[Federal Register Volume 86, Number 89 (Tuesday, May 11, 2021)]
[Notices]
[Pages 25918-25922]
[FR Doc No: 2021-09889]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91781; File No. SR-Phlx-2020-41]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
of Amendment Nos. 1 and 2 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To List
and Trade Options on a Nasdaq-100 Volatility Index

May 5, 2021.

I. Introduction

    On August 24, 2020, Nasdaq PHLX LLC (``Exchange'' or ``Phlx'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
list and trade options on a Nasdaq-100 Volatility Index (``Volatility

Index'' or ``VOLQ''). The proposed rule change was published for
comment in the Federal Register on September 8, 2020.\3\ On October 20,
2020, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ On
December 4, 2020, the Commission instituted proceedings under Section
19(b)(2)(B) of the Act \6\ to determine whether to approve or
disapprove the proposed rule change.\7\ On March 4, 2021, the
Commission designated a longer period for Commission action on the
proposed rule change.\8\ On March 11, 2021, the Exchange filed
Amendment No. 1 to the proposed rule change, which replaced and
superseded the proposed rule change.\9\ On April 19, 2021, the Exchange
filed partial Amendment No. 2 to the proposed rule change.\10\ The
Commission is publishing this notice to solicit comments on Amendment
Nos. 1 and 2 from interested persons, and is approving the proposed
rule change, as modified by Amendment Nos. 1 and 2, on an accelerated
basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89725 (September 1,
2020), 85 FR 55544 (``Notice''). Comments on the proposed rule
change can be found on the Commission's website at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90226, 85 FR 67781
(October 26, 2020). The Commission designated December 7, 2020 as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 90573, 85 FR 79552
(December 10, 2020).
    \8\ See Securities Exchange Act Release No. 91254, 86 FR 13772
(March 10, 2021) (designating May 6, 2021 as the date by which the
Commission shall approve or disapprove the proposal).
    \9\ In Amendment No. 1, the Exchange: (i) Sets the end of the
trading session for options on the Volatility index at 4:00 p.m. ET
instead of 4:15 p.m. ET; (ii) expands the venues of the thirty-two
underlying Nasdaq-100 Index component options used to calculate the
Closing Volume Weighted Average Price (i.e., settlement value for
the Volatility Index options), which will be determined by reference
to prices and sizes of executed orders or quotes on Phlx to also
include Nasdaq ISE, LLC (``ISE'') and Nasdaq GEMX, LLC (``GEMX'');
(iii) clarifies that The Nasdaq Stock Market LLC shall be the
reporting authority for the VOLQ Index; (iv) states that executed
orders shall include simple orders and complex orders, and that
individual leg executions of a complex order will only be included
if the executed price of the leg is at or within the national best
bid or offer (``NBBO''); (v) commits to providing an annual report
to the Commission for five years containing certain settlement data;
(vi) states that Phlx will surveil for open interest in VOLQ in
addition to Nasdaq-100 trading volume prior to settlement; and (vii)
makes other clarifying and conforming changes throughout the filing.
Amendment No. 1 is available at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041-8486517-229965.pdf.
    \10\ In Amendment No. 2, the Exchange removes the word ``non-
public'' from the description of the annual report it will provide
to the Commission. Amendment No. 2 is available at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041-8687377-235663.pdf.
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II. Description of the Proposed Rule Change, as Modified by Amendment
Nos. 1 and 2 \11\
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    \11\ Additional information regarding the proposal can be found
in Amendment No. 1, supra note 9.
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    The Exchange proposes to list and trade options on VOLQ, a new
index that measures changes in 30-day implied volatility of the Nasdaq-
100 Index (``Nasdaq-100 Index'' or ``NDX''). As proposed, options on
VOLQ will be cash-settled and will have European-style exercise
provisions. The Exchange states that the Volatility Index will measure
``at-the-money'' volatility by using published real-time bid/ask quotes
of NDX options and will be disseminated in annualized percentage
points.
    The Exchange proposes to list up to six weekly expirations and up
to 12 standard (monthly) expirations in Volatility Index options. The
six weekly expirations will be for the nearest weekly expirations from
the actual listing date, and the weekly expirations will not expire in
the same week in which standard (monthly) Volatility Index options
expire. Standard (monthly) expirations in the Volatility Index options
will not be counted as part of the maximum six weekly expirations
permitted for Volatility Index options. In addition, the Exchange
proposes that long term option series having up to sixty months to
expiration may be listed and traded.

Volatility Index Design and Composition

    The Exchange states that the Volatility Index reflects changes in
30-day implied volatility, which measures the magnitude of changes of
the underlying broad-based securities index, NDX. According to the
Exchange, the Volatility Index measures the expectation for market
volatility over the next thirty calendar days as expressed by options
on NDX. The Exchange explains that the Volatility Index uses the bid
and offer prices of certain listed options on NDX to obtain the prices
of synthetic precisely at-the-money options, which are then used to
calculate 30-day closed-form implied volatility. Finally, the 30-day
closed-form implied volatility is multiplied by 100 to calculate the
Volatility Index level. The Volatility Index is quoted in annualized
percentage points.
    The Exchange believes that the proposed product does not have
single or aggregated component concentration risk. The Exchange states
that the methodology caps each single component as well as the top five
weighted components. The Exchange further states that no component
security of the Volatility Index comprises more than 12.50% of the
index's weighting and that the five highest weighted component
securities of the Volatility Index in the aggregate do not comprise
more than 43.75% of the index's weighting.

