[Federal Register Volume 83, Number 79 (Tuesday, April 24, 2018)]
[Notices]
[Pages 17881-17882]
[FR Doc No: 2018-08511]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2017-0059]

Qualification of Drivers; Exemption Applications; Hearing

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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SUMMARY: FMCSA announces its decision to exempt 30 individuals from the
hearing requirement in the Federal Motor Carrier Safety Regulations
(FMCSRs) to operate a commercial motor vehicle (CMV) in interstate
commerce. The exemptions enable these hard of hearing and deaf
individuals to operate CMVs in interstate commerce.

DATES: The exemptions were applicable on April 2, 2018. The exemptions
expire on April 2, 2020.

FOR FURTHER INFORMATION CONTACT: Ms. Christine A. Hydock, Chief,
Medical Programs Division,<PHONE_NUMBER>, [email protected], FMCSA,
Department of Transportation, 1200 New Jersey Avenue SE, Room W64-224,
Washington, DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m.,
e.t., Monday through Friday, except Federal holidays. If you have
questions regarding viewing or submitting material to the docket,
contact Docket Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Electronic Access

    You may see all the comments online through the Federal Document
Management System (FDMS) at: http://www.regulations.gov.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov and/or Room W12-140 on the
ground level of the West Building, 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., e.t., Monday through Friday,
except Federal holidays.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments

from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.

II. Background

    On February 27, 2018 FMCSA published a notice announcing receipt of
applications from 30 individuals requesting an exemption from the
hearing requirement in 49 CFR 391.41(b)(11) to operate a CMV in
interstate commerce and requested comments from the public (83 FR
8567). The public comment period ended on March 29, 2018, and one
comment was received.
    FMCSA has evaluated the eligibility of these applicants and
determined that granting exemptions to these individuals would achieve
a level of safety equivalent to or greater than the level that would be
achieved by complying with the current regulation 49 CFR 391.41(b)(11).
    The physical qualification standard for drivers regarding hearing
found in 49 CFR 391.41(b)(11) states that a person is physically
qualified to driver a CMV if that person first perceives a forced
whispered voice in the better ear at not less than 5 feet with or
without the use of a hearing aid or, if tested by use of an audiometric
device, does not have an average hearing loss in the better ear greater
than 40 decibels at 500 Hz, 1,000 Hz, and 2,000 Hz with or without a
hearing aid when the audiometric device is calibrated to American
National Standard (formerly ASA Standard) Z24.5-1951.
    49 CFR 391.41(b)(11) was adopted in 1970, with a revision in 1971
to allow drivers to be qualified under this standard while wearing a
hearing aid, 35 FR 6458, 6463 (April 22, 1970) and 36 FR 12857 (July 3,
1971).

III. Discussion of Comments

    FMCSA received one comment in this proceeding. The comment was out
of scope of this notice.

Basis for Exemption Determination

    Under 49 U.S.C. 31136(e) and 31315(b), FMCSA may grant an exemption
from the hearing standard in 49 CFR 391.41(b)(11) if the exemption is
likely to achieve an equivalent or greater level of safety than would
be achieved without the exemption. The exemption allows the applicants
to operate CMVs in interstate commerce.
    The Agency's decision regarding these exemption applications is
based on current medical information and literature, and the 2008
Evidence Report, ``Executive Summary on Hearing, Vestibular Function
and Commercial Motor Driving Safety.'' The evidence report reached two
conclusions regarding the matter of hearing loss and CMV driver safety:
(1) No studies that examined the relationship between hearing loss and
crash risk exclusively among CMV drivers were identified; and (2)
evidence from studies of the private driver's license holder population
does not support the contention that individuals with hearing
impairment are at an increased risk for a crash. In addition, the
Agency reviewed each applicant's driving record found in the Commercial
Driver's License Information System (CDLIS), for commercial driver's
license (CDL) holders, and inspections recorded in the Motor Carrier
Management Information System (MCMIS). For non-CDL holders, the Agency
reviewed the driving records from the State Driver's Licensing Agency
(SDLA). Each applicant's record demonstrated a safe driving history.
Based on an individual assessment of each applicant that focused on
whether an equal or greater level of safety is likely to be achieved by
permitting each of these drivers to drive in interstate commerce as
opposed to restricting him or her to driving in intrastate commerce,
the Agency believes the drivers granted this exemption have
demonstrated that they do not pose a risk to public safety.
    Consequently, FMCSA finds that in each case exempting these
applicants from the hearing standard in 49 CFR 391.41(b)(11) is likely
to achieve a level of safety equal to that existing without the
exemption.

IV. Conditions and Requirements

    The terms and conditions of the exemption are provided to the
applicants in the exemption document and includes the following: (1)
Each driver must report any crashes or accidents as defined in 49 CFR
390.5; (2) each driver must report all citations and convictions for
disqualifying offenses under 49 CFR part 383 and 49 CFR 391 to FMCSA;
and (3) each driver is prohibited from operating a motorcoach or bus
with passengers in interstate commerce. The driver must also have a
copy of the exemption when driving, for presentation to a duly
authorized Federal, State, or local enforcement official. In addition,
the exemption does not exempt the individual from meeting the
applicable CDL testing requirements.

V. Preemption

    During the period the exemption is in effect, no State shall
enforce any law or regulation that conflicts with this exemption with
respect to a person operating under the exemption.

VI. Conclusion

    Based upon its evaluation of the 30 exemption applications, FMCSA
exempts the following drivers from the hearing standard, 49 CFR
391.41(b)(11), subject to the requirements cited above:

Kathleen A. Abenchuchan, (IA)
Maurice Abenchuchan, (IA)
Cory Lee Adkins, (OH)
James Bogart, KS)
Johnny D. Brewer, (OH)
Forrest Carroll, (OH)
James G. Carter, (GA)
Julian V. Faire, Jr., (CA)
Jeffrey Farrington, (NY)
Barry E. Felton, Sr., (MI)
Samuel Fernandez, (FL)
Jada Hart, (IA)
Harold C. Johnson, PA)
Paul Klug, (IA)
Cody Lauritsen, (NE)
Dayton Lawson Jr., (MI)
Berenice Martinez, (TX)
Scott Miller, (IA)
Michael A. Murrah, (IL)
Kenneth Novcaski, (AZ)
Kiley C. Peterson, (IA)
John See, (OH)
Michael Sepulvedo, (CO)
Darren Talley, (LA)
Frankie D. Tarlton, NC)
Diana P. Turner, (NJ)
Dick M. Vanderspek, (UT)
Thomas K. Warner II, (WA)
Tommy M. Weldon, (GA)
Johnny Wu, (DE)

    In accordance with 49 U.S.C. 31315, each exemption will be valid
for two years from the effective date unless revoked earlier by FMCSA.
The exemption will be revoked if the following occurs: (1) The person
fails to comply with the terms and conditions of the exemption; (2) the
exemption has resulted in a lower level of safety than was maintained
prior to being granted; or (3) continuation of the exemption would not
be consistent with the goals and objectives of 49 U.S.C. 31136 and
31315.

