[Federal Register Volume 74, Number 84 (Monday, May 4, 2009)]
[Notices]
[Pages 20516-20518]
[FR Doc No: E9-10119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59823; File No. SR-NYSE-2009-40]

 Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC
Amending the Exchange's Timely Alert Policy

April 27, 2009.
    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 April 8, 2009, New York Stock Exchange, LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'' or ``SEC'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Section 202.06 of the Listed Company
Manual to provide that companies can comply with the Exchange's
immediate release policy by disseminating the information by any
Regulation Fair Disclosure (``Regulation FD'') compliant method (or
combination of methods). The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
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 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
    Section 202.05 of the Listed Company Manual requires a listed
company to release quickly to the public any news or information which
might reasonably be expected to materially effect the market for its
securities (the ``immediate release policy''). Section 202.06 provides
that companies should comply with the immediate release policy by
issuing a press release.
    Regulation FD was adopted by the SEC in 2000 in order to curb the
selective disclosure of material non-public information by issuers to
analysts and institutional investors.\3\ Generally, Regulation FD
requires that when an issuer discloses material information, it do so
publicly. Public disclosure under Regulation FD can be accomplished by
filing a Form 8-K with the SEC or through another method of disclosure
that is reasonably designed to provide broad, non-exclusionary
distribution of the information to the public. In addition to a broadly
disseminated press release, Regulation FD compliant methods of
disclosure may include furnishing to or filing with the SEC a Form 8-K
as well as conference calls, press conferences and webcasts, so long as
the public is provided adequate notice (generally by press release) and
granted access.\4\
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    \3\ See Securities Exchange Act Release No. 43154 (August 15,
2000), 65 FR 51716 (August 24, 2000) (``Regulation FD Adopting
Release'').
    \4\ See Regulation FD Adopting Release at pages 51723-51724.
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    Since the adoption of Regulation FD, some non-NYSE listed companies
have adopted the practice of issuing material disclosures in a Form 8-K
rather than by way of a press release. It has been the Exchange's
experience that some companies are confused as to their disclosure
obligations under Exchange rules, with companies sometimes assuming
that a disclosure in a Form 8-K is sufficient to comply with the
Exchange's immediate release policy. Furthermore, some companies that
do understand the Exchange's press release requirements have expressed
the view that a press release is redundant when the company is filing a
Form 8-K to meet its Regulation FD requirements. In addition, some
companies wish to publicize material news through the company website,
as the SEC has provided recent guidance that this approach is
appropriate under certain circumstances.\5\
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    \5\ See Securities Exchange Act Release No. 58288 (August 1,
2008), 73 FR 45862 (August 7, 2008).
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    The Exchange now proposes to amend Section 202.06 to provide that
companies may comply with the immediate release policy by disseminating
the information using any method (or combination of methods) that
constitutes compliance with Regulation FD. Foreign private issuers are
subject to the timely alert policy but they are not required to comply
with Regulation FD. Notwithstanding their exemption from Regulation FD,
Section 202.06 will allow foreign private issuers to comply with the
timely alert policy by any method (or combination of methods) that
would constitute compliance with Regulation FD for a domestic U.S.
issuer. While the Exchange continues to believe that there are benefits
to the market and investors generally if companies issue press releases
when disclosing material information, the Exchange nonetheless believes
that it is appropriate to harmonize its requirements in this regard
with Regulation FD and Nasdaq rules thereby eliminating the confusion
inherent in having different regimes applied by the two largest listing
exchanges and the SEC.\6\\\ The Exchange believes that many companies
will continue to issue press releases in relation to material news
events, but also believes that it is appropriate to enable companies to
utilize the flexibility and discretion with respect to the method of
disclosure provided by Regulation FD.
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    \6\ See Securities Exchange Act Release No. 46288 (July 31,
2002), 67 FR 51306 (August 7, 2002) (SR-NASD-2002-85) (the ``Nasdaq
Amendment'').
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    Section 202.06(B) currently provides that, when the announcement of
news of a material event or a statement dealing with a rumor which
calls for immediate release is made shortly before the opening or
during market hours (9:30 a.m. to 5 p.m., New York time \7\), it is
recommended that the company's Exchange representative be notified by
telephone at least ten minutes prior to release of the announcement.
This timely notification enables the Exchange to consider whether, in
the opinion of the Exchange, trading in the security should be
temporarily halted.\8\ The Exchange proposes to amend this text to make
it clear that the notification to the Exchange of such announcements is
a requirement of the rule and not just a recommendation. In addition,
the Exchange proposes to amend Section 202.06(B) to require the listed
company when contacting the Exchange to disclose to the Exchange the
substance of the announcement, identify to the Exchange the Regulation
FD-compliant method it intends to use to disseminate the news and
provide the Exchange with the information necessary to locate the
information upon publication. The rule is also amended to require the
company, when the announcement is in written form, to provide the text
of the proposed announcement to the Exchange by email at the time it
notifies the Exchange.
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    \7\ While the NYSE's trading day ends officially at 4 p.m., New
York time, there are crossing sessions until 5 p.m., New York time.
    \8\ See NYSE Rule 123D(1) for the Exchange's procedures with
respect to delayed openings and trading halts pending dissemination
of material news.
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    The Exchange will continue to evaluate the materiality of these
disclosures and implement temporary trading halts, where appropriate,
to facilitate the orderly dissemination of certain issuer announcements
having a potentially material impact on the price of the securities.
    The Exchange is also proposing several other minor changes to
Section 202.06. The Exchange is adding a parenthetical to Section
202.06(B), referring readers to Exchange Rule 123D(1) for the
Exchange's policies with respect to delayed openings and trading halts.
Additionally, Section 202.06(C) is being amended (i) to provide that
public disclosures which may significantly affect trading should be
provided to the Exchange by e-mail rather than by facsimile as is
currently the case and (ii) to conform to the change to Section
202.06(B) by providing that material news may be disseminated by any
Regulation FD compliant method and not just by press release.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\9\ in that
it is designed to prevent fraudulent and manipulative practices, to
promote just and equitable principles of trade,to remove impediments
to, and perfect the mechanisms of, a free and open market and a
national market system, and, in general, to protect investors and the
public interest.\10\
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    \9\ 15 U.S.C. 78f(b)(5).
    \10\ The Commission notes that, in the purpose section of the
Form 19b-4, the Exchange provided a more complete statutory basis
for the proposed rule change, as follows: The Exchange believes that
the proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''), in general, and
furthers the objectives of Section 6(b)(5) of the Act, in particular
in that it is designed 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. The Exchange believes that the proposed
amendment is consistent with the investor protection objectives of
the Act in that it harmonizes the Exchange's immediate release
policies with the SEC's requirements in Regulation FD.

