82 FR 39471 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify When Nasdaq Will Utilize the Secondary Source of Data
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 159 (August 18, 2017)
Federal Register Volume 82, Issue 159 (August 18, 2017)
| Page Range | 39471-39473 | |
| FR Document | 2017-17435 |
[Federal Register Volume 82, Number 159 (Friday, August 18, 2017)] [Notices] [Pages 39471-39473] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17435] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81390; File No. SR-NASDAQ-2017-082] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify When Nasdaq Will Utilize the Secondary Source of Data August 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 August 2, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to further clarify when Nasdaq will utilize the Secondary Source of data pursuant to Rule 4759. 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 clarify when Nasdaq will utilize the Secondary Source of data pursuant to Rule 4759. Rule 4759 lists the proprietary and network processor feeds that are utilized for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. Rule 4759 also lists Secondary Sources of data that are utilized in emergency market conditions, and only until those emergency conditions are resolved. The Exchange proposes to amend this rule to describe how the Nasdaq trading system decides when to use the Primary or Secondary Source of data. Specifically, the Exchange proposes to amend Rule 4759 to clarify that the Primary Source of data is used unless it is delayed by a configurable amount compared to the Secondary Source of data.\3\ The Exchange will revert to the Primary Source of data once the delay has been resolved. The configurable amount described in this rule will be made available to members via Equity Trader Alert. --------------------------------------------------------------------------- \3\ As a conforming change, the Exchange proposes to remove the current rule text that indicates that the Secondary Source of data is, where applicable, utilized only in emergency market conditions and only until those emergency conditions are resolved. The Exchange does not believe that this language is needed as the amended rule would now indicate with more specificity when the Exchange fails over to the Secondary Source of data. --------------------------------------------------------------------------- The Exchange believes that this clarification is necessary in light of the re-launch of NYSE MKT as NYSE American, which is scheduled for July 24, 2017.\4\ NYSE American rules provide for an intentional 350 microsecond access delay to certain inbound and outbound order messages on that exchange, including all outbound communications to proprietary market data feeds. NYSE American will not apply a similar delay to outbound communications to the securities information processor (``SIP''). Due to the intentional delay of proprietary market data to be disseminated by NYSE American, the Exchange believes that fail over to the Secondary Source of Data may sometimes be necessary even during otherwise normal operation to ensure that the fastest and most reliable data is used for the handling, routing, and execution of orders, and for regulatory compliance purposes. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No 80700 (May 16, 2017), 82 FR 23381 (May 22, 2017) (SR-NYSEMKT-2017-05) (Approval Order). --------------------------------------------------------------------------- Currently, the Nasdaq trading system utilizes proprietary market data as the Primary Source for the following markets that provide a reliable proprietary data feed: NYSE MKT, NASDAQ OMX BX, DirectEdge A, DirectEdge X, CHX, NYSE, NYSE Arca, [[Page 39472]] NASDAQ, NASDAQ OMX PSX, BATS Y-Exchange, and BATS Exchange. For each of these markets, the Exchange uses SIP data as the Secondary Source.\5\ The trading system then uses certain real-time logic to determine whether emergency market conditions exist that should result in the failover to the Secondary Source of data from the Primary Source. Specifically, the trading system fails over to the Secondary Source of data for these markets if the Primary Source of data is delayed by a configurable amount compared to the Secondary Source.\6\ A significant delay of the Primary Source of data compared to the Secondary Source of data indicates that there is an emergency market condition pursuant to Rule 4759. In such an instance, the Exchange believes that it is appropriate to fail over to the Secondary Source of data as the Secondary Source of data is more current. If the Exchange fails over to the Secondary Source of data it will re-elect the Primary Source of data if the Primary Source of data is no longer delayed compared to the Secondary Source. This process ensures that the Exchange's trading and other systems have the most accurate view of the trading interest available across other markets. --------------------------------------------------------------------------- \5\ SIP data is used as the Primary Source for NSX, FINRA ADF, and IEX. There is no Secondary Source for these markets. \6\ A delay is indicated by data being received by the Exchange from the Secondary Source that has a more recent timestamp than the Primary Source. Fail