82 FR 23932 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Suspend the Implementation of QCC With Stock Order Functionality Upon Migration to INET
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 99 (May 24, 2017)
Federal Register Volume 82, Issue 99 (May 24, 2017)
| Page Range | 23932-23934 | |
| FR Document | 2017-10586 |
[Federal Register Volume 82, Number 99 (Wednesday, May 24, 2017)] [Notices] [Pages 23932-23934] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-10586] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80718; File No. SR-ISE-2017-44] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Suspend the Implementation of QCC With Stock Order Functionality Upon Migration to INET May 18, 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 May 8, 2017, Nasdaq ISE, LLC (``ISE'' 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 delay the implementation of QCC with Stock Order functionality with the migration to Nasdaq INET. 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 [[Page 23933]] 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 delay the implementation of QCC with Stock Order functionality offered to members on a voluntary basis. QCC with Stock Orders will be temporarily unavailable in symbols that have migrated to the INET architecture as this functionality will be introduced later in the launch of the INET trading system. The QCC with Stock Order is a piece of functionality that facilitates the execution of the stock component of qualified contingent trades in connection with the execution of a Qualified Contingent Cross (``QCC'') Order on the Exchange. Specifically, a QCC with Stock Order is defined as a QCC Order \3\ entered with a stock component to be communicated to a designated broker-dealer for execution pursuant to Rule 721(c).\4\ --------------------------------------------------------------------------- \3\ A QCC Order is comprised of an originating order to buy or sell at least 1000 contracts that is identified as being part of a qualified contingent trade, coupled with a contra-side order or orders totaling an equal number of contracts. See Rule 715(j). \4\ See Rule 715(t). --------------------------------------------------------------------------- Rule 721(c) and the Supplementary Material thereto describe how the stock component of QCC with Stock Orders are executed. Since QCC Orders represent one component of a qualified contingent trade, each QCC Order must be paired with a stock transaction. When a member enters a QCC Order, the member is responsible for executing the associated stock component of the qualified contingent trade within a reasonable period of time after the QCC Order is executed. QCC with Stock Order functionality is a voluntary piece of functionality that provides members with an automated means of executing the stock component of a qualified contingent trade. Specifically, when a member enters a QCC with Stock Order, a QCC Order is entered on the Exchange. That QCC Order is automatically executed upon entry provided that the conditions of Rule 721(b) are met. If the QCC Order is executed, the Exchange will automatically communicate the stock component to the member's designated broker-dealer for execution. Currently, members that execute the options component of a qualified contingent trade entered as a QCC with Stock Order remain responsible for the execution of the stock component if they do not receive an execution from their designated broker-dealer. Although QCC Orders are eligible for automatic execution, it is possible that the QCC Order may not be executable based on market prices at the time the order is entered. If the QCC Order is not capable of being executed, the entire QCC with Stock Order, including both the stock and options components, is cancelled. QCC with Stock Order functionality will not initially be available on INET for symbols that have been migrated to that platform. In conjunction with the upcoming migration to INET, the Exchange proposes to temporarily suspend the availability of QCC with Stock Order functionality provided under Rule 721(c) and the Supplementary Material to Rule 721 until a date to be announced by the Exchange via an Options Trader Alert, which date shall occur prior to August 1, 2017. QCC with Stock Orders in symbols that have migrated to INET will be rejected until such time as that functionality is introduced on INET. Specifically, the Exchange has filed and received approval for a proposed rule change to begin the system migration to INET in Q2 of 2017.\5\ The migration to INET will be on a symbol-by-symbol basis as will be communicated by the Exchange in a notice to Members.\6\ The Exchange proposes to implement QCC with Stock Order functionality on the INET platform during the INET symbol migration. Once QCC with Stock Order functionality is launched on INET, members may utilize this functionality for symbols as they migrate to INET. The Exchange will announce a date, via an Options Trader Alert, when the functionality will be available. At that time, all symbols that have migrated to INET as of that date will be able to utilize the QCC with Stock Order functionality. All other symbols that migrate after that date, if any, would be able to utilize the QCC with Stock Order functionality as they migrate. The QCC with Stock Order functionality will continue to be available on the legacy ISE system until the symbols migrate to INET. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 80432 (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03) (Order Approving Proposed Rule Change, as Modified by Amendment No. 1, to Amend Various Rules in Connection with a System Migration to Nasdaq INET Technology). \6\ The Exchange will issue an Options Trader Alert prior to the migration and will specify the dates that symbols will migrate to the INET platform. The Exchange is staging the re-platform to provide maximum benefit to its Members while also ensuring a successful rollout. INET is the proprietary core technology utilized across Nasdaq's global markets and utilized on The NASDAQ Options Market LLC (``NOM''), NASDAQ PHLX LLC (``Phlx'') and NASDAQ BX, Inc. (``BX'') (collectively, ``Nasdaq Exchanges''). The migration of ISE to the Nasdaq INET architecture would result in higher performance, scalability, and more robust architecture. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\8\ 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. Specifically, the Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest because QCC with Stock Order functionality is currently offered to members on a voluntary basis to assist in their execution of qualified contingent trades. Furthermore, members that execute the options component of a Qualified Contingent Trade entered as a QCC with Stock Order remain responsible for the execution of the stock component if they do not receive an execution from their designated broker-dealer. There is no requirement that members utilize QCC with Stock functionality, and members will continue to be able to enter regular QCC Orders where the exchange does not assist with the execution of the stock component of the trade and the members do so themselves. Specifically, Members would remain able to execute QCC Orders on the INET platform prior to QCC with Stock functionality being turned back on, provided that the member would be responsible for executing the associated stock component of the qualified contingent trade within a reasonable period of time after the QCC Order is executed. Furthermore, the Exchange will continue to offer the QCC with Stock Order functionality on the legacy ISE system until such time as each symbol migrates to INET. The Exchange intends to introduce QCC with Stock Order functionality on INET during the symbol migration, and prior to the rollout of the majority of symbols on [[Page 23934]] INET. Based on the Exchange's anticipated symbol rollout, the affected symbols will not include symbols where members typically enter a significant volume of QCC with Stock Orders.\9\ The Exchange also notes that it has issued an Options trader Alert providing Members notice of its proposal to delay the QCC with Stock Order functionality during the initial launch of the INET technology until such time as the Exchange announces the availability of the QCC with Stock Order functionality.\10\ The Exchange intends to make clear the implementation timeline of this functionality within its rulebook. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). \9\ Of the 3,172 symbols listed on ISE, the Exchange anticipates rolling out approximately 151 symbols prior to introducing QCC with Stock Order functionality on INET. \10\ See Options Trader Alert #2017-32. --------------------------------------------------------------------------- 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. No market participant would be able to submit a QCC with Stock Order on INET until such time as the Exchange turns back on the functionality with notice to members. The Exchange believes that notwithstanding the delay of this functionality, ISE will continue to remain a competitive with other options markets. Moreover, Members will still be able to execute QCC Orders on the Exchange using other means to ensure the execution of the stock component of those qualified contingent trades. 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. --------------------------------------------------------------------------- In its filing, ISE requested that the Commission waive the 30-day operative delay in order to enable the Exchange to launch the new INET system on the schedule previously announced to members. The Commission believes that such waiver is consistent with the protection of investors and the public interest. The Exchange represented that delaying the launch of the INET system could harm members that have relied upon the schedule previously announced by ISE. Moreover, ISE explained that waiving the 30-day operative delay would have limited consequences; members received notice of the proposed change on April 28, 2017, and the Exchange will migrate symbols that have a higher volume of QCC with Stock Orders later in its INET rollout in order to reduce the impact on its members. For these reasons, the Commission believes that proposed rule change will provide clarity to ISE members regarding the availability QCC with Stock Order functionality on the Exchange and designates the proposed rule change to be operative upon filing.\13\ --------------------------------------------------------------------------- \13\ 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-ISE-2017-44 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-ISE-2017-44. 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-ISE-2017-44 and should be submitted on or before June 14, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12) and (59). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-10586 Filed 5-23-17; 8:45 am] BILLING CODE 8011-01-P
![23932 Federal Register / Vol. 82, No. 99 / Wednesday, May 24, 2017 / Notices
exchanges and FINRA are proposing within 60 days of the filing of the submissions. You should submit only
this proposed fee schedule to proposed rule change, the Commission information that you wish to make
implement the requirements of the CAT summarily may temporarily suspend available publicly. All submissions
NMS Plan. Therefore, this is not a such rule change if it appears to the should refer to File Number SR–MRX–
competitive fee filing and, therefore, it Commission that such action is (i) 2017–04, and should be submitted on or
does not raise competition issues necessary or appropriate in the public before June 14, 2017.