Index Calculation and Maintenance

    The Exchange states that the level of the Volatility Index will
reflect the current 30-day implied volatility of NDX and will be
updated on a real-time basis on each trading day beginning at 9:30 a.m.
and ending at 4:00 p.m. ET. If the current published value of a
component is not available, the last published value will be used in
the calculation. Values of the Volatility Index will be disseminated
via the Nasdaq GIDS market data system every fifteen seconds during the
Exchange's regular trading hours to market information vendors such as
Bloomberg and Thomson Reuters. In the event the Volatility Index ceases
to be maintained or calculated the Exchange will not list any
additional series for trading and will limit all transactions in such
options to closing transactions only for the purpose of maintaining a
fair and orderly market and protecting investors.

Exercise and Settlement Value

    The exercise settlement value calculation used for Volatility Index
option settlement will be calculated on the Volatility Index Options
expiration date, the specific date (usually a Wednesday) identified in
the option symbol for the series. If that Wednesday or the Friday that
is thirty days following that Wednesday is an Exchange holiday, the
exercise settlement value will be calculated on the business day
immediately preceding that Wednesday. The last trading day for a
Volatility Index option will be the business day immediately preceding
the expiration date. When the last trading day is moved because of an
Exchange holiday, the last trading day for an expiring Volatility Index
option contract will be the day immediately preceding the last
regularly scheduled business day.
    Monthly options on the Volatility Index will expire on the
Wednesday that is thirty days prior to the third Friday of the
following the expiring month. Trading in expiring options on

the Volatility Index will normally cease at 4:00 p.m. ET on the Tuesday
preceding an expiration Wednesday.

Final Settlement

    The Exchange states that the final settlement price (Ticker Symbol:
VOLS) will be calculated as described below on Wednesday commencing at
9:32:000 a.m. ET on the expiration day, and continuing each second for
the next 300 seconds (``Closing Settlement Period''). The exercise
settlement amount will be equal to the difference between the final
settlement price and the exercise price of the option, multiplied by
$100. Exercise will result in the delivery of cash on the business day
following expiration.
    The Volatility Index's component NDX options are listed on Phlx as
well as on ISE and GEMX. The settlement value for the Volatility Index
options will be the Closing Volume Weighted Average Price, to be
determined by reference to the prices and sizes of executed orders or
quotes in the thirty-two underlying NDX component options on the Phlx,
ISE, and GEMX markets calculated near the opening of trading on the
expiration date. The Exchange will observe the number of contracts
resulting from orders and quotes of the then-current NDX component
options executed on Phlx, ISE, and GEMX at each price during individual
one-second intervals of the Closing Settlement Period on the expiration
day.\12\ If no transactions occur on Phlx, ISE, or GEMX in an NDX
component option during any one-second observation period, the NBBO
midpoint of each of the NDX component options for which a transaction
has not occurred at the end of the one-second observation period will
be considered the One Second VWAP for that observation period for
purposes of the settlement methodology. The NBBO midpoint will be the
midpoint of the best bid and best offer from Phlx, ISE, and GEMX. Each
One Second VWAP for each component option is then used to calculate the
Volatility Index, resulting in the calculation of 300 sequential
Volatility Index values. Finally, the Exchange states that all 300
Volatility Index values will be arithmetically averaged (i.e., the sum
of 300 Volatility Index calculations is divided by 300) and the
resulting figure is rounded to the nearest .01 to arrive at the
settlement value.
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    \12\ The Exchange calculates a volume weighted average price for
each one-second observation period (a ``One Second VWAP'') for each
component option.
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Contract Specifications

