82 FR 14261 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Fees at Rule 7018
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 51 (March 17, 2017)
Federal Register Volume 82, Issue 51 (March 17, 2017)
| Page Range | 14261-14263 | |
| FR Document | 2017-05339 |
[Federal Register Volume 82, Number 51 (Friday, March 17, 2017)] [Notices] [Pages 14261-14263] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05339] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80224; File No. SR-BX-2017-017] Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Fees at Rule 7018 March 13, 2017. 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 March 1, 2017, 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, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's transaction fees at Rule 7018 to add a new charge for providing liquidity on the BX equity market. 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 amend the Exchange's transaction fees at Rule 7018 to add a reduced fee for providing liquidity on the BX equity market if certain volume requirements are met. The Exchange operates on the ``taker-maker'' model, whereby it pays rebates to members that take liquidity and charges fees to members that provide liquidity. Currently, a member that adds liquidity through a displayed order and that does not qualify for one of the current reduced fees would be assessed a charge of $0.0020 per share executed. With this proposal, the Exchange proposes to charge $0.0018 per share executed for a displayed order entered by a member that adds liquidity equal to or exceeding the member's Growth Target. The Growth Target is defined as the liquidity the member added in January 2017 as a percent of total Consolidated Volume plus 0.04% of total Consolidated Volume.\3\ As such, if the member added liquidity that represented 0.10% of total Consolidated Volume in January, the member's Growth Target would be 0.14% of total Consolidated Volume. A member that added 0.14% of total Consolidated Volume in March would therefore qualify for the reduced fee in March.\4\ --------------------------------------------------------------------------- \3\ Rule 7018(a) defines ``Consolidated Volume'' as the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. For purposes of calculating Consolidated Volume and the extent of a member's trading activity, the date of the annual reconstitution of the Russell Investments Indexes shall be excluded from both total Consolidated Volume and the member's trading activity. \4\ If a member was not active in the month of January, its Growth Target would be 0.04% for purposes of determining the eligibility for this fee. --------------------------------------------------------------------------- The purpose of this reduced fee is to incentivize members to add additional liquidity to the Exchange, thereby increasing the market quality of the Exchange and benefitting all participants. 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 Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes the proposed fee of $0.0018 per share executed is reasonable. The charge for adding [[Page 14262]] displayed liquidity to the Exchange set forth in Rule 7018(a) ranges from $0.0014 per share executed to $0.0020 per share executed, depending on whether any required volume thresholds were met. The Exchange believes that the proposed fee of $0.0018 is reasonable, because it is consistent with other of the Exchange's charges for adding liquidity, while it is sufficiently low that it incentivizes members to add increased liquidity. The Exchange also believes that the corresponding volume threshold to qualify for the fee, and the utilization of January 2017 as the base for the Growth Target, is reasonable. The requirement that a member add 0.04% over its January added liquidity as a percent of Consolidated Volume is a meaningful requirement which is designed to incentivize members to add liquidity. In addition, the proposed volume threshold is closely aligned with the amount of the transaction fee, and is consistent with similar volume requirements assessed by the Exchange in connection with other transaction fees.\7\ The Exchange believes that using January 2017 as the base for the Growth Target is reasonable because that month represents the most recent full month of trading, and because the selection of a previous month as a baseline prevents members from changing their behavior prospectively to influence their baseline, and thus, their eligibility for the reduced fee. --------------------------------------------------------------------------- \7\ For example, the Exchange assesses a transaction fee of $0.0017 per share executed for a Displayed order entered by a member that adds liquidity equal to or exceeding 0.15% of total Consolidated Volume during a month, and $0.0024 per share executed for Non-displayed orders (other than orders with Midpoint pegging) entered by a member that adds 0.06% of total Consolidated Volume of non-displayed liquidity. --------------------------------------------------------------------------- The Exchange also notes that the proposal is consistent with transaction fees and credits assessed by other exchanges. For example, Bats BZX Exchange, which operates a maker-taker model, pays a credit of $0.0030 per share for displayed orders if the member increases its share of total Consolidated Volume for adding liquidity by 0.15% or more in comparison to its volume in April 2016,\8\ and assesses a fee of $0.00295 per share if the member increases its share of total Consolidated Volume for removing liquidity by 0.05% or more in comparison to its July 2016 volume.\9\ Similarly, Bats EDGX Exchange pays a credit of $0.0032 per share if the member increases its share of total Consolidated Volume for adding liquidity by 0.10% or more in comparison to its volume in January 2017.