    Issued on: April 18, 2018.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2018-08511 Filed 4-23-18; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register Volume 87, Number 188 (Thursday, September 29, 2022)]
[Notices]
[Pages 59133-59135]
[FR Doc No: 2022-21066]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95899; File No. SR-MIAX-2022-30]

Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 510, Minimum Price
Variations and Minimum Trading Increments

September 23, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 13, 2022, Miami International Securities Exchange,
LLC (``MIAX Options'' or the ``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 Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Interpretation and
Policy .03 to Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments.
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/ at MIAX Options'
principal office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Interpretation and Policy .03 to
Exchange Rule 510, Minimum Price Variations and Minimum Trading
Increments, to change the minimum increment for all series of options
on the SPIKES[supreg] Index \5\ (``SPIKES options''). Currently, the
minimum trading increment for SPIKES options is as follows: (1) if the
options series is trading at less than $3.00, five (5) cents; and (2)
if the options series is trading at $3.00 or higher, ten (10) cents.\6\
The Exchange now proposes to amend Interpretation and Policy .03 to
Exchange Rule 510 to change the minimum increment for SPIKES options to
the following: (1) if the options series

is trading at less than $3.00, one (1) cent; and (2) if the options
series is trading at $3.00 or higher, five (5) cents.
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    \5\ The SPIKES Index measures the expected 30-day volatility of
the SPDR[supreg] S&P 500 ETF Trust (commonly known and referred to
by its ticker symbol, ``SPY''). See Securities Exchange Act Release
No. 84417 (October 12, 2018), 83 FR 52865 (October 18, 2018) (SR-
MIAX-2018-14) (Order Granting Approval of a Proposed Rule Change by
Miami International Securities Exchange, LLC to List and Trade on
the Exchange Options on the SPIKES[supreg] Index).
    \6\ See Exchange Rule 510, Interpretation and Policy .03.
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    The Exchange believes market demand (including by retail investors,
who generally prefer lower trading increments) supports a lower trading
increment for these series. The Exchange expects this more granular
pricing to lead to narrowing of the bid-ask spread for these options
and increase the possible number of price points available to investors
for these series. The Exchange believes tighter spreads will increase
order flow in SPIKES options, which additional liquidity ultimately
benefits all investors. Finer increments also permit more precise
pricing in line with the theoretical value of these options.
Additionally, penny pricing will be, but is not yet, available in
options on the Cboe Volatility Index (``VIX options''), which is a
competing product with SPIKES options trade [sic] on the Cboe Exchange,
Inc. (``Cboe'').\7\ The Exchange notes that the proposal to list VIX
options in penny increments was noticed by the Commission on June 14,
2022, with the Commission granting waiver of the 30-day operative
delay.\8\ As a result, the Exchange believes penny pricing for SPIKES
options is necessary for competitive reasons to allow the Exchange to
price these options at the same level of granularity as permitted for
competitor products.\9\
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    \7\ See Securities Exchange Act Release No. 95102 (June 14,
2022), 87 FR 36898 (June 21, 2022) (SR-CBOE-2022-027) (proposal to
amend the minimum price increment for VIX options not listed under
the Nonstandard Expirations Pilot Program to be $0.01 for series
trading lower than $3.00 and $0.05 for series trading at $3.00 or
higher) (the ``VIX Options Penny Notice''). The Exchange notes that
series of VIX options listed under the Nonstandard Expirations Pilot
Program (``VIXW options'') currently trade with a minimum increment
of $0.01 for all series trading prices. See Cboe Exchange, Inc. Rule
5.4(a).
    \8\ See id. The Exchange notes that Cboe stated in their rule
filing that Cboe ``will issue a Notice to Trading Permit Holders . .
. with appropriate advanced notice announcing the implementation
date of the proposed rule change.'' See SR-CBOE-2022-027, available
at https://www.cboe.com/us/options/regulation/rule_filings/ (last
visited July 22, 2022). Accordingly, based on a review of Cboe's
rulebook as well as Cboe's regulatory and trading notices to their
members, the Exchange believes Cboe has not yet implemented penny
pricing in VIX options.
    \9\ See id. The Exchange notes that part of the justification
for the proposal to list VIX options in penny increments was based
on the fact that if the Penny Interval Program (see Exchange Rule
510(c) and MIAX Options Penny Class List, available at https://www.miaxoptions.com/options-penny-pilot) was open to singly-listed
options (and not just multiply-listed options classes), VIX options
would be eligible for inclusion in the Penny Interval Program. See
VIX Options Penny Notice, supra note 5. Although volume in SPIKES
options does not currently meet the requirements of the Penny
Interval Program, the Commission has previously allowed singly-
listed options to be quoted in penny increments when such options,
irrespective of volume, were designed to track the same indexes as
multiply-listed options that were in the pilot version (at the time)
of the Penny Interval Program. See Securities Exchange Act Release
No. 56565 (September 27, 2007), 72 FR 56403, 56406 (October 3, 2007)
(SR-CBOE-2007-98) (approving Cboe's proposal to list and trade XSP
and DJX options in penny increments).
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    Further, the Exchange believes market demand supports a lower
trading increment for series of SPIKES options, particularly demand by
retail investors, who generally prefer lower trading increments. The
Exchange is in the process of implementing a robust retail-oriented
program for SPIKES options, including new educational programs and
materials and potentially through changes to the MIAX Fee Schedule for
transactions in SPIKES options, among other things. The proposed change
to move to penny pricing for SPIKES options would further this goal by
providing retail market participants the ability to trade SPIKES
options in lower trading increments. The Exchange believes that lower
trading increments in SPIKES options will boost retail participation on
the Exchange, which should strengthen the market quality for SPIKES
options for all market participants, leading to more trading
opportunities and tighter spreads.
    With regard to the impact of this proposed rule change on system
capacity, the Exchange has analyzed its capacity and represents that it
and the Options Price Reporting Authority have the necessary systems
capacity to handle any potential additional traffic associated with
this proposal. The Exchange does not believe any potential increased
traffic will become unmanageable since this proposed rule change with
respect to minimum trading increments is limited to a single class of
options. The proposed rule change does not impact the number of
expirations or strike prices for SPIKES options the Exchange may list
pursuant to Exchange Rule 1809(a)(3).
    The Exchange will issue a notice to Members \10\ via Regulatory
Circular with appropriate advanced notice announcing the implementation
date of the proposed rule change.
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    \10\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\12\ in particular, in that it is designed to
prevent fraudulent and manipulative practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general to
protect investors and the public interest. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \13\ requirement that the rules of an exchange not be designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed rule change will permit more granular
pricing in SPIKES options, which may lead to narrowing of the bid-ask
spread for these options and increase the possible number of price
points available to investors for these series, which ultimately
increases liquidity to the benefit of all investors. In particular, the
Exchange believes the proposed change will further the Exchange's goal
of providing retail market participants the ability to trade SPIKES
options in lower trading increments, which will strengthen the market
quality for SPIKES options for all market participants, leading to more
trading opportunities and tighter spreads. The Exchange believes
stronger market quality and more trading opportunities based on a lower
trading increment for SPIKES options promotes just and equitable
principles of trade, facilitates transactions in SPIKES options and
removes impediments to the mechanism of a free and open market for
SPIKES options.
    Additionally, as discussed above, at least one competing exchange,
Cboe, has filed to allow a competitive product, VIX options, to trade
in penny and nickel increments once Cboe implements that change.
Therefore, the proposed change will and promote just and equitable
principles of trade and remove impediments to and perfect the mechanism
of a free and open market by allowing SPIKES options to trade at the
same level of granularity as permitted for competitor products like VIX
options. Further, the Commission has previously allowed singly-listed
options to be quoted in penny increments when such options were
designed to track the same indexes as multiply-listed options that were
in the pilot version (at the time) of the Penny Interval Program.\14\
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    \14\ See supra note 7.

