82 FR 34721 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Qualification Criteria Under the Qualified Market Maker Program at Rule 7014
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 142 (July 26, 2017)
Federal Register Volume 82, Issue 142 (July 26, 2017)
| Page Range | 34721-34723 | |
| FR Document | 2017-15637 |
[Federal Register Volume 82, Number 142 (Wednesday, July 26, 2017)] [Notices] [Pages 34721-34723] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-15637] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81182; File No. SR-NASDAQ-2017-070] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Qualification Criteria Under the Qualified Market Maker Program at Rule 7014 July 20, 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 10, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend qualification criteria under the Qualified Market Maker Program at Rule 7014. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on July 1, 2017.\3\ --------------------------------------------------------------------------- \3\ The Exchange initially filed the proposed pricing changes on June 28, 2017 (SR-NASDAQ-2017-066). On July 10, 2017, the Exchange withdrew that filing and submitted this filing. This filing corrects a marking error to the Exhibit 5 and clarifies the statutory basis discussion. --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend the Exchange's fees at Rule 7014 to raise the combined Consolidated Volume (adding and removing liquidity) criteria from the current requirement that a QMM have at least 3.5% to now require at least 3.7%, which a QMM must have to be eligible for a $0.0029 per share executed charge for orders in securities listed on exchanges other than Nasdaq priced at $1 or more per share that access liquidity on the Nasdaq Market Center. A QMM is a member that makes a significant contribution to market quality by providing liquidity at the national best bid and offer (``NBBO'') in a large number of stocks for a significant portion of the day.\4\ In addition, the [[Page 34722]] member must avoid imposing the burdens on Nasdaq and its market participants that may be associated with excessive rates of entry of orders away from the inside and/or order cancellation.\5\ The designation reflects the QMM's commitment to provide meaningful and consistent support to market quality and price discovery by extensive quoting at the NBBO in a large number of securities. In return for its contributions, certain financial benefits are provided to a QMM with respect to its order activity, as described under Rule 7014(e). These benefits include a lower rate charged for executions of orders in securities priced at $1 or more per share that access liquidity on the Nasdaq Market Center.\6\ --------------------------------------------------------------------------- \4\ See Rule 7014(d). \5\ Id. \6\ See Rule 7014(e). --------------------------------------------------------------------------- Under Rule 7014(e), the Exchange charges a QMM $0.0030 per share executed for removing liquidity in Nasdaq-listed securities priced at $1 or more, and $0.00295 per share executed for removing liquidity in securities priced at $1 or more per share listed on exchanges other than Nasdaq, if the QMM's volume of liquidity added through one or more of its Nasdaq Market Center MPIDs during the month (as a percentage of Consolidated Volume) is not less than 0.80%. The Exchange assesses a charge of $0.0029 per share executed for removing liquidity in securities priced at $1 or more per share listed on exchanges other than Nasdaq if the QMM has a combined Consolidated Volume (adding and removing liquidity) of at least 3.5%, and the QMM also meets the QMM Tier 2 qualification criteria. The QMM Tier 2 qualification criteria requires a QMM to execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent above 0.90% of Consolidated Volume during the month. The Exchange is proposing to increase the combined Consolidated Volume (adding and removing liquidity) requirement to at least 3.7%. This increase is reflective of the Exchange's desire to provide incentives to attract order flow to the Exchange in securities listed on exchanges other than Nasdaq in return for significant market- improving behavior. The modest increase in the qualification criteria will help ensure that QMMs are providing significant market-improving behavior. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the $0.0029 per share executed charge for removing liquidity in securities priced at $1 or more per share listed on exchanges other than Nasdaq will continue to be reasonable because the fee will remain unchanged. When the Exchange adopted the fee,\9\ it believed that assessing the fee was reasonable because it was set at a level that is lower than the standard removal fee of $0.0030 per share executed, thereby providing an incentive to market participants, and it was also based on the Exchange's analysis of the cost to the Exchange of offering a lower fee, thereby decreasing the revenue derived from transactions by members that qualify for the fee, and the desired benefit to the market provided by the members that meet the fee's qualification criteria. The Exchange noted that the fee's qualification criteria provided an incentive to members to increase their participation in the market as measured by Consolidated Volume, which benefits all market participants. The Exchange also noted that members may qualify for a $0.00295 per share executed fee for