[Federal Register Volume 81, Number 241 (Thursday, December 15, 2016)]
[Notices]
[Pages 90896-90903]
[FR Doc No: 2016-30082]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79520; File No. SR-CBOE-2016-071]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 1, Relating To Opening and Closing Rotations Under the
HOSS System

December 9, 2016.

I. Introduction

    On October 7, 2016, Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend its rules relating to
the opening of series for trading on the Exchange. The Commission
published the proposed rule change for comment in the Federal Register
on October 27, 2016.\3\ On November 18, 2016, the Exchange filed
Amendment No. 1 to the proposed rule change.\4\ The Commission received
no comments on the proposal. This order provides notice of filing of
Amendment No. 1 and approves the proposed rule change, as modified by
Amendment No. 1, 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. 79133 (October 21,
2016), 81 FR 74828 (October 27, 2016) (``Notice'').
    \4\ In Amendment No. 1, the Exchange updated a cross-reference
to Rule 6.2B in Rule 6.13. To promote transparency of its proposed
amendment, when CBOE filed Amendment No. 1 with the Commission, it
also submitted Amendment No. 1 as a comment letter to the file,
which the Commission posted on its Web site and placed in the public
comment file for SR-CBOE-2016-071 (available at https://www.sec.gov/comments/sr-cboe-2016-071/cboe2016071.shtml). The Exchange also
posted a copy of its Amendment No. 1 on its Web site (http://www.cboe.com/aboutcboe/legal/submittedsecfilings.aspx), when it
filed it with the Commission.
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II. Description of the Proposed Rule Change

    CBOE proposes to amend its rules relating to the opening of series
for trading on the Exchange. Rule 6.2B describes the process (referred
to as ``HOSS'') that the Exchange's Hybrid Trading System (the
``System'') uses to open series on the Exchange each trading day. The
Exchange may also use HOSS for closing series or opening

series after a trading halt. The Exchange is proposing various changes
to reorganize and simplify the rule and to more accurately reflect
current System functionality.\5\
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    \5\ See Notice, supra note 3, at 74829.
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    According to the Exchange, HOSS generally processes the opening of
each series in four stages: \6\
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    \6\ See id.
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    (1) Pre-Opening Period: During the pre-opening period, the System
accepts orders and quotes and disseminates messages that contain
information based on resting orders and quotes in the book, which may
include the expected opening price (``EOP''), expected opening size
(``EOS''), any reason why a series may not open, and imbalance
information, including the size and side of an imbalance (collectively,
``expected opening information'' or ``EOIs'').
    (2) Initiation of the Opening Rotation: The System then initiates
the opening rotation procedure and distributes a ``Rotation Notice'' to
market participants.
    (3) Opening Rotation Period: During the opening rotation period,
the System matches and executes orders and quotes against each other to
establish an opening Exchange best bid and offer (``BBO'') and trade
price for each series while continuing to disseminate EOIs.
    (4) Opening of Trading: The System then opens series for trading,
subject to the satisfaction of certain conditions.
    According to CBOE, the proposed rule change is designed to more
clearly organize Rule 6.2B in this sequential order and makes the
additional specific changes discussed in more detail below.

Pre-Opening Period

    Rule 6.2B(a) currently provides that the System accepts orders and
quotes, for regular trading hours, for a period of time before the
opening of trading in the underlying security or, in the case of index
options, prior to 8:30 a.m.,\7\ and for extended trading hours, for a
period of time prior to 2:00 a.m.\8\ The Exchange proposes to amend
Rule 6.2B(a) to provide that, for each trading session, the pre-opening
period will begin no later than 15 minutes prior to the expected
initiation of an opening rotation and no earlier than 2:00 a.m. for
regular trading hours and no earlier than 4:00 p.m. on the previous day
for extended trading hours.\9\
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    \7\ All times set forth in Rule 6.2B are central time. See id.
at 74829, n.3.
    \8\ The precise time periods are determined by the Exchange on a
class-by-class basis. See id. at 74829. In addition, since the
System begins the pre-opening period at the same time for each class
within each type of option (equity, index and exchange-traded
products (``ETPs'')), the proposed rule change deletes the provision
of the current rule that says the Exchange will determine the time
on a class-by-class basis. See id.
    \9\ The Exchange notes that the pre-opening period currently
begins at approximately 6:30 a.m. for regular trading hours and
approximately 4:00 p.m. on the previous day for extended trading
hours. See id. at 74829, n.4.
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    Under the proposal, the Exchange generally will not restrict the
size or origin code of orders that may be submitted during the pre-
opening period. Therefore, the proposed rule change amends Rule
6.2B(a)(i) to add certainty to the rule by deleting the provision that
requires the Exchange to designate--on a class-by-class basis--the
eligible order size, eligible order type, and eligible order origin
code (i.e., public customer orders, non-Market Maker broker-dealer
orders, and Market Maker broker-dealer orders) which the System will
accept.\10\ Additionally, the proposed rule change clarifies that the
System will accept all quotes and all order types during the pre-
opening period except for immediate-or-cancel, fill-or-kill,
intermarket sweep orders, and Market-Maker trade prevention orders.\11\
The proposed rule change also adds that if an order entered during the
pre-opening period for regular trading hours is not eligible for book
entry (e.g., minimum volume, not held, and market-if-touched orders),
the System will route the order via CBOE's order handling system
pursuant to Rule 6.12.\12\
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    \10\ See Notice, supra note 3, at 74829.
    \11\ See id. at 74829-30 for a discussion of these order types,
which are defined in Rule 6.53.
    \12\ See id. at 74830. The Exchange notes that orders not
eligible for book entry may only be traded open outcry on the
Exchange floor. According to the Exchange, because only electronic
trading is permitted during extended trading hours, the System will
not accept these orders during the extended hours trading session
and therefore, this proposed provision is not applicable during that
trading session. See id. at 74830, n.6.
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    The proposed rule change amends Rule 6.2B(a)(ii) in several ways.
First, it defines EOIs and specifies the timing of their dissemination.
EOIs contain information based on resting orders and quotes in the
Book, including the EOP, the EOS, any reason why a series may not open
pursuant to paragraph (d) of Rule 6.2B,\13\ and any imbalance
information, including the size and side of the imbalance. EOIs will be
disseminated to all market participants that have elected to receive
them beginning at a time determined by the Exchange, which will be no
earlier than three hours prior to the expected initiation of an opening
rotation for a series. The System will then disseminate EOI at regular
intervals of time, or less frequently if there are no updates since the
previously disseminated EOI.\14\
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    \13\ Proposed paragraph (d) of Rule 6.2B sets forth certain
Opening Conditions, which are discussed in greater detail below.
    \14\ See Notice, supra note 3, at 74830.
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    The proposed rule change further modifies Rule 6.2B(a)(ii) to
redefine the terms EOP and EOS and address when that information will
be disseminated. Currently, Rule 6.2B(a)(ii) states that the EOP is the
price at which the greatest number of orders and quotes in the book are
expected to trade and provides that an EOP will only be calculated if
(a) there are market orders in the book, or the book is crossed or
locked and (b) at least one quote is present. The proposed rule change
revises this language to state that the EOP is the price at which any
opening trade is expected to execute and adds that the EOS is the size
of any expected opening trade. The proposed rule change further states
the System will only disseminate EOP and EOS messages: (a) If the width
between the highest quote bid and lowest quote offer on the Exchange is
no wider than the OEPW range (as defined below), in classes in which
the Hybrid Agency Liaison (``HAL'') \15\ is not activated for openings;
or (b) if the width between the highest quote bid and lowest quote
offer on the Exchange or disseminated by other exchanges is no wider
than the OEPW range, in classes in which HAL is activated for openings
(``HALO'').\16\
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    \15\ HAL provides automated order handling in designated Hybrid
classes for electronic orders that are not automatically executed by
the System. HAL exposes these orders at the national best bid or
offer, and Trading Permit Holders may submit responses to trade with
the orders. See Rule 6.14A.
    \16\ See Notice, supra note 3, at 74830, for more detailed
discussion of these changes to the pre-opening period.
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Opening Rotation Initiation and Notice

