82 FR 40188 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Quoting at the Opening
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 163 (August 24, 2017)
Federal Register Volume 82, Issue 163 (August 24, 2017)
| Page Range | 40188-40190 | |
| FR Document | 2017-17908 |
[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)] [Notices] [Pages 40188-40190] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17908] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81436; File No. SR-GEMX-2017-38] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Quoting at the Opening August 18, 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 17, 2017, Nasdaq GEMX, LLC (``GEMX'' 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 amend GEMX Rule 701, entitled ``Opening.'' 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 purpose of this rule change is to amend GEMX Rule 701, ``Opening'' to specifically amend opening obligations for Primary Market Makers or ``PMMs.'' The Exchange notes that the proposed rule change is similar to a Nasdaq MRX, LLC (``MRX'') rule.\3\ --------------------------------------------------------------------------- \3\ See MRX Rule 701. --------------------------------------------------------------------------- Today, GEMX Rule 701(c)(3) states that the PMM assigned in a particular equity option must enter a Valid Width Quote not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index. The PMM assigned in a particular U.S. dollar-settled foreign currency option must enter a Valid Width Quote not later than one minute after the announced market opening. First, the Exchange proposes to add the words ``or index'' to further clarify that the requirement applies to equities and index options. The Exchange proposes this addition to further clarify the requirement in Rule 701(c)(3) clearly applies to equity and index options. Second, the Exchange proposes to modify the PMM's current obligation to enter Valid Width Quotes not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index for all assigned options, or in the case of a U.S. dollar-settled foreign currency option after the announced market opening. The Exchange believes that the current requirement is very burdensome and instead proposes to add ``in 90% of their assigned series'' to require a PMM to enter a Valid Width Quote not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in 90% of their assigned series, or in the case of a U.S. dollar-settled foreign currency option in 90% of their assigned series not later than one minute after the announced market opening. Further, the Exchange proposes to require PMMs to promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price, in the underlying index or, with respect to a U.S. dollar-settled foreign currency option, following the announced market opening. The Exchange's proposal is intended to account for market conditions which may prevent a PMM from opening all assigned series, for example an extremely volatile market which may impact the PMM's ability to enter aggressive quotes. Another example would be that news pertaining to a specific security is causing the underlying price to fluctuate rapidly and significantly, thereby causing the PMM to await the underlying equity price to settle before entering a Valid Width Quote. The Exchange's surveillance staff would monitor to ensure that PMMs are complying with these requirements during the Opening Process. Today, the Opening Process for an options series will be conducted on or after 9:30 a.m. if the system has received, within two minutes (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's Web site) of the opening trade or quote on the market for the underlying security in the case of equity options or, in the case of index options, within two minutes of the receipt of the opening price in the underlying index (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's Web site), or within two minutes of market opening for the underlying currency in the case of a U.S. dollar-settled foreign currency option (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's Web site) the PMM's Valid Width Quote, the Valid Width Quotes of two Competitive Maker [sic] Makers (``CMMs'') or if neither the PMM's Valid Width Quote nor the Valid Width Quote of two CMMs have been submitted within such timeframe, if one CMM has submitted a Valid Width Quote.\4\ --------------------------------------------------------------------------- \4\ See Rule 701(c)(1)(i)-(iii). --------------------------------------------------------------------------- Implementation The Exchange proposes to implement this rule change on September 29, 2017. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) [[Page 40189]] of the Act,\5\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\6\ 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 for the reasons stated below. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange's first proposal at Rule 701(c)(3) to clarify that the requirement applies to equities and index options will make clear the applicability of the PMM's requirement to enter Valid Width Quotes. This proposed amendment is non-substantive and is intended to add clarity to the rules. The second proposal to amend a PMM's requirement to enter Valid Width Quotes during the Opening Process is consistent with the Act because the 90% requirement to provide a Valid Width Quote in a series to which the PMM is assigned will continue to ensure that options series are opened in a timely manner, while not imposing a burdensome requirement on market participants. PMMs would be required to promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute of the dissemination of a quote or trade by the market for the underlying security or in the case of index options, following the receipt of the opening price or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening. The Exchange would monitor PMMs to ensure that they promptly provided a Valid Width Quote for the remainder of the series within a reasonable amount of time. The Exchange notes that market conditions could cause a PMM to experience circumstances where opening 100% of all of their assigned series within one minute of the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar- settled foreign currency options, following the announced market opening, is not feasible. The Exchange believes that the proposed 90% Valid Width Quoting obligation, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening, along with the ``prompt'' standard for the remaining 10% of their assigned series will ensure all series are opened in a timely manner. The Exchange's proposal accounts for market conditions which may prevent a PMM from opening all assigned series, for example an extremely volatile market which may impact the PMM's ability to enter aggressive quotes. Another example would be that news pertaining to a specific security is causing the underlying price to fluctuate rapidly and significantly, thereby causing the PMM to await the underlying equity price to settle before entering a Valid Width Quote. The Exchange believes that the time frame for PMMs to provide a Valid Width Quote in 90% of their assigned series not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening will ensure liquidity on GEMX during the Opening Process. The Exchange desires to encourage PMMs to continue to make markets on GEMX at the Opening. The Exchange believes that requiring PMMs to provide a Valid Width Quote in 90% of their assigned options not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar- settled foreign currency options, following the announced market opening along with the ``prompt'' standard for the remaining 10% will enhance the market making functions for PMMs and serve to maintain a fair and orderly market thereby promoting the protection of 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 not necessary or appropriate in furtherance of the purposes of the Act. The proposal does not change the intense competition that exists among the options markets for options business including on the opening. Nor does the Exchange believe that the proposal will impose any burden on intra-market competition; the Opening Process involves many types of participants and interest. The Exchange's proposal to require a PMM to enter a Valid Width Quote in 90% of their assigned series not later than one minute time following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening and promptly enter a Valid Width quote for the remaining 10% their assigned series does not create an undue burden on competition. The proposal will continue to ensure that options series are opened in a timely manner, while not imposing a burdensome requirement on market participants. PMMs would be required to promptly enter a Valid Width Quote in the remainder of their assigned series which were not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening. The Exchange would monitor PMMs to ensure that they promptly entered a Valid Width Quote for the remainder of their assigned series within a reasonable amount of time. The Exchange notes that market conditions could cause a PMM to experience circumstances where entering a Valid Width Quote for 100% of all of their assigned series within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or with respect to U.S. dollar- settled foreign currency options within one minute after the announced market opening is not feasible. The Exchange believes that the proposed 90% obligation to enter a Valid Width Quote not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening for the underlying security along with the ``prompt'' standard for the remaining series will ensure all series are opened in a timely manner. [[Page 40190]] 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 \7\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(iii). \8\ 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 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. --------------------------------------------------------------------------- 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-GEMX-2017-38 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-2017-38. 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-2017-38 and should be submitted on or before September 14, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-17908 Filed 8-23-17; 8:45 am] BILLING CODE 8011-01-P
![40188 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices
other person may file any additional forth in sections A, B, and C below, of Width Quote in the remainder of their
statement. the most significant aspects of such assigned series, which did not open
It is further ordered that the August 9, statements. within one minute following the
2017 order approving the proposed rule dissemination of a quote or trade by the
change, as modified by Amendment No. A. Self-Regulatory Organization’s
market for the underlying security or, in
1 (File No. SR–CHX–2016–20), shall Statement of the Purpose of, and
the case of index options, following the
remain stayed pending further order of Statutory Basis for, the Proposed Rule
receipt of the opening price, in the
the Commission. Change
underlying index or, with respect to a
By the Commission. 1. Purpose U.S. dollar-settled foreign currency
Jill M. Peterson, The purpose of this rule change is to option, following the announced market
Assistant Secretary. amend GEMX Rule 701, ‘‘Opening’’ to opening. The Exchange’s proposal is
[FR Doc. 2017–17921 Filed 8–23–17; 8:45 am] specifically amend opening obligations intended to account for market
for Primary Market Makers or ‘‘PMMs.’’ conditions which may prevent a PMM
BILLING CODE 8011–01–P
The Exchange notes that the proposed from opening all assigned series, for
rule change is similar to a Nasdaq MRX, example an extremely volatile market
SECURITIES AND EXCHANGE LLC (‘‘MRX’’) rule.3 which may impact the PMM’s ability to
COMMISSION Today, GEMX Rule 701(c)(3) states enter aggressive quotes. Another
that the PMM assigned in a particular example would be that news pertaining
[Release No. 34–81436; File No. SR–GEMX– to a specific security is causing the
2017–38] equity option must enter a Valid Width
Quote not later than one minute underlying price to fluctuate rapidly
Self-Regulatory Organizations; Nasdaq following the dissemination of a quote and significantly, thereby causing the
GEMX, LLC; Notice of Filing and or trade by the market for the PMM to await the underlying equity
Immediate Effectiveness of Proposed underlying security or, in the case of price to settle before entering a Valid
Rule Change Related to Quoting at the index options, following the receipt of Width Quote. The Exchange’s
Opening the opening price in the underlying surveillance staff would monitor to
index. The PMM assigned in a ensure that PMMs are complying with
August 18, 2017. these requirements during the Opening
particular U.S. dollar-settled foreign
Pursuant to Section 19(b)(1) of the currency option must enter a Valid Process.
