[Federal Register Volume 83, Number 142 (Tuesday, July 24, 2018)]
[Notices]
[Pages 35040-35041]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15768]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83661; File No. SR-NYSEArca-2018-02]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change
Relating to Listing and Trading of the Direxion Daily Bitcoin Bear 1X
Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily
Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and
Direxion Daily Bitcoin 2X Bear Shares Under NYSE Arca Rule 8.200-E
July 18, 2018.
On January 4, 2018, NYSE Arca, Inc. (``NYSE Arca'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
shares of the following exchange-traded products under NYSE Arca Rule
8.200-E, Commentary .02: Direxion Daily Bitcoin Bear 1X Shares,
Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X
Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily
Bitcoin 2X Bear Shares. The proposed rule change was published for
comment in the Federal Register on January 24, 2018.\3\ On March 1,
2018, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ On
April 23, 2018, the Commission instituted proceedings under Section
19(b)(2)(B) of the Act \6\ to determine whether to approve or
disapprove the proposed rule change.\7\ The Commission has received two
comments on the proposed rule change.\8\
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\1\ 15 U.S.C.78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 82532 (Jan. 18,
2018), 83 FR 3380 (Jan. 24, 2018).
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 82795 (Mar. 1,
2018), 83 FR 9768 (Mar. 7, 2018).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 83094 (Apr. 23,
2018), 83 FR 18603 (Apr. 27, 2018). Specifically, the Commission
instituted proceedings to allow for additional analysis of the
proposed rule change's consistency with Section 6(b)(5) of the Act,
which requires, among other things, that the rules of a national
securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' See id. at 18604 (citing 15 U.S.C. 78f(b)(5)).
\8\ See Letters from Steven Williams (May 17, 2018) and Sharon
Brown-Hruska, Managing Director, and Trevor Wagener, Consultant,
NERA Economic Consulting (May 18, 2018). All comments on the
proposed rule change are available on the Commission's website at:
https://www.sec.gov/comments/sr-nysearca-2018-02/nysearca201802.htm.
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Section 19(b)(2) of the Act \9\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on January 24, 2018. July 23, 2018, is 180
[[Page 35041]]
days from that date, and September 21, 2018, is 240 days from that
date.
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\9\ 15 U.S.C. 78s(b)(2).
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider this proposed
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2)
of the Act,\10\ designates September 21, 2018, as the date by which the
Commission shall either approve or disapprove the proposed rule change
(File No. SR-NYSEArca-2018-02).
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\10\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15768 Filed 7-23-18; 8:45 am]
BILLING CODE 8011-01-P