81 FR 93720 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 4554 Reporting Requirements for Alternative Trading Systems
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 245 (December 21, 2016)
Federal Register Volume 81, Issue 245 (December 21, 2016)
| Page Range | 93720-93722 | |
| FR Document | 2016-30689 |
[Federal Register Volume 81, Number 245 (Wednesday, December 21, 2016)] [Notices] [Pages 93720-93722] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-30689] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79570; File No. SR-FINRA-2016-045] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 4554 Reporting Requirements for Alternative Trading Systems December 15, 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 December 8, 2016, Financial Industry Regulatory Authority, Inc. (``FINRA'') 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 FINRA. FINRA has designated the proposed rule change as constituting a ``non- controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ which renders the proposal effective upon receipt of this filing by the Commission. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change FINRA is proposing to amend Rule 4554 to require alternative trading systems (``ATSs'') to submit additional order information to FINRA. The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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 FINRA proposes to amend Rule 4554 (Alternative Trading Systems-- Recording and Reporting Requirements of Order and Execution Information for NMS Stocks) to require ATSs to provide additional order sequence information on reports submitted to the Order Audit Trail System (``OATS''). In May 2016, the SEC approved Rule 4554 to further enhance FINRA's ability to reconstruct an ATS's order book and better perform its order-based surveillance, which includes surveillance for layering, quote spoofing and mid-point pricing manipulation. To accomplish this, Rule 4554 requires ATSs to report order information for each order they receive in an NMS stock beyond that set forth in the OATS rules, such as order re-pricing events (e.g., changes to an order that is pegged to the National Best Bid or Offer (``NBBO'')) and order display and reserve size information.\4\ Rule 4554 sets forth four categories of reporting requirements: (1) Data to be reported by all ATSs at the time of order receipt; (2) data to be reported by all ATSs at the time of order execution; (3) data to be reported by ATSs that display subscriber orders; and (4) data specific to ATSs that are registered as ADF Trading Centers. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 77798 (May 10, 2016), 81 FR 30395 (May 16, 2016) (SR-FINRA-2016-010). With the exception of the requirement for ATSs to report sequence numbers, Rule 4554 was implemented on November 7, 2016. See Regulatory Notice 16-28 (August 2016). FINRA delayed the implementation for the requirement to report sequence numbers until the requirement could be extended to apply to all OATS reports. See Securities Exchange Act Release No. 79289 (November 10, 2016), 81 FR 81202 (November 17, 2016) (Notice of Filing and Immediate Effectiveness of SR-FINRA- 2016-041). --------------------------------------------------------------------------- Rule 4554(b) requires that all ATSs report eight categories of information at the time of order receipt, including the sequence number assigned to the order event by the ATS's matching engine.\5\ [[Page 93721]] After further evaluation of the need for the sequence number in other order events, FINRA proposes to amend this requirement to require ATSs to report a sequence number for all OATS event types, not just for order receipt, including reports for the execution of an order or the routing of an order away from the ATS.\6\ FINRA is proposing to extend the requirement to report a sequence number beyond order receipt because, without a sequence number on all order events, FINRA is unable to properly sequence events when a single ATS MPID reports order events in the same symbol with identical timestamps.\7\ Requiring ATSs to report a sequence number for all OATS order events, rather than just order receipt, will further enable FINRA to properly sequence order events within an ATS, which will allow FINRA to more fully reconstruct an ATS's order book and better perform order-based surveillance, including surveillance for layering, quote spoofing and mid-point pricing manipulation. --------------------------------------------------------------------------- \5\ Rule 4554(b)(8). Rule 4554(b) also requires all ATSs, at the time of order receipt, to report: (1) Whether the ATS displays subscriber orders outside of the ATS and, if the ATS displays subscriber orders outside of the ATS, whether subscriber orders are displayed to subscribers only, or are distributed for publication in the consolidated quotation data; (2) whether the ATS is an ADF Trading Center as defined in FINRA Rule 6220; (3) whether the order can be routed away from the ATS for execution; (4) whether there are any counter-party restrictions on the order; (5) a unique identifier representing the specific order type other than market and limit orders that have no other special handling instructions; (6) the NBBO (or relevant reference price) in effect at the time of order receipt and the timestamp of when the ATS captured the effective NBBO (or relevant reference price); and (7) the market data feed the ATS used to obtain the NBBO (or relevant reference price). \6\ FINRA is proposing to move the provision into a separate paragraph to reflect this change. \7\ The occurrence of identical timestamps in these circumstances is not infrequent. For example, on a recent reporting day, over 13% of ATS order events within a single ATS MPID and symbol contained an identical timestamp. --------------------------------------------------------------------------- FINRA notes that the expansion of the requirement to report a sequence number with all order events mirrors the proposed requirement from Regulatory Notice 14-51. As discussed in the filing for SR-FINRA- 2016-010, FINRA initially solicited comment on the proposal for ATSs to report order information to OATS in Regulatory Notice 14-51.