    Rule 6.2B(b) currently provides that, unless unusual circumstances
exist, at a randomly selected time within a number of seconds after the
opening trade and/or the opening quote is disseminated in the market
for the underlying security \17\ (or after 8:30 a.m. for index options)
with respect to regular trading hours, or after 2:00 a.m. with respect
to extended trading hours, the System initiates the opening rotation

procedure and sends a notice (``Rotation Notice'') to market
participants.\18\
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    \17\ The ``market for the underlying security'' is currently the
primary listing market, the primary volume market (defined as the
market with the most liquidity in that underlying security for the
previous two calendar months), or the first market to open the
underlying security. Since the Exchange does not designate the
primary volume market as the market for the underlying security for
any class, the proposed rule change deletes that option. The
proposed rule change also changes the term ``market'' to
``exchange'' and clarifies that the Exchange determines on a class-
by-class basis which market is the market for the underlying
security. See Notice, supra note 3, at 74830, n.10.
    \18\ See id. at 74830-31.
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    The Exchange proposes to amend Rule 6.2B(b) to provide that the
System will initiate the opening rotation procedure and send out a
Rotation Notice on a class-by-class basis as follows:
     For regular trading hours:
    [cir] With respect to equity and ETP options, after the opening
trade or the opening quote is disseminated in the market for the
underlying security, or at 8:30 for classes determined by the Exchange
(including over-the-counter equity classes); or
    [cir] with respect to index options, at 8:30 a.m., or at the later
of 8:30 a.m. and the time the Exchange receives a disseminated index
value for classes determined by the Exchange; and
     For extended trading hours, at 2:00 a.m.\19\
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    \19\ See id. at 74831 (providing detailed description of the
Exchange's changes to initiating the opening rotation).
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Opening Rotation Period

    Rule 6.2B(c) provides that after the Rotation Notice is sent, the
System enters into a rotation period, during which the opening price is
established for each series. The proposed rule change reorganizes
paragraph (c) to more clearly demarcate and further describe (1) when
the opening rotation period begins, (2) what happens during the period,
(3) the handling of EOIs during the period, and (4) when the period
ends.\20\
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    \20\ See proposed Rule 6.2B(c). See also Notice, supra note 3,
at 74831.
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    During the opening rotation period, the System establishes the
opening trade price and the opening BBO by matching and executing
resting orders and quotes against each other. The proposed rule change
modifies the definition of the opening trade price of a series to be
the ``market-clearing'' price, which is the single price at which the
largest number of contracts in the book can execute, leaving bids and
offers that cannot trade with each other.\21\ The proposed rule change
also states that all orders (except complex orders and, in classes in
which the Exchange has not activated HALO, all-or-none orders and
orders with a stop contingency) and quotes in a series in the book
prior to the opening rotation period participate in the opening
rotation for a series. The Exchange notes that Contingency Orders that
participate in the opening rotation may execute during the opening
rotation period only if their contingencies are triggered.\22\
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    \21\ See Notice, supra note 3, at 74831. If there are multiple
prices at which the same number of contracts would clear, the System
will use (a) the price at or nearest to the midpoint of the opening
BBO, or the widest offer (bid) point of the OEPW range if the
midpoint is higher (lower) than that price point, in classes in
which the Exchange has not activated HALO; or (b) the price at or
nearest to the midpoint of the range consisting of the higher of the
opening NBB and widest bid point of the OEPW range, and the lower of
the opening NBO and widest offer point of the OEPW range, in classes
in which the Exchange has activated HALO. See id.
    \22\ See id. at 74831-32. Further, the Exchange notes that the
proposed rule change moves the rule provision regarding the priority
order of orders and quotes during this matching process from current
subparagraph (c)(iv) to proposed subparagraph (c)(i)(C). The System
prioritizes orders in the following order: (1) Market orders, (2)
limit orders and quotes whose prices are better than the opening
price, and (3) resting orders and quotes at the opening price. The
proposed rule change also notes contingency orders are prioritized
as set forth in Rules 6.45A and 6.45B. See id. at 74832, n.13.
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    The proposed rule change clarifies that the System will continue to
disseminate EOIs (not just the EOP and EOS) during the opening rotation
period, which may be disseminated at more frequent intervals closer to
the opening.\23\ In addition, the proposed rule change updates the
description of the length of the opening rotation period and adds
detail to the description of how the System processes series to open
following the opening rotation period. Specifically, current
subparagraph (c)(ii) states that the System will process the series of
a class in a random order and the series will begin opening after a
period following the Rotation Notice, which period may not exceed sixty
seconds and will be established on a class-by-class basis by the
Exchange.\24\ Proposed subparagraph (c)(iii) retains that process, but
clarifies that CBOE will determine the length and number of these
intervals for all classes.\25\
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    \23\ See id. at 74832.
    \24\ See id. at 74832.
    \25\ According to the Exchange, currently, the Exchange has set
the period of time that must pass before the System begins
processing series to open at two seconds, and the Exchange has set
the number of intervals to two and the length of the intervals to
one second. As a result, the opening rotation period currently lasts
two to four seconds. See Regulatory Circular RG11-072; see also
Notice, supra note 3, at 74832 n.14.
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Opening Quote and Trade Price

    In its filing, the Exchange represented that, pursuant to the
Options Price Reporting Authority (``OPRA'') Plan, once a series opens,
the System disseminates all quote and trade price information to OPRA,
including opening quote and trade price information.\26\ Accordingly,
the Exchange proposes to delete text in current paragraph (d) of Rule
6.2B stating that the opening price is determined by series and that
CBOE disseminates opening quote and trade information through OPRA
because the Exchange already disseminates such information pursuant to
the OPRA Plan, and therefore believes that this provision is
unnecessarily repetitive.\27\ Despite the deletion of that language
from the rule concerning reporting data through OPRA, the Exchange is
not proposing a substantive change to reporting this information
through OPRA.
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    \26\ See Notice, supra note 3, at 74832.
    \27\ See id. at 74832.
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Opening Conditions

