80 FR 29127 - Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized By PSX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 97 (May 20, 2015)
Federal Register Volume 80, Issue 97 (May 20, 2015)
| Page Range | 29127-29131 | |
| FR Document | 2015-12146 |
[Federal Register Volume 80, Number 97 (Wednesday, May 20, 2015)] [Notices] [Pages 29127-29131] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-12146] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74967; File No. SR-Phlx-2015-39] Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized By PSX May 14, 2015. 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 May 5, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the [[Page 29128]] Securities and Exchange Commission (``SEC'' or ``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 update the public disclosure of the sources of data that PSX, the PHLX equities facility, utilizes when performing (1) order handling and execution; (2) order routing; and (3) related compliance processes. The text of the proposed rule change is below. Proposed new language is italicized; proposed deletions are bracketed. * * * * * 3304. Data Feeds Utilized [Phlx shall publicly disclose the proprietary and network processor feeds utilized by the System for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. This information shall be displayed on www.nasdaqtrader.com, and it shall be updated promptly each time Phlx determines to add, subtract, or otherwise modify a data source.] The PSX System utilizes the below proprietary and network processor feeds utilized by the System for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. The Secondary Source of data is utilized only in emergency market conditions and only until those emergency conditions are resolved. ------------------------------------------------------------------------ Market center Primary source Secondary source ------------------------------------------------------------------------ A--NYSE MKT (AMEX)............. CQS/UQDF.......... n/a B--NASDAQ OMX BX............... BX ITCH 5.0....... CQS/UQDF D--FINRA ADF................... CQS/UQDF.......... n/a J--DirectEdge A................ EdgeBook.......... CQS/UQDF K--DirectEdge X................ EdgeBook.......... CQS/UQDF M--CSX......................... CQS/UQDF.......... n/a N--NYSE........................ NYSE OpenBook CQS/UQDF Ultra. P--NYSE Arca................... ArcaBook Binary CQS/UQDF uncompacted. T/Q--NASDAQ.................... ITCH 5.0.......... CQS/UQDF X--NASDAQ OMX PSX.............. PSX ITCH 5.0...... CQS/UQDF Y--BATS Y-Exchange............. BATS PITCH........ CQS/UQDF Z--BATS Exchange............... BATS PITCH........ CQS/UQDF ------------------------------------------------------------------------ * * * * * (b) Not applicable. (c) Not applicable. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.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 In her June 5, 2014 market structure speech, the Chair requested that all national securities exchanges review and disclose their policies and procedures governing the market data used when performing important exchange functions.\3\ In a letter dated June 20, 2014, the Director of the Division of Trading and Markets codified this request: --------------------------------------------------------------------------- \3\ See Mary Jo White, Chair, Securities and Exchange Commission, Speech at the Sandler O'Neill & Partners L.P. Global Exchange and Brokerage Conference (June 5, 2014). We believe there is a need for clarity regarding whether (1) the SIP data feeds, (2) proprietary data feeds, or (3) a combination thereof, are used by the exchanges for purposes of (1) order handling and execution (e.g., with pegged or midpoint orders), (2) order routing, and (3) regulatory compliance, as applicable. . . . Accordingly, we ask that proposed rule changes be filed that disclose the particular market data feeds that are used for each of these purposes. Consistent with your recent discussions with Commission staff, we ask that each SRO file these proposed rule changes with the Commission by July 15, 2014.\4\ --------------------------------------------------------------------------- \4\ See Letter from Steven Luparello, Director, SEC Division of Trading and Markets, to Robert Greifeld, Chief Executive Officer, NASDAQ OMX Group, Inc., dated June 20, 2014. PHLX fully supports the Commission's efforts to provide more clarity in this area. Through this proposed rule change, PHLX is publicly clarifying on a market-by-market basis the specific network processor and proprietary data feeds that PHLX utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. These complex practices are governed by a few, simple principles that are designed to ensure that PHLX has the most accurate view of the trading interest available across multiple markets, and to maximize the synchronization of the many exchange functions that depend upon the calculation of an accurate NBBO and top-of-book for each market. These principles are: 1. PHLX uses a proprietary data feed from each exchange that provides a reliable proprietary data feed. Where no reliable proprietary data feed is available, PHLX uses the network processor feed; 2. Where PHLX uses a proprietary data feed for an exchange quote, it also maintains access to the network processor feed as a back-up in the event a specific proprietary feed become [sic] unavailable or unusable for any reason; 3. PHLX uses the same proprietary data feed when performing order handling, routing, and execution functions, and also when the execution and routing system performs internal compliance checks related to those functions; and 4. PHLX acquires and processes all proprietary and network processor feeds via the same technological configuration [[Page 29129]] (i.e., telecommunication circuitry, switches, and feed handlers) to the greatest extent possible. 5. PHLX calculates the National Best Bid and Offer (``NBBO'') and top-of-book for each exchange at a single point within the PHLX System, and then distributes that data simultaneously to numerous applications performing order handling, routing, execution, and internal compliance functions throughout the PHLX System. 6. PHLX aggregates odd-lot orders, including those in its own and affiliated markets, when calculating the NBBO based upon a direct feed from an away exchange. PHLX processes odd-lot orders from each exchange direct feed in the same manner that that exchange aggregates odd-lots when reporting its own quotations to the SIP. 7. PHLX utilizes the NBBO and top-of-book calculations described above for the handling of orders that use those reference points, including all variations of midpoint orders, pegged orders, and price- to-comply orders described in PHLX Rule 3301(f). 