82 FR 25433 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Supplementary Material .03 to Rule 713
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 104 (June 1, 2017)
Federal Register Volume 82, Issue 104 (June 1, 2017)
| Page Range | 25433-25435 | |
| FR Document | 2017-11253 |
[Federal Register Volume 82, Number 104 (Thursday, June 1, 2017)] [Notices] [Pages 25433-25435] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-11253] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80771; File No. SR-MRX-2017-05] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Supplementary Material .03 to Rule 713 May 25, 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 19, 2017, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed with the Securities and Exchange Commission (``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. --------------------------------------------------------------------------- [[Page 25434]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Supplementary Material .03 to Rule 713 to change the allocation entitlement for Preferred PMMs. 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 Supplementary Material .03 to Rule 713 allows an Electronic Access Member (``EAM'') to designate a ``Preferred Market Maker'' on orders it enters into the System (``Preferenced Orders''). A Preferred Market Maker may be the Primary Market Maker (``PMM'') appointed to the options class or any Competitive Market Maker (``CMM'') appointed to the options class.\3\ The purpose of the proposed rule change is to amend Supplementary Material .03 to Rule 713 to change the allocation entitlement for PMMs that receive Preferenced Orders (i.e., ``Preferred PMMs''), consistent with allocation entitlements for PMM equivalents on other options exchanges. --------------------------------------------------------------------------- \3\ See Supplementary Material .03(a) to Rule 713. --------------------------------------------------------------------------- Currently, a Preferred Market Maker that is quoting at the national best bid of offer (``NBBO'') at the time the Preferenced Order is received,\4\ is entitled to participation rights equal to the greater of: (i) The proportion of the total size at the best price represented by the size of its quote, or (ii) sixty percent (60%) of the contracts to be allocated if there is only one (1) other Professional Order or market maker quotation at the best price and forty percent (40%) if there are two (2) or more other Professional Orders and/or market maker quotes at the best price.\5\ This allocation entitlement is in lieu of the regular allocation provided in Supplementary Material .01 to Rule 713, and applies regardless of whether the Preferred Market Maker is a PMM or CMM. In some instances where the Preferred Market Maker is the PMM appointed to the options class this results in a preferenced allocation that is worse than the market maker's regular allocation entitlement. Specifically, Supplementary Material .01(c) to Rule 713 provides a small order entitlement whereby orders of five contracts or fewer are executed first by the PMM. A PMM that normally receives an allocation entitlement for orders of five contracts or fewer,\6\ would not receive this allocation entitlement if it were designated as the Preferred Market Maker. --------------------------------------------------------------------------- \4\ If the Preferred Market Maker is not quoting at a price equal to the NBBO at the time the Preferenced Order is received, the Exchange's regular allocation procedure applies to the execution of the Preferenced Order. See Supplementary Material .03(b) to Rule 713. \5\ See Supplementary Material .03(c) to Rule 713. \6\ See Supplementary Material .01(c) to Rule 713. --------------------------------------------------------------------------- The Exchange now proposes to amend the participation rights of Preferred PMMs such that the PMM appointed in an option class will receive participation rights that are consistent with the higher allocation entitlement given to PMM equivalents on the MIAX Options Exchange (``MIAX''), and with the allocation entitlement recently adopted on the Exchange's affiliates, Nasdaq ISE, LLC (``ISE'') and Nasdaq GEMX, LLC (``GEMX''). In particular, the Exchange proposes to amend Supplementary Material .03(c) to Rule 713 to provide that, the Preferred Market Maker has participation rights equal to the greater of: (i) The proportion of the total size at the best price represented by the size of its quote, (ii) sixty percent (60%) of the contracts to be allocated if there is only one (1) other Professional Order or market maker quotation at the best price and forty percent (40%) if there are two (2) or more other Professional Orders and/or market maker quotes at the best price, or (iii) the full size of a Preferenced Order for five (5) contracts or fewer if the Primary Market Maker appointed to the options class is designated as the Preferred Market Maker--i.e., the small order allocation entitlement contained in Supplementary Material .01(c) to Rule 713. Thus, the PMM appointed to an options class would receive an allocation entitlement for orders of five contracts or fewer, regardless of whether that order is submitted as a Preferenced Order. The Exchange believes that this is appropriate since the PMMs obligations to the market are the same regardless of whether an order happens to be submitted with a preference instruction. PMM equivalents on other options exchanges currently receive this participation right when preferenced, in addition to the regular 60% or 40% preferenced allocation currently provided in the rule.