81 FR 89532 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Titles of Equities Rule 7015 and Options Chapter XV, Section 3, and To Make Related Changes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 238 (December 12, 2016)

Page Range		89532-89533
FR Document		2016-29658
Federal Register, Volume 81 Issue 238 (Monday, December 12, 2016)
[Federal Register Volume 81, Number 238 (Monday, December 12, 2016)]
[Notices]
[Pages 89532-89533]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-29658]



[[Page 89532]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79485; File No. SR-BX-2016-066]


Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend the Titles 
of Equities Rule 7015 and Options Chapter XV, Section 3, and To Make 
Related Changes

December 6, 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 30, 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 proposes to rename the title of rules that assess fees 
for connectivity to systems operated by the Exchange or FINRA under 
Equities Rule 7015 and Options Chapter XV, Section 3, and to make 
related changes to other rules that reference the renamed rules.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqbx.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 the proposed rule change is to rename related text 
in Rule 7015 and Chapter XV Section 3 to more accurately reflect the 
services being provided and eliminate an outdated term. Both Rule 7015 
and Chapter XV, Section 3, include connectivity to the TradeInfo \3\ 
service, which is not related to connecting to the Exchange trading 
system. As a consequence, the Exchange believes that it is appropriate 
to rename the title of Rule 7015 as ``Ports and other Services'' and 
rename the title of Chapter XV, Section 3, as ``BX Options Market--
Ports and other Services,'' which the Exchange believes more accurately 
describe the services provided to members under those rules.
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    \3\ TradeInfo is an Internet-based tool that, among other 
things, allows users to view all of the BX order and execution 
information for their entire firm for both equities and options 
through a single interface. TradeInfo may be subscribed to under 
both Rule 7015 and Chapter XV, Section 3.
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    The Exchange is also proposing to amend reference to the title of 
Rule 7015 in Rule 7011(a), which is titled ``Collection of Exchange 
Fees and Other Claims and Billing Policy,'' and is also amending 
reference to the title of Chapter XV, Section 3, found under Section 
7(c)(2) of Chapter XV to reflect the amended titles of Rule 7015 and 
Chapter XV, Section 3. Last, the Exchange is deleting ``OMX'' from the 
name of the Exchange in references to the Exchange in Rules 7011 and 
7015. The Exchange removed ``OMX'' from its name effective January 9, 
2016,\4\ and thus the change corrects the reference in the rules.
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    \4\ See Securities Exchange Release Act [sic] No. 76656 
(December 15, 2015), 80 FR 79381 (December 21, 2016) (SR-BX-2015-
080).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\5\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\6\ 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, 
by clarifying applicability of rules whose current titles could confuse 
market participants. Specifically, the Exchange is eliminating the term 
``Access'' and replacing it with the phrase ``Ports and other'' because 
the new titles will more accurately describe the depth and breadth of 
services provided to members under Rule 7015 and Chapter XV, Section 3. 
As explained above, Rule 7015 and Chapter XV, Section 3, include the 
TradeInfo service, which is not related to connecting to the equity or 
options markets. Last, the Exchange is making technical changes to 
Rules 7011 and 7015 to remove ``OMX'' from references to the Exchange 
thereunder. As noted above, the Exchange removed ``OMX'' from its name 
effective January 9, 2016. Thus, the changes proposed herein do not 
impact the fees, connectivity or services described under Rule 7015 and 
Chapter XV, Section 3, but rather merely clarify and harmonize the 
terminology used to better align it with what is provided under the 
rules.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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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 believes that, to 
the extent it has any impact on competition, the proposed change will 
promote competition by making it clear to all market participants and 
exchange competitors what is provided under Rule 7015 and Chapter, XV 
Section 3.

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 foregoing 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)(iii) of the Act \7\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of its filing. However, 
Rule 19b-4(f)(6)(iii) \9\ permits the Commission to designate a shorter 
time if such action

[[Page 89533]]

is consistent with the protection of investors and the public interest. 
The Exchange has requested that the Commission waive the 30-day 
operative delay so that the proposed rule change will become operative 
on filing. The Exchange stated that the proposed rule change promotes 
the protection of investors and the public interest by clarifying and 
harmonizing the terminology used in the Exchange's rules. Waiver of the 
operative delay would allow the Exchange, without delay, to rename the 
rules to make clear what the rules cover, therefore, the Commission 
believes that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Therefore, the 
Commission designates the proposed rule change to be operative upon 
filing.\10\
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    \9\ 17 CFR 240.19b-4(f)(6)(iii).
    \10\ For purposes only of waiving the 30-day operative delay, 
the Commission also 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: (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 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-2016-066 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-BX-2016-066. 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-2016-066 and should be 
submitted on or before January 3, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-29658 Filed 12-9-16; 8:45 am]
 BILLING CODE 8011-01-P
89532 Federal Register / Vol. 81, No. 238 / Monday, December 12, 2016 / Notices

SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s other’’ because the new titles will more
COMMISSION Statement of the Purpose of, and accurately describe the depth and
Statutory Basis for, the Proposed Rule breadth of services provided to members
[Release No. 34–79485; File No. SR–BX–
Change under Rule 7015 and Chapter XV,
2016–066] 1. Purpose Section 3. As explained above, Rule
7015 and Chapter XV, Section 3,
The purpose of the proposed rule include the TradeInfo service, which is
Self-Regulatory Organizations;
change is to rename related text in Rule not related to connecting to the equity
NASDAQ BX, Inc.; Notice of Filing and
7015 and Chapter XV Section 3 to more or options markets. Last, the Exchange
Immediate Effectiveness of Proposed accurately reflect the services being
Rule Change To Amend the Titles of is making technical changes to Rules
provided and eliminate an outdated 7011 and 7015 to remove ‘‘OMX’’ from
Equities Rule 7015 and Options term. Both Rule 7015 and Chapter XV,
Chapter XV, Section 3, and To Make references to the Exchange thereunder.
Section 3, include connectivity to the As noted above, the Exchange removed
Related Changes TradeInfo 3 service, which is not related ‘‘OMX’’ from its name effective January
December 6, 2016. to connecting to the Exchange trading 9, 2016. Thus, the changes proposed
system. As a consequence, the Exchange herein do not impact the fees,
Pursuant to Section 19(b)(1) of the believes that it is appropriate to rename connectivity or services described under
Securities Exchange Act of 1934 the title of Rule 7015 as ‘‘Ports and other Rule 7015 and Chapter XV, Section 3,
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Services’’ and rename the title of but rather merely clarify and harmonize
notice is hereby given that on November Chapter XV, Section 3, as ‘‘BX Options the terminology used to better align it
30, 2016, NASDAQ BX, Inc. (‘‘BX’’ or Market—Ports and other Services,’’ with what is provided under the rules.
‘‘Exchange’’) filed with the Securities which the Exchange believes more
and Exchange Commission (‘‘SEC’’ or accurately describe the services B. Self-Regulatory Organization’s
‘‘Commission’’) the proposed rule provided to members under those rules. Statement on Burden on Competition
change as described in Items I and II The Exchange is also proposing to The Exchange does not believe that
below, which Items have been prepared amend reference to the title of Rule 7015 the proposed rule change will impose
by the Exchange. The Commission is in Rule 7011(a), which is titled any burden on competition not
publishing this notice to solicit ‘‘Collection of Exchange Fees and Other necessary or appropriate in furtherance
comments on the proposed rule change Claims and Billing Policy,’’ and is also of the purposes of the Act. The
from interested persons. amending reference to the title of Exchange believes that, to the extent it
Chapter XV, Section 3, found under has any impact on competition, the
I. Self-Regulatory Organization’s Section 7(c)(2) of Chapter XV to reflect proposed change will promote
Statement of the Terms of Substance of the amended titles of Rule 7015 and competition by making it clear to all
the Proposed Rule Change Chapter XV, Section 3. Last, the market participants and exchange
Exchange is deleting ‘‘OMX’’ from the competitors what is provided under
The Exchange proposes to rename the name of the Exchange in references to
title of rules that assess fees for Rule 7015 and Chapter, XV Section 3.
the Exchange in Rules 7011 and 7015.
connectivity to systems operated by the The Exchange removed ‘‘OMX’’ from its C. Self-Regulatory Organization’s
Exchange or FINRA under Equities Rule name effective January 9, 2016,4 and Statement on Comments on the
7015 and Options Chapter XV, Section thus the change corrects the reference in Proposed Rule Change Received From
3, and to make related changes to other the rules. Members, Participants, or Others
rules that reference the renamed rules.
2. Statutory Basis No written comments were either
The text of the proposed rule change solicited or received.
is available on the Exchange’s Web site The Exchange believes that its
at http://nasdaqbx.cchwallstreet.com/, proposal is consistent with Section 6(b) III. Date of Effectiveness of the
at the principal office of the Exchange, of the Act,5 in general, and furthers the Proposed Rule Change and Timing for
objectives of Section 6(b)(5) of the Act,6 Commission Action
and at the Commission’s Public
in particular, in that it is designed to Because the foregoing proposed rule
Reference Room.
promote just and equitable principles of change does not: (i) Significantly affect
II. Self-Regulatory Organization’s trade, to remove impediments to and the protection of investors or the public
Statement of the Purpose of, and perfect the mechanism of a free and interest; (ii) impose any significant
Statutory Basis for, the Proposed Rule open market and a national market burden on competition; and (iii) become
Change system, and, in general to protect operative for 30 days from the date on
investors and the public interest, by which it was filed, or such shorter time
In its filing with the Commission, the clarifying applicability of rules whose
as the Commission may designate, it has
Exchange included statements current titles could confuse market
become effective pursuant to Section
concerning the purpose of and basis for participants. Specifically, the Exchange
19(b)(3)(A)(iii) of the Act 7 and
the proposed rule change and discussed is eliminating the term ‘‘Access’’ and
subparagraph (f)(6) of Rule 19b–4
any comments it received on the replacing it with the phrase ‘‘Ports and
thereunder.8
proposed rule change. The text of these A proposed rule change filed under
statements may be examined at the 3 TradeInfo is an Internet-based tool that, among
Rule 19b–4(f)(6) normally does not
other things, allows users to view all of the BX
places specified in Item IV below. The
mstockstill on DSK3G9T082PROD with NOTICES