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

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

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\13\
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    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ The Commission notes that pursuant to Rule 19b-4(f)(6)(iii)
under the Act, the Exchange is required 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.
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    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

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-2009-40 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2009-40. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of the filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSE-2009-40 and should be submitted on or before May 26, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-10119 Filed 5-1-09; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 12 (Thursday, January 18, 2018)]
[Notices]
[Pages 2704-2712]
[FR Doc No: 2018-00720]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82484; File No. SR-CboeBZX-2018-001]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To List and Trade Shares of the
GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF, a
Series of the GraniteShares ETP Trust, Under Rule 14.11(f)(4), Trust
Issued Receipts

January 11, 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 January 5, 2018, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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 Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange filed a proposal to list and trade shares of the
GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF (each
a ``Fund'' and, collectively, the ``Funds''), a series of the
GraniteShares ETP Trust (the ``Trust''), under Rule 14.11(f)(4)
(``Trust Issued Receipts''). The shares of the Funds are referred to
herein as the ``Shares.''
    The text of the proposed rule change is available at the Exchange's
website at www.markets.cboe.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant 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 Exchange proposes to list and trade shares of the GraniteShares
Bitcoin ETF (the ``Long Fund'') and the GraniteShares Short Bitcoin ETF
(the ``Short Fund'') under Rule 14.11(f)(4), which governs the listing
and trading of Trust Issued Receipts \3\ on the Exchange.\4\
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    \3\ Rule 14.11(f)(4) applies to Trust Issued Receipts that
invest in ``Financial Instruments.'' The term ``Financial
Instruments,'' as defined in Rule 14.11(f)(4)(A)(iv), means any
combination of investments, including cash; securities; options on
securities and indices; futures contracts; options on futures
contracts; forward contracts; equity caps, collars and floors; and
swap agreements.
    \4\ The Commission approved BZX Rule 14.11(f)(4) in Securities
Exchange Act Release No. 68619 (January 10, 2013), 78 FR 3489
(January 16, 2013) (SR-BATS-2012-044).
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    The Shares will be offered by the Trust, which was established as a
Delaware statutory trust on November 7, 2016. The Trust will not be
registered as an investment company under the Investment Company Act of
1940 and is not required to register under such act.\5\ The Trust is
registered as a commodity pool under the Commodity Exchange Act
(``CEA'').\6\ The Shares of the Trust will be registered with the
Commission by means of the Trust's registration statement on Form S-1
(the ``Registration Statement'') under the Securities Act of 1933 (the
``Securities Act''). The Registration Statement was filed on December
15, 2017 and the Registration Statement will be effective as of the
date of any offer and sale pursuant to the Registration Statement.\7\
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    \5\ 15 U.S.C. 80a-1.
    \6\ 17 U.S.C. 1.
    \7\ See Registration Statement on Form S-1, dated December 15,
2017 (File No. 333-222109). The descriptions of the Trust and the
Shares contained herein are based, in part, on information in the
Registration Statement.
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    GraniteShares Advisors LLC (the ``Sponsor'') serves as the Trust's
sponsor and commodity pool operator and is a member of the National
Futures Association (the ``NFA''). As a member of the NFA, the Sponsor
is subject to NFA standards relating to fair trade practices, financial
condition, and consumer protection. Bank of New York Mellon serves as
administrator, custodian, and transfer agent for the Funds. Foreside
Fund Services, LLC (``Marketing Agent'') serves as the distributor for
the Trust.
    The Funds are not actively managed by traditional methods (e.g., by
effecting changes in the composition of a portfolio on the basis of
judgments relating to economic, financial and market considerations
with a view toward obtaining positive results under all market
conditions) other than for cash management purposes and the rolling
methodology employed by the Sponsor described below.
Bitcoin Futures Contracts
    Prior to listing a new commodity futures contract, a designated
contract market must either submit a self-certification to the CFTC
that the contract complies with the CEA and CFTC regulations or
voluntarily submit the contract for CFTC approval. This process applies
to all futures contracts and all commodities underlying the futures
contracts, whether the new futures contracts are related to oil, gold,
or any other commodity.\8\ On December 1, 2017, it was announced \9\
that both Cboe Futures Exchange, Inc. (``CFE'') and Chicago Mercantile
Exchange, Inc. (``CME'') had self-certified with the CFTC new contracts
for bitcoin \10\ futures products.\11\ While the CFE bitcoin futures
contracts (``XBT Futures'' and the ``Benchmark Futures Contracts'')
\12\ and the CME bitcoin futures contracts (``CME Futures'') \13\ will
differ in certain of their implementation details, both contracts will
generally trade and settle like any other cash-settled commodity
futures contracts.\14\
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    \8\ Section 1a(9) of the CEA defines commodity to include, among
other things, ``all services, rights, and interests in which
contracts for future delivery are presently or in the future dealt
in.'' The definition of commodity is broad. 7 U.S.C. 1a(9).
    \9\ See ``CFTC Statement on Self-Certification of Bitcoin
Products by CME, CFE and Cantor Exchange,'' dated December 1, 2017,
available at http://www.cftc.gov/PressRoom/PressReleases/pr7654-17.
    \10\ Bitcoin is a digital asset based on the decentralized, open
source protocol of the peer-to-peer bitcoin computer network (the
``Bitcoin Network''). No single entity owns or operates the Bitcoin
Network; the infrastructure is collectively maintained by a
decentralized user base. The Bitcoin Network is accessed through
software, and software governs bitcoin's creation, movement, and
ownership. The value of bitcoin is determined by the supply of and
demand for bitcoin on websites that facilitate the transfer of
bitcoin in exchange for government-issued currencies, and in private
end-user-to-end-user transactions.
    \11\ Bitcoin is a commodity as defined in Section 1a(9) of the
CEA. 7 U.S.C. 1a(9). See In re Coinflip, Inc., No. 15-29 (CFTC Sept.
17, 2015), available at<EMAIL_ADDRESS>    \12\ The XBT Futures are cash-settled futures contracts based on
the auction price of bitcoin in U.S. dollars on the Gemini Exchange
that will expire on a weekly, monthly and quarterly basis. XBT
Futures are designed to reflect economic exposure related to the
price of bitcoin. XBT Futures began trading on December 10, 2017.
    \13\ The CME Futures are also cash-settled futures contracts
based on the CME CF Bitcoin Reference Rate, which is based on an
aggregation of trade flow from several bitcoin spot exchanges, that
will expire on a monthly and quarterly basis. CME Futures began
trading on December 17, 2017.
    \14\ CFE and CME are registered with the CFTC and seek to
provide a neutral, regulated marketplace for the trading of
derivatives contracts for commodities, such as futures, options and
certain swaps. Both the CFE and CME are both members of the
Intermarket Surveillance Group (``ISG'').
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    As such, the Exchange is proposing to list and trade the Funds
under Rule 14.11(f)(4), which governs the listing and trading of Trust
Issued Receipts on the Exchange.
GraniteShares Bitcoin ETF
    The Long Fund seeks as its investment objective results (before
fees and expenses) that, both for a single day \15\ and over time,
match the performance of lead month Benchmark Futures Contracts. By
being long Bitcoin Futures Contracts, as defined below, the Long Fund
seeks to benefit from daily increases in the price of the Bitcoin
Futures Contracts and will lose value when the price of the Bitcoin
Futures Contracts decline.
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    \15\ A ``single day'' is measured from the time a Fund
calculates its net asset value (``NAV'') to the time of the Fund's
next NAV calculation. The NAV calculation time for the Funds will
typically be 4:00 p.m. Eastern time.
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GraniteShares Short Bitcoin ETF
    The Short Fund seeks to provide investment results that, on a daily
basis correspond (before fees and expenses) to the inverse (-1x) of the
daily performance of the Benchmark Futures Contracts for a single day.
By being short Bitcoin Futures Contracts, as defined below, the Short
Fund seeks to benefit from daily decreases in the price of the Bitcoin
Futures Contracts and will lose value when the price of the Bitcoin
Futures Contracts increase.
Investment Strategies
    Each Fund will, under Normal Market Conditions,\16\ hold
substantially all of its assets in the Benchmark Futures Contracts and
cash and Cash Equivalents \17\ (which are used to