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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 not impose any burden on intramarket competition that is not
necessary or appropriate, because all Exchange Members will be able to
trade SPIKES options in the proposed minimum trading increments.
    The proposed rule change will not impose any burden on intermarket
competition that is not necessary or appropriate, because it will
permit SPIKES options to have pricing consistent with the pricing of a
competitive product, VIX options, that currently trades in increments
of $0.01 or $0.05.
    Additionally, the proposed rule change to permit SPIKES options to
be listed in penny and nickel increments may relieve any burden on, or
otherwise promote, competition, as it will allow market participants to
trade these options at the same level of granularity as permitted for
competitor products. The Exchange also expects the more granular
pricing to lead to narrowing of the bid-ask spread for these options,
which the Exchange believes will increase order flow and price
competition in SPIKES options.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    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 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 [email protected]. Please include
File Number SR-MIAX-2022-30 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-MIAX-2022-30. 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 10:00 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-MIAX-2022-30 and should be submitted on
or before October 20, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21066 Filed 9-28-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 152 (Tuesday, August 7, 2012)]
[Notices]
[Page 47051]
[FR Doc No: 2012-19270]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commissioner and Staff Attendance at North American
Electric Reliability Corporation Meetings

    The Federal Energy Regulatory Commission (Commission) hereby gives
notice that members of the Commission and/or Commission staff may
attend the following meetings:
North American Electric Reliability Corporation
Member Representatives Committee and Board of Trustees Meetings

Hilton Quebec, Rene-Levesque Blvd. East, Quebec City, QC, Canada, G1R
4P3.

August 15, 2012 (1 p.m.-5 p.m.)
August 16, 2012 (8 a.m.-1 p.m.)

    Further information regarding these meetings may be found at:
http://www.nerc.com/calendar.php.
    The discussions at the meetings, which are open to the public, may
address matters at issue in the following Commission proceedings:
Docket No. RC08-5, North American Electric Reliability Corporation
Docket No. RC11-5, North American Electric Reliability Corporation
Docket No. RC11-6, North American Electric Reliability Corporation
Docket No. RR08-4, North American Electric Reliability Corporation
Docket No. RR12-8, North American Electric Reliability Corporation
Docket No. RR12-10, North American Electric Reliability Corporation
Docket No. RR12-11, North American Electric Reliability Corporation
Docket No. RD09-11, North American Electric Reliability Corporation
Docket No. RD10-2, North American Electric Reliability Corporation
Docket No. RD12-3, North American Electric Reliability Corporation
Docket No. RD12-4, North American Electric Reliability Corporation
Docket No. NP11-238, North American Electric Reliability Corporation
    For further information, please contact Jonathan First, 202-502-
8529, or<EMAIL_ADDRESS>
    Dated: August 1, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-19270 Filed 8-6-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 239 (Thursday, December 13, 2018)]
[Notices]
[Page 64124]
[FR Doc No: 2018-26999]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AD19-9-000]

Electric Quarterly Report Users Group Meeting; Notice of Electric
Quarterly Report Users Group Meeting

    Take notice that on February 14, 2019, staff of the Federal Energy
Regulatory Commission (Commission) will hold the next Electric
Quarterly Report (EQR) Users Group meeting. The meeting will take place
from 1:00 p.m. to 5:00 p.m. (EST) in the Commission Meeting Room at 888
First Street NE, Washington, DC 20426. All interested persons are
invited to attend. For those unable to attend in person, access to the
meeting will be available via webcast.
    This meeting provides a forum for dialogue between Commission staff
and EQR users to discuss potential improvements to the EQR program and
the EQR filing process. Prior to the meeting, staff would like input on
discussion topics. Individuals may suggest agenda topics for
consideration by emailing<EMAIL_ADDRESS>    Please note that matters pending before the Commission and subject
to ex parte limitations cannot be discussed at this meeting. An agenda
of the meeting will be provided in a subsequent notice.
    Due to the nature of the discussion, those interested in
participating are encouraged to attend in person. All interested
persons (whether attending in person or via webcast) are asked to
register online at https://www.ferc.gov/whats-new/registration/02-14-19-form.asp. There is no registration fee. Anyone with internet access
can listen to the meeting by navigating to www.ferc.gov's Calendar of
Events, locating the EQR Users Group Meeting on the Calendar, and
clicking on the link to the webcast. The webcast will allow persons to
listen to the technical conference and they can email questions during
the meeting to<EMAIL_ADDRESS>    Commission conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations, please
send an email to<EMAIL_ADDRESS>or call toll free 1-866-208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a FAX to<PHONE_NUMBER> with
the required accommodations.
    For more information about the EQR Users Group meeting, please
contact Jeff Sanders of the Commission's Office of Enforcement at (202)
502-6455, or send an email to<EMAIL_ADDRESS>
    Dated: December 4, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-26999 Filed 12-12-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 232 (Tuesday, December 7, 2021)]
[Notices]
[Pages 69301-69306]
[FR Doc No: 2021-26451]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93698; File No. SR-EMERALD-2021-38]

Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing of Proposed Rule Change To Amend Exchange Rule 531 To Provide
for a New Service Called the ``High Precision Network Time Signal
Service''

December 1, 2021.
    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 November 19, 2021, MIAX Emerald, LLC (``MIAX Emerald'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 531 to provide for the
new service called the ``High Precision Network Time Signal Service''.
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/emerald, at MIAX
Emerald's principal office, and at the Commission's Public Reference
Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange provides a resilient and robust technology platform,

deterministic functionality, transparent trading platform, and a
culture of technological innovation to the U.S. options market. In
keeping with its culture of innovation, the Exchange proposes to amend
Exchange Rule 531, Reports and Market Data Products, to provide for the
new service called the ``High Precision Network Time Signal Service''
(hereinafter referred to as ``HPNTSS'' or the ``Service'').\3\ The
Service is an optional product \4\ available to Members.\5\ In sum,
Members would be able to utilize the proposed Service to synchronize
their systems to the Exchange's Global Positioning Satellite (``GPS'')
clock \6\ at sub-nanosecond level accuracy for correlated latency
measurements between the Exchange's and the Member systems' time
measurements related to the same message or order. Time synchronization
services are well established in the U.S. and utilized in many areas of
the U.S. economy and infrastructure. The proposed Service is not novel
to the securities markets and it is similar to other network time
synchronization services currently available to U.S. registered broker-
dealers by two U.S. exchange groups \7\ and a service currently offered
by at least two foreign securities exchanges.\8\
---------------------------------------------------------------------------

    \3\ The Exchange also proposes to amend the title of Exchange
Rule 531 to include the phrase ``and Services'' so the title would
read as ``Reports, Market Data Products, and Services.''
    \4\ The Exchange intends to submit a separate filing with the
Commission pursuant to Section 19(b)(1) to propose fees for the
Service.
    \5\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
    \6\ For a description of the GPS clock, see Official U.S.
Government Information About the Global Positioning System (GPS) and
Related Topic, available at https://www.gps.gov/applications/timing/
(providing that ``[i]n addition to longitude, latitude, and
altitude, the Global Positioning System (GPS) provides a critical
fourth dimension--time. Each GPS satellite contains multiple atomic
clocks that contribute very precise time data to the GPS signals.
GPS receivers decode these signals, effectively synchronizing each
receiver to the atomic clocks. This enables users to determine the
time to within 100 billionths of a second, without the cost of
owning and operating atomic clocks.'').
    \7\ ICE Data Services offers a variety of timing solutions in
its colocation centers, allowing market participants to effectively
timestamp their order flow by synching their primary clock devices
to the primary clock devices in ICE Data Services' network. See ICE
Global Network Timing Services, available at Timing Services
[verbar] ICE (theice.com) (last visited November 9, 2021). A similar
service is also offered by Nasdaq in its colocation centers. See
NIST Enables Precision Time-stamping of Financial Transactions, by
the National Institute of Standards and Technology, U.S. Department
of Commerce, available at https://www.nist.gov/news-events/news/2014/12/nist-enables-precision-time-stamping-financial-transactions
(last visited November 9, 2021), https://www.tradersmagazine.com/departments/technology/nasdaq-launches-ultra-high-precision-time-stamping/ (last visited November 9, 2021), and https://www.gpsworld.com/nasdaq-offers-precision-time-service-for-trading/
(last visited November 9, 2021).
    \8\ A similar service is currently offered by Deutche B[ouml]rse
Group and Nasdaq. See a description of Deutsche B[ouml]rse Group's
Time Services, available at https://www.deutsche-boerse.com/dbg-en/products-services/ps-technology/ps-connectivity-services/ps-connectivity-services-time-services (last visited September 29,
2021), and a description of Nasdaq Nordic PTP Services, available at
https://www.nasdaq.com/docs/nasdaq-nordic-ptp-services-fs.pdf (last
visited November 9, 2021)/. See also slides 28-39 of ``Precise
Timing in Financial Markets'', by Deutche B[ouml]rse Group,
available at White Rabbit in Financial Markets (stanford.edu) (last
visited October 4, 2021). See also slides 11-13 of ``Wall Street
Clock'', by Seven Solutions, available at White Rabbit
synchronization use cases (atis.org) (last visited October 4, 2021).
---------------------------------------------------------------------------

    GPS network time is the benchmark by which most, if not all,
Members use to synchronize their internal primary clock devices. Using
the time signals publicly available through the GPS network is a de
facto standard for high precision time synchronization across
geographically diverse locations. Typically, a GPS antenna serves as a
time signal receiver and feeds a primary clock device the Coordinated
Universal Time (referred to as ``UTC'') using Precision Time Protocol
(``PTP'').\9\ Coordinated Universal Time is the primary time standard
by which the world regulates clocks and time.\10\
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    \9\ The term ``Coordinated Universal Time'' is defined as the
``international standard of time that is kept by atomic clocks
around the world.'' See Merriam-Webster Dictionary, available at
https://www.merriam-webster.com/dictionary/Coordinated%20Universal%20Time (last visited November 10, 2021).
    \10\ See https://www.timeanddate.com/time/aboututc.html (last
visited October 5, 2021).
---------------------------------------------------------------------------

    Today, the Exchange understands many Members attempt to sync their
primary clock devices to the GPS clock. By getting the GPS signal
through a GPS capable antenna, Members can synchronize their primary
clock device to the GPS network time to within an accuracy of
approximately 30 nanoseconds. From there, by using a PTP time
synchronization protocol, Members can synchronize their internal
devices to their primary clock devices. Through this method, the
Members' internal devices can be synchronized to within a few
billionths of a second (nanoseconds) of one another. This is the same
method the Exchange uses today to synchronize its primary clock device
to the GPS network time, i.e., the Exchange gets the GPS signal through
a GPS capable antenna. By using this method, however, measurement times
of market events may oscillate by approximately 30 or more nanoseconds
between the Member and an exchange.\11\ This may, in turn, lead to
incorrect latency measurements that may adversely affect a Member's
time calculations in determining how long it took for their order or
message to leave their systems and reach the trading center to which it
was sent.
---------------------------------------------------------------------------

