[Federal Register Volume 82, Number 157 (Wednesday, August 16, 2017)]
[Notices]
[Pages 38973-38979]
[FR Doc No: 2017-17275]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81373; File No. SR-NYSEArca-2017-85]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Amend NYSE Arca Equities Rule 8.700 To
Reference EURO STOXX 50 Volatility Index Futures and To List and Trade
Shares of the ProShares European Volatility Futures ETF

August 10, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on July 28, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 8.700 to add
EURO STOXX 50 Volatility Index (VSTOXX[supreg]) futures to the
financial instruments that an issue of Managed Trust Securities may
hold; and (2) to list and trade shares of the ProShares European
Volatility Futures ETF under proposed amended NYSE Arca Equities Rule
8.700. The proposed change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    NYSE Arca Equities Rule 8.700 permits the trading of Managed Trust
Securities either by listing or pursuant to unlisted trading privileges
(``UTP'').\3\

The Exchange proposes to amend NYSE Arca Equities Rule 8.700 to add
futures and swaps on the EURO STOXX 50 Volatility Index (VSTOXX) to the
financial instruments in which an issue of Managed Trust Securities may
hold long and/or short positions. (Futures on VSTOXX are referred to
herein as ``Futures Contracts.'') In addition, the Exchange proposes to
list and trade the shares (the ``Shares'') of the ProShares European
Volatility Futures ETF (the ``Fund'') under proposed amended NYSE Arca
Equities Rule 8.700.\4\
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    \3\ Managed Trust Security means a security that is registered
under the Securities Act of 1933 (15 U.S.C. 77a), as amended (the
``Securities Act''), is issued by a trust that (1) is a commodity
pool as defined in the Commodity Exchange Act (7 U.S.C. 1) (the
``CEA''), and that is managed by a commodity pool operator
registered with the Commodity Futures Trading Commission (the
``CFTC''), and (2) holds long and/or short positions in exchange-
traded futures contracts and/or certain currency forward contracts
and/or swaps selected by the trust's advisor consistent with the
trust's investment objectives, which will only include, exchange-
traded futures contracts involving commodities, commodity indices,
currencies, currency indices, stock indices, fixed income indices,
interest rates and sovereign, private and mortgage or asset backed
debt instruments, and/or forward contracts on specified currencies,
and/or swaps on stock indices, fixed income indices, commodity
indices, commodities, currencies, currency indices, or interest
rates, each as disclosed in the trust's prospectus as such may be
amended from time to time, and cash and cash equivalents; and (ii)
is issued and redeemed continuously in specified aggregate amounts
at the next applicable net asset value. See NYSE Arca Equities Rule
8.700(c)(1).
    \4\ On May 12, 2017, the Trust filed with the Commission a
registration statement on Form S-1 under the Securities Act of 1933
(15 U.S.C. 77a) (``Securities Act'') relating to the Fund (File No.
333-217962) (the ``Registration Statement''). The description of the
operation of the Trust and the Fund herein is based, in part, on the
Registration Statement.
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Proposed Amendments to NYSE Arca Equities Rule 8.700
    The Exchange proposes to amend NYSE Arca Equities Rule 8.700(c)(1)
to add Futures Contracts and/or swaps on VSTOXX to the financial
instruments in which an issue of Managed Trust Securities may hold long
and/or short positions.
    The VSTOXX is based on EURO STOXX 50 Index (``Index'') real-time
option prices that are listed on the Eurex Exchange (``Eurex'') and are
designed to reflect the market expectations of near-term up to long-
term volatility by measuring the square root of the implied variances
across all options of a given time to expiration.\5\ The Index includes
50 stocks that are among the largest free-float market capitalization
stocks from 11 Eurozone countries.\6\ Futures Contracts are cash
settled and trade between the hours of 7:30 a.m. and 10:30 p.m. Central
European Time (``CET'') (2:30 a.m. and 5:30 p.m. Eastern Time). The
Futures Contract value is 100 Euros per index point of the underlying
and it is traded to two decimal places with a minimum price change of
0.05 points (equivalent to a value of 5 Euros). The daily settlement
price is determined during the closing auction of the respective
Futures Contract. The last trading day and final settlement day is 30
calendar days prior to the third Friday of the expiration month of the
underlying options, which is usually the Wednesday prior to the second
to last Friday of the respective maturity month. Information regarding
the VSTOXX and the Futures Contracts can be found on the STOXX Limited
(``STOXX'') Web site and the Eurex Web site, respectively.\7\
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    \5\ The VSTOXX is a non-investable index that seeks to measure
the volatility of the Index over a future time horizon as implied by
the price of option contracts on the Index available on the Eurex.
The VSTOXX does not measure the actual volatility of the Index.
    \6\ These countries include Austria, Belgium, Finland, France,
Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and
Spain.
    \7\ Eurex is a member of the ISG and, as such, the Exchange may
obtain information regarding trading in the Futures Contracts. For a
list of the current members and affiliate members of ISG, see
www.isgportal.com.
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    STOXX computes the Index on a real-time basis throughout each
trading day, from 8:50 a.m. until 5:30 CET (3:50 a.m. until 12:30 p.m.
Eastern Time [sic]. VSTOXX levels will be calculated by STOXX and
disseminated by major market data vendors on a real-time basis
throughout each trading day.
    The Exchange believes that the proposed amendment to add Futures
Contracts and/or swaps on VSTOXX to the financial instruments in which
an issue of Managed Trust Securities may hold long and/or short
positions will provide investors with the ability to better diversify
and hedge their portfolios using an exchange traded security without
having to trade directly in the underlying Futures Contracts, and will
facilitate the listing and trading on the Exchange of additional
Managed Trust Securities that will enhance competition among market
participants, to the benefit of investors and the marketplace.\8\
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    \8\ The Exchange notes that the Commission has issued a notice
of effectiveness regarding amendments to NYSE Arca Equities Rule
5.2(j)(6)(v) to add futures on VSTOXX as a ``Futures Reference
Asset'' underlying an issue of ``Futures-Linked Securities''. See
Securities Exchange Act Release No. 79975 (February 6, 2017), 82 FR
10418 (February 10, 2017) (SR-NYSEArca-2017-08) (notice of filing
and immediate effectiveness to amend NYSE Arca Equities Rule
5.2(j)(6)(v) to add EURO STOXX 50 Volatility Futures to the
definition of Futures Reference Asset in Rule 5.2(j)(6)). See also,
Securities Exchange Act Release No. 79069 (October 7, 2016), 81 FR
70714 (October 13, 2016) (SR-BatsBZX-2016-26) (order approving
amendments to Bats BZX Exchange, Inc. Rule 14.11(d) to add EURO
STOXX 50 Volatility Futures to the definition of Futures Reference
Asset).
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ProShares European Volatility Futures ETF
    The Exchange proposes to list and trade the Shares of the Fund
under proposed amended NYSE Arca Equities Rule 8.700. The Fund will be
a commodity pool that is a series of the ProShares Trust II
(``Trust''). The Fund's sponsor and commodity pool operator will be
ProShare Capital Management LLC (the ``Sponsor''). Brown Brothers
Harriman & Co. will be the Administrator, Custodian and Transfer Agent
of the Fund and its Shares. SEI Investments Distribution Co. (``SEI'')
will be the distributor for the Fund's Shares.\9\
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    \9\ The Commission has previously approved the listing and
trading of other issues of Managed Trust Securities on the Exchange.
See Securities Exchange Act Release Nos. 60064 (June 8, 2009), 74 FR
28315 (June 15, 2009) (SR-NYSEArca-2009-30) (order approving the
adoption of listing standards for Managed Trust Securities and the
listing and trading of shares of the iShares[supreg] Diversified
Alternatives Trust); 80254 (March 15, 2017), 82 FR 14548 (March 21,
2017) (SR-NYSEArca-2016-96) (order approving proposed rule change to
amend NYSE Arca Equities Rule 8.700 and to list and trade shares of
the Managed Emerging Markets Trust).
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    The Sponsor is registered as a commodity pool operator and is
affiliated with a FINRA-registered broker-dealer through common
ownership. As part of the enterprise-wide compliance program, the
Sponsor has implemented a ``fire wall'' regarding access to information
concerning the composition and/or changes to the Fund's portfolio. The
Sponsor's Code of Ethics and internal controls are designed to prevent
and detect such exchange of information.
    In the event (a) the Sponsor becomes newly affiliated with a
broker-dealer, or (b) any new sponsor becomes affiliated with a broker-
dealer, such broker-dealer shall erect and maintain a ``fire wall''
around the personnel of the sponsor who have access to information
concerning changes and adjustments to the Disclosed Portfolio (as
defined in NYSE Arca Equities Rule 8.700(c)(2)). Personnel of the
sponsor who make decisions regarding the composition of the Disclosed
Portfolio must be subject to procedures designed to prevent the use and
dissemination of material nonpublic information regarding the Disclosed
Portfolio.
Operation of the Trust
    According to the Registration Statement, the Fund's primary
investment objective will be to provide long exposure to lead month
Futures Contracts. The Futures Contracts are widely regarded as a
general measure of the forward implied volatility of certain

