[Federal Register: November 27, 2006 (Volume 71, Number 227)]
[Notices]
[Page 68664-68665]
[DOCID:fr27no06-138]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54787; File No. SR-FICC-2006-14]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of a Proposed Rule Change Relating To Returning Excess
Clearing Fund Collateral

 November 20, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 22, 2006, the
Fixed Income Clearing Corporation (``FICC'') filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
primarily by FICC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The purpose of this rule filing is to amend FICC's Government
Securities Division's (``GSD'') rules to permit GSD members to request
the return of their excess clearing fund collateral held on deposit
with FICC on a more frequent basis than is currently allowed under
GSD's rules.

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

    In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------

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

    Currently, GSD members generally are permitted to request the
return of excess clearing fund collateral once per month.\3\ In
addition, on any business day, if a GSD member has an excess clearing
fund deposit in the amount of $5 million or more, the member may
request the return of the excess deposit provided, among other
requirements, that the member retain on deposit with GSD the greater of
at least 110 percent of its calculated required clearing fund deposit
or $1 million more than its calculated required clearing fund deposit.
---------------------------------------------------------------------------

    \3\ Excess clearing fund is the amount of collateral held on
deposit at GSD that is greater than a member's required clearing
fund deposit as set forth in GSD Rule 4 (Clearing Fund, Watch List
and Loss Allocation).
---------------------------------------------------------------------------

    In an effort to harmonize GSD's process with respect to the return
of excess collateral with the processes of other Depository Trust &
Clearing Corporation (``DTCC'') subsidiary clearing agencies, FICC
proposes to change GSD's rules to give GSD the discretion to return
excess clearing fund more frequently whether or not the excess reaches
110 percent of the required clearing fund deposit or $5 million.\4\
Under the proposal, GSD members would be able to request the return of
excess clearing fund on a daily basis. GSD would retain the right,
however, to deny the return of some or all of a member's excess
collateral in the following instances: (i) If, the member has an
outstanding payment obligation to FICC; (ii) if a member's funds-only
settlement amounts or net settlement positions over the upcoming 90
days may reasonably be expected to be materially different than those
of the preceding 90 days; (iii) if the member is on the watch list; or
(iv) when the return of excess clearing fund will cause the member to
be in violation of another GSD rule. In addition, excess clearing fund
would not be returned to a member if doing so would reduce a member's
cross-guaranty repayment deposit or cross-margining repayment deposit
to the clearing fund below the required amount.\5\
---------------------------------------------------------------------------

    \4\ The rules of the National Securities Clearing Corporation
(``NSCC'') and FICC's Mortgage Backed Securities Division (``MBSD'')
permit their respective members to request (under normal
circumstances) the return of their excess clearing fund more
frequently than once per month. Currently, NSCC's and MBSD's
procedures allow members to request the return of excess collateral
on a daily basis.
    \5\ Under GSD's rules, a ``cross-guaranty repayment deposit'' is
a deposit to the clearing fund required to be made by a cross-
guaranty beneficiary member pursuant to Rule 41, Section 4 of GSD's
rules. A ``cross-margining repayment deposit'' is a deposit to the
clearing fund required to be made by a cross-margining beneficiary
participant pursuant to Rule 43, Section 6 of GSD's rules.
---------------------------------------------------------------------------

    FICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act and the rules thereunder because
by enabling FICC members to request and receive an earlier return of
excess clearing fund collateral held on deposit at FICC while
maintaining the GSD's ability to deny the return of excess collateral
in order to protect FICC from undue risk, the proposed rule change
should not adversely affect FICC's ability to safeguard securities and
funds in its possession or control or for which it is responsible and
at the same time should enhance member liquidity.

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

    FICC does not believe that the proposed rule change will have any
impact or impose any burden on competition.

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

    FICC has not solicited written comments relating to the proposed
rule change. FICC will notify the Commission of any written comments it
receives.

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

    Within 35 days of the date of publication of this notice in the
Federal

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

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 No. SR-FICC-2006-14 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington DC 20549-1090.
    All submissions should refer to File No. SR-FICC-2006-14. 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 Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at FICC's principal office and on FICC's Web
site at <http://ficc.com/gov/gov.docs.jsp?NS-query=#rf>. 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
submission should refer to File No. SR-FICC-2006-14 and should be
submitted on or before December 18, 2006.