\7\ Preferred CMMs will continue to receive the same allocation entitlement that they receive today. --------------------------------------------------------------------------- \7\ See MIAX Rule 514(g), (i). See also Securities Exchange Act Release Nos. 80239 (March 14, 2017), 82 FR 14413 (March 20, 2017) (SR-ISEGemini-2017-14); 80438 (April 12, 2017), 82 FR 18329 (April 18, 2017) (SR-ISE-2017-31). --------------------------------------------------------------------------- Pursuant to Supplementary Material .01(c) to Rule 713 the Exchange evaluates on a quarterly basis what percentage of the volume executed on the Exchange is comprised of orders for five (5) contracts or fewer executed by PMMs. The Exchange represents that this review will extend to the small order entitlement for Preferred PMMs. Thus, consistent with Supplementary Material .01(c) to Rule 713, the Exchange will reduce the size of the orders included in the small order entitlement if such percentage is over forty percent (40%). Implementation The proposed rule change will be implemented on the Exchange's new INET trading system, which is scheduled to launch in Q3 2017,\8\ provided that the Exchange will provide notice of this change in a circular to be distributed to members prior to implementing the new allocation entitlement on INET. The INET migration will take place on a symbol by symbol basis as specified by the Exchange in a notice to be provided to Members. The Exchange is proposing to implement this rule change on the INET platform as the symbols migrate to that platform. As such, PMMs will begin receiving the small order entitlement in symbols as they migrate to the INET platform. --------------------------------------------------------------------------- \8\ See SR-MRX-2017-02 (pending publication). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\9\ In particular, the proposal is consistent [[Page 25435]] with Section 6(b)(5) of the Act,\10\ because it is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest as it will allow EAMs to send Preferenced Orders to the PMM appointed in an options class without inadvertently disadvantaging the PMM compared to if the order was not preferenced. The regular allocation entitlements for PMMs, including the small order entitlement, are designed to balance the obligations that the PMM has to the market with corresponding benefits. The Exchange believes that it is appropriate to provide the small order entitlement also when the PMM is designated as a Preferred Market Maker as the obligations that the PMM has to the market are not diminished when it receives a Preferenced Order. Other options exchanges similarly provide the small order entitlement to the PMM regardless of whether the order is submitted as a Preferenced Order.\11\ At the same time, the proposed rule change does not amend the current participation rights for Preferred CMMs, which is also consistent with allocation rules of other options exchanges. While the Exchange believes that it is appropriate to grant PMMs an allocation entitlement for small sized orders preferenced to them in recognition of the obligations that PMMs have to maintain fair and orderly markets, the Exchange does not believe that it is appropriate at this time to extend this entitlement to CMMs, preferenced or otherwise. --------------------------------------------------------------------------- \11\ See supra note 7. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\12\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to allow EAMs to send Preferenced Orders to the PMM appointed in an options class without inadvertently disadvantaging the PMM by reducing its participation rights. The proposed allocation entitlements are equivalent to those currently in effect on other options exchanges.\13\ The proposed rule change is therefore not designed to impose any significant burden on competition. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b)(8). \13\ See supra note 7. --------------------------------------------------------------------------- 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 \14\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(iii). \15\ 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. --------------------------------------------------------------------------- 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-MRX-2017-05 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-MRX-2017-05. 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-MRX-2017-05 and should be submitted on or before June 22, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-11253 Filed 5-31-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 104 / Thursday, June 1, 2017 / Notices 25433