8. When calculating the NBBO, the PHLX System does not utilize feedback from other venues when calculating the NBBO. The PHLX System assumes that a protected quotation to which it has routed an order has been executed and can be removed from the NBBO; it does not await or respond to execution reports from such routing activity. As of the date of this filing, PHLX utilizes the following data feeds for the handling, execution and routing of orders, as well as for performing related compliance checks: ------------------------------------------------------------------------ Market center Primary source Secondary source ------------------------------------------------------------------------ A--NYSE MKT (AMEX)............. CQS/UQDF.......... n/a B--NASDAQ OMX BX............... BX ITCH 5.0....... CQS/UQDF D--FINRA ADF................... CQS/UQDF.......... n/a J--DirectEdge A................ EdgeBook.......... CQS/UQDF K--DirectEdge X................ EdgeBook.......... CQS/UQDF M--CSX......................... CQS/UQDF.......... n/a N--NYSE........................ NYSE OpenBook CQS/UQDF Ultra. P--NYSE Arca................... ArcaBook Binary CQS/UQDF uncompacted. T/Q--NASDAQ.................... ITCH 5.0.......... CQS/UQDF X--NASDAQ OMX PSX.............. PSX ITCH 5.0...... CQS/UQDF Y--BATS Y-Exchange............. BATS PITCH........ CQS/UQDF Z--BATS Exchange............... BATS PITCH........ CQS/UQDF ------------------------------------------------------------------------ PHLX uses these feeds to calculate the NBBO via an application called the ``NMSFeed.'' The NMSFeed consumes the PHLX Protected Quote Service (``NPQS''), which provides an internal view of that exchange's own market data as PHLX ITCH, plus the proprietary and network processor market data feeds listed above. The NMSFeed calculates a Regulation NMS-Compliant ``Best Bid or Offer'' (``Compliant BBO''), and then delivers that information throughout the PHLX System, including to the ``OUCH'' order entry ports,\5\ the routing system, and various compliance applications described below. --------------------------------------------------------------------------- \5\ OUCH is a protocol that allows PHLX participants to enter, replace and cancel orders and receive executions. In addition to OUCH, PHLX offers the FLITE protocol as an option for participants. In this document, references to OUCH also include FLITE because they are interchangeable for these purposes. --------------------------------------------------------------------------- Upon receipt of an update to a protected quote for a specific venue, the NMSFeed updates its quote for that venue, recalculates the consolidated BBO based upon the update, and recalculates the Compliant BBO after applying PHLX's own BBO. Any portion of a quote that crosses PHLX's BBO is ignored for purposes of calculating the NBBO. PHLX odd lot orders at the same price are aggregated and considered in the NBBO calculation if the sum is greater than or equal to a round lot. Otherwise, they are not considered in the NBBO calculation. Out of the remaining quotes, the most aggressive remaining bid and offer (excluding PHLX \6\ and any destination which has been excluded from the NBBO in compliance with the self-help procedures under Regulation NMS) is selected and reported as the best quote. If away markets are crossing the market after applying PHLX's BBO, orders will be accepted as originally priced and have the potential to execute. Any order sent to PHLX that is not an Intermarket Sweep Order (``ISO'') will have the Compliant BBO check enforced by the system.\7\ --------------------------------------------------------------------------- \6\ Deletion of PHLX's quote at this stage of the process is necessary because otherwise the system would prevent valid executions on PHLX in the erroneous belief that such executions would be ``trade throughs'' in violation of Regulation NMS. \7\ In general, any order that is sent to PHLX with an ISO flag is not re-priced and will be processed at its original price. There are a limited number of circumstances in which an order marked as an ISO will be determined not to be executable at its original price and will be re-priced. These include re-pricing under the Plan to Address Extraordinary Market Volatility, re-pricing to comply with Regulation SHO, and the re-pricing of an order with a post-only condition if PHLX has an order at that price at the time the order is accepted. --------------------------------------------------------------------------- The PHLX Routing and Special Handling System (``RASH'') utilizes the Compliant BBO to determine if and when an order with special processing directives is marketable either against one or more orders in either the Core Matching System or a remote trading venue. RASH also receives market data feeds from certain venues not displaying protected quotes in the national market system for use in ``XDRK'' and ``XCST'' routing strategies set forth in PHLX Rule 3308(a)(1)(A)(xiii) [sic] and (xiv) [sic], respectively. RASH maintains a number of routing processes, or Routers, unique to each venue that the System accesses. These Routers maintain a limited set of details for orders that are configured as routable by the user, while also monitoring the current best bid and best offer prices on each exchange. The PHLX System includes internal compliance applications related to locked and crossed markets, trade throughs, limit-up/limit-down, and Regulation SHO compliance. Each of these applications utilizes the Compliant BBO to ensure compliance with applicable regulations. PHLX operates a separate real-time surveillance system that is external to the execution systems and that monitors the execution system's compliance with applicable rules and regulations. The real- time surveillance system utilizes a ``mirrored'' version of the internal NMSFeed in various realtime surveillance patterns, including (1) Lock/Cross, which detects lock/cross events across all markets, regardless of whether or not PHLX is a participant in the event; (2) Trade Through, which detects potential trade through events for all three NASDAQ equity markets; and (3) RegSho, which detects potential RegSho violations, alerting when a trade executes at or below the NBB at the time [[Page 29130]] of order entry while the stock is in a RegSho restricted state. 