\10\ --------------------------------------------------------------------------- \8\ To be eligible for this rebate, the member must also have an average daily added volume as a percentage of total Consolidated Volume that equals or exceeds 0.20%. \9\ To be eligible for this fee, the member must also have Customer orders that remove liquidity that equal or exceed 0.30% of total Consolidated Volume. \10\ To be eligible for this fee, the member must also add an average daily volume that equals or exceeds 0.40% of total Consolidated Volume. --------------------------------------------------------------------------- BX also believes that the proposed change is equitably allocated among members, and is not designed to permit unfair discrimination. BX notes that participation on the Exchange, and eligibility for the reduced fee, is voluntary, and that the proposed charge applies to all members that otherwise qualify for the reduced fee, e.g., members that add 0.04% in excess of the liquidity added in January in a given month. In adopting this fee, the Exchange is providing members with another way in which they may qualify for a reduced transaction fee, while incentivizing members to add increased liquidity, thereby benefitting all participants. BX notes that a member that adds 0.04% in excess of its January liquidity provided as a percent of total Consolidated Volume would continue to be eligible for the reduced fee for each month in which it met this requirement. BX believes this aspect of the proposal is equitable and not unfairly discriminatory, as this way to receive an ongoing reduced transaction fee is open to any member that elects to meet the volume requirements. 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. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In this instance, the proposed fee does not impose a burden on competition because the Exchange's execution services are completely voluntary and subject to extensive competition both from other exchanges and from off-exchange venues. The new fee is consistent with transaction fees and credits currently assessed by other exchanges. The new fee applies equally to all members that meet the volume requirements, and all similarly situated members are equally capable of qualifying for the fee if they choose to meet the volume requirements. Moreover, the same fee will be assessed to all members that qualify for the volume requirement. Finally, the purpose of the reduced fee is to incentivize members to add liquidity to the Exchange, potentially attracting additional participants to the Exchange and thereby promoting competition. In sum, if the changes proposed herein are unattractive to market participants, it is likely that the Exchange will lose market share as a result. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\11\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, [[Page 14263]] 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-BX-2017-017 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-BX-2017-017. 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-2017-017 and should be submitted on or before April 7, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05339 Filed 3-16-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 51 / Friday, March 17, 2017 / Notices 14261
including whether the proposal is SECURITIES AND EXCHANGE transaction fees at Rule 7018 to add a
consistent with the Act. Comments may COMMISSION reduced fee for providing liquidity on
be submitted by any of the following the BX equity market if certain volume
[Release No. 34–80224; File No. SR–BX–
methods: 2017–017]
requirements are met. The Exchange
operates on the ‘‘taker-maker’’ model,
Electronic Comments whereby it pays rebates to members that
Self-Regulatory Organizations;
• Use the Commission’s Internet NASDAQ BX, Inc.; Notice of Filing and take liquidity and charges fees to
comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed members that provide liquidity.
rules/sro.shtml); or Rule Change To Amend the Currently, a member that adds liquidity
Exchange’s Transaction Fees at Rule through a displayed order and that does
• Send an email to rule-comments@ not qualify for one of the current
sec.gov. Please include File No. SR– 7018
reduced fees would be assessed a charge
BatsBYX–2017–05 on the subject line. March 13, 2017. of $0.0020 per share executed. With this
Paper Comments Pursuant to Section 19(b)(1) of the proposal, the Exchange proposes to
Securities Exchange Act of 1934 charge $0.0018 per share executed for a
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 displayed order entered by a member
to Secretary, Securities and Exchange notice is hereby given that on March 1, that adds liquidity equal to or exceeding
Commission, 100 F Street NE., 2017, NASDAQ BX, Inc. (‘‘BX’’ or the member’s Growth Target. The
Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities Growth Target is defined as the liquidity
and Exchange Commission (‘‘SEC’’ or the member added in January 2017 as a
All submissions should refer to File No. ‘‘Commission’’) the proposed rule percent of total Consolidated Volume
SR–BatsBYX–2017–05. This file number change as described in Items I, II, and plus 0.04% of total Consolidated
should be included on the subject line III, below, which Items have been Volume.3 As such, if the member added
if email is used. To help the prepared by the Exchange. The liquidity that represented 0.10% of total
Commission process and review your Commission is publishing this notice to Consolidated Volume in January, the
comments more efficiently, please use solicit comments on the proposed rule member’s Growth Target would be
only one method. The Commission will change from interested persons. 0.14% of total Consolidated Volume. A
post all comments on the Commission’s member that added 0.14% of total
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
Statement of the Terms of Substance of Consolidated Volume in March would
rules/sro.shtml). Copies of the therefore qualify for the reduced fee in
submission, all subsequent the Proposed Rule Change
March.4
amendments, all written statements The Exchange proposes to amend the The purpose of this reduced fee is to
with respect to the proposed rule Exchange’s transaction fees at Rule 7018 incentivize members to add additional
change that are filed with the to add a new charge for providing liquidity to the Exchange, thereby
Commission, and all written liquidity on the BX equity market. increasing the market quality of the
communications relating to the The text of the proposed rule change Exchange and benefitting all
proposed rule change between the is available on the Exchange’s Web site participants.
