82 FR 42141 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees Pursuant to Rule 15.110
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 171 (September 6, 2017)
Federal Register Volume 82, Issue 171 (September 6, 2017)
| Page Range | 42141-42143 | |
| FR Document | 2017-18796 |
[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)] [Notices] [Pages 42141-42143] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-18796] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81502; File No. SR-IEX-2017-28] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees Pursuant to Rule 15.110 August 30, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b19b-4 thereunder,\3\ notice is hereby given that, on August 16, 2017, the Investors Exchange LLC (``IEX'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the Commission a proposed rule change to modify its Fee Schedule, pursuant to IEX Rule 15.110(a) to adopt pricing for orders that execute pursuant to Rule 11.231 (Regular Market Session Opening Process for Non-IEX- Listed Securities). Changes to the Fee Schedule pursuant to this proposal are effective upon filing, and will be operative once the Exchange begins conducting the Regular Market Session Opening Process for Non-IEX-Listed Securities (the ``Opening Process'').\6\ The text of the proposed rule change is available at the Exchange's Web site at www.iextrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(1). \5\ 17 CFR 240.19b-4. \6\ See, IEX Trader Alert #2017-027 available at https://www.iextrading.com/trading/alerts/2017/027/. --------------------------------------------------------------------------- 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 self-regulatory organization 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 self-regulatory organization 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange Exchange recently filed and the Commission approved a proposed rule change to Rule 11.231, which modified the Opening Process for non-IEX-listed securities.\7\ The Exchange proposes to update its Fee Schedule, pursuant to IEX Rule 15.110(a) and (c), to add a new Fee Code ``X'' to identify the fee applicable to certain orders that execute in the Opening Process. More specifically, orders that execute in the Opening Process will receive the new Fee Code X on execution reports as follows: --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 81195 (July 24, 2017), 82 FR 35250 (July 28, 2017) (SR-IEX-2017-11). ---------------------------------------------------------------------------Execution reports for non-displayed orders resting on the Continuous Order Book that execute in the Opening Process will receive new Fee Code X rather than Fee Code I.\8\ --------------------------------------------------------------------------- \8\ The Exchange notes that orders taking or adding non- displayed liquidity prior to or after the Opening Process, will continue to receive Fee Close I, either alone or in conjunction with other applicable Fee Codes. --------------------------------------------------------------------------- Execution reports for displayed orders resting on the Continuous Order Book that execute in the Opening Process will continue to receive Fee Code L and will also receive new Fee Code X. Execution reports for all orders on the Cross Book \9\ that execute in the Opening Process will receive new Fee Code X. --------------------------------------------------------------------------- \9\ See Rule 11.231(a). --------------------------------------------------------------------------- The Exchange is proposing to charge fees that are analogous to existing fees for orders that execute in the Opening Process. Accordingly, non-displayed orders on the Continuous Order Book and orders on the Cross Book that are executed in the Opening Process will receive Fee Code X on their execution reports and will be subject to a fee of $0.0009 per share (or 0.30% of total dollar value of the transaction calculated as the execution price multiplied by the number of shares executed in the transaction for shares executed below $1.00). Further, orders that were displayed on the Continuous Order Book during the Pre-Market Session \10\ that are executed in the Opening Process will receive new Fee Code X and existing Fee Code L, and will not be charged a fee because, pursuant to the IEX Fee Schedule, to the extent a Member receives multiple Fee Codes on an execution, the lower fee shall apply.\11\ --------------------------------------------------------------------------- \10\ See Rule 1.160(z). \11\ See IEX Fee Schedule, Transaction Fees, bullet three. --------------------------------------------------------------------------- The Exchange notes that the Internalization Fee, Displayed Match Fee for non-displayed orders that remove displayed liquidity, and the exception to the Non-Displayed Match Fee for displayable orders that remove non-displayed resting interest upon entry are not applicable to the Opening [[Page 42142]] Process. As discussed below in the Statutory Basis section, the Opening Process is a bulk execution without explicit counterparties. 