    Current Rule 6.2B(e) provides that the System will not open a
series if one of a number of specified conditions is met, including the
absence of a quote that complies with the bid/ask differential
requirements or if the opening price would not be within an acceptable
range or would leave a market order imbalance.\28\ The proposed rule
change amends these conditions to provide that, in classes in which the
Exchange has not activated HALO:
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    \28\ See id. at 74832. The final provision of current paragraph
(e) provides the following: If the first or second condition is
present, the senior official in the Control Room may authorize the
opening of the affected series where necessary to ensure a fair and
orderly market; if the second condition is present, the System will
not open the series but will send a notification to market
participants indicating the reason; if the third condition is
present, a notification will be sent to market participants
indicating the size and direction of the market order imbalance. In
this case, the System will not open the series until the condition
causing the delay is satisfied, and the System will repeat this
process until the series is open. The proposed rule change combines
the exceptions in current paragraph (e) with the applicable opening
conditions in current subparagraphs (e)(i) through (iii) into
proposed paragraph (d)(i). See id. at n.16.
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    (1) If there are no quotes in the series on the Exchange, the
System will not open the series;
    (2) if the width between the Exchange's best quote bid and best
quote offer is wider than an acceptable opening price range (as
determined by the Exchange on a class-by-class and premium basis) (the
``Opening Exchange Prescribed Width range'' or ``OEPW range'') \29\ and
there are orders or quotes marketable against each other, the System
will not open the series. However, if the opening quote width is no
wider than the intraday acceptable price range for the series (``IEPW
range'') \30\ and there are no orders or quotes marketable against each
other, the System will open the series. If the opening quote width is
wider than the IEPW range, the System will not open the series.
Additionally, according to

the Exchange, because all quotes entered by Market-Makers (including
quotes entered during the pre-opening period and opening rotation
period) must satisfy bid/ask differentials,\31\ the Exchange proposes
to delete the reference to bid/ask differential requirements in this
provision;
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    \29\ Current OEPW settings are set forth in Regulatory Circular
RG 13-025. See Notice, supra note 3, at 74832, n.18.
    \30\ See Rule 6.13(b)(v).
    \31\ See Rule 8.7(d). The Exchange may set different bid/ask
differential requirements for a Market-Maker's opening quotes than
for its intraday quotes (which it currently does). The proposed rule
change specifies this in Interpretation and Policy .02 regarding
Market-Maker quotes, which currently provides that the Exchange may
also set a different minimum number of contracts for a Market-
Maker's opening quotes. See Notice, supra note 3, at 74833, n.20.
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    (3) if the opening trade price would be outside of the OEPW range,
the System will not open the series. The Exchange states that the
proposed rule change also deletes the language from the current
provision regarding sending a notification when this condition is
present because notifications are sent when a series does not open for
any reason; or
    (4) if the opening trade would leave a market order imbalance, the
System will not open the series. However, if a sell market order
imbalance exists, there is no bid in the series, and the best offer is
$0.50 or less, the System will open the series; if there is no bid in
the series and the best offer is greater than $0.50, the System will
not open the series. The proposed rule change deletes the language
regarding the exception for series that will open at a minimum
increment.\32\ The proposed rule change also deletes the language from
the current provision regarding sending a notification when this
condition is present, because, as stated above, notifications go out
when a series does not open for any reason.\33\
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    \32\ Pursuant to Rule 6.13(b)(vi), in the situation in which
there is no bid in the series and the best offer is $0.50 or less,
the System considers these market orders to be limit orders for the
minimum increment applicable to the series and enter these orders in
the book (behind limit orders to sell at the minimum increment
already resting in the book). Essentially, this creates a situation
in which a series opens at a minimum price increment (i.e. $0.00-
$0.05). In the situation in which there is no bid in the series and
the best offer is greater than $0.50, if the no-bid series were to
open while the best offer is greater than $0.50, under the rules, a
market order to sell will be handled via the order handling system
pursuant to Rule 6.12 rather than route to the book. See Notice,
supra note 3, at 74833.
    \33\ See Notice, supra note 3, at 74832-33 (describing in
greater detail opening conditions set forth in proposed Rule
6.2B(d)(i)).
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    Separately, current Interpretation and Policy .03 to Rule 6.2B
describes opening conditions that apply to classes in which the
Exchange has activated HALO.\34\ Among other things, the current
conditions take into consideration whether the opening trade would be
at a price that is not the national best bid or offer.\35\ Current
Interpretation and Policy .03(b) further describes what happens when
each of these conditions is present, including exposure of marketable
orders at the NBBO under certain conditions. The proposed rule change
would amend the opening conditions applicable to classes in which the
Exchange has activated HALO to provide as follows:
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    \34\ See id. at 74833-34 (providing a detailed description of
the current opening conditions that apply to classes in which HALO
is activated). The Exchange proposes to reorganize Rule 6.2B to keep
the description of the applicable opening conditions for all classes
in a single location within the rules. Therefore, the proposed rule
change moves these opening conditions to proposed subparagraph
(d)(ii) of Rule 6.2B. See id. at 74834, n.23.
    \35\ See id. at 74833.
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    (1) If there are no quotes on the Exchange or disseminated from at
least one away exchange present in the series, the System will not open
the series;
    (2) if the width between the best quote bid and best quote offer,
which may consist of Market-Makers quotes or bids and offers
disseminated from an away exchange, is wider than the OEPW range and
there are orders or quotes marketable against each other or that lock
or cross the OEPW range, the System will not open the series. However,
if the opening quote width is no wider than the IEPW range and there
are no orders or quotes marketable against each other or that lock or
cross the OEPW range, the System will open the series. If the opening
quote width is wider than the IEPW range, the System will not open the
series. If the opening quote for a series consists solely of bids and
offers disseminated from an away exchange(s), the System will open the
series by matching orders and quotes to the extent they can trade and
will report the opening trade, if any, at the opening trade price. The
System will then exposes any remaining marketable buy (sell) orders at
the widest offer (bid) point of the OEPW range or NBO (NBB), whichever
is lower (higher).\36\
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    \36\ Additionally, according to the Exchange, because all quotes
entered by Market-Makers (including quotes entered during the pre-
opening period and opening rotation period) must satisfy bid/ask
differentials, the Exchange proposes to delete the reference to bid/
ask differential requirements from Rule 6.2B. See id. at 74834, n.24
and accompanying text.
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    (3) if the opening trade price would be outside the OEPW range or
the NBBO, the System will open the series by matching orders and quotes
to the extent they can trade and will report the opening trade, if any,
at an opening trade price not outside either the OEPW range or NBBO.
The System will then expose any remaining marketable buy (sell) orders
at the widest offer (bid) point of the OEPW range or NBO (NBB),
whichever is lower (higher);
    (4) if the opening trade would leave a market order imbalance, the
System will open the series by matching orders and quotes to the extent
they can trade and will report the opening trade, if any, at the
opening trade price. The System will then expose any remaining
marketable buy (sell) orders at the widest offer (bid) point of the
OEPW range or NBO (NBB), whichever is lower (higher); or
    (5) if the opening quote bid (offer) or the NBB (NBO) crosses the
opening quote offer (bid) or the NBO (NBB) by more than an amount
determined by the Exchange on a class-by-class and premium basis, the
System will not open the series.\37\ If the opening quote bid (offer)
or NBO (NBO) crosses the opening quote offer (bid) or NBO (NBB) by no
more than the specified amount, the System will open the series by
matching orders and quotes to the extent they can trade and will report
the opening trade, if any, at the opening trade price. The System then
exposes any remaining marketable buy (sell) orders at the widest offer
(bid) point of the OEPW range or NBO (NBB), whichever is lower
(higher). If the best away market bid and offer are inverted by no more
than the specified amount, there is a marketable order on each side of
the series, and the System opens the series, the System will expose the
order on the side with the larger size and route for execution the
order on the side with the smaller size to an away exchange that is at
the NBBO.\38\
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    \37\ Currently, this amount is $0.25 for options with prices
less than $3.00 and $0.50 for options with prices of $3.00 or more.
See id. at 74835, n.26.
    \38\ See id. at 74834-35.
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    In addition, the proposed rule change makes other changes to
current Interpretation and Policy .03, while retaining and moving
around certain other provisions.\39\ Among other things, for example,
because the Exchange no longer uses an allocation period, it proposes
to delete the provision regarding the allocation period of the HAL
openings.\40\ In addition, the proposed rule change deletes
Interpretation and Policy .03(c)(i) regarding the priority of orders
and quotes during the open for classes in which the Exchange has
activated HAL

