82 FR 21437 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Quote Mitigation
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 87 (May 8, 2017)
Federal Register Volume 82, Issue 87 (May 8, 2017)
| Page Range | 21437-21439 | |
| FR Document | 2017-09192 |
[Federal Register Volume 82, Number 87 (Monday, May 8, 2017)] [Notices] [Pages 21437-21439] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-09192] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80573; File No. SR-GEMX-2017-04] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Quote Mitigation May 2, 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 April 26, 2017, Nasdaq GEMX, LLC (``GEMX'' 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. --------------------------------------------------------------------------- \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 GEMX Rule 804(h) regarding quote mitigation. The text of the proposed rule change is available on the Exchange's Web site at www.ise.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 Exchange proposes to amend GEMX Rule 804, entitled ``Market Maker Quotations,'' to specifically amend Rule 804(h) which addresses the Exchange's quote traffic mitigation plan to adopt a [[Page 21438]] similar quote mitigation plan to that of NASDAQ PHLX LLC (``Phlx''). Topaz implemented its quote mitigation plan in 2013, at the time it filed its Form 1 application.\3\ At that time, Topaz adopted the same quote mitigation plan that was in effect on ISE.\4\ --------------------------------------------------------------------------- \3\ See Securities Exchange Release Act. No. 70050 (July 26, 2013), 78 FR 46622 (August 1, 2013) (File No. 10-209) (Application of Topaz Exchange, LLC for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission). This pilot has since been extended several times. \4\ See Securities Exchange Release Act. No. 55161 (February 1, 2007), 72 FR 4754 (January 24, 2007) (SR-ISE-2006-62) (Order Granting Approval To Proposed Rule Change as Modified by Amendment Nos. 1 and 2 Thereto, To Implement a Penny Pilot Program To Quote Certain Options in Pennies). --------------------------------------------------------------------------- Currently, GEMX Rule 804(h) provides that GEMX shall utilize a mechanism so that newly-received quotations and other changes to the Exchange's best bid and offer are not disseminated for a period of up to, but not more than one second. Commencing on February 27, 2017, GEMX initiated a migration to Nasdaq's INET system over a six week symbol rollout.\5\ GEMX completed its symbol migration to INET and began mitigating quotes pursuant to a mitigation strategy utilized by Phlx today.\6\ GEMX is no longer utilizing the same mitigation strategy that it utilized while it operated on its legacy system. INET does not currently support the quote mitigation strategy in the current GEMX Rule 804(h). The Exchange is proposing to change its quote mitigation strategy to one supported by INET. Phlx operates on INET today, the same system that GEMX now operates on. The Exchange proposes to amend its current rule to adopt a plan for quote mitigation similar to Phlx's rule and properly reflect its mitigation process. Phlx's strategy has been operating on the INET platform since 2007. --------------------------------------------------------------------------- \5\ See Options Trader Alert #2017-13. \6\ See Options Technical Update #2017-17. --------------------------------------------------------------------------- Phlx Rule 1082(a)(ii)(C) sets forth the conditions under which Phlx disseminates updated quotations based on changes in the Exchange's disseminated price and/or size. Phlx disseminates an updated bid and offer price, together with the size associated with such bid and offer, when: (1) Phlx's disseminated bid or offer price increases or decreases; (2) the size associated with Phlx's disseminated bid or offer decreases; or (3) the size associated with Phlx's bid (offer) increases by an amount greater than or equal to a percentage (never to exceed 20%) \7\ of the size associated with the previously disseminated bid (offer). Such percentage, which would never exceed 20%, would be determined on an issue-by-issue basis by the Exchange and announced to membership via Exchange circular. The percentage size increase necessary to give rise to a refreshed quote may vary from issue to issue, depending, without limitation, on the liquidity, average volume, and average number of quotations submitted in the issue. The mitigation would apply to all options traded on GEMX. --------------------------------------------------------------------------- \7\ Phlx has set its percentage to 10%. See http://www.nasdaqtrader.com/content/phlxmemos/2007/jan/0197-07.pdf. --------------------------------------------------------------------------- The Exchange will not be adopting Phlx Rule 1082(a)(ii)(C)(4). This functionality is not necessary on INET. Phlx adopted 1082(a)(ii)(C)(4) when it was not operating on INET, with its subsequent replatform to INET functionality, 1082(a)(ii)(C)(4) was no longer necessary because of the real-time features which exist on INET. The INET functionality rendered the rule text in 1082(a)(ii)(C)(4) as unnecessary. With the migration to INET, GEMX has set an initial percentage of 3% as announced in an Options Trader Alert.\8\ GEMX will continue to monitor the quote activity on the market and would not notify participants of any incremental increase in the size of the Exchange's quote until such quote is disseminated to OPRA. --------------------------------------------------------------------------- \8\ See Options Technical Update #2017-17. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ 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 reducing the number of options quotations required to be submitted on the Exchange and, therefore, mitigating the Exchange's quote message traffic and capacity. By adopting a quote mitigation plan similar to Phlx, the Exchange will continue to mitigate quotes and monitor its quote capacity, as is the case today. While the Phlx method differs from that of GEMX's rule, the Exchange believes that Phlx's method today successfully mitigates quotes on that market. In addition, GEMX desires to adopt a similar mitigation as currently utilized by its affiliated market, as it now operates on the same architecture. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Phlx quote mitigation process has been in place since 2007. Phlx is operating on the INET system today, the same system that GEMX was recently migrated to for its operating system. The Exchange believes that Phlx's quote mitigation process has successfully controlled Phlx's quote capacity. The Exchange believes that it is reasonable to utilize a similar process as Phlx to mitigate quotes for GEMX given the system architecture is utilized on both of these markets. Nasdaq, Inc., a common parent to Phlx and GEMX, has experience with this quote mitigation strategy on INET. The Exchange has selected to mitigate GEMX at 3% initially because, unlike Phlx, which is a mature market with various auction offerings and higher volumes, GEMX is a not as large in volume and has fewer functional offerings, e.g. complex orders and floor trading. The Exchange notes that it will continue to monitor quotes on GEMX and make adjustments as necessary. 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 proposes to mitigate all options trading on GEMX. All options exchanges have a quote mitigation process in place in connection with their participation in the Penny Pilot Program. 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 \11\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(iii). \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. --------------------------------------------------------------------------- [[Page 21439]] A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \13\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The Commission notes that GEMX (formerly known as Topaz Exchange, LLC) was approved as an Exchange on July 26, 2013, and its rules at that time provided for a quote mitigation plan.\15\ According to the Exchange, GEMX transitioned to a new operating platform (INET) on April 3, 2017; however, this platform does not support the quote mitigation strategy in current GEMX Rule 804(h). The Exchange represents that since GEMX transitioned to INET, it has been mitigating quotes pursuant to the quote mitigation strategy used by Phlx today. The Exchange represents that the proposal would allow the Exchange to operate a quote mitigation plan on the INET platform and effectively mitigate the amount of options quote traffic on the Exchange. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\16\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See note 3, supra. \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (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 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-GEMX-2017-04 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-GEMX-2017-04. 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-GEMX-2017-04 and should be submitted on or before May 30, 2017. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-09192 Filed 5-5-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 87 / Monday, May 8, 2017 / Notices 21437
Exchange believes that the proposed change is consistent with the Act. SECURITIES AND EXCHANGE
rule change would not impose any Comments may be submitted by any of COMMISSION
burden on competition because it is not the following methods:
[Release No. 34–80573; File No. SR–GEMX–
designed to address any competitive 2017–04]
issues. Rather, the proposed rule change Electronic Comments
is designed to provide specificity in • Use the Commission’s Internet Self-Regulatory Organizations; Nasdaq
Exchange rules regarding how the comment form (http://www.sec.gov/ GEMX, LLC; Notice of Filing and
Exchange would process orders before rules/sro.shtml); or Immediate Effectiveness of Proposed
and after all auctions, including the Rule Change Regarding Quote
Early Open Auction and an IPO • Send an email to rule-comments@
Mitigation
Auction. In addition the proposed sec.gov. Please include File Number SR–
changes regarding Discretionary Pegged NYSEArca–2017–47 on the subject line. May 2, 2017.
Orders would not impose any burden on Pursuant to Section 19(b)(1) of the
Paper Comments Securities Exchange Act of 1934
competition because Discretionary
Pegged Orders, like Market Pegged • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Orders are non-displayed orders, and to Brent J. Fields, Secretary, Securities notice is hereby given that on April 26,
the proposed changes are based on how and Exchange Commission, 100 F Street 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ or
Market Pegged Orders operate. NE., Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
C. Self-Regulatory Organization’s All submissions should refer to File ‘‘Commission’’) the proposed rule
Statement on Comments on the Number SR–NYSEArca–2017–47. This change as described in Items I and II
Proposed Rule Change Received From file number should be included on the below, which Items have been prepared
Members, Participants, or Others subject line if email is used. To help the by the Exchange. The Commission is
No written comments were solicited Commission process and review your publishing this notice to solicit
or received with respect to the proposed comments more efficiently, please use comments on the proposed rule change
rule change. only one method. The Commission will from interested persons.