between and among the exchanges and interest; (ii) for the protection of For the Commission, by the Division of
FINRA. investors; or (iii) otherwise in Trading and Markets, pursuant to delegated
Moreover, as previously described, furtherance of the purposes of the Act. authority.58
MRX believes that the proposed rule If the Commission takes such action, the Eduardo A. Aleman,
change fairly and equitably allocates Commission shall institute proceedings Assistant Secretary.
costs among CAT Reporters. In to determine whether the proposed rule [FR Doc. 2017–10595 Filed 5–23–17; 8:45 am]
particular, the proposed fee schedule is should be approved or disapproved.
BILLING CODE 8011–01–P
structured to impose comparable fees on
similarly situated CAT Reporters, and IV. Solicitation of Comments
lessen the impact on smaller CAT Interested persons are invited to
SECURITIES AND EXCHANGE
Reporters. CAT Reporters with similar submit written data, views, and
COMMISSION
levels of CAT activity will pay similar arguments concerning the foregoing,
fees. For example, Industry Members including whether the proposed rule [Release No. 34–80718; File No. SR–ISE–
(other than Execution Venue ATSs) with change is consistent with the Act. 2017–44]
higher levels of message traffic will pay Comments may be submitted by any of
higher fees, and those with lower levels the following methods: Self-Regulatory Organizations; Nasdaq
of message traffic will pay lower fees. ISE, LLC; Notice of Filing and
Electronic Comments Immediate Effectiveness of Proposed
Similarly, Execution Venue ATSs and
other Execution Venues with larger • Use the Commission’s Internet Rule Change to Temporarily Suspend
market share will pay higher fees, and comment form (http://www.sec.gov/ the Implementation of QCC With Stock
those with lower levels of market share rules/sro.shtml); or Order Functionality Upon Migration to
will pay lower fees. Therefore, given • Send an email to rule-comments@ INET
that there is generally a relationship sec.gov. Please include File Number SR–
May 18, 2017.
between message traffic and market MRX–2017–04 on the subject line.
Pursuant to Section 19(b)(1) of the
share to the CAT Reporter’s size, smaller Paper Comments Securities Exchange Act of 1934
CAT Reporters generally pay less than • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
larger CAT Reporters. Accordingly, the to Secretary, Securities and Exchange notice is hereby given that on May 8,
Exchange does not believe that the CAT Commission, 100 F Street NE., 2017, Nasdaq ISE, LLC (‘‘ISE’’ or
Fees would have a disproportionate Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
effect on smaller or larger CAT and Exchange Commission (‘‘SEC’’ or
All submissions should refer to File
Reporters. In addition, ATSs and ‘‘Commission’’) the proposed rule
Number SR–MRX–2017–04. This file
exchanges will pay the same fees based change as described in Items I and II,
number should be included on the
on market share. Therefore, MRX does below, which Items have been prepared
subject line if email is used. To help the
not believe that the fees will impose any by the Exchange. The Commission is
Commission process and review your
burden on the competition between publishing this notice to solicit
comments more efficiently, please use
ATSs and exchanges. Accordingly, MRX comments on the proposed rule change
only one method. The Commission will
believes that the proposed fees will from interested persons.
post all comments on the Commission’s
minimize the potential for adverse
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
effects on competition between CAT
rules/sro.shtml). Copies of the Statement of the Terms of Substance of
Reporters in the market.
