[Federal Register Volume 86, Number 13 (Friday, January 22, 2021)]
[Notices]
[Page 6640]
[FR Doc No: 2021-01345]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL21-41-000]

DTE Electric Company v. Midcontinent Independent System Operator,
Inc. and International Transmission Company, LLC; Notice of Complaint

    Take notice that on January 14, 2021, pursuant to Section 206 and
Section 306 of the Federal Power Act \1\ and Rule 206 of the Rules of
Practice and Procedure of the Federal Energy Regulatory Commission
(Commission), \2\ DTE Electric Company (Complainant) filed a formal
complaint against Midcontinent Independent System Operator, Inc. (MISO)
and International Transmission Company, LLC, dba ITC Transmission (ITCT
or Respondent), alleging that MISO has inappropriately included a local
distribution project proposed by ITCT in MISO's 2019 Transmission
Expansion Plan and that such project must be removed, all as more fully
explained in the complaint.
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    \1\ 16 U.S.C. 824e and 825e (2012).
    \2\ 18 CFR 385.206 (2020).
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    The Complainant certifies that copies of the complaint were served
on the contacts listed for Respondent in the Commission's list of
Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). 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. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainant.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically may mail
similar pleadings to the Federal Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426. Hand delivered submissions in
docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on February 3, 2021.

    Dated: January 14, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-01345 Filed 1-21-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: March 16, 2009 (Volume 74, Number 49)]
[Notices]
[Page 11151-11152]
[DOCID:fr16mr09-108]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59537; File No. SR-Phlx-2009-19]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change as Modified by Amendment No. 1
Thereto by NASDAQ OMX PHLX, Inc. To Amend the Exchange's Fee Schedule
Relating to the Market Access Provider Subsidy

March 9, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\, and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 25, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. On
March 3, 2009, the Exchange filed Amendment No. 1 to the proposal.\3\
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 clarified that if there is any change to the
status of the Monthly MAP Volume Bonus and/or the MAP Marketing
Subsidy, or if the Exchange negotiates any MAP Agreement extension,
the Exchange will file a proposed rule change with the Commission.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its schedule of fees to remove
certain subsidies that are available to qualifying Phlx member
organizations that offer to customers automated order routing systems
and electronic market access to U.S. options markets (``Market Access
Providers'' or ``MAPs''). Specifically, the Exchange proposes to amend
the Market Access Provider Subsidy section of its fee schedule by
deleting the following subsidies: (i) A $0.01 per contract incentive
above the previously established per-contract subsidy rate upon the
renewal of a MAP Agreement; (ii) a $50,000 per month bonus payment (the
``Monthly MAP Volume Bonus'') for each month in which the number of
contracts routed to the Exchange exceeds a defined number of contracts;
and (iii) a $25,000 per month marketing subsidy (the ``MAP Marketing
Subsidy''), as defined below.
    The proposed rule change is filed for immediate effectiveness and
will be effective for trades settling on or after March 1, 2009.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to manage Exchange
expenses by removing certain subsidies from the Exchange's fee
schedule.

Market Access Provider

    In August, 2007, the Exchange amended its fee schedule to provide a
per contract Subsidy (the ``Subsidy'') for certain Exchange members
known as MAPs.\4\ A MAP is an Exchange member organization that offers
to customers automated order routing systems and electronic market
access to U.S. options markets. The Exchange pays a per-contract MAP
Subsidy to any Exchange member organization that qualifies as a MAP (an
``Eligible MAP'') \5\ who elects to participate by submitting any
application(s) and/or form(s) required by the Exchange, and complying
with other conditions.
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    \4\ See Securities Exchange Act Release No. 56274 (August 16,
2007), 72 FR 48720 (August 24, 2007) (SR-Phlx-2007-54).
    \5\ The term ``Eligible MAP'' is defined in current footnote
5(b) of the Market Access Provider Subsidy section of the Exchange's
fee schedule.
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    A MAP must enter into and maintain an Agreement (a ``MAP
Agreement'') with the Exchange to function as an Eligible MAP and be in
compliance with all terms thereof.