Commission and any person, other than at http://nasdaqbx.cchwallstreet.com/,
those that may be withheld from the at the principal office of the Exchange, 2. Statutory Basis
public in accordance with the and at the Commission’s Public The Exchange believes that its
provisions of 5 U.S.C. 552, will be Reference Room. proposal is consistent with Section 6(b)
available for Web site viewing and II. Self-Regulatory Organization’s of the Act,5 in general, and furthers the
printing in the Commission’s Public Statement of the Purpose of, and objectives of Sections 6(b)(4) and 6(b)(5)
Reference Room, 100 F Street NE., Statutory Basis for, the Proposed Rule of the Act,6 in particular, in that it
Washington, DC 20549, on official Change provides for the equitable allocation of
business days between the hours of reasonable dues, fees and other charges
10:00 a.m. and 3:00 p.m. Copies of such In its filing with the Commission, the among members and issuers and other
filing will also be available for Exchange included statements persons using any facility, and is not
inspection and copying at the principal concerning the purpose of and basis for designed to permit unfair
office of the Exchange. All comments the proposed rule change and discussed discrimination between customers,
received will be posted without change; any comments it received on the issuers, brokers, or dealers.
the Commission does not edit personal proposed rule change. The text of these The Exchange believes the proposed
identifying information from statements may be examined at the fee of $0.0018 per share executed is
submissions. You should submit only places specified in Item IV below. The reasonable. The charge for adding
information that you wish to make Exchange has prepared summaries, set
available publicly. All submissions forth in sections A, B, and C below, of 3 Rule 7018(a) defines ‘‘Consolidated Volume’’ as
the most significant aspects of such the total consolidated volume reported to all
should refer to File No. SR–BatsBYX– consolidated transaction reporting plans by all
2017–05 and should be submitted on or statements. exchanges and trade reporting facilities during a
before April 7, 2017. A. Self-Regulatory Organization’s month in equity securities, excluding executed
orders with a size of less than one round lot. For
For the Commission, by the Division of Statement of the Purpose of, and purposes of calculating Consolidated Volume and
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule the extent of a member’s trading activity, the date
authority.21 Change of the annual reconstitution of the Russell
Investments Indexes shall be excluded from both
Eduardo A. Aleman, 1. Purpose total Consolidated Volume and the member’s
Assistant Secretary. trading activity.
The purpose of the proposed rule 4 If a member was not active in the month of
[FR Doc. 2017–05336 Filed 3–16–17; 8:45 am]
change is to amend the Exchange’s January, its Growth Target would be 0.04% for
BILLING CODE 8011–01–P purposes of determining the eligibility for this fee.
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b).
21 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 6 15 U.S.C. 78f(b)(4) and (5).
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![Federal Register / Vol. 82, No. 51 / Friday, March 17, 2017 / Notices 14263
including whether the proposed rule SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
change is consistent with the Act. COMMISSION Statement of the Purpose of, and the
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
the following methods: [Release No. 34–80227; File No. SR–CHX– Change
Electronic Comments 2017–05] 1. Purpose
• Use the Commission’s Internet Self-Regulatory Organizations; Article 20, Rule 13(b) (Compliance
comment form (http://www.sec.gov/ Chicago Stock Exchange, Inc.; Notice with Data Collection Requirements) 3
rules/sro.shtml); or of Filing and Immediate Effectiveness implements the data collection and Web
site publication requirements of the
• Send an email to rule-comments@ of a Proposed Rule Change To Modify
Plan.4 Paragraph .08 of Article 20, Rule
sec.gov. Please include File Number SR– the Date of Appendix B Web Site Data
13(b) provides, among other things, that
BX–2017–017 on the subject line. Publication Pursuant to the Regulation
the requirement that the Exchange make
NMS Plan To Implement a Tick Size certain data publicly available on the
Paper Comments
Pilot Program Exchange or Designated Examining
• Send paper comments in triplicate March 13, 2017. Authority’s (‘‘DEA’s’’) Web site
to Secretary, Securities and Exchange pursuant to Appendix B and C to the
Commission, 100 F Street NE., Pursuant to Section 19(b)(1) of the Plan shall commence at the beginning of
Washington, DC 20549–1090. Securities Exchange Act of 1934 the Pilot Period,5 and that the Exchange
(‘‘Act’’),1 and Rule 19b–4 2 thereunder, shall make data for the Pre-Pilot Period
All submissions should refer to File
notice is hereby given that on February publicly available on the Exchange Web
Number SR–BX–2017–017. This file
28, 2017, the Chicago Stock Exchange, site pursuant to Appendix B to the Plan
number should be included on the
Inc. (‘‘CHX’’ or the ‘‘Exchange’’) filed by February 28, 2017.6
subject line if email is used. To help the