Securities Exchange Act of 1934 Width Quote not later than one minute Today, the Opening Process for an
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 after the announced market opening. options series will be conducted on or
notice is hereby given that on August First, the Exchange proposes to add after 9:30 a.m. if the system has
17, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ the words ‘‘or index’’ to further clarify received, within two minutes (or such
or ‘‘Exchange’’) filed with the Securities that the requirement applies to equities shorter time as determined by the
and Exchange Commission and index options. The Exchange Exchange and disseminated to
(‘‘Commission’’) the proposed rule proposes this addition to further clarify membership on the Exchange’s Web
change as described in Items I and II the requirement in Rule 701(c)(3) clearly site) of the opening trade or quote on the
below, which Items have been prepared market for the underlying security in the
applies to equity and index options.
by the Exchange. The Commission is Second, the Exchange proposes to case of equity options or, in the case of
publishing this notice to solicit modify the PMM’s current obligation to index options, within two minutes of
comments on the proposed rule change enter Valid Width Quotes not later than the receipt of the opening price in the
from interested persons. one minute following the dissemination underlying index (or such shorter time
I. Self-Regulatory Organization’s of a quote or trade by the market for the as determined by the Exchange and
Statement of the Terms of Substance of underlying security or, in the case of disseminated to membership on the
the Proposed Rule Change index options, following the receipt of Exchange’s Web site), or within two
the opening price in the underlying minutes of market opening for the
The Exchange proposes to amend
index for all assigned options, or in the underlying currency in the case of a
GEMX Rule 701, entitled ‘‘Opening.’’
case of a U.S. dollar-settled foreign U.S. dollar-settled foreign currency
The text of the proposed rule change
currency option after the announced option (or such shorter time as
is available on the Exchange’s Web site
market opening. The Exchange believes determined by the Exchange and
at www.ise.com, at the principal office
that the current requirement is very disseminated to membership on the
of the Exchange, and at the
burdensome and instead proposes to Exchange’s Web site) the PMM’s Valid
Commission’s Public Reference Room.
add ‘‘in 90% of their assigned series’’ to Width Quote, the Valid Width Quotes of
II. Self-Regulatory Organization’s require a PMM to enter a Valid Width two Competitive Maker [sic] Makers
Statement of the Purpose of, and Quote not later than one minute (‘‘CMMs’’) or if neither the PMM’s Valid
Statutory Basis for, the Proposed Rule following the dissemination of a quote Width Quote nor the Valid Width Quote
Change or trade by the market for the of two CMMs have been submitted
In its filing with the Commission, the underlying security or, in the case of within such timeframe, if one CMM has
Exchange included statements index options, following the receipt of submitted a Valid Width Quote.4
concerning the purpose of and basis for the opening price in 90% of their Implementation
the proposed rule change and discussed assigned series, or in the case of a U.S.
any comments it received on the dollar-settled foreign currency option in The Exchange proposes to implement
rmajette on DSKBCKNHB2PROD with NOTICES
proposed rule change. The text of these 90% of their assigned series not later this rule change on September 29, 2017.
statements may be examined at the than one minute after the announced 2. Statutory Basis
places specified in Item IV below. The market opening.
Exchange has prepared summaries, set Further, the Exchange proposes to The Exchange believes that its
require PMMs to promptly enter a Valid proposal is consistent with Section 6(b)
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. 3 See MRX Rule 701. 4 See Rule 701(c)(1)(i)–(iii).
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![40190 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices
C. Self-Regulatory Organization’s number should be included on the (‘‘Commission’’) the proposed rule
Statement on Comments on the subject line if email is used. To help the change as described in Items I and II
Proposed Rule Change Received From Commission process and review your below, which Items have been prepared
Members, Participants, or Others comments more efficiently, please use by the Exchange. The Commission is
No written comments were either only one method. The Commission will publishing this notice to solicit
solicited or received. post all comments on the Commission’s comments on the proposed rule change
Internet Web site (http://www.sec.gov/ from interested persons.