for openings, as it is the same as the priority in proposed
subparagraph (c)(i)(C).\41\
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    \39\ The proposed rule change stipulates that any remaining
balances of orders not executed after the exposure period will enter
the book at their limit prices (to the extent consistent with Rule
6.53) or route via the order handling system pursuant to Rule 6.12
in accordance with their routing instructions. See Notice, supra
note 3, at 74835, n.27.
    \40\ See id. at 74835.
    \41\ See id.
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    The Exchange also proposes to add subparagraph (d)(iii), which
provides that if the System does not open a series pursuant
subparagraphs (i) or (ii), notwithstanding proposed paragraph (c)
(which states the opening rotation period may not last more than 60
seconds), the opening rotation period continues (including the
dissemination of EOIs) until the condition causing the delay is
satisfied or the Exchange otherwise determines it is necessary to open
a series in accordance with proposed paragraph (e).\42\
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    \42\ Current Rule 6.2B(h) and proposed Rule 6.2B(g) provide that
the opening procedures described in the rule may also be used after
the close of a trading session for series that open pursuant to
HOSS. The proposed rule change makes non-substantive changes to
proposed paragraph (g) to more clearly and simply state the
potential applicability of the opening procedures to a closing
rotation for series that open pursuant to HOSS and to include
additional detail regarding the notification to Trading Permit
Holders regarding the decision to conduct a closing rotation. The
proposed rule change also amends the name of Rule 6.2B to indicate
that the procedures may also be used for closing rotations. See id.
at 74835, n.28.
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Hybrid 3.0 Classes

    The proposed rule change moves Rule 6.2B, Interpretation and Policy
.01(a), which establishes a modified opening procedure for classes that
trade on the Hybrid 3.0 platform, into the body of the rule in proposed
paragraph (h). Interpretation and Policy .01 generally describes the
modified opening procedures for Hybrid 3.0 series that are used to
calculate volatility indexes.\43\ The Exchange noted in its filing that
current paragraph (a), however, applies to Hybrid 3.0 classes on all
trading days, not just the days on which the Exchange uses the modified
opening procedures.\44\ The proposed rule change therefore moves this
provision to proposed paragraph (h) within the body of the rule, rather
than the Interpretation and Policy.
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    \43\ The only series trading on Hybrid 3.0 are SPX index
options. See, e.g., CBOE FAQs, available at: https://www.cboe.org/publish/mmfaq/mmfaq.pdf (``All option classes on CBOE are Hybrid
classes, except SPX, which contains both Hybrid series (SPX Weeklys
under trading symbol SPXW) and Hybrid 3.0 series (all other SPX
series under trading symbol SPX).'').
    \44\ See Notice, supra note 3, at 74835-36.
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    The introduction to proposed paragraph (h) states that all the
provisions set forth in Rule 6.2B apply to the opening of Hybrid 3.0
series except as follows in subparagraphs (i) and (ii). Proposed
paragraph (h)(i) provides that only the LMM or DPM with an appointment
or allocation, respectively, to the class or series may enter quotes
prior to the opening of trading, subject to the obligation set forth in
Rule 8.15 or 8.85, respectively. Proposed paragraph (h)(ii) states that
during the pre-opening period, the System will accept all order types
eligible for entry from public customers (consistent with current
paragraph (a) in Interpretation and Policy .01), but adds that the
System only accepts opening rotation orders from non-public
customers.\45\
---------------------------------------------------------------------------

    \45\ See id. at 74836. Pursuant to Rule 7.4(a), public customer
orders are eligible for entry into the electronic book. While non-
public customers may submit orders in Hybrid classes for entry into
the book, the Exchange may determine on a class-by-class basis that
non-public customers may also submit orders in Hybrid 3.0 classes
for entry into the book; currently, the Exchange has determined not
to permit this. See id. at 74836, n.31.
---------------------------------------------------------------------------

Modified Opening Procedures on Volatility Index Settlement Dates

    The proposed rule change amends the modified opening procedures for
classes and series used to calculate volatility indexes on the exercise
and final settlement dates. Current Interpretation and Policy .01(b)
requires the DPM or LMM to enter opening quotes in all series in a
Hybrid 3.0 class during a modified opening procedure. The proposed rule
change deletes this obligation. As a result, the opening quoting
obligations in Rules 8.15 and 8.85, as applicable, would apply to LMMs
and DPMs, respectively, in Hybrid 3.0 classes on volatility settlement
days.\46\
---------------------------------------------------------------------------

    \46\ See id. at 74836.
---------------------------------------------------------------------------

    Current Rule 6.2B, Interpretation and Policy .01(c) describes a
modified opening procedure that applies to series in Hybrid 3.0 classes
that are used to calculate a volatility index on expiration and final
settlement dates for those indexes.\47\ The introductory paragraph of
current paragraph (c) states that to facilitate the calculation of
exercise or final settlement values for options or futures contracts on
volatility indexes, the Exchange will utilize a modified HOSS opening
procedure for any Hybrid 3.0 series with respect to which a volatility
index is calculated. This modified opening procedure will be utilized
only on the expiration and final settlement dates of the options or
futures contracts on the applicable volatility index for each
expiration. The Exchange states that the proposed introductory
paragraph to Interpretation and Policy .01 simplifies these two
sentences, which CBOE believes are redundant, and states that on the
dates on which the exercise and final settlement values are calculated
for options \48\ or (security) futures contracts on a volatility index
(i.e., expiration and final settlement dates), the Exchange will
utilize the modified opening procedure described in that Interpretation
and Policy for all series used to calculate the exercise/final
settlement value of the volatility index for expiring options and
(security) futures contracts (i.e., constituent options).\49\
---------------------------------------------------------------------------

    \47\ Interpretation and Policy .08 has a substantially similar
procedure for series in Hybrid classes that are used to calculate
volatility indexes on settlement dates. As discussed below, the
proposed rule change deletes Interpretation and Policy .08 and
applies Interpretation and Policy .01 to all classes. All proposed
changes to Interpretation and Policy .01 described in this section
of the rule filing will thus apply to the modified opening procedure
for both Hybrid and Hybrid 3.0 classes. See id. at 74836, n.34.
    \48\ The proposed rule references Rules 24.9(a)(5) and (6)
(which references are also included in current Rule 6.2B,
Interpretation and Policy .08), which describe the method of
determining the day on which the exercise settlement value will be
calculated for volatility indexes with a 30-day volatility period
and VXST, respectively. See id. at 74836, n.35.
    \49\ See id. at 74836.
---------------------------------------------------------------------------

    Current Interpretation and Policy .01(c)(i) states that all orders,
other than spread or non-OPG contingency orders, will be eligible to be
placed on the electronic book for those option contract expirations
whose prices are used to derive the volatility indexes on which options
and futures are traded, for the purpose of permitting those orders to
participate in the opening price calculation for the applicable series.
Since the Exchange permits the same order types during the modified
opening procedure as it does during the standard procedure, the
proposed rule change deletes this paragraph.\50\
---------------------------------------------------------------------------

