[Federal Register Volume 84, Number 75 (Thursday, April 18, 2019)]
[Notices]
[Pages 16304-16309]
[FR Doc No: 2019-07826]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85642; File No. SR-CboeBZX-2019-025]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Chapter 22 of the Exchange's Rulebook

April15, 2019.
    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 April 8, 2019, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
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 Exchange filed the
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder.\4\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'')
proposes to amend Chapter 22 of the Exchange's rulebook. The text of
the proposed rule change is provided in Exhibit 5. [sic]
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), 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, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The Exchange proposes to harmonize its rules within Chapter 22
(Market Participants) that pertain to Options Market Maker requirements
to that of its affiliated exchange, Cboe C2 Exchange, Inc. (``C2'').\5\
Specifically, the Exchange proposes to conform its Rule 22.3
(Continuing Options Market Maker Registration) to C2 Rule 8.2 (Market-
Maker Class Appointments), which allows for Market Makers to select a
class appointment. In doing so, the Exchange also proposes to amend its
definition of ``class of options'' under Rule 16.1 to be consistent
with C2's definition under C2 Rule 1.1. Additionally, the Exchange
wishes to amend language in Rules 22.2 (Options Market Maker
Registration), 22.4 (Good Standing for Market Makers), 22.5
(Obligations of Market Makers) and 22.6 (Market Maker Quotations) to be
substantially similar to the language of the corresponding rules within
C2 Chapter 8 (Market Makers), retaining only intended differences
between it and C2. The Exchange also proposes other various non-
substantive changes to Rules 22.2 through 22.6 which will serve to
harmonize its rules with the corresponding C2 rules, as well as
simplify or clarify its Market Maker rules, delete duplicative rule
provisions, conform paragraph numbering and lettering throughout the
rules. Additionally, the Exchange proposes a substantive change to its
current continuous quoting requirement for Market Makers under Rule
22.6(d), which is described in detail below. This proposed rule change
to the continuous quoting requirement is based on existing Nasdaq PHLX
LLC (``Phlx''), Nasdaq ISE, LLC (``ISE''), Nasdaq MRX, LLC (``MRX'')
and Nasdaq GEMX, LLC (``GEMX'') rules \6\ previously filed with the
Commission. It also intends to harmonize the proposed quoting
requirements across BZX Options and its affiliated exchanges, C2 and
Cboe EDGX Exchange, Inc. (``EDGX Options'').\7\ Overall, the Exchange
believes that having substantially the same Market Maker rules and
requirements across exchanges will reduce the compliance burden and
confusion for Market Makers that are members of multiple exchanges.
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    \5\ The Exchange notes that its affiliated exchange, Cboe EDGX
Exchange, Inc. (``EDGX Options'') is simultaneously proposing to
harmonize its Options Market Maker rules with that of C2.
    \6\ See Phlx Rule 1081(c); ISE Rule 804(e); MRX Rule 804(e); and
GEMX Rule 804(e). See also Securities Exchange Act Release No. 83209
(May 10, 2018), 83 FR 22717 (May 16, 2018) (SR-Phlx-2018-22) (Order
Granting Approval of Proposed Rule Change to Amend Phlx's Quoting
Requirements, Among Other Changes) (SR-Phlx-2018-22).
    \7\ The Exchange notes that C2 and EDGX Options are
simultaneously proposing the same continuous quoting requirements.
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    In particular, the proposed rule change amends Rule 22.2(c), which
permits the Exchange to impose limits to the number of Members that may
become Market Makers based on objective factors, including system
constraints and capacity restrictions. Under the proposed rule, the
Exchange may not impose such limits until the proposed limits and
objective standards for the limits are reviewed and approved by the
Commission. This provision is the same as C2 Rule 8.1(c). The proposed
rule change adds Rule 22.2(d), which states that a Member or
prospective Member adversely affected by an Exchange determination
under this Chapter 22, including the Exchange's termination or
suspension of a Member's status as a Market Maker or of a Market
Maker's appointment to a class, may obtain a review of such
determination in accordance with the provisions of Chapter 10 (Adverse
Action). The Exchange notes that because the remaining rules in Chapter
22 contain various provisions that permit the Exchange to make
determinations which would be subject to review under Chapter 10, it is
appropriate to explicitly reference Chapter 10 in proposed Rule
22.2(d), applicable to the entire Chapter 22. This provision is the
same as C2 Rule 8.1(d).
    The proposed rule change modifies rule provisions throughout
Chapter 22 to clarify the distinction between Market Maker registration
and appointment. This harmonizes the Exchange's rules with the
registration and appointment requirement rules under Chapter 8 of C2.
In particular, an

Options Member may already register as a Market Maker pursuant to Rule
22.2(a). Proposed Rule 22.3(a) allows a registered Market Maker to
select appointments to classes, rather than registering \8\ for a
series. Under the proposed class appointments, a Market Maker obtains
Market Maker treatment by agreeing to and satisfying obligations in its
appointed classes. This proposed change is consistent with C2 Rule
8.2(a). The proposed rule change makes corresponding changes to reflect
the application of Market Maker obligations to appointed classes to
Rule 22.4 (Good Standing for Market Makers), Rule 22.5 (Obligations of
Market Makers) and Rule 22.6 (Market Maker Quotations). The proposed
change also makes corresponding changes within Rule 21.1(l) to reflect
that a Market Maker with an appointment in a class may designate a bulk
message for that class as Post Only or Book Only, as well as a
reference to that same class regarding User designation. This update is
consistent with C2's corresponding Rule 6.8(c). The proposed rule
change also renames Rule 22.3 to be ``Market Maker Class
Appointments'', reflecting the fact that the rule generally describes
how, as proposed, a Market Maker may obtain appointments to classes,
rather than continuing Market Maker registration. Under proposed Rule
22.3(b) Market Makers may select their own class appointments through
the same electronic interface process in which they currently register
for series of options. This is the same appointment process as
prescribed in C2 Rule 8.2(b). Proposed Rule 22.3(c) references the
Exchange's ability to limit Market Maker appointments pursuant to
proposed Rule 22.2(c), as described above. This corresponds to C2 Rule
8.2(d). The Exchange is not proposing to adopt a provision that
corresponds to C2 Rule 8.2(c), which provides that a ``Market Maker's
appointment in a class confers the right of the Market Maker to quote
(using order functionality) in that class'', as BZX rules do not
provide for separate quoting functionality in an appointed class. BZX
offers order and bulk message functionality (similar to quoting
functionality), which may be used by all Users.\9\ Therefore, the
Exchange believes the adoption of this paragraph to be unnecessary.
Additionally, the Exchange is not proposing to adopt a provision that
corresponds to C2 Rule 8.3 (Market-Maker Class Appointment Costs),
which describes the appointment costs per Trading Permit, as Trading
Permits and appointment costs are specific to C2 and do not apply to
BZX Options.
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    \8\ The Exchange notes that the term ``registering'' to make
markets in a series currently corresponds to the manner in which C2
uses and applies the term ``appointment'' to make markets in
classes.
    \9\ The Exchange notes that C2 is simultaneously proposing to
delete its Rule 8.2(c) as it has recently implemented quoting
functionality available to all Users, including Market-Makers.
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    In order to provide for consistency across the Exchange and C2
regarding Market Maker obligations and appointment to classes, the
Exchange proposes to amend its definitions under Rule 16.1(a)(14) for
the term ``class of options'', and under Rule 16.1(a)(56) for the term
``series'' or ``series of options'' to be the same as C2's definitions.
Currently, the Exchange defines a class of options as options of the
same type. Type is defined as either a put or a call. However, the term
class is generally understood to include both puts and calls, which are
types of series, not separate classes, making this definition outdated.
Specifically, it is understood that options with the same exercise
price and expiration date that are puts constitute one series, and
options with the same exercise price and expiration date that are calls
constitute another series. The Exchange thus proposes to amend the
definition of class to mean all options contracts with the same unit of
trading covering the same underlying security or index. The proposed
amendment also adds that options may cover an index, which are
currently provided for on the Exchange, and that the term ``class'' may
be used interchangeably with ``class of options'' because references to
``class'' are already made throughout the Exchange's rules, which
inherently refers to ``class of options'' as this definition pertains
only to activity on BZX Options. This amended definition is consistent
with the definition of class under C2 Rule 1.1 (Definitions). The
Exchange thus believes that this change will serve to provide clarity
and reduce confusion across the affiliated exchanges' rules,
particularly regarding a Market Maker's understanding of its
obligations to its proposed appointed classes. In line with this
change, the Exchange also amends its definition of ``series of
options'' to clarify that a series consists of options of the same
type, as described in detail above. This is consistent with the
definition under C2 Rule 1.1.
    The proposed rule change deletes current Rule 22.4(a)(2), which
states a Market Maker must continue to satisfy the Market Maker
qualification requirements specified by the Exchange. The Exchange
notes that this is redundant of the language in subparagraph (a)(1).
Subparagraph (a)(1) states that a Market Maker must continue to meet
the general requirements for Members set forth in Chapter 2 and Market
Maker requirements set forth in Rule 22.2 (which is a proposed
amendment replacing reference to Rule 11.5 as Rule 22.2 covers BZX
Options Market Maker registration, relevant to Chapter 22, whereas Rule
11.5 covers Market Maker registration for BZX Equities). These are
generally the only requirements applicable to qualify as a Market
Maker. C2 Rule 8.4(a) similarly does not contain this provision. The
proposed changes to Rule 22.4(b) are non-substantive modifications that
mirror language in C2's corresponding Rule 8.4 (Good Standing for
Market-Makers). As stated above, the proposed changes to Rule 22.5
consist of amending language to reflect a Market Maker's class
appointment, rather than registration to a series, as well as non-
substantive changes to reflect the language of C2 Rule 8.5.
    Current Rule 22.6 (Market Maker Quotations) describes requirements
applicable to Market Maker quotes. The proposed rule change moves Rule
22.6(c) to proposed Rule 22.6(a), which mirrors the order of
corresponding provisions under C2 Rule 8.6, and adds exceptions to firm
quotes under proposed Rule 22.6(a) that are the same as the exceptions
under corresponding C2 Rule 8.6(a). These proposed exceptions to a
Market Maker's firm quote include system malfunction, unusual market
conditions, and quotes during the pre-open. The proposed rule change
adjusts the lettering of current Rule 22.6(a) through Rule 22.6(b)
accordingly.
    The Exchange also proposes to amend a Market Maker's continuous
quoting obligations under Rule 22.6 based on existing Phlx, ISE, MRX
and GEMX rules,\10\ previously filed with the Commission. The proposed
amendments to Rule 22.2(d) are consistent with the continuous quoting
requirement provisions on other exchanges.\11\ Specifically, current
Rule 22.6(d)(1) provides that a Market Maker must make markets on a
continuous basis in at least 75% of the option series in which it is
registered while current Rule 22.6(d)(3) provides that a Market Maker
fulfills the requirement if the Market Maker provides two-sided quotes
90% of the time in an appointed series on a given trading day, or such
higher percentage as the Exchange may announce in advance. The proposed
rule change to 22.6(d) requires a Market Maker to continuously enter
bids and offers in series in its appointed classes

