81 FR 30360 - Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution and Routing, To Delete the IOCM and ICMT Routing Options
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 94 (May 16, 2016)
Federal Register Volume 81, Issue 94 (May 16, 2016)
| Page Range | 30360-30362 | |
| FR Document | 2016-11401 |
[Federal Register Volume 81, Number 94 (Monday, May 16, 2016)] [Notices] [Pages 30360-30362] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-11401] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77790; File No. SR-BatsBYX-2016-06] Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.13, Order Execution and Routing, To Delete the IOCM and ICMT Routing Options May 10, 2016. Pursuant to the provisions of 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 2, 2016, Bats BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.13, Order Execution and Routing, to delete the IOCM and ICMT routing options. The Exchange also proposes to amend its fee schedule to delete: (i) References to the IOCM and ICMT routing options under footnote 8; and (ii) fee code PX, which is yielded on orders routed using the RMPT routing option or routed to Bats EDGX Exchange, Inc. (``EDGX'') to execute against MidPoint Peg Orders \5\ on EDGX using ICMT or IOCM routing options. --------------------------------------------------------------------------- \5\ See EDGX Rule 11.8(d). The BYX fee schedule uses the term ``EDGX MPM'' for fee code PX. EDGX MPM is intended to refer to contra side MidPoint Peg Orders on EDGX. --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.13, Order Execution and Routing, to delete the IOCM and ICMT routing options. The Exchange also proposes to amend its fee schedule to delete: (i) References to the IOCM and ICMT routing options under footnote 8; and (ii) fee code PX, which is yielded on orders routed using the RMPT routing option or routed to EDGX to execute against MidPoint Peg Orders on EDGX using ICMT or IOCM routing options. Under Rule 11.13(b)(3)(O), an order utilizing the IOCM routing option checks the System \6\ for available shares and then is sent, as MidPoint Peg Order with a Time-in-Force of IOC, to EDGX. Under Rule 11.13(b)(3)(P), an order utilizing the ICMT routing option checks the System for available shares, then is sent to destinations on the System routing table and then is sent, as MidPoint Peg Order with a Time-in- Force of IOC, to EDGX. If shares remain unexecuted after routing pursuant to both the IOCM and ICMT routing options, they are posted on the book, unless otherwise instructed by the User.\7\ --------------------------------------------------------------------------- \6\ The ``System'' is the Exchange's electronic communications and trading facility designated by the Board through which securities orders of Users are consolidated for ranking, execution and, when applicable, routing away. See Exchange Rule 1.5(aa). \7\ The term ``User'' is defined as ``any Member or Sponsored Participant who is authorized to obtain access to the System pursuant to Rule 11.3.'' See Exchange Rule 1.5(cc). --------------------------------------------------------------------------- Footnote 8 of the fee schedule states that orders in securities priced below $1.00 that remove liquidity utilizing certain routing strategies, including IOCM and ICMT are charged a fee of $0.29% of the trade's total dollar value. Fee code PX is yielded on orders routed using the RMPT routing option or routed to EDGX to execute against MidPoint Peg Orders on EDGX using ICMT or IOCM routing options. Orders that yield fee code PX pay a fee of $0.0012 per share in securities priced at or above $1.00 and 0.29% of the trade's dollar value for securities priced below $1.00. Because few Users elect the IOCM or ICMT routing options, the Exchange has determined that the current demand does not warrant the infrastructure and ongoing maintenance expenses required to support the products. Therefore, the Exchange proposes to delete the IOCM and ICMT routing options under Rule 11.13(b)(3)(O) and (P) as well as a reference to the IOCM and ICMT routing options under Rule 11.13(b)(3)(H). The Exchange also proposes to amend its fee schedule to delete: (i) References to the IOCM and ICMT routing options under footnote 8; and (ii) fee code PX, which is yielded on orders routed using the RMPT routing option or routed to EDGX to execute against MidPoint Peg Orders on EDGX using ICMT or IOCM routing options. Users seeking to route midpoint eligible orders to EDGX may use alternative methods, such as connecting to EDGX directly or through a third party service provider, or electing another routing option offered by the Exchange that enables a User to post an order to certain primary listing markets.