blue-chip European companies.\10\ The Fund will use these Futures
Contracts as a performance benchmark (``Benchmark''). The Fund will be
actively managed and will have a secondary investment objective to
outperform its Benchmark by actively managing the ``rolling'' of these
Futures Contracts.\11\
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    \10\ The Futures Contracts offer traders the ability to take a
view on European implied volatility changes, trade the spread
between different volatility indexes or hedge the volatility
exposure of portfolios. The Futures Contracts are denominated in
Euros and are traded on the Eurex under the ticker symbol ``FVS''.
The performance of the Futures Contracts is tied to the performance
of the VSTOXX. Both the Futures Contracts and the VSTOXX are
negatively correlated to the Index. Investors that believe the
forward implied market volatility of the Index will increase may buy
the Futures Contracts. Conversely, investors that believe that the
forward implied market volatility of the Index will decline may sell
the Futures Contracts. The Futures Contracts are available with
respect to the eight nearest successive calendar months. The market
value of the Futures Contracts is available on the Eurex.
    \11\ According to the Registration Statement, to ``roll'' a
Futures Contract means to sell a Futures Contract as it nears its
expiration date and to replace it with a new contract that has a
later expiration date. When rolling Futures Contracts, the Fund
generally will select between Futures Contracts with the three
nearest expiration dates (known as the front, second and third month
contracts) based on an analysis of the cost of establishing and
maintaining such positions. Futures Contracts with a longer term to
expiration may be priced higher than Futures Contracts with a
shorter term to expiration, a relationship called ``contango''. When
rolling Futures Contracts that are in contango, the Fund may sell
the expiring Futures Contract at a lower price and buy a longer-
dated Futures Contract at a higher price, resulting in a negative
roll yield. During contango environments, the Fund's active
investment strategy will attempt to select among the front, second,
and third month Futures Contracts in a manner that mitigates
negative roll yield and potentially increases returns as compared to
a strategy that uses a formulaic roll, always rolling to the Futures
Contract with the nearest expiration. Conversely, Futures Contracts
with a longer term to expiration may be priced lower than Futures
Contracts with a shorter term to expiration, a relationship called
``backwardation''. When rolling Futures Contracts that are in
backwardation, the Fund may sell the expiring Futures Contract at a
higher price and buy the longer-dated Futures Contract at a lower
price, resulting in a positive roll yield. During backwardation
environments, the Fund's active strategy will attempt to select
among the front, second, and third month Futures Contracts in a
manner that maximizes positive roll yield and potentially increases
returns.
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    According to the Registration Statement, by being long Futures
Contracts, the Fund will seek to benefit from increases in the price of
the Futures Contracts. When the price of Futures Contracts held by the
Fund declines the Fund will lose value. The performance of the Futures
Contracts is related to the performance of the VSTOXX. The Fund will
not seek to track or outperform either the VSTOXX or the Index and the
performance of the Fund will be very different from the performance of
either the VSTOXX Index or the Index.
    According to the Registration Statement, in seeking to achieve the
Fund's investment objectives, the Sponsor will use a mathematical
approach to investing. Using this approach, the Sponsor will determine
the type, quantity and mix of investment positions that the Sponsor
believes, in combination, should produce daily returns consistent with
the Fund's objectives. The Sponsor will rely upon a pre-determined
model to generate orders that result in repositioning the Fund's
investments in accordance with its investment objective.
    Under normal market conditions,\12\ the Fund generally will seek to
remain fully invested at all times in the Futures Contracts in a manner
consistent with its investment objectives without regard to market
conditions, trends or direction.
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    \12\ The term ``normal market conditions'' is defined in NYSE
Arca Equities Rule 8.600(c)(5).
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    The Fund will invest the remainder of its un-invested assets in
high-quality, short-term debt instruments that have terms-to-maturity
of less than 397 days, such as U.S. government securities and
repurchase agreements (``Money Market Instruments'').
    Under limited circumstances, the Fund also may invest in swap
contracts and forward contracts that reference its Benchmark
(``Financial Instruments''). In the event position price or
accountability limits are reached with respect to Futures Contracts,
the Sponsor may, in its commercially reasonable judgment, cause the
Fund to obtain exposure to the Futures Contracts through swaps
referencing the Futures Contracts.\13\ The Fund may also invest in
swaps if the market for a specific Futures Contract experiences
emergencies (e.g., natural disaster, terrorist attack or an act of God)
or disruptions (e.g., a trading halt or a flash crash) which, in the
Sponsor's commercially reasonable judgment, prevent, or otherwise make
it impractical, for the Fund to obtain the appropriate amount of
investment exposure to the affected Futures Contracts.
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    \13\ The Fund intends to enter into swap agreements only with
major, global financial institutions; however, there are no
limitations on the percentage of its assets the Fund may invest in
swap agreements with a particular counterparty. The Fund may use
various techniques to minimize credit risk. The Fund will seek to
mitigate risks in connection with the uncleared OTC swaps by
generally requiring that the counterparties for the Fund agree to
post collateral for the benefit of the Fund, marked to market daily,
subject to certain minimum thresholds.
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    The Fund will also hold cash or cash equivalents, such as U.S.
Treasury securities or other high credit quality, short-term fixed-
income or similar securities (such as shares of money market funds and
collateralized repurchase agreements), for direct investment or as
collateral for Futures Contracts and Financial Instruments and pending
investment in Futures Contracts and Financial Instruments. The Fund may
invest up to 100% of its assets in any of these types of cash or cash
equivalent securities.
    Subject to the Sponsor's rolling methodology used for the Fund, the
Sponsor will not invest the assets of the Fund based on its view of the
investment merit of a particular investment, other than for cash
management purposes, nor does it conduct conventional volatility
research or analysis, or forecast market movement or trends, in
managing the assets of the Fund. The Fund will seek to remain fully
invested at all times in Futures Contracts, Financial Instruments and
Money Market Instruments that, in combination, provide exposure to the
Futures Contracts consistent with its investment objective without
regard to market conditions, trends or direction.
Creation and Redemption Transactions
    According to the Registration Statement, an ``Authorized
Participant'' may purchase (i.e., create) or redeem ``Creation Units''
in the Fund. A Creation Unit is a block of 50,000 Shares of a Fund. The
size of a Creation Unit is subject to change. A creation transaction
generally will take place when an Authorized Participant deposits a
specified amount of cash in exchange for a specified number of Creation
Units. Similarly, Shares can be redeemed only in Creation Units,
generally for cash.\14\ Purchase orders