III. Date of Effectiveness of the post all comments on the Commission’s I. Self-Regulatory Organization’s
Proposed Rule Change and Timing for Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of
Commission Action rules/sro.shtml). Copies of the the Proposed Rule Change
submission, all subsequent
Because the foregoing proposed rule The Exchange proposes to amend
amendments, all written statements
change does not: (i) Significantly affect GEMX Rule 804(h) regarding quote
with respect to the proposed rule
the protection of investors or the public mitigation.
change that are filed with the The text of the proposed rule change
interest; (ii) impose any significant
burden on competition; and (iii) become Commission, and all written is available on the Exchange’s Web site
operative for 30 days from the date on communications relating to the at www.ise.com, at the principal office
which it was filed, or such shorter time proposed rule change between the of the Exchange, and at the
as the Commission may designate, it has Commission and any person, other than Commission’s Public Reference Room.
become effective pursuant to Section those that may be withheld from the
public in accordance with the II. Self-Regulatory Organization’s
19(b)(3)(A) of the Act 10 and Rule 19b–
provisions of 5 U.S.C. 552, will be Statement of the Purpose of, and
4(f)(6) thereunder.11
At any time within 60 days of the available for Web site viewing and Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the printing in the Commission’s Public Change
Commission summarily may Reference Room, 100 F Street NE., In its filing with the Commission, the
temporarily suspend such rule change if Washington, DC 20549 on official Exchange included statements
it appears to the Commission that such business days between the hours of concerning the purpose of and basis for
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of such the proposed rule change and discussed
public interest, for the protection of filing also will be available for any comments it received on the
investors, or otherwise in furtherance of inspection and copying at the principal proposed rule change. The text of these
the purposes of the Act. If the office of the Exchange. All comments statements may be examined at the
Commission takes such action, the received will be posted without change; places specified in Item IV below. The
Commission shall institute proceedings the Commission does not edit personal Exchange has prepared summaries, set
to determine whether the proposed rule identifying information from forth in sections A, B, and C below, of
change should be approved or submissions. You should submit only the most significant aspects of such
disapproved. information that you wish to make statements.
IV. Solicitation of Comments available publicly. All submissions
A. Self-Regulatory Organization’s
should refer to File Number SR–
Interested persons are invited to Statement of the Purpose of, and
NYSEArca–2017–47, and should be Statutory Basis for, the Proposed Rule
submit written data, views, and submitted on or before May 30, 2017.
arguments concerning the foregoing, Change
including whether the proposed rule For the Commission, by the Division of
1. Purpose
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated
10 15 U.S.C. 78s(b)(3)(A). authority.12 The Exchange proposes to amend
11 17 CFR 240.19b–4(f)(6). As required under Rule Eduardo A. Aleman, GEMX Rule 804, entitled ‘‘Market Maker
19b–4(f)(6)(iii), the Exchange provided the Quotations,’’ to specifically amend Rule
Assistant Secretary.
Commission with written notice of its intent to file 804(h) which addresses the Exchange’s
the proposed rule change, along with a brief [FR Doc. 2017–09194 Filed 5–5–17; 8:45 am]
quote traffic mitigation plan to adopt a
description and the text of the proposed rule BILLING CODE 8011–01–P
change, at least five business days prior to the date
1 15 U.S.C. 78s(b)(1).
of filing of the proposed rule change, or such
shorter time as designated by the Commission. 12 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 87 / Monday, May 8, 2017 / Notices 21439
A proposed rule change filed Electronic Comments SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the COMMISSION
Act 13 normally does not become • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Release No. 34–80574; File No. SR–FICC–
operative for 30 days after the date of its 2017–005]
filing. However, Rule 19b–4(f)(6)(iii) 14 rules/sro.shtml); or
permits the Commission to designate a • Send an email to rule-comments@ Self-Regulatory Organizations; Fixed
shorter time if such action is consistent sec.gov. Please include File Number SR– Income Clearing Corporation; Order
with the protection of investors and the GEMX–2017–04 on the subject line. Granting Approval of Proposed Rule
public interest. The Exchange has asked Change To Establish the Centrally
the Commission to waive the 30-day Paper Comments Cleared Institutional Triparty Service
operative delay so that the proposal may and Make Other Changes
become operative immediately upon • Send paper comments in triplicate
filing. The Commission believes that to Secretary, Securities and Exchange May 2, 2017.