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-19984 Filed 11-24-06; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)]
[Notices]
[Pages 61599-61601]
[FR Doc No: 2017-28081]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82396; File No. SR-ISE-2017-108]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Schedule of Fees To Clarify the Market Maker Plus Program

December 22, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 12, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend the Schedule of Fees to clarify the
Market Maker Plus program.
    The text of the proposed rule change is available on the Exchange's
website at http://ise.cchwallstreet.com/, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange operates a Market Maker Plus program for regular
orders in Select Symbols\3\ whereby Market Makers that contribute to
market quality by maintaining tight markets are eligible for enhanced
rebates. The purpose of the proposed rule change is to amend the
Schedule of Fees to clarify how the Exchange provides Market Maker Plus
rebates under the Schedule of Fees.
---------------------------------------------------------------------------

    \3\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Pilot Program.
---------------------------------------------------------------------------

    A Market Maker Plus is a Market Maker who is on the National Best
Bid or National Best Offer (``NBBO'') a specified percentage of the
time for series trading between $0.03 and $3.00 (for options whose
underlying stock's previous trading day's last sale price was less than
or equal to $100) and between $0.10 and $3.00 (for options whose
underlying stock's previous trading day's last sale price was greater
than $100) in premium in each of the front two expiration months.\4\
Currently, the specified percentage for time at the NBBO for Select
Symbols other than SPY and QQQ is 80% to less than 85% for Tier 1, 85%
to less than 95% for Tier 2, and 95% or greater for Tier 3. For SPY and
QQQ only, the specified percentage for time at the NBBO is 70% to less
than 80% for Tier 1, 80% to less than 85% for Tier 2, 85% to less than
90% for Tier 3, and 90% or greater for Tier 4.
---------------------------------------------------------------------------

    \4\ A Market Maker's single best and single worst quoting days
each month based on the front two expiration months, on a per symbol
basis, will be excluded in calculating whether a Market Maker
qualifies for this rebate, if doing so will qualify a Market Maker
for the rebate. Other than days where the Exchange closes early for
holiday observance, any day that the market is not open for the
entire trading day or the Exchange instructs members in writing to
route their orders to other markets may be excluded from the Market
Maker Plus tier calculation; provided that the Exchange will only
remove the day for members that would have a lower time at the NBBO
for the specified series with the day included.
---------------------------------------------------------------------------

    Due to how quoting infrastructure is designed on INET, when
determining if the Market Maker meets the above specified percentages,
Market Maker Plus status is calculated independently based on quotes
entered in a symbol for each of the Market Maker's badge/suffix
combinations.\5\ If any badge/suffix combination meets the specified
percentage for a tier, the rebates for that tier are applied to
executions for all badge/suffix combinations used by the member to
trade the product--i.e., a member's highest tier achieved for any
badge/suffix combination quoting that symbol applies to executions
across all badge/suffix combinations that the member uses to trade in
that symbol. The same logic applies for linked rebates in SPY/QQQ,
meaning that if a member achieves a higher tier of Market Maker Plus
for any badge/suffix combination in one product (e.g., SPY) but not for
badge/suffix combinations in the other linked product (e.g., QQQ), the
member would receive the linked rebate in the other product for all
badge/suffix combinations.
---------------------------------------------------------------------------

    \5\ Market Makers may enter quotes in a symbol using one or more
unique, exchange assigned identifiers--i.e., badge/suffix
combinations.
---------------------------------------------------------------------------