in 60% of the cumulative number of seconds, or such higher percentage
as the Exchange may announce in advance, for which that Market Maker's
appointed classes are open, excluding any adjusted series, any intra-
day add-on series on the day during which such series are added for
trading, any Quarterly Option Series and any series with an expiration
of greater than 270 days. Additionally, the proposed change amends
current subparagraph (d)(3) (proposed paragraph (d)(1)) to provide for
the way in which the Exchange calculates this requirement and is
explicit in stating that quoting is not required in every appointed
class. An example of the proposed calculation is presented below:
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    \10\ See supra note 6.
    \11\ Id.
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    Market-Maker A (``Firm A'') \12\ has selected an appointment to
quote option class U, in which options U1, U2, U3, U4, and U5 are open
for trading. Firm A also has selected appointments in options classes V
and W.
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    \12\ The Exchange notes that a Market-Maker may use multiple
Executing Firm IDs (``EFIDs'') to submit quotes in a class. The
quoting time from all of a Market-Maker EFIDs' will be considered
together when determining compliance with this obligation.

Option U1 opened at 09:30:00 \13\ and closed at 16:00:00
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    \13\ All times in example calculation in Eastern Time.
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Firm A quoted U1 at 09:35:30 @13.00(10)-15.00(10)
Firm A updated quote in U1 at 09:50:31 @10.00(10)-15.00(20)
Firm A purged quote at 15:55:40
Total quoted time for U1 is: 15:55:40-09:35:30 = (15-9)*3600 + (55-
35)*60 + (40-30) = 22810 (seconds)
Total available quote time for U1 is: 16:00:00-09:30:00 = (16-9)*3600 +
(60-30)*60 + (00-00) = 270000 (seconds)

Option U2 opened at 09:30:00 and closed at 16:00:00
Firm A quoted U2 at 10:05:30 @13.00(10)-15.00(10)
Firm A updated quote in U2 at 11:00:01 @11.00(10)-16.00(20)
Firm A purged quote at 15:05:40
Total quoted time for U2 is: 15:05:40-10:05:30 = (15-10)*3600 + (65-
05)*60 + (40-30)= 21610 (seconds)

Total available quote time for U2 is: 16:00:00-09:30:00 = (16-9)*3600 +
(60-30)*60 + (00-00) = 27000 (seconds)

Option U3 opened at 09:30:00 and closed at 16:15:00
Firm A quoted U3 at 11:10:21 @21.00(10)-24.00(20)
Firm A purged quote at 15:15:05
Total quoted time for U3 is: 15:15:05-11:10:21 = (15-11)*3600 + (75-
10)*60 + (65-21) = 18344 (seconds)
Total available quote time for U3 is: 16:01:20-09:40:02 = (16-9)*3600 +
(75-30)*60 + (00-00) = 27900 (seconds)

Option U4 opened at 9:30:00 and closed at 16:00:00
Firm A quoted U4 at 09:34:29 @35.00(10)-37.00(10)
Firm A updated quote in U4 at 10:30:21 @31.00(10)-37.00(20)
Firm A purged quote in U4 at 15:59:34
Total quoted time for U4 is: 15:59:34-09:34:29 = (15-09)*3600 + (59-
34)*60 + (34-29) = 23105 (seconds)
Total available quote time is: 16:00:00-09:30:00 = (16-9)*3600 + (60-
30)*60 + (00-0) = 27000 (seconds)

Option U5 opened at 9:30:00 and closed at 16:00:00
Firm A did not quote U5 thus, the total quoted time for U5 will be: 0
(seconds)
Total available quote time is: 16:00:00-09:30:00 = (16-9)*3600 + (60-
30)*60 + (00-00) = 27000 (seconds)
Total time Firm A quoted class U: 22810 + 21610 + 18344 + 23105 + 0 =
85869 (seconds)
Total eligible quoting time for Firm A on class U: 27000 + 27000 +
27900 + 27000 + 27000 = 135900 (seconds)

Similarly assume:
Total time for Firm A quoted class V: 80983(seconds)
Total eligible quoting time for Firm A on class V: 84515 (seconds)
Total time for Firm A quoted class W: 0(seconds)
Total eligible quoting time for Firm A on underlying W: 46513 (seconds)
Then the total quoting percentage for Firm A is: (85869 + 80983 + 0)/
(135900 + 84515 + 46513) = 156852/266928 = 62.5%