will be irrevocable. Except when aggregated in Creation Units, Shares
will not be redeemable. The prices at which creations and redemptions
occur will be based on the next calculation of the NAV after an order
is received in proper form.
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    \14\ According to the Registration Statement, Creation Units of
the Fund are expected to be created when there is sufficient demand
for Shares of the Fund that the market price per Share is at a
premium to the net asset value (``NAV'') per Share. Authorized
Participants will likely sell the Shares to the public at prices
that are expected to reflect, among other factors, the trading price
of the Shares and the supply of and demand for the Shares at the
time of sale and are expected to fall between the NAV and the
trading price of the Shares at the time of sale. Similarly, it is
expected that Creation Units of the Fund will be redeemed when the
market price per Share of the Fund is at a discount to the NAV per
Share. The Sponsor expects that the exploitation of such arbitrage
opportunities by Authorized Participants and their clients and
customers will tend to cause the public trading price of the Shares
to track the NAV per Share of the Fund closely over time. Retail
investors seeking to purchase or sell Shares on any day are expected
to effect such transactions in the secondary market at the market
price per Share, rather than in connection with the creation or
redemption of Creation Units.
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    Creation and redemption transactions must be placed each day with
SEI by the create/redeem cut-off time (i.e., 3:00 Central Europe Time
(9:00 a.m. Eastern Time most of the year)), or earlier if the Exchange
or other exchange material to the valuation or operation of the Fund
closes before the cut-off time, to receive that day's NAV. The total
payment required to create each Creation Unit is the NAV of 50,000
Shares on the purchase order date plus the applicable transaction fee.
    If permitted by the Sponsor in its sole discretion with respect to
the Fund, an Authorized Participant may also agree to enter into or
arrange for an exchange of a futures contract for related position
(``EFCRP'') or block trade with the Fund whereby the Authorized
Participant would also transfer to the Fund Futures Contracts at or
near the closing settlement price for such contracts on the purchase
order date.
Redemption Procedures
    According to the Registration Statement, the procedures by which an
Authorized Participant can redeem one or more Creation Units will
mirror the procedures for the creation of Creation Units. On any
``Business Day'',\15\ an Authorized Participant may place an order with
the Distributor to redeem one or more Creation Units. If a redemption
order is received prior to the applicable cut-off time, or earlier if
the Exchange or other exchange material to the valuation or operation
of the Fund closes before the cut-off time, the day on which SEI
receives a valid redemption order is the redemption order date. If the
redemption order is received after the applicable cut-off time, the
redemption order date will be the next day. Redemption orders will be
irrevocable.
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    \15\ A Business Day is any day on which the NAV of the Fund is
determined.
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    Upon request of an Authorized Participant made at the time of a
redemption order, the Sponsor at its sole discretion may determine, in
addition to delivering redemption proceeds, to transfer Futures
Contracts to the Authorized Participant pursuant to an EFCRP or to a
block trade sale of Futures Contracts to the Authorized Participant.
    The redemption proceeds from the Fund will consist of the cash
redemption amount and, if permitted by the Sponsor in its sole
discretion with respect to the Fund, an EFCRP or block trade with the
Fund as described in ``--Creation and Redemption Transactions'' above.
The cash redemption amount will be equal to the NAV of the number of
Creation Unit(s) of the Fund requested in the Authorized Participant's
redemption order as of the time of the calculation of the Fund's NAV on
the redemption order date, less transaction fees and any amounts
attributable to any applicable EFCRP or block trade.
Net Asset Value
    According to the Registration Statement, the NAV in respect of the
Fund means the total assets of the Fund including, but not limited to,
all cash and cash equivalents or other debt securities less total
liabilities of the Fund, consistently applied under the accrual method
of accounting. In particular, the NAV will include any unrealized
profit or loss on open Futures Contracts and Financial Instruments, and
any other credit or debit accruing to the Fund but unpaid or not
received by the Fund. The NAV per Share of the Fund will be computed by
dividing the value of the net assets of the Fund (i.e., the value of
its total assets less total liabilities) by its total number of Shares
outstanding. Expenses and fees will be accrued daily and taken into
account for purposes of determining the NAV. The Fund will compute its
NAV at the time set forth below, or an earlier time as set forth on
www.ProShares.com, if necessitated by the Exchange or other exchange
material to the valuation or operation of the Fund closing early. The
Fund's NAV is calculated only once each trading day. The NAV
calculation time for the Fund will typically be 5:30 Central Europe
Time (11:30 a.m. Eastern Time most of the year).
    In calculating the NAV of the Fund, the settlement value of the
Fund's non-exchange-traded Financial Instruments will be determined by
applying the then-current disseminated levels for the Futures Contracts
to the terms of the Fund's non-exchange-traded Financial Instruments.
However, in the event that underlying Futures Contracts are not trading
due to the operation of daily limits or otherwise, the Sponsor may, in
its sole discretion, choose to fair value the Futures Contracts in
order to value the Fund's non-exchange-traded Financial Instruments for
purposes of the NAV calculation. Such fair value prices would generally
be determined based on available inputs about the current value of the
Futures Contracts and would be based on principles that the Sponsor
deems fair and equitable so long as such principles are consistent with
normal industry standards.
    Futures Contracts will be calculated at their then current market
value, which is based upon the settlement price (for the Fund) or the
last traded price before the NAV time, for that particular Futures
Contract traded on the applicable exchange on the date with respect to
which the NAV is being determined. If a Futures Contract could not be
liquidated on such day, due to the operation of daily limits or other
rules of the exchange upon which that position is traded or otherwise,
the Sponsor may, in its sole discretion, choose to determine a fair
value price as the basis for determining the market value of such
position for such day. Such fair value prices would generally be
determined based on available inputs about the current value of the
Futures Contracts and would be based on principles that the Sponsor
deems fair and equitable so long as such principles are consistent with
normal industry standards.
    Short-term debt instruments will be priced at amortized cost.
Indicative Optimized Portfolio Value (``IOPV'')
    The IOPV is an indicator of the value of the Fund's net assets at
the time the IOPV is disseminated. The IOPV will be calculated and
disseminated every 15 seconds throughout the trading day. The IOPV will
generally be calculated using the prior day's closing net assets of the
Fund as a base and updating throughout the trading day changes in the
value of the Futures Contracts and Financial Instruments held by the
Fund. The IOPV should not be viewed as an actual real time update of
the NAV because NAV is calculated only once at the end of each trading
day. The IOPV also should not be viewed as a precise value of the
Shares.
    The Exchange will disseminate the IOPV. In addition, the IOPV will
be published on the Exchange's Web site and is available through on-
line information services such as Bloomberg Finance L.P. and/or
Reuters.
Availability of Information
    The Trust's Web site, which will be publicly accessible at no
charge, will contain the following information: (a) The daily NAV of
the Trust, the daily NAV per Share, the prior Business Day's NAV per
Share, the reported daily