2. Statutory Basis PHLX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\8\ in general and with Sections [sic] 6(b)(5) of the Act,\9\ 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 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f. \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that its proposal to describe the Exchange's use of data feeds removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional specificity and transparency. The Exchange's proposal will enable investors to better assess the quality of the Exchange's execution and routing services. The proposal does not change the operation of the Exchange or its use of data feeds; rather it describes how, and for what purposes, the Exchange uses the quotes disseminated from data feeds to calculate the NBBO for a security for purposes of Regulation NMS, Regulation SHO and various order types that update based on changes to the applicable NBBO. The Exchange believes the additional transparency into the operation of the Exchange as described in the proposal will remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. To the contrary, the Exchange believes the proposal would enhance competition because describing the Exchange's use of data feeds enhances transparency and enables investors to better assess the quality of the Exchange's execution and routing services. 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 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \12\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing, noting that waiver of the operative delay would permit the Exchange to immediately enhance transparency. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse 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-Phlx-2015-39 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-Phlx-2015-39. 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 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 Web site 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; 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-Phlx-2015-39 and should be submitted on or before June 10, 2015. [[Page 29131]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-12146 Filed 5-19-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices 29127
differences, such differences are not C. Self-Regulatory Organization’s number should be included on the
substantive and are still consistent with Statement on Comments on the subject line if email is used.
the scope of prior self-regulatory Proposed Rule Change Received From To help the Commission process and
organization rulemaking. Members, Participants, or Others review your comments more efficiently,
No written comments were solicited please use only one method. The
Finally, the Exchange believes that as Commission will post all comments on
Rule 6.7 will now govern the liability of or received with respect to the proposed
the Commission’s Internet Web site
the Exchange for claims arising out of rule change.
(http://www.sec.gov/rules/sro.shtml).
any errors or omissions by agents of the III. Date of Effectiveness of the Copies of the submission, all subsequent
Exchange (which would include Order Proposed Rule Change and Timing for amendments, all written statements
Book Officials, PAR Officials and their Commission Action with respect to the proposed rule
respective assistants or clerks), Rule change that are filed with the
Because the foregoing proposed rule
7.11 is superfluous and unnecessary to change does not: (i) Significantly affect Commission, and all written
maintain in the rules. Additionally, the the protection of investors or the public communications relating to the
Exchange no longer believes it is interest; (ii) impose any significant proposed rule change between the
necessary to single out the errors or burden on competition; and (iii) become Commission and any person, other than
omissions of Order Book Officials and operative for 30 days from the date on those that may be withheld from the
PAR Officials in the manner described which it was filed, or such shorter time public in accordance with the
under Rule 7.11 as compared to other as the Commission may designate, it has provisions of 5 U.S.C. 552, will be
errors and omissions that are subject to become effective pursuant to Section available for Web site viewing and
Rule 6.7. The Exchange notes that 19(b)(3)(A) of the Act 32 and Rule 19b– printing in the Commission’s Public
although the Exchange’s reciprocal right 4(f)(6) 33 thereunder. At any time within Reference Room, 100 F St. NE.,
to bring a claim against Trading Permit Washington, DC 20549, on official
60 days of the filing of the proposed rule
business days between the hours of
Holders and the arbitration process for change, the Commission summarily may
10:00 a.m. and 3:00 p.m. Copies of such
disputed claims will be eliminated, temporarily suspend such rule change if
filing also will be available for
such language is no longer necessary.30 it appears to the Commission that such
inspection and copying at the principal
As such, the Exchange believes that action is necessary or appropriate in the
office of the Exchange. All comments
eliminating Rule 7.11 maintains clarity public interest, for the protection of
received will be posted without change;
in the rules and avoids potential investors, or otherwise in furtherance of
the Commission does not edit personal
confusion, which removes impediments the purposes of the Act. If the
identifying information from
and perfects the mechanism of a free Commission takes such action, the
submissions. You should submit only
and open market and a national market Commission will institute proceedings information that you wish to make
system, and, in general, protects to determine whether the proposed rule available publicly. All submissions
investors and the public interest. change should be approved or should refer to File Number SR–CBOE–
disapproved. 2015–042, and should be submitted on
B. Self-Regulatory Organization’s or before June 10, 2015.
IV. Solicitation of Comments
Statement on Burden on Competition
Interested persons are invited to For the Commission, by the Division of
The Exchange believes that this submit written data, views, and Trading and Markets, pursuant to delegated
proposed rule change does not impose arguments concerning the foregoing, authority.34
any burden on competition that is not including whether the proposed rule Robert W. Errett,
necessary or appropriate in furtherance change is consistent with the Act. Deputy Secretary.