proposing the elimination of reporting As discussed above, the Exchange submission, all subsequent
requirements related to COATS and agrees with the commenters that the amendments, all written statements
EBS, as well as other duplicative rules, reporting requirements proposed to be with respect to the proposed rule
to implement the requirements of the modified or eliminated should be change that are filed with the
CAT NMS Plan. Therefore, this is not a replaced by the CAT reporting Commission, and all written
competitive rule filing and, therefore, it requirements as soon as accurate and communications relating to the
does not raise competition issues reliable CAT Data is available. To this proposed rule change between the
between and among the self-regulatory end, the Exchange anticipates that the Commission and any person, other than
organizations and/or their members. CAT will be designed to collect the data those that may be withheld from the
necessary to permit the modification or public in accordance with the
C. Self-Regulatory Organization’s
elimination, as applicable, of these provisions of 5 U.S.C. 552, will be
Statement on Comments on the
reporting requirements and the available for Web site viewing and
Proposed Rule Change Received From
retirement of related systems. However, printing in the Commission’s Public
Members, Participants, or Others
as discussed above, the Exchange Reference Room, 100 F Street NE.,
Although written comments on the disagrees with the recommendation to Washington, DC 20549 on official
proposed rule change were not solicited, provide individual exemptions to those business days between the hours of
the Exchange received comments from CAT Reporters who obtain satisfactory 10:00 a.m. and 3:00 p.m. Copies of the
two commenters, the Financial data reporting quality. filing also will be available for
Information Forum (‘‘FIF’’) and the inspection and copying at the principal
III. Date of Effectiveness of the
Securities Industry and Financial office of the Exchange. All comments
Proposed Rule Change and Timing for
Markets Association (‘‘SIFMA’’), received will be posted without change;
Commission Action
regarding the retirement of systems the Commission does not edit personal
related to the CAT.28 In its comment Within 45 days of the date of identifying information from
letters, with regard to the retirement of publication of this notice in the Federal submissions. You should submit only
duplicative systems more generally, FIF Register or within such longer period information that you wish to make
recommended that the Participants up to 90 days (i) as the Commission may available publicly. All submissions
continue the effort to incorporate designate if it finds such longer period should refer to File Number SR–CBOE–
current reporting obligations into the to be appropriate and publishes its 2017–041 and should be submitted on
CAT in order to replace existing reasons for so finding or (ii) as to which or before June 22, 2017.
reportable systems with the CAT. In the Exchange consents, the Commission
For the Commission, by the Division of
addition, FIF further recommended that, will: Trading and Markets, pursuant to delegated
A. By order approve or disapprove authority.32
once a CAT Reporter achieved
such proposed rule change, or
satisfactory reporting data quality, the Eduardo A. Aleman,
B. Institute proceedings to determine
CAT Reporter should be exempt from Assistant Secretary.
whether the proposed rule change
reporting to any duplicative reporting [FR Doc. 2017–11373 Filed 5–31–17; 8:45 am]
should be disapproved.
systems. FIF believed that these BILLING CODE 8011–01–P
recommendations ‘‘would serve both an IV. Solicitation of Comments
underlying regulatory objective of more Interested persons are invited to
immediate and accurate access to data submit written data, views, and SECURITIES AND EXCHANGE
as well as an industry objective of arguments concerning the foregoing, COMMISSION
reduced costs and burdens of regulatory including whether the proposed rule
oversight.’’ 29 In its comments about [Release No. 34–80771; File No. SR–MRX–
change is consistent with the Act. 2017–05]
EBS specifically, FIF stated that the Comments may be submitted by any of
retirement of the EBS requirements the following methods: Self-Regulatory Organizations; Nasdaq
should be a high priority, and that the MRX, LLC; Notice of Filing and
CAT should be designed to include the Electronic Comments
Immediate Effectiveness of Proposed
requisite data elements to permit the • Use the Commission’s Internet Rule Change To Amend
rapid retirement of EBS.30 Similarly, comment form (http://www.sec.gov/ Supplementary Material .03 to Rule 713
SIFMA stated that ‘‘the establishment of rules/sro.shtml); or
the CAT must be accompanied by the • Send an email to rule-comments@ May 25, 2017.