collateralize the Benchmark Futures Contracts) in order to achieve its
investment objective. Although the Funds generally intend to invest
substantially all of their respective assets in Benchmark Futures
Contracts, the Funds may invest in other U.S. exchange-listed bitcoin
futures contracts, as available, in addition to the Benchmark Futures
Contracts (collectively, with Benchmark Futures Contracts, the
``Bitcoin Futures Contracts''). In the event that position price, or
accountability limits are reached with respect to Bitcoin Futures
Contracts, each Fund may invest in U.S. listed swaps on bitcoin or the
Benchmark Futures Contracts (``Listed Bitcoin Swaps''). In the event
that position price or accountability limits are reached with respect
to Listed Bitcoin Swaps, each Fund may invest in OTC swaps on bitcoin
or the Benchmark Futures Contracts.
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    \16\ The term ``Normal Market Conditions'' includes, but is not
limited to, the absence of trading halts in the applicable financial
markets generally; operational issues causing dissemination of
inaccurate market information or system failures; or force majeure
type events such as natural or man-made disaster, act of God, armed
conflict, act of terrorism, riot or labor disruption, or any similar
intervening circumstance.
    \17\ ``Cash and Cash Equivalents'' means short-term instruments
with maturities of less than three months, including: (i) U.S.
Government securities, including bills, notes, and bonds differing
as to maturity and rates of interest, which are either issued or
guaranteed by the U.S. Treasury or by U.S. Government agencies or
instrumentalities; (ii) certificates of deposit issued against funds
deposited in a bank or savings and loan association; (iii) bankers
acceptances, which are short-term credit instruments used to finance
commercial transactions; (iv) repurchase agreements and reverse
repurchase agreements; (v) bank time deposits, which are monies kept
on deposit with banks or savings and loan associations for a stated
period of time at a fixed rate of interest; (vi) commercial paper,
which are short-term unsecured promissory notes; and (vii) money
market funds.
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    Each Fund intends to enter into swap agreements only with major,
global financial institutions that meet certain credit quality
standards and monitoring policies. The Funds will each use various
techniques to minimize credit risk, including posting collateral daily
that is marked to market, using different counterparties, and limiting
the net amount due from any individual counterparty.
    Bitcoin Futures Contracts are measures of the market's expectation
of the price of bitcoin at certain points in the future, and as such
will behave differently than current or spot bitcoin prices. The Funds
are not linked to bitcoin and in many cases the Funds could
significantly underperform or outperform the price of bitcoin.
    The Funds do not intend to hold Bitcoin Futures Contracts through
expiration, but instead intend to either close or ``roll'' their
respective positions. When the market for these contracts is such that
the prices are higher in the more distant delivery months than in the
nearer delivery months, the sale during the course of the ``rolling
process'' of the more nearby contract would take place at a price that
is lower than the price of the more nearby Bitcoin Futures Contracts
would take place at a price that is lower than the price of the more
distant Bitcoin Futures Contracts [sic]. This pattern of higher futures
prices for longer expiration Bitcoin Futures Contracts is referred to
as ``contango.'' Alternatively, when the market for certain Bitcoin
Futures Contracts is such that the prices are higher in the nearer
months than in the more distant months, the sale during the course of
the ``rolling process'' of the more nearby Bitcoin Futures Contracts
would take place at a price that is higher than the price of the more
distant Bitcoin Futures Contracts. This pattern of higher future prices
for shorter expiration Bitcoin Futures Contracts is referred to as
``backwardation.'' The presence of contango in the relevant Bitcoin
Futures Contracts at the time of rolling would be expected to adversely
affect the long positions held by the Long Fund, and positively affect
the short positions held by the Short Fund. Similarly, the presence of
backwardation in Bitcoin Futures Contracts at the time of rolling such
Bitcoin Futures Contracts would be expected to adversely affect the
short positions held by the Short Fund and positively affect the long
positions held by the Long Fund.
    Each Fund's investments will be consistent with its investment
objective and will not be used to enhance leverage (although certain
derivatives and other investments may result in leverage).\18\ Each
Fund's investments will not be used to seek performance that is the
multiple or inverse multiple (i.e. 2x or -2x) of the Index. Each Fund's
use of derivative instruments will be collateralized.
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    \18\ The Funds will each include appropriate risk disclosure in
its offering documents, including leveraging risk. Leveraging risk
is the risk that certain transactions of a fund, including a fund's
use of derivatives, may give rise to leverage, causing a fund to be
more volatile than if it had not been leveraged.
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Policy Considerations
    The Exchange recognizes that certain policy concerns exist as it
relates to any series of Trust Issued Receipts that are listed on the
Exchange, but that these concerns, as well as certain other concerns
raised by this proposal specifically, are mitigated as it relates to
the Funds and their holdings for the reasons enumerated below.
    First, the Exchange believes that the policy concerns related to an
underlying reference asset and its susceptibility to manipulation are
mitigated as it relates to bitcoin because the very nature of the
bitcoin ecosystem makes manipulation of bitcoin difficult. The
geographically diverse and continuous nature of bitcoin trading makes
it difficult and prohibitively costly to manipulate the price of
bitcoin and, in many instances, that the bitcoin market is generally
less susceptible to manipulation than the equity, fixed income, and
commodity futures markets. There are a number of reasons this is the
case, including that there is not inside information about revenue,
earnings, corporate activities, or sources of supply; it is generally
not possible to disseminate false or misleading information about
bitcoin in order to manipulate; manipulation of the price on any single
venue would require manipulation of the global bitcoin price in order
to be effective; a substantial over-the-counter market provides
liquidity and shock-absorbing capacity; bitcoin's 24/7/365 nature
provides constant arbitrage opportunities across all trading venues;
and it is unlikely that any one actor could obtain a dominant market
share.
    Further, bitcoin is arguably less susceptible to manipulation than
other commodities that underlie ETPs; there may be inside information
relating to the supply of the physical commodity such as the discovery
of new sources of supply or significant disruptions at mining
facilities that supply the commodity that simply are inapplicable as it
relates to bitcoin. Further, the Exchange believes that the
fragmentation across bitcoin exchanges, the relatively slow speed of
transactions, and the capital necessary to maintain a significant
presence on each exchange make manipulation of bitcoin prices through
continuous trading activity unlikely. Moreover, the linkage between the
bitcoin markets and the presence of arbitrageurs in those markets means
that the manipulation of the price of bitcoin price on any single venue
would require manipulation of the global bitcoin price in order to be
effective. Arbitrageurs must have funds distributed across multiple
bitcoin exchanges in order to take advantage of temporary price
dislocations, thereby making it unlikely that there will be strong
concentration of funds on any particular bitcoin exchange. As a result,
the potential for manipulation on a particular bitcoin exchange would
require overcoming the liquidity supply of such arbitrageurs who are
effectively eliminating any cross-market pricing differences. For all
of these reasons, bitcoin is not particularly susceptible to
manipulation, especially as compared to other approved ETP reference
assets.
    Second, the Exchange believes that the policy concerns related to
the susceptibility to manipulation of an underlying futures contract
is, in addition to the arguments above, further mitigated by the
significant liquidity that the Exchange expects to exist in the market
for Bitcoin Futures Contracts. This belief is based on numerous
conversations with market participants,

issuers, and discussions with personnel of CFE. This expected liquidity
in the market for Bitcoin Futures Contracts combined with the CFE, CME,
and Exchange surveillance procedures related to the Bitcoin Futures,
the Shares, and CFTC oversight,\19\ along with the difficulty in
manipulating the bitcoin market described above will mitigate the
potential policy concerns and further prevent trading in the Shares
from being susceptible to manipulation.
---------------------------------------------------------------------------