of the purposes of the Act. As stated Comments may be submitted by any of [FR Doc. 2015–12148 Filed 5–19–15; 8:45 am]
above, the Exchange believes that these the following methods: BILLING CODE 8011–01–P
policies would promote fairness in the Electronic Comments
national market system. The proposed
rule change would allow CBOE to • Use the Commission’s Internet SECURITIES AND EXCHANGE
comment form (http://www.sec.gov/ COMMISSION
address Trading Permit Holder requests
rules/sro.shtml); or [Release No. 34–74967; File No. SR–Phlx–
for compensation under various
• Send an email to rule-comments@ 2015–39]
circumstances and would allow CBOE sec.gov. Please include File Number SR–
to act in a fashion similar to many of its CBOE–2015–042 on the subject line. Self-Regulatory Organizations;
competitors. In addition, as stated NASDAQ OMX PHLX, LLC; Notice of
above, several exchanges have Paper Comments
Filing and Immediate Effectiveness of
substantially similar rules to those • Send paper comments in triplicate Proposed Rule Change To Update the
proposed here, except as otherwise to Brent J. Fields, Secretary, Securities Public Disclosure of Sources of Data
noted, and the Exchange believes that and Exchange Commission, 100 F Street Utilized By PSX
the proposed rule change would place NE., Washington, DC 20549–1090.
CBOE in a similar position to address All submissions should refer to File May 14, 2015.
Trading Permit Holder requests.31 Number SR–CBOE–2015–042. This file Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
mstockstill on DSK4VPTVN1PROD with NOTICES
32 15 U.S.C. 78s(b)(3)(A). (‘‘Act’’),1 and Rule 19b–4 thereunder,2
33 17 CFR 240.19b–4(f)(6). As required under Rule notice is hereby given that on May 5,
19b–4(f)(6)(iii), the Exchange provided the 2015, NASDAQ OMX PHLX LLC
Commission with written notice of its intent to file (‘‘Phlx’’ or ‘‘Exchange’’) filed with the
30 In practice, there have not been any disputed
the proposed rule change, along with a brief
description and the text of the proposed rule
claims submitted to the arbitration process under change, at least five business days prior to the date
34 17 CFR 200.30–3(a)(12).
Rule 7.11 for several years. of filing of the proposed rule change, or such 1 15 U.S.C. 78s(b)(1).
31 Id. shorter time as designated by the Commission. 2 17 CFR 240.19b–4.
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![29128 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices
Securities and Exchange Commission handling and execution; (2) order This information shall be displayed on
(‘‘SEC’’ or ‘‘Commission’’) the proposed routing; and (3) related compliance www.nasdaqtrader.com, and it shall be
rule change as described in Items I and processes. updated promptly each time Phlx
II, below, which Items have been The text of the proposed rule change determines to add, subtract, or
prepared by the Exchange. The is below. Proposed new language is otherwise modify a data source.]
Commission is publishing this notice to italicized; proposed deletions are
bracketed. The PSX System utilizes the below
solicit comments on the proposed rule
proprietary and network processor feeds
change from interested persons. * * * * *
utilized by the System for the handling,
I. Self-Regulatory Organization’s 3304. Data Feeds Utilized routing, and execution of orders, as well
Statement of the Terms of Substance of [Phlx shall publicly disclose the as for the regulatory compliance
the Proposed Rule Change proprietary and network processor feeds processes related to those functions. The
The Exchange proposes to update the utilized by the System for the handling, Secondary Source of data is utilized
public disclosure of the sources of data routing, and execution of orders, as well only in emergency market conditions
that PSX, the PHLX equities facility, as for the regulatory compliance and only until those emergency
utilizes when performing (1) order processes related to those functions. conditions are resolved.
Secondary
Market center Primary source source
A—NYSE MKT (AMEX) .............................................................. CQS/UQDF ................................................................................. n/a
B—NASDAQ OMX BX ................................................................ BX ITCH 5.0 ................................................................................ CQS/UQDF
D—FINRA ADF ........................................................................... CQS/UQDF ................................................................................. n/a
J—DirectEdge A .......................................................................... EdgeBook .................................................................................... CQS/UQDF
K—DirectEdge X ......................................................................... EdgeBook .................................................................................... CQS/UQDF
M—CSX ....................................................................................... CQS/UQDF ................................................................................. n/a
N—NYSE ..................................................................................... NYSE OpenBook Ultra ................................................................ CQS/UQDF
P—NYSE Arca ............................................................................ ArcaBook Binary uncompacted ................................................... CQS/UQDF
T/Q—NASDAQ ............................................................................ ITCH 5.0 ...................................................................................... CQS/UQDF
X—NASDAQ OMX PSX .............................................................. PSX ITCH 5.0 ............................................................................. CQS/UQDF
Y—BATS Y-Exchange ................................................................ BATS PITCH ............................................................................... CQS/UQDF
Z—BATS Exchange .................................................................... BATS PITCH ............................................................................... CQS/UQDF
* * * * * and disclose their policies and utilizes for the handling, routing, and
(b) Not applicable. procedures governing the market data execution of orders, and for performing
(c) Not applicable. used when performing important the regulatory compliance checks
The text of the proposed rule change exchange functions.3 In a letter dated related to each of those functions. These
is available on the Exchange’s Web site June 20, 2014, the Director of the complex practices are governed by a
at http:// Division of Trading and Markets few, simple principles that are designed
nasdaqomxphlx.cchwallstreet.com/, at codified this request: to ensure that PHLX has the most
the principal office of the Exchange, and accurate view of the trading interest
We believe there is a need for clarity
at the Commission’s Public Reference available across multiple markets, and
regarding whether (1) the SIP data feeds, (2)
Room. proprietary data feeds, or (3) a combination to maximize the synchronization of the
II. Self-Regulatory Organization’s thereof, are used by the exchanges for many exchange functions that depend
Statement of the Purpose of, and purposes of (1) order handling and execution upon the calculation of an accurate
(e.g., with pegged or midpoint orders), (2) NBBO and top-of-book for each market.