\8\ As part of the proposal set forth in the Regulatory Notice, ATSs exceeding the proposed volume threshold would have been required to report certain order information and ``would provide, for every order, the ATS book sequence identifier and the associated OATS identifier, which would link information about that order to the related information and full lifecycle reported to OATS.'' \9\ None of the commenters on that proposal specifically addressed the provision of sequence numbers on order reports. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 77269 (March 1, 2016), 81 FR 11851, 11854-55 (March 7, 2016). \9\ Regulatory Notice 14-51. The volume threshold proposed in the Regulatory Notice was removed as part of the proposed rule change approved by the Commission. See Securities Exchange Act Release No. 77269 (March 1, 2016), 81 FR 11851, 11854-55 (March 7, 2016). --------------------------------------------------------------------------- In response to a comment on the proposed rule change filed with the Commission, FINRA clarified that it was not mandating a particular or uniform format by which ATSs must report sequence numbers and that reporting sequence numbers as they currently exist in an ATS will satisfy the requirement.\10\ The same clarification is true with the expansion of the requirement beyond reporting order receipt (i.e., an ATS may report all sequence numbers as they currently exist in the ATS rather than in a particular or uniform format). --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 77798 (May 10, 2016), 81 FR 30395, 30397 (May 16, 2016). --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness. FINRA will announce the implementation date of the proposed rule change no later than 30 days following Commission notice of the filing of the proposed rule change for immediate effectiveness. The implementation date will be no later than 145 days after the date of the filing. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\11\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest, and Section 15A(b)(9) of the Act,\12\ which requires that FINRA rules not impose any burden on competition that is not necessary or appropriate. FINRA believes that this proposed rule change is consistent with the Act because requiring sequence numbers on all OATS reports will further enhance FINRA's ability to surveil activity occurring within an ATS by providing FINRA with additional information that can be integrated into FINRA's surveillance patterns to support alert generation and analysis. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78o-3(b)(6). \12\ 15 U.S.C. 78o-3(b)(9). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition FINRA 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. The proposed changes will apply equally to all similarly situated ATSs. FINRA also notes that the proposed rule change is designed to assist FINRA in meeting its regulatory obligations by enhancing its ability to efficiently surveil activity occurring within ATSs and across markets. FINRA believes that, because ATSs are already required to include sequence numbers on new order reports pursuant to Rule 4554 as approved by the Commission, including sequence numbers on additional order events will not be overly burdensome. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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) 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). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-FINRA-2016-045 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2016-045. This file [[Page 93722]] 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 such filing also will be available for inspection and copying at the principal office of FINRA. 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-FINRA-2016-045, and should be submitted on or before January 11, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016-30689 Filed 12-20-16; 8:45 am] BILLING CODE 8011-01-P
![93720 Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Notices
The Exchange now seeks to extend SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the exemption until June 30, 2017.5 The COMMISSION Statement of the Purpose of, and
Exchange’s request was made in Statutory Basis for, the Proposed Rule
conjunction with an immediately [Release No. 34–79570; File No. SR–FINRA– Change
effective filing that extends the 2016–045] 1. Purpose
operation of the Program through the
FINRA proposes to amend Rule 4554
same date.6 In its request to extend the Self-Regulatory Organizations;
(Alternative Trading Systems—
exemption, the Exchange notes that the Financial Industry Regulatory
Recording and Reporting Requirements
participation in the Program has Authority, Inc.; Notice of Filing and of Order and Execution Information for
increased more recently. Accordingly, Immediate Effectiveness of a Proposed NMS Stocks) to require ATSs to provide
the Exchange has asked for additional Rule Change Relating to Rule 4554 additional order sequence information
time to allow itself and the Commission Reporting Requirements for on reports submitted to the Order Audit
to analyze more robust data concerning Alternative Trading Systems Trail System (‘‘OATS’’). In May 2016,
the Program, which the Exchange the SEC approved Rule 4554 to further
December 15, 2016.