    \50\ See Notice, supra note 3, at 74836-37. The Exchange
requires, and will continue to require, LMMs (or DPMs) in Hybrid 3.0
classes to enter opening quotes in series that may be used to
calculate the exercise and final settlement values of options or
futures on the volatility index on expiration and final settlement
dates. Additionally, LMMs and DPMs must enter quotes within a
certain timeframe on all trading days. See id. at 74832.
---------------------------------------------------------------------------

Exchange Determinations

    Current Rule 6.2B provides in various places, including paragraphs
(b)(ii), (e) and (f) and Interpretations and Policies .01 and .08, that
Exchange Floor Officials may determine whether to modify the opening
procedures when they deem necessary. The Exchange proposes to delete
these references and combine them into current paragraph (f) and
proposed paragraph (e). Additionally, the Exchange proposes to amend
proposed paragraph (e) to state that senior Help Desk personnel make
these determinations.\51\ The proposed

rule change lists examples of actions Senior Help Desk personnel may
take in the interests of commencing or maintaining a fair and orderly
market, in the event of unusual market conditions, or in the public
interest, including delaying or compelling the opening of any series in
any options class, modifying timers or settings described in Rule 6.2B,
and not using the modified opening procedure set forth in proposed
Interpretation and Policy .01. The proposed rule change adds that the
Exchange will make and maintain records to document all determinations
to deviate from the standard manner of the opening procedure, and
periodically review these determinations.\52\
---------------------------------------------------------------------------

    \51\ Current paragraph (b)(ii) references the Exchange Control
Room. The Control Room is now referred to as the Help Desk, so the
Exchange proposes to delete the references to the Control Room. See
id. at 74837, n.37.
    \52\ See id. at 74837.
---------------------------------------------------------------------------

    In addition, there are various provisions throughout Rule 6.2B that
allow the Exchange to make certain determinations on a class-by-class
basis. However, pursuant to Rule 8.14, Interpretation and Policy
.01,\53\ the Exchange may authorize groups of series of a class to
trade on different trading platforms, and thus, the Exchange would make
determinations for each group rather than the class as a whole.
Proposed Interpretation and Policy .05 provides that, for these groups,
the Exchange may make determinations pursuant to Rule 6.2B and the
Interpretations and Policies thereunder on a group-by-group basis that
would otherwise be made on a class-by-class basis. The proposed rule
change also adds to proposed Interpretation and Policy .05 that it will
announce via Regulatory Circular with appropriate advance notice any
determinations it makes under Rule 6.2B, to ensure Trading Permit
Holders are aware of these determinations and have sufficient time to
make any necessary changes in response to the determinations.\54\
---------------------------------------------------------------------------

    \53\ Rule 8.14, Interpretation and Policy .01, provides that the
Exchange may determine to authorize a group of series of a Hybrid
3.0 class to trade on the Hybrid system, in which case the Exchange
would establish trading parameters on a group basis to the extent
rules otherwise provide for such parameters to be established on a
class basis. See id. at 74838, n.39.
    \54\ See id. at 74838.
---------------------------------------------------------------------------

Obsolete and Duplicate Language

    The proposed rule change proposes to delete certain provisions
because it believes the language is obsolete or duplicative. Those
changes include the following:
     Current Rule 6.2B(b)(ii) describes how a DPM or LMM, as
applicable, takes part in determining the cause of a delay in the
opening of an underlying security, and that the Exchange may consider
such information when deciding whether to open a series despite the
delay in the opening of the underlying. According to CBOE, the CBOE
Help Desk generally is aware of delayed openings in the underlying
securities and thus this provision is no longer necessary.
Additionally, the Exchange's Help Desk would have the ability to compel
the opening of a series pursuant to proposed Rule 6.2B(f) and therefore
proposes to delete this provision.\55\
---------------------------------------------------------------------------

    \55\ See id. at 74837.
---------------------------------------------------------------------------

     The Exchange also proposes to delete current
Interpretation and Policy .01(c)(v), which states the HOSS system will
automatically generate cancels immediately prior to the opening of the
applicable index option series for broker-dealer, Market-Maker, away
market-maker, and specialist (i.e., non-public customer) orders that
remain on the book following the modified HOSS opening procedures.
Since the System will cancel opening rotation orders that do not
execute during the opening rotation of a series, the Exchange believes
this provision is redundant. Further, the Exchange proposes to delete
current Interpretation and Policy .01(c)(vi) regarding publication of
an imbalance of contracts, as this is covered by proposed Rule
6.2B(d)(iii) regarding dissemination of expected opening messages if a
series does not open.
     The proposed rule change deletes Interpretation and Policy
.08. The modified opening procedures described in Interpretations and
Policies .01 and .08 are nearly identical for Hybrid and Hybrid 3.0
classes. Therefore, the proposed rule change applies Interpretation and
Policy .01 (as amended by this proposed rule change) to all
classes.\56\
---------------------------------------------------------------------------

    \56\ See Notice, supra note 3, at 74838. The proposed rule
change deletes references to VXST, the CBOE Short-Term Volatility
Index, in Interpretation and Policy .01, as VXST is only one type of
volatility index and is not unique in its treatment under this rule.
See id. at n.38.
---------------------------------------------------------------------------

Non-Substantive Changes

    The proposed rule change, as modified by Amendment No. 1, makes
numerous non-substantive and clerical changes throughout Rule 6.2B and
in Rules 6.1A(e)(iii)(C), 6.13(b)(v)(B)(V), 6.53(l), 8.15(b)(v),
8.85(a)(xi), and 17.50(g)(14), including adding or amending headings
and defined terms, updating cross-references, adding introductory and
clarifying language, using consistent language and punctuation, and
replacing terms such as ``option series'' with series.\57\ The proposed
rule change also amends current Rule 6.2B(g) and proposed Rule 6.2B(f)
to clarify that the procedure described in Rule 6.2B may be used to
reopen a series, in addition to a class, after a trading halt to
address a potential situation in which only certain series are
subjected to halt. The proposed rule change also adds detail regarding
notice of use of this opening procedure following a trading halt and
clarifies that the procedure would be the same, though depending on
facts and circumstances, there may be no pre-opening period or a
shorter pre-opening period. Proposed paragraph (f) further states the
Exchange will announce the reopening of a class or series after a
trading halt as soon as practicable via verbal message to the trading
floor and electronic message to Trading Permit Holders that request to
receive such messages.\58\
---------------------------------------------------------------------------

    \57\ The Exchange notes that all series listed for trading on
the Exchange are for options, therefore it does not believe that
including the word ``option'' is necessary. See id. at 74838.
    \58\ See id. at 74838. CBOE also notes that the Exchange may
reopen a class after a trading halt as otherwise set forth in the
Rules, including Rules 6.3, 6.3B, and 6.3C. See id. at n.40.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Interpretation and Policy .04,
which states the Exchange may determine on a class-by-class basis which
electronic algorithm from Rule 6.45A or 6.45B, as applicable, applies
to the class during rotations. The proposed rule change makes the
electronic algorithm that applies to a class intraday the default
algorithm during rotations, but leaves the Exchange flexibility to
apply a different algorithm to a class during rotations if it deems
necessary or appropriate.\59\
---------------------------------------------------------------------------