    \19\ The CFTC issued a press release on December 1, 2017, noting
the self-certifications from CFE and CME and highlighting the
rigorous process that the CFTC had undertaken in its engagement with
CFE and CME prior to the self-certification for the Bitcoin Futures
Contracts. The press release focused on the ongoing surveillances
that will occur on each listing exchange, including surveillance
based on information sharing with the underlying cash bitcoin
exchanges as well as the actions that the CFTC will undertake after
the contracts are launched, including monitoring and analyzing the
size and development of the market, positions and changes in
positions over time, open interest, initial margin requirements, and
variation margin payments, stress testing positions, conduct reviews
of designated contract markets, derivatives clearing organizations,
clearing firms, and individual traders involved in trading and
clearing bitcoin futures. For more information, see http://www.cftc.gov/PressRoom/PressReleases/pr7654-17.
---------------------------------------------------------------------------

Net Asset Value
    According to the Registration Statement, the net asset value
(``NAV'') of the Shares of the Funds will be calculated by dividing the
value of the net assets of the Fund (i.e., the value of its total
assets less total liabilities) by the total number of Shares
outstanding. Expenses and fees, including the management and
administration fees, are accrued daily and taken into account for
purposes of determining NAV. The NAV of each Fund is generally
determined at 4:00 p.m. Eastern Time each business day when the
Exchange is open for trading. If the Exchange or market on which the
Fund's investments are primarily traded closes early, the NAV may be
calculated prior to its normal calculation time. Creation/redemption
transaction order time cutoffs (as further described below) would also
be accelerated.
    Bitcoin Futures Contracts are generally valued at their settlement
price as determined by the relevant exchange. Cash and Cash Equivalents
will generally be valued at their market price using market quotations
or information provided by a pricing service. Listed Bitcoin Swaps are
generally valued at their settlement price as determined by the
relevant swap execution facility. OTC swaps will be valued based on the
then-current disseminated levels for the Bitcoin Futures Contracts or
the applicable reference price for bitcoin applicable to the contract.
    For more information regarding the valuation of Fund investments in
calculating a Fund's NAV, see the Registration Statement.
The Shares
    The Funds will issue and redeem Shares on a continuous basis at the
NAV per Share only in large blocks of a specified number of Shares or
multiples thereof (``Creation Units'') in transactions with authorized
participants who have entered into agreements with the Distributor. The
Adviser currently anticipates that a Creation Unit will consist of
10,000 Shares, though this number may change from time to time,
including prior to listing of the Shares. The exact number of Shares
that will constitute a Creation Unit will be disclosed in the
Registration Statement. Once created, Shares of the Funds may trade on
the secondary market in amounts less than a Creation Unit.
    Although the Adviser anticipates that purchases and redemptions for
Creation Units will generally be executed on an all-cash basis, the
consideration for purchase of Creation Units of the Funds may consist
of an in-kind deposit of a designated portfolio of assets (including
any portion of such assets for which cash may be substituted) (i.e.,
the ``Deposit Assets''), and the ``Cash Component'' computed as
described below. Together, the Deposit Assets and the Cash Component
constitute the ``Fund Deposit,'' which represents the minimum initial
and subsequent investment amount for a Creation Unit of the Fund. The
specific terms surrounding the creation and redemption of shares are at
the discretion of the Adviser.
    The Deposit Assets and Fund Securities (as defined below), as the
case may be, in connection with a purchase or redemption of a Creation
Unit, generally will correspond pro rata, to the extent practicable, to
the assets held by the Funds.
    The Cash Component will be an amount equal to the difference
between the NAV of the Shares (per Creation Unit) and the ``Deposit
Amount,'' which will be an amount equal to the market value of the
Deposit Assets, and serve to compensate for any differences between the
NAV per Creation Unit and the Deposit Amount. The Funds generally offer
Creation Units partially or entirely for cash. The Adviser will make
available through the National Securities Clearing Corporation
(``NSCC'') on each business day, prior to the opening of business on
the Exchange, the list of names and the required number or par value of
each Deposit Asset and the amount of the Cash Component to be included
in the current Fund Deposit (based on information as of the end of the
previous business day) for the Fund.
    The identity and number or par value of the Deposit Assets may
change pursuant to changes in the composition of a Fund's portfolio as
rebalancing and rolling adjustments and corporate action events occur
from time to time. The composition of the Deposit Assets may also
change in response to adjustments to the weighting or composition of
the holdings of the Fund.
    The Fund reserves the right to permit or require the substitution
of a ``cash in lieu'' amount to be added to the Cash Component to
replace any Deposit Asset that may not be available in sufficient
quantity for delivery or that may not be eligible for transfer through
the Depository Trust Company (``DTC'') or the clearing process through
the NSCC.\20\
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    \20\ The Adviser represents that, to the extent the Trust
permits or requires a ``cash in lieu'' amount, such transactions
will be effected in the same or equitable manner for all authorized
participants.
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    Except as noted below, all creation orders must be placed for one
or more Creation Units and must be received by the Distributor at a
time specified by the Adviser. The Fund currently intends that such
orders must be received in proper form no later than 2:00 p.m. Eastern
Time on the date such order is placed in order for creation of Creation
Units to be effected based on the NAV of Shares of each Fund as next
determined on such date after receipt of the order in proper form. The
``Settlement Date'' is generally the second business day after the
transmittal date. On days when the Exchange or the futures markets
close earlier than normal, the Funds may require orders to create or to
redeem Creation Units to be placed earlier in the day.
    Fund Deposits must be delivered through either the Continuous Net
Settlement facility of the NSCC, the Federal Reserve System (for cash
and government securities), through DTC (for corporate securities), or
through a central depository account, such as with Euroclear or DTC,
maintained by each Fund's Custodian (a ``Central Depository Account''),
in any case at the discretion of the Adviser, by an authorized
participant. Any portion of a Fund Deposit that may not be delivered
through the NSCC, Federal Reserve System or DTC must be delivered
through a Central Depository Account.

    A standard creation transaction fee may be imposed to offset the
transfer and other transaction costs associated with the issuance of
Creation Units.
    Shares of the Funds may be redeemed only in Creation Units at their
NAV next determined after receipt of a redemption request in proper
form by the Distributor and only on a business day. The Adviser will
make available through the NSCC, prior to the opening of business on
the Exchange on each business day, the designated portfolio of assets
(including any portion of such assets for which cash may be
substituted) that will be applicable (subject to possible amendment or
correction) to redemption requests received in proper form on that day
(``Fund Securities''). The redemption proceeds for a Creation Unit
generally will consist of a specified amount of cash less a redemption
transaction fee. The Fund generally will redeem Creation Units entirely
for cash.
    A standard redemption transaction fee may be imposed to offset
transfer and other transaction costs that may be incurred by the Fund.
    Redemption requests for Creation Units of the Funds must be
submitted to the Distributor by or through an authorized participant by
a time specified by the Adviser. The Fund currently intends that such
requests must be received no later than 3:30 p.m. Eastern Time on any
business day, in order to receive that day's NAV. The authorized
participant must transmit the request for redemption in the form
required by the Funds to the Distributor in accordance with procedures
set forth in the authorized participant agreement.
    Additional information regarding the Shares and the Funds,
including investment strategies, risks, creation and redemption
procedures, fees and expenses, portfolio holdings disclosure policies,
distributions, taxes and reports to be distributed to beneficial owners
of the Shares can be found in the Registration Statement or on the
website for the Funds (www.GraniteShares.com), as applicable.
Availability of Information
    The Funds' website, which will be publicly available prior to the
public offering of Shares, will include a form of the prospectus for
each Fund that may be downloaded. The websites will include additional
quantitative information updated on a daily basis, including, for the
Fund: (1) The prior business day's reported NAV, the closing market
price or the midpoint of the bid/ask spread at the time of calculation
of such NAV (the ``Bid/Ask Price''),\21\ daily trading volume, and a
calculation of the premium and discount of the closing market price or
Bid/Ask Price against the NAV; and (2) data in chart format displaying
the frequency distribution of discounts and premiums of the daily
closing market price or Bid/Ask Price against the NAV, within
appropriate ranges, for each of the four previous calendar quarters.
Daily trading volume information will be available in the financial
section of newspapers, through subscription services such as Bloomberg,
Thomson Reuters, and International Data Corporation, which can be
accessed by authorized participants and other investors, as well as
through other electronic services, including major public websites. On
each business day, before commencement of trading in Shares during
Regular Trading Hours \22\ on the Exchange, each Fund will disclose on
its website the identities and quantities of the portfolio Bitcoin
Futures Contracts and other assets (the ``Disclosed Portfolio'') held
by the Fund that will form the basis for the Fund's calculation of NAV
at the end of the business day.\23\ The Disclosed Portfolio will
include, as applicable: Ticker symbol or other identifier, a
description of the holding, identity of the asset upon which the
derivative is based, the quantity of each security or other asset held
as measured by select metrics, maturity date, coupon rate, effective
date, market value and percentage weight of the holding in the
portfolio. The website and information will be publicly available at no
charge.
---------------------------------------------------------------------------

