82 FR 35571 - Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Thirty-Ninth Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 145 (July 31, 2017)

Page Range		35571-35572
FR Document		2017-15999
Federal Register, Volume 82 Issue 145 (Monday, July 31, 2017)
[Federal Register Volume 82, Number 145 (Monday, July 31, 2017)]
[Notices]
[Pages 35571-35572]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-15999]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81198; File No. S7-24-89]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of the Thirty-Ninth Amendment to the Joint Self-Regulatory Organization 
Plan Governing the Collection, Consolidation and Dissemination of 
Quotation and Transaction Information for Nasdaq-Listed Securities 
Traded on Exchanges on an Unlisted Trading Privileges Basis

July 25, 2017.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on June 30, 2017, the Participants \3\ in the Joint Self-Regulatory 
Organization Plan Governing the Collection, Consolidation and 
Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading Privileges 
Basis (``NASDAQ/UTP Plan'' or ``Plan'') filed with the Securities and 
Exchange Commission (``Commission'') a proposal to amend the NASDAQ/UTP 
Plan.\4\

[[Page 35572]]

These amendments represent Amendment 39 to the NASDAQ/UTP Plan 
(``Amendments''). The Amendments propose to effectuate changes that 
certain Participants have made to their names and addresses, as set 
forth in Section I(A) of the NASDAQ/UTP Plan and to update the listing 
of Participant identifying codes set forth in Section VIII(C) of the 
Plan. Pursuant to Rule 608(b)(3)(ii) under Regulation NMS,\5\ the 
Participants designate the Amendments as concerned solely with the 
administration of the Plans and as ``Ministerial Amendments'' under 
Section XVI of the Nasdaq/UTP Plan. As a result, the Amendments were 
effective upon filing and were submitted by the Chairman of the Plan's 
Operating Committee. The Commission is publishing this notice to 
solicit comments from interested persons on the proposed Amendments.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The Participants are: Bats BYX Exchange, Inc., Bats BZX 
Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc., 
Chicago Board Options Exchange, Inc., Chicago Stock Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., International 
Securities Exchange LLC, Investors' Exchange LLC, NASDAQ BX, Inc., 
NASDAQ PHLX, Inc., NASDAQ Stock Market LLC, New York Stock Exchange 
LLC, NYSE Arca, Inc., NYSE MKT LLC, and NYSE National, Inc. 
(collectively, the ``Participants'').
    \4\ The Plan governs the collection, processing, and 
dissemination on a consolidated basis of quotation information and 
transaction reports in Eligible Securities for each of its 
Participants. This consolidated information informs investors of the 
current quotation and recent trade prices of Nasdaq securities. It 
enables investors to ascertain from one data source the current 
prices in all the markets trading Nasdaq securities. The Plan serves 
as the required transaction reporting plan for its Participants, 
which is a prerequisite for their trading Eligible Securities. See 
Securities Exchange Act Release No. 55647 (April 19, 2007), 72 FR 
20891 (April 26, 2007).
    \5\ 17 CFR 242.608(b)(3)(ii).
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I. Rule 608(a)

A. Purpose of the Amendments

    The Amendments effectuate changes that certain Participants have 
made to their names and addresses, as set forth in Section I(A) of the 
NASDAQ/UTP Plan and to update the listing of Participant identifying 
codes set forth in Section VIII(C) of the Plan.

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of the Amendments

    Because the Amendments constitute ``Ministerial Amendments'' under 
Section XVI of the Nasdaq/UTP Plan, the Chairman of the Plan's 
Operating Committee may submit the Amendments to the Commission on 
behalf of the Participants in the Plan. Because the Participants have 
designated the Amendments as concerned solely with the administration 
of the NASDAQ/UTP Plan, the Amendments become effective upon filing 
with the Commission.

D. Development and Implementation Phases

    Not applicable.

E. Analysis of Impact on Competition

    The Participants assert that the Amendments do not impose any 
burden on competition because they merely effectuate a change in the 
names and addresses of certain Participants. For the same reasons, the 
Participants do not believe that the Amendments introduce terms that 
are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of 
the Exchange Act.

F. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    Not applicable.

G. Approval by Sponsors in Accordance With Plan

    See Item I.C. above.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendments

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    Not applicable.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a)

A. Equity Securities for Which Transaction Reports Shall Be Required by 
the Plan

    Not applicable.