    As stated, the current rule requires a Market Maker to quote 75% of
the series in which it is registered for 90% of each trading day. By
comparison, the proposed rule change permits a Market Maker to quote
any percentage of appointed classes so long as the Market Maker meets
the requirement that it enters quotes aggregating 60% of the cumulative
seconds across the total seconds that its appointment classes are open
for trading. The proposed rule explicitly provides that a Market Maker
does not necessarily have to quote every appointed class. The Exchange
believes the proposed rule better accommodates the occasional issues
that may arise in a particular class, whether technical or manual. For
example, an issue may arise on the Market Maker's side in which there
is a glitch in its systems or a manual computing error that temporarily
disrupts quoting ability. The Exchange notes that the existing
requirement may at times discourage liquidity in particular classes
because a Market Maker is forced to focus on a momentary technical
lapse in order to meet the higher current thresholds, rather than using
the appropriate resources to focus on the classes that need and consume
additional liquidity. The proposed rule maintains the language
(currently in subparagraph (b)(3)) that the Exchange may announce in
advance a higher percentage than the proposed 60% of the cumulative
number of seconds requirement, which the Exchange believes may be
appropriate on occasions when doing so would be in the interest of a
fair and orderly market. This discretion is the same in the
corresponding rules of Phlx, ISE, MRX, and GEMX.\14\
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    \14\ See supra note 6.
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    The proposed rule change also moves the continuous quoting
obligation provisions to the introduction of Rule 22.6(d) from current
subparagraphs (d)(1) and (d)(3) and the same quoting exclusions from
subparagraph (d)(6). As such, the proposed rule change deletes the
language in current subparagraph (d)(3) regarding the current
continuous quoting obligation, the language in subparagraph (d)(6)
regarding series excluded, as well as the remaining language in
subparagraph (d)(6) which is consistent with C2 Rule 8.6. Additionally,
the proposed rule change incorporates the exclusion of any intra-day
add-on series on the day during which such series are added for
trading. This exclusion is consistent with corresponding C2 Rule 8.6.
The proposed change also amends the current quoting exclusion of any
series with an expiration of nine months or greater to an expiration of
greater than 270 days. The Exchange notes that Market Makers generally
already monitor expirations by a defined count of 270 days, as opposed
to a nine month count in which the number of days continuously varies.
Therefore, this proposed change intends to align the Exchange's rules
with current industry practice.\15\
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    \15\ The Exchange notes that C2 and EDGX Options are
simultaneously proposing to amend their corresponding rules to
exclude any series with an expiration of greater than 270 days.
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    Furthermore, the proposed rule change deletes the language in
current subparagraph (d)(3) (proposed subparagraph (d)(1)), which
states that a Market Maker shall be deemed to have fulfilled the
continuous quoting requirement if the Market Maker provides quotes for
the percentage of the time that it is required to provide quotes on a
given trading day, as it is

redundant of the language in proposed Rule 22.6(d). The proposed rule
change also makes non-substantive changes to the remaining language in
proposed subparagraph (d)(1) to conform with corresponding C2 Rule
8.6(d)(2), and modifies language in proposed subparagraphs (d)(2) and
(d)(3) (current subparagraphs (d)(4) and (d)(5)) to reflect the form
and substance in that of corresponding C2 Rules 8.6(d)(1) and
8.6(d)(4), as well as the proposed continuous quoting percentage
obligation where applicable. Additionally, the proposed rule change
moves current subparagraph (d)(2) to proposed Rule 22.6(e), and current
Rule 22.6(e) to proposed Rule 22.6(f). The revised language and
paragraph lettering mirrors that of C2 corresponding Rule 8.6(e) and
Rule 8.6(f).
    As proposed, the Exchange's Market Maker requirements and quoting
obligations are substantially the same as current C2 Market-Maker
requirements and obligations. Importantly, the proposed change
incorporates C2's Chapter 8 Market Maker obligations to an appointed
class, in lieu of the current registration to a series. Additionally,
the Exchange amends its continuous quoting requirements to be
substantially similar to the requirements under other exchanges'
rules.\16\ The Exchange believes that proposed amendments to its
quoting requirements are reasonable because these requirements are
already in place on other options exchanges.\17\ The Exchange notes
that the proposed change to continuous quoting requirements creates a
clear, affirmative Market Maker obligation to hold themselves out as
willing to buy and sell securities for their own account on a
continuous basis, which justifies favorable Market Maker treatment and
will continue to provide customer trading interest a net benefit. The
Exchange further believes having consistent Market Maker requirements
and obligations in the BZX and C2 Rules, as well as with other
exchanges, will simplify the regulatory requirements for its Members
that are active across multiple exchanges.
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    \16\ See supra note 6.
    \17\ See supra note 7. The same quoting requirements will be
incorporated into C2 and EDGX Options rules.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\18\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \19\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \20\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
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    In particular, the Exchange believes the proposed rule change will
contribute to the protection of investors and the public interest by
having rules related to Market Maker registration, appointments, and
obligations consistent among BZX Options and its affiliated exchanges,
C2 and EDGX Options,\21\ as well as by bolstering participants'
collective understanding of the Exchange's rules and the rules of its
affiliated exchanges. The proposed rule change makes a clear
distinction between Market Maker registration and appointments to
classes in which they are obligated to make markets, and aligns the
Exchange Rules with the corresponding C2 rules. The Exchange notes that
this proposed change to have Market Maker class appointments rather
than series appointments does not propose new Market Maker obligations
as Market Makers currently quote most series of options within a class.
Therefore, the Exchanges believes the proposed change will not
significantly alter Market Maker obligations nor impose any significant
additional burden. The Exchange believes the proposed appointment to
classes, along with the amended definitions of class and series,
promotes consistency in Market Maker obligations and understanding of
the rules across BZX Options and its affiliated exchange, C2.\22\ The
Exchange believes this will result in greater uniformity and less
burdensome regulatory compliance. As such, the Exchange believes
maintaining uniformity in class and series definitions, Market Maker
class appointments and their obligations to such appointments will
foster cooperation and coordination with persons engaged in
facilitating transactions in securities and will remove impediments to
and perfect the mechanism of a free and open market and a national
market system.
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    \21\ See supra note 5 and note 7.
    \22\ As well as EDGX Options. See supra note 5.
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    The Exchange believes the proposed rule change to amend Market
Makers' continuous quoting obligations will remove impediments to and
perfect the mechanism of a free and open market and a national market
system. With respect to continuous quoting obligations, the proposed
rule change seeks to conform the quoting obligations to that of the
rules of other exchanges.\23\ The Exchange currently requires a Market
Maker to quote in at least 75% the options series in which the Market
Maker is registered during 90% of the trading day. The Exchange
believes that applying a Market Maker's cumulative quoting time to the
Market Maker's aggregate appointed classes to meet a threshold of 60%
of the cumulative seconds its appointed classes are open for trading
(like that of the current requirements on other exchanges) is less
stringent than the Exchange's current requirement because of the lower
quoting time threshold and because the proposed requirement does not
consider a percentage of its appointed classes, so long as the overall
60% time requirement is met. Further, the Exchange notes that the
current continuous quoting requirement potentially discourages
liquidity at times when a Market Maker is forced to focus on making up
for a momentary lapse in a particular class rather than allocating
appropriate resources to focus on the classes that need and consume
additional liquidity, and then allowing a Market Maker to continue
quoting in the class that experienced a lapse after correcting the
applicable issue.\24\ The Exchange believes that this rule change
better accommodates these occasional lapses, whether technical or
manual, and enables a Market Maker to provide appropriate liquidity
commensurate with the needs of its appointed classes. Moreover, the
Exchange believes that it can better attract Market Makers, add
liquidity, and grow its market to the benefit of all investors, if its
quoting obligation is more aligned with that of other exchanges. The
proposed rule change supports the quality of the