    \11\ See slide 11-13 of ``Wall Street Clock'', by Seven
Solutions, available at White Rabbit synchronization use cases
(atis.org) (last visited October 4, 2021). See also How Accurate is
GPS for Timing, available at GPS.gov: GPS Accuracy (last visited
November 11, 2021) (providing that ``GPS time transfer is a common
method for synchronizing clocks and networks to Coordinated
Universal Time (UTC). The government distributes UTC as maintained
by the U.S. Naval Observatory (USNO) via the GPS signal in space
with a time transfer accuracy relative to UTC (USNO) of <=30
nanoseconds (billionths of a second), 95% of the time. This
performance standard assumes the use of a specialized time transfer
receiver at a fixed location.'').
---------------------------------------------------------------------------

    As stated above, time synchronization services are well established
in the U.S. and utilized in many areas of the U.S. economy and
infrastructure. The proposed Service simply provides time
synchronization signals to align the subscribing Member's clock to the
Exchange's clock at the more acute nanosecond level. This will allow
Members to timestamp messages or orders within their infrastructure and
leverage various Exchange clock provided timestamp information to
provide more precise network telemetry information to assess the health
and efficiency of their network. The proposed Service would enable
Members to more accurately synchronize their primary clock devices and/
or timestamping devices to the Exchange's primary clock devices at the
more accurate, sub-nanosecond level. The Exchange's primary clock
currently feeds a time signal to the Exchange's timestamping devices
and provides sub-nanosecond level synchronization using an enhanced PTP
(``Enhanced PTP''). This sub-nanosecond time signal is used to
synchronize the Exchange's network packet/order/message capture
devices. Some Members may also currently utilize Enhanced PTP with
their primary clock devices that feed their own timestamping devices at
a sub-nanosecond level. However, despite the Exchange and some Members
utilizing separate Enhanced PTP devices, the timestamps between the
Exchange and those Members may still oscillate up to 30 nanoseconds due
to GPS time precision limitations. Under the proposed Service, Members
would be able to synchronize their own primary clock devices to the
Exchange's primary clock device, by receiving time signals from the
Exchange, at a sub-nanosecond level, reducing or eliminating the
potential for those timestamps to differ. The sub-nanosecond time
signal would

simply tell the Member the Exchange's time at a sub-nanosecond level at
a particular point in time. Members may, in turn, use this time signal
to calculate the time an order or message traveled between their
network and that of the Exchange at a more granular sub-nanosecond
level.
    The Service would operate as follows. As stated above, some Members
may currently utilize Enhanced PTP with their primary clock devices
that feed their own timestamping devices at a sub-nanosecond level. A
Member may utilize these existing compatible clock synchronization
device or install one within their network. This device is not provided
by the Exchange and would need to be built by the Member or acquired
from a third party. This device would be synchronized, via the HPNTSS,
to the Exchange's primary clock device, and ultimately provide to them
the Exchange's single view of the GPS clock time, at a sub-nanosecond
level, at a particular point in time. The Member's clock
synchronization device would then be used to synchronize the clocks
within the Member's computer and network infrastructure, as
appropriate. This enables the Member to record certain times an order
or message traveled through and leaves the Member's system at a sub-
nanosecond level. The Exchange's computer and network infrastructure,
synchronized via the HPNTSS device(s) records the times the order or
message reached certain points within the Exchange's network/systems.
    Members may use the proposed Service for numerous purposes. The
proposed Service would allow Members to better understand the times at
which their order or message reached certain points when traveling from
their network to the Exchange allowing them to better understand the
latency of their orders and messages when traveling between their
network and that of the Exchange. The proposed Service will provide
greater visibility into the latency between their network and the
Exchange, which will allow Members to optimize their network, models,
and trading patterns to potentially improve the timeliness of their
interactions with the Exchange.
    The Exchange believes the Service will provide Members with an
opportunity to learn more about better opportunities to access
liquidity and receive better execution rates. However, the utility of
the proposed Service is not limited to evaluating the timeliness of
Members' orders and may be used for other purposes, including, but not
limited to the following use cases discussed below. Members may use the
proposed Service to analyze the efficiency of their network and
connections when not only routing orders to the Exchange, but also when
receiving messages back from the Exchange. These messages include
communications regarding whether their order was accepted, rejected, or
executed. Therefore, Members may measure message traversal times by
comparing their message (e.g., order, quote, cancellation, etc.)
timestamp to the Exchange's matching engine timestamp on
acknowledgement messages (e.g., order acknowledgment, quote
acknowledgment, cancellation acknowledgment, etc.). Members may also
measure the time it takes for any message to be received by the
Exchange's matching engine. Members may also measure the traversal
times by comparing their message timestamp to the matching engine
timestamp on the Exchange's proprietary market data feed messages and
measure the time it takes for any message to be published to the
Exchange's proprietary market data feeds by the Exchange's matching
engine. Members may then use this information to further enhance their
own systems to receive such communications in a timelier manner to
verify that their systems are working as intended. Members may also use
the Service for other purposes, such as determining compliance with
certain regulatory requirements \12\ and trading surveillance. Members
may also utilize time synchronization to assist them in evaluating
compliance with certain clock synchronization requirements.\13\
---------------------------------------------------------------------------

    \12\ See, e.g., Chapter III of the Exchange's Rules, which
incorporates by reference Rule 301, Interpretation and Policy .02
(Just and Equitable Principles of Trade), of Miami International
Securities Exchange, LLC (``MIAX''); and Financial Industry
Regulatory Authority, Inc. (``FINRA'') Rule 5320.
    \13\ See Chapter XVII of the Exchange's Rules, which
incorporates by reference MIAX Rule 1707 (Consolidated Audit Trail
Compliance Rule--Clock Synchronization Rule Violation); and FINRA
Rule 6820.
---------------------------------------------------------------------------

    Specifically, the Service would be described under proposed
Exchange Rule 531(c), which would provide that:

    HPNTSS is an enhanced Precision Time Protocol (``PTP'')
Ethernet-based service for synchronizing device clocks to within
sub-nanosecond accuracy of one another. HPNTSS enables Members to
synchronize their internal devices to the same time as the Exchange
devices with high precision. Tightly synchronized clocks enable the
ability to correlate event timestamps from within their own systems
to those within the Exchange's network. For example, HPNTSS allows
Members to precision timestamp a quote sent from their system to the
very same quote timestamped by the Exchange and accurately measure
the time delta between the timestamps to less than one nanosecond.