Statutory Basis for, the Proposed Rule
order routing, and (3) regulatory compliance, These principles are:
Change as applicable. . . . Accordingly, we ask that
1. PHLX uses a proprietary data feed
In its filing with the Commission, the proposed rule changes be filed that disclose
the particular market data feeds that are used from each exchange that provides a
Exchange included statements
for each of these purposes. Consistent with reliable proprietary data feed. Where no
concerning the purpose of and basis for
your recent discussions with Commission reliable proprietary data feed is
the proposed rule change and discussed
staff, we ask that each SRO file these available, PHLX uses the network
any comments it received on the proposed rule changes with the Commission processor feed;
proposed rule change. The text of these by July 15, 2014.4 2. Where PHLX uses a proprietary
statements may be examined at the data feed for an exchange quote, it also
places specified in Item IV below. The PHLX fully supports the
Commission’s efforts to provide more maintains access to the network
Exchange has prepared summaries, set processor feed as a back-up in the event
forth in sections A, B, and C below, of clarity in this area. Through this
proposed rule change, PHLX is publicly a specific proprietary feed become [sic]
the most significant aspects of such unavailable or unusable for any reason;
statements. clarifying on a market-by-market basis
the specific network processor and 3. PHLX uses the same proprietary
A. Self-Regulatory Organization’s proprietary data feeds that PHLX data feed when performing order
mstockstill on DSK4VPTVN1PROD with NOTICES
Statement of the Purpose of, and handling, routing, and execution
Statutory Basis for, the Proposed Rule 3 See Mary Jo White, Chair, Securities and functions, and also when the execution
Change Exchange Commission, Speech at the Sandler and routing system performs internal
O’Neill & Partners L.P. Global Exchange and compliance checks related to those
1. Purpose Brokerage Conference (June 5, 2014).
functions; and
4 See Letter from Steven Luparello, Director, SEC
In her June 5, 2014 market structure Division of Trading and Markets, to Robert Greifeld,
4. PHLX acquires and processes all
speech, the Chair requested that all Chief Executive Officer, NASDAQ OMX Group, proprietary and network processor feeds
national securities exchanges review Inc., dated June 20, 2014. via the same technological configuration
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![Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices 29129
(i.e., telecommunication circuitry, markets, when calculating the NBBO 8. When calculating the NBBO, the
switches, and feed handlers) to the based upon a direct feed from an away PHLX System does not utilize feedback
greatest extent possible. exchange. PHLX processes odd-lot from other venues when calculating the
5. PHLX calculates the National Best orders from each exchange direct feed in NBBO. The PHLX System assumes that
Bid and Offer (‘‘NBBO’’) and top-of- the same manner that that exchange a protected quotation to which it has
book for each exchange at a single point aggregates odd-lots when reporting its routed an order has been executed and
within the PHLX System, and then own quotations to the SIP. can be removed from the NBBO; it does
distributes that data simultaneously to 7. PHLX utilizes the NBBO and top- not await or respond to execution
numerous applications performing order of-book calculations described above for reports from such routing activity. As of
handling, routing, execution, and the handling of orders that use those the date of this filing, PHLX utilizes the
internal compliance functions reference points, including all variations following data feeds for the handling,
throughout the PHLX System. of midpoint orders, pegged orders, and execution and routing of orders, as well
6. PHLX aggregates odd-lot orders, price-to-comply orders described in as for performing related compliance
including those in its own and affiliated PHLX Rule 3301(f). checks:
Secondary
Market center Primary source source
A—NYSE MKT (AMEX) .............................................................. CQS/UQDF ................................................................................. n/a
B—NASDAQ OMX BX ................................................................ BX ITCH 5.0 ................................................................................ CQS/UQDF
D—FINRA ADF ........................................................................... CQS/UQDF ................................................................................. n/a
J—DirectEdge A .......................................................................... EdgeBook .................................................................................... CQS/UQDF
K—DirectEdge X ......................................................................... EdgeBook .................................................................................... CQS/UQDF
M—CSX ....................................................................................... CQS/UQDF ................................................................................. n/a
N—NYSE ..................................................................................... NYSE OpenBook Ultra ................................................................ CQS/UQDF
P—NYSE Arca ............................................................................ ArcaBook Binary uncompacted ................................................... CQS/UQDF
T/Q—NASDAQ ............................................................................ ITCH 5.0 ...................................................................................... CQS/UQDF
X—NASDAQ OMX PSX .............................................................. PSX ITCH 5.0 ............................................................................. CQS/UQDF
Y—BATS Y-Exchange ................................................................ BATS PITCH ............................................................................... CQS/UQDF
Z—BATS Exchange .................................................................... BATS PITCH ............................................................................... CQS/UQDF
PHLX uses these feeds to calculate the remaining quotes, the most aggressive protected quotes in the national market
NBBO via an application called the remaining bid and offer (excluding system for use in ‘‘XDRK’’ and ‘‘XCST’’
‘‘NMSFeed.’’ The NMSFeed consumes PHLX 6 and any destination which has routing strategies set forth in PHLX Rule
the PHLX Protected Quote Service been excluded from the NBBO in 3308(a)(1)(A)(xiii) [sic] and (xiv) [sic],
(‘‘NPQS’’), which provides an internal compliance with the self-help respectively. RASH maintains a number
view of that exchange’s own market data procedures under Regulation NMS) is of routing processes, or Routers, unique
as PHLX ITCH, plus the proprietary and selected and reported as the best quote. to each venue that the System accesses.