    The proposed options on the Volatility Index are European-style and
cash-settled. The Exchange states that the trading hours for Volatility
Index options will be 9:30 a.m. to 4:00 p.m. ET. The Exchange proposes
to apply margin requirements for the purchase and sale of options on
the Volatility Index that are identical to those applied for its other
broad-based index options.
    The Exchange states that trading of options on the Volatility Index
will be subject to the trading halt procedures applicable to other
index options traded on the Exchange. Options on the Volatility Index
will be quoted and traded in U.S. dollars. Accordingly, the Exchange
believes that all Exchange and The Options Clearing Corporation members
will be able to accommodate trading, clearance, and settlement of the
Volatility Index without alteration. All options on the Volatility
Index will have a minimum increment of $0.05 for options trading below
$3.00 and $0.10 for all other series.
    The Exchange proposes to set the minimum strike price interval for
options on the Volatility Index at $0.50 or greater where the strike
price is less than $75, $1 or greater where the strike price is $200 or
less, and $5 or greater where the strike price is more than $200. The
Exchange proposes that there shall be no position or exercise limits
for options on the Volatility Index and that trading of options on the
Volatility Index will be subject to the same rules that presently
govern the trading of Exchange index options, including sales practice
rules, margin requirements, and trading rules.
    The Exchange believes that it is unlikely that the Volatility Index
settlement value could be manipulated because the likelihood of gaming
the components over a 300-second period is extremely low. The Exchange
states that because the 32 component option inputs are determined each
second (meaning that Volatility Index components could change 300 times
during the settlement period), market participants would have to
predict market moves over the full settlement period in order to
manipulate the settlement value. Additionally, the Exchange believes
that traders are subject to highly competitive market forces of deep
and established market liquidity. For example, the Exchange notes that
during each second of the final settlement observation period on
January 16, 2019 and February 13, 2019, the average notional value of
each bid of the thirty-two components was $21.1 million; the average
notional value of each offer was $13.5 million. Finally, the Exchange
states that since the Volatility Index assesses each second of all
listed NDX options, this is a continuous assessment of competitive
price action and voluminous trading activity for all Nasdaq-100 Index
stock components. In support, the Exchange notes that during the final
settlement observation period (five-minute period) on January 16, 2019
and February 13, 2019, the average summation of traded volume for all
Nasdaq-100 Index component shares was 18.8 million shares. The Exchange
states that the average total value of all Nasdaq-100 Index shares
traded during the final settlement observation period was $1.93 billion
and the corresponding market capitalization for all Nasdaq-100 Index
components during the final settlement period was $7.8 trillion.
    The Exchange represents that it has an adequate surveillance
program in place for options traded on the Volatility Index and intends
to apply those same program procedures that it applies to the
Exchange's other options products. Additionally, the Exchange states
that it is a member of the Intermarket Surveillance Group, through
which it can coordinate surveillance and investigative information
sharing in the stock and options markets with all of the U.S.
registered stock and options markets. Phlx believes that its
surveillance procedures currently in place, coupled with additional
surveillance measures, will allow it to adequately surveil for any
potential manipulation in the trading of Volatility Index options. The
Exchange states it will monitor the integrity of the Volatility Index
by analyzing trades, quotations, and orders that affect any of the 300
calculated reference prices for any of the NDX option series used for
the final settlement calculation for potential manipulation. In
particular, the Exchange states it will: (i) Monitor all NDX NBBO
quotes and trades (including but not limited to NDX quotes and trades
on the Exchange) during the opening for all options series that are
used as part of the final settlement; (ii) surveil for open interest
manipulation by monitoring VOLQ and NDX trading volume prior to
settlement; (iii) monitor trading on Phlx, ISE, and GEMX after the
Closing Settlement Period for possible wash trading, pre-arranged, or
related artificial activity; and (iv) compare quotes for settlement
against quotes for non-settlement in the 32 NDX option series used for
settlement between the opening and a period of time thereafter, with a
focus on identifying deviations of the midpoint, the bid-ask spread,
and other

market elements compared to the Nasdaq-100 Index value. The Exchange
also represents that it has the necessary system capacity to support
additional quotations and messages that will result from the listing
and trading of options on the Volatility Index.
    The Exchange committed to providing the Commission an annual report
each year for 5 years on the anniversary of the first day of trading of
VOLQ options. The annual report shall consist of twelve monthly data
files, one for each month, with settlement information from the prior
year which contains: (1) One-second NBBO (bid price, bid size, offer
price, offer size, exchange code for bid and offer, time stamp and
timestamp reference) and Options Price Reporting Authority trade data
(trade price, volume, exchange code, trade indicator, exchange code)
for the VOLS NDX component options from 9:30:00 a.m. ET to 9:45:00 a.m.
ET; (2) all VOLS one-second index values (over the final settlement
window between 9:32:01 a.m. ET and 9:37:00 a.m. ET) used in deriving
the final settlement value for Nasdaq-100 Volatility Index futures
contracts; and (3) expiring VOLQ options open interest.