    \21\ The Bid/Ask Price of each Fund will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Funds and their service
providers.
    \22\ Regular Trading Hours are 9:30 a.m. to 4:00 p.m. Eastern
Time.
    \23\ Under accounting procedures to be followed by the Funds,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1''). Accordingly,
each Fund will be able to disclose at the beginning of the business
day the portfolio that will form the basis for the NAV calculation
at the end of the business day.
---------------------------------------------------------------------------

    In addition, for each Fund, an estimated value that reflects an
estimated intraday value of the Fund's portfolio (the ``Intraday
Indicative Value''), will be disseminated. Moreover, the Intraday
Indicative Value will be based upon the current value for the
components of the Disclosed Portfolio and will be updated and widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Regular Trading Hours.\24\ In addition,
the quotations of certain of each Fund's holdings may not be updated
for purposes of calculating Intraday Indicative Value during U.S.
trading hours where the market on which the underlying asset is traded
settles prior to the end of the Exchange's Regular Trading Hours.
---------------------------------------------------------------------------

    \24\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Intraday Indicative Values published via the Consolidated Tape
Association (``CTA'') or other data feeds.
---------------------------------------------------------------------------

    The dissemination of the Intraday Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of each Fund on a daily basis and provide an
estimate of that value throughout the trading day.
    Intraday price quotations on Cash Equivalents of the type held by
the Funds are available from major broker-dealer firms and from third-
parties, which may provide prices free with a time delay, or ``live''
with a paid fee. For Bitcoin Futures Contracts and Listed Bitcoin
Swaps, such intraday information is available directly from the
applicable listing venue. Intraday price information is also available
through subscription services, such as Bloomberg and Thomson Reuters,
which can be accessed by authorized participants and other investors.
Pricing information related to Cash Equivalents will be available
through issuer websites and publicly available quotation services such
as Bloomberg, Markit and Thomson Reuters.
    Information regarding market price and volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. The previous
day's closing price and trading volume information for the Shares will
be generally available daily in the print and online financial press.
Quotation and last sale information for the Shares will be available on
the facilities of the CTA.
Initial and Continued Listing
    The Shares will be subject to BZX Rule 14.11(f)(4), which sets
forth the initial and continued listing criteria applicable to Trust
Issued Receipts that invest in Financial Instruments. The Exchange will
obtain a representation that the Trust's NAV will be calculated daily
and that these values and information about the assets of the Trust
will be made available to all market participants at the same time. The
Trust currently expects that there will be at least 20,000 Shares
outstanding at the time of commencement of trading on the

Exchange. Upon termination of the Trust, the Shares will be removed
from listing. The Trustee, Wilmington Trust Company, is a trust company
having substantial capital and surplus and the experience and
facilities for handling corporate trust business, as required under
Rule 14.11(f)(2)(D)(iv)(a) and that no change will be made to the
trustee without prior notice to and approval of the Exchange.
    As required in Rule 14.11(f)(4)(D), the Exchange notes that any
registered market maker (``Market Maker'') in the Shares must file with
the Exchange in a manner prescribed by the Exchange and keep current a
list identifying all accounts for trading in an underlying commodity,
related commodity futures or options on commodity futures, or any other
related commodity derivatives, which the registered Market Maker may
have or over which it may exercise investment discretion. No registered
Market Maker shall trade in an underlying commodity, related commodity
futures or options on commodity futures, or any other related commodity
derivatives, in an account in which a registered Market Maker, directly
or indirectly, controls trading activities, or has a direct interest in
the profits or losses thereof, which has not been reported to the
Exchange as required by this Rule. In addition to the existing
obligations under Exchange rules regarding the production of books and
records (see, e.g., Rule 4.2), the registered Market Maker in Trust
Issued Receipts shall make available to the Exchange such books,
records or other information pertaining to transactions by such entity
or registered or non-registered employee affiliated with such entity
for its or their own accounts for trading the underlying physical
commodity, related commodity futures or options on commodity futures,
or any other related commodity derivatives, as may be requested by the
Exchange.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. The Exchange will halt trading in the Shares
under the conditions specified in BZX Rule 11.18. Trading may be halted
because of market conditions or for reasons that, in the view of the
Exchange, make trading in the Shares inadvisable. These may include:
(1) The extent to which trading is not occurring in the bitcoin
underlying the Shares; or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. Trading in the Shares also will be subject to Rule
14.11(f)(4)(C)(ii), which sets forth circumstances under which trading
in the Shares may be halted and delisting proceedings commenced.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. BZX will allow
trading in the Shares from 8:00 a.m. until 5:00 p.m. Eastern Time. The
Exchange has appropriate rules to facilitate transactions in the Shares
during all trading sessions. As provided in BZX Rule 11.11(a) the
minimum price variation for quoting and entry of orders in securities
traded on the Exchange is $0.01 where the price is greater than $1.00
per share or $0.0001 where the price is less than $1.00 per share.
Surveillance
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. Additionally, the
Bitcoin Futures Contracts will be subject to the rules and surveillance
programs of CFE, CME, and the CFTC.\25\ Trading of the Shares through
the Exchange will be subject to the Exchange's surveillance procedures
for derivative products, including Trust Issued Receipts. The Exchange
or FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and the underlying Bitcoin Futures
Contracts via ISG from other exchanges who are members or affiliates of
the ISG or with which the Exchange has entered into a comprehensive
surveillance sharing agreement.\26\ The Exchange may also obtain
information regarding trading in the spot bitcoin market from exchanges
with which the Exchange has entered into a comprehensive surveillance
sharing agreement. In addition, the Exchange is able to access, as
needed, trade information for certain fixed income instruments reported
to FINRA's Trade Reporting and Compliance Engine (``TRACE''). The
Exchange prohibits the distribution of material non-public information
by its employees.
---------------------------------------------------------------------------