\8\ --------------------------------------------------------------------------- \8\ See e.g., Rule 11.13(b)(3)(Q) (describing the RMPT routing option under which a Mid-Point Peg Order checks the System for available shares and any remaining shares are then sent to destinations on the System routing table that support midpoint eligible orders. If any shares remain unexecuted after routing, they are posted on the BYX book as a MidPoint Peg Order, unless otherwise instructed by the User). --------------------------------------------------------------------------- The Exchange intends to implement the proposed rule change on May 5, 2016.\9\ --------------------------------------------------------------------------- \9\ See Bats to Decommission ICMT, IOCM, and TRIM3 Routing Strategies, issued April 18, 2016, available at http://cdn.batstrading.com/resources/release_notes/2016/Bats-to-Decommission-ICMT-IOCM-and-TRIM3-Routing-Strategies.pdf. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \10\ in general, and furthers the objectives of Section 6(b)(5) of the Act \11\ in particular, in that it is designed to promote just and equitable principles of [[Page 30361]] trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange does not believe that this proposal will permit unfair discrimination among customers, brokers, or dealers because the IOCM and ICMT routing options will no longer be available to all Users. The Exchange has few Users electing the IOCM and ICMT routing options and has determined that the current demand does not warrant the infrastructure and ongoing maintenance expense required to support the products. Routing through the Exchange is voluntary and alternative routing options offered by the Exchange as well as other methods remain available to Users that wish to route midpoint eligible orders to EDGX.\12\ In addition, the IOCM and ICMT routing options are not core product offerings by the Exchange, nor is the Exchange required by the Act to offer such products. Therefore, the Exchange believes the proposed rule change would make its rules clearer and less confusing for investors by removing routing options that will no longer be offered by the Exchange; thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. --------------------------------------------------------------------------- \12\ See supra note 8 and accompanying text. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues but rather avoid investor confusion by eliminating the IOCM and ICMT routing options that are to be discontinued by the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 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 \15\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \16\ 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. The Exchange states that waiver of the 30-day operative delay would allow the Exchange to modify its rules in a timely manner by: (i) Eliminating a rule that accounts for services with few subscribers that the Exchange intends to discontinue; and (ii) accurately describing the alternative routing options available to Users, thereby avoiding potential investor confusion during the operative delay period. Based on the foregoing, 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.\17\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ 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 change 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-BatsBYX-2016-06 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 No. SR-BatsBYX-2016-06. 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 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 No. SR-BatsBYX-2016-06, and should be submitted on or before June 6, 2016. [[Page 30362]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-11401 Filed 5-13-16; 8:45 am] BILLING CODE 8011-01-P
![30360 Federal Register / Vol. 81, No. 94 / Monday, May 16, 2016 / Notices
For the Commission, by the Division of The text of the proposed rule change Footnote 8 of the fee schedule states
Trading and Markets, pursuant to delegated is available at the Exchange’s Web site that orders in securities priced below
authority.69 at www.batstrading.com, at the $1.00 that remove liquidity utilizing
Robert W. Errett, principal office of the Exchange, and at certain routing strategies, including
Deputy Secretary. the Commission’s Public Reference IOCM and ICMT are charged a fee of
[FR Doc. 2016–11405 Filed 5–13–16; 8:45 am] Room. $0.29% of the trade’s total dollar value.
BILLING CODE 8011–01–P Fee code PX is yielded on orders routed
II. Self-Regulatory Organization’s
using the RMPT routing option or
Statement of the Purpose of, and
routed to EDGX to execute against
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
MidPoint Peg Orders on EDGX using
COMMISSION Change
ICMT or IOCM routing options. Orders
In its filing with the Commission, the that yield fee code PX pay a fee of
[Release No. 34–77790; File No. SR–
BatsBYX–2016–06] Exchange included statements $0.0012 per share in securities priced at
concerning the purpose of and basis for or above $1.00 and 0.29% of the trade’s
Self-Regulatory Organizations; Bats the proposed rule change and discussed dollar value for securities priced below
BYX Exchange, Inc.; Notice of Filing any comments it received on the $1.00.