prompt elimination of duplicative sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the
systems,’’ and ‘‘recommend[ed] that the CBOE–2017–041 on the subject line. Securities Exchange Act of 1934
initial technical specifications be (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Paper Comments
designed to facilitate the immediate notice is hereby given that on May 19,
retirement of . . . duplicative reporting • Send paper comments in triplicate 2017, Nasdaq MRX, LLC (‘‘MRX’’ or
systems.’’ 31 to Secretary, Securities and Exchange ‘‘Exchange’’) filed with the Securities
Commission, 100 F Street NE., and Exchange Commission
28 Letter from William H. Hebert, FIF, to Washington, DC 20549–1090. (‘‘Commission’’) the proposed rule
Participants re: Milestone for Participants’ rule All submissions should refer to File change as described in Items I, II, and
change filings to eliminate/modify duplicative rules Number SR–CBOE–2017–041. This file
(Apr. 12, 2017) (‘‘FIF Letter’’); Letter from William
III, below, which Items have been
number should be included on the prepared by the Exchange. The
mstockstill on DSK30JT082PROD with NOTICES
H. Hebert, FIF, to Brent J. Fields, SEC re: Milestone
for Participants’ rule change filings to eliminate/ subject line if email is used. To help the Commission is publishing this notice to
modify duplicative rules (Apr. 12, 2017); and Letter Commission process and review your solicit comments on the proposed rule
from Kenneth E. Bentsen, Jr., SIFMA, to comments more efficiently, please use
Participants re: Selection of Thesys as CAT
change from interested persons.
Processor (Apr. 4, 2017) (‘‘SIFMA Letter’’) at 2. only one method. The Commission will
29 FIF Letter at 2. post all comments on the Commission’s 32 17 CFR 200.30–3(a)(12).
30 FIF Letter at 2. Internet Web site (http://www.sec.gov/ 1 15 U.S.C. 78s(b)(1).
31 SIFMA Letter at 2. rules/sro.shtml). Copies of the 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 104 / Thursday, June 1, 2017 / Notices 25435
with Section 6(b)(5) of the Act,10 options exchanges.13 The proposed rule Paper Comments
because it is designed to promote just change is therefore not designed to
and equitable principles of trade, impose any significant burden on • Send paper comments in triplicate
remove impediments to and perfect the competition. to Secretary, Securities and Exchange
mechanisms of a free and open market Commission, 100 F Street NE.,
and a national market system and, in C. Self-Regulatory Organization’s Washington, DC 20549–1090.
general, to protect investors and the Statement on Comments on the
Proposed Rule Change Received From All submissions should refer to File
public interest.
Members, Participants, or Others Number SR–MRX–2017–05. This file
The Exchange believes that the
proposed rule change is consistent with number should be included on the
No written comments were either subject line if email is used. To help the
the protection of investors and the solicited or received.