Exchange's market by helping to ensure that Market Makers will continue
to be obligated to quote in a percentage of their appointed classes.
Ultimately, the benefit the proposed rule change confers upon Market
Makers is offset by the continued responsibilities to provide
significant liquidity to its appointed classes to the benefit of all
market participants. The Exchange believes that the proposed change to
continuous quoting requirements creates a clear, affirmative Market
Maker obligation to hold themselves out as willing to buy and sell
securities for their own account on a continuous basis, which justifies
favorable Market Maker treatment and will continue to provide customer
trading interest a net benefit. The Exchange further notes that the
proposed rule text is consistent with the Act because the quoting
obligations are substantially the same as quoting obligations on Phlx,
ISE, MRX, and GEMX today, previously filed with the Commission.\25\
Additionally, the Exchange believes the proposed rule change excluding
any series with an expiration greater than 270 days, as opposed to nine
months or greater, from a Market Maker's quoting obligations is in line
with the way in which Market Makers currently monitor expiration. As a
result, the Exchange believes that this change will foster cooperation
and coordination with persons engaged in regulating securities, as well
as facilitating transactions in securities. The proposed change will
reduce confusion by codifying an industry practice already in place and
harmonizing expiration time across the Exchange and its affiliated
exchanges.\26\ The Exchange also notes that the proposed changes are
reasonable and do not affect investor protection because the proposed
changes do not present any novel or unique issues, as they have either
been previously filed with the Commission or are codifying an industry
practice currently in place.
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    \23\ See supra note 6.
    \24\ See also Exchange Rule 22.6(d)(4) (proposed Rule
22.6(d)(2)). The Exchange already accounts for technical failure or
limitation due to the automated system for order execution and trade
reporting owned and operated by the Exchange (``System'').
    \25\ See supra note 6.
    \26\ See supra note 12.
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    To the extent a proposed rule change within Chapter 22 is based on
an existing C2 rule within C2 Chapter 8, the language of the Exchange
rules and C2 rules may differ where necessary to conform to existing
Exchange rule text or to account for details or descriptions included
in the Exchange's rules but not in the applicable C2 rules. Where
possible, the Exchange has substantively mirrored C2 rules, as it
believes consistent rules will simplify the regulatory requirements and
increase the understanding of the Exchange's operations for Members
that are also participants on C2, as well as on EDGX Options, which is
simultaneously proposing the same changes. The proposed rule change
will provide greater harmonization between the rules of BZX Options and
its affiliated exchanges,\27\ resulting in greater uniformity and less
burdensome and more efficient regulatory compliance. As such, the
proposed rule change will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \27\ See supra note 5.
---------------------------------------------------------------------------

    The Exchange also believes that the proposed amendments will
contribute to the protection of investors and the public interest by
making the Exchange's rules easier to understand, standing alone and
collectively with its affiliated exchanges' rules.\28\ In addition, the
proposed rule change makes other non-substantive changes throughout the
rules that will protect investors and benefit market participants, as
these changes simplify or clarify rules, delete duplicative rule
provisions, conform paragraph numbering and lettering throughout the
rules, use plain English, and conform language to corresponding C2
rules where feasible.
---------------------------------------------------------------------------

    \28\ Id.
---------------------------------------------------------------------------

    Additionally, the Exchange believes the proposed rule change is
consistent with Section 6(b)(1) of the Act,\29\ which provides that the
Exchange be organized and have the capacity to be able to carry out the
purposes of the Act and to enforce compliance by the Exchange's Members
and persons associated with its Members with the Act, the rules and
regulations thereunder, and the rules of the Exchange. As stated, the
proposed rule change conforms its Options Market Maker rules to be
substantially similar to the Market Maker rules of its affiliated
exchange, C2. Moreover, the proposed change to a Market Maker's
continuous quoting requirements will serve to harmonize the quoting
requirement for Market Makers across its affiliated exchanges, C2 and
EDGX Options that are also proposing the same requirements. The
Exchange thus believes these proposed changes create uniformity, which
allows for the Exchange to organize consistently with its affiliated
exchanges and to more easily enforce compliance by participants on the
multiple affiliated exchanges.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------

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 reiterates that
a majority of the proposed rule change is intended to harmonize the
Exchange rules with that of its affiliated exchange, C2. Thus, the
Exchange believes this proposed rule change will reduce the burden on
Exchange participants by providing consistent rules among affiliated
exchanges. The harmonizing proposed rule changes in this filing conform
to the approved rules of C2, which have already been found to be
consistent with the Act.
    Additionally, the Exchange believes that the proposed rule change
to a Market Maker's continuous quoting requirements does not affect
intramarket competition. The proposed change applies an affirmative
obligation to all Market Makers to hold themselves out as continuously
willing to buy and sell options for their own account, justifying
favorable treatment and benefitting the trading interest of all
customers. The Exchange believes that the proposed change to continuous
quoting requirements does not affect intermarket competition, as this
proposal is based on other exchanges' rules previously filed with the
Commission.\30\ The Exchange also notes that to the degree that other
exchanges have varying continuous quoting obligations for Market
Makers, market participants on other exchanges are welcome to become
Options Market Makers on BZX Options if they determine that this
proposed rule change has made market making on BZX Options more
attractive or favorable. Finally, the Exchange believes that the
proposed rule change will relieve any burden on market participants
because it serves to provide Market Makers with affirmative quoting
requirements that ensure each appointed class will receive appropriate
liquidity to the benefit of all market participants who interact with
that liquidity.
---------------------------------------------------------------------------

    \30\ See supra note 6.
---------------------------------------------------------------------------

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    Because the foregoing proposed rule change does not:
    A. Significantly affect the protection of investors or the public
interest;
    B. impose any significant burden on competition; and
    C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \31\ and
Rule 19b-4(f)(6) \32\ 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. If the Commission takes such action, the
Commission will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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-CboeBZX-2019-025 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-CboeBZX-2019-025. 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-CboeBZX-2019-025 and should be submitted
on or before May 9, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07826 Filed 4-17-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: February 2, 2007 (Volume 72, Number 22)]
[Notices]
[Page 5047]
[DOCID:fr02fe07-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. AD07-8-000]

Notice of Technical Conference; Review of Market Monitoring
Policies

January 25, 2007.
    A technical conference will be held on April 5, 2007, to review the
Commission's general policies regarding market monitoring.\1\
---------------------------------------------------------------------------

    \1\ The Commission announced its intent to hold a technical
conference in PJM Interconnection, LLC., order on reh'g, 117 FERC ]
61,263 (2006).
---------------------------------------------------------------------------

    The conference will be held from 9:30 a.m. until 3 p.m. (EDT) in
the Commission Meeting Room of the Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426. The Commission
will issue at least one supplemental notice with a detailed agenda
prior to the conference.
    The conference is open to the public to attend. A free webcast of
this event will be available through http://www.ferc.gov. Anyone with Internet

access who desires to view this event can do so by navigating to
http://www.ferc.gov's Calendar of Events and locating this event in the

Calendar. The event will contain a link to its Webcast. The Capitol
Connection provides technical support for the Webcasts and offers
access to the meeting via phone bridge for a fee. If you have any
questions, visit http://www.CapitolConnection.org or contact Danelle

Perkowski or David Reininger at<PHONE_NUMBER>.
    Transcripts of the meeting will be available immediately for a fee
from Ace Reporting Company<PHONE_NUMBER> or 1-800-336-6646). They will
be available for free on the Commission's eLibrary system and on the
events calendar approximately one week after the meeting.
    FERC conferences and meetings are accessible under section 508 of
the Rehabilitation Act of 1973. For accessibility accommodations please
send an e-mail to<EMAIL_ADDRESS>or call toll free (866) 208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a fax to<PHONE_NUMBER> with
the required accommodations.
    For additional information, please contact Saida Shaalan by e-mail
at<EMAIL_ADDRESS>or by phone at<PHONE_NUMBER>.