order and execution information for their entire become operative for 30 days after the
Exchange has prepared summaries, set firm for both equities and options through a single date of its filing. However, Rule 19b–
forth in sections A, B, and C below, of interface. TradeInfo may be subscribed to under 4(f)(6)(iii) 9 permits the Commission to
the most significant aspects of such both Rule 7015 and Chapter XV, Section 3.
4 See Securities Exchange Release Act [sic] No. designate a shorter time if such action
statements. 76656 (December 15, 2015), 80 FR 79381 (December
21, 2016) (SR–BX–2015–080). 7 15 U.S.C. 78s(b)(3)(A)(iii).
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b). 8 17 CFR 240.19b–4(f)(6).
2 17 CFR 240.19b–4. 6 15 U.S.C. 78f(b)(5). 9 17 CFR 240.19b–4(f)(6)(iii).

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Federal Register / Vol. 81, No. 238 / Monday, December 12, 2016 / Notices 89533

is consistent with the protection of only one method. The Commission will thereunder.2 The proposed rule change
investors and the public interest. The post all comments on the Commission’s was published in the Federal Register
Exchange has requested that the Internet Web site (http://www.sec.gov/ on June 9, 2016.3 The Commission
Commission waive the 30-day operative rules/sro.shtml). received 10 comment letters to the
delay so that the proposed rule change Copies of the submission, all proposed rule change from five
will become operative on filing. The subsequent amendments, all written commenters, including three response
Exchange stated that the proposed rule statements with respect to the proposed letters from DTC.4 Pursuant to Section
change promotes the protection of rule change that are filed with the 19(b)(2) of the Act,5 on July 21, 2016,
investors and the public interest by Commission, and all written the Commission designated a longer
clarifying and harmonizing the communications relating to the period within which to approve the
terminology used in the Exchange’s proposed rule change between the proposed rule change, disapprove the
rules. Waiver of the operative delay Commission and any person, other than proposed rule change, or institute
would allow the Exchange, without those that may be withheld from the proceedings to determine whether to
delay, to rename the rules to make clear public in accordance with the disapprove the proposed rule change.6
what the rules cover, therefore, the provisions of 5 U.S.C. 552, will be On July 29, 2016, DTC filed Amendment
Commission believes that waiver of the available for Web site viewing and No. 1 to the proposed rule change. On
30-day operative delay is consistent printing in the Commission’s Public September 6, 2016, the Commission
with the protection of investors and the Reference Room, 100 F Street NE., published notice of Amendment No. 1
public interest. Therefore, the Washington, DC 20549, on official and instituted proceedings under
Commission designates the proposed business days between the hours of Section 19(b)(2)(B) of the Act 7 to
rule change to be operative upon 10:00 a.m. and 3:00 p.m. Copies of the determine whether to approve or
filing.10 filing also will be available for disapprove the proposed rule change.8
At any time within 60 days of the inspection and copying at the principal Section II below provides an overview
filing of the proposed rule change, the office of the Exchange. All comments and brief description of both DTC and
Commission summarily may received will be posted without change; the proposed rule change. Section III
temporarily suspend such rule change if the Commission does not edit personal provides a summary of the comments
it appears to the Commission that such identifying information from received and DTC’s response to those
action is: (i) Necessary or appropriate in submissions. You should submit only comments. Section IV provides a
the public interest; (ii) for the protection information that you wish to make discussion of the proposed rule change,
of investors; or (iii) otherwise in available publicly. All submissions
furtherance of the purposes of the Act. should refer to File Number SR–BX–
2 17 CFR 240.19b–4.
If the Commission takes such action, the 2016–066 and should be submitted on
3 See Securities Exchange Act Release No. 77991
(June 3, 2016), 81 FR 37232 (June 9, 2016) (SR–