committed to provide to the enhance FINRA’s ability to reconstruct
Commission.7 For this reason and the Pursuant to Section 19(b)(1) of the an ATS’s order book and better perform
reasons stated in the Order originally Securities Exchange Act of 1934 its order-based surveillance, which
granting the limited exemption, the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 includes surveillance for layering, quote
Commission finds that extending the notice is hereby given that on December spoofing and mid-point pricing
exemption, pursuant to its authority 8, 2016, Financial Industry Regulatory manipulation. To accomplish this, Rule
under Rule 612(c) of Regulation NMS, is Authority, Inc. (‘‘FINRA’’) filed with the 4554 requires ATSs to report order
appropriate in the public interest and Securities and Exchange Commission information for each order they receive
consistent with the protection of (‘‘SEC’’ or ‘‘Commission’’) the proposed in an NMS stock beyond that set forth
investors. rule change as described in Items I, II, in the OATS rules, such as order re-
and III below, which Items have been pricing events (e.g., changes to an order
Therefore, it is hereby ordered that, that is pegged to the National Best Bid
pursuant to Rule 612(c) of Regulation prepared by FINRA. FINRA has
or Offer (‘‘NBBO’’)) and order display
NMS, the Exchange is granted a limited designated the proposed rule change as
and reserve size information.4 Rule 4554
exemption from Rule 612 of Regulation constituting a ‘‘non-controversial’’ rule
sets forth four categories of reporting
NMS that allows it to accept and rank change under paragraph (f)(6) of Rule requirements: (1) Data to be reported by
orders priced equal to or greater than 19b–4 under the Act,3 which renders all ATSs at the time of order receipt; (2)
$1.00 per share in increments of $0.001, the proposal effective upon receipt of data to be reported by all ATSs at the
in connection with the operation of its this filing by the Commission. time of order execution; (3) data to be
Retail Liquidity Program, until June 30, I. Self-Regulatory Organization’s reported by ATSs that display
2017. Statement of the Terms of the Substance subscriber orders; and (4) data specific
of the Proposed Rule Change to ATSs that are registered as ADF
The limited and temporary exemption
Trading Centers.
extended by this Order is subject to Rule 4554(b) requires that all ATSs
modification or revocation if at any time FINRA is proposing to amend Rule
4554 to require alternative trading report eight categories of information at
the Commission determines that such the time of order receipt, including the
action is necessary or appropriate in systems (‘‘ATSs’’) to submit additional
order information to FINRA. sequence number assigned to the order
furtherance of the purposes of the event by the ATS’s matching engine.5
Securities Exchange Act of 1934. The text of the proposed rule change
Responsibility for compliance with any is available on FINRA’s Web site at 4 See Securities Exchange Act Release No. 77798
applicable provisions of the Federal http://www.finra.org, at the principal (May 10, 2016), 81 FR 30395 (May 16, 2016) (SR–
office of FINRA and at the FINRA–2016–010). With the exception of the
securities laws must rest with the requirement for ATSs to report sequence numbers,
persons relying on the exemption that is Commission’s Public Reference Room. Rule 4554 was implemented on November 7, 2016.
the subject of this Order. II. Self-Regulatory Organization’s
See Regulatory Notice 16–28 (August 2016). FINRA
delayed the implementation for the requirement to
For the Commission, by the Division of Statement of the Purpose of, and report sequence numbers until the requirement
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule could be extended to apply to all OATS reports. See
authority.8 Securities Exchange Act Release No. 79289
Change (November 10, 2016), 81 FR 81202 (November 17,
Brent J. Fields, 2016) (Notice of Filing and Immediate Effectiveness
Secretary.
In its filing with the Commission, of SR–FINRA–2016–041).