III. Date of Effectiveness of the rules/sro.shtml). Copies of the
Proposed Rule Change and Timing for submission, all subsequent I. Self-Regulatory Organization’s
Commission Action amendments, all written statements Statement of the Terms of Substance of
with respect to the proposed rule the Proposed Rule Change
Because the foregoing proposed rule
change does not: (i) Significantly affect change that are filed with the The Exchange proposes to amend ISE
the protection of investors or the public Commission, and all written Rule 701, entitled ‘‘Opening.’’
interest; (ii) impose any significant communications relating to the The text of the proposed rule change
burden on competition; and (iii) become proposed rule change between the is available on the Exchange’s Web site
operative for 30 days from the date on Commission and any person, other than at www.ise.com, at the principal office
which it was filed, or such shorter time those that may be withheld from the of the Exchange, and at the
as the Commission may designate, it has public in accordance with the Commission’s Public Reference Room.
become effective pursuant to Section provisions of 5 U.S.C. 552, will be
available for Web site viewing and II. Self-Regulatory Organization’s
19(b)(3)(A)(iii) of the Act 7 and Statement of the Purpose of, and
subparagraph (f)(6) of Rule 19b–4 printing in the Commission’s Public
Reference Room, 100 F Street NE., Statutory Basis for, the Proposed Rule
thereunder.8 Change
At any time within 60 days of the Washington, DC 20549, on official
filing of the proposed rule change, the business days between the hours of In its filing with the Commission, the
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the Exchange included statements
temporarily suspend such rule change if filing also will be available for concerning the purpose of and basis for
it appears to the Commission that such inspection and copying at the principal the proposed rule change and discussed
action is: (i) Necessary or appropriate in office of the Exchange. All comments any comments it received on the
the public interest; (ii) for the protection received will be posted without change; proposed rule change. The text of these
of investors; or (iii) otherwise in the Commission does not edit personal statements may be examined at the
furtherance of the purposes of the Act. identifying information from places specified in Item IV below. The
If the Commission takes such action, the submissions. You should submit only Exchange has prepared summaries, set
Commission shall institute proceedings information that you wish to make forth in sections A, B, and C below, of
to determine whether the proposed rule available publicly. All submissions the most significant aspects of such
should be approved or disapproved. should refer to File Number SR–GEMX– statements.
2017–38 and should be submitted on or
IV. Solicitation of Comments before September 14, 2017. A. Self-Regulatory Organization’s
Interested persons are invited to Statement of the Purpose of, and
For the Commission, by the Division of Statutory Basis for, the Proposed Rule
submit written data, views, and Trading and Markets, pursuant to delegated
arguments concerning the foregoing, authority.9 Change
including whether the proposed rule Robert W. Errett, 1. Purpose
change is consistent with the Act. Deputy Secretary.
Comments may be submitted by any of The purpose of this rule change is to
[FR Doc. 2017–17908 Filed 8–23–17; 8:45 am] amend ISE Rule 701, ‘‘Opening’’ to
the following methods:
BILLING CODE 8011–01–P specifically amend opening obligations
Electronic Comments for Primary Market Makers or ‘‘PMMs.’’
• Use the Commission’s Internet The Exchange notes that the proposed
comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE rule change is similar to a Nasdaq MRX,
rules/sro.shtml); or COMMISSION LLC (‘‘MRX’’) rule.3
• Send an email to rule-comments@ [Release No. 34–81434; File No. SR–ISE– Today, ISE Rule 701(c)(3) states that
sec.gov. Please include File Number SR– 2017–78] the PMM assigned in a particular equity
GEMX–2017–38 on the subject line. option must enter a Valid Width Quote
Self-Regulatory Organizations; Nasdaq not later than one minute following the
Paper Comments ISE, LLC; Notice of Filing and dissemination of a quote or trade by the
• Send paper comments in triplicate Immediate Effectiveness of Proposed market for the underlying security or, in
to Secretary, Securities and Exchange Rule Change Related to Quoting at the the case of index options, following the
Commission, 100 F Street NE., Opening receipt of the opening price in the
Washington, DC 20549–1090. underlying index. The PMM assigned in
August 18, 2017.
All submissions should refer to File Pursuant to Section 19(b)(1) of the a particular U.S. dollar-settled foreign
Number SR–GEMX–2017–38. This file Securities Exchange Act of 1934 currency option must enter a Valid
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Width Quote not later than one minute
7 15 U.S.C. 78s(b)(3)(A)(iii).
notice is hereby given that on August after the announced market opening.
rmajette on DSKBCKNHB2PROD with NOTICES
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
17, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or First, the Exchange proposes to add
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file ‘‘Exchange’’) filed with the Securities the words ‘‘or index’’ to further clarify
the proposed rule change, along with a brief and Exchange Commission that the requirement applies to equities
description and text of the proposed rule change, and index options. The Exchange
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
9 17 CFR 200.30–3(a)(12). proposes this addition to further clarify
1 15 U.S.C. 78s(b)(1).
as designated by the Commission. The Exchange
has satisfied this requirement. 2 17 CFR 240.19b–4. 3 See MRX Rule 701.
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Document Created: 2018-10-24 12:36:25
Document Modified: 2018-10-24 12:36:25
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 40188 |
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