Commission shall institute proceedings or before January 3, 2017. DTC–2016–003) (‘‘Notice’’).
to determine whether the proposed rule 4 See letter from Charles V. Rossi, Chairman, The
should be approved or disapproved. For the Commission, by the Division of Securities Transfer Association (‘‘STA’’), Inc. Board
Trading and Markets, pursuant to delegated Advisory Committee, dated June 30, 2016, to Brent
IV. Solicitation of Comments authority.11 J. Fields, Secretary, Commission (‘‘STA Letter I’’);
Eduardo A. Aleman, letter from Dorian Deyet, dated June 30, 2016
Interested persons are invited to (‘‘Deyet Letter’’); letter from Ann K. Shuman,
submit written data, views, and Assistant Secretary. Managing Director and Deputy General Counsel,
arguments concerning the foregoing, [FR Doc. 2016–29658 Filed 12–9–16; 8:45 am] DTC, dated July 21, 2016, to Brent J. Fields,
including whether the proposed rule Secretary, Commission (‘‘DTC Letter I’’); letter from
BILLING CODE 8011–01–P
Harvey Kesner (‘‘Kesner’’), Sichenzia, Ross,
change is consistent with the Act. Friedman, Ference, dated August 11, 2016, to Brent
Comments may be submitted by any of J. Fields, Secretary, Commission (‘‘Kesner Letter I’’);
the following methods: SECURITIES AND EXCHANGE letter from Isaac Montal, Managing Director and
COMMISSION Deputy General Counsel, DTC, dated August 22,
Electronic Comments 2016, to Brent J. Fields, Secretary, Commission
(‘‘DTC Letter II’’); letter from Charles V. Rossi,
• Use the Commission’s Internet [Release No. 34–79488; File No. SR–DTC–
Chairman, STA Board Advisory Committee, dated
comment form (http://www.sec.gov/ 2016–003] August 29, 2016, to Brent J. Fields, Secretary,
rules/sro.shtml); or Commission (‘‘STA Letter II’’); letter from Kesner,
• Send an email to rule-comments@ Self-Regulatory Organizations; The Sichenzia, Ross, Friedman, Ference, dated August
sec.gov. Please include File Number SR– Depository Trust Company; Order 30, 2016, to Brent J. Fields, Secretary, Commission
Granting Approval of a Proposed Rule (‘‘Kesner Letter II’’); letter from Norman B. Arnoff
BX–2016–066 on the subject line. (‘‘Arnoff’’), dated September 4, 2016 to Secretary
Change, as Modified by Amendment Fields (‘‘Arnoff Letter’’); letter from Charles V.
Paper Comments No. 1, To Impose Deposit Chills and Rossi, Chairman, STA Board Advisory Committee,
• Send paper comments in triplicate Global Locks and Provide Fair dated October 3, 2016, to Brent J. Fields, Secretary,
Commission (‘‘STA Letter III’’); and letter from Ann
to Brent J. Fields, Secretary, Securities Procedures to Issuers
K. Shuman, Managing Director and Deputy General
and Exchange Commission, 100 F Street December 6, 2016. Counsel, DTC, dated October 17, 2016, to Brent J.
NE., Washington, DC 20549–1090. Fields, Secretary, Commission (‘‘DTC Letter III’’).
I. Introduction See comments on the proposed rule change (SR–
All submissions should refer to File DTC–2016–003), https://www.sec.gov/comments/sr-
Number SR–BX–2016–066. This file On May 27, 2016, The Depository dtc-2016-003/dtc2016003.shtml.
number should be included on the Trust Company (‘‘DTC’’) filed with the 5 15 U.S.C. 78s(b)(2).
6 See Securities Exchange Act Release No. 78379
subject line if email is used. To help the Securities and Exchange Commission
mstockstill on DSK3G9T082PROD with NOTICES

(July 21, 2016), 81 FR 49309 (July 27, 2016). The
Commission process and review your (‘‘Commission’’) proposed rule change Commission designated September 7, 2016, as the
comments more efficiently, please use SR–DTC–2016–003 pursuant to Section date by which it should approve, disapprove, or
19(b)(1) of the Securities Exchange Act institute proceedings to determine whether to
10 For purposes only of waiving the 30-day disapprove the proposed rule change.
of 1934 (‘‘Act’’),1 and Rule 19b–4 7 15 U.S.C. 78s(b)(2)(B).
operative delay, the Commission also has
considered the proposed rule’s impact on 8 See Securities Exchange Act Release No. 78774
11 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See (September 6, 2016), 81 FR 62775 (September 12,
15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1). 2016).

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Document Created: 2018-02-14 09:05:55
Document Modified: 2018-02-14 09:05:55
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 89532