MAP Subsidy

    The Exchange currently pays a Subsidy to Eligible MAPs on a monthly
basis, of $0.10 (the ``Subsidy Rate'') for each Eligible Contract (as
defined below) executed in the immediately preceding calendar month
above the particular Eligible MAP's Baseline Order Flow (as defined
below).
    ``Eligible Contracts'' means contracts that result from the
execution on the Exchange of: (1) Equity option orders (other than
crosses) sent electronically to an Eligible MAP (and routed to the
Exchange electronically by the Eligible MAP) by its customers; and (2)
MAP Routing Orders (other than crosses) sent electronically by the
Eligible MAP.
    ``Baseline Order Flow'' for an Eligible MAP means the higher of:
(1) 500,000 contracts; or (2) the average contracts per month,
calculated for the 3-month period immediately preceding the Eligible
MAP entering into an agreement with the Exchange, that resulted from
the execution on the Exchange of equity option orders (other than
crosses) routed to Phlx electronically by such Eligible MAP.
    In addition, the Exchange pays an additional $0.01 per contract
above the previously established per-contract Subsidy Rate upon the
renewal of a MAP Agreement.\6\
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    \6\ A MAP Agreement is typically in effect for a period of one
year, and the Exchange may, by giving written notice to the Eligible
MAP, elect to extend it for additional one year terms, in which case
the per contract Subsidy payable during any extension period for
that Eligible MAP is $0.01 per contract greater than the Subsidy
Rate then in effect at the date of renewal. See supra note 4.
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    The Exchange proposes to delete the additional $0.01 per contract
payment provision respecting extended MAP Agreements from the Market
Access Provider Subsidy section of its fee schedule. The Exchange
believes that it would benefit both parties to negotiate the terms of
any MAP Agreement extension on a case-by-case basis, rather than having
fixed terms already in

place. In that way, the parties can evaluate their current business
situation and negotiate an extension, if any, that is reasonable and
appropriate under then-existing conditions existing within each party,
and under then-existing market and economic situations as a whole.\7\
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    \7\ In the event that there is any change to the status of the
Monthly MAP Volume Bonus and/or the MAP Marketing Subsidy, or if the
Exchange negotiates any MAP Agreement extension, the Exchange will
file a proposed rule change pursuant to Section 19(b)(3)(A)(ii) of
the Act and Rule 19b-4(f)(2) thereunder.
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Monthly MAP Volume Bonus

    The Exchange pays each Eligible MAP $50,000 per month (the ``Volume
Bonus'') for each month in which the Eligible Contracts of such
Eligible MAP in the immediately preceding calendar month exceed the
higher of: (1) 1,500,000; or (2) three times the Baseline Order Flow of
such Eligible MAP. The Volume Bonus is in addition to the amount for
any Subsidy that is payable.
    The Exchange proposes to delete the monthly MAP Volume Bonus from
the Market Access Provider Subsidy section of its fee schedule in order
to be in a better position to manage its allocation of costs.

Marketing Subsidy

    Currently, the Exchange pays a MAP Marketing Subsidy of $25,000.00
per month, for a maximum of three months (totaling $75,000.00) to
Eligible MAPs, in addition to the per-contract Subsidy.
    The MAP Marketing Subsidy is intended to be used by the Eligible
MAP to: (i) Promote the Subsidy program; (ii) provide technical
assistance and information to its customers on the equity options order
routing functionality that pertains to the Subsidy program; and (iii)
analyze the volume based usage of such order routing functionality by
the Eligible MAP and its customers, in each case with a view towards
the successful launch of the Eligible MAP's participation in the
Subsidy for Eligible MAPs.
    The Exchange proposes to delete the Marketing Subsidy from the
Market Access Provider Subsidy section of its fee schedule. The
Exchange intends to attract new participants into the MAP program using
more of a variable cost rather than a fixed cost.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Sections
6(b)(4) of the Act \9\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees and other charges
among Exchange members by deleting standardized volume bonuses and
marketing subsidies, thus enabling the Exchange to manage its costs
relating to MAPs.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \10\ and paragraph (f)(2) of Rule 19b-4 \11\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission may summarily abrogate such rule change if
it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2009-19 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2009-19. This file
number should be included on the subject line if e-mail 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 inspection and
copying in the Commission's Public Reference Room on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such 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-
Phlx-2009-19 and should be submitted on or before April 6, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-5564 Filed 3-13-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Pages 28474-28477]
[FR Doc No: 2018-13080]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83421; File No. SR-NASDAQ-2018-044]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend The Nasdaq Options Market LLC (``NOM'') Rules at Supplementary
Material to Chapter III, Section 7, Entitled ``Position Limits,'' and
Section 9, Entitled ``Exercise Limits''

