 Reducing Power Plant Emissions:

EPA's New Proposed Rules For Mercury Dr. Robert J. Wayland Leader, Combustion Group U. S. Environmental Protection Agency Office of Air Quality Planning and Standards Research Triangle Park, North Carolina Presentation to the Institute of Clean Air Companies March 1, 2004 Research Triangle Park, North Carolina Call Call in Attendee List in Attendee List

Dave Dave Foerter Foerter/ Chad Whiteman; ICAC / Chad Whiteman; ICAC

Bob Thomas; NORIT Americas, Inc.

Bob Thomas; NORIT Americas, Inc.

Mike O'Donnell/ Scott Mike O'Donnell/ Scott Renninger Renninger; Babcock & Wilcox, Inc.

; Babcock & Wilcox, Inc.

Steve Mandel; Spectra Gases, Inc.

Steve Mandel; Spectra Gases, Inc.

William Morris; Parsons Energy and Chemicals Group William Morris; Parsons Energy and Chemicals Group

John John Rectenwald Rectenwald; Norit Norit Americas, Inc.

Americas, Inc.

Ken Snell/ Paul Farber;

Ken Snell/ Paul Farber; Sargent Sargent & Lundy & Lundy

Rich Jarrett/ Dave Thompson/ Robert Rich Jarrett/ Dave Thompson/ Robert Denyszyn Denyszyn; Praxair, Inc.

; Praxair, Inc.

Stephanie Stephanie Procopis Procopis; Powerspan Powerspan Corporation Corporation

Vince Albanese; Fuel Tech Vince Albanese; Fuel Tech

Mike Mike Sandel/ Sankar Sandel/ Sankar Seetharama Seetharama; Wheelabrator Wheelabrator Air Pollution Control Air Pollution Control

George George Wensell Wensell/ Tom Hastings;

/ Tom Hastings; Cormetech Cormetech, Inc.

, Inc.

Jim Downey/ Dave Jim Downey/ Dave Vojtko Vojtko; Horiba Instruments, Inc.

; Horiba Instruments, Inc.

Ron Jernigan/ Mike Ron Jernigan/ Mike Nemergut Nemergut; Thermo Electron Corporation ; Thermo Electron Corporation

Jill Elmendorf; ALSTOM Power Jill Elmendorf; ALSTOM Power

Bob Bob McIlvaine McIlvaine; McIlvaine McIlvaine Company Company

Rudi Muenster; VIM Technologies, Inc.

Rudi Muenster; VIM Technologies, Inc.

Mike Durham; ADA Environmental Solutions, LLC Mike Durham; ADA Environmental Solutions, LLC

Robert J. Wayland/ William H.

Robert J. Wayland/ William H. Maxwell;

Maxwell; EPA/ OAQPS EPA/ OAQPS EPA Proposes to Reduce Utility EPA Proposes to Reduce Utility Emissions through Current CAA Emissions through Current CAA Authorities

Authorities

 Interstate Air Quality Rule Interstate Air Quality Rule ( IAQR) to address the ( IAQR) to address the contribution of transported SO contribution of transported SO2/ NO / NOx emissions to ozone emissions to ozone ( smog) and fine particle ( PM ( smog) and fine particle ( PM2.5 2.5) nonattainment problems in ) nonattainment problems in the Eastern U. S.

the Eastern U. S.

 Standards to Reduce Mercury Emissions and Standards to Reduce Mercury Emissions and Deposition Deposition   Section 112 standards Section 112 standards

Maximum achievable control technology ( MACT)

Maximum achievable control technology ( MACT)

Command Command and and control control

Take comment on trading options Take comment on trading options   State State implemented section 111 standards implemented section 111 standards

Emissions Guidelines and New Source Performance Standards Emissions Guidelines and New Source Performance Standards

Market Market based, cap based, cap and and trade program trade program Coal Coal Fired Power Plants Fired Power Plants

There are about There are about 530 power 530 power plants plants with with 305 305 GW of capacity GW of capacity that that consist of consist of about 1,300 about 1,300 units units.

Coal plants Coal plants generate the generate the vast majority of vast majority of power sector power sector emissions:

emissions:

 100% Hg 100% Hg  95% SO 95% SO 2  90% of NOx 90% of NOx  83% of CO 83% of CO 2 EPA uses the Integrated Planning Model ( IPM) to consider the emissions, costs, and fuel impacts of controlling pollution from these plants and all other fossil fuel fired generating units in the lower 48 States. The Agency adapted this commercial capacity planning tool for application to pollution control strategies. It was used in the WRAP process, by FERC for restructuring issues, by environmental groups, and power companies. Power Generation Is a Major Source of Emissions 2000 Sulfur Dioxide 2000 Nitrogen Oxides * Other stationary combustion includes residential and commercial sources.

1999 Mercury Fuel Combustionelectric utilities Other stationary combustion * Industrial Processing Transportation Miscellaneous Utilities ( 63%)

Utilities ( 40%) Utilities ( 22%)  Nitrogen Oxides Nitrogen Oxides ( NO ( NO x) contribute to the formation ) contribute to the formation of both particulate matter ( PM) and ground of both particulate matter ( PM) and ground level level ozone.

ozone. Sulfur Dioxide Sulfur Dioxide ( SO ( SO 2) contributes to ) contributes to particulate matter particulate matter  Ozone and PM Ozone and PM have been linked with premature have been linked with premature death, serious illnesses such as chronic bronchitis and death, serious illnesses such as chronic bronchitis and heart attacks, and respiratory illnesses such asthma heart attacks, and respiratory illnesses such asthma exacerbations exacerbations  NO NO x and SO and SO 2 are also linked with acid rain,

are also linked with acid rain,

eutrophication of water bodies including estuaries eutrophication of water bodies including estuaries such as the Chesapeake Bay, and regional haze such as the Chesapeake Bay, and regional haze  Mercury Mercury has been linked to potential reproductive,

has been linked to potential reproductive,

immune and nervous system effects, with special immune and nervous system effects, with special concerns for pregnant women and young children concerns for pregnant women and young children Pollutants and Concerns Mercury Contamination in Fish   Currently 44 states have issue fish consumption advisories for some or all of their waters due to contamination from mercury.*

States with Fish Advisories Due to Mercury * Note: For more information about the relationship between fish advisories and human exposure to mercury, see the EPA Report   America's Children and the Environment: Measures of Contaminants, Body Burdens, and Illnesses

available at http:// yosemite. epa. gov/ o chp/ ochpweb. nsf/ content/

publications. htm Mercury Advisories by Type Advisories for specific waterbodies only Statewide freshwater advisory only Statewide coastal advisory No mercury advisory Statewide freshwater advisory +

advisories for specific waterbodies Proposal to Reduce Mercury Proposal to Reduce Mercury Emissions from the Emissions from the Power Sector Power Sector Proposed Alternatives to Reduce Mercury Proposed Alternatives to Reduce Mercury Emissions from the Power Sector Emissions from the Power Sector  3 individual approaches outlined in the December 15, 2003 3 individual approaches outlined in the December 15, 2003 proposal proposal   Propose traditional, command Propose traditional, command and and control section 112 MACT control section 112 MACT requirements for utility units requirements for utility units

Reduces mercury emissions from 48 to 34 tons by December 2007 Reduces mercury emissions from 48 to 34 tons by December 2007   Propose cap Propose cap and and trade approach under guidelines outlined in section trade approach under guidelines outlined in section 112( n)( 1)( A)

112( n)( 1)( A)