Furthermore, the tiered, fixed fee submission, all subsequent the Proposed Rule Change
funding model limits the disincentives amendments, all written statements
The Exchange proposes to delay the
to providing liquidity to the market. with respect to the proposed rule
implementation of QCC with Stock
Therefore, the proposed fees are change that are filed with the
Order functionality with the migration
structured to limit burdens on Commission, and all written
to Nasdaq INET.
competitive quoting and other liquidity communications relating to the The text of the proposed rule change
provision in the market. proposed rule change between the is available on the Exchange’s Web site
Commission and any person, other than at www.ise.com, at the principal office
C. Self-Regulatory Organization’s those that may be withheld from the of the Exchange, and at the
Statement on Comments on the public in accordance with the Commission’s Public Reference Room.
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be
Members, Participants, or Others available for Web site viewing and II. Self-Regulatory Organization’s
No written comments were either printing in the Commission’s Public Statement of the Purpose of, and
solicited or received. Reference Room, 100 F Street NE., Statutory Basis for, the Proposed Rule
Washington, DC 20549, on official Change
asabaliauskas on DSK3SPTVN1PROD with NOTICES
III. Date of Effectiveness of the business days between the hours of In its filing with the Commission, the
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the Exchange included statements
Commission Action filing also will be available for concerning the purpose of and basis for
The foregoing rule change has become inspection and copying at the principal the proposed rule change and discussed
effective pursuant to Section office of the Exchange. All comments
19(b)(3)(A)(ii) of the Act.57 At any time received will be posted without change; 58 17 CFR 200.30–3(a)(12).
the Commission does not edit personal 1 15 U.S.C. 78s(b)(1).
57 15 U.S.C. 78s(b)(3)(A)(ii). identifying information from 2 17 CFR 240.19b–4.
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![23934 Federal Register / Vol. 82, No. 99 / Wednesday, May 24, 2017 / Notices
INET. Based on the Exchange’s In its filing, ISE requested that the Paper Comments
anticipated symbol rollout, the affected Commission waive the 30-day operative
symbols will not include symbols where delay in order to enable the Exchange to • Send paper comments in triplicate
members typically enter a significant launch the new INET system on the to Secretary, Securities and Exchange
volume of QCC with Stock Orders.9 The schedule previously announced to Commission, 100 F Street NE.,
Exchange also notes that it has issued an members. The Commission believes that Washington, DC 20549–1090.