III. Discussion and Commission Findings

    After careful review of the proposed rule change, as modified by
Amendment Nos. 1 and 2, as well as comment received, the Commission
finds that the proposed rule change, as modified by Amendment Nos. 1
and 2, is consistent with the Act and the rules and regulations
thereunder applicable to a national securities exchange.\13\ In
particular, the Commission finds that the proposed rule change, as
modified by Amendment Nos. 1 and 2, is consistent with Section 6(b)(5)
of the Act,\14\ which requires, among other things, that the Exchange's
rules be 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
a national market system, and, in general, to protect investors and the
public interest.
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    \13\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \14\ 15 U.S.C. 78f(b)(5).
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    In support of its proposal, the Exchange states that the Volatility
Index final settlement has exceedingly high hurdles for potential
manipulation. First, the Exchange believes that market participants
cannot predict which components will be included in the final
settlement. Second, the Exchange believes that traders are subject to
competitive market forces of deep and established market liquidity. In
addition, the Exchange amended its proposal to incorporate all trades
in the component options into the settlement calculation, rather than
only trades occurring on the Exchange, and to specify that legs of
complex order transactions would only be included in the calculation if
they were at or within the NBBO. The Exchange also committed to provide
five years of monthly settlement data on an annual basis.\15\
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    \15\ In Amendment No. 2, the Exchange removed the word ``non-
public'' from its description of the annual report it would provide
to the Commission. See Amendment No. 2, supra note 10. The provision
of annual settlement data for five years will assist the Commission
in monitoring settlement inputs and values and assessing how the
market for VOLQ and the underlying NDX component options may change
over time.
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    The Exchange also states that the proposal will facilitate the
listing and trading of an index option product with a novel structure,
which would enhance competition among market participants. A commenter,
who states it is the provider of the VOLQ methodology, also expressed
support for the proposal. The commenter states that VOLQ is a response
to requests from market participants and that competition and
innovation generated by VOLQ are in the public interest and will
benefit investors.\16\
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    \16\ See letter dated September 16, 2020 from Scott Nations,
President, Nations Indexes, to Vanessa Countryman, Secretary,
Commission, available at: https://www.sec.gov/comments/sr-phlx-2020-41/srphlx202041-7783670-223493.pdf.
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    The Commission believes that the Exchange's proposal, including the
settlement methodology, as amended, in conjunction with the Exchange's
existing and additional proposed surveillance procedures, will help to
ensure that the settlement value is not readily susceptible to
manipulation. The amended settlement methodology incorporates
additional trade information by including transactions on all markets
trading the component NDX options while ensuring that individual leg
executions of complex orders that may have traded through the NBBO are
not included in the settlement calculation. The Commission believes
this will contribute to a more robust settlement methodology. The
Volatility Index and the settlement value are calculated based on
quotes, orders, or trades in the component NDX options and the
settlement value calculation relies on 32 unique inputs each second
over 300 seconds. The 32 component NDX options that are the basis of
such inputs may change every second over the settlement window
depending on the value of the Nasdaq-100 Index. The Exchange states
that it will monitor for any potential manipulation of the Volatility
Index settlement value in the normal course of its surveillance.
Additionally, the Exchange has proposed enhanced surveillance
procedures to further analyze trades, quotations, and orders that
affect any of the 300 calculated reference prices for any NDX option
series used for the final settlement calculation. The Commission
believes the Exchange's existing and additional surveillance procedures
will allow the Exchange to monitor for anomalous trades, quotations,
and orders that may be indicative of manipulative trading or quoting
activity. The Commission finds that the Exchange's proposal regarding
surveillance of options on the Volatility Index and the component
option series will allow it to adequately surveil for any potential
manipulation in the trading of VOLQ. Therefore, the Commission finds
the settlement design, as amended, when combined with the Exchange's
existing and proposed enhanced surveillance procedures, will prevent
fraudulent and manipulative acts and practices and protect investors
and the public interest.
    The Commission believes that the Exchange's proposal to impose no
position limits on the Volatility Index options is appropriate and
consistent with the Act. As stated above, the Volatility Index will
settle using published volume and/or quotes from NDX options. Given
that there are currently no position limits for NDX options,\17\ the
Commission believes it is appropriate for there to be no position or
exercise limits \18\ for options on the Volatility Index since the
potential manipulation and potential market disruption concerns that
position limits are designed to address are mitigated in the case of
this product. According to the Exchange, the market capitalization of
the NDX was approximately $11.42 trillion and contained approximately
74.7 billion component shares as of June 30, 2020. The Commission
believes that the enormous market capitalization of NDX and the deep,
liquid market for the underlying component securities significantly
reduce concerns regarding market manipulation or disruption in the
underlying market. Similar

reasoning would apply to options on the Volatility Index since the
value of options on the Volatility Index is derived from the volatility
of NDX, as implied by its options. Moreover, the Commission believes
that having no position limits for the proposed Volatility Index
options may benefit investors by bringing additional depth and
liquidity to these Volatility Index options without raising significant
concerns about potential manipulation or potential market disruption.
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    \17\ See Phlx Options 4A, Section 6, ``Position Limits,''
section (a)(ii).
    \18\ Phlx Options 4A, Section 10, ``Exercise Limits,'' provides
``In determining compliance with Options 9, Section 15, exercise
limits for index option contracts shall be equivalent to the
position limits described in Options 4A, Section 6.''
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    The Commission believes that the proposed strike price intervals
and minimum trading increments for options on the Volatility Index are
appropriate and consistent with the Act. These aspects of the proposal
will provide investors with added flexibility in the trading of these
options and will further the public interest by allowing investors to
establish positions that are better tailored to meet their investment
objectives. In addition, the Exchange states it has the necessary
system capacity to support additional quotations and messages that will
result from the listing and trading of options on the Volatility Index.
    As a national securities exchange, the Exchange is required, under
Section 6(b)(1) of the Act,\19\ to enforce compliance by its members
and persons associated with its members with the provisions of the Act,
Commission rules and regulations thereunder, and its own rules. In this
regard, the Exchange states that trading of options on the Volatility
Index will be subject to the same rules that currently govern the
trading of other index options on the Exchange. The Commission believes
that it is consistent with the Act to apply Exchange rules governing,
among other things, margin requirements and trading halt procedures to
the proposed Volatility Index options that are otherwise applicable to
options on broad-based indexes.\20\ The Commission believes that the
Exchange's rules governing the trading of the Volatility Index options
on the Exchange help to ensure the maintenance of fair and orderly
markets for the options on the Volatility Index, which is consistent
with the protection of investors and the public interest. Therefore,
the Commission finds that the Exchange's rules relating to trading of
the options on the Volatility Index on the Exchange are designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and, in general, to protect investors and the public interest.
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    \19\ 15 U.S.C. 78f(b)(1).
    \20\ The Commission's approval of the listing and trading of the
Volatility Index, which the Exchange proposes to treat as a broad-
based index for purposes of certain of its options rules, does not
address or relate to whether or not the index is broad-based for any
other purposes, including for purposes of the definition of
``narrow-based security index'' in Section 3(a)(55)(B) of the Act
and any related Commission orders.
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    Accordingly, the Commission finds that the proposed rule change, as
modified by Amendment Nos. 1 and 2, is consistent with Section 6(b)(5)
of the Act \21\ and the rules and regulations thereunder applicable to
a national securities exchange.
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    \21\ 15 U.S.C. 78f(b)(5).
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IV. Solicitation of Comments on Amendment Nos. 1 and 2 to the Proposed
Rule Change

    Interested persons are invited to submit written views, data, and
arguments concerning whether Amendment Nos. 1 and 2 are 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_ADDRESS>Please include
File Number SR-Phlx-2020-41 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-Phlx-2020-41. 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-Phlx-2020-41 and should be submitted on
or before June 1, 2021.