  Propose market Propose market based, cap based, cap and trade approach under section 111 and trade approach under section 111

Revises December 20, 2000 finding that it is   appropriate and Revises December 20, 2000 finding that it is   appropriate and necessary  to regulate Utility Units under section 112 necessary  to regulate Utility Units under section 112

Caps mercury emissions at 15 tons in 2018; interim cap for 2010 Caps mercury emissions at 15 tons in 2018; interim cap for 2010 proposed to encourage early reductions in SO proposed to encourage early reductions in SO 2 and NO and NO x, generating , generating additional Hg emissions reductions additional Hg emissions reductions  Final approach to be determined following completion of Final approach to be determined following completion of public hearings and close of public comment period public hearings and close of public comment period   Final rule promulgated on/ before December 15, 2004 Final rule promulgated on/ before December 15, 2004 Section 112 MACT Section 112 MACT  Affected source definition Affected source definition   Electric Utility Steam Generating Unit ( Utility Unit)

Electric Utility Steam Generating Unit ( Utility Unit)

Any fossil fuel Any fossil fuel fired combustion unit of more than 25 MWe that fired combustion unit of more than 25 MWe that serves a generator that produces electricity for sale serves a generator that produces electricity for sale   Cogeneration Utility Unit Cogeneration Utility Unit   unit that generates steam and unit that generates steam and electricity and supplies more than one electricity and supplies more than one third of its potential electric third of its potential electric output capacity and more than 25 MWe output to any utility power output capacity and more than 25 MWe output to any utility power distribution system for sale distribution system for sale   Cogeneration is defined as the simultaneous production of power Cogeneration is defined as the simultaneous production of power ( electricity) and another form of useful thermal energy ( usually ( electricity) and another form of useful thermal energy ( usually steam or hot water) from a single fuel steam or hot water) from a single fuel consuming process consuming process   Non Non Utility Units, not subject to this rule Utility Units, not subject to this rule

Any unit that meets the above definition,

Any unit that meets the above definition, but but combusts natural combusts natural gas > 98% of the time gas > 98% of the time

Simple Simple and combined and combined cycle turbine units cycle turbine units

Industrial Boilers Industrial Boilers Existing Source MACT Limits Existing Source MACT Limits 4.1 0.38 Coal refuse fired 200 19.0 IGCC 98 9.2 Lignite fired 61 5.8 Subbituminous fired 21 2.0 Bituminous fired Hg ( 10 6 lb/ MWh) 1 Hg ( lb/ TBtu) 1 Subcategory 1   Based on a 12 month rolling average 0.002 210 Oil fired Ni ( lb/ MWh) 2 Ni ( lb/ TBtu) 2 Subcategory 2   Based on a not to exceed annual limit NOTE: Output based standards are referenced to a baseline efficiency ( 35% for new units; 32% for existing units). New Source MACT Limits New Source MACT Limits 1.1 Coal refuse fired 20 3 IGCC 62 Lignite fired 20 Subbituminous fired 6.0 Bituminous fired Hg ( 10 6 lb/ MWh) 1 Subcategory 1   Based on a 12 month rolling average 3   Based on a 90% reduction for beyond the floor control 0.0008 Oil Fired Ni ( lb / MWh) 2 Subcategory 2   Based on a not to exceed annual limit NOTE: Output based standards are referenced to a baseline efficiency ( 35% for new units; 32% for existing units). Floor Determination Process Floor Determination Process

New Source MACT New Source MACT   Best performing similar source Best performing similar source

Bituminous:

Bituminous: Fabric filter Fabric filter 0.132 lb/ TBtu 0.132 lb/ TBtu

Subbituminous:

Subbituminous: Fabric filter Fabric filter 0.663 lb/ TBtu 0.663 lb/ TBtu

Lignite:

Lignite: ESP ESP 6.902 lb/ TBtu 6.902 lb/ TBtu

IGCC:

IGCC: Uncontrolled Uncontrolled 5.471 lb/ TBtu 5.471 lb/ TBtu

Coal refuse:

Coal refuse: Fabric filter Fabric filter 0.094 lb/ TBtu 0.094 lb/ TBtu

Oil:

Oil: ESP ESP 0.0046 lb/ TBtu 0.0046 lb/ TBtu   Assessment of variability Assessment of variability

Existing Source MACT Existing Source MACT   Average of the top performing 12%

Average of the top performing 12%

Bituminous:

Bituminous: 32 units 32 units Top 4 used for Floor Top 4 used for Floor

Subbituminous:

Subbituminous: 32 units 32 units Top 4 used for Floor Top 4 used for Floor

Lignite:

Lignite: 12 units 12 units Top 5 used for Floor Top 5 used for Floor

IGCC:

IGCC: 2 units 2 units All data used for Floor All data used for Floor

Coal refuse:

Coal refuse: 2 units 2 units All data used for Floor All data used for Floor

Oil:

Oil: 17 units 17 units Top 2 used for Floor Top 2 used for Floor   Assessment of variability Assessment of variability Fuel Blending Fuel Blending  Coal Blending Coal Blending   Unit classified by the predominate coal burned during Unit classified by the predominate coal burned during the compliance period the compliance period   Unit classified by a " weighted emission limit" based on Unit classified by a " weighted emission limit" based on the proportion of energy output ( in Btu) contributed by the proportion of energy output ( in Btu) contributed by each coal rank burned during the compliance period each coal rank burned during the compliance period  If non If non regulated fuels are used ( e. g., petroleum regulated fuels are used ( e. g., petroleum coke, Tire coke, Tire Derived Fuel ( TDF), etc.), the Derived Fuel ( TDF), etc.), the compliance calculation would include:

compliance calculation would include:

  Energy output ( in Btu) of Energy output ( in Btu) of all all fuels fuels   Hg emissions considered would be Hg emissions considered would be all all measured by the measured by the stack monitor stack monitor   However, the blended emission limitation is based only However, the blended emission limitation is based only on the regulated fuels on the regulated fuels Monitoring and Compliance Monitoring and Compliance  Hg Testing and Monitoring Requirements Hg Testing and Monitoring Requirements   12 12 month rolling average Hg emission level month rolling average Hg emission level   Options for Hg monitoring Options for Hg monitoring

Continuous Emission Monitors ( CEM)

Continuous Emission Monitors ( CEM)

  Proposed Performance Specification 12A ( PS Proposed Performance Specification 12A ( PS 12A)

12A)

Carbon Absorption Tube Carbon Absorption Tube   Proposed Reference Method 324 Proposed Reference Method 324

Manual Stack Test Manual Stack Test   ASTM Method D6784 ASTM Method D6784 02 (" Ontario 02 (" Ontario Hydro")

Hydro")

  EPA Reference Method 29 EPA Reference Method 29  Emissions Averaging Provision for Hg Emissions Averaging Provision for Hg   Demonstrate compliance through averaging Hg emissions from multi Demonstrate compliance through averaging Hg emissions from multiple ple ( two or more) affected units located at a common, contiguous fac ( two or more) affected units located at a common, contiguous facility site ility site   Leads to a single applicable facility Leads to a single applicable facility wide emission limit wide emission limit  Ni Testing and Monitoring Requirements Ni Testing and Monitoring Requirements   Maximum allowable emission limit; not to be exceeded Maximum allowable emission limit; not to be exceeded   Options for Ni monitoring Options for Ni monitoring

EPA Reference Method 29 EPA Reference Method 29 112( n) Rescission Notice 112( n) Rescission Notice  Revision to EPA's December 20, 2000 regulatory finding Revision to EPA's December 20, 2000 regulatory finding ( 65 FR 79825)