Options trader Alert providing Members such waiver is consistent with the All submissions should refer to File
notice of its proposal to delay the QCC protection of investors and the public
Number SR–ISE–2017–44. This file
with Stock Order functionality during interest. The Exchange represented that
number should be included on the
the initial launch of the INET delaying the launch of the INET system
could harm members that have relied subject line if email is used. To help the
technology until such time as the
upon the schedule previously Commission process and review your
Exchange announces the availability of
the QCC with Stock Order announced by ISE. Moreover, ISE comments more efficiently, please use
functionality.10 The Exchange intends explained that waiving the 30-day only one method. The Commission will
to make clear the implementation operative delay would have limited post all comments on the Commission’s
timeline of this functionality within its consequences; members received notice Internet Web site (http://www.sec.gov/
rulebook. of the proposed change on April 28, rules/sro.shtml). Copies of the
2017, and the Exchange will migrate submission, all subsequent
B. Self-Regulatory Organization’s symbols that have a higher volume of amendments, all written statements
Statement on Burden on Competition QCC with Stock Orders later in its INET with respect to the proposed rule
The Exchange does not believe that rollout in order to reduce the impact on change that are filed with the
the proposed rule change will impose its members. For these reasons, the Commission, and all written
any burden on competition not Commission believes that proposed rule communications relating to the
necessary or appropriate in furtherance change will provide clarity to ISE proposed rule change between the
of the purposes of the Act. No market members regarding the availability QCC Commission and any person, other than
participant would be able to submit a with Stock Order functionality on the those that may be withheld from the
QCC with Stock Order on INET until Exchange and designates the proposed public in accordance with the
such time as the Exchange turns back on rule change to be operative upon provisions of 5 U.S.C. 552, will be
the functionality with notice to filing.13
At any time within 60 days of the available for Web site viewing and
members. The Exchange believes that printing in the Commission’s Public
notwithstanding the delay of this filing of the proposed rule change, the
Commission summarily may Reference Room, 100 F Street NE.,
functionality, ISE will continue to
temporarily suspend such rule change if Washington, DC 20549, on official
remain a competitive with other options
markets. Moreover, Members will still it appears to the Commission that such business days between the hours of
be able to execute QCC Orders on the action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of the
Exchange using other means to ensure the public interest; (ii) for the protection filing also will be available for
the execution of the stock component of of investors; or (iii) otherwise in inspection and copying at the principal
those qualified contingent trades. furtherance of the purposes of the Act. office of the Exchange. All comments
If the Commission takes such action, the received will be posted without change;
C. Self-Regulatory Organization’s Commission shall institute proceedings the Commission does not edit personal
Statement on Comments on the to determine whether the proposed rule identifying information from
Proposed Rule Change Received From should be approved or disapproved. submissions. You should submit only
Members, Participants, or Others information that you wish to make
IV. Solicitation of Comments
No written comments were either available publicly. All submissions
solicited or received. Interested persons are invited to should refer to File Number SR–ISE–
submit written data, views and 2017–44 and should be submitted on or
III. Date of Effectiveness of the arguments concerning the foregoing,
Proposed Rule Change and Timing for before June 14, 2017.
including whether the proposed rule
Commission Action change is consistent with the Act. For the Commission, by the Division of
Because the foregoing proposed rule Comments may be submitted by any of Trading and Markets, pursuant to delegated
change does not: (i) Significantly affect the following methods: authority.14
the protection of investors or the public Eduardo A. Aleman,
Electronic Comments
interest; (ii) impose any significant Assistant Secretary.
burden on competition; and (iii) become • Use the Commission’s Internet
[FR Doc. 2017–10586 Filed 5–23–17; 8:45 am]
operative for 30 days from the date on comment form (http://www.sec.gov/
BILLING CODE 8011–01–P
which it was filed, or such shorter time rules/sro.shtml); or
as the Commission may designate, it has • Send an email to rule-comments@
become effective pursuant to Section sec.gov. Please include File Number SR–
19(b)(3)(A)(iii) of the Act 11 and ISE–2017–44 on the subject line.
subparagraph (f)(6) of Rule 19b–4
the Commission written notice of its intent to file
asabaliauskas on DSK3SPTVN1PROD with NOTICES
thereunder.12
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
9 Of the 3,172 symbols listed on ISE, the
change, or such shorter time as designated by the
Exchange anticipates rolling out approximately 151 Commission. The Exchange has satisfied this
symbols prior to introducing QCC with Stock Order requirement.
functionality on INET. 13 For purposes only of waiving the 30-day
10 See Options Trader Alert #2017–32.
operative delay, the Commission has also
11 15 U.S.C. 78s(b)(3)(A)(iii).
considered the proposed rule’s impact on
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– efficiency, competition, and capital formation. See
4(f)(6) requires a self-regulatory organization to give 15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12) and (59).
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Document Created: 2017-05-24 01:03:05
Document Modified: 2017-05-24 01:03:05
| 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 23932 |
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