closing price and the reported daily trading volume; (b) the daily
composition of the Disclosed Portfolio, as defined in NYSE Arca
Equities Rule 8.700(c)(2);\16\ (c) the midpoint of the bid-ask price as
of the time the NAV per Share is calculated (the ``Bid-Ask Price'');
(d) the calculation of the premium or discount of such price against
such NAV per Share; (e) data in chart form displaying the frequency
distribution of discounts or premiums of the bid-ask price against the
NAV per Share, within appropriate ranges for each of the four (4)
previous calendar quarters; and (f) the current prospectus of the
Trust, included in the Registration Statement.
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    \16\ NYSE Arca Equities Rule 8.700(c)(2) provides that the term
``Disclosed Portfolio'' means ``the identities and quantities of the
securities and other assets held by the Trust that will form the
basis for the Trust's calculation of net asset value at the end of
the business day''.
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    On a daily basis, the Trust will disclose on its Web site
(www.Proshares.com) for the Futures Contracts and Financial Instruments
in the Disclosed Portfolio the following information: Name; ticker
symbol (if applicable); CUSIP or other identifier (if applicable);
description of the holding; with respect to derivatives, the identity
of the security, commodity, index or other underlying asset; the
quantity or aggregate amount of the holding as measured by par value,
notional value or amount, number of contracts or number of units (if
applicable); maturity date; coupon rate (if applicable); effective date
or issue date (if applicable); market value; percentage weighting in
the Disclosed Portfolio; and expiration date (if applicable). The Web
site information will be publicly available at no charge. In addition,
price information for the Futures Contracts and Financial Instruments
held by the Trust will be available through major market data vendors
and/or the exchange on which they are listed and traded, as applicable.
    As noted above, the Trust's NAV and the NAV per Share will be
calculated and disseminated daily.\17\ The Exchange will disseminate
for the Trust on a daily basis by means of the Consolidated Tape
Association (the ``CTA'') high-speed line information with respect to
the most recent NAV per Share, and the number of Shares outstanding.
The Exchange also will make available on its Web site daily trading
volume, closing prices and the NAV per Share.
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    \17\ The Exchange will obtain a representation from the Trust
that the NAV and the NAV per Share will be calculated daily and that
the NAV, the NAV per Share and the composition of the Disclosed
Portfolio will be made available to all market participants at the
same time.
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    Pricing for Futures Contracts will be available from Eurex and
pricing for Financial Instruments will be available from major market
data vendors. Price information for cash equivalents and Money Market
Instruments will be available from major market data vendors.
    The IOPV will be widely disseminated by one or more major market
data vendors at least every 15 seconds during the Exchange's Core
Trading Session (as defined in NYSE Arca Equities Rule 7.34).\18\
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    \18\ Currently, it is the Exchange's understanding that several
major market data vendors widely disseminate IOPVs taken from the
CTA high-speed line or other data feeds.
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    Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. The
previous day's closing price and trading volume information for the
Shares will be published daily in the financial section of newspapers.
Quotation and last sale information for the Shares will be available
via the CTA high-speed line.
    The current trading price per Share will be published continuously
as trades occur throughout each trading day through CTA, or through
major market data vendors.
Impact on Arbitrage Mechanism
    The Sponsor believes there will be minimal, if any, impact to the
arbitrage mechanism as a result of the use of derivatives, including
swaps. Market makers and participants should be able to value
derivatives, including swaps, as long as the positions are disclosed
with relevant information. The Sponsor believes that the price at which
Shares trade will continue to be disciplined by arbitrage opportunities
created by the ability to purchase or redeem Shares at their NAV, which
should help ensure that Shares will not trade at a material discount or
premium in relation to their NAV.
    The Sponsor does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives, including swaps.
Criteria for Initial and Continued Listing
    The Trust will be subject to the criteria in NYSE Arca Equities
Rule 8.700 for initial and continued listing of the Shares.
    The minimum number of Shares to be outstanding at the start of
trading will be 100,000 Shares. The Exchange believes that this minimum
number of Shares to be outstanding at the start of trading is
sufficient to provide adequate market liquidity. The Exchange
represents that, for the initial and continued listing of the Shares,
the Trust must be in compliance with NYSE Arca Equities Rule 5.3 and
Rule 10A-3 under the Exchange Act.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Rules
    Under NYSE Arca Equities Rule 8.700(b), Managed Trust Securities
are included within the Exchange's definition of ``securities.'' The
Exchange deems the Shares to be equity securities, thus rendering
trading in the Shares subject to the Exchange's existing rules
governing the trading of equity securities. Commentary .02 to NYSE Arca
Equities Rule 8.700 provides that transactions in Managed Trust
Securities will occur during the trading hours specified in NYSE Arca
Equities Rule 7.34. Therefore, in accordance with NYSE Arca Equities
Rule 7.34, the Shares will trade on the NYSE Arca Marketplace from 4:00
a.m. to 8:00 p.m. E.T. The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, the minimum price variation (``MPV'') for
quoting and entry of orders in equity securities traded on the NYSE
Arca Marketplace is $0.01, with the exception of securities that are
priced less than $1.00 for which the MPV for order entry is $0.0001.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading in the Shares will be halted if the
circuit breaker parameters under NYSE Arca Equities Rule 7.12 are
reached. Trading may also be halted because of market conditions or for
reasons that, in the view of the Exchange, make trading in the Shares
inadvisable.
    In addition, if the Exchange becomes aware that the NAV, the NAV
per Share and/or the Disclosed Portfolio with respect to a series of
Managed Trust Securities is not disseminated to all market participants
at the same time, it will halt trading in such series until such time
as the NAV, the NAV per Share and the Disclosed Portfolio is available
to all market participants.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the