( 65 FR 79825)

  Proposes that regulation of coal Proposes that regulation of coal and oil and oil fired Utility Units under fired Utility Units under section 112 is not " appropriate and necessary" within the meanin section 112 is not " appropriate and necessary" within the meaning of section 112( n)( 1)( A)

of section 112( n)( 1)( A)

  Propose to delete such units from section 112( c)

Propose to delete such units from section 112( c)

  Does not revise the 12/ 20/ 00 finding with respect to HAP emissio Does not revise the 12/ 20/ 00 finding with respect to HAP emissions ns from natural gas from natural gas fired units fired units  Basis of revision Basis of revision   " Necessary" finding was overbroad in two cases " Necessary" finding was overbroad in two cases

Regulation of all HAP:

Regulation of all HAP: record supports only a finding that Hg and Ni record supports only a finding that Hg and Ni emissions warrant regulations emissions warrant regulations

Emissions of HAP result in " serious  environmental hazards":

Emissions of HAP result in " serious  environmental hazards": Utility Utility RTC study ( mandated by section 112( n)( 1)( A)) focused solely on RTC study ( mandated by section 112( n)( 1)( A)) focused solely on hazards to public health hazards to public health   Section 111 provides another viable statutory mechanism that wil Section 111 provides another viable statutory mechanism that will l adequately address Hg and Ni emissions from coal adequately address Hg and Ni emissions from coal and oil and oil fired fired Utility Units Utility Units Section 111 Proposal Section 111 Proposal  Section 111( b)

Section 111( b)   New Source Performance Standards New Source Performance Standards ( NSPS)

( NSPS)

  Requires EPA to promulgate standards of performance for Requires EPA to promulgate standards of performance for emissions of air pollutants from new sources emissions of air pollutants from new sources   Monitoring and compliance requirements are similar to the sectio Monitoring and compliance requirements are similar to the section 112 MACT requirements 112 MACT requirements 0.00082 Oil fired 1.11 Coal refuse fired 201 IGCC 621 Lignite fired 201 Subbituminous fired 6.01 Bituminous fired Emission Limit ( lb/ MWh)

Subcategory 1   Hg emissions 2   Ni emissions Section 111 Proposal ( continued)

Section 111 Proposal ( continued)

 Section 111( d)

Section 111( d)   Emission Guidelines ( EG)

Emission Guidelines ( EG)

  Requires EPA to prescribe regulations that outline a procedure b Requires EPA to prescribe regulations that outline a procedure by which which each State each State shall submit plans which create standards of shall submit plans which create standards of performance for existing sources for which air quality criteria performance for existing sources for which air quality criteria have have not been set but for which NSPS have been established not been set but for which NSPS have been established   Cap Cap and and Trade program reduces the overall amount of emissions Trade program reduces the overall amount of emissions by:

by:

Requiring sources to hold allowances to cover their emissions on Requiring sources to hold allowances to cover their emissions on a one one for for one basis one basis

Limiting overall allowances so that they cannot exceed specified Limiting overall allowances so that they cannot exceed specified levels levels ( i. e., the " cap level")

( i. e., the " cap level")

Reducing the cap to less than the amount of emissions actually Reducing the cap to less than the amount of emissions actually emitted, or allowed to be emitted, at the inception of the progr emitted, or allowed to be emitted, at the inception of the program am

Allowing for a declining cap over time Allowing for a declining cap over time

Creating market Creating market based incentives for early reductions based incentives for early reductions Section 111 Proposal ( continued)

Section 111 Proposal ( continued)

 Section 111 Section 111   Regulatory Approach Regulatory Approach   Primary goal is to reduce Utility Unit Hg emissions by 70% from Primary goal is to reduce Utility Unit Hg emissions by 70% from current levels by 2018 current levels by 2018

2018 cap is permanent 2018 cap is permanent   Effectively becoming more stringent as more plants are required Effectively becoming more stringent as more plants are required to keep to keep their collective emissions below 15 tons their collective emissions below 15 tons

Near Near term interim cap in 2010 term interim cap in 2010   Level will reflect the maximum level of Hg reductions achievable Level will reflect the maximum level of Hg reductions achievable through through FGD and SCR installations ( for SO FGD and SCR installations ( for SO 2 and NO and NO x emission reductions) on units emission reductions) on units covered under the IAQR covered under the IAQR   Level is not prescribed in current proposal because of uncertain Level is not prescribed in current proposal because of uncertainties ties associated with the ability of these controls to reduce Hg emiss associated with the ability of these controls to reduce Hg emissions ions   EPA seeks comment and technical information on the Phase I cap l EPA seeks comment and technical information on the Phase I cap level evel   EPA believes that a carefully designed   multi EPA believes that a carefully designed   multi pollutant  approach pollutant  approach   a program designed to control NO a program designed to control NO x, SO , SO 2, and Hg at the same time , and Hg at the same time   is the most effective way to reduce emissions from the electric is the most effective way to reduce emissions from the electric power sector power sector  Details of the section 111 trading program are outlined in Details of the section 111 trading program are outlined in a Supplemental Notice of Proposed Rulemaking ( SNPR),

Supplemental Notice of Proposed Rulemaking ( SNPR),

which was signed on February 24, 2004 which was signed on February 24, 2004 SNPR:

SNPR: Hg Program Requirements Under Section 111 Hg Program Requirements Under Section 111

Each state must submit a plan that demonstrates it will meet Each state must submit a plan that demonstrates it will meet its assigned statewide Hg emissions budget its assigned statewide Hg emissions budget   States may join the trading program by adopting or referencing States may join the trading program by adopting or referencing the model trading rule in State regulations; or, adopting the model trading rule in State regulations; or, adopting regulations that mirror the necessary components of the model regulations that mirror the necessary components of the model trading rule trading rule   States can choose not to join the federal trading program and States can choose not to join the federal trading program and meet their budget through intra meet their budget through intra state trading or no trading state trading or no trading   States can also choose to implement more stringent Hg emissions States can also choose to implement more stringent Hg emissions requirements requirements

EPA has taken comment on a proposal to promulgate, under EPA has taken comment on a proposal to promulgate, under section 112( n)( 1)( A), a cap section 112( n)( 1)( A), a cap and and trade program for Hg from trade program for Hg from coal coal fired utility units fired utility units   Trading program would be federally implemented with the EPA,

Trading program would be federally implemented with the EPA,

instead of states, serving as the permitting authority instead of states, serving as the permitting authority SNPR: Hg Program: State Emission Budgets SNPR: Hg Program: State Emission Budgets

Proposed methodology for calculating State emission budgets Proposed methodology for calculating State emission budgets for 2010 and used methodology to calculate 2018 budgets for 2010 and used methodology to calculate 2018 budgets

The state budgets are the sum of hypothetical allocations to The state budgets are the sum of hypothetical allocations to each existing affected utility unit in the state each existing affected utility unit in the state   Hypothetical allocations are based on the proportionate share of Hypothetical allocations are based on the proportionate share of the baseline heat input to total heat input of all affected unit the baseline heat input to total heat input of all affected units   Each unit s baseline heat input is adjusted to reflect the ranks Each unit s baseline heat input is adjusted to reflect the ranks of of coal combusted by the unit during the baseline period coal combusted by the unit during the baseline period   Proposed adjustment factors of 1 for bituminous, 1.25 for Proposed adjustment factors of 1 for bituminous, 1.25 for subbituminous, and 3 for lignite coals subbituminous, and 3 for lignite coals   Also proposed adjustment factors based on the proposed MACT Also proposed adjustment factors based on the proposed MACT emission rates: 1 for bituminous, 2.9 for subbituminous, and 4.6 emission rates: 1 for bituminous, 2.9 for subbituminous, and 4.6 for lignite coals for lignite coals SNPR: Hg Model Trading Rule: Necessary Components SNPR: Hg Model Trading Rule: Necessary Components