2. Statutory Basis IEX believes that the proposed rule change is consistent with the provisions of Section 6(b) \12\ of the Act in general, and furthers the objectives of Sections 6(b)(4) \13\ of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f. \13\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- IEX believes that its proposed pricing for the Opening Process is reasonable and equitable because the Exchange is proposing to charge fees analogous to those already in place for orders executed on the Exchange during continuous trading,\14\ while also accounting for orders on the Cross Book executed in the Opening Process. Specifically, non-displayed orders resting on the Continuous Order Book during the Pre-Market Session that are executed in the Opening Process, as well as orders on the Cross Book that are executed in the Opening Process, will be charged the Opening Match Fee (which is equal to the existing Non- Displayed Match Fee), while displayed orders on the Continuous Order Book in the Pre-Market Session executed in the Opening Process will be subject to the existing Displayed Match Fee. --------------------------------------------------------------------------- \14\ See Securities Exchange Act Release No. 78550 (August 11, 2016), 81 FR 54873 (August 17, 2016) (SR-IEX-2016-09). --------------------------------------------------------------------------- The Exchange believes that it is appropriate, reasonable, and consistent with the Act to charge the Opening Match Fee (which is equal to the existing Non-Displayed Match Fee) to orders on the Cross Book that are executed in the Opening Process, because such orders (regardless of display instruction) are queued and not displayed prior to or during the Opening Process.\15\ Furthermore, as noted above, such fee is consistent with the fee currently charged by the Exchange for taking and providing non-displayed liquidity. --------------------------------------------------------------------------- \15\ The Exchange notes that to the extent such orders are unexecuted after the Opening Process, the Exchange would display such orders consistent with their display instructions. --------------------------------------------------------------------------- While the Displayed Match Fee applicable to executions during continuous trading also applies to a non-displayed order that removes liquidity from a displayed resting order as counterparty, in the context of the Opening Process (which is a bulk execution of multiple buy and sell orders at a single price), the Exchange does not believe that it is appropriate to provide the Displayed Match Fee to non- displayed orders that execute in the Opening Process because there are no explicit counterparties in a bulk execution. Similarly, the Exchange does not believe that the exception to the Non-Displayed Match Fee for displayable orders that take resting interest upon entry is applicable in the context of the Opening Process since such orders are not able to remove resting interest on entry in the Opening Process, because they are either queued on the Cross Book and not displayed, or resting displayed on the Continuous Order Book.\16\ Furthermore, as noted above the Opening Process is a bulk execution of multiple buy and sell orders at a single price, and thus there are no counterparties to distinguish between liquidity provider and liquidity takers, or their respective display status.\17\ --------------------------------------------------------------------------- \16\ The Exchange notes that it is possible for a displayed order to remove non-displayed liquidity in the Pre-Market Session; however, such execution would not be part of the Opening Process, and would be subject to the exchanges existing fee schedule. \17\ See Rule 11.231(a). --------------------------------------------------------------------------- IEX also believes that it is appropriate, reasonable, and consistent with the Act not to charge a fee for the execution of an order that was displayed on the Continuous Order Book during the Pre- Market Session prior to the Opening Process. As with the existing fee structure for execution of transactions including displayed liquidity, this fee structure is designed to incentivize Members to send IEX aggressively priced displayable orders, thereby contributing to price discovery, and consistent with the overall goal of enhancing market quality. IEX believes that, as with the existing Displayed Match Fee, not charging a fee for such a previously displayed order is equitable and not unfairly discriminatory because it is designed to facilitate execution of, and enhance trading opportunities for, displayable orders, thereby further incentivizing entry of displayed orders. Further, the Exchange notes that the proposed fees are nondiscriminatory because they will apply uniformly to all Members and all Members have the opportunity to submit both displayed and non- displayed orders for execution in the Opening Process. In addition, the Exchange believes that the proposed fees for the Opening Process are appropriate, reasonable, and consistent with the Act, because such fees are within the range of transaction charged by other exchanges for the opening process for non-listed securities.\18\ Further, although orders that execute in the Opening Process may be subject to different fees, for the reasons discussed in the Purpose section, the Exchange notes that other exchanges also charge differential pricing for orders that execute in their opening process.