existing trading surveillances administered by the Exchange, as well as
cross-market surveillances administered by the Financial Industry
Regulatory Authority (``FINRA'') on behalf of the Exchange, which are
designed to detect violations of Exchange rules and applicable federal
securities laws.\20\ The Exchange represents that these procedures are
adequate to properly monitor Exchange trading of the Shares in all
trading sessions and to deter and detect violations of Exchange rules
and applicable federal securities laws.
---------------------------------------------------------------------------

    \20\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares and Futures
Contracts with other markets or other entities that are members of the
ISG, and the Exchange or FINRA, on behalf of the Exchange, or both, may
obtain trading information regarding trading in the Shares and Futures
Contracts from such markets or entities. In addition, the Exchange may
obtain information regarding trading in the Shares and Futures
Contracts from markets or other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement (``CSSA'').\21\ FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain Money Market
Instruments held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine (``TRACE'').
---------------------------------------------------------------------------

    \21\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a CSSA.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio of the Fund or Benchmark, (b)
limitations on portfolio of the Fund or Benchmark, or (c) the
applicability of Exchange listing rules specified in this rule filing
shall constitute continued listing requirements for listing the Shares
on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If a Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under NYSE Arca Equities Rule 5.5(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares (and that Shares are
not individually redeemable); (2) NYSE Arca Equities Rule 9.2(a), which
imposes a duty of due diligence on its ETP Holders to learn the
essential facts relating to every customer prior to trading the Shares;
(3) the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (4) how information regarding the IOPV
and the Disclosed Portfolio is disseminated; (5) the risks involved in
trading the Shares during the opening and late trading sessions when an
updated IOPV will not be calculated or publicly disseminated; and (6)
trading information.
    In addition, the Bulletin will reference that the Trust is subject
to various fees and expenses described in the Registration Statement.
    The Bulletin also will reference the fact that there is no
regulated source of last sale information regarding certain of the
asset classes that the Trust may hold and that the Commission has no
jurisdiction over the trading of the Futures Contracts.
    The Bulletin also will discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Exchange Act.
    The Bulletin also will disclose that the NAV and NAV per Share will
be calculated after 4:00 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \22\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed amendment to add Futures
Contracts and/or swaps on VSTOXX to the financial instruments in which
an issue of Managed Trust Securities may hold long and/or short
positions will provide investors with the ability to better diversify
and hedge their portfolios using an exchange traded security without
having to trade directly in the underlying Futures Contracts, and will
facilitate the listing and trading on the Exchange of additional
Managed Trust Securities that will enhance competition among market
participants, to the benefit of investors and the marketplace.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices because the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.700. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via the ISG from other exchanges that are members of the ISG or with
which the Exchange has entered into a CSSA. The NAV of the Trust, the
NAV per Share and the Disclosed Portfolio will be disseminated to all
market participants at the same time. The Trust will provide Web site
disclosure of portfolio holdings daily. The IOPV per Share (quoted in
U.S. dollars) will be widely disseminated at least every 15 seconds
during the Exchange's Core Trading Session by major market data
vendors. Pricing for Futures Contracts will be available from Eurex and
pricing for forward contracts and swaps will be available from major
market data vendors. Quotation and last-sale information regarding the
Shares will be disseminated through the CTA high-speed line.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest
given that a large amount of information will be publicly available
regarding the Trust and the Shares,

thereby promoting market transparency. The Exchange may halt trading
during the day in which an interruption to the dissemination of the
IOPV occurs, or the value of the underlying Futures Contracts occurs.
If the interruption to the dissemination of the IOPV or the value of
the underlying Futures Contracts persists past the trading day in which
it occurred, the Exchange will halt trading no later than the beginning
of the trading day following the interruption. If the Exchange becomes
aware that the NAV, the NAV per Share and the Disclosed Portfolio with
respect to a series of Managed Trust Securities are not disseminated to
all market participants at the same time, it will halt trading in such
series until such time as the NAV, the NAV per Share and the Disclosed
Portfolio are available to all market participants. Trading in Shares
of the Trust will be halted if the circuit breaker parameters under
NYSE Arca Equities Rule 7.12 have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. Moreover, prior to the commencement
of trading, the Exchange will inform its ETP Holders in the Bulletin of
the special characteristics and risks associated with trading the
Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest given that it will facilitate the listing and trading
of an additional type of exchange-traded product that will principally
hold futures contracts and that will enhance competition among market
participants, to the benefit of investors and the marketplace. As noted
above, the Exchange has in place surveillance procedures relating to
trading in the Shares and may obtain information via the ISG from other
exchanges that are members of the ISG or with which the Exchange has
entered into a CSSA. In addition, as noted above, investors will have
ready access to information regarding the IOPV and quotation and last
sale information for the Shares.

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 Exchange Act. The Exchange notes
that the proposed rule change will facilitate the listing and trading
of an additional type of actively-managed exchange-traded product that
will principally hold futures contracts, and that will enhance
competition among market participants, to the benefit of investors and
the marketplace.

