81 FR 88279 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period for the Retail Price Improvement Program Until December 1, 2017

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 235 (December 7, 2016)

Page Range		88279-88281
FR Document		2016-29291
Federal Register, Volume 81 Issue 235 (Wednesday, December 7, 2016)
[Federal Register Volume 81, Number 235 (Wednesday, December 7, 2016)]
[Notices]
[Pages 88279-88281]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-29291]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79446; File No. SR-BX-2016-065]


Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Extend the 
Pilot Period for the Retail Price Improvement Program Until December 1, 
2017

December 1, 2016.
    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 November 29, 2016, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed 
with the 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange seeks to extend the pilot period for the Exchange's 
Retail Price Improvement (``RPI'') Program (the ``Program''), which is 
set to expire on December 1, 2016, for a period of one year, to expire 
on December 1, 2017.
    The Exchange has designated December 1, 2016 as the date the 
proposed rule change becomes effective.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of this filing is to extend the pilot period of the RPI 
Program,\3\ currently scheduled to expire on December 1, 2016 for an 
additional year, until December 1, 2017.
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    \3\ Securities Exchange Act Release No. 73702 (November 28, 
2014), 79 FR 72049 (December 4, 2014) (``RPI Approval Order'') (SR-
BX-2014-048).
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Background
    In November 2014, the Commission approved the RPI Program on a 
pilot basis.\4\ The Program is designed to attract retail order flow to 
the Exchange, and allow such order flow to receive potential price 
improvement. The Program is currently limited to trades occurring at 
prices equal to or greater than $1.00 per share. Under the Program, a 
new class of market participant called a Retail Member Organization 
(``RMO'') is eligible to submit certain retail order flow (``Retail 
Orders'') \5\ to the Exchange. BX members (``Members'') are permitted 
to provide potential price improvement for Retail Orders in the form of 
non-displayed interest that is priced more aggressively than the 
Protected National Best Bid or Offer (``Protected NBBO'').\6\
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    \4\ See id.
    \5\ A ``Retail Order'' is defined in BX Rule 4780(a)(2) by 
referencing BX Rule 4702, and BX Rule 4702(b)(6) says it is an order 
type with a non-display order attribute submitted to the Exchange by 
a RMO. A Retail Order must be an agency order, or riskless principal 
order that satisfies the criteria of FINRA Rule 5320.03. The Retail 
Order must reflect trading interest of a natural person with no 
change made to the terms of the underlying order of the natural 
person with respect to price (except in the case of a market order 
that is changed to a marketable limit order) or side of market and 
that does not originate from a trading algorithm or any other 
computerized methodology.
    \6\ The term Protected Quotation is defined in Chapter XII, Sec. 
1(19) and has the same meaning as is set forth in Regulation NMS 
Rule 600(b)(58). The Protected NBBO is the best-priced protected bid 
and offer. Generally, the Protected NBBO and the national best bid 
and offer (``NBBO'') will be the same. However, a market center is 
not required to route to the NBBO if that market center is subject 
to an exception under Regulation NMS Rule 611(b)(1) or if such NBBO 
is otherwise not available for an automatic execution. In such case, 
the Protected NBBO would be the best-priced protected bid or offer 
to which a market center must route interest pursuant to Regulation 
NMS Rule 611.
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    The Program was approved by the Commission on a pilot basis running 
one-year from the date of implementation.\7\ The Commission approved 
the Program on November 28, 2014.\8\ The Exchange implemented the

[[Page 88280]]

