80 FR 44164 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 1092 and 124, and Modify the Phlx Pricing Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 142 (July 24, 2015)
Federal Register Volume 80, Issue 142 (July 24, 2015)
| Page Range | 44164-44166 | |
| FR Document | 2015-18134 |
[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)] [Notices] [Pages 44164-44166] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18134] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75488; File No. SR-Phlx-2015-65] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 1092 and 124, and Modify the Phlx Pricing Schedule July 20, 2015. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 15, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to (1) amend Rule 1092 to assess a $500 Appeal Fee against a member or member organization which initiates and loses an appeal of an Options Exchange Official (``Official'') determination regarding an Obvious Error or Catastrophic Error, and to pass through other market center charges associated with obvious error determinations; (2) amend Rule 124, to clarify that that the $250 appeal fee provided for in Rule 124(d) will not apply to appeals of Obvious Error or Catastrophic Error determinations, and (3) to modify the Phlx Pricing Schedule (``Pricing Schedule'') to reflect the new $500 Appeal Fee and pass-through charges from other market centers. 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 On May 8, 2015 the Exchange filed a proposed rule change (the ``1092 Replacement Filing'') to delete Rule 1092, Obvious Errors and Catastrophic Errors, and replace it with new Rule 1092 entitled ``Nullification and Adjustment of Options Transactions including Obvious Errors'' (``New Rule 1092''). New Rule 1092 also became operative on May 8, 2015.\3\ --------------------------------------------------------------------------- \3\ See SR-Phlx-2015-43. New Rule 1092 harmonizes rules related to the adjustment and nullification of erroneous options transactions with those of other exchanges. The Exchange believes that New Rule 1092, together with comparable rules filed by the other options exchanges, will provide transparency and finality with respect to the adjustment and nullification of erroneous options transactions, achieving consistent results for participants across U.S. options exchanges while maintaining a fair and orderly market, protecting investors and protecting the public interest. --------------------------------------------------------------------------- The purpose of this proposed rule change is to adopt a $500 Appeal Fee that will apply in the event of unsuccessful appeals of Official determinations rendered pursuant to Section (l) of New Rule 1092 and to permit the Exchange to pass along charges assessed by another market center in connection with Obvious Error and Catastrophic Error determination requests presented to that market center by the Exchange on a member or member organization's behalf. To accommodate this proposed fee change, the Exchange proposes to amend Rule 124, Disputes- Options, to add new language to section (l) of New Rule 1092, and to make conforming changes to the Exchange's Pricing Schedule, as described below. (I) $500 Appeal Fee/Pass Through Charges. The Exchange proposes to amend section (l) of the New Rule 1092, pursuant to which the Exchange will assess a $500 fee against members or member organizations who initiate a request for an appeal of an Official's Obvious Error or Catastrophic Error determination to the Exchange's Market Operations Review Committee (`MORC''), where the appeal is unsuccessful and the MORC votes to uphold the Official's determination. Further, the new rule permits the Exchange to pass any resulting charges through to the relevant member or member organization in instances where the Exchange, on behalf of the member or member organization, requests a determination by another market center that a transaction is an Obvious Error or Catastrophic Error. (II) Amendment to Rule 124. Currently, Rule 124(d) provides for assessment of a $250 fee to a member or member organization seeking review by the MORC of an Official ruling regarding Obvious Errors or Catastrophic Errors if the Official's ruling is sustained and not overturned or modified by the MORC.