82 FR 46550 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 716(c) on the Block Order Mechanism
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 192 (October 5, 2017)
Federal Register Volume 82, Issue 192 (October 5, 2017)
| Page Range | 46550-46552 | |
| FR Document | 2017-21402 |
[Federal Register Volume 82, Number 192 (Thursday, October 5, 2017)] [Notices] [Pages 46550-46552] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21402] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81765; File No. SR-MRX-2017-19] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 716(c) on the Block Order Mechanism September 29, 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 18, 2017, Nasdaq MRX, LLC (``MRX'' 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 Rule 716(c) to more accurately describe the allocation methodology used in the Block Order Mechanism, and add language regarding how the block execution price is determined. 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 Block Order Mechanism is a process by which a member can obtain liquidity for the execution of block-sized orders,\3\ defined as orders for fifty contracts or more.\4\ When an order is entered in the Block Order Mechanism, that order is exposed to members who are given an opportunity to respond with the prices and sizes at which they would be willing to trade with the block-sized order.\5\ The exposure period is designated by the Exchange via circular, but must be no less than 100 milliseconds and no more than 1 second.\6\ At the conclusion of the exposure period, either an execution will occur at a single block execution price,\7\ or the order will be cancelled.\8\ The purpose of the proposed rule change is to amend Rule 716(c) to more accurately describe the allocation methodology used in the Block Order Mechanism, and add language regarding how the block execution price is determined. The Exchange believes that these changes will increase transparency around the operation of the Block Order Mechanism to the benefit of members and market participants. --------------------------------------------------------------------------- \3\ See Rule 716(c). \4\ See Rule 716(a). \5\ A ``Response'' is an electronic message that is sent by members in response to a broadcast message. See Rule 716(b). \6\ See Supplementary Material .04 to Rule 716. \7\ Responses and orders and quotes on the order book at the time the block order is executed that are priced better than the block execution price are executed at the block execution price. See Rule 716(c)(2)(i). \8\ See Rule 716(c)(2). --------------------------------------------------------------------------- Currently, Rule 716(c)(2)(ii) provides that Responses, quotes, and Professional Orders \9\ at the block execution price will participate in the execution of the block-size order according to Rule 713(e)-- i.e., the Exchange's regular allocation rule. As implemented today, however, interest that is executed in the Block Order Mechanism follows the customer priority pro-rata allocation methodology designed for the Exchange's auction mechanisms, including, for example, the Facilitation Mechanism,\10\ Solicited Order Mechanism,\11\ and Price Improvement Mechanism,\12\ with the exception that those two-sided auction mechanisms also allocate contracts against the contra order. This auction allocation methodology is similar to the Exchange's regular allocation methodology but does not provide enhanced allocations to the Primary Market Maker (``PMM'') pursuant to Rule 713(e) and Supplementary Material .01(b) to Rule 713.\13\ The Exchange therefore proposes to amend Rule 716(c)(2)(ii) to provide that, at the block execution price, Priority Customer Orders and Priority Customer Responses will be executed first in time priority, and then quotes, Professional Orders, and Professional Responses will participate in the execution of the block-size order based upon the percentage of the total number of contracts available at the block execution price that is represented by the size of the quote, Professional Order, or Professional Response. In addition, the Exchange proposes to specify in Rule 716(c)(2)(i) that interest that is priced better than the block execution price is executed in full. In particular, the Exchange proposes to amend this rule to state that bids (offers) on the Exchange at the time the block order is executed that are priced higher (lower) than the block execution price, as well as Responses that are priced higher (lower) than the block execution price, will be executed in full at the block execution price. Although Rule 716(c)(2)(ii) described above explains how allocations are handled at the block execution price, the Exchange believes that additional the additional clarity that interest that is priced better than the block execution [[Page 46551]] price is executed in full would be helpful to members. With these two proposed changes, Rule 716(c) will more accurately describe the allocation methodology used in the Block Order Mechanism. --------------------------------------------------------------------------- \9\ The term ``Professional Order'' means an order that is for the account of a person or entity that is not a Priority Customer. See Rule 100(a)(37C). \10\ See Rule 716(d). \11\ See Rule 716(e). \12\ See Rule 723. \13\ Supplementary Material .01(b) to Rule 713 provides that, if the PMM is quoting at the best price, it has participation rights equal to the greater of the proportion of the total size at the best price represented by the size of its quote, or a percentage allocation entitlement based on the number of other Professional Orders and market maker quotations at the best price. --------------------------------------------------------------------------- Furthermore, the Exchange proposes add language to Rule 716(c)(2)(i) that explains the price at which orders entered into the Block Order Mechanism are executed. In particular, the Exchange proposes to state that Responses, orders, and quotes will be executed at a single block execution price that is the price for the block-size order at which the maximum number of contracts can be executed consistent with the member's instruction. For example, if a member enters a block-sized order to buy 100 contracts at $1.00 into the Block Order Mechanism, and members enter Response A to sell 50 contracts at $0.90 and Response B to sell 40 contracts at $0.95, the block execution price would be $0.95 as this is the price at which the maximum number of contracts could be executed. The block-sized order and both Responses would then be executed at this single block execution price. Responses A and B would