and Immediate Effectiveness of a proposed rule change. The text of these Because few Users elect the IOCM or
Proposed Rule Change To Amend Rule statements may be examined at the ICMT routing options, the Exchange has
11.13, Order Execution and Routing, places specified in Item IV below. The determined that the current demand
To Delete the IOCM and ICMT Routing Exchange has prepared summaries, set does not warrant the infrastructure and
Options forth in Sections A, B, and C below, of ongoing maintenance expenses required
the most significant parts of such to support the products. Therefore, the
May 10, 2016. statements. Exchange proposes to delete the IOCM
Pursuant to the provisions of Section and ICMT routing options under Rule
19(b)(1) of the Securities Exchange Act A. Self-Regulatory Organization’s
11.13(b)(3)(O) and (P) as well as a
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Statement of the Purpose of, and the
reference to the IOCM and ICMT routing
thereunder,2 notice is hereby given that Statutory Basis for, the Proposed Rule options under Rule 11.13(b)(3)(H). The
on May 2, 2016, Bats BYX Exchange, Change Exchange also proposes to amend its fee
Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed 1. Purpose schedule to delete: (i) References to the
with the Securities and Exchange IOCM and ICMT routing options under
The Exchange proposes to amend
Commission (‘‘Commission’’) the footnote 8; and (ii) fee code PX, which
Rule 11.13, Order Execution and
proposed rule change as described in is yielded on orders routed using the
Routing, to delete the IOCM and ICMT
Items I and II below, which Items have RMPT routing option or routed to EDGX
routing options. The Exchange also
been prepared by the Exchange. The to execute against MidPoint Peg Orders
proposes to amend its fee schedule to
Exchange has designated this proposal on EDGX using ICMT or IOCM routing
delete: (i) References to the IOCM and
as a ‘‘non-controversial’’ proposed rule options. Users seeking to route midpoint
ICMT routing options under footnote 8;
change pursuant to Section 19(b)(3)(A) eligible orders to EDGX may use
and (ii) fee code PX, which is yielded
of the Act 3 and Rule 19b–4(f)(6)(iii) alternative methods, such as connecting
on orders routed using the RMPT
thereunder,4 which renders it effective to EDGX directly or through a third
routing option or routed to EDGX to
upon filing with the Commission. The party service provider, or electing
execute against MidPoint Peg Orders on
Commission is publishing this notice to another routing option offered by the
EDGX using ICMT or IOCM routing
solicit comments on the proposed rule Exchange that enables a User to post an
options.
change from interested persons. Under Rule 11.13(b)(3)(O), an order order to certain primary listing
utilizing the IOCM routing option markets.8
I. Self-Regulatory Organization’s The Exchange intends to implement
Statement of the Terms of Substance of checks the System 6 for available shares
the proposed rule change on May 5,
the Proposed Rule Change and then is sent, as MidPoint Peg Order 2016.9
The Exchange filed a proposal to with a Time-in-Force of IOC, to EDGX.
Under Rule 11.13(b)(3)(P), an order 2. Statutory Basis
amend Rule 11.13, Order Execution and
Routing, to delete the IOCM and ICMT utilizing the ICMT routing option The Exchange believes that its
routing options. The Exchange also checks the System for available shares, proposal is consistent with Section 6(b)
proposes to amend its fee schedule to then is sent to destinations on the of the Act 10 in general, and furthers the
delete: (i) References to the IOCM and System routing table and then is sent, as objectives of Section 6(b)(5) of the Act 11
ICMT routing options under footnote 8; MidPoint Peg Order with a Time-in- in particular, in that it is designed to
and (ii) fee code PX, which is yielded Force of IOC, to EDGX. If shares remain promote just and equitable principles of
on orders routed using the RMPT unexecuted after routing pursuant to
routing option or routed to Bats EDGX both the IOCM and ICMT routing 8 See e.g., Rule 11.13(b)(3)(Q) (describing the
Exchange, Inc. (‘‘EDGX’’) to execute options, they are posted on the book, RMPT routing option under which a Mid-Point Peg
unless otherwise instructed by the Order checks the System for available shares and
against MidPoint Peg Orders 5 on EDGX any remaining shares are then sent to destinations
using ICMT or IOCM routing options. User.7 on the System routing table that support midpoint
eligible orders. If any shares remain unexecuted
asabaliauskas on DSK3SPTVN1PROD with NOTICES
69 17
6 The ‘‘System’’ is the Exchange’s electronic after routing, they are posted on the BYX book as
CFR 200.30–3(a)(12). a MidPoint Peg Order, unless otherwise instructed
1 15
communications and trading facility designated by
U.S.C. 78s(b)(1). the Board through which securities orders of Users by the User).