June 13, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 11, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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

    The Exchange proposes to amend The Nasdaq Options Market LLC
(``NOM'') Rules at Supplementary Material to Chapter III, Section 7,
entitled ``Position Limits,'' and Section 9, entitled ``Exercise
Limits,'' to amend position limits for options on the SPDR[supreg] S&P
500[supreg] exchange-traded fund (``SPY ETF'' or ``SPY''), which list
and trade under the symbol ``SPY.''
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    NOM Rules at Supplementary Material to Chapter III, Section 7,
entitled ``Position Limits'' and Section 9, entitled ``Exercise
Limits'' indicate the manner in which positions for aggregate positions
in option contracts are treated on the Exchange. SPY is among the
certain select underlying securities listed in each such Rule.
Indicates [sic] the manner in which positions for aggregate positions
in option contracts are treated on the Exchange.\3\ SPY is among the
certain select underlying securities listed in each such Rule.
Currently, these Rules provide that there are no position limits and
there are no exercise limits on options overlying SPY pursuant to a
pilot program, which is scheduled to expire on July 12, 2018 (``SPY
Pilot Program'').\4\
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    \3\ See Chapter III, Section 9 for applicable exercise limits.
    \4\ See Securities Exchange Act Release No. 69180 (March 19,
2013), 78 FR 17962 (March 25, 2013) (SR-NASDAQ-2013-046); 72142 (May
9, 2014), 79 FR 27961 (May 15, 2014) (SR-NASDAQ-2014-052); 75413
(July 9, 2015), 80 FR 41519 (July 15, 2015) (SR-NASDAQ-2015-072);
78123 (June 22, 2016), 81 FR 42030 (June 28, 2016) (SR-NASDAQ-2016-
084); and 81090 (July 7, 2017), 82 FR 32394 (July 13, 2017) (SR-
NASDAQ-2017-063).
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    The Exchange proposes to amend Chapter III, Section 7 to allow the
SPY Pilot Program to terminate on July 12, 2018, the current expiration
date of the SPY Pilot Program. In lieu of extending the SPY Pilot
Program for another year, the Exchange proposes to allow the SPY Pilot
Program to terminate and to establish position and exercise limits of
1,800,000 contracts, for options on SPY, with such change becoming
operative on July 12, 2018, so that there is no lapse in time between
termination of the SPY Pilot Program and the establishment of the new
limits. Furthermore, as a result of the termination of the SPY Pilot
Program, the Exchange does not believe it is necessary to submit a SPY
Pilot Program Report at the end of the SPY Pilot Program. Based on the
prior SPY Pilot Program Reports provided to the Commission,\5\ the
Exchange believes it is appropriate to terminate the SPY Pilot Program
and that permanent position and exercise limits should be established
for SPY.
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    \5\ Id.
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    Position limits are designed to address potential manipulative
schemes and adverse market impact surrounding the use of options, such
as disrupting the market in the security underlying the options. The
potential manipulative schemes and adverse market impact are balanced
against the potential of setting the limits so low as to discourage
participation in the options market. The level of those position limits
must be balanced between curtailing potential manipulation and the cost
of preventing potential hedging activity that could be used for
legitimate economic purposes.
    The SPY Pilot Program was established in 2013 in order to eliminate
position and exercise limits for physically-settled SPY options.\6\ In
2005, the position limits for SPY options were increased from 75,000
contracts to 300,000 contracts on the same side of the market.\7\ In
July 2011, the position limit for these options was again increased
from 300,000 contracts to 900,000 contracts on the same side of the
market.\8\ Then, in 2013, the position limits for SPY options were
eliminated as part of the SPY Pilot Program.\9\
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    \6\ See Securities Exchange Act Release No. 69180 (March 19,
2013), 78 FR 17962 (March 25, 2013) (SR-NASDAQ-2013-046).
    \7\ See Securities Exchange Act Release No. 51041 (January 14,
2005), 70 FR 3408 (January 24, 2005) (SR-CBOE-2005-06). NOM's
position limit in SPY in 2005 was based on The Chicago Board Options
Exchange, Inc.'s current rule.
    \8\ See Securities Exchange Act Release No. 64928 (July 20,
2011), 76 FR 44633 (July 26, 2011) (SR-CBOE-2011-065). NOM's
position limit in SPY in 2005 was based on The Chicago Board Options
Exchange, Inc.'s current rule.
    \9\ See note 5 above.
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    The underlying SPY tracks the performance of the S&P 500 Index and
the Exchange notes that the SPY and SPY options have deep, liquid
markets that reduce concerns regarding manipulation and disruption in
the underlying markets. In support of this proposed rule change, the
Exchange has collected the following trading statistics for SPY and SPY
Options: (1) The average daily volume (``ADV'') to date (as of May 15,
2018) for SPY is 108.32 million shares; (2) the ADV to date in 2018 for
SPY options is 3.9 million contracts per day; (3) the total shares
outstanding for SPY are 965.43 million; and (4) the fund market cap for
SPY is 261.65 billion. The Exchange represents further that there is
tremendous liquidity in the securities that make up the S&P 500 Index.
    Accordingly, the Exchange proposes to amend Chapter III, Section 7
[sic] to set forth that the position and exercise limits for options on
SPY would be 1,800,000 contracts on the same side of the market. These
position and exercise limits equal the current position and exercise
limits for options on QQQ, which the Commission previously approved to
be increased from 900,000 contracts on the same side of the market, to
1,800,000 contracts on the same side of the market.\10\ The Exchange
also notes that SPY is more iquid [sic] than QQQ.\11\ The Exchange
believes that establishing position and exercise limits for the SPY
options in the amount of 1,800,000 contracts on the same side of the
market subject to this proposal would allow for the maintenance of the
liquid and competitive market environment for these options, which will
benefit customers interested in these products. Under the proposal, the
reporting requirement for the options would be unchanged.
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    \10\ See Securities Exchange Act Release No. 82770 (February 23,
2018), 83 FR 8907 (March 1, 2018) (SR-CBOE-2017-057). NOM's current
rule is based on Cboe Exchange, Inc.'s rule.
    \11\ From the beginning of the year, through May 15, 2018, the
ADV for SPY was 108.32 million shares while the ADV for QQQ was
46.64 million shares (calculated using data from Yahoo Finance as of
May 15, 2018).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\12\ in general, and furthers the