\19\ --------------------------------------------------------------------------- \18\ For example, the Nasdaq Stock Market charges fees ranging from $0.0015-$0.00085 for orders executed in the Nasdaq Opening Cross, including capping such fees at $35,000 per month for certain members, which includes crosses for listed and non-listed securities (see, https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2). Similarly, Bats EDGX Exchange charges $0.0010 for orders executed in the EDGX opening or re- opening process for non-listed securities priced above $1.00 (see, http://www.bats.com/us/equities/membership/fee_schedule/edgx/). \19\ Id. --------------------------------------------------------------------------- Additionally, the Exchange believes that its proposed Fee Code X, to be provided on execution reports, will provide transparency and predictability to Members as to the applicable transaction fees, because Members can determine which Fee Code is applicable to the execution of a particular order in the Opening Process. In conclusion, the Exchange also submits that its proposed fee structure satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of the Act for the reasons discussed above in that it does not permit unfair discrimination between customers, issuers, brokers, or dealers, and 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. Further, IEX believes that its proposal does not raise any new or novel issues that have not previously been considered by the Commission in connection with the existing IEX fees or the fees of other national securities exchanges. B. Self-Regulatory Organization's Statement on Burden on Competition IEX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. [[Page 42143]] To the contrary, the Exchange believes that the proposed pricing structure will increase competition and hopefully draw additional volume to the Exchange for the Opening Process. The Exchange operates in a highly competitive market in which market participants can readily favor competing venues if fee schedules at other venues are viewed as more favorable. Consequently, the Exchange believes that the degree to which IEX fees could impose any burden on competition is extremely limited, and does not believe that such fees would burden competition of Members or competing venues in a manner that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because, while different fees are assessed in some circumstances, these different fees are not based on the type of Member entering the orders that execute in the Opening Process but on the type of order entered and all Members can submit any type of order. Further, the proposed fees are intended to encourage market participants to bring increased volume to the Exchange, which benefits all market participants. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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) \20\ of the Act. --------------------------------------------------------------------------- \20\ 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \21\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-IEX-2017-28 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-IEX-2017-28. 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-IEX-2017-28, and should be submitted on or before September 27, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-18796 Filed 9-5-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 42141
should be included on the subject line ‘‘Exchange’’) filed with the Securities non-IEX-listed securities.7 The
if email is used. To help the and Exchange Commission (the Exchange proposes to update its Fee
Commission process and review your ‘‘Commission’’) the proposed rule Schedule, pursuant to IEX Rule
comments more efficiently, please use change as described in Items I, II and III 15.110(a) and (c), to add a new Fee Code
only one method. The Commission will below, which Items have been prepared ‘‘X’’ to identify the fee applicable to
post all comments on the Commission’s by the self-regulatory organization. The certain orders that execute in the
Internet Web site (http://www.sec.gov/ Commission is publishing this notice to Opening Process. More specifically,
rules/sro.shtml). Copies of the solicit comments on the proposed rule orders that execute in the Opening
submission, all subsequent change from interested persons. Process will receive the new Fee Code
amendments, all written statements X on execution reports as follows:
I. Self-Regulatory Organization’s • Execution reports for non-displayed
with respect to the proposed rule
change that are filed with the Statement of the Terms of Substance of orders resting on the Continuous Order
Commission, and all written the Proposed Rule Change Book that execute in the Opening
communications relating to the Pursuant to the provisions of Section Process will receive new Fee Code X
proposed rule change between the 19(b)(1) under the Securities Exchange rather than Fee Code I.8
Commission and any person, other than Act of 1934 (‘‘Act’’),4 and Rule 19b–4 • Execution reports for displayed
those that may be withheld from the thereunder,5 Investors Exchange LLC orders resting on the Continuous Order
public in accordance with the (‘‘IEX’’ or ‘‘Exchange’’) is filing with the Book that execute in the Opening
provisions of 5 U.S.C. 552, will be Commission a proposed rule change to Process will continue to receive Fee
available for Web site viewing and modify its Fee Schedule, pursuant to Code L and will also receive new Fee
printing in the Commission’s Public IEX Rule 15.110(a) to adopt pricing for Code X.