State adoption of the model rule would ensure consistency in the State adoption of the model rule would ensure consistency in the following key operational elements of the program among following key operational elements of the program among participating states:

participating states:

  Allowance management Allowance management   Banking Banking   Emissions monitoring ( according to 40 CFR Part 75) and reporting Emissions monitoring ( according to 40 CFR Part 75) and reporting   Accountability for affected sources Accountability for affected sources   Enforcement requirements Enforcement requirements

State rule may deviate from the model rule only in the area of State rule may deviate from the model rule only in the area of allowance allocation methodology allowance allocation methodology

Trading program to be administrated jointly by states that elect Trading program to be administrated jointly by states that elect to participate and EPA to participate and EPA   EPA is responsible for state plan review and oversight, and EPA is responsible for state plan review and oversight, and administration of emissions tracking system and mercury allowanc administration of emissions tracking system and mercury allowance tracking system tracking system SNPR: Hg Model Trading Rule: Allocations & Safety Valve SNPR: Hg Model Trading Rule: Allocations & Safety Valve

States are free to allocate as they see fit within Hg Budget lim States are free to allocate as they see fit within Hg Budget limits its and deadlines set by EPA and deadlines set by EPA

SNPR includes example allocation scheme as guidance:

SNPR includes example allocation scheme as guidance:

  Input Input based allocations for existing coal units ( with different ratios based allocations for existing coal units ( with different ratios based based on coal on coal type), with updating to take into account new coal generation on type), with updating to take into account new coal generation on a modified output basis ( without coal a modified output basis ( without coal type ratios)

type ratios)

  Demonstrates one possible approach that incorporates new generat Demonstrates one possible approach that incorporates new generat ion,

ion,

addresses the safety addresses the safety valve mechanism, and is administratively valve mechanism, and is administratively straightforward straightforward

Safety valve sets a maximum marginal cost for Hg emissions Safety valve sets a maximum marginal cost for Hg emissions reductions ($ 2,187.50 per oz)

reductions ($ 2,187.50 per oz)

  Intended to address uncertainty in the cost of control Intended to address uncertainty in the cost of control   Sources may, at any time, buy allowances at the safety valve pri Sources may, at any time, buy allowances at the safety valve price, reducing the ce, reducing the relevant state s budget in the future relevant state s budget in the future   The safety valve mechanism would need to be incorporated into a The safety valve mechanism would need to be incorporated into a State s chosen State s chosen allocation methodology to ensure the availability of undistribut allocation methodology to ensure the availability of undistributed allowances from ed allowances from which purchasers could borrow which purchasers could borrow SNPR: Monitoring Hg Emissions SNPR: Monitoring Hg Emissions

Monitoring of Hg will resemble current monitoring of SO Monitoring of Hg will resemble current monitoring of SO 2 and NO and NO x under the Acid Rain and NO under the Acid Rain and NO x SIP Call programs SIP Call programs

A comprehensive QA/ QC program ensures the adequacy of A comprehensive QA/ QC program ensures the adequacy of emissions data emissions data

Current monitoring in the Acid Rain and NO Current monitoring in the Acid Rain and NO x SIP Call programs SIP Call programs averages over 98% availability averages over 98% availability

Hourly emissions data are submitted to EPA every quarter Hourly emissions data are submitted to EPA every quarter

A petition process enables monitoring flexibility and facilitate A petition process enables monitoring flexibility and facilitates the s the resolution of issues resolution of issues

Annual thru Annual thru up compares emissions to allocated allowances up compares emissions to allocated allowances SNPR: Hg Monitoring: One Proposal SNPR: Hg Monitoring: One Proposal   Two Alternatives Two Alternatives

Because, in addition to continuous emissions monitoring systems Because, in addition to continuous emissions monitoring systems ( CEMS), a new and promising technology is available, two ( CEMS), a new and promising technology is available, two alternatives are proposed:

alternatives are proposed:

  Alternative one:

Alternative one:

Units with the highest Hg emissions install CEMS Units with the highest Hg emissions install CEMS

Lowest emitters have the option to install sorbent tubes Lowest emitters have the option to install sorbent tubes   Alternative two:

Alternative two:

All units would have the flexibility to install sorbent tubes or All units would have the flexibility to install sorbent tubes or CEMS CEMS

Units using sorbent tubes would require stringent QA Units using sorbent tubes would require stringent QA

Commensurate with the SO Commensurate with the SO 2 and NO and NO x cap cap and and trade programs,

trade programs,

regulated sources would have the flexibility of using alternativ regulated sources would have the flexibility of using alternative monitoring approaches as long as such approaches meet the monitoring approaches as long as such approaches meet the performance requirements in the rule performance requirements in the rule Summary Summary

Recent proposals are based on 3 major points regarding public he Recent proposals are based on 3 major points regarding public health alth   Science continues to tell us to move aggressively on fine partic Science continues to tell us to move aggressively on fine partic les les   There is growing evidence that ozone may be a larger problem tha There is growing evidence that ozone may be a larger problem than previously expected previously expected   Mounting scientific evidence and public concern/ interest indicat Mounting scientific evidence and public concern/ interest indicat e that Hg e that Hg emissions must be controlled emissions must be controlled

Administration strongly prefers the Clear Skies Act legislation Administration strongly prefers the Clear Skies Act legislation instead of instead of controlling NO controlling NO x, SO , SO 2 and Hg under the existing CAA and Hg under the existing CAA   EPA will stay with the current package of proposals, absent any EPA will stay with the current package of proposals, absent any movement movement on the legislation on the legislation   EPA is committed to action EPA is committed to action

Power sector is not the only industrial sector EPA is looking to Power sector is not the only industrial sector EPA is looking towards to wards to make significant reductions make significant reductions   Petroleum refining, car/ truck/ engine manufacturing, and construc Petroleum refining, car/ truck/ engine manufacturing, and construction tion equipment industries are making reductions through the Tier II,

equipment industries are making reductions through the Tier II, Heavy Heavy Duty Diesel, and Non Duty Diesel, and Non road Diesel rules road Diesel rules   EPA is also requiring a variety of industries to meet new MACT s EPA is also requiring a variety of industries to meet new MACT standards,

tandards,

which will create emission reductions of both criteria and air t which will create emission reductions of both criteria and air t oxics oxics pollutants pollutants Next Steps Next Steps

Supplemental Notice on Supplemental Notice on Mercury Rule Mercury Rule February 24, 2004 February 24, 2004

Hold Public Hearings Hold Public Hearings February 25 February 25 26, 2004 26, 2004   Philadelphia, PA Philadelphia, PA   Chicago, IL Chicago, IL   Research Triangle Park, NC Research Triangle Park, NC

Public Comment Periods Close Public Comment Periods Close April 2004 April 2004

Supplemental Notice on Supplemental Notice on Interstate Air Quality Rule Interstate Air Quality Rule April 2004 April 2004

Finalize Mercury Rule Finalize Mercury Rule December 2004 December 2004

Finalize Interstate Air Quality Finalize Interstate Air Quality Rule Rule December 2004 December 2004