V. Accelerated Approval of the Proposed Rule Change, as Modified by
Amendment Nos. 1 and 2

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment Nos. 1 and 2, prior to the thirtieth
day after the date of publication of notice of the filing of Amendment
Nos. 1 and 2 in the Federal Register. In Amendment No. 1, among other
things,\22\ the Exchange modifies certain aspects of the proposal,
including changes to the settlement methodology that incorporate
additional pricing information, and commits to provide the Commission
with annual settlement data for five years. In Amendment No. 2, the
Exchange removes the word ``non-public'' from the description of the
annual settlement data it will provide to the Commission.\23\ The
changes to the proposal and additional information in Amendment Nos. 1
and 2 assist the Commission in evaluating the Exchange's proposal and
in determining that it is consistent with the Act. Accordingly, the
Commission finds good cause, pursuant to Section 19(b)(2) of the
Act,\24\ to approve the proposed rule change, as modified by Amendment
Nos. 1 and 2, on an accelerated basis.
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    \22\ See supra note 9.
    \23\ See supra note 10.
    \24\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\25\ that the proposed rule change (SR-Phlx-2020-41), as modified
by Amendment Nos. 1 and 2, be, and hereby is, approved on an
accelerated basis.
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    \25\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09889 Filed 5-10-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: February 6, 2009 (Volume 74, Number 24)]
[Notices]
[Page 6284]
[DOCID:fr06fe09-47]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. RP08-591-000]

Equitrans, L.P.; Notice of Technical Conference

January 30, 2009.
    Take notice that Commission Staff is rescheduling the technical
conference in the above-referenced proceedings, which was previously
set to take place on Wednesday, January 28, 2009, to Thursday, February
5, 2009 at 10 a.m. (EST), in a room to be designated at the offices of
the Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426.
    FERC conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations please
send an e-mail to<EMAIL_ADDRESS>or call toll free (866) 208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a fax to<PHONE_NUMBER>
with the required accommodations.
    All interested persons are permitted to attend. For further
information please contact Anna Fernandez at<PHONE_NUMBER> or e-mail
<EMAIL_ADDRESS>
Kimberly D. Bose,
Secretary.
[FR Doc. E9-2524 Filed 2-5-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: January 25, 2008 (Volume 73, Number 17)]
[Rules
and Regulations]
[Page 4473-4475]
[DOCID:fr25ja08-27]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 70

[EPA-R05-OAR-2007-1198; FRL-8521-3]

State Operating Permit Programs; Ohio; Revisions to the Acid Rain
Regulations

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is taking direct final action to approve, as a revision to
Ohio's operating permits program, revisions to Ohio's Acid Rain Permits
and Compliance Rules found in Chapter 3745-103 of the Ohio
Administrative Code (OAC). The changes made to Ohio's OAC 3745-103
Rules include rules for phase II acid rain permits and new information
on items incorporated by reference. EPA granted full approval of Ohio's
operating permits program on August 15, 1995, which became effective on
October 1, 1995. On March 23, 2007 Ohio submitted the revised acid rain
rules to EPA for approval. This Federal Register notice approves these
revised acid rain rules into Ohio's Title V operating permits program.

DATES: This direct final rule will be effective on March 25, 2008,
unless EPA receives adverse comments by February 25, 2008. If adverse
comments are received, EPA will publish a timely withdrawal of the
direct final rule in the Federal Register informing the public that the
rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2007-1198, by one of the following methods:
     http://www.regulations.gov: Follow the on-line instructions for

submitting comments.
     E-mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Pamela Blakley, Chief, Air Permits Section, Air
Programs Branch (AR-18J), U.S. Environmental Protection Agency, Region
5, 77 West Jackson Boulevard, Chicago, Illinois 60604.
     Hand Delivery: At the previously-listed EPA Region 5
address. Such deliveries are only accepted during the Docket's normal
hours of operation, and special arrangements should be made for
deliveries of boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-R05-OAR-
2007-1198. EPA's policy is that all comments received will be included
in the public docket without change, and may be made available online
at http://www.regulations.gov, including any personal information provided,

unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through http://www.regulations.gov or e-mail.

The http://www.regulations.gov Web site is an ``anonymous access'' system,

which means EPA will not know your identity or contact information
unless you provide it in the body of your comment. If you send an e-
mail comment directly to EPA without going through http://www.regulations.gov,

your e-mail address will be automatically captured and included as part
of the comment that is placed in the public docket and made available
on the Internet. If you submit an electronic comment, EPA recommends
that you include your name and other contact information in the body of
your comment and with any disk or CD-ROM you submit. If EPA cannot read
your comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the electronic docket are listed in the
http://www.regulations.gov index. Although listed in the index, some

information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy
form. Publicly available docket materials are available either
electronically in http://www.regulations.gov or in hard copy during normal

business hours at the Environmental Protection Agency, Region 5, Air
and Radiation Division, 77 West Jackson Boulevard, Chicago, Illinois
60604.

FOR FURTHER INFORMATION CONTACT: Richard Angelbeck,<PHONE_NUMBER>, or
by e-mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. What is being addressed in this document?
II. What are the program changes that EPA is approving?
III. What action is EPA taking today?
IV. Statutory and Executive Order Reviews.