    For example, assume Market Maker ABC is configured to trade SPY in
the following badge/suffix combinations: 123A, 123B, and 321A, and is
on the NBBO 97% of the time in 123A, 86% of the time in 123B, and 92%
of the time in 321A. Based on these facts, Market Maker ABC would
qualify for Tier 3 rebates in SPY for 123A based on a time at the NBBO
of 95% or greater. In addition Market Maker ABC would qualify for the
same Tier 3 rebates in SPY for 123B and 321A as the highest tier
achieved is applied to all badge/suffix combinations. If Market Maker
ABC also quotes QQQ in 321A, and is on the NBBO 80% of the time for
that badge/suffix, it would similarly receive the Tier 3 Linked Rebate
for QQQ in 321A based on quoting activity for SPY in 123A.
    Based on the above, the Exchange proposes to amend footnote 5 under
Section I. Regular Order Fees and Rebates to provide that: ``Market
Makers may enter quotes in a symbol using one or more unique, exchange
assigned identifiers--i.e., badge/suffix combinations. Market Maker
Plus status is calculated independently based on quotes entered in a
symbol for each of the Market Maker's badge/suffix combinations, and
the highest tier achieved for any badge/suffix combination quoting that
symbol applies to executions across all badge/suffix combinations that
the member uses to trade in that symbol.'' In addition, the Exchange
proposes to amend the second sentence of footnote 9 under Section I.
Regular Order Fees and Rebates to provide that: ``Linked maker rebate
applies to executions in SPY or QQQ if the Market Maker does not
achieve the applicable tier in that symbol but achieves the tier (i.e.,
any of Market Maker Plus Tiers 2-4) for any badge/suffix combination in
the other symbol, in which case the higher tier achieved applies to
both symbols.''
    Furthermore, the Schedule of Fees provides that if a Market Maker
achieves Market Maker Plus status, a $0.10 per contract fee applies
when trading against Priority Customer complex orders that leg into the
regular order book, and there will be no fee charged or rebate provided
when trading against non-Priority Customer complex orders that leg into
the regular order book. The

$0.10 per contract fee described above has always been applied instead
of the tiered rebate that normally applies to Market Maker Plus
executions.\6\ To increase transparency to members, the Exchange
proposes to explicitly state in the Schedule of Fees that no Market
Maker Plus rebate is provided when a fee is charged. As proposed, the
first line of footnote 10 under Section I. Regular Order Fees and
Rebates will be amended to provide that: ``A $0.10 per contract fee
applies instead of the applicable Market Maker Plus rebate when trading
against Priority Customer complex orders that leg into the regular
order book.'' Although this change is consistent with current practice,
the Exchange believes that it will eliminate any potential confusion
around whether a rebate is provided in addition to the fee charged when
trading against Priority Customer complex orders that leg into the
regular order book.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 72817 (August 12,
2014), 79 FR 48801 (August 18, 2014) (SR-ISE-2014-39).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among members and issuers and other persons using any facility,
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is reasonable
and equitable as it identifies how Market Maker Plus rebates are
provided on INET, which performs the Market Maker Plus calculation at
the badge/suffix level and applies Market Maker Plus rebates to
executions across all badge/suffix combinations that the member uses to
trade in that symbol, or to trade in a linked symbol in the case of
linked maker rebates for SPY/QQQ. The Exchange believes that it is
appropriate to amend the Schedule of Fees so that members are
appropriately apprised of how the Market Maker Plus program is
implemented on INET. By including this detail in the Schedule of Fees,
the proposed rule change will increase transparency around the
Exchange's billing to the benefit of its members, and in particular,
Market Makers that participate in the Market Maker Plus Program.
    The INET implementation being codified in this proposed rule change
is different in one respect from the prior implementation on the legacy
T7 trading system. Specifically, although the T7 billing system
similarly applied the rebates to all of a Market Maker's executions in
a symbol where the member met the Market Maker Plus requirements, the
calculation for time at the NBBO was based on all quotes submitted by
the member. On the legacy system, Market Makers were assigned Business
Unit designations for their quoting, with the majority of Market Makers
being configured with only one Business Unit for all of the firm's
quoting activity across the suite of products listed by the
Exchange.\9\ On INET, by contrast, Market Makers are assigned one or
more accounts and can associate different badge/suffix combinations
with each of those accounts--for example, to manage quotes in a
particular product. As currently implemented on INET, Market Makers
that quote a product across multiple badge/suffix combinations have to
qualify for a tier for one or more badge/suffix combinations in order
to qualify for that tier of Market Maker Plus. Because of the different
system architecture, which allows flexibility in setting up badge/
suffix combinations associated with a Market Maker account(s), the INET
billing system does not aggregate quoting activity across these
separate badge/suffix combinations to determine eligibility. However,
once a member qualifies for one badge/suffix combination, rebates are
paid across all of the Market Maker's badge/suffix combinations that
trade the product, thereby ensuring that Market Makers receive this
benefit across the entire firm when enhancing market quality.
---------------------------------------------------------------------------

    \9\ A number of users could be permissioned for each Business
Unit.
---------------------------------------------------------------------------