over then occurs once such a delay has reached a configurable value. The configurable amount described in this rule will be made available to members via Equity Trader Alert. Currently, this configurable value is set to 1.5 seconds. The Exchange will issue an Equity Trader Alert to members to notify them of the current value and in the event that it changes this value. --------------------------------------------------------------------------- With the upcoming launch of NYSE American, the Exchange believes that its current rule should be amended to better reflect intentional delays to the Primary Source of data. Specifically, the Exchange desires to make clear that even otherwise normal operation of the Primary Source of data may result in the Exchange electing the Secondary Source of data if that operation includes an intentional delay. This would be the case even if such operation would not normally be deemed an emergency market condition. Although the Exchange's process for determining which data to use will not change at this time,\7\ the Exchange believes that it is important to clarify that process so that members and other market participants are adequately apprised of when the Exchange will use the Primary or Secondary Source of data. --------------------------------------------------------------------------- \7\ The Exchange may decrease the amount of delay required to switch to the Secondary Source of data at a later date. The Exchange will alert members of any such change with an Equity Trader Alert. See id. --------------------------------------------------------------------------- As explained earlier in this proposed rule change, the Exchange employs an automated, real-time, process to determine if there is an emergency market condition pursuant to Rule 4759. In particular, the Exchange determines whether there is an emergency market condition by comparing the timestamp of the Primary Source of data with the timestamp of the Secondary Source of data. The Exchange believes that a significant delay in the Primary Source of data compared to the Secondary Source is an emergency market condition because such a delay is not consistent with normal operation of such data feeds. The Exchange does not believe that the current emergency market conditions language is clear, however, when dealing with markets such as NYSE American that have employed an intentional delay in the data disseminated over the direct data feeds utilized by the Exchange as the Primary Source of data. Currently, the Primary Source of data is used unless it is delayed by a configurable amount compared to the Secondary Source of data. The Exchange then reverts to the Primary Source of data once the delay has been resolved. The Primary Source of data may be delayed due to technical issues that would normally be considered an emergency market condition, or during otherwise normal operation of the Primary Source of data if an intentional delay has been implemented. In this respect, the Exchange notes that even NYSE Arca--an affiliate of NYSE American--has decided to use SIP data as the primary source of data for NYSE American due to the intentional delay of messages on their proprietary market data.\8\ Although Nasdaq is not proposing to change its Primary Source of data for NYSE American, the Exchange believes that modifying its rules to clarify the conditions where the Secondary Source of data may be elected will increase transparency of the operation of the Exchange to the benefit of members and other market participants. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 34-81061 (June 30, 2017), 82 FR 31642 (July 7, 2017) (SR-Arca-2017-70). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional transparency around when Nasdaq will elect to use the Secondary Source of data for the handling, routing, and execution of orders, and for regulatory compliance purposes. The proposed rule change does not change the operation of the Exchange or its use of data feeds; rather it clarifies when the Exchange will elect the Secondary Source of data pursuant to Rule 4759. Currently, Rule 4759 indicates that the Exchange will fail over to the Secondary Source of data if there is an emergency market condition but does not specify what counts as an emergency market condition pursuant to the rule. In fact, the Exchange has an automated, real-time, process for determining whether an emergency market condition exists by measuring the amount of delay between the Primary and Secondary Sources of data. The proposed rule change therefore clarifies that the Exchange will elect the Secondary Source of data if the Primary Source of data is delayed by a configurable amount (made available to members via Equity Trader Alert), and will then revert to the Primary Source of data once the delay has been resolved. The Secondary Source of data may be elected even during otherwise normal operation because of intentional delays in the dissemination of market data over an exchange's proprietary market data feeds. The Exchange believes that this change is appropriate in light of the launch of the NYSE American exchange, which will come with an intentional delay of market data provided through proprietary data products used by Nasdaq as the Primary Source of data. The Exchange believes the additional transparency of the operation of the Exchange as described in the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. 