waiving the 30-day operative delay is Commission, 100 F Street NE.,
Washington, DC 20549–1090. I. Introduction
consistent with the protection of
investors and the public interest. The On March 9, 2017, Fixed Income
All submissions should refer to File Clearing Corporation (‘‘FICC’’) filed
Commission notes that GEMX (formerly Number SR–GEMX–2017–04. This file
known as Topaz Exchange, LLC) was with the Securities and Exchange
number should be included on the Commission (‘‘Commission’’) proposed
approved as an Exchange on July 26, subject line if email is used. To help the
2013, and its rules at that time provided rule change SR–FICC–2017–005,
Commission process and review your pursuant to Section 19(b)(1) of the
for a quote mitigation plan.15 According
to the Exchange, GEMX transitioned to comments more efficiently, please use Securities Exchange Act of 1934
a new operating platform (INET) on only one method. The Commission will (‘‘Act’’),1 and Rule 19b–4 thereunder.2
April 3, 2017; however, this platform post all comments on the Commission’s The proposed rule change was
does not support the quote mitigation Internet Web site (http://www.sec.gov/ published for comment in the Federal
strategy in current GEMX Rule 804(h). rules/sro.shtml). Copies of the Register on March 30, 2017.3 The
The Exchange represents that since submission, all subsequent Commission received one comment
GEMX transitioned to INET, it has been amendments, all written statements letter on the proposed rule change.4
mitigating quotes pursuant to the quote with respect to the proposed rule This order approves the proposed rule
mitigation strategy used by Phlx today. change that are filed with the change.
The Exchange represents that the Commission, and all written II. Description of the Proposal
proposal would allow the Exchange to communications relating to the Repurchase agreement (‘‘repo’’)
operate a quote mitigation plan on the proposed rule change between the transactions involve the sale of
INET platform and effectively mitigate Commission and any person, other than securities along with an agreement to
the amount of options quote traffic on those that may be withheld from the repurchase the securities on a later date.
the Exchange. Accordingly, the public in accordance with the Bilateral repo transactions involve a
Commission hereby waives the provisions of 5 U.S.C. 552, will be cash lender (e.g., a money market
operative delay and designates the available for Web site viewing and mutual fund, pension fund, or other
proposal operative upon filing.16 printing in the Commission’s Public
At any time within 60 days of the entity with funds available for lending)
Reference Room, 100 F Street NE., and a cash borrower (typically a broker-
filing of the proposed rule change, the
Washington, DC 20549, on official dealer, hedge fund, or other entity
Commission summarily may
business days between the hours of seeking to finance securities that can be
temporarily suspend such rule change if
10:00 a.m. and 3:00 p.m. Copies of the used to collateralize the loan). In the
it appears to the Commission that such
filing also will be available for opening leg of the repo transaction, the
action is: (i) Necessary or appropriate in
inspection and copying at the principal cash borrower receives cash in exchange
the public interest; (ii) for the protection
office of the Exchange. All comments for securities equal in value to the
of investors; or (iii) otherwise in
received will be posted without change; amount of cash received, plus a haircut.
furtherance of the purposes of the Act.
the Commission does not edit personal In the closing leg of the repo
If the Commission takes such action, the
identifying information from transaction, the cash borrower pays back
Commission shall institute proceedings
the cash plus interest in exchange for
to determine whether the proposed rule submissions. You should submit only
should be approved or disapproved. information that you wish to make 1 15 U.S.C. 78s(b)(1).
available publicly. All submissions 2 17 CFR 240.19b–4. FICC also filed this proposal
IV. Solicitation of Comments
should refer to File Number SR–GEMX– as an advance notice pursuant to Section 802(e)(1)
Interested persons are invited to 2017–04 and should be submitted on or of the Payment, Clearing, and Settlement
submit written data, views, and before May 30, 2017.
Supervision Act of 2010 and Rule 19b–4(n)(1)
under the Act. 15 U.S.C. 5465(e)(1) and 17 CFR
arguments concerning the foregoing, 240.19b–4(n)(1). The advance notice was published
including whether the proposed rule For the Commission, by the Division of
for comment in the Federal Register on April 7,
change is consistent with the Act. Trading and Markets, pursuant to delegated 2017. See Securities Exchange Act Release No.
Comments may be submitted by any of authority.17 80361 (April 3, 2017), 82 FR 17053 (April 7, 2017)
Eduardo A. Aleman, (SR–FICC–2017–803). The Commission did not
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the following methods: receive any comments on the advance notice.
Assistant Secretary. 3 Securities Exchange Act Release No. 80303
13 17 CFR 240.19b–4(f)(6). [FR Doc. 2017–09192 Filed 5–5–17; 8:45 am] (March 24, 2017), 82 FR 15749 (March 30, 2017)
14 17 CFR 240.19b–4(f)(6)(iii).
BILLING CODE 8011–01–P
(SR–FICC–2017–005) (‘‘Notice’’).
15 See note 3, supra. 4 See letter from Thomas Wipf, Chief Financial
16 For purposes only of waiving the 30-day Officer, Morgan Stanley & Co. LLC, dated April 19,
operative delay, the Commission has also 2017, to Eduardo A. Aleman, Assistant Secretary,
considered the proposed rule’s impact on Commission, available at https://www.sec.gov/
efficiency, competition, and capital formation. See comments/sr-ficc-2017-005/ficc2017005.htm
15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12). (‘‘Morgan Stanley Letter’’).
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Document Created: 2017-05-06 02:21:37
Document Modified: 2017-05-06 02:21:37
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