2 17 CFR 240.19b–4. 9 See Bats to Decommission ICMT, IOCM, and
are consolidated for ranking, execution and, when
3 15 U.S.C. 78s(b)(3)(A).
applicable, routing away. See Exchange Rule TRIM3 Routing Strategies, issued April 18, 2016,
4 17 CFR 240.19b–4(f)(6)(iii). 1.5(aa). available at http://cdn.batstrading.com/resources/
5 See EDGX Rule 11.8(d). The BYX fee schedule 7 The term ‘‘User’’ is defined as ‘‘any Member or release_notes/2016/Bats-to-Decommission-ICMT-
uses the term ‘‘EDGX MPM’’ for fee code PX. EDGX Sponsored Participant who is authorized to obtain IOCM-and-TRIM3-Routing-Strategies.pdf.
10 15 U.S.C. 78f(b).
MPM is intended to refer to contra side MidPoint access to the System pursuant to Rule 11.3.’’ See
Peg Orders on EDGX. Exchange Rule 1.5(cc). 11 15 U.S.C. 78f(b)(5).
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![30362 Federal Register / Vol. 81, No. 94 / Monday, May 16, 2016 / Notices
For the Commission, by the Division of forth in sections A, B, and C below, of updated before it is canceled in the new
Trading and Markets, pursuant to delegated the most significant aspects of such rule and is, instead, noting that the
authority.18 statements. number of permissible changes may
Robert W. Errett, vary by Order Type or Order Attribute
A. Self-Regulatory Organization’s
Deputy Secretary. and may change from time to time.
Statement of the Purpose of, and
[FR Doc. 2016–11401 Filed 5–13–16; 8:45 am] Further, the proposed rule will note that
Statutory Basis for, the Proposed Rule
BILLING CODE 8011–01–P the Exchange will post on its Web site
Change
what is considered a change for a
1. Purpose particular Order Type and Order
SECURITIES AND EXCHANGE Background Attribute, and the current limits on the
COMMISSION number of such changes.
The Exchange will cancel an Order if The Exchange is changing the process
[Release No. 34–77801; File No. SR–Phlx– it is updated a certain number of times by which it counts updates, which will
2016–55]
during any given day. Pursuant to Rule allow it to identify a wider range of
Self-Regulatory Organizations; 3301A(a), an Order will be cancelled if updates to an Order. Using the new
NASDAQ PHLX LLC; Notice of Filing it is repriced and/or reentered 10,000 process, the Exchange will be able to
and Immediate Effectiveness of times for any reason.3 track the following Order updates: (1)
Pursuant to Rule 3301A(b)(5)(A), a System-generated child Orders; (2)
Proposed Rule Change To Modify the
Market Maker Peg Order will be display size refreshes from reserve; (3)
Maximum Number of Times an Order
canceled if it is repriced 1,000 times. replaces of System-generated child
on PSX May Be Updated Before the
Pursuant to Rule 3301B(d), an Order Orders (which include Orders with a
System Cancels the Order
with Primary Pegging will be cancelled Pegging Attribute); and (4) cancellation
May 10, 2016. if it is updated 1,000 times, and an requests of System-generated child
Pursuant to Section 19(b)(1) of the Order with Market Pegging will be Orders. The Exchange notes that all
Securities Exchange Act of 1934 cancelled if it is updated 10,000 times. updates identified by the current
(‘‘Act’’),1 and Rule 19b-4 thereunder,2 The Exchange applies these limits to process will be counted under the new
notice is hereby given that, on May 2, conserve System resources by limiting process. The Exchange believes these
2016, NASDAQ PHLX LLC (‘‘Phlx’’ or the persistence of Orders that update changes will provide it with greater
‘‘Exchange’’) filed with the Securities repeatedly without execution. These flexibility in addressing changes in
and Exchange Commission limits are applied daily to each order volume, market participant behavior,
(‘‘Commission’’) the proposed rule entered into the System. Orders that and the Exchange’s capacity to handle
change as described in Items I, II, and have a Time-in-Force 4 that allows them the message volume caused by Orders
III, below, which Items have been to persist longer than a single trading that update a significant number of
prepared by the Exchange. The day will have their count reset each day. times throughout the trading day.
