
Surveillance Group (``ISG'') or parties to comprehensive 
surveillance sharing agreements with the Exchange will not in the 
aggregate represent more than 50% of the dollar weight of the index, 
and provided further that:
    (i) the securities of any one such market do not represent more 
than 20% of the dollar weight of the index, and
    (ii) the securities of any two such markets do not represent 
more than 33% of the dollar weight of the index.
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    The Exchange proposes to amend NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(b)(v) to provide that all component securities of an 
index underlying an issue of Equity Index-Linked Securities shall be 
either (1) U.S. Component Stocks (as described in Rule 5.2-E(j)(3)) \6\ 
that are listed on a national securities exchange and are NMS Stocks as 
defined in Rule 600 of Regulation NMS under the Exchange Act; \7\ or 
(2) Non-U.S. Component Stocks (as described in Rule 5.2-E(j)(3)) \8\ 
that are listed and traded on an exchange that has last-sale 
reporting.\9\ The proposed amendment, therefore, would delete from Rule 
5.2-E (j)(6)(B)(I)(1)(b)(v) the requirement that foreign country 
securities or foreign country securities underlying ADRs in an index 
satisfy requirements that a specified percentage of the dollar weight 
of the index have primary trading markets that are members of ISG or 
primary trading markets that are parties to comprehensive surveillance 
sharing agreements with the Exchange.
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    \6\ Rule 5.2-E(j)(3) provides that the term ``US Component 
Stock'' shall mean an equity security that is registered under 
Sections 12(b) or 12(g) of the Securities Exchange Act of 1934 or an 
American Depositary Receipt, the underlying equity security of which 
is registered under Sections 12(b) or 12(g) of the Securities 
Exchange Act of 1934.
    \7\ The term ``Exchange Act'' is defined in Rule 1.1(q) to mean 
the Securities Exchange Act of 1934, as amended.
    \8\ Rule 5.2-E(j)(3) provides that the term ``Non-US Component 
Stock'' shall mean an equity security that is not registered under 
Sections 12(b) or 12(g) of the Securities Exchange Act of 1934 and 
that is issued by an entity that (a) is not organized, domiciled or 
incorporated in the United States, and (b) is an operating company 
(including Real Estate Investment Trusts (REITS) and income trusts, 
but excluding investment trusts, unit trusts, mutual funds, and 
derivatives).
    \9\ The text of proposed NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(b)(v)(1) is comparable to the requirement for US 
Component Stocks in Commentary .01(a)(A)(5) to NYSE Arca Rule 5.2-
E(j)(3). The text of proposed NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(b)(v)(2) is comparable to the requirement for Non-
US Component Stocks in Commentary .01(a)(B)(5) to NYSE Arca Rule 
5.2-E(j)(3).
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    The proposed amendment would eliminate a requirement for Equity 
Index-Linked Securities that is not applicable to Investment Company 
Units and Managed Fund Shares with respect to Non-U.S. Component Stock 
index components or holdings of Non-U.S. Component Stocks. The 
amendment, therefore, would afford greater flexibility to ETN issuers 
to list securities that include foreign stocks and to better compete 
with issuers of Investment Company Units and Managed Fund Shares, which 
are not subject to this requirement.
    The Exchange also proposes to amend NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(a) by increasing the required minimum number of 
components in an index underlying Equity Index-Linked Securities that 
includes Non-U.S. Component Stocks.\10\ The Exchange

[[Page 49438]]

proposes that an underlying index consisting only of U.S. Component 
Stocks (as described in Rule 5.2-E(j)(3)) that are listed on a national 
securities exchange and are NMS Stocks as defined in Rule 600 of 
Regulation NMS under the Exchange Act is required to have at least ten 
(10) component securities; and an underlying index consisting of (a) 
only Non-U.S. Component Stocks (as described in Rule 5.2-E(j)(3)), or 
(b) both U.S. Component Stocks and Non-U.S. Component Stocks, is 
required to have at least twenty (20) component securities.
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    \10\ NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(a) provides that each 
underlying index is required to have at least ten (10) component 
securities; provided, however, that there shall be no minimum number 
of component securities if one or more issues of Derivative 
Securities Products (i.e., Investment Company Units (as described in 
Rule 5.2-E(j)(3)) and securities described in Section 2 of Rule 8) 
or Index-Linked Securities (as described in Rule 5.2-E(j)(6)), 
constitute, at least in part, component securities underlying an 
issue of Equity Index-Linked Securities.
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    The Exchange believes the amendments are appropriate and in the 
public interest in that Equity Index-Linked Securities would continue 
to be subject to numerical criteria for index components underlying 
Equity Index-Linked Securities that are comparable in significant 
respects to the criteria for U.S. Component Stocks and Non-U.S. 