B. Reporting Requirements

    Not applicable.

C. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

D. Manner of Consolidation

    Not applicable.

E. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

G. Terms of Access to Transaction Reports

    Not applicable.

H. Identification of Marketplace of Execution

    Not applicable.

III. Solicitation of Comments

    The Commission seeks general comments on the Amendments. Interested 
persons are invited to submit written data, views, and arguments 
concerning the foregoing, including whether the proposed Amendments are 
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 S7-24-89 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number S7-24-89. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of 
the submission, all written statements with respect to the proposed 
Amendments that are filed with the Commission, and all written 
communications relating to the proposed Amendments 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 Web site viewing and printing at 
the principal office of the Plans. 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 S7-24-89 and should be submitted on or before August 21, 
2017.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-15999 Filed 7-28-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices 35571

provisions of MRX Rule 713 and the new opening rotation will operate. To IV. Conclusion
Supplementary Material to that rule that extent, the new opening process It is therefore ordered, pursuant to
apply with respect to other orders and may promote transparency, reduce the Section 19(b)(2) of the Act,92 that the
quotes with the same price. Finally, potential for investor confusion, and proposed rule change (SR–MRX–2017–
proposed Rule 701(l) provides that upon assist market participants in deciding 01), as modified by Amendment No. 2,
the opening of the option series, whether to participate in MRX’s be, and it hereby is, approved.
regardless of an execution, the system opening rotation. Further, if they do
will disseminate the price and size of For the Commission, by the Division of
participate in the new opening process, Trading and Markets, pursuant to delegated
the Exchange’s best bid and offer. the proposed rule may help provide authority.93
9. Implementation market participants with the confidence Eduardo A. Aleman,
The Exchange states that it intends to and certainty as to how their orders or Assistant Secretary.
begin implementation of the proposed quotes will be processed. [FR Doc. 2017–15995 Filed 7–28–17; 8:45 am]
rule change in the third quarter of Further, the Commission believes that BILLING CODE 8011–01–P
2017.88 The Exchange represents that the proposed rule change is designed to
migration of the Exchange system to promote just and equitable principles of
Nasdaq INET technology will be on a trade by seeking to ensure that option SECURITIES AND EXCHANGE
symbol by symbol basis and that the series open in a fair and orderly manner. COMMISSION
Exchange will issue an alert to Members For example, the Commission notes that [Release No. 34–81198; File No. S7–24–89]
to provide notification of the symbols the proposed rule change is designed to
that will migrate and the relevant mitigate the effects of the underlying Joint Industry Plan; Notice of Filing
dates.89 and Immediate Effectiveness of the
security’s volatility as the overlying
III. Discussion and Commission option series undergoes the opening Thirty-Ninth Amendment to the Joint
Findings rotation. Specifically, the proposed rule Self-Regulatory Organization Plan
provides for a range of no less than 100 Governing the Collection,
After careful review, the Commission
milliseconds and no more than 5 Consolidation and Dissemination of
finds that the proposed rule change, as
seconds in order to ensure that the Quotation and Transaction Information
modified by Amendment No. 2, is
Exchange has the ability to adjust the for Nasdaq-Listed Securities Traded on
consistent with the requirements of the
period for which the underlying must be Exchanges on an Unlisted Trading
Act and the rules and regulations
Privileges Basis
thereunder applicable to a national open on the primary market before the
securities exchange.90 In particular, the opening process commences. Moreover, July 25, 2017.
Commission finds that the proposed the Commission notes that the proposed Pursuant to Section 11A of the
rule change is consistent with Section rule provides an orderly process for Securities Exchange Act of 1934
6(b)(5) of the Act,91 which requires, handling eligible interests during the (‘‘Act’’),1 and Rule 608 thereunder,2
among other things, that the rules of a opening rotation, while seeking to avoid notice is hereby given that on June 30,
national securities exchange be opening executions at suboptimal 2017, the Participants 3 in the Joint Self-
designed to prevent fraudulent and prices. For instance, the new process Regulatory Organization Plan Governing
manipulative acts and practices, to ensures that the Exchange will not open the Collection, Consolidation and
promote just and equitable principles of with the Exchange’s BBO if there is a Dissemination of Quotation and
trade, to foster cooperation and Zero Bid Market, no ABBO, and no Transaction Information for Nasdaq-
coordination with persons engaged in Quality Opening Market. Likewise, the Listed Securities Traded on Exchanges
facilitating transactions in securities, to on an Unlisted Trading Privileges Basis
Exchange will not open an option series
remove impediments to and perfect the (‘‘NASDAQ/UTP Plan’’ or ‘‘Plan’’) filed
with a trade unless one following
mechanism of a free and open market with the Securities and Exchange
conditions is met: (1) The Potential
and a national market system, and, in Commission (‘‘Commission’’) a proposal
general, to protect investors and the Opening Price is at or within the Pre-
to amend the NASDAQ/UTP Plan.4
public interest. Market BBO and the ABBO; (2) the
The Exchange proposes to delete in its Potential Opening Price is at or within 92 15 U.S.C. 78s(b)(2).
entirety the current opening process and the non-zero bid ABBO if the Pre- 93 17 CFR 200.30–3(a)(12).
replace it with an opening rotation Market BBO is crossed; or (3) where 1 15 U.S.C. 78k–1.