Magalie R. Salas.
Secretary.
 [FR Doc. E7-1662 Filed 2-1-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 98 (Monday, May 21, 2012)]
[Notices]
[Page 29999]
[FR Doc No: 2012-12203]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2197-098]

Georgia Power Company; Notice of Application for Amendment of
License and Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Non-project use of project lands and waters.
    b. Project No.: 2197-098.
    c. Date Filed: January 17, 2012.
    d. Applicant: Alcoa Power Generating Inc.
    e. Name of Project: Yadkin Hydroelectric Project.
    f. Location: The Yadkin Hydroelectric Project is located on the
Yadkin River, near High Rock Reservoir in Rowan County, North Carolina.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: Mashall Olson, Alcoa Power Generating Inc--
Yadkin Division, P.O. Box 576, Badin, NC 28009.<PHONE_NUMBER>.
    i. FERC Contact: Jade Alvey at<PHONE_NUMBER>, or email:
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, and
protests: June 15, 2012.
    All documents may be filed electronically via the Internet. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>or toll free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be paper-filed. To paper-file,
mail an original and seven copies to: Secretary, Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
Please include the project number (P-2197-098) on any comments,
motions, or recommendations filed.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person whose name appears on the official service
list for the project. Further, if an intervenor files comments or
documents with the Commission relating to the merits of an issue that
may affect the responsibilities of a particular resource agency, they
must also serve a copy of the document on that resource agency.
    k. Description of Request: Alcoa Power Generating Inc. requests
Commission approval to grant Alcoa Power Generating Inc. (permittee) a
permit, to conduct sand mining using a hydraulic dredge/barge
operation, along the Yadkin River as it enters the upper portion of
High Rock Reservoir. The mining operation would impact about 51 acres
within the project boundary, to include a barge access area and return
water discharge.
    l. Locations of the Application: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site at http://www.ferc.gov using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. You may also
register online at http://www.ferc.gov/docs-filing/esubscription.asp to
be notified via email of new filings and issuances related to this or
other pending projects. For assistance, call 1-866-208-3676 or email
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at Ameren's shoreline
office. Agencies may obtain copies of the application directly from the
applicant.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214, respectively. In determining the appropriate action to take, the
Commission will consider all protests or other comments filed, but only
those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application.
    o. Filing and Service of Documents: Any filing must (1) Bear in all
capital letters the title ``COMMENTS'', ``PROTEST'', or ``MOTION TO
INTERVENE'' as applicable; (2) set forth in the heading the name of the
applicant and the project number of the application to which the filing
responds; (3) furnish the name, address, and telephone number of the
person commenting, protesting or intervening; and (4) otherwise comply
with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, motions to intervene, or protests must set forth their
evidentiary basis. Any filing made by an intervenor must be accompanied
by proof of service on all persons listed in the service list prepared
by the Commission in this proceeding, in accordance with 18 CFR
385.2010.

    Dated: May 15, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-12203 Filed 5-18-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 206 (Thursday, October 24, 2019)]
[Notices]
[Pages 57065-57068]
[FR Doc No: 2019-23172]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87345; File No. SR-NYSEAMER-2019-45]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Permanent Certain Options Market Rules That Are Linked to the Equity
Market Plan To Address Extraordinary Market Volatility

October 18, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on October 16, 2019, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to make permanent certain options market
rules that are linked to the equity market Plan to Address
Extraordinary Market Volatility. The proposed rule change is available
on the Exchange's website 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to make permanent
certain options market rules that are linked to the equity market Plan
to Address Extraordinary Market Volatility (the ``Limit Up-Limit Down
Plan'' or the ``Plan''). This change is being proposed in connection
with the recently approved amendment to the Limit Up-Limit Down Plan
that allows the Plan to continue to operate on a permanent basis
(``Amendment 18'').\4\ The Exchange understands that the other national
securities exchanges have filed or will file similar proposals to make
permanent their respective pilot programs; thus this proposal would
align Exchange rules with the rules of other options exchanges.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019) (Order Approving Amendment No.
18).
    \5\ For example, Cboe Exchange, Inc. (``Cboe'') filed a proposal
with the Commission to make permanent rules related to the Options
Pilots, which filing has been approved. See Securities Exchange Act
Release Nos. 86744 (August 23, 2019), 84 FR 45565 (August 29, 2019);
87311 (October 15, 2019) (SR-CBOE-2019-049) (``Cboe filing''). The
Exchange notes that the substance of this proposal is identical to
the Cboe filing.
---------------------------------------------------------------------------

    In an attempt to address extraordinary market volatility in NMS
Stock, and, in particular, events like the severe volatility on May 6,
2010, U.S. national securities exchanges and the Financial Industry
Regulatory Authority, Inc. (collectively, ``Participants'') drafted the
Plan pursuant to Rule 608 of Regulation NMS and under the Act.\6\ On
May 31, 2012, the Commission approved the Plan, as amended, on a one-
year pilot basis.\7\ Though the Plan was primarily designed for equity
markets, the Exchange believed it would, indirectly, potentially impact
the options markets as well. Thus, the Exchange has previously adopted
and amended and Rule 953.1NY and Commentary .03 to Rule 975NY to ensure
the option markets were not harmed as a result of the Plan's
implementation and has implemented such rules on a pilot basis that has
coincided with the pilot period for the Plan (the ``Options
Pilots'').\8\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 64547 (May 25,
2011), 76 FR 31647 (June 1, 2011)(File No. 4-631).
    \7\ See Securities and Exchange Act Release No. 67091 (May 31,
2012) 77 FR 33498 (June 6, 2012).
    \8\ See Securities Exchange Act Release Nos. 69339 (April 8,
2013), 78 FR 22011 (April 12, 2013) (SR-NYSEMKT-2013-10) (amending
certain options rules to coincide with the pilot period for the
Plan, including Rule 953NY and Rule 953.1NY); 76248 (October 23,
2015), 80 FR 66591 (October 29, 2015) (SR-NYSEMKT-2015-88) (amending
Rules 953.1NY and 975NY to coincide with the pilot period for the
Plan); and 85617 (April 11, 2019), 84 FR 16059 (April 17, 2019) (SR-
NYSEAMER-2019-12) (amending Rules 953.1NY and 975NY to extend the
pilot).
---------------------------------------------------------------------------

    Rule 953.1NY essentially serves as a roadmap for the Exchange's
universal changes due to the implementation of the Plan, and Commentary
.03 to Rule 975NY provides that transactions executed during a limit or
straddle state are not subject to the obvious and catastrophic error
rules. A limit or straddle state occurs when at least one side of the
National Best Bid (``NBB'') or Offer (``NBO'') bid/ask is priced at a
non-tradable level. Specifically, a straddle state exists when the NBB
is below the lower price band while the NBO is inside the prices band
or when the NBO is above the upper price band and the NBB is within the
band, while a limit state occurs when the NBO equals the lower price
band (without crossing the NBB), or the NBB equals the upper price band
(without crossing the NBO). The Exchange adopted the Options Pilots to
protect investors because when an underlying security is in a limit or
straddle state, there will not be a reliable price for the security to
serve as a benchmark for the price of the option. Specifically, the
Exchange adopted Commentary .03 to Rule 975NY because the application
of the obvious and catastrophic error rules would be impracticable
given the potential for lack of a reliable NBBO in the options

market during limit and straddle states. When adjusting or busting a
trade pursuant to the obvious error rule, the determination of
theoretical value of a trade generally references the NBB (for
erroneous sell transactions) or NBO (for erroneous buy transactions)
just prior to the trade in question, and is therefore not reliable when
at least one side of the NBBO is priced at a non-tradeable level, as is
the case in limit and straddle states. In such a situation, determining
theoretical value is often a subjective rather than an objective
determination and could give rise to additional uncertainty and
confusion for investors. As a result, application of the obvious and
catastrophic error rules would be impracticable given the lack of a
reliable NBBO in the options market during limit and straddle states,
and may produce undesirable effects or unanticipated consequences.
    The Exchange adopted additional measures via other Options Pilot
rules that are designed to protect investors during limit and straddle
states. For example, the Exchange will reject market orders and not
elect stop orders \9\ during a Limit Up-Limit Down state to ensure that
only those orders with a limit price will be executed during a limit or
straddle state given the uncertainty of market prices during such a
state. Furthermore, the Exchange believes that eliminating the
application of obvious error rules during a limit or straddle state
eliminates the re-evaluation of a transaction executed during such a
state that could potentially create an unreasonable adverse selection
opportunity due to lack of a reliable reference price on one side of
the market or another and discourage participants from providing
liquidity during limit and straddle states, which is contrary to the
goal in limiting participants' adverse selection with the application
of the obvious error rule during normal trading states.
---------------------------------------------------------------------------