public interest as it will allow EAMs to Commission process and review your
send Preferenced Orders to the PMM III. Date of Effectiveness of the comments more efficiently, please use
appointed in an options class without Proposed Rule Change and Timing for only one method. The Commission will
inadvertently disadvantaging the PMM Commission Action post all comments on the Commission’s
compared to if the order was not Internet Web site (http://www.sec.gov/
preferenced. The regular allocation Because the foregoing proposed rule rules/sro.shtml). Copies of the
entitlements for PMMs, including the change does not: (i) Significantly affect submission, all subsequent
small order entitlement, are designed to the protection of investors or the public amendments, all written statements
balance the obligations that the PMM interest; (ii) impose any significant with respect to the proposed rule
has to the market with corresponding burden on competition; and (iii) become change that are filed with the
benefits. The Exchange believes that it operative for 30 days from the date on Commission, and all written
is appropriate to provide the small order which it was filed, or such shorter time communications relating to the
entitlement also when the PMM is as the Commission may designate, it has
proposed rule change between the
designated as a Preferred Market Maker become effective pursuant to Section
Commission and any person, other than
as the obligations that the PMM has to 19(b)(3)(A)(iii) of the Act 14 and
those that may be withheld from the
the market are not diminished when it subparagraph (f)(6) of Rule 19b–4
thereunder.15 public in accordance with the
receives a Preferenced Order. Other
provisions of 5 U.S.C. 552, will be
options exchanges similarly provide the At any time within 60 days of the
small order entitlement to the PMM available for Web site viewing and
filing of the proposed rule change, the printing in the Commission’s Public
regardless of whether the order is Commission summarily may
submitted as a Preferenced Order.11 At Reference Room, 100 F Street NE.,
temporarily suspend such rule change if
the same time, the proposed rule change Washington, DC 20549, on official
it appears to the Commission that such
does not amend the current business days between the hours of
action is: (i) Necessary or appropriate in
participation rights for Preferred CMMs, 10:00 a.m. and 3:00 p.m. Copies of the
the public interest; (ii) for the protection
which is also consistent with allocation of investors; or (iii) otherwise in filing also will be available for
rules of other options exchanges. While furtherance of the purposes of the Act. inspection and copying at the principal
the Exchange believes that it is If the Commission takes such action, the office of the Exchange. All comments
appropriate to grant PMMs an allocation Commission shall institute proceedings received will be posted without change;
entitlement for small sized orders to determine whether the proposed rule the Commission does not edit personal
preferenced to them in recognition of should be approved or disapproved. identifying information from
the obligations that PMMs have to submissions. You should submit only
maintain fair and orderly markets, the IV. Solicitation of Comments information that you wish to make
Exchange does not believe that it is available publicly. All submissions
Interested persons are invited to
appropriate at this time to extend this should refer to File Number SR–MRX–
submit written data, views, and
entitlement to CMMs, preferenced or 2017–05 and should be submitted on or
arguments concerning the foregoing,
otherwise. before June 22, 2017.
including whether the proposed rule
B. Self-Regulatory Organization’s change is consistent with the Act. For the Commission, by the Division of
Statement on Burden on Competition Comments may be submitted by any of Trading and Markets, pursuant to delegated
In accordance with Section 6(b)(8) of the following methods: authority.16
the Act,12 the Exchange does not believe Electronic Comments Eduardo A. Aleman,
that the proposed rule change will Assistant Secretary.
impose any burden on intermarket or • Use the Commission’s Internet [FR Doc. 2017–11253 Filed 5–31–17; 8:45 am]
intramarket competition that is not comment form (http://www.sec.gov/
BILLING CODE 8011–01–P
necessary or appropriate in furtherance rules/sro.shtml); or
of the purposes of the Act. The • Send an email to rule-comments@
proposed rule change is designed to sec.gov. Please include File Number SR–
allow EAMs to send Preferenced Orders MRX–2017–05 on the subject line.
to the PMM appointed in an options
class without inadvertently 13 See supra note 7.
mstockstill on DSK30JT082PROD with NOTICES
disadvantaging the PMM by reducing its 14 15 U.S.C. 78s(b)(3)(A)(iii).
participation rights. The proposed 15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
allocation entitlements are equivalent to 4(f)(6) requires a self-regulatory organization to give
those currently in effect on other 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
10 15 U.S.C. 78f(b)(5). change, or such shorter time as designated by the
11 See supra note 7. Commission. The Exchange has satisfied this
12 15 U.S.C. 78f(b)(8). requirement. 16 17 CFR 200.30–3(a)(12).
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Document Created: 2017-06-01 03:04:45
Document Modified: 2017-06-01 03:04:45
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| FR Citation | 82 FR 25433 |
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