FINRA included statements concerning 5 Rule 4554(b)(8). Rule 4554(b) also requires all
[FR Doc. 2016–30814 Filed 12–20–16; 8:45 am] ATSs, at the time of order receipt, to report: (1)
the purpose of and basis for the
BILLING CODE 8011–01–P Whether the ATS displays subscriber orders outside
proposed rule change and discussed any of the ATS and, if the ATS displays subscriber
comments it received on the proposed orders outside of the ATS, whether subscriber
rule change. The text of these statements orders are displayed to subscribers only, or are
distributed for publication in the consolidated
may be examined at the places specified
asabaliauskas on DSK3SPTVN1PROD with NOTICES
quotation data; (2) whether the ATS is an ADF
5 See Letter from Martha Redding, Assistant
in Item IV below. FINRA has prepared Trading Center as defined in FINRA Rule 6220; (3)
Secretary, NYSE, to Brent J. Fields, Secretary, summaries, set forth in sections A, B, whether the order can be routed away from the ATS
Securities and Exchange Commission, dated for execution; (4) whether there are any counter-
and C below, of the most significant party restrictions on the order; (5) a unique
November 28, 2016.
6 See Securities Exchange Act Release No. 79495
aspects of such statements. identifier representing the specific order type other
than market and limit orders that have no other
(Dec. 7, 2016), 81 FR 90033 (Dec. 13, 2016) (SR–
special handling instructions; (6) the NBBO (or
NYSEArca–2016–157). 1 15 U.S.C. 78s(b)(1).
relevant reference price) in effect at the time of
7 See Order, supra note 2, 78 FR at 79529. 2 17 CFR 240.19b–4. order receipt and the timestamp of when the ATS
8 17 CFR 200.30–3(a)(83). 3 17 CFR 240.19b–4(f)(6). captured the effective NBBO (or relevant reference
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![93722 Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Notices
number should be included on the ‘‘Commission’’) the proposed rule monies due and owing to the Exchange 5
subject line if email is used. To help the change as described in Items I and II, or other charges related to Rules 205
Commission process and review your below, which Items have been prepared and 206.6 The proposed amendment
comments more efficiently, please use by the Exchange. The Commission is would exclude from Rule 209 the fees
only one method. The Commission will publishing this notice to solicit set forth in Chapter V (Market Data) of
post all comments on the Commission’s comments on the proposed rule change the Exchange’s Schedule of Fees 7 to
Internet Web site (http://www.sec.gov/ from interested persons. harmonize the direct debit process
rules/sro.shtml). Copies of the across all Nasdaq Exchanges.8
submission, all subsequent I. Self-Regulatory Organization’s
Statement of the Terms of Substance of The Exchange proposes that this rule
amendments, all written statements change become operative on December
with respect to the proposed rule the Proposed Rule Change
1, 2016. On November 23, 2016, the
change that are filed with the The Exchange proposes to remove Exchange applied direct debit to its
Commission, and all written direct debit for market data products, as members for October 2016 billing 9
communications relating to the described in more detail below. pursuant to the process currently in
proposed rule change between the The text of the proposed rule change place. Under the proposed amendment
Commission and any person, other than is available on the Exchange’s Web site and starting December 2016, the
those that may be withheld from the Exchange will bill the market data fees
at www.ise.com, at the principal office
public in accordance with the separately and will continue to direct
of the Exchange, and at the
provisions of 5 U.S.C. 552, will be debit its members for all of the other
Commission’s Public Reference Room.
available for Web site viewing and fees that are covered under Rule 209, in
printing in the Commission’s Public II. Self-Regulatory Organization’s each case for the previous month’s
Reference Room, 100 F Street NE., Statement of the Purpose of, and billing.