    \9\ This includes rules in connection with special handling for
market orders, market-on-close orders, stop orders, and stock-option
orders, as well as for certain electronic order handling features in
a Limit Up-Limit Down state, the obvious error rules, and providing
that the Exchange will not require Market-Makers to quote in series
of options when the underlying security is in a Limit Up-Limit Down
state.
---------------------------------------------------------------------------

    For these reasons, the Exchange believes the Options Pilots are
designed to add certainty on the options markets, which encourages more
investors to participate in light of the changes associated with the
Plan. The Plan was originally implemented on a pilot-basis in order to
allow the public, the participating exchanges, and the Commission to
assess the operation of the Plan and whether the Plan should be
modified prior to approval on a permanent basis. As stated, the
Exchange adopted the Option Pilots to coincide with this pilot; to
continue the protections therein while the industry gains further
experience operating the Plan.
    In connection with the order approving the establishment of the
obvious error pilot, as well as the extensions of the obvious error
pilot, the Exchange committed to submit monthly data regarding the
program and to submit an overall analysis of the obvious error pilot in
conjunction with the data submitted under the Plan and any other data
as requested by the Commission. Pursuant to a rule filing, submitted on
April 4, 2014, each month, the Exchange committed to provide the
Commission, and the public, a dataset containing the data for each
straddle and limit state in optionable stocks that had at least one
trade on the Exchange (the ``LULD Limit and Straddle Reports'').\10\
The Exchange has continued to provide the Commission with this data on
a monthly basis from October 2015. For each trade on the Exchange, the
Exchange provides (a) the stock symbol, option symbol, time at the
start of the straddle or limit state, an indicator for whether it is a
straddle or limit state, and (b) for the trades on the Exchange, the
executed volume, time-weighted quoted bid-ask spread, time-weighted
average quoted depth at the bid, time-weighted average quoted depth at
the offer, high execution price, low execution price, number of trades
for which a request for review for error was received during straddle
and limit states, an indicator variable for whether those options
outlined above have a price change exceeding 30% during the underlying
stock's limit or straddle state compared to the last available option
price as reported by OPRA before the start of the limit or straddle
state. In addition, to help evaluate the impact of the pilot program,
the Exchange has provided to the Commission, and the public,
assessments relating to the impact of the operation of the obvious
error rules during limit and straddle states including: (1) An
evaluation of the statistical and economic impact of limit and straddle
states on liquidity and market quality in the options markets, and (2)
an assessment of whether the lack of obvious error rules in effect
during the straddle and limit states are problematic. The Exchange has
concluded that the obvious error pilot does not negatively impact
market quality during normal market conditions,\11\ and that there has
been insufficient data to assess whether a lack of obvious error rules
is problematic, however, the Exchange believes the continuation of
Commentary .03 to Rule 975NY functions to protect against any
unanticipated consequences in the options markets during a limit or
straddle state and add certainty on the options markets.
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 71870 (April 4,
2014), 79 FR 19692 (April 9, 2014) (SR-NYSEMKT-2014-31); see also
NYSE American, LULD Limit and Straddle Reports, available at:
https://www.nyse.com/markets/american-options/reports.
    \11\ See NYSE American, LULD Limit and Straddle Reports,
available at: https://www.nyse.com/markets/american-options/reports.
During the most recent Review Period the Exchange did not receive
any obvious error review requests for Limit-Up-Limit Down trades,
and Limit Up-Limit Down trade volume accounted for nominal overall
trade volume.
---------------------------------------------------------------------------

    The Commission recently approved the Plan on a permanent basis
(Amendment 18).\12\ In connection with this approval, the Exchange now
proposes to amend Rule 953.1NY and Commentary .03 to Rule 975NY that
currently implement the provisions of the Plan on a pilot basis to
eliminate the pilot basis, which effectiveness expires on October 18,
2019, and to make such rules permanent. In its approval order to make
the Plan permanent, the Commission recognized that, as a result of the
Participants' and industry analysis of the Plan's operation, the Limit
Up-Limit Down mechanism effectively addresses extraordinary market
volatility. Indeed, the Plan benefits markets and market participants
by helping to ensure orderly markets, but also, the Exchange believes,
based on the data made available to the public and the Commission
during the pilot period, that the obvious error pilot does not
negatively impact market quality during normal market conditions.\13\
Rather, the Exchange believes the obvious error pilot functions to
protect against any unanticipated consequences in the options markets
during a limit or straddle state and add certainty on the options
markets.
---------------------------------------------------------------------------

    \12\ See supra note 4.
    \13\ See supra note 11. The Exchange's obligation to submit and
publish the LULD Limit and Straddle Reports was extinguished upon
the approval of Amendment 18.
---------------------------------------------------------------------------

    The Exchange also believes the other Options Pilots rules provide
additional measures designed to protect investors during limit and
straddle states. For example, the Exchange will reject market orders
and not elect stop orders \14\ during a Limit Up-Limit Down state to
ensure that only those orders

with a limit price will be executed during a limit or straddle state
given the uncertainty of market prices during such a state. This
removes impediments to and perfects the mechanism of a free and open
market and national market system by encouraging more investors to
participate in light of the changes associated with the Plan. The
Exchange believes that if approved on a permanent basis, the Options
Pilots would permanently provide investors with the above-described
additional certainty of market prices and mitigation of unanticipated
consequences and unreasonable adverse selection risk during limit and
straddle states.
---------------------------------------------------------------------------

    \14\ See supra note 9.
---------------------------------------------------------------------------

    The Exchange understands that the other national securities
exchanges have filed or will file similar proposals to make permanent
their respective pilot programs. Since the Commission's approval of
Amendment 18 allowing the Plan to operate on a permanent basis, the
Exchange and other national securities exchanges have determined that
no further amendments should be made to the Options Pilots; \15\ the
current Options Pilots effectively address extraordinary market
volatility, are reasonably designed to comply with the requirements of
the Plan, facilitate compliance with the Plan and should now operate on
a permanent basis, consistent with the Plan. The Exchange does not
propose any additional changes to Rule 953.1NY and Commentary.03 to
Rule 975NY.
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release No. 85617 (April 11,
2019), 84 FR 16059 (April 17, 2019) (SR-NYSEAMER-2019-12) (proposal
to extend the pilot for certain options market rules linked to the
Plan).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b) of the Act,\16\ in general, and
Section 6(b)(5) of the Act,\17\ in particular, in that it is designed
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest and not to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange believes that the
proposed rule change promotes just and equitable principles of trade in
that it promotes transparency and uniformity across markets concerning
rules for options markets adopted to coincide with the Plan. The
Exchange believes that eliminating the Options Pilots and making such
rules permanent facilitates compliance with the Plan.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that the proposed rule
supports the objectives of perfecting the mechanism of a free and open
market and the national market system because it promotes transparency
and uniformity across markets concerning rules for options markets
adopted to coincide with the Plan. The Exchange believes that
eliminating the pilot basis for the Options Pilots and making such
rules permanent facilitates compliance with the Plan by adding
certainty to the markets during periods of market volatility, which has
been approved and found by the Commission to be reasonably designed to
prevent potentially harmful price volatility in NMS Stocks. It has been
determined by the Commission that the Plan benefits markets and market
participants by helping to ensure orderly markets, and, based on the
data made available to the public and the Commission during the pilot
period for Commentary .03 to Rule 975NY, the Plan does not negatively
impact options market quality during normal market conditions. Rather,
the Plan, as it is implemented under the obvious error pilot, functions
to protect against any unanticipated consequences in the options
markets during a limit or straddle state and add certainty on the
options markets. During a limit or straddle state, determining
theoretical value of an option may be a subjective rather than an
objective determination given the lack of a reliable NBBO, which may
create an unreasonable adverse selection opportunity and discourage
participants from providing liquidity during limit and straddle states.
Therefore, the Exchange believes eliminating obvious error review in
such states would, in turn, eliminate uncertainty and confusion for
investors and benefit investors by encouraging more participation in
light of the changes associated with the Plan.
    As stated, the Exchange believes the other Options Pilots rules
provide additional measures designed to protect investors during limit
and straddle states. For example, the Exchange will reject market
orders and not elect stop orders \18\ during a Limit Up-Limit Down
state to ensure that only those orders with a limit price will be
executed during a limit or straddle state given the uncertainty of
market prices during such a state. Accordingly, the Exchange believes
that making the Options Pilots permanent will further the goals of
investor protection and fair and orderly markets as the rules
effectively address extraordinary market volatility pursuant to the
Plan.
---------------------------------------------------------------------------