removing liquidity in Tape A or B securities priced at $1 or more if the member's volume of liquidity added through one or more of its Nasdaq Market Center MPIDs during the month (as a percentage of Consolidated Volume) is not less than 0.80%. The Exchange explained that the proposed fee would continue to require a member to both qualify under the Tier 2 criteria that requires the member to execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent above 0.90% of Consolidated Volume during the month, and also provide an increased combined Consolidated Volume (adding and removing liquidity) requirement (which the Exchange is proposing to increase from at least 3.5% to 3.7%). Consequently, the Exchange noted that to qualify for a lower transaction fee for removing liquidity in Tape A or B securities under the QMM Program, the member must both provide greater Consolidated Volume through adding liquidity during the month (i.e., 0.90% versus 0.80%) and provide a certain level of combined Consolidated Volume, which accounts for both adding liquidity and removing liquidity. As noted above, the Exchange is not proposing to change the fee and the analysis described above remains valid. Accordingly, the Exchange believes that the fee remains reasonable. --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 78977 (September 29, 2016), 81 FR 69140 (October 5, 2016) (SR-NASDAQ-2016-032). --------------------------------------------------------------------------- The Exchange believes that the increase to the combined Consolidated Volume qualification criteria is an equitable allocation and is not unfairly discriminatory because it is reflective of the success that the lower charge tier has had in promoting beneficial market participation, as measured by combined Consolidated Volume (adding and removing liquidity). The Exchange believes that the level of combined Consolidated Volume may be increased without resulting in a significant reduction in the number of QMMs that will likely qualify for the lower transaction fee. Consequently, the beneficial market participation should remain the same, and possibly increase. Moreover, the Exchange is not limiting which QMMs may qualify for the reduced charge. As noted, the QMM Program is intended to encourage members to promote price discovery and market quality by quoting at the NBBO for a significant portion of each day in a large number of securities, thereby benefitting Nasdaq and other investors by committing capital to support the execution of orders. To receive the $0.0029 per share executed charge, a member must meet the Tier 2 criteria, which requires the QMM to execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent above 0.90% of Consolidated Volume during the month. In addition, the QMM must provide a certain level of combined Consolidated Volume, which accounts for both adding liquidity and removing liquidity. The Exchange is proposing to increase the required combined Consolidated Volume requirement to make the qualification criteria required to receive the incentive more meaningful to QMMs in terms of the beneficial market activity required to receive the reduced charge, which is reflective of the Exchange's belief that QMMs may continue to qualify for the reduced charge while also providing more beneficial market participation. The Exchange uses Consolidated Volume as a measure of the QMM's activity in comparison to that of the market as a whole. Thus, the [[Page 34723]] modestly increased combined Consolidated Volume criteria required to qualify for the fee does not discriminate unfairly and is equitably allocated, as eligibility for the fee is tied to the QMM's performance in comparison to other participants in aggregate. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In this instance, although the change to the QMM program may limit the benefits of the program in non-Nasdaq-listed securities to the extent QMMs that currently qualify for the $0.0029 per share executed charge are unable to meet the more stringent combined Consolidated Volume requirement, the incentive in question will remain in place and is itself reflective of the need for exchanges to offer significant financial incentives to attract order flow in return for meaningful market-improving behavior. The Exchange believes that the proposed qualification criteria will not negatively impact who will qualify for the $0.0029 per share executed charge but will rather have a positive impact on overall market quality as QMMs increase their participation in the market to qualify for the lower charge. If, however, the Exchange is incorrect and the changes proposed herein are unattractive to QMMs, it is likely that Nasdaq will lose market share as a result. Accordingly, Nasdaq does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\10\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, 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-NASDAQ-2017-070 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-NASDAQ-2017-070. 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-NASDAQ-2017-070, and should be submitted on or before August 16, 2017. --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-15637 Filed 7-25-17; 8:45 am] BILLING CODE 8011-01-P
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Funds to pay redemption proceeds 9. Section 6(c) of the Act permits the solicit comments on the proposed rule
within fifteen calendar days following Commission to exempt any persons or change from interested persons.