network processor market data feeds If away markets are crossing the market These Routers maintain a limited set of
listed above. The NMSFeed calculates a after applying PHLX’s BBO, orders will details for orders that are configured as
Regulation NMS-Compliant ‘‘Best Bid or be accepted as originally priced and routable by the user, while also
Offer’’ (‘‘Compliant BBO’’), and then have the potential to execute. Any order monitoring the current best bid and best
delivers that information throughout the sent to PHLX that is not an Intermarket offer prices on each exchange.
PHLX System, including to the ‘‘OUCH’’ Sweep Order (‘‘ISO’’) will have the The PHLX System includes internal
order entry ports,5 the routing system, Compliant BBO check enforced by the compliance applications related to
and various compliance applications system.7 locked and crossed markets, trade
described below. The PHLX Routing and Special throughs, limit-up/limit-down, and
Upon receipt of an update to a Handling System (‘‘RASH’’) utilizes the Regulation SHO compliance. Each of
protected quote for a specific venue, the Compliant BBO to determine if and these applications utilizes the
NMSFeed updates its quote for that when an order with special processing Compliant BBO to ensure compliance
venue, recalculates the consolidated directives is marketable either against with applicable regulations.
BBO based upon the update, and one or more orders in either the Core PHLX operates a separate real-time
recalculates the Compliant BBO after Matching System or a remote trading surveillance system that is external to
applying PHLX’s own BBO. Any portion venue. RASH also receives market data the execution systems and that monitors
of a quote that crosses PHLX’s BBO is feeds from certain venues not displaying the execution system’s compliance with
ignored for purposes of calculating the applicable rules and regulations. The
NBBO. PHLX odd lot orders at the same 6 Deletion of PHLX’s quote at this stage of the real-time surveillance system utilizes a
process is necessary because otherwise the system ‘‘mirrored’’ version of the internal
price are aggregated and considered in would prevent valid executions on PHLX in the
the NBBO calculation if the sum is erroneous belief that such executions would be
NMSFeed in various realtime
greater than or equal to a round lot. ‘‘trade throughs’’ in violation of Regulation NMS. surveillance patterns, including (1)
Otherwise, they are not considered in 7 In general, any order that is sent to PHLX with Lock/Cross, which detects lock/cross
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the NBBO calculation. Out of the an ISO flag is not re-priced and will be processed events across all markets, regardless of
at its original price. There are a limited number of whether or not PHLX is a participant in
circumstances in which an order marked as an ISO
5 OUCH is a protocol that allows PHLX
will be determined not to be executable at its the event; (2) Trade Through, which
participants to enter, replace and cancel orders and original price and will be re-priced. These include detects potential trade through events
receive executions. In addition to OUCH, PHLX re-pricing under the Plan to Address Extraordinary for all three NASDAQ equity markets;
offers the FLITE protocol as an option for Market Volatility, re-pricing to comply with
participants. In this document, references to OUCH Regulation SHO, and the re-pricing of an order with
and (3) RegSho, which detects potential
also include FLITE because they are a post-only condition if PHLX has an order at that RegSho violations, alerting when a trade
interchangeable for these purposes. price at the time the order is accepted. executes at or below the NBB at the time
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![29130 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices
of order entry while the stock is in a C. Self-Regulatory Organization’s Commission takes such action, the
RegSho restricted state. Statement on Comments on the Commission shall institute proceedings
Proposed Rule Change Received From to determine whether the proposed rule
2. Statutory Basis
Members, Participants, or Others should be approved or disapproved.
PHLX believes that the proposed rule No written comments were either
change is consistent with the provisions IV. Solicitation of Comments
solicited or received.
of Section 6 of the Act,8 in general and Interested persons are invited to
with Sections [sic] 6(b)(5) of the Act,9 in III. Date of Effectiveness of the
Proposed Rule Change and Timing for submit written data, views, and
particular in that it is designed to arguments concerning the foregoing,
prevent fraudulent and manipulative Commission Action
including whether the proposed rule
acts and practices, to promote just and Because the proposed rule change change is consistent with the Act.