    \18\ See supra note 9.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
necessary to reflect that the Plan no longer operates as a pilot and
has been approved to operate on a permanent basis by the Commission. As
such, Exchange Rules 953.1NY and Commentary .03 to Rule 975NY, which
implement protections in connection with the Plan, should be amended to
operate on a permanent basis. The Exchange understands that the other
national securities exchanges will also file similar proposals to make
permanent their respective pilot programs. Thus, the proposed rule
change will help to ensure consistency across market centers without
implicating any competitive issues.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) thereunder.\20\
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \21\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \22\ permits the Commission to
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 proposed rule change may become effective
and operative immediately upon filing. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest, as it will allow the current Options
Pilots to continue on a permanent basis without any changes, prior to
the pilot expiration on October 18, 2019. For this reason, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change as operative upon filing.\23\
---------------------------------------------------------------------------

    \21\ 17 CFR 240.19b-4(f)(6).
    \22\ 17 CFR 240.19b-4(f)(6)(iii).
    \23\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEAMER-2019-45 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-NYSEAMER-2019-45. 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-NYSEAMER-2019-45 and should be submitted
on or before November 14, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-23172 Filed 10-23-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 199 (Friday, October 14, 2011)]
[Notices]
[Pages 63921-63922]
[FR Doc No: 2011-26570]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commission Staff Attendance

    The Federal Energy Regulatory Commission hereby gives notice that
members of the Commission's staff may attend the following meetings
related to the transmission planning activities of the PJM
Interconnection, L.L.C. (PJM):

Combined PJM Regional Transmission Planning Task Force/PJM
Interconnection Process Senior Task Force

    October 13, 2011, 9:30 a.m.-3 p.m., Local Time.
    November 14, 2011, 9:30 a.m.-3 p.m., Local Time.
    December 9, 2011, 9:30 a.m.-3 p.m., Local Time.

PJM Markets and Reliability Committee

    November 16, 2011, 9:30 a.m.-3 p.m., Local Time.
    The above-referenced meetings will be held at:
    The Chase Center on the Riverfront,
    Wilmington, DE.
    The above-referenced meetings are open to stakeholders.

Further information may be found at http://www.pjm.com.
    The discussions at the meeting described above may address matters
at issue in the following proceedings:
    Docket No. EL05-121, PJM Interconnection, L.L.C.
    Docket No. ER06-456, ER06-954, ER06-1271, ER07-424, ER06-880, EL07-
57, ER07-1186, ER08-229, ER08-1065, ER09-497, and ER10-268, PJM
Interconnection, L.L.C.

    Docket No. ER10-253 and EL10-14, Primary Power, L.L.C.
    Docket No. EL10-52, Central Transmission, LLC v. PJM
Interconnection, L.L.C.
    Docket No. ER11-4070, RITELine Indiana et al.
    Docket No. ER11-2875 and EL11-20, PJM Interconnection, L.L.C.
    Docket No. ER08-386 and ER09-1256, Potomac-Appalachian Transmission
Highline, L.L.C.
    Docket No. ER09-1589, FirstEnergy Service Company.
    Docket No. EL11-56, FirstEnergy Service Company.

FOR MORE INFORMATION CONTACT: Jonathan Fernandez, Office of Energy
Market Regulation, Federal Energy Regulatory Commission at (202) 502-
6604 or<EMAIL_ADDRESS>
    Dated: October 6, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-26570 Filed 10-13-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: October 1, 2008 (Volume 73, Number 191)]
[Notices]
[Page 57111-57112]
[DOCID:fr01oc08-88]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2008-N-0484]

Preparation for International Conference on Harmonization
Meetings in Brussels, Belgium; Public Meeting; Correction

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of meeting; correction.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing a
correction to the notice of a public meeting entitled ``Preparation for
International Conference on Harmonization Meetings in Brussels,
Belgium; Public Meeting.'' This meeting was announced in the Federal
Register of September 16, 2008 (73 FR 53428). The correction is being
made to reflect changes in the Summary, Date and Time, Location,
Contact Person, Background, and Agenda portions of the document.

FOR FURTHER INFORMATION CONTACT: Tammie Jo Bell, Office of the
Commissioner, Food and Drug Administration, 5600 Fishers Lane,
Rockville, MD 20857, by email<EMAIL_ADDRESS>or fax: 301-
827-0003.

SUPPLEMENTARY INFORMATION: The FDA is correcting a notice published in
the Federal Register of September 16, 2008 (73 FR 53428), announcing a
meeting entitled ``Preparation for International Conference on
Harmonization Meetings in Brussels, Belgium.'' This corrected notice is
being published in its entirety:
SUMMARY: The Food and Drug Administration (FDA) is announcing a public
meeting entitled ``Preparation for International Conference on
Harmonization Meetings in Brussels, Belgium'' to provide information
and receive comments on the International Conference on Harmonization
(ICH) as well as the upcoming meetings in Brussels, Belgium. The topics
to be discussed are the topics for discussion at the forthcoming ICH
Steering Committee Meeting. The purpose of the meeting is to solicit
public input prior to the next Steering Committee and Expert Working
Groups meetings in Brussels, Belgium, November 10 to 13, 2008, at which
discussion of the topics underway and the future of ICH will continue,
as well as provide comprehensive updates of the various ICH topics.
    Date and Time: The meeting will be held on Tuesday, October 21,
2008, from 2:30 p.m. to 5:30 p.m.
    Location: The meeting will be held at 5600 Fishers Lane, 3rd floor,
Conference Rooms D and E, Rockville, MD 20857. For security reasons,
all attendees are asked to arrive no later than 2:15 p.m., as you will
be escorted from the front entrance of 5600 Fishers Lane to Conference
Rooms D and E.
    Contact Person: All participants must register with Tammie Jo Bell,
Office of the Commissioner, Food and Drug Administration, 5600 Fishers
Lane, Rockville, MD 20857, by email<EMAIL_ADDRESS>or fax:
301-827-0003.
    Registration and Requests for Oral Presentations: Send registration
information (including name, title, firm name, address, telephone, and
fax number), written material, and requests to make oral presentation,
to the contact person by October 14, 2008.
    If you need special accommodations due to a disability, please
contact Tammie Jo Bell at least 7 days in advance.
    Transcripts: Transcripts of the meeting may be requested in writing
from the Freedom of Information Office (HFI-35), Food and Drug
Administration, 5600 Fishers Lane, rm. 12A-66, Rockville, MD 20857,
approximately 15 working days after the meeting at a cost of 10 cents
per page.
    Background: The ICH was established in 1990 as a joint regulatory/
industry project to improve, through harmonization, the efficiency of
the process for developing and registering new medicinal products in
Europe, Japan, and the United States without compromising the
regulatory obligations of safety and effectiveness.
    In recent years, many important initiatives have been undertaken by
regulatory authorities and industry associations to promote
international harmonization of regulatory requirements. FDA has
participated in many meetings designed to enhance harmonization and is
committed to seeking scientifically based harmonized technical
procedures for pharmaceutical development. One of the goals of
harmonization is to identify and then reduce differences in technical
requirements for medical product development among regulatory agencies.
ICH was organized to provide an opportunity for harmonization
initiatives to be developed with input from both regulatory and
industry representatives. ICH is concerned with harmonization among
three regions: The European Union, Japan, and the United States. The
six ICH sponsors are the European Commission; the European Federation
of Pharmaceutical Industries Associations; the Japanese Ministry of
Health, Labor and Welfare; the Japanese Pharmaceutical Manufactures
Association; the Centers for Drug Evaluation and Research and Biologics
Evaluation and Research, FDA; and the Pharmaceutical Research and
Manufacturers of America. The ICH Secretariat, which coordinates the
preparation of documentation, is provided by the International
Federation of Pharmaceutical Manufacturers Associations (IFPMA). The
ICH Steering Committee includes representatives from each of the ICH
sponsors and Health Canada, the European Free Trade Area and the World
Health Organization. The ICH process has achieved significant
harmonization of the technical requirements for the approval of
pharmaceuticals for human use in the three ICH regions.
    The current ICH process and structure can be found at the following
Web site: http://www.ich.org.
    Interested persons may present data, information, or views orally
or in writing, on issues pending at the public meeting. Time allotted
for oral presentations may be limited to 10 minutes. Those desiring to
make oral presentations should notify the contact person by October 14,
2008, and submit a brief statement of the general nature of the
evidence or arguments they wish to present, the names and addresses,
phone number, fax, and email of proposed participants, and an
indication of the approximate time requested to make their
presentation.
    Agenda: The agenda for the public meeting will be made available
via the internet at http://www.fda.gov/cder/meeting/ICH_20081021.htm.