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

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

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2017-85 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-NYSEArca-2017-85. 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-NYSEArca-2017-85 and should
be submitted on or before September 6, 2017.
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-17275 Filed 8-15-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 241 (Thursday, December 16, 2010)]
[Notices]
[Pages 78780-78781]
[FR Doc No: 2010-31625]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63524; File No. SR-CBOE-2010-110]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Options Regulatory Fee

December 10, 2010.
    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 December 6, 2010, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by CBOE. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to increase its Options Regulatory Fee. The text
of the proposed rule change is available on the Exchange's Web site
http://www.cboe.org/legal/, at the Exchange's Office of the Secretary,
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, CBOE 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. CBOE has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange charges an Options Regulatory Fee (``ORF'') of $.004
per contract to each Trading Permit Holder for all options transactions
executed or cleared by the Trading Permit Holder that are cleared by
The Options Clearing Corporation (``OCC'') in the customer range,
excluding Linkage \3\ orders, regardless of the exchange on which the
transaction occurs. The ORF is collected indirectly from Trading Permit
Holders through their clearing firms by OCC on behalf of the
Exchange.\4\
---------------------------------------------------------------------------

    \3\ The term ``Linkage'' refers to the Options Order Protection
and Locked/Crossed Market Plan.
    \4\ The ORF was established in October 2008 as a replacement of
Registered Representative fees. See Securities Exchange Act Release
No. 58817 (October 20, 2008), 73 FR 63744 (October 27, 2008). The
ORF was to be effective January 1, 2009. In December 2008 and
January 2009, the Exchange filed proposed rule changes waiving the
ORF for January and February, to allow additional time for the
Exchange, OCC and firms to put in place appropriate procedures to
implement the fee. See Securities Exchange Act Release No. 59182
(December 30, 2008), 74 FR 730 (January 7, 2009), and Securities
Exchange Act Release No. 59355 (February 3, 2009), 74 FR 6677
(February 10, 2009). The ORF was amended three additional times in
2009. See Securities Exchange Act Release No. 59427 (February 20,
2009), 74 FR 9013 (February 27, 2009); Securities Exchange Act
Release No. 60093 (June 10, 2009), 74 FR 28749 (June 17, 2009); and
Securities Exchange Act Release No. 60513 (August 17, 2009), 74 FR
42719 (August 24, 2009). The ORF was amended in March 2010 to
eliminate a reference to a one-cent charge per trade. See Securities
Exchange Act Release No. 61641 (March 3, 2010), 75 FR 11220 (March
10, 2010).
---------------------------------------------------------------------------

    The Exchange has reevaluated the current amount of the ORF in
connection with its annual budget review. In light of increased
regulatory costs and expected volume levels for 2011, the Exchange
proposes to increase the ORF from $.004 per contract to $.0045 per
contract. The proposed fee change would become operative on January 3,
2011.
    The Exchange monitors the amount of revenue collected from the ORF
to ensure that it, in combination with its other regulatory fees and
fines, does not exceed regulatory costs. The Exchange will continue to
monitor regulatory costs and revenues at a minimum on an annual basis.
If the Exchange determines regulatory revenues exceed regulatory costs,
the Exchange would adjust the ORF by submitting a fee change filing to
the Commission. The Exchange notifies Trading Permit Holders of
adjustments to the ORF via regulatory circular.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act''),\5\ in
general, and furthers the objectives of Section 6(b)(4) \6\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
Trading Permit Holders. The Exchange believes the proposed ORF is
reasonable because revenue from the proposed ORF, in combination with
the Exchange's other regulatory fees and fines, will not exceed
regulatory costs. The Exchange believes the proposed ORF is equitable
because it would apply uniformly to all Trading Permit Holders who are
being assessed the ORF.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    CBOE 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.

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4 \8\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-CBOE-2010-110 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-CBOE-2010-110. 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 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
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 No. SR-CBOE-2010-110 and should be
submitted on or before January 6, 2011.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-31625 Filed 12-15-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 51 (Tuesday, March 17, 2015)]
[Notices]
[Pages 13923-13925]
[FR Doc No: 2015-06011]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74481; File No. SR-Phlx-2015-22]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Regarding
FLEX No Minimum Value Size Pilot

March 11, 2015.
    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 27, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange is filing with the Commission a proposal to amend Phlx
Rule 1079 (FLEX Index, Equity and Currency Options) to extend a pilot
program that eliminates minimum value sizes for opening transactions in
new series of FLEX index options and FLEX equity options (together
known as ``FLEX Options'').\3\
---------------------------------------------------------------------------

    \3\ In addition to FLEX Options, FLEX currency options are also
traded on the Exchange. These flexible index, equity, and currency
options provide investors the ability to customize basic option
features including size, expiration date, exercise style, and
certain exercise prices; and may have expiration dates within five
years. See Rule 1079. FLEX currency options traded on the Exchange
are also known as FLEX FX Options. The pilot program discussed
herein does not encompass FLEX currency options.
---------------------------------------------------------------------------

    The text of the amended Exchange rule is set forth immediately
below.
    Additions are in italics and deletions are [bracketed].

Rules of the Exchange

Options Rules

* * * * *

Rule 1079. FLEX Index, Equity and Currency Options

    A Requesting Member shall obtain quotes and execute trades in
certain non-listed FLEX options at the specialist post of the non-FLEX
option on the Exchange. The term ``FLEX option'' means a FLEX option
contract that is traded subject to this Rule. Although FLEX options are
generally subject to the Rules in this section, to the extent that the
provisions of this Rule are inconsistent with other applicable Exchange
Rules, this Rule takes precedence with respect to FLEX options.
    (a)-(f) No Change.
    * * * Commentary: _________
    .01 Notwithstanding subparagraphs (a)(8)(A)(i) and (a)(8)(A)(ii)
above, for a pilot period ending the earlier of [February 28]August 31,
2015, or the date on which the pilot is approved on a permanent basis,
there shall be no minimum value size requirements for FLEX options.
* * * * *
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.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
    The purpose of this proposed rule change is to amend Phlx Rule 1079
(FLEX Index, Equity and Currency Options) to extend a pilot program
that eliminates minimum value sizes for opening transactions in new
series of FLEX Options (the ``Pilot Program'' or ``Pilot'').\4\
---------------------------------------------------------------------------

    \4\ The Exchange is also filing a separate proposal to
permanently approve the Pilot Program.