I. What is being addressed in this document?

    The Clean Air Act (Act) requires all state and local permitting
authorities to develop operating permits programs that meet the
requirements of Title V of the Act, 42 U.S.C. 7661-7661(f), and its
implementing regulations, 40 CFR part 70 (part 70). EPA fully approved
Ohio's Title V operating permits program on August 15, 1995 (60 FR
42045). On December 19, 1996, EPA promulgated a final rule (61 FR
67111) for the second phase of the Nitrogen Oxides Program under Title
IV of the Act. The Ohio Environmental Protection Agency (OEPA) revised
its acid rain rules in OAC Chapter 3745-103. The revised acid rain
rules became effective on June 27, 2002.
    On October 2, 2002, OEPA submitted to EPA the revised acid rain
rules for approval into the Ohio Title V operating permits program. On
November 27, 2002, EPA provided to OEPA comments on the acid rain
rules. In response to EPA's comments, and pursuant to a five-year
mandatory rule review, OEPA again revised its acid rain rules, which
became effective on January 12, 2007. On March 23, 2007, OEPA submitted
to EPA these new and revised acid rain rules as a revision to Ohio's
fully approved Title V operating permits program.

II. What are the program changes that EPA is approving?

    On June 27, 2002 OEPA revised its acid rain rules in OAC chapter
3745-103 to include rules for Phase II acid rain permits. On May 12,
2005, EPA published amendments to the final acid rain rules (70 FR
25334), listing criteria for the state operating permit program (40 CFR
72.72) and requirements for the state issuance of Phase II permits (40
CFR 72.73). These requirements became effective July 1, 2006. OEPA was
required to adopt these rules as part of its acid rain program. On
January 12, 2007, OEPA again revised its acid rain rules in response to
EPA comments on the June 27, 2002 rules, and also to correct typos,
rule language formatting issues, and to add information on items
incorporated by reference.
    EPA has determined that, because OEPA's amendments to its acid rain
rules do not interfere with the operation of the acid rain program,
they meet the criteria of 40 CFR 72.72. The State submission likewise
complies with the provisions of 40 CFR 72.73, which requires that a
state authorized to administer and enforce an operating permit program
under part 70 must have a state acid rain program accepted by the
Administrator, and that the state must be responsible for administering
and enforcing acid rain permits effective in Phase II for all affected
sources. Among other things, Ohio has demonstrated that (a) it had
issued all Phase II acid rain permits on or before December 31, 1997,
and (b) for units subject to an acid rain NOX emissions
limitation, on or before January 1, 1999, it had amended the acid rain
permits as required by 40 CFR 72.83 to include any NOX early
election plan that was approved by the Administrator under 40 CFR 76.8.
    EPA is approving, and incorporating into OEPA's Title V operating
permits program, the following revisions to OEPA's acid rain rules: OAC
rules 3745-103-01 to 3745-103-09, 3745-103-11 to 3745-103-63, 3745-103-
65, and 3745-103-66. EPA is also approving into the Ohio Title V
program new OAC rule 3745-103-43, and the rescission of OAC rules 3745-
103-10, 3745-103-43, 3745-103-64, and 3745-103-67. The new 3745-103-43
rule replaced the prior rule of the same title because Ohio's rule-
writing procedures require that changes to this rule be managed as a
rescission followed by a replacement. OEPA rules 3745-103-10, 3745-103-
64, and 3745-103-67 were rescinded because OEPA judged that rule
language to be obsolete.

III. What action is EPA taking today?

    EPA is approving into Ohio's Title V operating permits program the
revision submitted by OEPA on March 23, 2007. EPA is taking this action
without prior proposal because the Agency views this as a
noncontroversial amendment and anticipates no adverse comment. However,
in the ``Proposed Rules'' section of today's Federal Register, EPA is
publishing a separate document that will serve as the proposal to
approve the state plan if adverse comments are filed. This rule will be
effective on March 25, 2008 without further notice unless EPA receives
adverse comments by February 25, 2008. If EPA receives adverse comment,
EPA will publish a timely withdrawal in the Federal Register informing
the public that the rule will not take effect.
    EPA will not institute a second comment period on this action. Any
parties interested in commenting must do so at this time.