    \25\ The CFTC issued a press release on December 1, 2017, noting
the self-certifications from CFE and CME and highlighting the
rigorous process that the CFTC had undertaken in its engagement with
CFE and CME prior to the self-certification for the Bitcoin Futures
Contracts. The press release focused on the ongoing surveillances
that will occur on each listing exchange, including surveillance
based on information sharing with the underlying cash bitcoin
exchanges as well as the actions that the CFTC will undertake after
the contracts are launched, including monitoring and analyzing the
size and development of the market, positions and changes in
positions over time, open interest, initial margin requirements, and
variation margin payments, stress testing positions, conduct reviews
of designated contract markets, derivatives clearing organizations,
clearing firms, and individual traders involved in trading and
clearing bitcoin futures. For more information, see http://www.cftc.gov/PressRoom/PressReleases/pr7654-17.
    \26\ For a list of the current members and affiliate members of
ISG, see www.isgportal.com. The Exchange notes that not all
components of the Disclosed Portfolio for each Fund may trade on
markets that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement. Not more than
10% of the net assets of a Fund in the aggregate invested in Bitcoin
Futures Contracts shall consist of Bitcoin Futures Contracts whose
principal market is not a member of the ISG or with which the
Exchange has in place a comprehensive surveillance sharing
agreement.
---------------------------------------------------------------------------

Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Exchange Rule 3.7, which imposes
suitability obligations on Exchange members with respect to
recommending transactions in the Shares to customers; (3) how
information regarding the Intraday Indicative Value is disseminated;
(4) the risks involved in trading the Shares during the Pre-Opening
\27\ and After Hours Trading Sessions \28\ when an updated Intraday
Indicative Value will not be calculated or publicly disseminated; (5)
the requirement that members deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (6) trading information.
---------------------------------------------------------------------------

    \27\ The Pre-Opening Session is from 8:00 a.m. to 9:30 a.m.
Eastern Time.
    \28\ The After Hours Trading Session is from 4:00 p.m. to 5:00
p.m. Eastern Time.
---------------------------------------------------------------------------

    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Funds for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action, and
interpretive relief granted by the Commission from any rules under the
Act.

    In addition, the Information Circular will reference that each Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of the Funds and the applicable NAV calculation
time for the Shares. The Information Circular will disclose that
information about the Shares of the Funds will be publicly available on
that Fund's website. In addition, the Information Circular will
reference that the Trust is subject to various fees and expenses
described in the Registration Statement.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \29\ in general and Section 6(b)(5) of the Act \30\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f.
    \30\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Exchange believes that its surveillance procedures are adequate to
properly monitor the trading of the Shares on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws. Additionally, the Bitcoin
Futures Contracts will be subject to the rules and surveillance
programs of CFE, CME, and the CFTC. Trading of the Shares through the
Exchange will be subject to the Exchange's surveillance procedures for
derivative products, including Trust Issued Receipts. The Exchange or
FINRA, on behalf of the Exchange, will communicate as needed regarding
trading in the Shares and the underlying Bitcoin Futures Contracts via
ISG, from other exchanges who are members or affiliates of the ISG, or
with which the Exchange has entered into a comprehensive surveillance
sharing agreement. The Exchange may also obtain information regarding
trading in the spot bitcoin market via the ISG, from other exchanges
who are members or affiliates of the ISG, or from other exchanges with
which the Exchange has entered into a comprehensive surveillance
sharing agreement. In addition, the Exchange is able to access, as
needed, trade information for certain fixed income instruments reported
to TRACE. The Exchange prohibits the distribution of material non-
public information by its employees. The Exchange believes that its
surveillance procedures are adequate to properly monitor the trading of
the Shares on the Exchange during all trading sessions and to deter and
detect violations of Exchange rules and the applicable federal
securities laws.
    The Exchange further believes that the proposal is designed to
prevent fraudulent and manipulative acts and practices in that the
Exchange expects that the market for Bitcoin Futures Contracts will be
sufficiently liquid to support numerous ETPs shortly after launch. This
belief is based on numerous conversations with market participants,
issuers, and discussions with personnel of CFE. As such, the Exchange
believes that the expected liquidity in the market for Bitcoin Futures
Contracts combined with the Exchange surveillance procedures related to
the Shares and the broader regulatory structure will prevent trading in
the Shares from being susceptible to manipulation.
    Because of its innovative features as a cryptoasset, bitcoin has
gained wide acceptance as a secure means of exchange in the commercial
marketplace and has generated significant interest among investors. In
less than a decade since its creation in 2008, bitcoin has achieved
significant market penetration, with payments giant PayPal and
thousands of merchants and businesses accepting it as a form of
commercial payment, as well as receiving official recognition from
several governments, including Japan and Australia. Accordingly,
investor interest in gaining exposure to bitcoin is increasing
exponentially as well. As expected, the total volume of bitcoin
transactions in the market continues to grow exponentially.
    Despite the growing investor interest in bitcoin, the primary means
for investors to gain access to bitcoin exposure remains either through
the Bitcoin Futures Contracts or direct investment through bitcoin
exchanges or over-the-counter trading. For regular investors simply
wishing to express an investment viewpoint in bitcoin, investment
through the Bitcoin Futures Contracts is complex and requires active
management and direct investment in bitcoin brings with it significant
inconvenience, complexity, expense and risk. The Shares would therefore
represent a significant innovation in the bitcoin market by providing
an inexpensive and simple vehicle for investors to gain long or short
exposure to bitcoin in a secure and easily accessible product that is
familiar and transparent to investors. Such an innovation would help to
perfect the mechanism of a free and open market and, in general, to
protect investors and the public interest by improving investor access
to bitcoin exposure through efficient and transparent exchange-traded
derivative products.
    In addition to improved convenience, efficiency and transparency,
the Funds will also help to prevent fraudulent and manipulative acts
and practices by enhancing the security afforded to investors as
compared to a direct investment in bitcoin. Despite the extensive
security mechanisms built into the Bitcoin network, a remaining risk to
owning bitcoin directly is the need for the holder to retain and
protect the ``private key'' required to spend or sell bitcoin after
purchase. If a holder's private key is compromised or simply lost,
their bitcoin can be rendered unavailable--i.e., effectively lost to
the investor. This risk will be eliminated by the Long Fund because the
exposure to bitcoin is gained through cash-settled Bitcoin Futures
Contracts that do not present any of the security issues that exist
with direct investment in bitcoin.
    The Funds expect that they will generally seek to remain fully
exposed to Bitcoin Futures Contracts even during times of adverse
market conditions. Under Normal Market Conditions, the Funds will
generally hold only Bitcoin Futures Contracts and cash and Cash
Equivalents (which are used to collateralize the Bitcoin Futures
Contracts).
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV will be calculated daily and that the NAV and the
Disclosed Portfolio will be made available to all market participants
at the same time. In addition, a large amount of information is
publicly available regarding the Funds and the Shares, thereby
promoting market transparency. Moreover, the Intraday Indicative Value
will be disseminated by one or more major market data vendors at least
every 15 seconds during Regular Trading Hours. On each business day,
before commencement of trading in Shares during Regular Trading Hours,
each Fund will disclose on its website the Disclosed Portfolio that
will form the basis for the Fund's calculation of NAV at the end of the