the tender of Creation Units for transactions from any provision of the
I. Self-Regulatory Organization’s
redemption. Applicants assert that the Act if such exemption is necessary or
Statement of the Terms of the Substance
requested relief would not be appropriate in the public interest and
of the Proposed Rule Change
inconsistent with the spirit and intent of consistent with the protection of
section 22(e) to prevent unreasonable, investors and the purposes fairly The Exchange proposes to amend
undisclosed or unforeseen delays in the intended by the policy and provisions of qualification criteria under the
actual payment of redemption proceeds. the Act. Section 12(d)(1)(J) of the Act Qualified Market Maker Program at Rule
7. Applicants request an exemption to provides that the Commission may 7014. While these amendments are
permit Funds of Funds to acquire Fund exempt any person, security, or effective upon filing, the Exchange has
shares beyond the limits of section transaction, or any class or classes of designated the proposed amendments to
12(d)(1)(A) of the Act; and the Funds, persons, securities, or transactions, from be operative on July 1, 2017.3
and any principal underwriter for the any provision of section 12(d)(1) if the The text of the proposed rule change
Funds, and/or any broker or dealer exemption is consistent with the public is available on the Exchange’s Web site
registered under the Exchange Act, to interest and the protection of investors. at http://nasdaq.cchwallstreet.com, at
sell shares to Funds of Funds beyond Section 17(b) of the Act authorizes the the principal office of the Exchange, and
the limits of section 12(d)(1)(B) of the Commission to grant an order at the Commission’s Public Reference
Act. The application’s terms and permitting a transaction otherwise Room.
conditions are designed to, among other prohibited by section 17(a) if it finds II. Self-Regulatory Organization’s
things, help prevent any potential (i) that (a) the terms of the proposed Statement of the Purpose of, and
undue influence over a Fund through transaction are fair and reasonable and Statutory Basis for, the Proposed Rule
control or voting power, or in do not involve overreaching on the part Change
connection with certain services, of any person concerned; (b) the
transactions, and underwritings, (ii) proposed transaction is consistent with In its filing with the Commission, the
excessive layering of fees, and (iii) the policies of each registered Exchange included statements
overly complex fund structures, which investment company involved; and (c) concerning the purpose of and basis for
are the concerns underlying the limits the proposed transaction is consistent the proposed rule change and discussed
in sections 12(d)(1)(A) and (B) of the with the general purposes of the Act. any comments it received on the
Act. proposed rule change. The text of these
For the Commission, by the Division of
8. Applicants request an exemption Investment Management, under delegated
statements may be examined at the
from sections 17(a)(1) and 17(a)(2) of the authority. places specified in Item IV below. The
Act to permit persons that are Affiliated Eduardo A. Aleman,
Exchange has prepared summaries, set
Persons, or Second Tier Affiliates, of the forth in sections A, B, and C below, of
Assistant Secretary.
Funds, solely by virtue of certain the most significant aspects of such
[FR Doc. 2017–15712 Filed 7–25–17; 8:45 am]
ownership interests, to effectuate statements.