\4\ The Exchange proposes to amend Rule 124(a) to clarify that no provision of [[Page 44165]] Rule 124, including the Rule 124(d) $250 appeal fee, shall apply to Obvious Errors or Catastrophic Errors, both of which instead are to be subject to the new $500 Appeal Fee provision and procedures of Rule 1092. The Exchange does not propose to move or make any further changes to any provision of Rule 124, which will continue to apply to disputes occurring on and relating to the trading floor (but not to Obvious Errors or Catastrophic Errors). --------------------------------------------------------------------------- \4\ Exchange Rule 124(a) currently provides that ``[t]his Rule 124(a) shall not apply to options transactions that are the result of an Obvious Error (as defined in Rule 1092).'' However, the Exchange currently applies Rule 124(d) to unsuccessful appeals of Official determinations of Obvious Errors to the MORC. The Exchange believes that fees associated with MORC appeals of Obvious Errors or Catastrophic Errors will be more logically set forth in the rulebook in Rule 1092(l) which describes the MORC appeals process for Obvious Errors and Catastrophic Errors. --------------------------------------------------------------------------- (III) Amendment to Pricing Schedule. Currently, chapter VII, part D of the Exchange's Pricing Schedule reflects the $5,000 Catastrophic Error Fee provided for in prior Exchange Rule 1092(f)(ii), which was eliminated in favor of New Rule 1092 which does not contain such a fee.\5\ The Pricing Schedule is being revised to reflect the elimination of the $5000 Catastrophic Error Fee and the addition instead, pursuant to the proposed new language in section (l) of New Rule 1092, of the $500 Appeal Fee and pass through charges described in (I) above.\6\ --------------------------------------------------------------------------- \5\ Pursuant to section (f) of prior Exchange Rule 1092 titled ``Obvious Error and Catastrophic Errors,'' if an Exchange member believed that it had participated in a transaction that qualified as a Catastrophic Error, it could request a determination that a Catastrophic Error occurred. If an Options Exchange Official determined that a Catastrophic Error had occurred, the Options Exchange Official would adjust the execution price of the transaction according to Rule 1092. If it were determined that a Catastrophic Error had not occurred, the member requesting the determination would be assessed a charge of $5,000 pursuant to Exchange Rule 1092(f)(ii). See Securities Exchange Act Release No. 58002 (June 23, 2008), 73 FR 36581 (June 27, 2008). \6\ The purpose of removing the $5,000 Catastrophic Error Fee, as part of replacing prior Rule 1092 with New Rule 1092 in the 1092 Replacement Filing, was to remove a potential disincentive from requesting a review of what a market participant may believe to be a Catastrophic Error. Currently, the mere possibility--even if slight--that the Official could determine not to adjust or nullify the transaction in question and thus trigger the assessment of the $5,000 fee may unnecessarily deter members from requesting reviews which they believe to be justified. By eliminating the fee, the significant financial consequence of an adverse decision on a review will be lessened, and market participants should feel more comfortable with the fairness of the markets and the process adopted by the Exchange for requesting Officials to conduct reviews for determinations of Catastrophic Errors. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal to amend Rule 124 and New Rule 1092 as well as the Pricing Schedule as proposed herein is consistent with section 6(b) of the Act \7\ in general, and furthers the objectives of section 6(b)(4) and (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 or system which Phlx operates or controls, and is not designed to permit unfair discrimination between market participants to whom the Exchange's fees and rebates are applicable. The $500 Appeal Fee and the provision of pass through charges from other market centers are proposed herein are equitable, in that they apply equally to all member and member organizations lodging appeals to the MORC pursuant to New Rule 1092(l) or requesting Obvious Error or Catastrophic Error determinations from other market centers through the Exchange. The new fee and pass through charges are reasonable, in that they allow the Exchange to recoup administrative costs associated with such MORC appeals and with seeking Obvious Error or Catastrophic Error determinations of other market centers, while discouraging frivolous appeals or determination requests. The Exchange believes the new $500 Appeal Fee, which would reflect a $250 increase from the current appeal fee under Rule 124(d), is reasonable in that it will provide the Exchange additional resources with which to administer its regulatory functions, including the appeal of decisions made under New Rule 1092. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- 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 Exchange does not believe the proposal will have any impact on competition. The $500 Appeal Fee and the provision of pass through charges from other market centers proposed herein will apply equally to all member and member organizations lodging appeals to the MORC pursuant to New Rule 1092(l) or requesting Obvious Error or Catastrophic Error determinations from other market centers through the Exchange. 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.\9\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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. 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-2015-65 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2015-65. 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., [[Page 44166]] Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2015-65, and should be submitted on or before August 14, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-18134 Filed 7-23-15; 8:45 am] BILLING CODE 8011-01-P