Program on December 1, 2014 and the pilot has since been extended for a 
year with it now scheduled to end on December 1, 2016.\9\
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    \7\ See RPI Approval Order, supra note 3 at 72053.
    \8\ Id. at 72049.
    \9\ See Securities Exchange Act Release No. 76490 (November 20, 
2015), 80 FR 74165 (November 27, 2015) (SR-BX-2015-073).
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Proposal To Extend the Operation of the Program
    The Exchange established the RPI Program in an attempt to attract 
retail order flow to the Exchange by potentially providing price 
improvement to such order flow. The Exchange believes that the Program 
promotes competition for retail order flow by allowing Exchange members 
to submit Retail Price Improvement Orders (``RPI Orders'') \10\ to 
interact with Retail Orders. Such competition has the ability to 
promote efficiency by facilitating the price discovery process and 
generating additional investor interest in trading securities, thereby 
promoting capital formation. The Exchange believes that extending the 
pilot is appropriate because it will allow the Exchange and the 
Commission additional time to analyze data regarding the Program that 
the Exchange has committed to provide.\11\ As such, the Exchange 
believes that it is appropriate to extend the current operation of the 
Program.\12\ Through this filing, the Exchange seeks to extend the 
current pilot period of the Program until December 1, 2017.
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    \10\ A Retail Price Improvement Order is defined in BX Rule 
4780(a)(3) by referencing BX Rule 4702 and BX Rule 4702(b)(5) says 
that it is as an order type with a non-display order attribute that 
is held on the Exchange Book in order to provide liquidity at a 
price at least $0.001 better than the NBBO through a special 
execution process described in Rule 4780.
    \11\ See RPI Approval Order, supra note 3 at 72051.
    \12\ Concurrently with this filing, the Exchange has submitted a 
request for an extension of the exemption under Regulation NMS Rule 
612 previously granted by the Commission that permits it to accept 
and rank the RPI orders in sub-penny increments. See Letter from 
Jeffrey S. Davis, Vice President and Deputy General Counsel and 
Secretary, NASDAQ BX, Inc. to Brent J. Fields, Secretary, Securities 
and Exchange Commission dated November 22, 2016.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\13\ in general, and with 
Section 6(b)(5) of the Act,\14\ in particular, in that it is designed 
to promote just and equitable principles of trade, 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.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that extending the pilot period for the RPI 
Program is consistent with these principles because the Program is 
reasonably designed to attract retail order flow to the exchange 
environment, while helping to ensure that retail investors benefit from 
the better price that liquidity providers are willing to give their 
orders. Additionally, as previously stated, the competition promoted by 
the Program may facilitate the price discovery process and potentially 
generate additional investor interest in trading securities. The 
extension of the pilot period will allow the Commission and the 
Exchange to continue to monitor the Program for its potential effects 
on public price discovery, and on the broader market structure.

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. The 
proposed rule change extends an established pilot program for one year, 
thus allowing the RPI Program to enhance competition for retail order 
flow and contribute to the public price discovery process.

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) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder 
because the proposal does not: (i) Significantly affect the protection 
of investors or the public interest; (ii) impose any significant burden 
on competition; and (iii) by its terms, become operative for 30 days 
from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest.\17\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to 
give the Commission written notice of the Exchange's intent to file 
the proposed rule change, along with a brief description and 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. The Exchange has satisfied this 
requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \18\ 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 requested that the 
Commission waive the 30-day operative delay period. The Exchange states 
that waiving the operative delay would allow the pilot period to 
continue uninterrupted, which the Exchange argues would be beneficial 
to market participants and would help to eliminate the potential for 
investor confusion.
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    \18\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiver of the 30-day operative delay 
period is consistent with the protection of investors and the public 
interest. Specifically, the Commission believes that the proposal would 
allow the RPI Program to continue uninterrupted and to provide 
additional time for data about the program to be generated and 
analyzed. For these reasons, the Commission believes that waiving the 
30-day operative delay is consistent with the protection of investors 
and the public interest, and designates the proposed rule change to be 
operative upon filing with the Commission.\19\
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    \19\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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.\20\
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    \20\ 15 U.S.C. 78s(b)(3)(C).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BX-2016-065 on the subject line.