Component Stocks in Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) for 
Investment Company Units and Commentary .01(a) to NYSE Arca Rule 8.600-
E for Managed Fund Shares.\11\
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    \11\ Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) and Commentary 
.01(a) to NYSE Arca Rule 8.600-E provide generic initial and 
continued listing criteria applicable to an equity index or 
portfolio underlying Investment Company Units and Managed Fund 
Shares, respectively.
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    For example, Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) provides that 
component stocks that in the aggregate account for at least 90% of the 
weight of the index each shall have a minimum global monthly trading 
volume of 1,000,000 shares, or minimum global notional volume traded 
per month of $25,000,000, averaged over the last six months.\12\ In 
comparison, Commentary .01(a)(B)(2) to Rule 5.2-E(j)(3) applicable to 
an international or global index or portfolio provides that component 
stocks (excluding Derivative Securities Products) that in the aggregate 
account for at least 70% of the US and Non-US Component Stocks portions 
of the weight of the index or portfolio (excluding such Derivative 
Securities Products) each shall have a minimum global monthly trading 
volume of 250,000 shares, or minimum global notional volume traded per 
month of $25,000,000, averaged over the last six months.\13\
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    \12\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) excludes Derivative 
Securities Products and Index-Linked Securities from these 
provisions.
    \13\ Commentary .01(a)(2) (B) to Rule 8.600-E provides that Non-
U.S. Component Stocks each shall have a minimum global monthly 
trading volume of 250,000 shares, or minimum global notional volume 
traded per month of $25,000,000, averaged over the last six months.
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    In addition, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) provides that no 
underlying component security will represent more than 25% of the 
dollar weight of the index, and, to the extent applicable, the five 
highest dollar weighted component securities in the index do not in the 
aggregate account for more than 50% of the dollar weight of the index 
(60% for an index consisting of fewer than 25 component 
securities).\14\ In comparison, Commentary .01(a)(B)(3) to Rule 5.2-
E(j)(3) provides that the most heavily weighted component stock 
(excluding Derivative Securities Products) shall not exceed 25% of the 
combined US and Non-US Component Stocks portions of the weight of the 
index or portfolio, and, to the extent applicable, the five most 
heavily weighted component stocks (excluding Derivative Securities 
Products) shall not exceed 60% of the combined US and Non-US Component 
Stocks portions of the weight of the index or portfolio.\15\
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    \14\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) excludes Derivative 
Securities Products and Index-Linked Securities from these 
provisions.
    \15\ See also Commentary .01(a)(2)(C) to NYSE Arca Rule 8.600-E, 
which provides that the most heavily weighted Non-U.S. Component 
stock shall not exceed 25% of the equity weight of the portfolio, 
and, to the extent applicable, the five most heavily weighted Non-
U.S. Component Stocks shall not exceed 60% of the equity weight of 
the portfolio.
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    With respect to the proposed amendment to NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(a), an increase in the required minimum number of 
components in an index that includes Non-U.S. Component Stocks is 
comparable to the requirement applicable to equity indexes underlying 
series of Investment Company Units listed under Commentary .01 to NYSE 
Arca Rule 5.2-E(j)(3), and would provide for greater diversification 
among index components.\16\
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    \16\ See Commentary .01(a)(B)(4) to NYSE Arca Rule 5.2-E(j)(3). 
See also Commentary .01(a)(2)(D) to NYSE Arca Rule 8.600-E, which 
provides that, where the equity portion of the portfolio includes 
Non-U.S. Component Stocks, the equity portion of the portfolio shall 
include a minimum of 20 component stocks; provided, however, that 
there shall be no minimum number of component stocks if (i) one or 
more series of Derivative Securities Products or Index-Linked 
Securities constitute, at least in part, components underlying a 
series of Managed Fund Shares, or (ii) one or more series of 
Derivative Securities Products or Index-Linked Securities account 
for 100% of the equity weight of the portfolio of a series of 
Managed Fund Shares.