[Federal Register Volume 83, Number 37 (Friday, February 23, 2018)]
[Notices]
[Pages 8142-8146]
[FR Doc No: 2018-03695]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82733; File No. SR-CBOE-2018-018]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Expand the Short Term Options Series Program To Allow Monday
Expirations for SPDR S&P 500 ETF Trust Options

February 16, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 15, 2018, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II, 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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

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

    The Exchange proposes to expand the Short Term Options Series
Program to allow Monday expirations for SPDR S&P 500 ETF Trust
(``SPY'') options.
(additions are italicized; deletions are [bracketed])
* * * * *

Cboe Exchange, Inc. Rules

* * * * *
Rule 5.5. Series of Options Contracts Open for Trading
    (a)-(c) (No change).
    (d) Short Term Option Series Program. After an option class has
been approved for listing and trading on the Exchange, the Exchange may
open for trading on any Thursday or Friday that is a business day
(``Short Term Option Opening Date'') series of options on that class
that expire at the close of business on each of the next five Fridays
that are business days and are not Fridays on which monthly options
series or Quarterly Options Series expire (``Short Term Option
Expiration Dates''). The Exchange may have no more than a total of five
Short Term Option Expiration Dates. Monday and Wednesday SPY
Expirations (described in the paragraph below) are not included as part
of this count. If the Exchange is not open for business on the
respective Thursday or Friday, the Short Term Option Opening Date will
be the first business day immediately prior to that respective Thursday
or Friday. Similarly, if the Exchange is not open for business on a
Friday, the Short Term Option Expiration Date will be the first
business day immediately prior to that Friday.
    Monday and Wednesday SPY Expirations. The Exchange may open for
trading on any Friday or Monday that is a business day (``Monday SPY
Expiration Opening Date'') series of options on the SPDR S&P 500 ETF
Trust (``SPY'') that expire at the close of business each of the next
five Mondays that are business days and are no Mondays on which
Quarterly Options Series expire (``Monday SPY Expirations''), provided
that any Monday SPY Expiration Opening Date that is a Friday is one
business week and one business day prior to expiration. The Exchange
may also open for trading on any Tuesday or Wednesday that is a
business day (``Wednesday SPY Expiration Opening Date'') series of SPY
options [on the SPDR S&P 500 ETF Trust (``SPY'')] that expire at the
close of business on each of the next five Wednesdays that are business
days and are not Wednesdays on which Quarterly Options Series expire
(``Wednesday SPY Expirations''). The Exchange may have no more than a
total of five Monday SPY Expirations and no more than a total of five
Wednesday SPY Expirations. Non-

Monday and non-Wednesday SPY Expirations (described in the paragraph
above) are not included as part of this count. If the Exchange is not
open for business on the respective Friday or Monday, the Monday SPY
Expiration Opening Date will be the first business day immediately
prior to that respective Friday or Monday. If the Exchange is not open
for business on a Monday, the expiration date for a Monday SPY
Expiration will be the first business day immediately following that
Monday. If the Exchange is not open for business on the respective
Tuesday or Wednesday, the Wednesday SPY Expiration Opening Date will be
the first business day immediately prior to that respective Tuesday or
Wednesday. Similarly, if the Exchange is not open for business on a
Wednesday, the expiration date for a Wednesday SPY Expiration will be
the first business day immediately prior to that Wednesday.
    References to ``Short Term Option Series'' below shall be read to
include ``Monday and Wednesday SPY Expirations,'' except where
indicated otherwise.
    Regarding Short Term Option Series:
    (1) (No change).
    (2) No Short Term Option Series (excluding Monday and Wednesday SPY
Expirations) may expire in the same week in which monthly option series
on the same class expire and, in the case of Quarterly Options Series,
no Short Term Option Series may expire on an expiration that coincides
with an expiration of Quarterly Option Series on the same class.
    (3)-(6) (No change).
    Related non-Short Term Option series shall be opened during the
month prior to expiration in the same manner as permitted in Rule
5.5(d) and in the same strike price intervals that are permitted in
this Rule 5.5(d)(5).
    (e) No change.
    . . . Interpretations and Policies:
    .01-.23 (No change).
* * * * *
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 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 expand the Short Term Options Series
Program described in Rule 5.5(d) to allow the listing and trading of
SPY options with Monday expirations. This is a competitive filing based
on a filing submitted by Nasdaq PHLX LLC (``Phlx''), which the
Securities and Exchange Commission (``Commission'') recently
approved.\5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 82611, February 1,
2018 (order approving SR-Phlx-2017-103.
---------------------------------------------------------------------------

    Currently, under the Short Term Option Series Program, the Exchange
may open for trading on Thursday or Friday that is a business day
series of options on that class that expire on each of the next five
Fridays, provided that such Friday is not a Friday on which monthly
options series or Quarterly Options Series expire (``Short Term Option
Series''). Additionally, the Exchange may open for trading on any
Tuesday or Wednesday that is a business day (``Wednesday SPY Expiration
Opening Date'') series of options on the SPDR S&P 500 ETF Trust
(``SPY'') that expire at the close of business on each of the next five
Wednesdays that are business days and are not Wednesdays on which
Quarterly Options Series expire (``Wednesday SPY Expirations''). The
Exchange now proposes to amend Rule 5.5(d) to permit the listing of SPY
options expiring on Mondays. Specifically, Cboe Options is proposing
that it may open for trading on any Friday or Monday that is a business
day (``Monday SPY Expiration Opening Date''), provided that any Monday
SPY Expiration Opening Date that is a Friday is one business week and
one business day prior to expiration (i.e., two Fridays prior to
expiration), series of SPY options that expire on any Monday that is a
business day and is not a Monday on which Quarterly Options Series
expire (``Monday SPY Expirations'').
    The proposed rule change also addresses the expiration of SPY
Monday Expirations when the expiration Monday is not a business day. In
that case, the rule provides the expiration date for a Monday SPY
Expiration will be the first business day immediately following that
Monday. This procedure differs from the expiration date of Wednesday
SPY Expirations that are scheduled to expire on a holiday. In that
case, the Wednesday SPY Expiration will expire on the first business
day immediately prior to that Wednesday, e.g., Tuesday of that week.\6\
However, the Exchange believes it is preferable to require Monday SPY
Expirations in this scenario to expire on the Tuesday of that week
rather than the previous business day, e.g., the previous Friday, since
the Tuesday is closer in time to the scheduled expiration date of the
series than the previous Friday, and therefore may be more
representative of anticipated market conditions. Monday expirations are
not a novel proposal. Specifically, Cboe Options is currently able to
list Monday expirations for broad-based index options.\7\ Additionally,
Phlx recently received Commission approval to list Monday SPY
Expirations.\8\
---------------------------------------------------------------------------

    \6\ See Rule 5.5(d).
    \7\ See Rule 24.9(e) (describing the Exchange's nonstandard
expirations pilot program). Pursuant to the nonstandard expirations
pilot program, if the Exchange is not open for business on a
respective Monday, the normally Monday expiring Weekly Expirations
will expire on the following business day.
    \8\ See supra note 5.
---------------------------------------------------------------------------