    Dated: September 26, 2008.
Jeffrey Shuren,
Asssociate Commissioner for Policy and Planning.
[FR Doc. E8-23120 Filed 9-30-08; 8:45 am]

BILLING CODE 4160-01-S


[Federal Register Volume 83, Number 71 (Thursday, April 12, 2018)]
[Rules and Regulations]
[Pages 15741-15742]
[FR Doc No: 2018-07627]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2018-0268]

Special Local Regulations; Marine Events Within the Captain of
the Port Zone Columbia River

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce special local regulations at
various locations in the Sector Columbia River Captain of the Port
zone. This action is necessary to provide for the safety of life on
these navigable waters during marine events. These regulations prohibit
persons and vessels from being in the regulated area unless authorized
by the Captain of the Port Sector Columbia River or a designated
representative.

DATES: The regulations in 33 CFR 100.1302 will be enforced for the
regulated areas identified in the SUPPLEMENTARY INFORMATION section
below for the dates and times specified in this document.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notice of enforcement, call or email LCDR Laura Springer, Waterways
Management Division, Marine Safety Unit Portland, Coast Guard;
telephone<PHONE_NUMBER>, email [email protected].

SUPPLEMENTARY INFORMATION: The Coast Guard will enforce special local
regulations in 33 CFR 100.1302 for the following events only during the
hours specified on the dates listed in the following Table:

 Table--Dates and Times of Enforcement of 33 CFR 100.1302 Special Local Regulations at Various Locations in the
                             Sector Columbia River Captain of the Port Zone in 2018
----------------------------------------------------------------------------------------------------------------
             No.                     Date            Event           Sponsor                 Location
----------------------------------------------------------------------------------------------------------------
1............................  June 9, 2018-    Rose Fest        Portland-        Portland, OR. Regulated area
                                June 10, 2018,   Dragon Boat      Kaohsiung        includes all waters of the
                                7 a.m. to 6      Races.           Sister           Willamette River shore to
                                p.m.                              Association.     shore, bordered on the north
                                                                                by the Hawthorne Bridge, and
                                                                                on the south by the Marquam
                                                                                Bridge.
2............................  June 1, 2018, 9  Spring Testing   Tri-Cities       Kennewick, WA. Regulated area
                                a.m. to 5 p.m.   Hydroplane       Water Follies    includes all navigable waters
                                                 races.           Association.     within the Columbia River in
                                                                                the vicinity of Columbia
                                                                                Park, commencing at the
                                                                                Interstate 395 Bridge and
                                                                                continuing up river
                                                                                approximately 2.0 miles and
                                                                                terminating at the northern
                                                                                end of Wade Island.
3............................  June 8, 2018-    Richland         Northwest Power  Richland, WA. Regulated area
                                June 10, 2018,   Regatta          Boat             includes all navigable waters
                                8 a.m. to 7      Hydroplane       Association.     of the Columbia River in the
                                p.m.             races.                            vicinity of Howard Amon Park,
                                                                                between River Miles 337 and
                                                                                338
4............................  July 27, 2018-   Kennewick        Tri-Cities       Kennewick, WA. Regulated area
                                July 29, 2018,   Hydroplane       Water Follies    includes all navigable waters
                                7 a.m. to 5:30   Races.           Association.     within the Columbia River in
                                p.m.                                               the vicinity of Columbia
                                                                                Park, commencing at the
                                                                                Interstate 395 Bridge and
                                                                                continuing up river
                                                                                approximately 2.0 miles and
                                                                                terminating at the northern
                                                                                end of Wade Island.
5............................  July 14, 2018,   The Big Float,   Human Access     Portland, OR. Regulated area
                                9 a.m. to 7      group inner-     Project.         includes all navigable waters
                                p.m.             tube float.                       of the Willamette River, in
                                                                                Portland, Oregon, enclosed by
                                                                                the Hawthorne Bridge, the
                                                                                Marquam Bridge, and west of a
                                                                                line beginning at the
                                                                                Hawthorne Bridge at
                                                                                approximate location
                                                                                45[deg]30'50'' N;
                                                                                122[deg]40'21'' W, and
                                                                                running south to the Marquam
                                                                                Bridge at approximate
                                                                                location 45[deg]30'27'' N;
                                                                                122[deg]40'11'' W.
6............................  August 11,       Swim the Snake.  Blue Mountain    Perry, WA. Regulated area
                                2018, 11 a.m.                     Resource         includes all navigable
                                to 1 p.m.                         Conservation     waters, bank-to-bank of the
                                                                  and              Snake River, 500 yards
                                                                  Development.     upstream and 500 yards
                                                                                downstream from the
                                                                                Washington State Highway 261
                                                                                Bridge at the approximate
                                                                                position of 46[deg]35'23'' N;
                                                                                118[deg]13'10'' W.
7............................  September 3,     Roy Webster      Hood River       Hood River, OR. Regulated area
                                2018, 5:30       Cross Channel    County Chamber   includes all waters of the
                                a.m. to noon.    Swim.            of Commerce.     Columbia River between River
                                                                                Mile 169 and River Mile 170.
8............................  September 8,     Portland Dragon  DragonSports     Portland, OR. Regulated area
                                2018-September   Boat Races.      USA.             includes the western side of
                                9, 2018, 8                                         the Willamette River
                                a.m. to 6 p.m.                                     extending from Tom McCall
                                                                                Waterfront Park between the
                                                                                Hawthorne and Marquam
                                                                                Bridges, Portland, OR: Line
                                                                                one starting at 45-30'49'' N/
                                                                                122-40'24'' W then heading
                                                                                east to 45-30'49'' N/122-
                                                                                40'22'' W then heading south
                                                                                to 45-30'29'' N/122-40'08'' W
                                                                                then heading west to 45-
                                                                                30'26'' N/122-40'14'' W then
                                                                                heading north ending at 45-
                                                                                30'49''N/122-40'24'' W.
9............................  September 8,     Columbia         3 Rivers Road    Pasco, WA. Regulated area
                                2018, 9 a.m.     Crossing Swim.   Runners.         includes all navigable
                                to 10:30 a.m.                                      waters, bank-to-bank of the
                                                                                Columbia River in Pasco,
                                                                                Washington, between river
                                                                                mile 332 and river mile 335.
----------------------------------------------------------------------------------------------------------------
All coordinates are listed in reference Datum NAD 1983.

    In addition to this notice of enforcement in the Federal Register,
the Coast Guard plans to provide notification of this enforcement
period via the Local Notice to Mariners and marine information
broadcasts.

    Dated: April 9, 2018.
D.F. Berliner,
Captain, U.S. Coast Guard, Acting Captain of the Port, Sector Columbia
River.
[FR Doc. 2018-07627 Filed 4-11-18; 8:45 am]
 BILLING CODE 9110-04-P