BILLING CODE 8011–01–P
purchases and redemptions in-kind. The A. Self-Regulatory Organization’s
deposit procedures for in-kind Statement of the Purpose of, and
purchases of Creation Units and the SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
redemption procedures for in-kind COMMISSION Change
redemptions of Creation Units will be
the same for all purchases and 1. Purpose
[Release No. 34–81182; File No. SR–
redemptions and Deposit Instruments NASDAQ–2017–070] The purpose of the proposed rule
and Redemption Instruments will be change is to amend the Exchange’s fees
valued in the same manner as those Self-Regulatory Organizations; The at Rule 7014 to raise the combined
investment positions currently held by NASDAQ Stock Market LLC; Notice of Consolidated Volume (adding and
the Funds. Applicants also seek relief Filing and Immediate Effectiveness of removing liquidity) criteria from the
from the prohibitions on affiliated Proposed Rule Change To Amend current requirement that a QMM have at
transactions in section 17(a) to permit a Qualification Criteria Under the least 3.5% to now require at least 3.7%,
Fund to sell its shares to and redeem its Qualified Market Maker Program at which a QMM must have to be eligible
shares from a Fund of Funds, and to Rule 7014 for a $0.0029 per share executed charge
engage in the accompanying in-kind for orders in securities listed on
transactions with the Fund of Funds.3 July 20, 2017. exchanges other than Nasdaq priced at
The purchase of Creation Units by a Pursuant to Section 19(b)(1) of the $1 or more per share that access
Fund of Funds directly from a Fund will Securities Exchange Act of 1934 liquidity on the Nasdaq Market Center.
be accomplished in accordance with the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 A QMM is a member that makes a
policies of the Fund of Funds and will notice is hereby given that on July 10, significant contribution to market
be based on the NAVs of the Funds. 2017, The NASDAQ Stock Market LLC quality by providing liquidity at the
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the national best bid and offer (‘‘NBBO’’) in
3 The requested relief would apply to direct sales Securities and Exchange Commission a large number of stocks for a significant
of shares in Creation Units by a Fund to a Fund of (‘‘SEC’’ or ‘‘Commission’’) the proposed portion of the day.4 In addition, the
mstockstill on DSK30JT082PROD with NOTICES
Funds and redemptions of those shares. Applicants,
moreover, are not seeking relief from section 17(a)
rule change as described in Items I, II,
for, and the requested relief will not apply to, and III below, which Items have been 3 The Exchange initially filed the proposed
transactions where a Fund could be deemed an prepared by the Exchange. The pricing changes on June 28, 2017 (SR–NASDAQ–
Affiliated Person, or a Second-Tier Affiliate, of a Commission is publishing this notice to 2017–066). On July 10, 2017, the Exchange
Fund of Funds because an Adviser or an entity withdrew that filing and submitted this filing. This
controlling, controlled by or under common control filing corrects a marking error to the Exhibit 5 and
1 15 U.S.C. 78s(b)(1). clarifies the statutory basis discussion.
with an Adviser provides investment advisory
services to that Fund of Funds. 2 17 CFR 240.19b–4. 4 See Rule 7014(d).
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modestly increased combined competitive standing in the financial communications relating to the
Consolidated Volume criteria required markets. proposed rule change between the
to qualify for the fee does not Commission and any person, other than
C. Self-Regulatory Organization’s
discriminate unfairly and is equitably those that may be withheld from the
Statement on Comments on the
allocated, as eligibility for the fee is tied public in accordance with the
Proposed Rule Change Received From
to the QMM’s performance in provisions of 5 U.S.C. 552, will be
comparison to other participants in Members, Participants, or Others
available for Web site viewing and
aggregate. No written comments were either printing in the Commission’s Public
solicited or received.
B. Self-Regulatory Organization’s Reference Room, 100 F Street NE.,
Statement on Burden on Competition III. Date of Effectiveness of the Washington, DC 20549 on official
The Exchange does not believe that Proposed Rule Change and Timing for business days between the hours of
the proposed rule change will impose Commission Action 10:00 a.m. and 3:00 p.m. Copies of the
any burden on competition not The foregoing rule change has become filing also will be available for
necessary or appropriate in furtherance effective pursuant to Section inspection and copying at the principal
of the purposes of the Act. In terms of 19(b)(3)(A)(ii) of the Act.10 office of the Exchange. All comments
inter-market competition, the Exchange At any time within 60 days of the received will be posted without change;
notes that it operates in a highly filing of the proposed rule change, the the Commission does not edit personal
competitive market in which market Commission summarily may identifying information from
participants can readily favor competing temporarily suspend such rule change if submissions. You should submit only
venues if they deem fee levels at a it appears to the Commission that such information that you wish to make
particular venue to be excessive, or action is: (i) Necessary or appropriate in available publicly. All submissions
rebate opportunities available at other the public interest; (ii) for the protection should refer to File Number SR–
venues to be more favorable. In such an of investors; or (iii) otherwise in NASDAQ–2017–070, and should be
environment, the Exchange must furtherance of the purposes of the Act. submitted on or before August 16, 2017.