    The proposed rule text includes an example related to comparing a
quote timestamps at a sub-nanosecond level. However, this example is
included for illustrative purposes only and is one of may use cases in
which the proposed Service may be used by Members. Additional examples
of use cases are described above.
    The Exchange proposes to provide the Service in response to Member
demand for tighter and more accurate clock synchronization options with
the Exchange's network. The purpose of the proposed Service is to
provide Members an additional, optional tool to aid in them in [sic]
synchronizing their systems with the Exchange's network to ensure more
accurate clock synchronization and timestamp calculations.
    As discussed above, Members may currently have their own GPS clock
and synchronization devices that allow them to determine the timeliness
and speed of their orders and messages. They may also currently have
those GPS devices synchronized with the GPS clocks of other trading
centers or other third parties that they engage with. The Exchange
proposes to allow all Members to do the same here and synchronize their
GPS devices with the Exchange's GPS clock. The Exchange simply proposes
to provide the Service in response to Member demand for data concerning
the timeliness of their incoming orders and messages that now wish to
sync their own devices with the Exchange's GPS clock at a sub-
nanosecond level. Again, the proposed Service is an optional product
and no Member is required to subscribe to the Service to trade or
participate on the Exchange.
Change to Title of Exchange Rule 531
    With the proposed change to add the new Service, the Exchange also
proposes to amend the title of Exchange Rule 531, which is currently
titled ``Reports and Market Data Products.'' With the addition of the
Service, the Exchange proposes to place a comma after the word
``Reports'' in the title of Exchange Rule 531, and add the phrase ``and
Services'' at the end. Accordingly, with the proposed changes, the
title of Exchange Rule 531 will be as follows: ``Reports, Market Data
Products and Services.'' The purpose of this change is to provide
clarity within the Exchange's rules.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act

and the rules and regulations thereunder applicable to the Exchange
and, in particular, the requirements of Section 6(b) of the Act.\14\
Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \15\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
This proposal is in keeping with those principles in that it promotes
improved technology management and optimization by providing an
optional Service to those Members interested in synchronizing their
system's GPS clocks and timestamps with those of the Exchange at a sub-
nanosecond level. Additionally, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \16\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers as it will be available
to all Members who chose [sic] to subscribe. Members that chose [sic]
not to subscribe to the proposed Service are free to utilize existing
time synchronization methods described above or utilize some other
services that may assist them in time synchronization of their systems
at a more granular level.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
    \16\ Id.
---------------------------------------------------------------------------

    Today, GPS clocks contribute very precise time data to the GPS
signals. GPS receivers decode these signals, effectively synchronizing
each receiver to the atomic clocks. This enables users to determine the
time to within 30 nanoseconds.\17\ These precise time measurements are
crucial to a variety of economic activities. Communication systems and
financial networks all rely on precision timing for synchronization and
operational efficiency. These benefits include precise synchronization
of communications systems, financial networks, and other critical
infrastructure, as well as improved network management and
optimization, making traceable timestamps possible for financial
transactions and billing.\18\ The proposed Service, therefore, perfects
the mechanism of a free and open market and a national market system by
providing an additional, optional tool for Members to further enhance
their timestamp calculations at a sub-nanosecond level. The proposed
Service is also not novel to the securities markets and it is similar
to other network time services currently available to U.S. registered
broker-dealers by two U.S. exchange groups and currently offered by at
least two foreign securities exchanges.\19\
---------------------------------------------------------------------------

    \17\ See supra note 11.
    \18\ See GPS.gov: Timing Applications (last visited November 12,
2021).
    \19\ See supra notes 7 and 8.
---------------------------------------------------------------------------

    The Exchange believes the proposed Service removes impediments to
and perfects the mechanism of a free and open market and a national
market system by providing Members an optional tool that would enable
them to better time synchronize their systems to the Exchange. The
proposed Service would be beneficial in multiple areas, one of which is
enabling Members to better understand the latency of their incoming
orders and messages. Members may also use the proposed Service to
analyze the efficiency of their networks when receiving messages from
the Exchange, such as whether their order or quote was accepted,
rejected, or executed. Members may also use the proposed Service to
measure the time it takes for their message, such as an instruction to
cancel a resting order, to be received by the Exchange's matching
engine, not just at the outside wall of the Exchange's network. The
proposed Service may also be used by Members to measure traversal times
by comparing their message timestamp to the Exchange's matching engine
timestamp, which is published on the Exchange's proprietary data feeds.
Members may then, in turn, measure the time it takes for a message or
order to be published to the Exchange's proprietary data feed by the
matching engine. Based on the above use cases, the proposed Service
would facilitate transactions in securities by providing Members with
an optional tool that enables them to further enhance their systems to
send and receive such communications to the Exchange in a timelier
manner and to verify that their systems are performing correctly.
    The proposed Service is designed for Members that are interested in
gaining insight into latency by providing those Members with an
optional service to better calculate the time it took for their orders
or messages to travel between their network and that of the Exchange.
The Exchange believes providing this optional clock synchronization
service to interested Members is consistent with facilitating
transactions in securities, removing impediments to and perfecting the
mechanism of a free and open market and a national market system, and,
in general, protecting investors and the public interest because it
provides greater visibility into the latency of Members' orders,
messages, and interactions with the Exchange. Members may use the
proposed Service to optimize their models and trading patterns in an
effort to yield better execution results by better understanding the
time their order left their network and was received by the Exchange.
This would, in turn, benefit other market participants who may
experience better executions when sending orders to Members that
utilize the Service.
    The proposed Service also enables Members to further enhance their
own systems to send and receive communications to and from the Exchange
in a timelier manner and to verify that their systems are working as
intended. The proposed Service also promotes just and equitable
principles of trade because Members may use the Service for determining
compliance with certain regulatory requirements,\20\ trading
surveillance, and to assist them in evaluating compliance with certain
clock synchronization requirements.\21\
---------------------------------------------------------------------------

    \20\ See supra note 12.
    \21\ See supra note 13.
---------------------------------------------------------------------------

    The proposed Service is not a market data product or access/
connectivity service and the Exchange does not propose to include
additional connectivity options or modify existing connectivity options
as part of this proposal. Members may use their existing methods to
connect to and send orders to the Exchange. The proposed Service is
simply a clock synchronization service, requested by Members, that
would allow Members to better understand the time by which their orders
travel from their systems to those of the Exchange. It is simply an
additional, optional tool that Members may use to calculate time
measurements at a sub-nanosecond level. The proposed Service will not
include any trading data regarding the Member's activity on the
Exchange or include any data from other trading activity on the
Exchange.
    The proposed Service may not provide utility to all Members based
on their business model, use of existing time synchronization methods,
or reliance on other methods to test their system's performance to
ensure it is operating as intended. Nonetheless, the Exchange
understands that some Members may view the proposed