business day. Pricing information will be available on each Fund's
website including: (1) The prior business day's reported NAV, the Bid/
Ask Price of the Fund, and a calculation of the premium and discount of
the Bid/Ask Price against the NAV; and (2) data in chart format
displaying the frequency distribution of discounts and premiums of the
daily Bid/Ask Price against the NAV, within appropriate ranges, for
each of the four previous calendar quarters. Additionally, information
regarding market price and trading of the Shares will be continually
available on a real-time basis throughout the day on brokers' computer
screens and other electronic services, and quotation and last sale
information for the Shares will be available on the facilities of the
CTA. The website for each Fund will include a form of the prospectus
for the Fund and additional data relating to NAV and other applicable
quantitative information. Trading in Shares of the Funds will be halted
under the conditions specified in BZX Rule 11.18. Trading may also be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. Finally, trading
in the Shares will be subject to BZX Rule 14.11(f)(4)(B)(ii), which
sets forth circumstances under which Shares of the Funds may be halted
and delisting proceedings commenced. In addition, as noted above,
investors will have ready access to information regarding each Fund's
holdings, the Intraday Indicative Value, the Disclosed Portfolio, and
quotation and last sale information for the Shares.
    Intraday price quotations on Cash Equivalents of the type held by
the Funds are available from major broker-dealer firms and from third-
parties, which may provide prices free with a time delay, or ``live''
with a paid fee. For Bitcoin Futures Contracts and Listed Bitcoin
Swaps, such intraday information is available directly from the
applicable listing venue. Intraday price information is also available
through subscription services, such as Bloomberg and Thomson Reuters,
which can be accessed by authorized participants and other investors.
Pricing information related to Cash Equivalents will be available
through issuer websites and publicly available quotation services such
as Bloomberg, Markit and Thomson Reuters.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
additional types of actively-managed exchange-traded products that will
enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement as well as trade information for certain
fixed income instruments as reported to FINRA's TRACE. Not more than
10% of the net assets of a Fund in the aggregate invested in Bitcoin
Futures Contracts shall consist of Bitcoin Futures Contracts whose
principal market is not a member of the ISG or with which the Exchange
has in place a comprehensive surveillance sharing agreement. In
addition, as noted above, investors will have ready access to
information regarding each Fund's holdings, the Intraday Indicative
Value, the Disclosed Portfolio, and quotation and last sale information
for the Shares.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

(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 purpose of the Act. The Exchange notes that the
proposed rule change, rather will facilitate the listing and trading of
additional actively-managed exchange-traded products that will enhance
competition among both market participants and listing venues, to the
benefit of investors and the marketplace.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeBZX-2018-001 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-2018-001. 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 will also 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-2018-001 and should be submitted
on or before February 8, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00720 Filed 1-17-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: September 30, 2005 (Volume 70, Number 189)]
[Notices]
[Page 57311]
[DOCID:fr30se05-121]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-3255-EM]

Rhode Island; Emergency and Related Determinations

AGENCY: Federal Emergency Management Agency, Emergency Preparedness and
Response Directorate, Department of Homeland Security.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of an
emergency for the State of Rhode Island (FEMA-3255-EM), dated September
19, 2005, and related determinations.

EFFECTIVE DATE: September 19, 2005.

FOR FURTHER INFORMATION CONTACT: Magda Ruiz, Recovery Division, and
Federal Emergency Management Agency, Washington, DC 20472, (202) 646-
2705.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated September 19, 2005, the President declared an emergency
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121-5206 (the Stafford
Act), as follows:

    I have determined that the emergency conditions in the State of
Rhode Island, resulting from the influx of evacuees from states
impacted by Hurricane Katrina beginning on August 29, 2005, and
continuing, is of sufficient severity and magnitude to warrant an
emergency declaration under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act, 42 U.S.C. 5121-5206 (the Stafford
Act). Therefore, I declare that such an emergency exists in the
State of Rhode Island.
    You are authorized to provide appropriate assistance for
required emergency measures, authorized under Title V of the
Stafford Act to save lives and protect public health and safety, or
to lessen or avert the threat of a catastrophe in the designated
areas. Specifically, you are authorized to provide emergency
protective measures (Category B), including direct Federal
assistance, under the Public Assistance program, at 100 percent
Federal funding. This assistance excludes regular time costs for
subgrantees' regular employees. In addition, you are authorized to
provide such other forms of assistance under Title V of the Stafford
Act as you may deem appropriate.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal emergency assistance and
administrative expenses.
    Further, you are authorized to make changes to this declaration
to the extent allowable under the Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Acting Under Secretary for
Emergency Preparedness and Response, Department of Homeland Security,
under Executive Order 12148, as amended, Kenneth L. Horak, of FEMA is
appointed to act as the Federal Coordinating Officer for this declared
emergency.
    I do hereby determine the following areas of the State of Rhode
Island to have been affected adversely by this declared emergency:

    All five counties in the State of Rhode Island for Public
Assistance Category B (emergency protective measures), including
direct Federal assistance, at 100 percent Federal funding.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund Program; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services Program; 97.034,
Disaster Unemployment Assistance (DUA); 97.046, Fire Management
Assistance; 97.048, Individuals and Households Housing; 97.049,
Individuals and Households Disaster Housing Operations; 97.050,
Individuals and Households Program--Other Needs; 97.036, Public
Assistance Grants; 97.039, Hazard Mitigation Grant Program.)
R. David Paulison,
Acting Under Secretary, Emergency Preparedness and Response, Department
of Homeland Security.
[FR Doc. 05-19635 Filed 9-29-05; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register: July 14, 2010 (Volume 75, Number 134)]
[Notices]
[Page 40812-40814]
[DOCID:fr14jy10-51]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

July 2, 2010.
    Take notice that the Commission received the following electric
rate filings:
    Docket Numbers: ER98-1796-013; ER98-1127-014; ER97-4281-022; ER10-
574-002; ER10-204-003; ER07-486-005; ER07-1406-005; ER07-649-004; ER99-
1115-014; ER99-1116-014.
    Applicants: EL Segundo Power II LLC, Long Beach Generation LLC,
Long Beach Peakers LLC, NRG Power Marketing LLC, Cabrillo Power I LLC,
Cabrillo Power II LLC, El Segundo Power LLC, NRG Solar Blythe LLC,
Saguaro Power Company, A Limited Partner.
    Description: Updated Market Power Analysis of NRG Southwest MBR
Entities.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5219.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER98-2640-034; ER98-4590-032.
    Applicants: Northern States Power Companies; Public Service Company
of Colorado.
    Description: Public Service Company of Colorado submits Triennial
Market Power Analysis and change-in-status report.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0208.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER98-3184-012; ER00-494-006.
    Applicants: TransAlta Energy Marketing (U.S.) Inc.; TransAlta
Centralia Generation LLC
    Description: TransAlta Entities submits letter requesting that the
Commission issue an order classifying as Category 1 Seller in all
regions.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0246.
    Comment Date: 5 p.m. e.t on Wednesday, July 21, 2010.

    Docket Numbers: ER00-1814-012; ER98-4336-016; ER99-1435-024.
    Applicants: Avista Corporation; Avista Turbine Power, Inc.; Spokane
Energy, LLC.
    Description: Avista Corporation et al. submits their triennial
market power study.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0211.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER00-2469-006.
    Applicants: Williams Flexible Generation, LLC.
    Description: Application for Finding as a Category 1 Seller of
Williams Flexible Generation, LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5217.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER00-2815-002.
    Applicants: Wheelabrator Shasta Energy Company Inc.
    Description: Wheelabrator Shasta Energy Company Inc. submits
request for Category 1 Seller Classification pursuant to the
requirements of Sec.  35.36 of the regulations of FERC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0232.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER00-3614-014; ER00-443-002; ER08-337-007.
    Applicants: BP Energy Company, BP West Coast Products LLC, Watson
Cogeneration Company.
    Description: Updated Market Power Analysis for Southwest Region of
BP Energy Co., Watson Cogeneration Company, and BP West Coast Products,
LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5039.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER01-1270-014; ER01-1278-014; ER02-1213-012.
    Applicants: Mirant Delta LLC; Mirant Potrero LLC; Mirant Energy
Trading LLC;
    Description: Mirant Entities submits their joint triennial market
power filing.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0242.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER02-1695-008; ER02-2309-007.
    Applicants: Cabazon Wind Partners, LLC; Whitewater Hill Wind
Partners, LLC.
    Description: Cabazon Wind Partners, LLC et al submits updated
market power analysis and the revised regional review schedule set
forth in Order No 697-C.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0207.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER03-155-012; ER03-179-011; ER04-947-011; ER04-127-
010; ER05-222-009; ER02-2018-013; ER09-832-010; ER09-902-005; ER09-901-
005; ER09-900-005.
    Applicants: POSDEF Power Company, LP; FPL Energy Green Power Wind,
LLC; Diablo Winds, LLC; High Winds, LLC; FPL Energy New Mexico Wind,
LLC; Blythe Energy, LLC; NextEra Energy Power Marketing, LLC; FPL
Energy Cabazon Wind, LLC; Sky River LLC; Victory Garden Phase IV, LLC.
    Description: NextEra Companies Southwest Triennial Market Power
Update and Request for Waiver.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5221.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER03-342-011; ER03-24-012; ER02-2227-013; ER02-
2229-012; ER02-600-014; ER05-67-009; ER05-68-009; ER06-755-009; ER06-
756-009; ER99-1983-012; ER01-2887-013; ER01-2688-016