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 that is not necessary or appropriate in furtherance [[Page 39473]] of the purposes of the Act. The proposed rule change is not designed to address any competitive issue but rather would provide members and other market participants with information about when Nasdaq will utilize its Secondary Source of data. The Exchange believes that this change will increase transparency around the operation of the Exchange without any significant impact on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(iii). \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \13\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow the Exchange to clarify the conditions under which the Secondary Source of data may be elected and increase transparency of the operation of the Exchange. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\15\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NASDAQ-2017-082 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-2017-082. 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-2017-082 and should be submitted on or before September 8, 2017. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-17435 Filed 8-17-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / Notices 39471
Paper Comments SECURITIES AND EXCHANGE utilize the Secondary Source of data
COMMISSION pursuant to Rule 4759. Rule 4759 lists
• Send paper comments in triplicate the proprietary and network processor
to Secretary, Securities and Exchange [Release No. 34–81390; File No. SR–
NASDAQ–2017–082]
feeds that are utilized for the handling,
Commission, 100 F Street NE., routing, and execution of orders, as well
Washington, DC 20549–1090. Self-Regulatory Organizations; The as for the regulatory compliance
All submissions should refer to File NASDAQ Stock Market LLC; Notice of processes related to those functions.
Filing and Immediate Effectiveness of Rule 4759 also lists Secondary Sources
Number SR–NYSEARCA–2017–89. This
Proposed Rule Change To Clarify of data that are utilized in emergency
file number should be included on the
When Nasdaq Will Utilize the market conditions, and only until those
subject line if email is used. To help the emergency conditions are resolved. The
Commission process and review your Secondary Source of Data
Exchange proposes to amend this rule to
comments more efficiently, please use August 14, 2017. describe how the Nasdaq trading system
only one method. The Commission will Pursuant to Section 19(b)(1) of the decides when to use the Primary or
post all comments on the Commission’s Securities Exchange Act of 1934 Secondary Source of data. Specifically,
Internet Web site (http://www.sec.gov/ (‘‘Act’’),1 and Rule 19b–4 thereunder,2 the Exchange proposes to amend Rule
rules/sro.shtml). Copies of the notice is hereby given that on August 2, 4759 to clarify that the Primary Source
submission, all subsequent 2017, The NASDAQ Stock Market LLC of data is used unless it is delayed by
amendments, all written statements (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the a configurable amount compared to the
with respect to the proposed rule Securities and Exchange Commission Secondary Source of data.3 The
change that are filed with the (‘‘Commission’’) the proposed rule Exchange will revert to the Primary
Commission, and all written change as described in Items I and II Source of data once the delay has been
communications relating to the below, which Items have been prepared resolved. The configurable amount
proposed rule change between the by the Exchange. The Commission is described in this rule will be made
Commission and any person, other than publishing this notice to solicit available to members via Equity Trader
comments on the proposed rule change Alert.
those that may be withheld from the
from interested persons. The Exchange believes that this
public in accordance with the
I. Self-Regulatory Organization’s clarification is necessary in light of the
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of re-launch of NYSE MKT as NYSE
available for Web site viewing and American, which is scheduled for July
printing in the Commission’s Public the Proposed Rule Change
24, 2017.4 NYSE American rules
Reference Room, 100 F Street NE., The Exchange proposes to further provide for an intentional 350
Washington, DC 20549 on official clarify when Nasdaq will utilize the microsecond access delay to certain
business days between the hours of Secondary Source of data pursuant to inbound and outbound order messages
10:00 a.m. and 3:00 p.m. Copies of the Rule 4759. on that exchange, including all
filing also will be available for The text of the proposed rule change outbound communications to
inspection and copying at the principal is available on the Exchange’s Web site proprietary market data feeds. NYSE
office of the Exchange. All comments at http://nasdaq.cchwallstreet.com, at American will not apply a similar delay
received will be posted without change; the principal office of the Exchange, and to outbound communications to the
the Commission does not edit personal at the Commission’s Public Reference securities information processor (‘‘SIP’’).