    As with Wednesday SPY Expirations, the proposed rule change states
the Exchange may list up to five consecutive Monday SPY Expirations at
one time, and may have no more than a total of five Monday SPY
Expirations (in addition to a maximum of five Short Term Options Series
expirations for SPY options expiring on Friday and five Wednesday SPY
Expirations).
    The Exchange proposes to clarify that the five expirations limit in
the current Short Term Option Series Program would not include any
Monday SPY Expirations. The five expirations limit in the current Short
Term Option Series Program currently excludes any Wednesday SPY
Expirations. This means, under the proposed rule change, the Exchange
may list five Short Term Option Series expirations for SPY expiring on
Friday, five Wednesday SPY Expirations, and five Monday SPY
Expirations. The proposed rule change also notes references to ``Short
Term Option Series'' in Rule 5.5(d) will, with Wednesday SPY
Expirations, be read to include Monday SPY Expirations, except where
indicated otherwise.
    The proposed rule change also amends Rule 5.5(d)(2), which
addresses the listing of Short Term Option Series

that expire in the same week as monthly or quarterly options series.
Currently, the rule states no Short Term Option Series may expire in
the same week in which monthly option series on the same class expire
(with the exception of Wednesday SPY Expirations) or, in the case of
Quarterly Option Series, on an expiration that coincides with an
expiration of Quarterly Option Series on the same class. As with
Wednesday SPY Expirations, the Exchange proposes to permit Monday SPY
Expirations to expire in the same week as monthly option series on the
same class. The Exchange believes it is reasonable to extend this
exemption to Monday SPY Expirations because Monday SPY Expirations and
standard monthly options will not expire on the same trading day, as
standard monthly options expire on Fridays. Additionally, the Exchange
believes that not listing Monday SPY Expirations for one week every
month because there was a monthly SPY expiration on the Friday of that
week would create investor confusion.
    The interval between strike prices for the proposed Monday SPY
Expirations will be the same as those for the current Short Term Option
Series for Wednesday and Friday SPY Expirations, which is a $0.50
strike interval minimum.\9\
---------------------------------------------------------------------------

    \9\ See Cboe Options Rule 5.5(d)(5)(ii) (strike price intervals
for Short Term Option Series may be $0.50 or greater for classes
that trade in $1 strike price intervals for non-Short Term Option
Series). Pursuant to Cboe Options Rule 5.5.08(b), SPY options have
$1 strike price intervals for non-Short Term Option Program series.
---------------------------------------------------------------------------

    Currently, for each option class eligible for participation in the
Program, the Exchange is limited to opening 30 series for each
expiration date for the specific class. The 30 series restriction does
not include series that are opened by other securities exchanges under
their respective short term option rules; the Exchange may list these
additional series that are listed by other exchanges.\10\ This 30
series restriction will apply to Monday SPY Expirations as well. In
addition, the Exchange will be able to list series that are listed by
other exchanges, assuming they file similar rules with the Commission
to list SPY options expiring on Mondays.
---------------------------------------------------------------------------

    \10\ See Cboe Options Rule 5.5(d)(1).
---------------------------------------------------------------------------

    As is the case with other options series listed pursuant to the
Short Term Option Series, the Monday SPY Expiration series will be
p.m.-settled. The Exchange does not believe that any market disruptions
will be encountered with the introduction of p.m.-settled Monday
expirations. The Exchange has necessary capacity and surveillance
programs in place to support and properly monitor trading in the
proposed Monday expiration series, including Monday SPY Expirations.
The Exchange currently trades p.m.-settled Short Term Option Series
that expire almost every Wednesday and Friday, which provide market
participants with a tool to hedge special events and to reduce the
premium cost of buying protection. The Exchange notes it has been
listing Wednesday expirations since 2016. With the exception of Monday
expiration series that are scheduled to expire on a holiday, the
Exchange does not believe there are any material differences between
Monday SPY Expirations and Wednesday or Friday SPY Expirations.
    The Exchange seeks to introduce Monday SPY Expirations to, among
other things, expand hedging tools available to market participants and
to continue the reduction of the premium cost of buying protection. The
Exchange believes Monday SPY Expirations, similar to Wednesday and
Friday SPY Expirations, will allow market participants to purchase a
SPY option based on their timing as needed and allow them to tailor
their investment and hedging needs more effectively.
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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
---------------------------------------------------------------------------

    In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Monday SPY Expirations
simply expand the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
throughout the month in the same way the Short Term Option Series
Program has expanded the landscape of hedging. Similarly, the Exchange
believes Monday SPY Expirations should create greater trading and
hedging opportunities and flexibility, and will provide customers with
the ability to tailor their investment objectives more effectively.
With the exception of Monday expiration series that are scheduled to
expire on a holiday, the Exchange does not believe there are any
material differences between Monday SPY Expirations and Wednesday or
Friday SPY Expirations. The Exchange has been listing Wednesday SPY
Expirations pursuant to Rule 5.5(d) since 2016. The Exchange believes
it is consistent with the Act to treat Monday SPY Expirations that
expire on a holiday differently than Wednesday and Friday SPY
Expirations, since the proposed treatment for Monday SPY Expirations
will result in an expiration date that is closer in time to the
scheduled expiration date of the series, and therefore may be more
representative of anticipated market conditions. The Exchange uses the
same procedure for broad-based index options with Monday expirations
listed pursuant the Nonstandard Expirations Pilot Program that are
scheduled to expire on a holiday.\14\
---------------------------------------------------------------------------

    \14\ See Rule 24.9(e) (describing the Exchange's nonstandard
expirations pilot program). Pursuant to the nonstandard expirations
pilot program, if the Exchange is not open for business on a
respective Monday, the normally Monday expiring Weekly Expirations
will expire on the following business day.
---------------------------------------------------------------------------

    Given the similarities between Monday SPY Expirations and Wednesday
and Friday SPY Expirations, the Exchange believes applying the
provisions in Rule 5.5(d)(2) that currently apply to Wednesday SPY
Expirations to Monday SPY Expirations is justified. For example, the
Exchange believes allowing Monday SPY Expirations and monthly SPY
expirations in the same week will benefit investors and minimize
investor confusion by providing Monday SPY Expirations in a continuous
and uniform manner. Additionally, the Exchange believes it is
appropriate to not permit Monday SPY Expirations to expire on the same
day as an expiration of SPY Quarterly Option Series. This is consistent
with treatment of Wednesday SPY Expirations, which may currently expire
in the same week as a monthly

SPY expiration but may not expire on the same day as an expiration of
SPY Quarterly Option Series.
    The Exchange represents it has an adequate surveillance program in
place to detect manipulative trading in Monday SPY Expirations in the
same way it monitors trading in the current Short Term Option Series.
The Exchange also represents it has the necessary systems capacity to
support the new options series.
    The proposed rule change is consistent with current Rules, pursuant
to which Cboe Options currently lists Monday expirations for weekly
broad-based index options.\15\ Additionally, the proposed rule change
is consistent with rules of another options exchange, as Phlx recently
received Commission approval to list Monday SPY Expirations.\16\
---------------------------------------------------------------------------

    \15\ Id.
    \16\ See supra note 5.
---------------------------------------------------------------------------

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

    Cboe Options 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. Having Monday expirations is
not a novel proposal, as Cboe Options currently lists weekly broad-
based index options with Monday expirations pursuant to the nonstandard
expirations pilot program. Cboe Options does not believe the proposed
rule change will impose any burden on intramarket competition, as all
market participants will be treated in the same manner as they are with
respect to existing Short Term Option Series. Cboe Options does not
believe the proposed rule change will impose any burden on intermarket
competition, as Phlx recently received Commission approval to list
Monday SPY Expirations.\17\ Cboe Options believes this proposed rule
change is necessary to ensure fair competition among the options
exchanges. Additionally, nothing prevents other options exchange from
proposing similar rules to list and trade short-term option series in
SPY with Monday expirations.
---------------------------------------------------------------------------