equitable principles of trade, to foster does not (i) significantly affect the Comments may be submitted by any of
cooperation and coordination with protection of investors or the public the following methods:
persons engaged in regulating, clearing, interest; (ii) impose any significant
settling, processing information with burden on competition; and (iii) become Electronic Comments
respect to, and facilitating transactions operative for 30 days from the date on
in securities, to remove impediments to which it was filed, or such shorter time • Use the Commission’s Internet
and perfect the mechanism of a free and as the Commission may designate, the comment form (http://www.sec.gov/
open market and a national market proposed rule change has become rules/sro.shtml); or
system, and, in general, to protect effective pursuant to Section 19(b)(3)(A) • Send an email to rule-comments@
investors and the public interest. of the Act 10 and Rule 19b–4(f)(6) sec.gov. Please include File Number SR–
The Exchange believes that its thereunder.11 Phlx–2015–39 on the subject line.
proposal to describe the Exchange’s use A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the Paper Comments
of data feeds removes impediments to
and perfects the mechanism of a free Act 12 normally does not become • Send paper comments in triplicate
and open market and protects investors operative for 30 days after the date of its to Secretary, Securities and Exchange
and the public interest because it filing. However, Rule 19b–4(f)(6)(iii) 13 Commission, 100 F Street NE.,
provides additional specificity and permits the Commission to designate a Washington, DC 20549–1090.
transparency. The Exchange’s proposal shorter time if such action is consistent
will enable investors to better assess the with the protection of investors and the All submissions should refer to File
quality of the Exchange’s execution and public interest. The Exchange has asked Number SR-Phlx–2015–39. This file
routing services. The proposal does not the Commission to waive the 30-day number should be included on the
change the operation of the Exchange or operative delay so that the proposal may subject line if email is used. To help the
its use of data feeds; rather it describes become operative immediately upon Commission process and review your
how, and for what purposes, the filing, noting that waiver of the comments more efficiently, please use
Exchange uses the quotes disseminated operative delay would permit the only one method. The Commission will
from data feeds to calculate the NBBO Exchange to immediately enhance post all comments on the Commission’s
for a security for purposes of Regulation transparency. The Commission believes Internet Web site (http://www.sec.gov/
NMS, Regulation SHO and various order the waiver of the operative delay is rules/sro.shtml). Copies of the
types that update based on changes to consistent with the protection of submission, all subsequent
the applicable NBBO. The Exchange investors and the public interest. amendments, all written statements
believes the additional transparency Therefore, the Commission hereby with respect to the proposed rule
into the operation of the Exchange as waives the operative delay and change that are filed with the
described in the proposal will remove designates the proposal operative upon Commission, and all written
impediments to and perfect the filing.14 communications relating to the
mechanism of a free and open market At any time within 60 days of the proposed rule change between the
and a national market system, and, in filing of the proposed rule change, the Commission and any person, other than
general, protect investors and the public Commission summarily may those that may be withheld from the
interest. temporarily suspend such rule change if public in accordance with the
it appears to the Commission that such provisions of 5 U.S.C. 552, will be
B. Self-Regulatory Organization’s action is necessary or appropriate in the available for Web site viewing and
Statement on Burden on Competition public interest, for the protection of printing in the Commission’s Public
The Exchange does not believe that investors, or otherwise in furtherance of Reference Room, 100 F Street NE.,
the proposed rule change will result in the purposes of the Act. If the Washington, DC 20549, on official
any burden on competition that is not business days between the hours of
10 15 U.S.C. 78s(b)(3)(A).
necessary or appropriate in furtherance 10:00 a.m. and 3:00 p.m. Copies of the
11 17 CFR 240.19b–4(f)(6). As required under Rule
of the purposes of the Act, as amended. filing will also be available for
19b–4(f)(6)(iii), the Exchange provided the
To the contrary, the Exchange believes Commission with written notice of its intent to file inspection and copying at the principal
the proposal would enhance the proposed rule change, along with a brief office of the Exchange. All comments
competition because describing the description and the text of the proposed rule received will be posted without change;
change, at least five business days prior to the date the Commission does not edit personal
mstockstill on DSK4VPTVN1PROD with NOTICES
Exchange’s use of data feeds enhances of filing of the proposed rule change, or such
transparency and enables investors to shorter time as designated by the Commission. identifying information from
better assess the quality of the 12 17 CFR 240.19b–4(f)(6). submissions. You should submit only
Exchange’s execution and routing 13 17 CFR 240.19b–4(f)(6)(iii). information that you wish to make
services. 14 For purposes only of waiving the 30-day available publicly. All submissions
operative delay, the Commission has also should refer to File Number SR–Phlx–
considered the proposed rule’s impact on
8 15 U.S.C. 78f. efficiency, competition, and capital formation. See
2015–39 and should be submitted on or
9 15 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f). before June 10, 2015.
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![Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices 29131
For the Commission, by the Division of account and any description thereof, in applicable law, rule or regulation to
Trading and Markets, pursuant to delegated English and U.S. dollars; obtain written consent from a customer
authority.15 ([ii]b) reimburse the Exchange for any to permit the provision of this
Robert W. Errett, expense incurred in connection with information to the Exchange, the
Deputy Secretary. examination of the Trading Permit applicant must obtain such consent.