    The vast majority of Market Makers that choose to enter quotes for
a product using a single badge/suffix combination on INET are
unaffected by this change, which only impacts firms that decide to
quote a product across multiple badge/suffix combinations. In
conducting an analysis of Market Makers potentially impacted by this
change because the member quotes a single symbol using more than one
badge/suffix combination on INET, the Exchange found only one member
that did so and only during one month in a total of three symbols. The
Exchange therefore believes that members are unlikely to be negatively
impacted in their ability to earn rebates for their market quality
contribution under the INET implementation. Furthermore, for Market
Makers that do choose to enter quotes for a single product using
multiple badge/suffix combinations, the Exchange believes that this
implementation is appropriate as these members may be conducting
separate business across these badge/suffix combinations and should
therefore have their contribution to market quality measured at that
level. Nevertheless, as mentioned above, the program benefits continue
to accrue to all badge/suffix combinations once one badge/suffix
combination qualifies for that tier of Market Maker Plus. Paying
rebates across the entire firm based on the highest tier of Market
Maker Plus achieved in a symbol adds an extra incentive for members to
qualify for Market Maker Plus in one or more badge/suffix combinations
by maintaining quality markets based on time at the NBBO.
    The Exchange also believes that the proposed changes are not
unfairly discriminatory as all Market Makers are free to configure
their quoting activity across one or more badge/suffix combinations
based on their business or other needs, and will be treated uniformly
based on their quoting activity (i.e., time at the NBBO) and
configuration (i.e., badge/suffix setup) in the manner described in
this proposed rule change. As described above, this change is unlikely
to have any significant effect on any Market Maker's ability to earn
rebates under the Market Maker Plus program because it is rare for
Market Makers to quote a single product across multiple badge/suffix
combinations, and any impact can be mitigated by the Market Maker
determining to quote a product using only one badge/suffix combination.
Moreover, to the extent that any Market Maker chooses to use multiple
badge/suffix combinations to quote a particular symbol, the Exchange
believes that such member may be conducting separate business across
these badge/suffix combinations and it is therefore not unfairly
discriminatory to have the firm's contribution to market quality
measured at that level. Furthermore, the proposed rule change will
increase transparency around how Market Maker Plus rebates are applied,
which is beneficial for all members.
    Finally, the Exchange believes that the proposed clarification to
the fee charged for trading against Priority Customer complex orders
that leg into the regular order book is reasonable, equitable, and not
unfairly discriminatory as it avoids potential member confusion about
whether a rebate is provided when the fee is charged. Although prior
filings were

more clear that a rebate is not provided when a fee is charged, the
Exchange wishes to be explicit about this in the text of the Schedule
of Fees. The Exchange believes that the proposed change will increase
transparency around the Exchange's billing to the benefit of its
members.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change
describes the INET implementation of the Market Maker Plus program.
While certain elements of the program are changed from the prior T7
practice, for the reasons described in this proposed rule change the
Exchange does not believe that any members will be significantly
impacted by the changes. The Exchange therefore believes that the
Market Maker Plus program will continue to encourage competition by
incentivizing Market Makers to provide liquidity and maintain tight
markets in Select Symbols. Furthermore, the proposed rule change
explains that rebates are not provided when a fee is charged for
trading against Priority Customer complex orders that leg into the
regular order book. This language merely describes the Exchange's
billing, which remains unchanged, and will increase transparency to
members without any impact on competition. The Exchange operates in a
highly competitive market in which market participants can readily
favor competing venues if they deem fee levels at a particular venue to
be excessive, or rebate opportunities available at other venues to be
more favorable. In such an environment, the Exchange must continually
adjust its fees to remain competitive. Because competitors are free to
modify their own fees in response, and because market participants may
readily adjust their order routing practices, the Exchange believes
that the degree to which fee changes in this market may impose any
burden on competition is extremely limited.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\10\ and Rule 19b-4(f)(2) \11\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is: (i) Necessary or
appropriate in the public interest; (ii) for the protection of
investors; or (iii) otherwise in furtherance of the purposes of the
Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-ISE-2017-108 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-ISE-2017-108. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-ISE-2017-108 and should be submitted on
or before January 18, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-28081 Filed 12-27-17; 8:45 am]
 BILLING CODE 8011-01-P