Washington, DC 20549 on official Statutory Basis for, the Proposed Rule
business days between the hours of Change 2. Statutory Basis
10:00 a.m. and 3:00 p.m. Copies of such
In its filing with the Commission, the The Exchange believes that its
filing also will be available for
inspection and copying at the principal Exchange included statements proposal is consistent with Section 6(b)
office of FINRA. All comments received concerning the purpose of and basis for of the Act,10 in general, and furthers the
will be posted without change; the the proposed rule change and discussed objectives of Section 6(b)(5) of the Act,11
Commission does not edit personal any comments it received on the in particular, in that it is designed to
identifying information from proposed rule change. The text of these promote just and equitable principles of
submissions. You should submit only statements may be examined at the trade, to foster cooperation and
information that you wish to make places specified in Item IV below. The coordination with persons engaged in
available publicly. All submissions Exchange has prepared summaries, set facilitating transactions in securities, to
should refer to File Number SR–FINRA– forth in sections A, B, and C below, of remove impediments to and perfect the
2016–045, and should be submitted on the most significant aspects of such mechanism of a free and open market
or before January 11, 2017. statements. and a national market system, and, in
general to protect investors and the
For the Commission, by the Division of A. Self-Regulatory Organization’s public interest by providing members
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
authority.15 with a harmonized process to pay
Statutory Basis for, the Proposed Rule undisputed or final fees, fines, charges
Eduardo A. Aleman, Change and/or monetary sanctions or monies
Assistant Secretary.
1. Purpose due and owing to the Exchange.
[FR Doc. 2016–30689 Filed 12–20–16; 8:45 am]
BILLING CODE 8011–01–P The purpose of the proposed rule 5 This includes, among other things, fines which
change is to remove direct debit for result from the imposition of fines pursuant to
market data products. Today, the Rules 1611, Judgment and Sanction; and 1614,
SECURITIES AND EXCHANGE Exchange requires all of its members to Imposition of Fines for Minor Rules Violations.
COMMISSION With respect to disciplinary sanctions that are
provide a clearing account number at imposed by either the Business Conduct Committee
[Release No. 34–79562; File No. SR– the National Securities Clearing or a Hearing Panel, the Exchange would not debit
ISEGemini–2016–20] Corporation (‘‘NSCC’’) for purposes of any monies until such action is final. The Exchange
permitting the Exchange to debit any would not consider an action final until all appeal
Self-Regulatory Organizations; ISE periods have run and/or all appeal timeframes are
undisputed or final fees, fines, charges exhausted. With respect to non-disciplinary actions,
Gemini, LLC; Notice of Filing and and/or other monetary sanctions or the Exchange would similarly not take action to
Immediate Effectiveness of Proposed monies due and owing to the debit a Member account until all appeal periods
Rule Change To Remove Direct Debit Exchange.3 Specifically, Rule 209 have run and/or all appeal timeframes are
for Market Data Products exhausted. Any uncontested disciplinary or non-
currently requires members, and all disciplinary actions will be debited, and the
applicants for registration as such to amount due will appear on the Member’s invoice
December 15, 2016.
provide a clearing account number for prior to the actual NSCC debit.
Pursuant to Section 19(b)(1) of the
an account at NSCC for purposes of 6 See ISE Gemini Rules 205 (Participant Fees) and
Securities Exchange Act of 1934 206 (Liability for Payment of Fees).
permitting the Exchange to debit any
asabaliauskas on DSK3SPTVN1PROD with NOTICES
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 7 See note 4.
undisputed or final fees,4 fines, charges
notice is hereby given that on December 8 The NASDAQ Stock Market LLC, The NASDAQ
and/or other monetary sanctions or Options Market LLC, NASDAQ PHLX LLC, and
1, 2016, ISE Gemini, LLC (‘‘ISE Gemini’’
NASDAQ BX, Inc. (the ‘‘Nasdaq Exchanges’’) do not
or ‘‘Exchange’’) filed with the Securities direct debit any fees for market data products.
3 See Securities Exchange Act Release No. 79013
and Exchange Commission (‘‘SEC’’ or (September 30, 2016), 81 FR 69556 (October 6, 9 The debit for October 2016 billing included all
2016) (SR–ISEGemini–2016–12). outstanding fees, including the fees for market data,
15 17 CFR 200.30–3(a)(12). 4 Exchange fees are noted on the Exchange through October 1, 2016.
1 15 U.S.C. 78s(b)(1). 10 15 U.S.C. 78f(b).
Schedule of Fees, available at: http://www.ise.com/
2 17 CFR 240.19b–4. geminifees. 11 15 U.S.C. 78f(b)(5).
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Document Created: 2018-02-14 09:11:38
Document Modified: 2018-02-14 09:11:38
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