Service as critical in that it would assist them in better calculating
time measurements of their orders at a sub-nanosecond level and further
enhance their trading systems to perform with minimal latency as
compare [sic] to other market participants that participate on the
Exchange. However, the Exchange notes that use of the proposed Service
will be on voluntary basis and no Member will be required to subscribe
to the Service. Members may utilize existing time synchronization
methods described above or utilize some other services that may assist
them in time synchronization of their systems. Members may view these
alternatives as more in line with their business needs or chose [sic]
an alternative that is more compatible with their existing technology.
As noted above, other Members may also not think the proposed Service
is necessary or in line with their business need because they are not
latency sensitive or have developed other methods to test and ensure
that their network is operating as they intend.
    Again, the Exchange notes that there is no rule or regulation that
requires the Exchange to provide, or that a Member elect to subscribe
to, the Service. It is entirely a business decision of each Member to
subscribe to the Service. Members that do not chose to subscribe to the
Service may avail themselves to other products that assist them in
better calculating time measurements related to their messages or
orders. The Exchange proposes to offer the Service as a convenience to
Members to provide them with additional information regarding trading
activity on the Exchange. A Member that chooses to subscribe to the
Service may discontinue the Service at any time if that Member
determines that the Service is no longer useful or that alternatives
better meet their business or system needs.
    In summary, the proposed Service will help to protect a free and
open market by providing an additional tool (offered on an optional
basis) to the marketplace and by providing investors with greater
choices. Additionally, the proposal would not permit unfair
discrimination because the proposed Service will be available to all
Exchange Members.
    Lastly, the Exchange believes the proposed changes to the title of
Exchange Rule 531 promote just and equitable principles of trade and
remove impediments to and perfect the mechanism of a free and open
market and a national market system because the proposed rule changes
will provide greater clarity to Members and the public regarding the
Exchange's Rules. It is in the public interest for rules to be accurate
and concise so as to eliminate the potential for confusion.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. In
this instance, the proposed rule change to offer the optional Service
is in response to Member interest and requests for tools that would
enable them to better measure traversal times between their network and
that of the Exchange at a more granular level. The Exchange does not
believe the proposed Service will have an inappropriate burden on
intra-market competition between Members that choose to subscribe to
the Service and those Members that do not. As discussed above, other
latency measurement tools are available to U.S. registered broker-
dealers, alternative trading systems, and currently offered by at least
two foreign securities exchanges.\22\ Like the proposed Service, these
tools also provide market participants the ability to further enhance
their systems to send and receive such communications to the Exchange
in a timelier manner and to verify that their systems are performing
correctly. Additionally, some Members may be able to enhance their own
traversal time calculations without subscribing to the proposed Service
by using existing time synchronization methods described above or
utilize some other services that may assist them in time
synchronization of their systems. Members may view these alternatives
as more in line with their business needs or chose [sic] an alternative
that is more compatible with their existing technology.
---------------------------------------------------------------------------

    \22\ See supra notes 7 and 8.
---------------------------------------------------------------------------

    The Exchange does not believe the proposed Service will have an
inappropriate burden on inter-market competition as similar services
are currently available to brokers-dealers by at least two other U.S.
exchange groups.\23\ The proposed Service would therefore serve to
enhance competition by allowing the Exchange to offer a time
synchronization service that is similar to those currently available on
other U.S. securities exchanges. The proposed rule change should
enhance competition by promoting further initiatives and innovation
among market centers and market participants as it concerns time
measurements and synchronization among trading platforms.
---------------------------------------------------------------------------

    \23\ See supra note 7.
---------------------------------------------------------------------------

    Lastly, if the proposed Service is unattractive to Members, Members
will opt not to subscribe to it. Accordingly, the Exchange does not
believe that the proposed change will impair the ability of Members or
competing order execution venues to maintain their competitive standing
in the financial markets.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such 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 SR-EMERALD-2021-38 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-EMERALD-2021-38. 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 10:00 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-
EMERALD-2021-38, and should be submitted on or before December 28,
2021.
---------------------------------------------------------------------------

    \24\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26451 Filed 12-6-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 65 (Friday, April 3, 2020)]
[Rules and Regulations]
[Pages 18862-18868]
[FR Doc No: 2020-06923]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2019-0605; Product Identifier 2019-NM-093-AD; Amendment
39-19852; AD 2020-04-15]
RIN 2120-AA64

Airworthiness Directives; The Boeing Company Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: The FAA is adopting a new airworthiness directive (AD) for all
The Boeing Company Model 757 airplanes and Model 767-200, -300, and -
300F series airplanes. This AD was prompted by reports of excessively
high flight deck or cabin temperatures. This AD requires revising
certificate limitations and operating procedures of the existing
airplane flight manual (AFM), to provide the flightcrew with procedures
for hot flight deck or cabin temperatures to follow under certain
conditions. The FAA is issuing this AD to address the unsafe condition
on these products.

DATES: This AD is effective May 8, 2020.

ADDRESSES:

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2019-
0605; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, the regulatory evaluation, any comments received, and
other information. The address for Docket Operations (phone: 800-647-
5527) is U.S. Department of Transportation, Docket Operations, M-30,
West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE,
Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Susan L. Monroe, Aerospace Engineer,
Cabin Safety and Environmental Systems Section, FAA, Seattle ACO
Branch, 2200 South 216th St., Des Moines, WA 98198; phone and fax: 206-
231-3570; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to all The Boeing Company
Model 757 airplanes and Model 767-200, -300, and -300F series
airplanes. The NPRM published in the Federal Register on August 20,
2019 (84 FR 43080). The NPRM was prompted by reports of excessively
high flight deck or cabin temperatures. The NPRM proposed to require
revising certificate limitations and operating procedures of the
existing AFM to provide the flightcrew with procedures for hot flight
deck or cabin temperatures to follow under certain conditions.
    The FAA is issuing this AD to address excessively high flight deck
or cabin temperatures, which may inhibit safe operation of the airplane
by the flightcrew and contribute to loss of continued safe flight and
landing, or may cause physiological distress to passengers and cabin
crew.

Comments

    The FAA gave the public the opportunity to participate in
developing this final rule. The following presents the comments
received on the NPRM and the FAA's response to each comment.

Support for the NPRM

    The Air Line Pilots Association, International (ALPA), expressed
support for the NPRM.

Effect of Winglets on Accomplishment of the Proposed Actions

    Aviation Partners Boeing stated that the installation of winglets
per Supplemental Type Certificate (STC) ST01518SE or STC ST01920SE does
not affect the accomplishment of the manufacturer's service
instructions.
    The FAA agrees with the commenter that neither STC ST01518SE nor
STC ST01920SE affect the accomplishment of the manufacturer's service
instructions. Therefore, the installation of STC ST01518SE or STC
ST01920SE does not affect the ability to accomplish the actions
required by this AD. The AD has not been changed in this regard.