Commission is publishing this notice to For example, if an Order with a Time- The Exchange will provide at least
solicit comments on the proposed rule in-Force of Good-till-Canceled 5 is one day’s advanced notice to the public
change from interested persons. repriced 9,999 times during any given of any changes to the number of updates
day, the Order will not be canceled due permitted before an Order is canceled.
I. Self-Regulatory Organization’s to the number of updates. Starting the Initially, the Exchange will keep the
Statement of the Terms of Substance of next day, the Order would be again number of updates consistent with what
the Proposed Rule Change allowed to reprice up to 9,999 times is currently noted in the rules; however,
The Exchange proposes to modify the before it would be canceled by the the Exchange may shortly thereafter
maximum number of times an Order on System. change the number of updates as needed
PSX may be updated before the System Proposed Changes to address market conditions.
cancels the Order. Phlx is also making minor technical
The text of the proposed rule change First, the Exchange is proposing to corrections to Rule 3301B(d) to change
is available on the Exchange’s Web site eliminate rule text under Rules the word ‘‘they’’ to the word ‘‘the’’ in
at http://nasdaqomxphlx. 3301A(a), 3301A(b)(5)(A), and 3301B(d) the first full paragraph below the
cchwallstreet.com/, at the principal concerning cancellation based on Order bulleted list under the rule and to delete
office of the Exchange, and at the updates and consolidate the concept an erroneous quote from the end of the
Commission’s Public Reference Room. under a new Rule 3306(a)(4). same paragraph.
Second, the Exchange is proposing to
II. Self-Regulatory Organization’s no longer state the specific number of 2. Statutory Basis
Statement of the Purpose of, and times a particular Order Type may be The Exchange believes that the
Statutory Basis for, the Proposed Rule proposed rule change is consistent with
Change 3 Orders entered through OUCH and FLITE ports
the provisions of Section 6 of the Act,6
generally are not repriced or reentered. As
In its filing with the Commission, the explained in rule 3301A(b)(1)(B), orders entered
in general, and with Section 6(b)(5) of
Exchange included statements through OUCH and FLITE may be updated for the Act,7 in particular, because it is
concerning the purpose of and basis for display once. Further, OUCH and FLITE Orders designed to prevent fraudulent and
the proposed rule change and discussed may only be decremented in size, which is not manipulative acts and practices, to
considered repricing or reentry of the Order. See
asabaliauskas on DSK3SPTVN1PROD with NOTICES
any comments it received on the http://www.nasdaqtrader.com/
promote just and equitable principles of
proposed rule change. The text of these Trader.aspx?id=TradingSpecs for a description of trade, to foster cooperation and
statements may be examined at the the various order entry port specifications. coordination with persons engaged in
places specified in Item IV below. The 4 The ‘‘Time-in-Force’’ assigned to an Order
regulating, clearing, settling, processing
means the period of time that the System will hold information with respect to, and
Exchange has prepared summaries, set the Order for potential execution. See Rule
3301B(a). facilitating transactions in securities, to
18 17 CFR 200.30–3(a)(12). 5 An Order that is designated to deactivate one
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f.
year after entry may be referred to as a ‘‘Good-till-
2 17 CFR 240.19b–4. Cancelled.’’ See Rule 3301B(a)(3). 7 15 U.S.C. 78f(b)(5).
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Document Created: 2016-05-14 01:17:40
Document Modified: 2016-05-14 01:17:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 30360 |
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