IV. Statutory and Executive Order Reviews

A. General Requirements

    Under Executive Order 12866 (58 FR 51735, October 4, 1993), this
action is not a ``significant regulatory action'' and therefore is not
subject to review by the Office of Management and Budget. For this
reason, this action is also not subject to Executive Order 13211,
``Actions Concerning Regulations That Significantly Affect Energy
Supply, Distribution, or Use'' (66 FR 28355, May 22, 2001). This action
merely approves state law as meeting Federal requirements and imposes
no additional requirements beyond those imposed by state law.
Accordingly, the Administrator certifies that this rule will not have a
significant economic impact on a substantial number of small entities
under the Regulatory Flexibility Act (5 U.S.C. 601, et seq.). Because
this rule approves pre-existing requirements under state law and does
not impose any additional enforceable duty beyond that required by
state law, it does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4). This rule also does not
have tribal implications because it will not have a substantial direct
effect on one or more Indian tribes, on the relationship between the
Federal Government and Indian tribes, or on the distribution of power
and responsibilities between the Federal Government and Indian tribes,
as specified by Executive Order 13175 (59 FR 22951, November 9, 2000).
This action also does not have Federalism implications because it does
not have substantial direct effects 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,
as specified in Executive Order 13132 (64 FR 43255, August 10, 1999).
This action merely approves a state rule implementing a Federal
requirement, and does not alter the relationship or the distribution of
power and responsibilities established in the Act. This rule also is
not subject to Executive Order 13045 ``Protection of Children from
Environmental Health Risks and Safety Risks'' (62 FR 19885, April 23,
1997), because it approves a state rule implementing a Federal
standard.
    In reviewing State Implementation Plan (SIP) submissions, EPA's
role is to approve state choices, provided that they meet the criteria
of the Act. In this context, in the absence of a prior existing
requirement for the State to use voluntary consensus standards (VCS),
EPA has no authority to disapprove a SIP submission for failure to use
VCS. It would thus be inconsistent with applicable law for EPA, when it
reviews a SIP submission, to use VCS in place of a SIP submission that
otherwise satisfies the provisions of the Act. Thus, the requirements
of section 12(d) of the National Technology Transfer and Advancement
Act of 1995 (15 U.S.C. 272) do not apply. This rule does not impose an
information collection burden under the provisions of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501, et seq.)

B. Submission to Congress and the Comptroller General

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this rule and other
required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. This rule is not a
``major rule'' as defined by 5 U.S.C. 804(2).

C. Petitions for Judicial Review

    Under section 307(b)(1) of the Act, petitions for judicial review
of this action must be filed in the United States

Court of Appeals for the appropriate circuit by March 25, 2008. Filing
a petition for reconsideration by the Administrator of this final rule
does not affect the finality of this rule for the purposes of judicial
review nor does it extend the time within which a petition for judicial
review may be filed, and shall not postpone the effectiveness of such
rule or action. This action approves changes to Ohio's Title V
operating permits program and may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2) of the
Act.)

Lists of Subjects in 40 CFR Part 70

    Environmental protection, Administrative practice and procedure,
Air pollution control, Reporting and recordkeeping requirements,
Incorporation by reference, Nitrogen dioxide, and Sulfur oxides.

    Dated: January 15, 2008.
Margaret Guerriero,
Acting Regional Administrator, Region 5.

0
40 CFR part 70 is amended as follows:

PART 70--[AMENDED]

0
1. The authority citation for part 70 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

0
2. Appendix A to part 70 is amended by adding paragraph (c) in the
entry for Ohio to read as follows:

Appendix A to Part 70--Approval Status of State and Local Operating
Permits Programs

* * * * *

Ohio

* * * * *
    (c) The Ohio Environmental Protection Agency submitted an
operating permits program amendment on March 23, 2007. The program
amendment contained in the March 23, 2007 submittal will update
Ohio's existing Acid Rain program. The state is hereby granted
approval effective on March 25, 2008.
* * * * *

[FR Doc. E8-1320 Filed 1-24-08; 8:45 am]

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[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71628-71629]
[FR Doc No: 2022-25539]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2022-0509; FRL-7661-01-OCSPP]

Notice of Approval Status; Certifying Authorities' Amended Plans
for Certification of Commercial and Private Applicators of Restricted
Use Pesticides; Batch One

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency (EPA) is announcing its
approval of thirteen amended certification plans for certifying
applicators of Restricted Use Pesticides (RUPs) from the following
certifying authorities: Alaska Department of Environmental Conservation
(ADEC); California Department of Pesticide Regulation (DPR); Nebraska
Department of Agriculture (NDA); New York Department of Environmental
Conservation (NYSDEC); Oregon Department of Agriculture (ODA); Puerto
Rico Department of Agriculture (PRDA); U.S. Department of Agriculture,
Animal and Plant Health Inspection Service, Plant, Protection and
Quarantine (USDA APHIS PPQ); U.S. Department of Agriculture, Forest
Service (USDA FS); U.S. Department of Defense (DoD); U.S. Department of
Energy (DoE); U.S. Department of the Interior, Bureau of Land
Management (DOI BLM); Vermont Agency of Agriculture, Food and Markets
(VAAFM); and Virgin Islands Department of Planning and Natural
Resources (VIDPNR). The amended plans are consistent with the existing
regulatory requirements, including revisions made in 2017 to enhance
and improve the competency of certified applicators of RUPs and persons
working under their direct supervision. The 2017 regulatory revisions
are intended to further reduce potential exposure of RUPs to certified
applicators and those working under their direct supervision, other
workers, the public, and the environment. Federal, state, territory,
and tribal certifying authorities with existing certification plans are
required to revise their existing plans to conform with the updated
federal standards for RUP applicator certification.

FOR FURTHER INFORMATION CONTACT:
    For technical information contact: The designated EPA point of
contact for the Certification Plan of interest as listed in Table 1 of
Unit I.B.
    For general information contact: Carolyn Schroeder, Pesticide Re-
Evaluation Division (7508M), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington,
DC 20460-0001; telephone number:<PHONE_NUMBER>; email address:
[email protected].

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    You may be potentially affected by this action if you are a
federal, state, territory, or tribal agency who administers a
certification program for pesticides applicators. You many also be
potentially affected by this action if you are: A registrant of RUP
products; a person who applies RUPs, including those under the direct
supervision of a certified applicator; a person who relies upon the
availability of RUPs; someone who hires a certified applicator to apply
an RUP; a pesticide safety educator; or other person who provides
pesticide safety training for pesticide applicator certification or
recertification. The following list of North American Industrial
Classification System (NAICS) codes is not intended to be exhaustive,
but rather provides a guide to help readers determine whether this
document applies to them. Potentially affected entities may include:
     Agricultural Establishments (Crop Production) (NAICS code
111).
     Nursery and Tree Production (NAICS code 111421).