Reference Room, 100 F Street NE., orders that execute pursuant to Rule • Execution reports for all orders on
Washington, DC 20549 on official 11.231 (Regular Market Session Opening the Cross Book 9 that execute in the
business days between the hours of Process for Non-IEX-Listed Securities). Opening Process will receive new Fee
10:00 a.m. and 3:00 p.m. Copies of the Changes to the Fee Schedule pursuant Code X.
filing will also be available for to this proposal are effective upon filing, The Exchange is proposing to charge
inspection and copying at the principal and will be operative once the Exchange fees that are analogous to existing fees
office of the Exchange. All comments begins conducting the Regular Market for orders that execute in the Opening
received will be posted without change; Session Opening Process for Non-IEX- Process. Accordingly, non-displayed
the Commission does not edit personal Listed Securities (the ‘‘Opening orders on the Continuous Order Book
identifying information from Process’’).6 The text of the proposed rule and orders on the Cross Book that are
submissions. You should submit only change is available at the Exchange’s executed in the Opening Process will
information that you wish to make Web site at www.iextrading.com, at the receive Fee Code X on their execution
available publicly. All submissions principal office of the Exchange, and at reports and will be subject to a fee of
should refer to File No. SR–BatsBYX– the Commission’s Public Reference $0.0009 per share (or 0.30% of total
2017–19 and should be submitted on or Room. dollar value of the transaction
before September 27, 2017. calculated as the execution price
II. Self-Regulatory Organization’s multiplied by the number of shares
For the Commission, by the Division of Statement of the Purpose of, and executed in the transaction for shares
Trading and Markets, pursuant to delegated
Statutory Basis for, the Proposed Rule executed below $1.00). Further, orders
authority.65
Change that were displayed on the Continuous
Eduardo A. Aleman,
In its filing with the Commission, the Order Book during the Pre-Market
Assistant Secretary.
self-regulatory organization included Session 10 that are executed in the
[FR Doc. 2017–18792 Filed 9–5–17; 8:45 am] Opening Process will receive new Fee
statements concerning the purpose of
BILLING CODE 8011–01–P Code X and existing Fee Code L, and
and basis for the proposed rule change
and discussed any comments it received will not be charged a fee because,
on the proposed rule change. The text pursuant to the IEX Fee Schedule, to the
SECURITIES AND EXCHANGE extent a Member receives multiple Fee
COMMISSION of these statements may be examined at
the places specified in Item IV below. Codes on an execution, the lower fee
[Release No. 34–81502; File No. SR–IEX– The self-regulatory organization has shall apply.11
2017–28] prepared summaries, set forth in The Exchange notes that the
Sections A, B, and C below, of the most Internalization Fee, Displayed Match
Self-Regulatory Organizations; Fee for non-displayed orders that
Investors Exchange LLC; Notice of significant aspects of such statements.
remove displayed liquidity, and the
Filing and Immediate Effectiveness of A. Self-Regulatory Organization’s exception to the Non-Displayed Match
Proposed Rule Change Related to Fees Statement of the Purpose of, and the Fee for displayable orders that remove
Pursuant to Rule 15.110 Statutory Basis for, the Proposed Rule non-displayed resting interest upon
Change entry are not applicable to the Opening
August 30, 2017.