    Applicants: Calpine Power America--CA, LLC; Los Esteros Critical
Energy Facility LLC; Creed Energy Center, LLC; Goose Haven Energy
Center, LLC; Delta Energy Center, LLC; Metcalf Energy Center, LLC;
Pastoria Energy Center, LLC; Calpine Gilroy Cogen, L.P.; Los Medanos
Energy Center LLC; Geysers Power Company LLC; South Point Energy
Center, LLC; Gilroy Energy Center, LLC.
    Description: Order 697-A compliance filing re Calpine Applicants.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0241.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER05-1178-015; ER09-838-001.
    Applicants: Gila River Power LP, Entegra Power Services LLC.
    Description: Gila River Power, L.P. and Entegra Power Services, LLC
submit Updated Market Power Analysis for Continued Market-Based Rate
Authority.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5148.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER05-1232-027; ER07-1113-014; ER09-335-009.
    Applicants: J.P. Morgan Ventures Energy Corporation, BE CA LLC.
    Description: Updated Market Power Analysis of J.P. Morgan Ventures
Energy Corporation and BE CA LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5124.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER06-736-004.
    Applicants: Midway Sunset Cogeneration Company.
    Description: Updated Market Power Analysis for the Southwest Region
of Midway Sunset Cogeneration Company.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5224.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER06-1331-006; ER01-2545-008; ER01-2544-008; ER01-
2543-008; ER01-2546-008; ER01-2547-008; ER03-1182-009.
    Applicants: CalPeak Power LLC, CalPeak Power--Panoche LLC, CalPeak
Power--Vaca Dixon LLC, CalPeak Power--El Cajon LLC, CalPeak Power--
Enterprise LLC, CalPeak Power--Border LLC, Tyr Energy LLC.
    Description: Updated Market Power Analysis of CalPeak Entities and
Tyr Energy, LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5218.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER07-1000-007.
    Applicants: Las Vegas Power Company, LLC.
    Description: Order 697-A compliance filing re Las Vegas Power
Company, LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0247.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER07-1106-008.
    Applicants: ArcLight Energy Marketing, LLC.
    Description: Updated Market Power Analysis of ArcLight Energy
Marketing, LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5082.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER08-656-008.
    Applicants: Shell Energy North America (US), L.P.
    Description: Updated Market Power Analysis for the Southwest Region
of Shell Energy North America (US), L.P.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5222.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER08-110-000.
    Applicants: Starwood Power-Midway, LLC.
    Description: Updated Market Power Analysis of Starwood Power-
Midway, LLC.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5174.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER08-912-012; ER09-1723-008; ER05-1146-024; ER07-
460-014; ER04-94-024.
    Applicants: Iberdrola Renewables; Dry Lake Wind Power, LLC; Shiloh
I Wind Project LLC; Dillon Wind LLC; Mountain View Power Partners III.
LLC.
    Description: Iberdrola Renewables, Inc. et al. submits
notifications of and requests for Category 1 Seller classification.
    Filed Date: 06/30/2010.
    Accession Number: 20100701-0240.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER09-1388-001.
    Applicants: Vermont Transco, LLC.
    Description: Vermont Transco, LLC submits updated Exhibit A to its
FERC Rate Schedule No 1, effective 7/1/2010.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0240.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER10-566-001; ER08-1255-003.
    Applicants: oso Geothermal Power Holdings, LLC; Oak Creek Wind
Power, LLC.
    Description: Coso Geothermal Power Holdings, LLC et al submits
updated market power analysis in compliance with the requirements of
section 35.37 of the regulations of the FERC etc.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0239.
    Comment Date: 5 p.m. e.t. on Monday, August 30, 2010.

    Docket Numbers: ER10-713-002.
    Applicants: PJM Interconnection, L.L.C., Carolina Power & Light
Company.
    Description: Supplemental Information of PJM Interconnection,
L.L.C. and Carolina Power and Light Company.
    Filed Date: 06/28/2010.
    Accession Number: 20100628-5230.
    Comment Date: 5 p.m. e.t. on Monday, July 19, 2010.

    Docket Numbers: ER10-1310-001.
    Applicants: Southwest Power Pool Inc.
    Description: Southwest Power Pool, Inc. submits Ninth Revised
Service Agreement 607, Fifth Revised Volume No. 1.
    Filed Date: 07/01/2010.
    Accession Number: 20100701-0257.
    Comment Date: 5 p.m. e.t. on Thursday, July 22, 2010.

    Docket Numbers: ER10-1319-002.
    Applicants: CMS Generation Michigan Power, LLC.
    Description: CMS Generation Michigan Power, LLC submits tariff
filing per 35: Baseline Cost-Based Tariff to be effective 7/1/2010.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5096.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER10-1323-003.
    Applicants: RRI Energy West, Inc.
    Description: RRI Energy West, Inc. submits an amendment to their
Notice of Succession to the tariff.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0210.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER10-1353-002.
    Applicants: Dearborn Industrial Generation, L.L.C.
    Description: Dearborn Industrial Generation, L.L.C. submits tariff
filing per 35: Baseline Reactive Supply and Voltage Control Service
Tariff No. 1 to be effective 7/1/2010.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-5112.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER10-1647-000.
    Applicants: MidAmerican Energy Company.

    Description: MidAmerican Energy Company submits a Notice of
Cancellation of the Partial Requirements Wholesale Service Agreement
with City of Fonda.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0236.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.

    Docket Numbers: ER10-1648-000.
    Applicants: Midwest Independent Transmission System Operator, Inc.
    Description: Midwest Independent Transmission System Operator, Inc
submit proposed revisions to its Open Access Transmission etc to be
effective 9/1/10.
    Filed Date: 06/30/2010.
    Accession Number: 20100630-0235.
    Comment Date: 5 p.m. e.t. on Wednesday, July 21, 2010.
    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. e.t. on the specified comment date. It is
not necessary to separately intervene again in a subdocket related to a
compliance filing if you have previously intervened in the same docket.
Protests will be considered by the Commission in determining the
appropriate action to be taken, but will not serve to make protestants
parties to the proceeding. Anyone filing a motion to intervene or
protest must serve a copy of that document on the Applicant. In
reference to filings initiating a new proceeding, interventions or
protests submitted on or before the comment deadline need not be served
on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2010-17146 Filed 7-13-10; 8:45 am]
BILLING CODE 6717-01-P