![44164 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
communications relating to the I. Self-Regulatory Organization’s The purpose of this proposed rule
proposed rule change between the Statement of the Terms of the Substance change is to adopt a $500 Appeal Fee
Commission and any person, other than of the Proposed Rule Change that will apply in the event of
those that may be withheld from the The Exchange proposes to (1) amend unsuccessful appeals of Official
public in accordance with the Rule 1092 to assess a $500 Appeal Fee determinations rendered pursuant to
provisions of 5 U.S.C. 552, will be against a member or member Section (l) of New Rule 1092 and to
available for Web site viewing and organization which initiates and loses permit the Exchange to pass along
printing in the Commission’s Public an appeal of an Options Exchange charges assessed by another market
Reference Room, 100 F Street NE., Official (‘‘Official’’) determination center in connection with Obvious Error
regarding an Obvious Error or and Catastrophic Error determination
Washington, DC 20549 on official
Catastrophic Error, and to pass through requests presented to that market center
business days between the hours of
other market center charges associated by the Exchange on a member or
10:00 a.m. and 3:00 p.m. Copies of the member organization’s behalf. To
filing also will be available for with obvious error determinations; (2)
amend Rule 124, to clarify that that the accommodate this proposed fee change,
inspection and copying at the principal the Exchange proposes to amend Rule
office of the Exchange. All comments $250 appeal fee provided for in Rule
124, Disputes-Options, to add new
received will be posted without change; 124(d) will not apply to appeals of
language to section (l) of New Rule
the Commission does not edit personal Obvious Error or Catastrophic Error
1092, and to make conforming changes
identifying information from determinations, and (3) to modify the
to the Exchange’s Pricing Schedule, as
submissions. You should submit only Phlx Pricing Schedule (‘‘Pricing
described below.
Schedule’’) to reflect the new $500 (I) $500 Appeal Fee/Pass Through
information that you wish to make
Appeal Fee and pass-through charges Charges. The Exchange proposes to
available publicly. All submissions
from other market centers. amend section (l) of the New Rule 1092,
should refer to File Number SR–CBOE– The text of the proposed rule change
2015–064 and should be submitted on pursuant to which the Exchange will
is available on the Exchange’s Web site
or before August 14, 2015. assess a $500 fee against members or
at http://
member organizations who initiate a
For the Commission, by the Division of nasdaqomxphlx.cchwallstreet.com/, at request for an appeal of an Official’s
Trading and Markets, pursuant to delegated the principal office of the Exchange, and Obvious Error or Catastrophic Error
authority.10 at the Commission’s Public Reference determination to the Exchange’s Market
Robert W. Errett, Room. Operations Review Committee
Deputy Secretary. II. Self-Regulatory Organization’s (‘MORC’’), where the appeal is
[FR Doc. 2015–18131 Filed 7–23–15; 8:45 am] Statement of the Purpose of, and unsuccessful and the MORC votes to
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule uphold the Official’s determination.
Change Further, the new rule permits the
In its filing with the Commission, the Exchange to pass any resulting charges
SECURITIES AND EXCHANGE Exchange included statements through to the relevant member or
COMMISSION concerning the purpose of and basis for member organization in instances where
the proposed rule change and discussed the Exchange, on behalf of the member
any comments it received on the or member organization, requests a
[Release No. 34–75488; File No. SR–Phlx–
2015–65] proposed rule change. The text of these determination by another market center
statements may be examined at the that a transaction is an Obvious Error or
Self-Regulatory Organizations; places specified in Item IV below. The Catastrophic Error.
NASDAQ OMX PHLX LLC; Notice of (II) Amendment to Rule 124.