     Agricultural Pest Control and Pesticide Handling on Farms
(NAICS code 115112).
     Crop Advisors (NAICS codes 115112, 541690, 541712).
     Agricultural (Animal) Pest Control (Livestock Spraying)
(NAICS code 115210).
     Forestry Pest Control (NAICS code 115310).
     Wood Preservation Pest Control (NAICS code 321114).
     Pesticide Registrants (NAICS code 325320).
     Pesticide Dealers (NAICS codes 424690, 424910, 444220).
     Industrial, Institutional, Structural & Health Related
Pest Control (NAICS code 561710).
     Ornamental & Turf, Rights-of-Way Pest Control (NAICS code
561730).
     Environmental Protection Program Administrators (NAICS
code 924110).
     Governmental Pest Control Programs (NAICS code 926140).
    If you have any questions regarding the applicability of this
action to a particular entity, consult the person listed under FOR
FURTHER INFORMATION CONTACT.

B. How can I get copies of these documents and other related
information?

    For assistance in locating documents related to the approved plans
identified in this notice, please consult the designated EPA point of
contact for the Certification Plan of interest as listed in Table 1 of
this unit, or the general contact person listed under FOR FURTHER
INFORMATION CONTACT.

                      Table 1--Designated EPA Point of Contacts for the Certification Plans
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                                                          EPA point of
           EPA region              Certification plan        contact           POC phone             Email
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Region 1........................  VAAFM..............  Robert Koethe.....<PHONE_NUMBER>  [email protected].
Region 2........................  NYSDEC.............  Tara Glynn........<PHONE_NUMBER>  [email protected]
                                                                                .
                                  PRDA...............
                                  VIDPNR.............
Region 7........................  NDA................  Shawn Hackett.....<PHONE_NUMBER>  [email protected].
Region 9........................  DPR................  Katy Wilcoxen.....<PHONE_NUMBER>  [email protected].
Region 10.......................  ADEC...............  Bethany Plewe.....<PHONE_NUMBER>  [email protected].
                                  ODA................
Office of Pesticide Programs....  USDA APHIS PPQ.....  Jeanne Kasai......<PHONE_NUMBER>  [email protected].
                                  USDA FS............
                                  DoD................
                                  DoE................
                                  DOI BLM............
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II. What is the Agency's authority for taking this action?

    Section 11 of the Federal Insecticide, Fungicide, Rodenticide Act
(FIFRA), 7. U.S.C. 136 et seq., requires certifying authorities to have
an EPA-approved certification plan to certify applicators of RUPs. The
Certification of Pesticide Applicators (CPA) regulation at 40 CFR part
171 was amended in 2017 (Ref. 1). As a result, federal, state,
territory, and tribal certifying authorities with existing
certification plans were required to revise their existing
certification plans to conform with the updated federal standards for
the certification of applicators of RUPs and submit their revisions to
EPA by March 2020 for EPA review and approval. The CPA regulation
specifies that the existing certification plans remain in place until
the revised plans are approved by EPA on or before the regulatory
deadline established in 40 CFR 171.5. The Agency has since issued a
final rule extending the original deadline for certification plans to
comply with the updated federal standards under the 2017 CPA rule.
State, territory, tribal, and federal authorities can now continue
existing applicator certification programs to November 4, 2023 (Ref.
2).

III. What action is the Agency taking?

    This action gives notice that the following thirteen certifying
authorities' certification plans submitted to the Agency meet or exceed
the standards of 40 CFR part 171: ADEC, DPR, NDA, NYSDEC, ODA, PRDA,
USDA APHIS PPQ, USDA FS, DoD, DoE, DOI BLM, VAAFM and VIDPNR. EPA
hereby gives notice that the thirteen amended certification plans for
certifying applicators of RUPs listed in this document are now approved
plans; the certifying authorities may certify pesticide applicators and
continue with implementation of the certification plans as outlined in
the approved plans.
    These thirteen plans represent the first in a series of batched
notifications announcing the approval of the federal, state, territory,
and tribal certification plans moving through the approval process.
These batched notifications will continue to occur on a regular basis
as plans are approved. EPA also provides frequent status updates on its
website at https://www.epa.gov/pesticide-worker-safety/certification-standards-pesticide-applicators.

III. References

    The following is a list of documents that are related to the
issuance of this Notice. For assistance in locating these other
documents, please consult the person listed under FOR FURTHER
INFORMATION CONTACT.

1. EPA. Pesticides; Certification of Pesticide Applicators; Final
Rule. Federal Register. 82 FR 952, January 4, 2017 (FRL-9956-70).
2. EPA. EPA. Pesticides; Certification of Pesticide Applicators;
Further Extension to Expiration Date of Certification Plans; Final
Rule. Federal Register. 87 FR 50953, August 19, 2022 (FRL-9134.1-04-
OCSPP).

    Authority: 7 U.S.C. 136-136y.

    Dated: November 15, 2022.
Mary Elissa Reaves,
Director, Pesticide Re-Evaluation Division, Office of Pesticide
Programs.
[FR Doc. 2022-25539 Filed 11-22-22; 8:45 am]
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