Pursuant to Section 19(b)(1) 1 of the 1. Purpose 7 See Securities Exchange Act Release No. 81195
Securities Exchange Act of 1934 (the The Exchange Exchange recently filed (July 24, 2017), 82 FR 35250 (July 28, 2017) (SR–
asabaliauskas on DSKBBXCHB2PROD with NOTICES
‘‘Act’’) 2 and Rule 19b19b–4 and the Commission approved a IEX–2017–11).
thereunder,3 notice is hereby given that, proposed rule change to Rule 11.231,
8 The Exchange notes that orders taking or adding
on August 16, 2017, the Investors non-displayed liquidity prior to or after the
which modified the Opening Process for Opening Process, will continue to receive Fee Close
Exchange LLC (‘‘IEX’’ or the I, either alone or in conjunction with other
4 15 U.S.C. 78s(b)(1). applicable Fee Codes.
65 17 CFR 200.30–3(a)(12). 5 17 9 See Rule 11.231(a).
CFR 240.19b–4.
1 15 U.S.C. 78s(b)(1). 6 See, IEX Trader Alert #2017–027 available at 10 See Rule 1.160(z).
2 15 U.S.C. 78a.
https://www.iextrading.com/trading/alerts/2017/ 11 See IEX Fee Schedule, Transaction Fees, bullet
3 17 CFR 240.19b–4. 027/. three.
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![Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 42143
To the contrary, the Exchange believes IV. Solicitation of Comments For the Commission, by the Division of
that the proposed pricing structure will Trading and Markets, pursuant to delegated
increase competition and hopefully Interested persons are invited to authority.22
draw additional volume to the Exchange submit written data, views, and Eduardo A. Aleman,
for the Opening Process. The Exchange arguments concerning the foregoing, Assistant Secretary.
operates in a highly competitive market including whether the proposed rule [FR Doc. 2017–18796 Filed 9–5–17; 8:45 am]
in which market participants can change is consistent with the Act. BILLING CODE 8011–01–P
readily favor competing venues if fee Comments may be submitted by any of
schedules at other venues are viewed as the following methods:
more favorable. Consequently, the SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
Exchange believes that the degree to
which IEX fees could impose any • Use the Commission’s Internet [Release No. 34–81500; File Nos. SR–
burden on competition is extremely comment form (http://www.sec.gov/ BatsBYX–2017–13; SR–BatsBZX–2017–39;
limited, and does not believe that such rules/sro.shtml); or SR–BatsEDGA–2017–14; SR–BatsEDGX–
fees would burden competition of 2017–24; SR–BOX–2017–19; SR–CBOE–
Members or competing venues in a • Send an email to rule-comments@ 2017–043; SR–IEX–2017–21; SR–ISE–2017–
manner that is not necessary or sec.gov. Please include File Number SR– 52; SR–MRX–2017–08; SR–MIAX–2017–24;
IEX–2017–28 on the subject line. SR–NASDAQ–2017–059; SR–BX–2017–029;
appropriate in furtherance of the
SR–GEMX–2017–24; SR–PHLX–2017–47;
purposes of the Act. Paper Comments SR–NYSE–2017–24; SR–NYSEArca–2017–
The Exchange does not believe that 60; SR–NYSEMKT–2017–31]
the proposed rule change will impose • Send paper comments in triplicate
any burden on intramarket competition to Secretary, Securities and Exchange Self-Regulatory Organizations; Bats
that is not necessary or appropriate in Commission, 100 F Street NE., BYX Exchange Inc.; Bats BZX
furtherance of the purposes of the Act Washington, DC 20549–1090. Exchange, Inc.; Bats EDGA Exchange,
because, while different fees are Inc.; Bats EDGX Exchange, Inc.; BOX
All submissions should refer to File Options Exchange LLC; Chicago
assessed in some circumstances, these Number SR–IEX–2017–28. This file
different fees are not based on the type Board Options Exchange,
number should be included on the Incorporated; Investors Exchange
of Member entering the orders that
subject line if email is used. To help the LLC; Nasdaq ISE, LLC; Nasdaq MRX,
execute in the Opening Process but on
Commission process and review your LLC; Miami International Securities
the type of order entered and all
Members can submit any type of order. comments more efficiently, please use Exchange, LLC; The NASDAQ Stock
Further, the proposed fees are intended only one method. The Commission will Market LLC; NASDAQ BX, Inc.; Nasdaq
to encourage market participants to post all comments on the Commission’s GEMX, LLC; NASDAQ PHLX LLC; New
bring increased volume to the Exchange, Internet Web site (http://www.sec.gov/ York Stock Exchange LLC; NYSE Arca,
which benefits all market participants. rules/sro.shtml). Copies of the Inc.; NYSE MKT LLC; Order Approving
submission, all subsequent Proposed Rule Changes, as Modified
C. Self-Regulatory Organization’s amendments, all written statements by Amendments, To Adopt a
Statement on Comments on the with respect to the proposed rule Consolidated Audit Trail Fee Dispute
Proposed Rule Change Received From change that are filed with the Resolution Process
Members, Participants, or Others Commission, and all written August 30, 2017.