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

    Rule 1079 deals with the process of listing and trading FLEX
equity, index, and currency options on the Exchange. Rule 1079(a)(8)(A)
currently sets the minimum opening transaction value size in the case
of a FLEX Option in a newly established (opening) series if there is no
open interest in the particular series when a Request-for-Quote
(``RFQ'') is submitted (except as provided in Commentary .01 to Rule
1079): (i) $10 million underlying equivalent value, respecting FLEX
market index options, and $5 million underlying equivalent value
respecting FLEX industry index options; \5\ (ii) the lesser of 250
contracts or the number of contracts overlying $1 million in the
underlying securities, with respect to FLEX equity options (together
the ``minimum value size'').\6\
---------------------------------------------------------------------------

    \5\ Market index options and industry index options are broad-
based index options and narrow-based index options, respectively.
See Rule 1000A(b)(11) and (12).
    \6\ Subsection (a)(8)(A) also provides a third alternative:
(iii) 50 contracts in the case of FLEX currency options. However,
this alternative is not part of the Pilot Program.
---------------------------------------------------------------------------

    Presently, Commentary .01 to Rule 1079 states that by virtue of the
Pilot Program ending February 28, 2015, or the date on which the pilot
is approved on a permanent basis, there shall be no minimum value size
requirements for FLEX Options as noted in subsections (a)(8)(A)(i) and
(a)(8)(A)(ii) of Rule 1079.\7\
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 73474 (October 30,
2014), 79 FR 65742 (November 5, 2014) (SR-Phlx-2014-69) (notice of
filing and immediate effectiveness of proposal to extend Pilot
Program). The Pilot Program was instituted in 2010. See Securities
Exchange Act Release No. 62900 (September 13, 2010), 75 FR 57098
(September 17, 2010) (SR-Phlx-2010-123) (notice of filing and
immediate effectiveness of proposal to institute Pilot Program).
---------------------------------------------------------------------------

    The Exchange now proposes to extend the Pilot Program for a pilot
period ending the earlier of August 31, 2015, or the date on which the
Pilot is approved on a permanent basis.\8\
---------------------------------------------------------------------------

    \8\ The Exchange notes that any positions established under this
Pilot would not be impacted by the expiration of the Pilot. For
example, a 10-contract FLEX equity option opening position that
overlies less than $1 million in the underlying security and expires
in January 2016 could be established during the Pilot. If the Pilot
Program were not extended, the position would continue to exist and
any further trading in the series would be subject to the minimum
value size requirements for continued trading in that series.
---------------------------------------------------------------------------

    The Exchange believes that there is sufficient investor interest
and demand in the Pilot Program to warrant an extension. The Exchange
believes that the Pilot Program has provided investors with additional
means of managing their risk exposures and carrying out their
investment objectives. Extension of the Pilot Program would continue to
provide greater opportunities for traders and investors to manage risk
through the use of FLEX Options, including investors that may otherwise
trade in the unregulated over the counter (``OTC'') market where
similar size restrictions do not apply.\9\
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    \9\ The Exchange has not experienced any adverse market effects
with respect to the Pilot Program.
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    In support of the proposed extension of the Pilot Program, the
Exchange has under separate cover submitted to the Commission a Pilot
Program Report (``Report'') that provides an analysis of the Pilot
Program covering the period during which the Pilot has been in effect.
This Report includes: (i) Data and analysis on the open interest and
trading volume in (a) FLEX equity options that have an opening
transaction with a minimum size of 0 to 249 contracts and less than $1
million in underlying value; (b) FLEX index options that have an
opening transaction with a minimum opening size of less than $10
million in underlying equivalent value; and (ii) analysis of the types
of investors that initiated opening FLEX Options transactions (i.e.,
institutional, high net worth, or retail). The Report has been
submitted to the Commission and the Exchange has requested confidential
treatment under the Freedom of Information Act.\10\
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    \10\ 5 U.S.C. 552. The Exchange notes that it expects to file a
proposal for permanent approval of the Pilot Program. With this
proposal, the Exchange will submit a Report that is publicly
available. In the event the Pilot Program is not permanently
approved by August 31, 2015, the Exchange will submit an additional
Report covering the extended Pilot period.
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2. Statutory Basis
    The Exchange's proposal is consistent with Section 6(b) of the Act
\11\ in general, and furthers the objectives of Section 6(b)(5) of the
Act \12\ in particular, in that it is designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system. Specifically, the Exchange
believes that the proposed extension of the Pilot Program, which
eliminates the minimum value size applicable to opening transactions in
new series of FLEX Options, would provide greater opportunities for
investors to manage risk through the use of FLEX Options. The Exchange
notes that it has not experienced any adverse market effects with
respect to the Pilot Program.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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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. To the contrary, the proposal
would give traders and investors the opportunity to more effectively
tailor their trading, investing and hedging through FLEX options traded
on the Exchange. Prior to the Pilot, options that represented opening
transactions in new series that could not meet a minimum value size
could not trade via FLEX on the Exchange, but rather had to trade OTC.
Extension of the Pilot enables such options to continue to trade on the
Exchange.

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 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 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, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the Exchange
may continue its Pilot Program without

interruption. The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest.\17\ The Commission notes that waiving the 30-day operative
delay would prevent the expiration of the Pilot Program prior to the
extension of the pilot program becoming operative. Therefore, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.
---------------------------------------------------------------------------

    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    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_ADDRESS>Please include
File Number SR-Phlx-2015-22 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2015-22. 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-Phlx-2015-22 and should be
submitted on or before April 7, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-06011 Filed 3-16-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 103 (Friday, May 27, 2022)]
[Rules and Regulations]
[Page 32090]
[FR Doc No: 2022-11461]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 60, 61, and 63

[EPA-R09-OAR-2021-0962; FRL-9400-03-R9]

Delegation of New Source Performance Standards and National
Emission Standards for Hazardous Air Pollutants for the States of
Arizona and California

AGENCY: Environmental Protection Agency (EPA).

ACTION: Withdrawal of direct final rule.

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SUMMARY: Because the Environmental Protection Agency (EPA) received
public comment, which we intend to address, we are withdrawing the
direct final rule for Delegation of New Source Performance Standards
and National Emission Standards for Hazardous Air Pollutants for the
States of Arizona and California published on March 31, 2022. The EPA
will take a final action on the proposed action in a separate
subsequent final rulemaking.

DATES: As of May 27, 2022, the EPA withdraws the direct final rule
published at 87 FR 18705, on March 31, 2022.

FOR FURTHER INFORMATION CONTACT: Jeffrey Buss, EPA Region IX, 75
Hawthorne St., San Francisco, CA 94105. By phone:<PHONE_NUMBER> or by
email at [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to the EPA.
    Because the Environmental Protection Agency (EPA) received a public
comment that we intend to address, we are withdrawing the direct final
rule for Delegation of New Source Performance Standards and National
Emission Standards for Hazardous Air Pollutants for the States of
Arizona and California published on March 31, 2022 (87 FR 18705). We
stated in that direct final rule that if we received adverse comment by
May 2, 2022, the direct final rule would not take effect and we would
publish a timely withdrawal in the Federal Register. We subsequently
received one comment on that direct final rule that we intend to
address. We will address this comment in a subsequent final action,
which will be based on the parallel proposed rule also published on
March 31, 2022 (87 FR 18760). As stated in the direct final rule and
the parallel proposed rule, we will not institute a second comment
period on this action.