Request To Correct a Checklist Step

    Boeing requested to remove ``100%'' from the non-normal checklist
step for Oxygen Masks and Regulators. The commenter noted that the 100%
oxygen specified in the operating procedures is not correct for this
particular situation on the airplane. According to Boeing, the
flightcrew should be using the normal diluter demand mask regulator
position, which is described in the non-normal checklist introduction
in the Quick Reference Handbook part of the Flight Crew Operations
Manual.
    The FAA agrees with Boeing's assessment and request. The ``100%''
indication has been removed from the non-normal checklist step for
Oxygen Masks and Regulators in figures 4, 5, 6, and 7 to paragraph
(g)(2) of this AD.

Request To Not Require New Certificate Limitation

    American Airlines and United Airlines requested to remove the
proposed requirement to revise the existing AFM certificate limitation
chapter with a new certificate limitation. American Airlines also
requested that if the requirement is not removed, figure 3 to paragraph
(g)(1) of this AD be revised to specify the ``Quick Reference
Handbook,'' rather than the ``Operating Procedures chapter of this
manual.'' The commenters asserted that the Cabin Temperature Hot
procedures currently exist in other reference material, and that
operators will continue to follow those procedures. United Airlines
further asserted that no precedent exists for adding a certificate
limitation directing the accomplishment of an emergency or non-normal
checklist.
    The FAA does not agree to this request because the revision of the
certificate limitation chapter makes the Cabin Temperature Hot
procedures mandatory. The revised certificate limitation chapter also
provides awareness to operators and flight standards that the actions
are related to an unsafe condition and cannot be modified. As to the
additional request to specify the ``Quick Reference Handbook,'' that
publication cannot be specified because it is not controlled nor
approved by the FAA. This requirement has not been changed in this AD.

Request Concerning a Planned Technical Solution

    Lufthansa Technik (Lufthansa) asked whether a preventive technical
solution, rather than the proposed reactive one, would be provided and
mandated for the unsafe condition. The commenter said a technical
solution such as a modification would prevent operators from getting
into the situation that creates the unsafe condition.
    The FAA agrees that a preventive technical solution to the unsafe
condition would be a better option. Although no technical solution has
yet been provided or proposed by Boeing, the corrective action required
by this AD provides an adequate level of safety. Should we receive a
technical solution from Boeing, the FAA may consider further
rulemaking. The AD has not been changed with regard to this request.

Conclusion

    The FAA reviewed the relevant data, considered the comments
received, and determined that air safety and the public interest
require adopting this final rule with the changes described previously
and minor editorial changes. The FAA has determined that these minor
changes:
     Are consistent with the intent that was proposed in the
NPRM for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.
    The FAA also determined that these changes will not increase the
economic burden on any operator or increase the scope of this final
rule.

Costs of Compliance

    The FAA estimates that this AD affects 866 airplanes of U.S.
registry. The FAA estimates the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
AFM Revision..........................  1 work-hour x $85 per                 $0             $85         $73,610
                                         hour = $85.
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Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Will not affect intrastate aviation in Alaska, and
    (3) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2020-04-15 The Boeing Company: Amendment 39-19852 ; Docket No. FAA-
2019-0605; Product Identifier 2019-NM-093-AD.

(a) Effective Date

    This AD is effective May 8, 2020.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all The Boeing Company airplanes specified in
paragraphs (c)(1) and (2) of this AD, certificated in any category.
    (1) Model 757-200, -200PF, -200CB, and -300 series airplanes.
    (2) Model 767-200, -300, and -300F series airplanes.

(d) Subject

    Air Transport Association (ATA) of America Code 21, Air
conditioning.

(e) Unsafe Condition

    This AD was prompted by reports of excessively high flight deck
or cabin temperatures. The FAA is issuing this AD to address this
condition, which may inhibit safe operation of the airplane by the
flightcrew and contribute to loss of continued safe flight and
landing, or may cause physiological distress to passengers and cabin
crew.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Airplane Flight Manual (AFM) Revisions

    Within 60 days after the effective date of this AD, do the
actions specified in paragraphs (g)(1) and (2) of this AD.
    (1) Revise the ``Certificate Limitations'' chapter of the
existing AFM to include the information specified in figure 1 to
paragraph (g)(1), figure 2 to paragraph (g)(1), or figure 3 to
paragraph (g)(1) of this AD, as applicable. This may be accomplished
by inserting a copy of this AD into the existing AFM. When
information identical to that in figure 1 to paragraph (g)(1),
figure 2 to paragraph (g)(1), or figure 3 to paragraph (g)(1) of
this AD has been included in the ``Certificate Limitations'' chapter
of the general revisions of the existing AFM, the general revisions
may be inserted into the existing AFM, and the copy of this AD may
be removed from the existing AFM.

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    (2) Revise the ``Operating Procedures'' chapter of the existing
AFM to include the information specified in figure 4 to paragraph
(g)(2), figure 5 to paragraph (g)(2), figure 6 to paragraph (g)(2),
or figure 7 to paragraph (g)(2) of this AD, as applicable. This may
be accomplished by inserting a copy of this AD into the existing
AFM. When information identical to that in figure 4 to paragraph
(g)(2), figure 5 to paragraph (g)(2), figure 6 to paragraph (g)(2),
or figure 7 to paragraph (g)(2) of this AD has been included in the
``Operating Procedures'' chapter of the general revisions of the
existing AFM, the general revisions may be inserted into the
existing AFM, and the copy of this AD may be removed from the
existing AFM.

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(h) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Seattle ACO Branch, FAA, has the authority to
approve AMOCs for this AD, if requested using the procedures found
in 14 CFR 39.19. In accordance with 14 CFR 39.19, send your request
to your principal inspector or local Flight Standards District
Office, as appropriate. If sending information directly to the
manager of the certification office, send it to the attention of the
person identified in paragraph (i) of this AD. Information may be
emailed to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.
    (3) An AMOC that provides an acceptable level of safety may be
used for any repair, modification, or alteration required by this AD
if it is approved by The Boeing Company Organization Designation
Authorization (ODA) that has been authorized by the Manager, Seattle
ACO Branch, FAA, to make those findings. To be approved, the repair
method, modification deviation, or alteration deviation must meet
the certification basis of the airplane, and the approval must
specifically refer to this AD.

(i) Related Information

    For more information about this AD, contact Susan L. Monroe,
Aerospace Engineer, Cabin Safety and Environmental Systems Section,
FAA, Seattle ACO Branch, 2200 South 216th St., Des Moines, WA 98198;
phone and fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
(j) Material Incorporated by Reference

    None.

    Issued on March 24, 2020.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2020-06923 Filed 4-2-20; 8:45 am]
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