    \17\ Id.
---------------------------------------------------------------------------

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: (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, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\18\ and Rule 19b-4(f)(6) thereunder.\19\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intention to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days from the date of filing. However, Rule
19b-4(f)(6)(iii) \20\ 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 proposal may become operative
immediately upon filing. The Commission notes that it recently approved
Phlx's substantially similar proposal to list and trade Monday SPY
Expirations.\21\ The Exchange has stated that waiver of the operative
delay will allow the Exchange to list and trade Monday SPY Expirations
as soon as possible, and therefore, promote competition among the
option exchanges. For these reasons, the Commission believes that the
proposed rule change presents no novel issues and that waiver of the
30-day operative delay is consistent with the protection of investors
and the public interest, and will allow the Exchange to remain
competitive with other exchanges. Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposal operative
upon filing.\22\
---------------------------------------------------------------------------

    \20\ 17 CFR 240.19b-4(f)(6)(iii).
    \21\ See supra note 5.
    \22\ 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 should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CBOE-2018-018 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2018-018. 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-CBOE-2018-018 and

should be submitted on or before March 16, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-03695 Filed 2-22-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: October 26, 2007 (Volume 72, Number 207)]
[Notices]
[Page 60924-60925]
[DOCID:fr26oc07-123]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56688; File No. SR-NYSE-2007-77]

Self-Regulatory Organizations; New York Stock Exchange LLC.;
Notice of Filing of Proposed Rule Change, as Modified by Amendment Nos.
1, 2, and 3 Thereto, To Amend Listing Fees for Structured Products

October 23, 2007.
    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 August 24, 2007, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. On October 3, 2007, the Exchange filed Amendment No. 1 to the
proposed rule change. On October 12, 2007, the Exchange filed Amendment
No. 2 to the proposed rule change. On October 22, 2007, the Exchange
filed Amendment No. 3 to the proposed rule change. The Commission is
publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend its listing fees for structured
products included in its Listed Company Manual (``Manual''). The
Exchange seeks to clarify when certain existing fees will apply to
specific structured products and also proposes to create a new fee
section (Section 902.09) that will apply a new lower fee schedule to
securities listed pursuant to Sections 703.15 (Foreign Currency
Warrants and Currency Index Warrants), 703.17 (Stock Index Warrants
Listing Standards), and 703.22 (Equity Index-Linked Securities,
Commodity-Linked Securities and Currency-Linked Securities and
Currency-Linked Securities). Except as described below, the proposed
revisions would apply retroactively as of October 3, 2007. The text of
the proposed rule change is available at the Commission's Public
Reference Room, at the Exchange, and at http://www.nyse.com.

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
a. Listing Fee Schedule
    The Exchange proposes to amend its listing fees for structured
products. The Exchange seeks to clarify when certain existing fees will
apply to specific structured products and also proposes to create a new
fee section (Section 902.09) that will apply a new lower fee schedule
to securities listed pursuant to Sections 703.15 (Foreign Currency
Warrants and Currency Index Warrants), 703.17 (Stock Index Warrants
Listing Standards) and 703.22 (Equity Index-Linked Securities,
Commodity-Linked Securities and Currency-Linked Securities) of the
Manual. The listing and annual fees set forth in Section 902.05 of the
Manual relate to long-term structured products (i.e., a term of more
than seven years) listed pursuant to Section 703.18 (Contingent Value
Rights), the equity criteria set out in Section 703.19 (Other
Securities) and Section 703.21 (Equity-Linked Debt Securities), and
traded on the equity floor of the Exchange. The Exchange is also
amending Section 902.05 of the Manual to correct two cross-references,
clarifying that: (i) Fees applicable to structured products listed
under the debt criteria set out in Section 703.19 and traded on NYSE
Bonds are set forth in Section 902.08 (Listings Fees for Debt
Securities); and (ii) fees applicable to short-term structured products
are set forth in Section 902.06. The proposed revisions would apply
retroactively as of October 3, 2007, except as described below.
    Section 902.06 of the Manual sets forth the listing fees for
certain securities with a term of less than seven years, including, but
not limited to, warrants representing equity securities, index
warrants, foreign currency warrants, contingent value rights and
structured products. The Exchange proposes to revise Section 902.06 to
exclude from its coverage those securities that will be subject to the
fees set forth in new Section 902.09. The Exchange proposes to adopt
new Section 902.09 to establish a new fee schedule for fees related to
securities listed pursuant to Sections 703.15 (Foreign Currency
Warrants and Currency Index Warrants), 703.17 (Stock Index Warrants
Listing Standards) and 703.22 (Equity Index-Linked Securities,
Commodity-Linked Securities and Currency-Linked Securities) of the
Manual. The listing fees applicable to securities subject to Section
902.09 Manual are as follows:

------------------------------------------------------------------------
                     Shares outstanding                           Fee
------------------------------------------------------------------------
Up to 1 million.............................................      $5,000
1+ to 2 million.............................................      10,000
2+ to 3 million.............................................      15,000
3+ to 4 million.............................................      20,000
4+ to 5 million.............................................      25,000
5+ to 6 million.............................................      30,000
6+ to 7 million.............................................      30,000
7+ to 8 million.............................................      30,000
8+ to 9 million.............................................      30,000
9+ to 10 million............................................      32,500
10+ to 15 million...........................................      37,500
In excess of 15 million.....................................      45,000
------------------------------------------------------------------------

    These fees will apply each time an issuer lists a security of one
of the classes specified in Section 902.09 of the Manual and also to
subsequent listings of additional shares of the same security. The
Exchange will treat each series of the security as a separate issue.

    In addition, the following annual fees will apply to securities
subject to Section 902.09: \3\
---------------------------------------------------------------------------

    \3\ The Exchange notes that it currently lists one Structured
Product with 25 million shares or more outstanding.

------------------------------------------------------------------------
                     Shares outstanding                           Fee
------------------------------------------------------------------------
Up to 6 million.............................................     $10,000
6+ to 7 million.............................................      12,000
7+ to 8 million.............................................      14,000
8+ to 9 million.............................................      16,000
9+ to 10 million............................................      18,000
10+ to 15 million...........................................      20,000
15+ to 25 million...........................................      25,000
25+ to 50 million...........................................      42,000
In excess of 50 million.....................................      55,000
------------------------------------------------------------------------

    These Annual Fees will be billed in January for the forthcoming
year.
    The proposed $2,500 fee for certain changes that involve
modifications to Exchange records is applicable under the proposed fee
schedule. This fee is consistent with the provisions of Sections 902.05
and 902.06 of the Manual.
    The Exchange also proposes to amend Section 902.08 (Listing Fees
for Debt Securities) of the Manual to reflect that the Automated Bond
System is now ``NYSE Bonds.''
    Finally, the Exchange currently applies the fee schedules set forth
in Section 902.05 and 902.06 of the Manual to securities listed
pursuant to Sections 703.15, 703.17 and 703.22 of the Manual. However,
Sections 902.05 and 902.06 of the Manual do not identify Sections
703.15, 703.17 and 703.22 as securities to which the fees would apply.
As a result, the Exchange requests permission to apply retroactively
for the period from June 7, 2006 to October 2, 2007 the fee schedules
set forth in Sections 902.05 and 902.06 of the Manual to all securities
previously listed pursuant to Sections 703.15, 703.17 and 703.22 of the
Manual. Beginning October 3, 2007, all securities listed pursuant to
Sections 703.15, 703.17 and 703.22 of the Manual would be subject to
the fee schedule set forth in Section 902.09 of the Manual.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \4\ in general, and Section 6(b)(4) of the Act \5\ in
particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its issuers and other
persons using its facilities.
---------------------------------------------------------------------------

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

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.