identifying information from Room. Due to the intentional delay of
submissions. You should submit only II. Self-Regulatory Organization’s proprietary market data to be
information that you wish to make Statement of the Purpose of, and disseminated by NYSE American, the
available publicly. All submissions Statutory Basis for, the Proposed Rule Exchange believes that fail over to the
should refer to File Number SR– Change Secondary Source of Data may
NYSEARCA–2017–89 and should be sometimes be necessary even during
In its filing with the Commission, the otherwise normal operation to ensure
submitted on or before September 8, Exchange included statements that the fastest and most reliable data is
2017. concerning the purpose of and basis for used for the handling, routing, and
For the Commission, by the Division of the proposed rule change and discussed execution of orders, and for regulatory
Trading and Markets, pursuant to delegated any comments it received on the compliance purposes.
authority.19 proposed rule change. The text of these Currently, the Nasdaq trading system
Eduardo A. Aleman, statements may be examined at the utilizes proprietary market data as the
places specified in Item IV below. The Primary Source for the following
Assistant Secretary.
Exchange has prepared summaries, set markets that provide a reliable
[FR Doc. 2017–17434 Filed 8–17–17; 8:45 am] forth in sections A, B, and C below, of proprietary data feed: NYSE MKT,
BILLING CODE 8011–01–P the most significant aspects of such NASDAQ OMX BX, DirectEdge A,
statements. DirectEdge X, CHX, NYSE, NYSE Arca,
A. Self-Regulatory Organization’s
3 As a conforming change, the Exchange proposes
Statement of the Purpose of, and
to remove the current rule text that indicates that
Statutory Basis for, the Proposed Rule the Secondary Source of data is, where applicable,
mstockstill on DSK30JT082PROD with NOTICES
Change utilized only in emergency market conditions and
only until those emergency conditions are resolved.
1. Purpose The Exchange does not believe that this language
The purpose of the proposed rule is needed as the amended rule would now indicate
with more specificity when the Exchange fails over
change is to clarify when Nasdaq will to the Secondary Source of data.
4 See Securities Exchange Act Release No 80700
1 15 U.S.C. 78s(b)(1). (May 16, 2017), 82 FR 23381 (May 22, 2017) (SR–
19 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. NYSEMKT–2017–05) (Approval Order).
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![Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / Notices 39473
of the purposes of the Act. The At any time within 60 days of the office of the Exchange. All comments
proposed rule change is not designed to filing of the proposed rule change, the received will be posted without change;
address any competitive issue but rather Commission summarily may the Commission does not edit personal
would provide members and other temporarily suspend such rule change if identifying information from
market participants with information it appears to the Commission that such submissions. You should submit only
about when Nasdaq will utilize its action is: (i) Necessary or appropriate in information that you wish to make
Secondary Source of data. The Exchange the public interest; (ii) for the protection available publicly. All submissions
believes that this change will increase of investors; or (iii) otherwise in should refer to File Number SR–
transparency around the operation of furtherance of the purposes of the Act. NASDAQ–2017–082 and should be
the Exchange without any significant If the Commission takes such action, the submitted on or before September 8,
impact on competition. Commission shall institute proceedings 2017.
to determine whether the proposed rule
C. Self-Regulatory Organization’s For the Commission, by the Division of
should be approved or disapproved.
Statement on Comments on the Trading and Markets, pursuant to delegated
Proposed Rule Change Received From IV. Solicitation of Comments authority.16
Members, Participants, or Others Interested persons are invited to Eduardo A. Aleman,
No written comments were either submit written data, views, and Assistant Secretary.
solicited or received. arguments concerning the foregoing, [FR Doc. 2017–17435 Filed 8–17–17; 8:45 am]
III. Date of Effectiveness of the including whether the proposed rule
BILLING CODE 8011–01–P
Proposed Rule Change and Timing for change is consistent with the Act.