    \59\ See id. at 74838.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6 of the Act,\60\
and the rules and regulations thereunder applicable to a national
securities exchange.\61\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\62\
which requires, among other things, that a national securities exchange
have rules 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.
---------------------------------------------------------------------------

    \60\ 15 U.S.C. 78f.
    \61\ 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).
    \62\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the proposed rule change reorganizes and attempts to
clarify the description of the opening (and sometimes closing)
procedures, deletes text that the Exchange believes is either obsolete
or unnecessary, removes certain discretion for the Exchange to make
determinations under the rule on a class-by-class basis where CBOE no
longer needs that discretion, and is intended to promote greater
consistency across Rule 6.2B. The Commission notes that these changes
may offer market participants a better understanding of how the
Exchange's opening (and sometimes closing) procedures operate. To the
extent the changes achieve that goal, they may promote transparency,
reduce the potential for investor confusion, and assist market
participants in deciding whether to participate in CBOE's trading
rotations and, if they do participate, have confidence and certainty as
to how their orders will be processed by the CBOE System.
    The Commission believes that the proposed rule change is designed
to promote just and equitable principles of trade by seeking to ensure
that series open in a fair and orderly manner with sufficient liquidity
and opportunities for execution at prices that are determined by market
forces. In particular, the Exchange notes that the proposed rule change
is designed to ensure that market participants are aware of the
circumstances under which the System may not open a series.\63\
Further, although the proposed rule change deletes the obligation for
LMMs in Hybrid 3.0 classes to enter opening orders and quotes on
volatility settlement dates, the Exchange has represented that it does
not believe that this change will impact the balance of LMM obligations
and benefits, as this obligation has been applied only to a brief
period of time on a limited number of days.\64\ In addition, LMMs in
Hybrid 3.0 must enter opening quotes in accordance with the obligation
in Rule 8.15, including in series of classes that may be used to
calculate the exercise and final settlement values of options or
futures on the volatility index on settlement dates.\65\ The Exchange
believes that the standard opening quoting obligation, in addition to
other general obligations applicable to LMMs, provides sufficient
liquidity in these series on the volatility settlement days.\66\ Thus,
CBOE does not believe it is necessary to impose additional opening
quoting obligations on LMMs on those days.
---------------------------------------------------------------------------

    \63\ See Notice, supra note 3, at 74839.
    \64\ See id.
    \65\ See id.
    \66\ See id.
---------------------------------------------------------------------------

    Further, the proposed change more clearly specifies the situations
in which the modified opening procedures replace the opening procedures
on settlement dates for certain series. The proposed rule change also
sets out the circumstances when the Exchange may exercise discretion
and strives to narrow that discretion within certain established
parameters.\67\ The proposed rule change further requires the Exchange
to document and periodically review Exchange decisions made under the
rule, including any deviations from the standard opening procedures,
and specifies that only senior Exchange officials can make those
determinations and must do so in limited specified circumstances with
specific regard to the public interest.\68\ In this manner, Exchange
determinations made under the rule should be transparent and made with
due regard to the Exchange's obligations under the Act.
---------------------------------------------------------------------------

    \67\ Exchange determinations, including the establishment of
parameters governing the opening process, will be set forth in
Regulatory Circulars (or as otherwise specified by the Exchange
under the proposed rule). On account of the critical importance of
this information to investors' understanding of how the Exchange's
System operates, CBOE should ensure that such information is
prominently displayed, readily searchable and retrievable, up-to-
date, and comprehensive.
    \68\ See proposed Rule 6.2B(e). See also Notice, supra note 3,
at 74837.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 1, is consistent with Section
6(b)(5) of the Act and the rules and regulations thereunder applicable
to a national securities exchange.

IV. Solicitation of Comments on Amendment No. 1 to the Proposed Rule
Change

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment No. 1
to 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_ADDRESS>Please include
File Number SR-CBOE-2016-071 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-CBOE-2016-071. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2016-071, and should be
submitted on or before January 5, 2017.

V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment No. 1

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 1, prior to the thirtieth day
after the date of publication of notice of the amended proposal in the
Federal Register. In Amendment No. 1,\69\ CBOE updated a cross-
reference to Rule 6.2B in Rule 6.13. This change is consistent with the
proposal as initially filed, and corrects

a now-obsolete rule reference. The change does not introduce material,
new, or novel concepts. Accordingly, the Commission finds good cause,
pursuant to Section 19(b)(2) of the Act,\70\ to approve the proposed
rule change, as modified by Amendment No. 1, on an accelerated basis.
---------------------------------------------------------------------------

    \69\ See Amendment No. 1, supra note 4.
    \70\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\71\ that the proposed rule change (SR-CBOE-2016-071), as modified
by Amendment No. 1, be, and hereby is, approved on an accelerated
basis.
---------------------------------------------------------------------------

    \71\ 15 U.S.C. 78s(b)(2).
    \72\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\72\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-30082 Filed 12-14-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Pages 38160-38161]
[FR Doc No: 2018-16666]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2018-0002; Internal Agency Docket No. FEMA-B-1836]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report, once effective, will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings.

DATES: Comments are to be submitted on or before November 1, 2018.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location https://www.fema.gov/preliminaryfloodhazarddata and the
respective Community Map Repository address listed in the tables below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-1836, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email) [email protected].

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Map Information
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and are used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://www.floodsrp.org/pdfs/srp_overview.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location
https://www.fema.gov/preliminaryfloodhazarddata and the respective
Community Map Repository address listed in the tables. For communities
with multiple ongoing Preliminary studies, the studies can be
identified by the unique project number and Preliminary FIRM date
listed in the tables. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at https://msc.fema.gov for comparison.
(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

David I. Maurstad,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
             Gallatin County, Montana and Incorporated Areas
  Project: 16-08-0886S Preliminary Date: November 28, 2016 and February
                                16, 2018
------------------------------------------------------------------------
City of Bozeman........................  Stiff Professional Building,
                                          Engineering Department, 20
                                          East Olive Street, 1st Floor,
                                          Bozeman, MT 59715.
Unincorporated Areas of Gallatin County  Gallatin County Courthouse,
                                          Planning Department, 311 West
                                          Main Street, Room 108,
                                          Bozeman, MT 59715.
------------------------------------------------------------------------

            Canadian County, Oklahoma and Incorporated Areas
         Project: 12-06-1030S Preliminary Date: February 8, 2018
------------------------------------------------------------------------
City of El Reno........................  Municipal Building, 101 North
                                          Choctaw Avenue, El Reno, OK
                                          73036.
------------------------------------------------------------------------
              Aransas County, Texas and Incorporated Areas
          Project: 15-06-0811S Preliminary Date: March 16, 2018
------------------------------------------------------------------------
City of Aransas Pass...................  City Hall, 600 West Cleveland
                                          Boulevard, Aransas Pass, TX
                                          78336.
------------------------------------------------------------------------
            San Patricio County, Texas and Incorporated Areas
          Project: 15-06-0811S Preliminary Date: March 16, 2018
------------------------------------------------------------------------
City of Aransas Pass...................  City Hall, 600 West Cleveland
                                          Boulevard, Aransas Pass, TX
                                          78336.
------------------------------------------------------------------------

[FR Doc. 2018-16666 Filed 8-2-18; 8:45 am]
 BILLING CODE 9110-12-P


[Federal Register Volume 74, Number 115 (Wednesday, June 17, 2009)]
[Notices]
[Page 28768]
[FR Doc No: E9-14167]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

FAA Notice of Intent to Prepare an Environmental Assessment; Ann
Arbor Municipal Airport, Ann Arbor, MI

AGENCY: The Federal Aviation Administration, Department of
Transportation.