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

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

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the NYSE consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NYSE-2007-77 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2007-77. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2007-77 and should be
submitted on or before November 16, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-21218 Filed 10-25-07; 8:45 am]

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[Federal Register Volume 76, Number 121 (Thursday, June 23, 2011)]
[Notices]
[Pages 36916-36917]
[FR Doc No: 2011-15760]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-RCRA-2010-0832, FRL-9323-6]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; EPA's WasteWise Program (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) (44
U.S.C. 3501 et seq.), this document announces that an Information
Collection Request (ICR) has been forwarded to the Office of Management
and Budget (OMB) for review and approval. This is a request to renew an
existing approved collection. The ICR, which is abstracted below,
describes the nature of the information collection and its estimated
burden and cost.

DATES: Additional comments may be submitted on or before July 25, 2011.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-RCRA-
2010-0832, to (1) EPA, either online using http://www.regulations.gov
(our preferred method), or by email to<EMAIL_ADDRESS>or by mail
to: EPA Docket Center, Environmental Protection Agency, Mail Code
28221T, 1200 Pennsylvania Avenue, NW., Washington, DC 20460; and (2)
OMB, by mail to: Office of Information and Regulatory Affairs, Office
of Management and Budget (OMB), Attention: Desk Officer for EPA, 725
17th Street, NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Marian Robinson, Office of Resource &
Conservation Recovery, 5306P, Environmental Protection Agency, 1200
Pennsylvania Ave., NW., Washington, DC 20460; telephone number: 703-
308-8666; fax number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On February 23, 2011 (76 FR 10022), EPA sought comments on
this ICR pursuant to 5 CFR 1320.8(d). EPA received no comments. Any
additional comments on this ICR should be submitted to EPA and OMB
within 30 days of this notice.
    EPA has established a public docket for this ICR under Docket ID No
EPA-HQ-RCRA-2010-0832, which is available for online viewing at http://www.regulations.gov, or in person viewing at the Resource Conservation
and Recovery Act (RCRA) Docket in the EPA Docket Center (EPA/DC), EPA
West, Room 3334, 1301 Constitution Ave., NW., Washington, DC. The EPA/
DC Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
Reading Room is<PHONE_NUMBER>, and the telephone number for the RCRA
Docket is<PHONE_NUMBER>.
    Use EPA's electronic docket and comment system at
www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov as EPA
receives them and without change, unless the comment contains
copyrighted material, confidential business information (CBI), or other
information whose public disclosure is restricted by statute. For
further information about the electronic docket, go to http://www.regulations.gov.
    Title: EPA's WasteWise Program (Renewal).
    ICR Numbers: EPA ICR No. 1698.09, OMB Control No. 2050-0139.
    ICR Status: This ICR is scheduled to expire on June 30, 2011. Under
OMB regulations, the Agency may continue to conduct or sponsor the
collection of information while this submission is pending at OMB. An
Agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information, unless it displays a currently
valid OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, are displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: EPA's voluntary WasteWise program encourages businesses
and other organizations to reduce solid waste through waste prevention,
recycling, and the purchase or manufacture of recycled-content
products. WasteWise participants include partners who commit to
implementing waste reduction activities tailored to their specific
needs, and endorsers who promote WasteWise and recruit organizations to
join the program.
    WasteWise requires partners to register for membership in the
program. Previously, WasteWise used paper forms that we estimate took
40 hours for partners and 10 hours for endorsers to complete. In 2009,
WasteWise implemented a web-based data management and reporting system
for the collection and reporting of data. Under the new web-based
system, partners and endorsers enter their data on-line.
    The Partner Registration Form identifies an organization and its
facilities registering to participate in WasteWise, and requires the
signature of a senior official that can commit the organization to the
program. (This form is completed on-line and is submitted
electronically.) Within two months of registering, each partner is
required to submit baseline data on existing waste reduction programs
to EPA via an

Annual Assessment Form. (This is an on-line form that is completed and
submitted electronically.) Partners are also encouraged to set waste
reduction goals for the upcoming year. On an annual basis, partners are
required to report, via the Annual Assessment Form, on the
accomplishments of their waste prevention and recycling activities.
Partners report the amount of waste prevented and recycled, amount of
recycled-content materials purchased, and (where appropriate) the
amount of recovered materials used in the manufacture of new products.
They also provide WasteWise with information on total waste prevention
revenue, total recycling revenue, total avoided purchasing costs due to
waste prevention, and total avoided disposal costs due to recycling and
waste prevention. Additionally, they are encouraged to submit new waste
reduction goals.
    Endorsers, which are typically trade associations or state/local
governments, submit an Endorser Registration Form upon registering for
the program. (This is an on-line form that is completed and is
submitted electronically.) The Endorser Registration Form identifies
the organization, the principal contact, and the activities to which
the Endorser commits. EPA plans to expand the information requested of
Endorsers by requiring them to submit a summary of their endorser
activities annually. All registration and reporting information will be
submitted electronically using the existing on-line, web-based data
management and reporting system.
    EPA's WasteWise program uses the submitted information to (1)
Identify and recognize outstanding waste reduction achievements by
individual organizations, (2) compile results that indicate overall
accomplishments of WasteWise members, (3) identify cost-effective waste
reduction strategies to share with other organizations, (4) identify
topics on which to develop technical assistance materials and other
information, and (5) further encourage the growth of industry-specific
sustainable practices.
    Burden Statement: The respondent burden for this collection is
estimated to average 1 hour per response for the Partner Registration
Form, 34.5 hours per response for the Partner Annual Assessment Form, 3
hours per response for the Endorser Registration Form, and 5 hours per
response for the Endorser Annual Assessment Form. This results in an
estimated annual partner respondent burden of 51 hours for new
partners, 48 hours for established partners, 7 hours for new endorsers,
and 3 hours for established endorsers.
    Burden means the total time, effort, or financial resources
expended by persons to generate, maintain, retain, or disclose or
provide information to or for a Federal agency. This includes the time
needed to review instructions; develop, acquire, install, and utilize
technology and systems for the purposes of collecting, validating, and
verifying information, processing and maintaining information, and
disclosing and providing information; adjust the existing ways to
comply with any previously applicable instructions and requirements
which have subsequently changed; train personnel to be able to respond
to a collection of information; search data sources; complete and
review the collection of information; and transmit or otherwise
disclose the information.
    Respondents/Affected Entities: Businesses, not-for-profit
institutions, and State, Local, or Tribal governments.
    Estimated Number of Respondents: 1,222.
    Frequency of Response: On occasion.
    Estimated Total Annual Hour Burden: 25,844.
    Estimated Total Annual Cost: $2,138,570, includes $2,138,570
annualized labor costs and $0 annualized capital or O&M costs.
    Changes in the Estimates: There is a decrease of 44,506 hours in
the total estimated burden currently identified in the OMB Inventory of
Approved ICR Burdens. This decrease is due to an update in the number
of partners to reflect who are the active partners, as well as an
online reporting system that has greatly reduced burden for respondents
and the agency.

    Dated: June 16, 2011.
John Moses,
Director, Collection Strategies Division.
[FR Doc. 2011-15760 Filed 6-22-11; 8:45 am]
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