Exchange has prepared summaries, set
Currently, Rule 124(d) provides for
Filing and Immediate Effectiveness of forth in sections A, B, and C below, of
assessment of a $250 fee to a member or
Proposed Rule Change To Amend the most significant aspects of such
member organization seeking review by
Rules 1092 and 124, and Modify the statements.
the MORC of an Official ruling
Phlx Pricing Schedule A. Self-Regulatory Organization’s regarding Obvious Errors or
July 20, 2015. Statement of the Purpose of, and Catastrophic Errors if the Official’s
Statutory Basis for, the Proposed Rule ruling is sustained and not overturned
Pursuant to section 19(b)(1) of the Change or modified by the MORC.4 The
Securities Exchange Act of 1934 (the Exchange proposes to amend Rule
‘‘Act’’),1 and Rule 19b–4 thereunder,2 1. Purpose
124(a) to clarify that no provision of
notice is hereby given that on July 15, On May 8, 2015 the Exchange filed a
2015, NASDAQ OMX PHLX LLC proposed rule change (the ‘‘1092 transparency and finality with respect to the
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the Replacement Filing’’) to delete Rule adjustment and nullification of erroneous options
1092, Obvious Errors and Catastrophic transactions, achieving consistent results for
Securities and Exchange Commission participants across U.S. options exchanges while
(‘‘SEC’’ or ‘‘Commission’’) the proposed Errors, and replace it with new Rule maintaining a fair and orderly market, protecting
rule change as described in Items I, II, 1092 entitled ‘‘Nullification and investors and protecting the public interest.
and III below, which Items have been Adjustment of Options Transactions 4 Exchange Rule 124(a) currently provides that
asabaliauskas on DSK5VPTVN1PROD with NOTICES
prepared by the Exchange. The including Obvious Errors’’ (‘‘New Rule ‘‘[t]his Rule 124(a) shall not apply to options
1092’’). New Rule 1092 also became transactions that are the result of an Obvious Error
Commission is publishing this notice to (as defined in Rule 1092).’’ However, the Exchange
solicit comments on the proposed rule operative on May 8, 2015.3 currently applies Rule 124(d) to unsuccessful
appeals of Official determinations of Obvious Errors
change from interested persons. 3 See SR–Phlx–2015–43. New Rule 1092 to the MORC. The Exchange believes that fees
harmonizes rules related to the adjustment and associated with MORC appeals of Obvious Errors or
10 17
nullification of erroneous options transactions with Catastrophic Errors will be more logically set forth
CFR 200.30–3(a)(12).
those of other exchanges. The Exchange believes in the rulebook in Rule 1092(l) which describes the
1 15 U.S.C. 78s(b)(1). that New Rule 1092, together with comparable rules MORC appeals process for Obvious Errors and
2 17 CFR 240.19b–4. filed by the other options exchanges, will provide Catastrophic Errors.
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![44166 Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices
Washington, DC 20549 on official the Commission’s Public Reference potential execution, per the entering
business days between the hours of Room. firm’s instructions. When checking the
10:00 a.m. and 3:00 p.m. Copies of such book, the System will seek to execute at
II. Self-Regulatory Organization’s
filing also will be available for the price at which it would send the
Statement of the Purpose of, and
inspection and copying at the principal order to a destination market center.
Statutory Basis for, the Proposed Rule
office of the Exchange. All comments Both SEEK and SRCH eligible
received will be posted without change; Change
unexecuted orders will continue to be
the Commission does not edit personal In its filing with the Commission, the routed utilizing a route timer. The SEEK
identifying information from Exchange included statements or SRCH order will post to the book and
submissions. You should submit only concerning the purpose of and basis for will be routed after a time period
information that you wish to make the proposed rule change and discussed (‘‘Route Timer’’) not to exceed one
available publicly. All submissions any comments it received on the second as specified by the Exchange on
should refer to File Number SR–Phlx– proposed rule change. The text of these its Web site provided that the order’s
2015–65, and should be submitted on or statements may be examined at the limit price would lock or cross other
before August 14, 2015. places specified in Item IV below. The market center(s).6 If, during the Route
For the Commission, by the Division of Exchange has prepared summaries, set Timer, any new interest arrives opposite
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of the order that is equal to or better than
authority.10 the most significant aspects of such the ABBO 7 price, the order will trade
Robert W. Errett, statements. against such new interest at the ABBO
Deputy Secretary. A. Self-Regulatory Organization’s price. Eligible unexecuted orders will be
[FR Doc. 2015–18134 Filed 7–23–15; 8:45 am] Statement of the Purpose of, and routed at the end of the Route Timer
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule provided the order was not filled and
Change the order’s limit price would continue
to lock or cross the ABBO. If an order
SECURITIES AND EXCHANGE 1. Purpose was routed with either the SEEK or
COMMISSION The Exchange’s rules at chapter VI, SRCH routing option, and has size after
[Release No. 34–75490; File No. SR–BX– section 11 provide for the manner in such routing, it will execute against
2015–041] which orders submitted to the System 3 contra side interest in the book, post in
will route to other market centers.4 The the book, and route again pursuant to
Self-Regulatory Organizations; System provides two routing options the process described above, if
NASDAQ OMX BX, Inc.; Notice of Filing pursuant to which orders are sent to applicable, if the order’s limit price
and Immediate Effectiveness of other available market centers for would lock or cross another market
Proposed Rule Change To Amend the potential execution, per the entering center(s).