Written comments were neither communications relating to the
proposed rule change between the I. Introduction
solicited nor received.
Commission and any person, other than On May 16, 2017,1 May 23, 2017,2
III. Date of Effectiveness of the those that may be withheld from the May 25, 2017,3 June 6, 2017,4 June 8,
Proposed Rule Change and Timing for public in accordance with the 2017 5 and June 9, 2017,6 Bats BYX
Commission Action provisions of 5 U.S.C. 552, will be Exchange, Inc. (‘‘Bats BYX’’), Bats BZX
The foregoing rule change has become available for Web site viewing and Exchange, Inc. (‘‘Bats BZX’’), Bats EDGA
effective pursuant to Section printing in the Commission’s Public Exchange, Inc. (‘‘Bats EDGA’’), Bats
19(b)(3)(A)(ii) 20 of the Act. Reference Room, 100 F Street NE., EDGX Exchange, Inc. (‘‘Bats EDGX’’),
Washington, DC 20549, on official BOX Options Exchange LLC (‘‘BOX’’),
At any time within 60 days of the
business days between the hours of
filing of the proposed rule change, the 22 17 CFR 200.30–3(a)(12).
10:00 a.m. and 3:00 p.m. Copies of the
Commission summarily may 1 New York Stock Exchange, LLC, NYSE Arca,
temporarily suspend such rule change if filing also will be available for Inc., NYSE MKT LLC, and Miami International
it appears to the Commission that such inspection and copying at the principal Securities Exchange LLC filed their proposed rule
office of the Exchange. All comments changes on May 16, 2017.
action is necessary or appropriate in the 2 Bats BYX Exchange, Inc., Bats BZX Exchange,
public interest, for the protection of received will be posted without change;
Inc., Bats EDGA Exchange, Inc., Bats EDGX
investors, or otherwise in furtherance of the Commission does not edit personal Exchange, Inc. and Chicago Board Options
the purposes of the Act. If the identifying information from Exchange, Incorporated filed their proposed rule
submissions. You should submit only changes on May 23, 2017.
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Commission takes such action, the 3 BOX Options Exchange LLC filed its proposed
Commission shall institute proceedings information that you wish to make rule change on May 25, 2017.
under Section 19(b)(2)(B) 21 of the Act to available publicly. All submissions 4 Investors Exchange LLC filed its proposed rule
determine whether the proposed rule should refer to File Number SR–IEX– change on June 6, 2017.
change should be approved or 2017–28, and should be submitted on or 5 The NASDAQ Stock Market LLC and NASDAQ
disapproved. before September 27, 2017. PHLX LLC filed their proposed rule changes on
June 8, 2017.
6 NASDAQ BX, Inc., Nasdaq GEMX, LLC, Nasdaq
20 15 U.S.C. 78s(b)(3)(A)(ii). ISE, LLC, Nasdaq MRX, LLC filed their proposed
21 15 U.S.C. 78s(b)(2)(B). rule changes on June 9, 2017.
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Document Created: 2017-09-06 00:56:53
Document Modified: 2017-09-06 00:56:53
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| FR Citation | 82 FR 42141 |
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