Commission process and review your with the Securities and Exchange The Exchange is proposing
comments more efficiently, please use Commission (‘‘Commission’’) the amendments to paragraph .08 of Article
only one method. The Commission will proposed rule change as described in 20, Rule 13(b) to delay the date by
post all comments on the Commission’s Items I and II below, which Items have which Pre-Pilot and Pilot Appendix B
Internet Web site (http://www.sec.gov/ been prepared by the Exchange. The data is to be made publicly available on
rules/sro.shtml). Copies of the Commission is publishing this notice to the Exchange’s Web site from February
submission, all subsequent solicit comments on the proposed rule 28, 2017, until April 28, 2017.7
amendments, all written statements change from interested persons. In the SRO Tick Size Plan Proposal,
with respect to the proposed rule the Plan Participants stated that the
I. Self-Regulatory Organization’s public data will be made available for
change that are filed with the
Statement of the Terms of Substance of free ‘‘on a disaggregated basis by trading
Commission, and all written
the Proposed Rule Change
communications relating to the 3 See Securities Exchange Act Release No. 79538
proposed rule change between the CHX proposes to amend Article 20, (December 13, 2016), 81 FR 91979 (December 19,
Commission and any person, other than Rule 13(b) of the Rules of the Exchange 2016) (SR–CHX–2016–21); see also Securities
those that may be withheld from the (‘‘CHX Rules’’) to modify the date of Exchange Act Release No. 77469 (March 29, 2016),
public in accordance with the 81 FR 19275 (April 4, 2016) (SR–CHX–2016–02).
Appendix B Web site data publication 4 The Plan Participants filed the Plan to comply
provisions of 5 U.S.C. 552, will be pursuant to the Regulation NMS Plan to with an order issued by the Commission on June
available for Web site viewing and Implement a Tick Size Pilot Program 24, 2014. See Letter from Brendon J. Weiss, Vice
printing in the Commission’s Public President, Intercontinental Exchange, Inc., to
(‘‘Plan’’). Secretary, Commission, dated August 25, 2014
Reference Room, 100 F Street NE.,
The text of this proposed rule change (‘‘SRO Tick Size Plan Proposal’’). See Securities
Washington, DC 20549, on official Exchange Act Release No 72460 (June 24, 2014), 79
business days between the hours of is available on the Exchange’s Web site FR 36840 (June 30, 2014); see also Securities
10:00 a.m. and 3:00 p.m. Copies of the at (www.chx.com) and in the Exchange Act Release No. 74892 (May 6, 2015), 80
filing also will be available for Commission’s Public Reference Room. FR 27513 (May 13, 2015).
5 Unless otherwise defined herein, capitalized
inspection and copying at the principal
II. Self-Regulatory Organization’s terms have the meaning ascribed to them in CHX
office of the Exchange. All comments Article 20, Rule 13.
received will be posted without change; Statement of the Purpose of, and
6 On November 30, 2016, the SEC granted
the Commission does not edit personal Statutory Basis for, the Proposed Rule exemptive relief to the Plan Participants to, among
identifying information from Change other things, delay the publication of Web site data
pursuant to Appendices B and C to the Plan until
submissions. You should submit only In its filing with the Commission, the February 28, 2017, and to delay the ongoing Web
information that you wish to make CHX included statements concerning site publication by ninety days such that data
available publicly. the purpose of and basis for the would be published within 120 calendar days
following the end of the month. See Letter from
All submissions should refer to File proposed rule changes and discussed David S. Shillman, Associate Director, Division of
Number SR–BX–2017–017 and should any comments it received on the Trading and Markets, Commission, to Marcia E.
be submitted on or before April 7, 2017. proposed rule change. The text of these Asquith, Senior Vice President and Corporate
Secretary, FINRA, dated November 30, 2016; see
For the Commission, by the Division of statements may be examined at the also SR–CHX–2016–21, supra note 3.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated places specified in Item IV below. The 7 In addition, the Exchange is proposing an
authority.12 CHX has prepared summaries, set forth amendment to CHX Article 20, Rule 13(a)(6)(B) to
Eduardo A. Aleman, clarify that no CHX Participant, irrespective of
in sections A, B and C below, of the whether that member operates a trading center, may
Assistant Secretary. most significant aspects of such execute orders in any Pilot Security in Test Group
[FR Doc. 2017–05339 Filed 3–16–17; 8:45 am] statements. Three in price increments other than $0.05, unless
BILLING CODE 8011–01–P
an exception applies. This proposed amendment
makes the rule consistent with the Plan and
1 15 U.S.C. 78s(b)(1). conforms subparagraph (a)(6)(B) with subparagraph
12 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. (a)(5)(B).
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Document Created: 2017-03-17 02:49:07
Document Modified: 2017-03-17 02:49:07
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 14261 |
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