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    The Exchange notes that, in originally approving the generic 
listing criteria in Commentary .01(a)(B) to NYSE Arca Rule 5.2-E(j)(3) 
applicable to indexes that include only non-U.S. Component Stocks or 
both U.S. and Non-U.S. Component Stocks in an index or portfolio 
underlying a series of Investment Company Units, the Commission stated 
that ``[t]hese requirements are designed, among other things, to 
require that components of an index or portfolio underlying the ETF are 
adequately capitalized and sufficiently liquid, and that no one 
security dominates the index.'' \17\ In addition, in approving the 
Exchange's generic rules relating to listing of Index-Linked 
Securities, the Commission found that the rules' requirements should 
help ensure that index components of the applicable reference asset are 
adequately capitalized, sufficiently liquid, and diversified, and that 
these requirements should significantly minimize the potential for 
manipulation.\18\
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    \17\ See Securities Exchange Act Release No. 55621 (April 12, 
2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86) (Notice of 
Filing of Proposed Rule Change and Amendments No. 1, 2, 3, and 4 
Thereto and Order Granting Accelerated Approval of the Proposed Rule 
Change as Modified by Amendments No. 2 and 4 Thereto Adopting 
Generic Listing Standards for Exchange-Traded Funds Based on 
International or Global Indexes or Indexes Described in Exchange 
Rules Previously Approved by the Commission as Underlying Benchmarks 
for Derivative Securities). See also Securities Exchange Act Release 
Nos. 54739 (November 9, 2006), 71 FR 61811 (October 19, 2006) (SR-
Amex-2006-78) (Order Granting Accelerated Approval to Proposed Rule 
Change and Amendment No. 1 Thereto and Notice of Filing and Order 
Granting Accelerated Approval to Amendment No. 2 Thereto Relating to 
Generic Listing Standards for Series of Portfolio Depositary 
Receipts and Index Fund Shares Based on International or Global 
Indexes); 55113 (January 17, 2007), 72 FR 3179 (January 24, 2007) 
(SR-NYSE-2006-101) (Notice of Filing and Order Granting Accelerated 
Approval of a Proposed Rule Change as Modified by Amendments No. 1 
and 2 Thereto Adopting Generic Listing Standards for Exchange-Traded 
Funds Based on International or Global Indexes or Indexes Previously 
Approved by the Commission as Underlying Benchmarks for Derivative 
Securities).
    \18\ See, e.g., Securities Exchange Act Release No. 52204 
(August 3, 2005) 70 FR 46559 (August 10, 2005) (SR-PCX-2005-63) 
(Notice of Filing and Order Granting Accelerated Approval of 
Proposed Rule Change Relating to the Adoption of Generic Listing 
Standards for Index-Linked Securities), in which the Commission 
stated that ``PCX's proposed listing criteria include minimum market 
capitalization, monthly trading volume, and relative weighting 
requirements for the Index Securities. These requirements are 
designed to ensure that the trading markets for index components 
underlying Index Securities are adequately capitalized and 
sufficiently liquid, and that no one stock dominates the index. The 
Commission believes that these requirements should significantly 
minimize the potential for manipulation.''
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    In addition to the above-referenced weighting and trading volume 
criteria, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iv) provides that 90% of the 
index's numerical value and at least 80% of the total number of

[[Page 49439]]

component securities will meet the then current criteria for 
standardized option trading set forth in NYSE Arca Rule 5.3-O.\19\ An 
index is not subject to this requirement if (a) no underlying component 
security represents more than 10% of the dollar weight of the index and 
(b) the index has a minimum of 20 components.\20\
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    \19\ NYSE Arca Rule 5.3-O sets forth the criteria to be met by 
underlying securities with respect to which put or call option 
contracts are approved for listing and trading on the Exchange.
    \20\ Rule 5.2-E(j)(6)(B)(I)(1)(b)(iv) excludes Derivative 
Securities Products and Index-Linked Securities from these 
provisions.
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    Like the requirements applicable to an index or portfolio 
underlying Investment Company Units noted above, the proposed 
amendments to NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(v) would subject 
an index or indexes underlying an issue of ETNs to specified minimum 
liquidity and market value requirements. Index components would 
continue to be subject to the weighting and diversification 
requirements of NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii), which 
prevent any stock or small group of stocks from dominating a fund's 
portfolio. The proposed amendments to NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(b)(v) would provide additional flexibility to series 
of Equity Index-Linked Securities based on an index that includes Non-
U.S. Component Stocks while continuing to apply substantial minimum 
criteria relating to liquidity, market capitalization and 
diversification.
    The Exchange also proposes to amend the phrase ``Section 19(b)(2) 
of the Act'' to ``Section 19(b)(2) of the Exchange Act'' in NYSE Arca 
Rule 5.2-E(j)(6)(B)(I)(1)(b)(1) in order to conform to usage in NYSE 
Arca Rule 1.1(q).\21\ The Exchange proposes further to make a 
grammatical change to NYSE Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(2) by 
deleting as repetitive the words ``the index or indexes.''
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    \21\ See note 7, supra.
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    Other than the changes proposed above, no other changes are being 
proposed to NYSE Arca Rule 5.2-E(j)(6) and all other requirements 
applicable to Index-Linked Securities will continue to apply.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\22\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\23\ in particular, because it 
is 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.
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    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the amendment is appropriate and in the 
public interest in that Equity Index-Linked Securities would continue 
to be subject to numerical criteria for index components underlying 
Equity Index-Linked Securities that are comparable in significant 
respects to the criteria for U.S. Component Stocks and Non-U.S. 