[[Page 88281]]

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-BX-2016-065. 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 Number SR-BX-2016-065 and should be 
submitted on or before December 28, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12), (59).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-29291 Filed 12-6-16; 8:45 am]
 BILLING CODE 8011-01-P
88280 Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices

Program on December 1, 2014 and the general to protect investors and the A proposed rule change filed under
pilot has since been extended for a year public interest. Rule 19b–4(f)(6) normally may not
with it now scheduled to end on The Exchange believes that extending become operative prior to 30 days after
December 1, 2016.9 the pilot period for the RPI Program is the date of filing. However, Rule 19b–
consistent with these principles because 4(f)(6)(iii) 18 permits the Commission to
Proposal To Extend the Operation of the the Program is reasonably designed to designate a shorter time if such action
Program attract retail order flow to the exchange is consistent with the protection of
environment, while helping to ensure investors and the public interest. The
The Exchange established the RPI
that retail investors benefit from the Exchange has requested that the
Program in an attempt to attract retail
better price that liquidity providers are Commission waive the 30-day operative
order flow to the Exchange by
willing to give their orders. delay period. The Exchange states that
potentially providing price
Additionally, as previously stated, the waiving the operative delay would
improvement to such order flow. The allow the pilot period to continue
competition promoted by the Program
Exchange believes that the Program uninterrupted, which the Exchange
may facilitate the price discovery
promotes competition for retail order argues would be beneficial to market
process and potentially generate
flow by allowing Exchange members to additional investor interest in trading participants and would help to
submit Retail Price Improvement Orders securities. The extension of the pilot eliminate the potential for investor
(‘‘RPI Orders’’) 10 to interact with Retail period will allow the Commission and confusion.
Orders. Such competition has the ability the Exchange to continue to monitor the The Commission believes that waiver
to promote efficiency by facilitating the Program for its potential effects on of the 30-day operative delay period is
price discovery process and generating public price discovery, and on the consistent with the protection of
additional investor interest in trading broader market structure. investors and the public interest.
securities, thereby promoting capital Specifically, the Commission believes
formation. The Exchange believes that B. Self-Regulatory Organization’s that the proposal would allow the RPI
extending the pilot is appropriate Statement on Burden on Competition Program to continue uninterrupted and
because it will allow the Exchange and The Exchange does not believe that to provide additional time for data about
the Commission additional time to the proposed rule change will result in the program to be generated and
analyze data regarding the Program that any burden on competition that is not analyzed. For these reasons, the
the Exchange has committed to necessary or appropriate in furtherance Commission believes that waiving the
provide.11 As such, the Exchange of the purposes of the Act, as amended. 30-day operative delay is consistent
believes that it is appropriate to extend The proposed rule change extends an with the protection of investors and the
the current operation of the Program.12 established pilot program for one year, public interest, and designates the
Through this filing, the Exchange seeks thus allowing the RPI Program to proposed rule change to be operative
to extend the current pilot period of the enhance competition for retail order upon filing with the Commission.19
Program until December 1, 2017. flow and contribute to the public price At any time within 60 days of the
discovery process. filing of the proposed rule change, the
2. Statutory Basis Commission summarily may
C. Self-Regulatory Organization’s temporarily suspend such rule change if
The Exchange believes that the Statement on Comments on the it appears to the Commission that such
proposed rule change is consistent with Proposed Rule Change Received From action is necessary or appropriate in the
the provisions of Section 6 of the Act,13 Members, Participants, or Others public interest, for the protection of
in general, and with Section 6(b)(5) of investors, or otherwise in furtherance of
No written comments were either
the Act,14 in particular, in that it is the purposes of the Act.20
solicited or received.
designed to promote just and equitable
principles of trade, to remove III. Date of Effectiveness of the IV. Solicitation of Comments
impediments to and perfect the Proposed Rule Change and Timing for Interested persons are invited to
mechanism of a free and open market Commission Action submit written data, views, and
and a national market system, and, in The foregoing rule change has become arguments concerning the foregoing,
effective pursuant to Section 19(b)(3)(A) including whether the proposed rule
9 See Securities Exchange Act Release No. 76490
of the Act 15 and Rule 19b–4(f)(6) 16 change is consistent with the Act.
(November 20, 2015), 80 FR 74165 (November 27,
thereunder because the proposal does Comments may be submitted by any of
2015) (SR–BX–2015–073). the following methods:
10 A Retail Price Improvement Order is defined in not: (i) Significantly affect the
BX Rule 4780(a)(3) by referencing BX Rule 4702 protection of investors or the public Electronic Comments
and BX Rule 4702(b)(5) says that it is as an order interest; (ii) impose any significant
type with a non-display order attribute that is held • Use the Commission’s Internet
burden on competition; and (iii) by its
on the Exchange Book in order to provide liquidity comment form (http://www.sec.gov/
at a price at least $0.001 better than the NBBO terms, become operative for 30 days
rules/sro.shtml); or
through a special execution process described in from the date on which it was filed, or • Send an email to rule-comments@
Rule 4780. such shorter time as the Commission sec.gov. Please include File Number SR–
11 See RPI Approval Order, supra note 3 at 72051.
may designate if consistent with the BX–2016–065 on the subject line.
12 Concurrently with this filing, the Exchange has
protection of investors and the public
submitted a request for an extension of the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