objectives of Section 6(b)(5) of the Act,\13\ in particular, in that it
is designed 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. The Exchange believes that
establishing permanent position and exercise limits for SPY options
subject to this proposal will encourage Market Makers to continue to
provide sufficient liquidity in SPY options on the Exchange, which will
enhance the process of price discovery conducted on the Exchange. The
proposal will also benefit institutional investors as well as retail
traders, and public customers, by continuing to provide them with an
effective trading and hedging vehicle. In addition, the Exchange
believes that the structure of the SPY options subject to this proposal
and the considerable liquidity of the market for those options
diminishes the opportunity to manipulate this product and disrupt the
underlying market that a lower position limit may protect against.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
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    Increased position limits for select actively traded options, such
as that proposed herein (increased as compared to the 900,000 limit in
place prior to the SPY Pilot Program),\14\ is not novel and has been
previously approved by the Commission. For example, the Commission has
previously approved a rule change permitting the Exchange to double the
position and exercise limits for FXI, EEM, IWM, EFA, EWZ, TLT, QQQ, and
EWJ.\15\ Furthermore, as previously mentioned, the Commission
specifically approved a proposal by the Exchange to increase the
position and exercise limits for options on QQQ from 900,000 contracts
on the same side of the market to 1,800,000 contracts on the same side
of the market; similar to the current proposal for options on SPY.\16\
The Exchange also notes that SPY is more liquid than QQQ.\17\
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    \14\ See note 9.
    \15\ See note 11 above.
    \16\ Id.
    \17\ See note 12 above.
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    Lastly, the Commission expressed the belief that implementing
higher position and exercise limits may bring additional depth and
liquidity without increasing concerns regarding intermarket
manipulation or disruption of the options or the underlying
securities.\18\ The Exchange's existing surveillance and reporting
safeguards are designed to deter and detect possible manipulative
behavior which might arise from increasing position and exercise limits
(increased as compared to the 900,000 limit in place prior to the SPY
Pilot Program).\19\
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    \18\ See note 11 above.
    \19\ See note 9 above.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes the
entire proposal is consistent with Section (6)(b)(8) of the Act \20\ in
that it does not impose any burden on competition that is not necessary
or appropriate in furtherance of the purposes of the Act. On the
contrary, the Exchange believes the proposal promotes competition
because it will enable the option exchanges to attract additional order
flow from the over-the-counter market, who in turn compete for those
orders. The Exchange believes that the proposed rule change will result
in continued opportunities to achieve the investment and trading
objectives of market participants seeking efficient trading and hedging
vehicles, to the benefit of investors, market participants, and the
marketplace in general. The Exchange believes this proposed rule change
is necessary to permit fair competition among the options exchanges and
to establish uniform position limits for additional multiply listed
option classes. Furthermore, the Exchange believes that the other
options exchanges will file similar proposals with the Commission.
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    \20\ 15 U.S.C. 78(f)(b)(8).
---------------------------------------------------------------------------