Commission Action Comments may be submitted by any of
the following methods: SECURITIES AND EXCHANGE
Because the foregoing proposed rule
change does not: (i) Significantly affect Electronic Comments COMMISSION
the protection of investors or the public • Use the Commission’s Internet
interest; (ii) impose any significant comment form (http://www.sec.gov/ [Release No. 34–81387; File No. SR-
burden on competition; and (iii) become rules/sro.shtml); or BatsBZX–2017–50]
operative for 30 days from the date on • Send an email to rule-comments@
which it was filed, or such shorter time sec.gov. Please include File Number SR– Self-Regulatory Organizations; Bats
as the Commission may designate, it has NASDAQ–2017–082 on the subject line. BZX Exchange, Inc.; Notice of Filing of
become effective pursuant to Section a Proposed Rule Change To Extend
19(b)(3)(A)(iii) of the Act 11 and Paper Comments the Implementation Date For Certain
subparagraph (f)(6) of Rule 19b–4 • Send paper comments in triplicate Changes to Exchange Rules 14.11 and
thereunder.12 to Secretary, Securities and Exchange 14.12
A proposed rule change filed Commission, 100 F Street NE.,
pursuant to Rule 19b–4(f)(6) under the Washington, DC 20549–1090. August 14, 2017.
Act 13 normally does not become All submissions should refer to File Pursuant to Section 19(b)(1) of the
operative for 30 days after the date of its Number SR–NASDAQ–2017–082. This Securities Exchange Act of 1934
filing. However, Rule 19b–4(f)(6)(iii) 14 file number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
permits the Commission to designate a subject line if email is used. To help the notice is hereby given that on July 31,
shorter time if such action is consistent Commission process and review your 2017, Bats BZX Exchange, Inc.
with the protection of investors and the comments more efficiently, please use (‘‘Exchange’’ or ‘‘BZX’’) filed with the
public interest. The Exchange has asked only one method. The Commission will Securities and Exchange Commission
the Commission to waive the 30-day post all comments on the Commission’s (‘‘Commission’’) the proposed rule
operative delay. The Commission Internet Web site (http://www.sec.gov/
believes that waiving the 30-day change as described in Items I and II
rules/sro.shtml). Copies of the below, which Items have been prepared
operative delay is consistent with the submission, all subsequent
protection of investors and the public by the Exchange. The Commission is
amendments, all written statements
interest as it will allow the Exchange to publishing this notice to solicit
with respect to the proposed rule
clarify the conditions under which the change that are filed with the comments on the proposed rule change
Secondary Source of data may be Commission, and all written from interested persons.
elected and increase transparency of the communications relating to the I. Self-Regulatory Organization’s
operation of the Exchange. Accordingly, proposed rule change between the Statement of the Terms of Substance of
the Commission hereby waives the Commission and any person, other than the Proposed Rule Change
operative delay and designates the those that may be withheld from the
proposal operative upon filing.15 public in accordance with the The Exchange filed a proposal to
provisions of 5 U.S.C. 552, will be extend the date on which certain
11 15 U.S.C. 78s(b)(3)(A)(iii). available for Web site viewing and changes to Exchange Rules 14.11 and
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
printing in the Commission’s Public 14.12 would be implemented.
the Commission written notice of its intent to file Reference Room, 100 F Street NE., The text of the proposed rule change
the proposed rule change, along with a brief Washington, DC 20549, on official
is available at the Exchange’s Web site
mstockstill on DSK30JT082PROD with NOTICES
description and the text of the proposed rule business days between the hours of
change, at least five business days prior to the date at www.bats.com, at the principal office
10:00 a.m. and 3:00 p.m. Copies of the
of filing of the proposed rule change, or such
filing also will be available for of the Exchange, and at the
shorter time as designated by the Commission. The Commission’s Public Reference Room.
Exchange has satisfied this requirement. inspection and copying at the principal
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii). 16 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
15 For purposes only of waiving the 30-day 1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
operative delay, the Commission has also 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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Document Created: 2017-08-18 07:40:56
Document Modified: 2017-08-18 07:40:56
| 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 39471 |
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