Component Stocks in Commentary .01 to NYSE Arca Rule 5.2-E(j)(3) for 
Investment Company Units and Commentary .01(a) to NYSE Arca Rule 8.600-
E for Managed Fund Shares. Rule 5.2-E(j)(6)(B)(I)(1)(b)(ii) provides 
that component stocks that in the aggregate account for at least 90% of 
the weight of the index each shall have a minimum global monthly 
trading volume of 1,000,000 shares, or minimum global notional volume 
traded per month of $25,000,000, averaged over the last six months. In 
addition, Rule 5.2-E(j)(6)(B)(I)(1)(b)(iii) provides that no underlying 
component security will represent more than 25% of the dollar weight of 
the index, and, to the extent applicable, the five highest dollar 
weighted component securities in the index do not in the aggregate 
account for more than 50% of the dollar weight of the index (60% for an 
index consisting of fewer than 25 component securities). As noted 
above, the Commission, in approving the Exchange's generic rules 
relating to listing of Index-Linked Securities, found that the rules' 
requirements should help ensure that index components of the applicable 
reference asset are adequately capitalized, sufficiently liquid, and 
diversified, and that these requirements should significantly minimize 
the potential for manipulation.\24\
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    \24\ See note 17, supra.
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    The proposed amendment would eliminate a requirement for Equity 
Index-Linked Securities that is not applicable to Investment Company 
Units and Managed Fund Shares with respect to Non-U.S. Component Stock 
index components or holdings of Non-U.S. Component Stocks. The 
amendment, therefore, would afford greater flexibility to ETN issuers 
to list securities that include foreign stocks and to better compete 
with issuers of Investment Company Units and Managed Fund Shares.
    With respect to the proposed amendment to NYSE Arca Rule 5.2-
E(j)(6)(B)(I)(1)(a), an increase in the required minimum number of 
components in an index that includes Non-U.S. Component Stocks is 
comparable to the requirement applicable to equity indexes underlying 
series of Investment Company Units listed under Commentary .01 to NYSE 
Arca Rule 5.2-E(j)(3), and would provide for greater diversification 
among index components.\25\
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    \25\ See Commentary .01(a)(B)(4) to NYSE Arca Rule 5.2-E(j)(3).
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    The proposed amendment to change the phrase ``Section 19(b)(2) of 
the Act'' to ``Section 19(b)(2) of the Exchange Act'' in NYSE Arca Rule 
5.2-E(j)(6)(B)(I)(1)(b)(1) conforms to usage in NYSE Arca Rule 1.1(q). 
The proposed deletion of the words ``the index or indexes'' in NYSE 
Arca Rule 5.2-E(j)(6)(B)(I)(1)(b)(2) eliminates an unnecessary 
repetition.
    The Exchange represents that trading in ETNs is subject to the 
existing trading surveillances, administered by the Financial Industry 
Regulatory Authority (``FINRA'') on behalf of the Exchange, or by 
regulatory staff of the Exchange, which are designed to detect 
violations of Exchange rules and applicable federal securities laws. 
The Exchange represents that these procedures are adequate to properly 
monitor Exchange trading of ETNs in all Exchange trading sessions and 
to deter and detect violations of Exchange rules and federal securities 
laws applicable to trading on the Exchange.\26\
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    \26\ FINRA conducts cross-market surveillances on behalf of the 
Exchange pursuant to a regulatory services agreement. The Exchange 
is responsible for FINRA's performance under this regulatory 
services agreement.
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    The Exchange or FINRA, on behalf of the Exchange, or both, will 
communicate as needed regarding trading in Exchange-listed ETNs with 
other markets and other entities that are members of the ISG, and the 
Exchange or FINRA, on behalf of the Exchange, or both, may obtain 
trading information regarding trading in ETNs from such markets and 
other entities. In addition, the Exchange may obtain information 
regarding trading in such securities and financial instruments from 
markets and other entities that are members of ISG or with which the 
Exchange has in place a comprehensive surveillance sharing agreement.
    For these reasons, the Exchange believes that the proposal is 
consistent with the Act.

[[Page 49440]]

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\27\ 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. Instead, the Exchange believes that the 
proposed change will encourage competition by accommodating listing and 
trading of additional issues of Equity Index-Linked Securities and will 
permit ETN issuers to better compete with issuers of Investment Company 
Units and Managed Fund Shares.
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    \27\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or up to 90 days (i) as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or (ii) as to which the self-regulatory 
organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number NYSEArca-2018-67 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 NYSEArca-2018-67. 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 website (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 website 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 a.m. and 3 
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 NYSEArca-2018-67, and should be submitted 
on or before October 22, 2018.
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    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\28\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-21234 Filed 9-28-18; 8:45 am]
 BILLING CODE 8011-01-P