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \21\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-044 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ -2018-044. 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-NASDAQ-2018-044 and should
be submitted on or before July 10, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13080 Filed 6-18-18; 8:45 am]
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[Federal Register Volume 82, Number 40 (Thursday, March 2, 2017)]
[Notices]
[Pages 12390-12391]
[FR Doc No: 2017-04126]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory Committee; Meeting

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of Aviation Rulemaking Advisory Committee (ARAC)
meeting.

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SUMMARY: The FAA is issuing this notice to advise the public of a
meeting of the ARAC.

DATES: The meeting will be held on March 16, 2017, starting at 1:00
p.m. Eastern Standard Time. Arrange oral presentations by March 09,
2017.

ADDRESSES: The meeting will take place at the Federal Aviation
Administration, 800 Independence Avenue SW., Washington, DC 20591, 10th
Floor, MacCracken Conference Room.

FOR FURTHER INFORMATION CONTACT: Nikeita Johnson, Federal Aviation
Administration, 800 Independence Avenue SW., Washington, DC 20591,
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Pursuant to Section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C. App. 2), we are giving notice of a
meeting of the ARAC taking place on March 16, 2017, at the Federal
Aviation Administration, 800 Independence Avenue SW., Washington, DC
20591.
    The Agenda includes:

1. Interim Recommendation Report
    a. Air Traffic Controller Training Working Group

2. Status Report from the FAA (including a discussion on the January
30, 2017 Executive Order titled ``Reducing Regulation and Controlling
Regulatory Costs'').
3. New Tasks
    a. Transport Airplane and Engine (TAE) Subcommittee
    i. Ice Crystal Icing Working Group
    ii. Avionics Systems Harmonization Working Group
    iii. Flight Test Harmonization Working Group--Phase 3
4. Status Reports From Active Working Groups
    a. ARAC
    i. Rotorcraft Occupant Protection Working Group
    ii. Rotorcraft Bird Strike Working Group
    iii. Load Master Certification Working Group
    iv. Airman Certification Systems Working Group
    b. Transport Airplane and Engine (TAE) Subcommittee
    i. Transport Airplane Metallic and Composite Structures Working
Group--Transport Airplane Damage--Tolerance and Fatigue Evaluation
    ii. Flight Test Harmonization Working Group--Phase 2 Tasking
    iii. Transport Airplane Crashworthiness and Ditching Evaluation
Working Group
    iv. Engine Harmonization Working Group--Engine Endurance Testing
Requirements--Revision of Section 33.87
    v. Airworthiness Assurance Working Group
5. Any Other Business

    Attendance is open to the interested public but limited to the
space available. Please confirm your attendance with the person listed
in the FOR FURTHER INFORMATION CONTACT section no later than March 09,
2017. Please provide the following information: Full legal name,
country of citizenship, and name of your industry association, or
applicable affiliation. If you are attending as a public citizen,
please indicate so.
    For persons participating by telephone, please contact the person
listed in the FOR FURTHER INFORMATION CONTACT section by email or phone
for the teleconference call-in number and passcode. Callers are
responsible for paying long-distance charges.
    The public must arrange by March 09, 2016 to present oral
statements at the meeting. The public may present written statements to
the Aviation Rulemaking Advisory Committee by providing 25 copies to
the Designated Federal Officer, or by bringing the copies to the
meeting.
    If you are in need of assistance or require a reasonable
accommodation for this meeting, please contact the person listed under
the heading FOR FURTHER INFORMATION CONTACT. Sign and oral
interpretation, as well as a listening device, can be made available if
requested 10 calendar days before the meeting.

    Issued in Washington, DC, on February 28, 2017.
Lirio Liu,
Designated Federal Officer, Aviation Rulemaking Advisory Committee.
[FR Doc. 2017-04126 Filed 2-28-17; 4:15 pm]
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