exemption under Regulation NMS Rule 612 interest.17 change, or such shorter time as designated by the
previously granted by the Commission that permits Commission. The Exchange has satisfied this
it to accept and rank the RPI orders in sub-penny 15 15 U.S.C. 78s(b)(3)(A). requirement.
increments. See Letter from Jeffrey S. Davis, Vice 16 17 CFR 240.19b–4(f)(6). 18 17 CFR 240.19b–4(f)(6)(iii).

President and Deputy General Counsel and 17 In addition, Rule 19b–4(f)(6)(iii) requires the 19 For purposes only of waiving the operative
Secretary, NASDAQ BX, Inc. to Brent J. Fields, Exchange to give the Commission written notice of delay for this proposal, the Commission has
Secretary, Securities and Exchange Commission the Exchange’s intent to file the proposed rule considered the proposed rule’s impact on
dated November 22, 2016. change, along with a brief description and text of efficiency, competition, and capital formation. See
13 15 U.S.C. 78f. 15 U.S.C. 78c(f).
the proposed rule change, at least five business days
14 15 U.S.C. 78f(b)(5). prior to the date of filing of the proposed rule 20 15 U.S.C. 78s(b)(3)(C).

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Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices 88281

Paper Comments SECURITIES AND EXCHANGE the most significant parts of such
COMMISSION statements.
• Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–79438; File No. SR– A. Self-Regulatory Organization’s
Commission, 100 F Street NE., BatsEDGX–2016–67] Statement of the Purpose of, and
Washington, DC 20549–1090. Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Bats Change
All submissions should refer to File EDGX Exchange, Inc.; Notice of Filing
Number SR–BX–2016–065. This file and Immediate Effectiveness of a 1. Purpose
number should be included on the Proposed Rule Change To Make Non- The Exchange proposes to modify its
subject line if email is used. To help the Substantive Changes to the Equity fee schedule applicable to the
Commission process and review your Options Fee Schedule Exchange’s equity options platform
comments more efficiently, please use (‘‘EDGX Options’’) to make certain
December 1, 2016. clarifying and non-substantive changes
only one method. The Commission will
Pursuant to Section 19(b)(1) of the to its fee schedule in order to improve
post all comments on the Commission’s
Securities Exchange Act of 1934 (the formatting, eliminate certain
Internet Web site (http://www.sec.gov/ ‘‘Act’’),1 and Rule 19b–4 thereunder,2
rules/sro.shtml). Copies of the redundancies, increase overall
notice is hereby given that on November readability, and provide users with
submission, all subsequent 18, 2016, Bats EDGX Exchange, Inc. (the straightforward descriptions to augment
amendments, all written statements ‘‘Exchange’’ or ‘‘EDGX’’) filed with the overall comprehensibility and usability
with respect to the proposed rule Securities and Exchange Commission of the existing fee schedule. The
change that are filed with the (the ‘‘Commission’’) the proposed rule Exchange notes that these changes are
Commission, and all written change as described in Items I, II, and purely clerical and do not substantively
communications relating to the III below, which Items have been amend any fee or rebate, nor do they
proposed rule change between the prepared by the Exchange. The alter the manner in which the Exchange
Commission and any person, other than Exchange has designated the proposed assesses fees or calculates rebates. The
those that may be withheld from the rule change as one establishing or proposed changes are simply intended
public in accordance with the changing a member due, fee, or other to provide greater transparency to
provisions of 5 U.S.C. 552, will be charge imposed by the Exchange under market participants regarding how the