ACTION: Notice of Intent to prepare an Environmental Assessment (EA)
and conduct Citizen Advisory Meetings.

-----------------------------------------------------------------------

SUMMARY: The FAA has delegated selected responsibilities for compliance
with the National Environmental Policy Act to the MDOT as part of the
State Block Grant Program authorized under Title 49 U.S.C., Section
47128. This notice is to advise the public pursuant to the National
Environmental Policy Act of 1969, as amended, (NEPA) 42 U.S.C.
4332(2)(c) that MDOT intends to prepare an EA for the proposed
extension of runway 6/24 at the Ann Arbor Municipal Airport. While not
required for an EA, the FAA and MDOT are issuing this Notice of Intent
to facilitate public involvement. This EA will assess the potential
environmental impacts resulting from the proposed extension of runway
6/24 from 3,500 feet to 4,300 feet. All reasonable alternatives will be
considered including a no action alternative.

FOR FURTHER INFORMATION CONTACT: Ms. Molly Lamrouex, Environmental
Specialist, Bureau of Aeronautics and Freight Services, MDOT, 2700 Port
Lansing Road, Lansing, Michigan<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The EA will include analysis which will be
used to evaluate the potential environmental impacts in the study area.
During scoping, and upon publication of a draft EA and a final EA, MDOT
will be coordinating with federal, state and local agencies, as well as
the public, to obtain comments and suggestions regarding the EA for the
proposed project. The EA will assess potential impacts and reasonable
alternatives including a no action alternative pursuant to NEPA; FAA
Order 1050.1E, Policies and Procedures for Considering Environmental
Impacts; FAA Order 5050.4B, National Environmental Policy Act (NEPA)
Implementing Instructions for Airport Actions; and the President's
Council on Environmental Quality (CEQ) Regulations implementing the
provisions of NEPA, and other appropriate Agency guidance.
    Public Input Process: During development of the draft EA, a series
of meetings to provide for public input will be held to identify
potentially significant issues or impacts related to the proposed
action that should be analyzed in the EA. For more information
regarding the meetings for public input contact Molly Lamrouex, MDOT
Bureau of Aeronautics and Freight Services,<PHONE_NUMBER>.

    Issued in Romulus, Michigan, June 4, 2009.
Matthew J. Thys,
Manager, Detroit Airports District Office, Great Lakes Region.
[FR Doc. E9-14167 Filed 6-16-09; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 91 (Thursday, May 10, 2018)]
[Notices]
[Pages 21821-21822]
[FR Doc No: 2018-09974]

-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Pipeline and Hazardous Materials Safety Administration

Hazardous Materials: Notice of Applications for Special Permits

AGENCY: Pipeline and Hazardous Materials Safety Administration (PHMSA),
DOT.

ACTION: Notice of actions on special permit applications.

-----------------------------------------------------------------------

SUMMARY: In accordance with the procedures governing the application
for, and the processing of, special permits from the Department of
Transportation's Hazardous Material Regulations, notice is hereby given
that the Office of Hazardous Materials Safety has received the
application described herein.

DATES: Comments must be received on or before June 11, 2018.

ADDRESSES: Record Center, Pipeline and Hazardous Materials Safety
Administration U.S. Department of Transportation Washington, DC 20590.
    Comments should refer to the application number and be submitted in
triplicate. If confirmation of receipt of comments is desired, include
a self-addressed stamped postcard showing the special permit number.

FOR FURTHER INFORMATION CONTACT: Ryan Paquet, Director, Office of
Hazardous Materials Approvals and Permits Division, Pipeline and
Hazardous Materials Safety Administration, U.S. Department of
Transportation, East Building, PHH-30, 1200 New Jersey Avenue
Southeast, Washington, DC 20590-0001,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Copies of the applications are available for
inspection in the Records Center, East Building, PHH-30, 1200 New
Jersey Avenue Southeast, Washington DC or at http://regulations.gov.
    This notice of receipt of applications for special permit is
published in accordance with part 107 of the Federal hazardous
materials transportation law (49 U.S.C. 5117(b); 49 CFR 1.53(b)).

    Issued in Washington, DC, on May 3, 2018.
Donald P. Burger,
Chief, General Approvals and Permits Branch.

------------------------------------------------------------------------
                                                        Nature of the
 Application No.     Applicant      Regulation(s)      special permits
                                       affected            thereof
------------------------------------------------------------------------
                      Special Permits Data--Granted
------------------------------------------------------------------------
6293-M..........  ATK Launch       173.56(b)......  To modify the
                   Systems Inc..                     special permit to
                                                     authorize a change
                                                     in water volume of
                                                     a spent mixed acid
                                                     by reducing the
                                                     minimum water
                                                     content to 16% by
                                                     volume.
10631-M.........  Department of    ...............  To modify the permit
                   Defense                           to authorize an
                   (Military                         additional
                   Surface                           material.
                   Deployment &
                   Distribution
                   Command).

11110-M.........  United Parcel    171.8, 175.75..  To modify the
                   Service Co..                      special permit to
                                                     authorize
                                                     additional approved
                                                     air carriers.
20283-M.........  LG CHEM........  172.101(j).....  To modify the
                                                     special permit to
                                                     authorize a variant
                                                     design of an
                                                     authorized battery.
20573-N.........  Siemens Gamesa   173.222(c).....  To authorize the
                   Renewable                         transportation in
                   Energy, Inc..                     commerce of
                                                     hazardous materials
                                                     in non-DOT
                                                     specification
                                                     accumulators that
                                                     meet the
                                                     requirements of 49
                                                     CFR Sec.
                                                     173.306(f)(3)
                                                     except the
                                                     accumulators exceed
                                                     the maximum gas
                                                     space, and non-DOT
                                                     specification
                                                     cylinders that are
                                                     shipped as
                                                     components of wind
                                                     power generating
                                                     equipment.
20581-N.........  Harms Pacific    180.417(a)(3)..  To authorize the
                   Transport Inc.                    transportation in
                                                     commerce of cargo
                                                     tanks manufactured
                                                     after August 31,
                                                     1995 for which the
                                                     Manufacturer's
                                                     Certificate of
                                                     Compliance is
                                                     missing.
20634-N.........  Business         172.101(j),      To authorize the
                   Integra          173.27(b)(2).    transportation in
                   Technology                        commerce of heat
                   Solutions, Inc.                   pipes containing
                                                     anhydrous ammonia
                                                     by cargo-only
                                                     aircraft.
20636-N.........  DPC Enterprises  173.242........  To authorize the one-
                                                     time transportation
                                                     in commerce of a
                                                     MC331 cargo tank
                                                     containing chlorine
                                                     with a suspected
                                                     leak between the
                                                     pressure relief
                                                     valve and the
                                                     manway, which has
                                                     been repaired
                                                     temporarily using a
                                                     Chlorine Institute
                                                     Kit ``C''.
------------------------------------------------------------------------