[FR Doc. 2015–12146 Filed 5–19–15; 8:45 am] Holder to the extent that such expenses (b) The Exchange may at any time
BILLING CODE 8011–01–P exceed the cost of examining a Trading determine that a Trading Permit Holder
Permit Holder located within the can no longer comply with this Rule
continental United States; and 3.4A. In that event, the Trading Permit
SECURITIES AND EXCHANGE ([iii]c) ensure the availability of an
Holder will have three months following
COMMISSION individual fluent in English
the date of that determination to come
knowledgeable in securities and
[Release No. 34–74963; File No. SR–CBOE– into compliance with this Rule 3.4A. If
2015–012] financial matters to assist the
a Trading Permit Holder does not come
representatives of the Exchange during
into compliance during that time
Self-Regulatory Organizations; examinations.
period, the Exchange may terminate the
Chicago Board Options Exchange, Trading Permit Holder’s status as a
Rule 3.4A. Additional Trading Permit
Incorporated; Notice of Filing of a Trading Permit Holder.
Holder Qualifications
Proposed Rule Change Relating to
Trading Permit Holder Qualifications (a) In addition to the qualifications set * * * * *
forth in Rules 3.2 through 3.4, a Trading Rule 6.20A. Sponsored Users
May 14, 2015. Permit Holder applicant:
Pursuant to Section 19(b)(1) of the (i) must be domiciled in (with respect (a)–(b) No change.
Securities Exchange Act of 1934 (the to individuals), or organized under the
‘‘Act’’),1 and Rule 19b–4 thereunder,2 laws of (with respect to organizations), (c) A Sponsoring Trading Permit
notice is hereby given that on May 4, a jurisdiction expressly approved by the Holder must ensure that a Sponsored
2015, Chicago Board Options Exchange, Exchange. When determining whether to User satisfies the requirements set forth
Incorporated (the ‘‘Exchange’’ or approve a jurisdiction, the Exchange in Rule 3.4A(a) and only directly
‘‘CBOE’’) filed with the Securities and will consider whether: accesses the System from an approved
Exchange Commission (the (A) The applicant will be able to jurisdiction as set forth in Rule
‘‘Commission’’) the proposed rule supply the Exchange with such 6.23A(d).
change as described in Items I, II, and information with respect to its dealings . . . Interpretations and Policies:
III below, which Items have been with the Exchange as set forth in the
prepared by the Exchange. The Rules; .01 No change.
Commission is publishing this notice to (B) the Exchange will be able to * * * * *
solicit comments on the proposed rule examine the applicant’s books and
change from interested persons. records to verify the accuracy of any Rule 6.23A. Trading Permit Holder
information so supplied; Connectivity
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of (C) approval of the applicant as a
(a)–(c) No change.
the Proposed Rule Change Trading Permit Holder will comply with
all applicable laws, rules and (d) The Hybrid Trading System shall
The Exchange proposed to amend its regulations; and be available for entry and execution of
rules related to Trading Permit Holder (D) other factors that the Exchange orders only to Trading Permit Holders,
requirements and direct access to the reasonably and objectively determines [and ]persons associated with Trading
Exchange’s Hybrid Trading System (the may impact the applicant’s ability to Permit Holders, and Sponsored Users
‘‘System’’). The text of the proposed rule comply with the Rules and the Act or (pursuant to Rule 6.20A) with
change is provided below. the Exchange’s ability to accept Trading authorized access. Such persons may
(Additions Are Italicized; Deletions Are Permit Holders from the applicable only directly access the System from a
[Bracketed]) jurisdiction. jurisdiction expressly approved by the
This approval may be limited to one Exchange pursuant to Rule 3.4A(a). The
* * * * * or more specified categories of Trading Exchange will require a Trading Permit
Chicago Board Options Exchange, Permit Holders or Trading Permit Holder to enter into a software user or
Incorporated Rules Holder activities in a jurisdiction or be license agreement with the Exchange in
contingent upon the satisfaction of such form or forms as the Exchange may
* * * * *
specified conditions by all applicants prescribe in order to obtain authorized
Rule 3.4. Foreign Trading Permit from a jurisdiction to the extent such access to the Hybrid Trading System, if
Holders limits or conditions are necessary to the Trading Permit Holder elects to use
[(a) ]A Trading Permit Holder that satisfy clauses (A) through (D); an API for which the Exchange has
does not maintain an office in the (ii) will be subject to the jurisdiction determined such an agreement is
United States responsible for preparing of the federal courts of the United States necessary.
and maintaining financial and other and the courts of the state of Illinois; (e)–(f) No change.
reports required to be filed with the and
* * * * *
mstockstill on DSK4VPTVN1PROD with NOTICES
Securities and Exchange Commission (iii) prior to acting as agent for a
and the Exchange must: customer, must be able to provide The text of the proposed rule change
([i]a) prepare all such reports, and information regarding the customer and is also available on the Exchange’s Web
maintain a general ledger chart of the customer’s trading activities to the site (http://www.cboe.com/AboutCBOE/
Exchange in response to a regulatory CBOELegalRegulatoryHome.aspx), at
15 17 CFR 200.30–3(a)(12). request for information pursuant to the the Exchange’s Office of the Secretary,
1 15 U.S.C. 78s(b)(1). Rules. To the extent an individual or and at the Commission’s Public
2 17 CFR 240.19b–4. organization is required by an Reference Room.
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Document Created: 2018-02-21 10:30:01
Document Modified: 2018-02-21 10:30:01
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 29127 |
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