82 FR 33529 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Outdated Language in the Exchange's Rulebook and Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 138 (July 20, 2017)

[Federal Register Volume 82, Number 138 (Thursday, July 20, 2017)]
[Notices]
[Pages 33529-33530]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-15192]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81147; File No. SR-GEMX-2017-30]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Remove Outdated 
Language in the Exchange's Rulebook and Fee Schedule

July 14, 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 July 5, 2017, Nasdaq GEMX, LLC (``GEMX'' 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to remove outdated rule text from GEMX's 
Rulebook and Fee Schedule.
    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 remove certain rule text in the GEMX 
Rulebook and Fee Schedule which reflects certain dates which are no 
longer applicable. The Exchange proposes to remove the proposed 
outdated rule text to avoid confusion in the Rulebook and Fee Schedule. 
Each change is discussed below.
    The Exchange proposes to remove text from GEMX Rule 716, entitled 
``Block Trades.'' Specifically, the Exchange proposes to remove the 
following rule text, ``The Block Order Mechanism in Rule 716(c) will 
not be available on a date prior to February 27, 2017, the date to be 
announced in a separate Market Information Circular. The Exchange will 
recommence the Block Order Mechanism on Nasdaq GEMX prior to June 1, 
2017, the date to be announced in a separate Market Information 
Circular.'' This rule text was added at the time the Exchange proposed 
to delay this functionality.\3\ The Exchange recommenced the Block 
Order Mechanism on May 30, 2017.\4\ The text is no longer applicable.
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    \3\ See Securities Exchange Act Release No. 80101 (February 24, 
2017), 82 FR 12380 (March 2, 2017) (SR-ISEGemini-2017-05).
    \4\ See Options Trader Alert #2017-38.
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    The Exchange proposes to remove the following outdated sentences in 
Sections I and II of the Fee Schedule:
     There will be no fees or rebates for trades in options 
overlying Symbol CPN executed on February 27-28, 2017.\5\
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    \5\ This rule text was added to the Fee Schedule in connection 
with a pricing change. See Securities Exchange Act Release No. 80184 
(March 9, 2017), 82 FR 13893 (March 15, 2017) (SR-ISEGemini-2017-
09).
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     For March 2017 only, all Qualifying Tier Threshold ADV 
calculations will be based on the better of (1) the member's full month 
ADV for the period of March 1-31, 2017, or (2) the member's ADV for the 
period of March 1-24, 2017.\6\
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    \6\ Id.
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     Volume executed in options overlying Symbol CPN on 
February 27-28, 2017 will not be counted towards a member's tier for 
February activity.\7\
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    \7\ Id.
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    The operative dates for the pricing noted above has expired. The 
Exchange desires to remove the outdated text from its Fee Schedule to 
avoid confusion.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b)

[[Page 33530]]

of the Act,\8\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\9\ 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 removing outdated text in the Exchange's Rulebook and Fee Schedule 
which applied at one point in time and is no longer applicable. 
Removing the outdated text will avoid confusion as to its 
applicability.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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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's proposal to 
remove the outdated text does not impose an undue burden on competition 
because the specified text does not apply to any market participant.

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 \10\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 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.
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    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 Comments

     Use 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-2017-30 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-2017-30. 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-2017-30 and should be 
submitted on or before August 10, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-15192 Filed 7-19-17; 8:45 am]
 BILLING CODE 8011-01-P