------------------------------------------------------------------------
                      Special Permits Data--Denied
------------------------------------------------------------------------
9847-M..........  FIBA             ...............  To modify the
                   Technologies,                     special permit to
                   Inc.                              authorize UE
                                                     testing of approved
                                                     Canadian cylinders.
10922-M.........  FIBA             173.302(a),      To modify the
                   Technologies,    180.205,         special permit to
                   Inc.             180.207(d)(1),   authorize UE
                                    172.302(c).      testing of approved
                                                     Canadian cylinders.
12607-M.........  FIBA             205, 209, 215..  To modify the
                   Technologies,                     special permit to
                   Inc.                              authorize UE
                                                     testing on approved
                                                     Canadian cylinders.
14453-M.........  FIBA             180.209(a),      To modify the
                   Technologies,    180.209(b),      special permit to
                   Inc.             180.209(b)(1)(   authorize the UE
                                    iv).             testing of approved
                                                     Canadian cylinders.
14661-M.........  FIBA             180.209(a),      To modify the
                   Technologies,    180.209(b),      special permit to
                   Inc.             180.209(b)(1)(   authorize UE
                                    iv).             testing of approved
                                                     Canadian cylinders.
20574-N.........  Rogue Valley     174.14(a)......  To authorize the
                   Terminal                          transportation in
                   Railroad                          commerce of LPG
                   Corporation.                      railcars that are
                                                     not subject to the
                                                     48-hour expedited
                                                     movement
                                                     requirements.

----------------------------------------------------------------------------------------------------------------

                                         Special Permits Data--Withdrawn
----------------------------------------------------------------------------------------------------------------
20626-N.....................  Aerojet Rocketdyne, Inc..  172.320(a), 173.51(a),    To authorize the
                                                          173.56(b).                transportation in commerce
                                                                                of a one-time shipment of
                                                                                Class 1 materials that have
                                                                                not previously been
                                                                                approved.
20632-N.....................  Clear View Enterprise LLC  177.834(h)..............  To authorize the discharge of
                                                                                certain hazardous materials
                                                                                for portable tanks and IBCs
                                                                                without unloading the
                                                                                packages from the vehicle.
----------------------------------------------------------------------------------------------------------------

[FR Doc. 2018-09974 Filed 5-9-18; 8:45 am]
 BILLING CODE 4909-60-P


[Federal Register Volume 81, Number 191 (Monday, October 3, 2016)]
[Notices]
[Page 68100]
[FR Doc No: 2016-23795]

-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2016-0094]

Notice of Application for Approval of Discontinuance or
Modification of a Railroad Signal System

    In accordance with part 235 of Title 49 of the Code of Federal
Regulations (CFR) and 49 U.S.C. 20502(a), this document provides the
public notice that by a document dated September 9, 2016, Union Pacific
Railroad Company (UP) petitioned the Federal Railroad Administration
(FRA) seeking approval for the discontinuance or modification of a
signal system. FRA assigned the petition Docket Number FRA-2016-0094.
    Applicant: Union Pacific Railroad Company, Mr. Kevin D. Hicks, AVP
Engineering-Design, 1400 Douglas Street, Mail Stop 0910, Omaha, NE
68179.
    UP seeks approval of the discontinuance of Control Point D120,
Milepost 119.7, on the Chester Subdivision, St. Louis Service Unit
Division at Thebes, IL. Two crossovers and four signals on the main
tracks will be removed and will be replaced with regenerative
repeaters. The reason given for the proposed discontinuance is to
expedite train movements in the area and to make the switch renewal
portion of a 2017 track project unnecessary.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov and in person at the U.S. Department of
Transportation's (DOT) Docket Operations Facility, 1200 New Jersey
Avenue SE., W12-140, Washington, DC 20590. The Docket Operations
Facility is open from 9 a.m. to 5 p.m., Monday through Friday, except
Federal Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue SE., W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by November 17, 2016 will be considered by
FRA before final action is taken. Comments received after that date
will be considered as far as practicable.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the document,
if submitted on behalf of an association, business, labor union, etc.).
In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its processes. DOT posts these comments,
without edit, including any personal information the commenter
provides, to www.regulations.gov, as described in the system of records
notice (DOT/ALL-14 FDMS), which can be reviewed at www.dot.gov/privacy.
See also https://www.regulations.gov/privacyNotice for the privacy
notice of regulations.gov.

Robert C. Lauby,
Associate Administrator for Railroad Safety, Chief Safety Officer.
[FR Doc. 2016-23795 Filed 9-30-16; 8:45 am]
 BILLING CODE 4910-06-P


[Federal Register: May 9, 2006 (Volume 71, Number 89)]
[Notices]
[Page 26951-26952]
[DOCID:fr09my06-82]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

May 1, 2006.
    Take notice that the Commission received the following electric
rate filings:
    Docket Numbers: ER06-611-001; ER06-691-001.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection, LLC submits a response to FERC's
3/31/06 request for additional information.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0271.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-743-001.
    Applicants: Air Liquide Large Industries U.S., LP.
    Description: Air Liquide Large Industries U.S., LP submits an
amendment to its application for market based rate authority filed on
3/16/06, in response to FERC's request.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0269.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-744-001.
    Applicants: Sabine Cogen, LP.
    Description: Sabine Cogen, LP amends its application for market-
based rate authority filed on 3/16/06, in response to FERC's request.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0268.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-877-000.
    Applicants: Pacific Gas & Electric Company.
    Description: Pacific Gas and Electric Co. submits an executed
Letter Agreement settling a dispute with Transmission Agency of
Northern California.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0246.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-883-000.
    Applicants: American Electric Power Service Corporation; Indiana
Michigan Power Company.
    Description: Indiana Michigan Power Co. submits its second revision
to the Interconnection and Local Delivery Service Agreement 1262 with
Wabash Valley Power Association.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0273.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-884-000.
    Applicants: PSI Energy, Inc.
    Description: PSI Energy Inc. submits a request for FERC to accept
its Cost-Based Formula Rate Agreement for Firm Energy and Capacity
dated 4/14/06 with Hoosier Energy Rural Electric Cooperative.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0264.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-885-000.
    Applicants: BM2 LLC.
    Description: BM2 LLC submits a petition for acceptance of its
initial Tariff, Original Volume No. 1, Waivers and Blanket Authority.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0263.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-886-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection LLC submits an Interconnection
Service Agreement No. 1466 with AMERESCO Delaware Energy, LLC and
Delaware Power and Light Co.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0307.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-887-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection LLC submits an Interconnection
Service Agreement No. 1467 with AMERESCO Delaware Energy, LLC and
Delmarva Power & Light Co.
    Filed Date: 4/24/2006.
    Accession Number: 20060426-0194.
    Comment Date: 5 p.m. Eastern Time on Monday, May 15, 2006.

    Docket Numbers: ER06-888-000.
    Applicants: Allegheny Energy Supply Company, LLC
    Description: Allegheny Energy Supply Co, LLC submits a Notice of
Succession et al.
    Filed Date: 4/25/2006.
    Accession Number: 20060428-0120.
    Comment Date: 5 p.m. Eastern Time on Tuesday, May 16, 2006.
    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211

and 214 of the Commission's Rules of Practice and Procedure (18 CFR
385.211 and 385.214) on or before 5 p.m. Eastern time on the specified
comment date. It is not necessary to separately intervene again in a
subdocket related to a compliance filing if you have previously
intervened in the same docket. Protests will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Anyone filing
a motion to intervene or protest must serve a copy of that document on
the Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov.
 To facilitate electronic service, persons with Internet

access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-7005 Filed 5-8-06; 8:45 am]

BILLING CODE 6717-01-P