similar to the process in place on its there is no ABBO, the Potential Opening 2 17 CFR 242.608.
3 The Participants are: Bats BYX Exchange, Inc.,
affiliated exchanges, Phlx, ISE Gemini, Price is at or within the Pre-Market BBO
Bats BZX Exchange, Inc., Bats EDGA Exchange,
and ISE. In making this change, the which is also a Quality Opening Market. Inc., Bats EDGX Exchange, Inc., Chicago Board
Exchange delineates, unlike in the Finally, while the new opening process Options Exchange, Inc., Chicago Stock Exchange,
current, more opaque rule, detailed attempts to maximize the number of Inc., Financial Industry Regulatory Authority, Inc.,
steps of the opening process. By contracts executed on the Exchange International Securities Exchange LLC, Investors’
Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX,
providing more clearly each sequence of during such rotation, including by Inc., NASDAQ Stock Market LLC, New York Stock
the opening process, the Commission seeking additional liquidity, if Exchange LLC, NYSE Arca, Inc., NYSE MKT LLC,
notes that the proposed rule helps necessary, the Commission notes that and NYSE National, Inc. (collectively, the
market participants understand how the ‘‘Participants’’).
the new opening process, unlike the 4 The Plan governs the collection, processing, and
sradovich on DSKBCFCHB2PROD with NOTICES

current process, takes into consideration dissemination on a consolidated basis of quotation
88 See Notice, supra note 3, at 28113.
89 See
away market interests and ensures that information and transaction reports in Eligible
id. For a more detailed description of the Securities for each of its Participants. This
proposed rule change, see Notice, supra note 3. better away prices are not traded
consolidated information informs investors of the
90 In approving this proposed rule change, the through. For these reasons, the current quotation and recent trade prices of Nasdaq
Commission has considered the proposed rule’s Commission believes that the proposed securities. It enables investors to ascertain from one
impact on efficiency, competition, and capital rule change, as modified by Amendment data source the current prices in all the markets
formation. See 15 U.S.C. 78c(f). trading Nasdaq securities. The Plan serves as the
91 15 U.S.C. 78f(b)(5). No. 2, is consistent with the Act. Continued

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35572 Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices

These amendments represent same reasons, the Participants do not III. Solicitation of Comments
Amendment 39 to the NASDAQ/UTP believe that the Amendments introduce
Plan (‘‘Amendments’’). The terms that are unreasonably The Commission seeks general
Amendments propose to effectuate discriminatory for purposes of Section comments on the Amendments.
changes that certain Participants have 11A(c)(1)(D) of the Exchange Act. Interested persons are invited to submit
made to their names and addresses, as written data, views, and arguments
set forth in Section I(A) of the F. Written Understanding or Agreements concerning the foregoing, including
NASDAQ/UTP Plan and to update the Relating to Interpretation of, or whether the proposed Amendments are
listing of Participant identifying codes Participation in, Plan consistent with the Act. Comments may
set forth in Section VIII(C) of the Plan. Not applicable. be submitted by any of the following
Pursuant to Rule 608(b)(3)(ii) under methods:
G. Approval by Sponsors in Accordance
Regulation NMS,5 the Participants Electronic Comments
With Plan
designate the Amendments as
concerned solely with the See Item I.C. above. • Use the Commission’s Internet
administration of the Plans and as comment form (http://www.sec.gov/
H. Description of Operation of Facility rules/sro.shtml); or
‘‘Ministerial Amendments’’ under
Contemplated by the Proposed
Section XVI of the Nasdaq/UTP Plan. As
Amendments • Send an email to rule-comments@
a result, the Amendments were effective sec.gov. Please include File Number S7–
upon filing and were submitted by the Not applicable. 24–89 on the subject line.
Chairman of the Plan’s Operating I. Terms and Conditions of Access
Committee. The Commission is Paper Comments
publishing this notice to solicit Not applicable. • Send paper comments in triplicate
comments from interested persons on J. Method of Determination and to Brent J. Fields, Secretary, Securities
the proposed Amendments. Imposition, and Amount of, Fees and and Exchange Commission, 100 F Street
I. Rule 608(a) Charges NE., Washington, DC 20549–1090.
A. Purpose of the Amendments Not applicable. All submissions should refer to File
Number S7–24–89. This file number
The Amendments effectuate changes K. Method and Frequency of Processor should be included on the subject line
that certain Participants have made to Evaluation if email is used. To help the
their names and addresses, as set forth
Not applicable. Commission process and review your
in Section I(A) of the NASDAQ/UTP
comments more efficiently, please use
Plan and to update the listing of L. Dispute Resolution
only one method. The Commission will
Participant identifying codes set forth in Not applicable. post all comments on the Commission’s
Section VIII(C) of the Plan.
II. Rule 601(a) Web site (http://www.sec.gov/rules/
B. Governing or Constituent Documents sro.shtml). Copies of the submission, all
Not applicable. A. Equity Securities for Which written statements with respect to the
Transaction Reports Shall Be Required proposed Amendments that are filed
C. Implementation of the Amendments by the Plan with the Commission, and all written
Because the Amendments constitute Not applicable. communications relating to the
‘‘Ministerial Amendments’’ under proposed Amendments between the
Section XVI of the Nasdaq/UTP Plan, B. Reporting Requirements Commission and any person, other than
the Chairman of the Plan’s Operating Not applicable. those that may be withheld from the
Committee may submit the public in accordance with the
Amendments to the Commission on C. Manner of Collecting, Processing, provisions of 5 U.S.C. 552, will be
behalf of the Participants in the Plan. Sequencing, Making Available and available for Web site viewing and
Because the Participants have Disseminating Last Sale Information printing in the Commission’s Public
designated the Amendments as Not applicable. Reference Room, 100 F Street NE.,
concerned solely with the Washington, DC 20549, on official
administration of the NASDAQ/UTP D. Manner of Consolidation business days between the hours of
Plan, the Amendments become effective Not applicable. 10:00 a.m. and 3:00 p.m. Copies of the
upon filing with the Commission. filing also will be available for Web site
E. Standards and Methods Ensuring viewing and printing at the principal
D. Development and Implementation Promptness, Accuracy and office of the Plans. All comments
Phases Completeness of Transaction Reports received will be posted without change;
Not applicable. Not applicable the Commission does not edit personal
E. Analysis of Impact on Competition identifying information from
F. Rules and Procedures Addressed to
submissions. You should submit only
The Participants assert that the Fraudulent or Manipulative
information that you wish to make
Amendments do not impose any burden Dissemination
available publicly. All submissions
on competition because they merely Not applicable. should refer to File Number S7–24–89
effectuate a change in the names and
sradovich on DSKBCFCHB2PROD with NOTICES

G. Terms of Access to Transaction and should be submitted on or before
addresses of certain Participants. For the August 21, 2017.
Reports
required transaction reporting plan for its By the Commission.
Not applicable.
Participants, which is a prerequisite for their Brent J. Fields,
trading Eligible Securities. See Securities Exchange H. Identification of Marketplace of Secretary.
Act Release No. 55647 (April 19, 2007), 72 FR Execution
20891 (April 26, 2007). [FR Doc. 2017–15999 Filed 7–28–17; 8:45 am]
5 17 CFR 242.608(b)(3)(ii). Not applicable. BILLING CODE 8011–01–P

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Document Created: 2017-07-29 00:21:47
Document Modified: 2017-07-29 00:21:47
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 35571