BX Routing Order Rule firm’s instructions. The routing options With respect to SRCH Orders, if
July 20, 2015.
are SEEK and SRCH. Routing options contracts remain un-executed after
Pursuant to section 19(b)(1) of the may be combined with all available routing, they are posted on the book.
Securities Exchange Act of 1934 order types and times-in-force, with the Once on the book, should the order
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 exception of order types and times-in- subsequently be locked or crossed by
notice is hereby given that on July 10, force whose terms are inconsistent with another market center, it will re-route.
2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or the terms of a particular routing option. With SEEK orders, the rule currently
‘‘Exchange’’) filed with the Securities The Exchange is seeking to clarify the states, if contracts remain un-executed
and Exchange Commission (‘‘SEC’’ or manner in which a SEEK order will after routing, they are posted on the
‘‘Commission’’) the proposed rule route again, after it is initially routed book. Once on the book at the limit
change as described in Items I and II (‘‘re-route’’).5 price, should the order subsequently be
below, which Items have been prepared SEEK is a routing option pursuant to locked or crossed by another market
by the Exchange. The Commission is which an order will first check the center, the System will not route the
publishing this notice to solicit System for available contracts for order to the locking or crossing market
comments on the proposed rule change execution. After checking the System for center.
from interested persons. available contracts, orders are sent to The Exchange seeks to amend the rule
other available market centers for text in chapter VI, section 11(a)(1)(A) to
I. Self-Regulatory Organization’s potential execution, per the entering state, while, on the book at the limit
Statement of the Terms of Substance of firm’s instructions. When checking the price, should the order subsequently be
the Proposed Rule Change book, the System will seek to execute at locked or crossed by another market
The Exchange proposes to amend BX the price at which it would send the center, the System will not route the
Rules at chapter VI (Trading Systems) at order to a destination market center. order to the locking or crossing market
section 11 (Order Routing) to clarify the SRCH is a routing option pursuant to center. The purpose of this change is to
manner in which a SEEK Order will which an order will first check the make clear that the SEEK order will not
route again after an initial routing System for available contracts for re-route as long as that order is at the
attempt to another market center. execution. After checking the System for limit price. The SEEK order may re-
asabaliauskas on DSK5VPTVN1PROD with NOTICES
The text of the proposed rule change available contracts, orders are sent to
is available on the Exchange’s Web site other available market centers for 6 Pursuant to section 11(c) of chapter VI, orders
at http:// sent by the System pursuant to the SEEK and SRCH
3 The
term ‘‘System’’ is defined in BX Rules at
nasdaqomxbx.cchwallstreet.com/, at the routing options to other markets would not retain
chapter VI, section 1(a). time priority with respect to other orders in the
principal office of the Exchange, and at 4 Participants can designate orders as either System. If an order routed pursuant to SEEK or
available for routing or not available for routing. See SRCH is subsequently returned, in whole or in part,
10 17 CFR 200.30–3(a)(12). chapter VI, sec. 11(a). that order, or its remainder, will receive a new time
1 15 U.S.C. 78s(b)(1). 5 If an order is only partially routed the portion stamp reflecting the time of its return to the System.
2 17 CFR 240.19b–4. that was not routed will be posted to the book. 7 ABBO is the away market’s best bid or offer.
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Document Created: 2018-02-23 09:25:14
Document Modified: 2018-02-23 09:25:14
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 44164 |
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