available for Web site viewing and Section 19(b)(3)(A)(ii) of the Act 3 and Exchange assesses fees and calculates
printing in the Commission’s Public Rule 19b–4(f)(2) thereunder,4 which rebates. Specifically, the Exchange
Reference Room, 100 F Street NE., renders the proposed rule change proposes to:
Washington, DC 20549, on official effective upon filing with the • Alphabetize defined terms under
business days between the hours of Commission. The Commission is the ‘‘Definitions’’ section; 6
10:00 a.m. and 3:00 p.m. Copies of the publishing this notice to solicit • amend footnote 3 to include the
filing also will be available for comments on the proposed rule change word ‘‘Tier’’ at the end of its title;
inspection and copying at the principal from interested persons. • amend the title of the column
office of the Exchange. All comments setting forth each tier’s rate to simply
I. Self-Regulatory Organization’s
received will be posted without change; state ‘‘Fee Per Contract’’, ‘‘Rebate Per
Statement of the Terms of the Substance
Contract’’ or ‘‘Fee/Rebate Per Contract’’),
the Commission does not edit personal of the Proposed Rule Change
as applicable. Renaming these columns
identifying information from The Exchange filed a proposal to is intended to clearly indicate whether
submissions. You should submit only make several non-substantive changes to the footnote provides a fee and/or a
information that you wish to make the fee schedule applicable to rebate. In renaming these columns, the
available publicly. All submissions Members 5 and non-members of the Exchange also proposes to remove
should refer to File Number SR–BX– Exchange pursuant to Exchange Rules certain other descriptive language as
2016–065 and should be submitted on 15.1(a) and (c). such language is redundant and set forth
or before December 28, 2016. in the tier’s title and list of its applicable
II. Self-Regulatory Organization’s
For the Commission, by the Division of Statement of the Purpose of, and fee codes;
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule • ensure each tier requiring multiple
authority.21 Change criteria is conjoined using ‘‘; and’’ to
clarify that all of a tier’s criteria must be
In its filing with the Commission, the satisfied to receive the applicable rate;
Brent J. Fields,
Exchange included statements • replace the phrase ‘‘equal to or
Secretary. concerning the purpose of and basis for greater than’’ with ‘‘≥’’ in all required
[FR Doc. 2016–29291 Filed 12–6–16; 8:45 am] the proposed rule change and discussed criteria cells under footnote 1, 2, 3, and
BILLING CODE 8011–01–P any comments it received on the 4.
proposed rule change. The text of these
statements may be examined at the 2. Statutory Basis
places specified in Item IV below. The The Exchange believes that the
Exchange has prepared summaries, set proposed rule change is consistent with
asabaliauskas on DSK3SPTVN1PROD with NOTICES

forth in Sections A, B, and C below, of the requirements of the Act and the
rules and regulations thereunder that
1 15 U.S.C. 78s(b)(1). are applicable to a national securities
2 17 CFR 240.19b–4. exchange, and, in particular, with the
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2). 6 The Exchange does not propose to alphabetize
5 A Member is defined as ‘‘any registered broker the definitions under the Market Data section of its
or dealer that has been admitted to membership in fee schedule as those terms are generally grouped
21 17 CFR 200.30–3(a)(12), (59). the Exchange.’’ See Exchange Rule 1.5(n). with similar terms.

VerDate Sep<11>2014 17:54 Dec 06, 2016 Jkt 241001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\07DEN1.SGM 07DEN1
Document Created: 2016-12-07 05:32:00
Document Modified: 2016-12-07 05:32:00
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		81 FR 88279