List of Subjects in 40 CFR Parts 60, 61, and 63

    Environmental protection, Administrative practice and procedure,
Air pollution control, Hazardous substances, Intergovernmental
relations, and Reporting and recordkeeping requirements.

    Accordingly, the EPA withdraws the direct final rule published at
87 FR 18705, on March 31, 2022.

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

    Dated: May 23, 2022.
Elizabeth Adams,
Director, Air and Radiation Division, Region IX.
[FR Doc. 2022-11461 Filed 5-26-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 169 (Thursday, August 30, 2018)]
[Notices]
[Pages 44283-44284]
[FR Doc No: 2018-18828]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2018-0002; Internal Agency Docket No. FEMA-B-1846]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice lists communities where the addition or
modification of Base Flood Elevations (BFEs), base flood depths,
Special Flood Hazard Area (SFHA) boundaries or zone designations, or
the regulatory floodway (hereinafter referred to as flood hazard
determinations), as shown on the Flood Insurance Rate Maps (FIRMs), and
where applicable, in the supporting Flood Insurance Study (FIS)
reports, prepared by the Federal Emergency Management Agency (FEMA) for
each community, is appropriate because of new scientific or technical
data. The FIRM, and where applicable, portions of the FIS report, have
been revised to reflect these flood hazard determinations through
issuance of a Letter of Map Revision (LOMR), in accordance with Federal
Regulations. The LOMR will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings. For rating purposes, the currently
effective community number is shown in the table below and must be used
for all new policies and renewals.

DATES: These flood hazard determinations will be finalized on the dates
listed in the table below and revise the FIRM panels and FIS report in
effect prior to this determination for the listed communities.
    From the date of the second publication of notification of these
changes in a newspaper of local circulation, any person has 90 days in
which to request through the community that the Deputy Associate
Administrator for Insurance and Mitigation reconsider the changes. The
flood hazard determination information may be changed during the 90-day
period.

ADDRESSES: The affected communities are listed in the table below.
Revised flood hazard information for each community is available for
inspection at both the online location and the respective community map
repository address listed in the table 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.
    Submit comments and/or appeals to the Chief Executive Officer of
the community as listed in the table below.

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: The specific flood hazard determinations are
not described for each community in this notice. However, the online
location and local community map repository address where the flood
hazard determination information is available for inspection is
provided.
    Any request for reconsideration of flood hazard determinations must
be submitted to the Chief Executive Officer of the community as listed
in the table below.
    The modifications are made pursuant to section 201 of the Flood
Disaster Protection Act of 1973, 42 U.S.C. 4105, and are in accordance
with the National Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq.,
and with 44 CFR part 65.
    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).
    These 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. The flood hazard
determinations are in accordance with 44 CFR 65.4.
    The affected communities are listed in the following table. Flood
hazard determination information for each community is available for
inspection at both the online location and the respective community map
repository

address listed in the table 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.

(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.

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                                                            Chief executive officer of                                    Online location of letter of map                            Community
         State and county          Location and case No.             community               Community map repository                 revision                Date of modification       No.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
California:
    Solano.......................  City of Fairfield (18- The Honorable Harry T. Price,   Public Works Department,       https://msc.fema.gov/portal/        Nov. 20, 2018.........       060370
                                    09-0734P).             Mayor, City of Fairfield,       Engineering Division, 1000     advanceSearch.
                                                           City Hall, 1000 Webster         Webster Street, Fairfield,
                                                           Street, Fairfield, CA 94533.    CA 94533.
    Solano.......................  Unincorporated Areas   The Honorable Jim Spering,      Solano County, Public Works    https://msc.fema.gov/portal/        Nov. 20, 2018.........       060631
                                    of Solano County (18-  Chairman, Board of              Department, 675 Texas          advanceSearch.
                                    09-0734P).             Supervisors, Solano County,     Street, Suite 5500,
                                                           675 Texas Street, Suite 6500,   Fairfield, CA 94533.
                                                           Fairfield, CA 94533.
Idaho:
    Ada..........................  City of Meridian (18-  The Honorable Tammy de Weerd,   Public Works Department, 33    https://msc.fema.gov/portal/        Nov. 2, 2018..........       160180
                                    10-0001P).             Mayor, City of Meridian,        East Broadway Avenue, Suite    advanceSearch.
                                                           Meridian City Hall, 33 East     200, Meridian, ID 83642.
                                                           Broadway Avenue, Suite 300,
                                                           Meridian, ID 83642.
    Ada..........................  Unincorporated Areas   The Honorable David L. Case,    Ada County Courthouse, 200     https://msc.fema.gov/portal/        Nov. 2, 2018..........       160001
                                    of Ada County (18-10-  Chairman, Ada County Board of   West Front Street, Boise, ID   advanceSearch.
                                    0001P).                Commissioners, 200 West Front   83702.
                                                           Street, 3rd Floor, Boise, ID
                                                           83702.
Indiana:
    Lake.........................  City of Hammond (18-   The Honorable Thomas M.         City Hall, 5925 Calumet        https://msc.fema.gov/portal/        Nov. 14, 2018.........       180134
                                    05-0313P).             McDermott, Jr., Mayor, City     Avenue, Hammond, IN 46320.     advanceSearch.
                                                           of Hammond, Hammond City
                                                           Hall, 2nd Floor, 5925 Calumet
                                                           Avenue, Hammond, IN 46320.
    Lake.........................  Town of Munster (18-   President, Lee Ann Mellon,      Town Hall, 1005 Ridge Road,    https://msc.fema.gov/portal/        Nov. 14, 2018.........       180139
                                    05-0313P).             Town of Munster, 1005 Ridge     Munster, IN 46321.             advanceSearch.
                                                           Road, Munster, IN 46321.
Kansas:
    Johnson......................  City of Olathe (18-07- The Honorable Michael           City Hall, Planning Office,    https://msc.fema.gov/portal/        Oct. 26, 2018.........       200173
                                    0607P).                Copeland, Mayor, City of        100 East Santa Fe Street,      advanceSearch.
                                                           Olathe, 100 East Santa Fe       3rd Floor, Olathe, KS 66061.
                                                           Street, Olathe, KS 66061.
Nevada:
    Washoe.......................  City of Sparks (18-09- The Honorable Geno Martini,     City Hall, 431 Prater Way,     https://msc.fema.gov/portal/        Nov. 13, 2018.........       320021
                                    0662P).                Mayor, City of Sparks, P.O.     Sparks, NV 89431.              advanceSearch.
                                                           Box 857, Sparks, NV 89432.
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[FR Doc. 2018-18828 Filed 8-29-18; 8:45 am]
 BILLING CODE 9110-12-P