continually adjust its fees to remain If the Commission takes such action, the
competitive with other exchanges and Commission shall institute proceedings For the Commission, by the Division of
with alternative trading systems that to determine whether the proposed rule Trading and Markets, pursuant to delegated
have been exempted from compliance should be approved or disapproved. authority.11
with the statutory standards applicable Eduardo A. Aleman,
to exchanges. Because competitors are IV. Solicitation of Comments
Assistant Secretary.
free to modify their own fees in Interested persons are invited to [FR Doc. 2017–15637 Filed 7–25–17; 8:45 am]
response, and because market submit written data, views, and BILLING CODE 8011–01–P
participants may readily adjust their arguments concerning the foregoing,
order routing practices, the Exchange including whether the proposed rule
believes that the degree to which fee change is consistent with the Act. SECURITIES AND EXCHANGE
changes in this market may impose any Comments may be submitted by any of COMMISSION
burden on competition is extremely the following methods:
limited.
In this instance, although the change Electronic Comments [Release No. 34–81174; File No. SR–GEMX–
to the QMM program may limit the • Use the Commission’s Internet 2017–32]
benefits of the program in non-Nasdaq- comment form (http://www.sec.gov/
listed securities to the extent QMMs that rules/sro.shtml); or Self-Regulatory Organizations; Nasdaq
currently qualify for the $0.0029 per • Send an email to rule-comments@ GEMX, LLC; Notice of Filing and
share executed charge are unable to sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
meet the more stringent combined NASDAQ–2017–070 on the subject line. Rule Change Regarding Market Maker
Consolidated Volume requirement, the Quotations
Paper Comments
incentive in question will remain in
place and is itself reflective of the need • Send paper comments in triplicate July 20, 2017.
for exchanges to offer significant to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the
financial incentives to attract order flow Commission, 100 F Street NE., Securities Exchange Act of 1934
in return for meaningful market- Washington, DC 20549–1090. (‘‘Act’’), 1 and Rule 19b–4 thereunder,2
improving behavior. The Exchange All submissions should refer to File notice is hereby given that on July 6,
believes that the proposed qualification Number SR–NASDAQ–2017–070. This 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ or
criteria will not negatively impact who file number should be included on the ‘‘Exchange’’) filed with the Securities
will qualify for the $0.0029 per share subject line if email is used. To help the and Exchange Commission
executed charge but will rather have a Commission process and review your (‘‘Commission’’) the proposed rule
positive impact on overall market comments more efficiently, please use change as described in Items I and II,
quality as QMMs increase their only one method. The Commission will below, which Items have been prepared
participation in the market to qualify for post all comments on the Commission’s by the Exchange. The Commission is
the lower charge. If, however, the Internet Web site (http://www.sec.gov/ publishing this notice to solicit
Exchange is incorrect and the changes rules/sro.shtml). Copies of the
mstockstill on DSK30JT082PROD with NOTICES
comments on the proposed rule change
proposed herein are unattractive to submission, all subsequent
from interested persons.
QMMs, it is likely that Nasdaq will lose amendments, all written statements
market share as a result. Accordingly, with respect to the proposed rule
Nasdaq does not believe that the change that are filed with the
proposed changes will impair the ability Commission, and all written 11 17 CFR 200.30–3(a)(12).
of members or competing order 1 15 U.S.C. 78s(b)(1).
execution venues to maintain their 10 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
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Document Created: 2017-07-26 01:29:32
Document Modified: 2017-07-26 01:29:32
| 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 34721 |
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