be executed in full since there is sufficient size to execute both Responses against the block-size order. In addition, if two other members also enter Responses C (Priority Customer) and D (non-Priority Customer) to sell at $0.98 for 10 contracts each, the block execution price would be $0.98 as additional contracts could be executed at that price. In that instance, Responses A and B, which are priced better than the block execution price, would be executed in full, while Responses B and C, which are priced at the block execution price, would participate in accordance with the allocation methodology described in this proposed rule change--i.e., the remaining 10 contracts would go to Response C, which is a Priority Customer Response. The Block Order Mechanism is designed to provide an opportunity for members to receive liquidity for their block-sized orders and therefore trades at a price that allows the maximum number of contracts of such order to be executed against Responses entered to trade against the block-size order and interest on the Exchange's order book. The Exchange believes that describing how the block execution price is determined in Rule 716(c)(2)(i) will increase transparency around pricing of executions in the Block Order Mechanism. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\14\ In particular, the proposal is consistent with Section 6(b)(5) of the Act,\15\ because is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed changes to the allocation language in Rule 716(c)(2)(i)-(ii) are consistent with the protection of investors and the public interest as the proposed allocation language more accurately reflects the Exchange's process for allocating contracts executed in the Block Order Mechanism. Although the Exchange's allocation rule for the Block Order Mechanism currently references the allocation process for regular trading, the allocation methodology does not include certain parts of the regular allocation procedure. In particular, the Exchange does not grant any special allocation to the PMM for interest executed in the Block Order Mechanism. The Exchange believes that it is appropriate to not provide an enhanced allocation entitlement to the PMM for interest executed in the Block Order Mechanism, as the Block Order Mechanism provides an auction process that does not rely on market maker quoting and other obligations to source liquidity. Furthermore, the Exchange believes that it is helpful to explain in this rule that interest that is priced better than the block execution price would be executed in full. The allocation process used for the Block Order Mechanism is similar to how the Exchange allocates contracts in other auction mechanisms, including, for example, the Facilitation Mechanism, Solicited Order Mechanism, and Price Improvement Mechanism, with the exception that those two-sided auction mechanisms also allocate contracts against the contra order.\16\ --------------------------------------------------------------------------- \16\ See supra notes 10-12 and accompanying text. --------------------------------------------------------------------------- The Exchange also believes that the proposed changes to describe how the block execution price is determined is consistent with the protection of investors and the public interest as this change will increase transparency around the price at which interest is executed in the Block Order Mechanism. As explained above, the Block Order Mechanism is designed to provide an opportunity for members to receive liquidity for their block-sized orders and therefore trades at a price that allows the maximum number of contracts of such order to be executed against Responses entered to trade against the block-size order and interest on the Exchange's order book. The Exchange believes that describing how the block execution price is determined in Rule 716(c)(2)(i) will increase transparency around pricing of executions in the Block Order Mechanism. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\17\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to correct the Exchange's rules to more accurately reflect the handling of auctions in the Block Order Mechanism. No changes are proposed to the operation of the Exchange's trading system, and no members will be impacted by the proposed rule, which merely reflects current functionality offered to members that trade in the Block Order Mechanism. The proposed rule change is therefore not designed to impose any significant burden on competition. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 \18\ and [[Page 46552]] subparagraph (f)(6) of Rule 19b-4 thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A)(iii). \19\ 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 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 under Rule 19b-4(f)(6) \20\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay. The Exchange notes that a waiver is consistent with the protection of investors and the public interest because it will allow the Exchange to correct its Block Order Mechanism rules to reflect the current functionality of the system without undue delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\22\ --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6). \21\ 17 CFR 240.19b-4(f)(6)(iii). \22\ For purposes only of waiving the 30-day operative delay, the Commission has 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 [email protected]. Please include File Number SR-MRX-2017-19 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-MRX-2017-19. 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-MRX-2017-19 and should be submitted on or before October 26, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-21402 Filed 10-4-17; 8:45 am] BILLING CODE 8011-01-P
![46550 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
printing in the Commission’s Public of the Exchange, and at the Orders 9 at the block execution price
Reference Room, 100 F Street NE., Commission’s Public Reference Room. will participate in the execution of the
Washington, DC 20549 on official block-size order according to Rule
II. Self-Regulatory Organization’s
business days between the hours of 713(e)—i.e., the Exchange’s regular
Statement of the Purpose of, and
10:00 a.m. and 3:00 p.m. Copies of the allocation rule. As implemented today,
Statutory Basis for, the Proposed Rule
filing also will be available for however, interest that is executed in the
Change
inspection and copying at the principal Block Order Mechanism follows the
office of the Exchange. All comments In its filing with the Commission, the customer priority pro-rata allocation
received will be posted without change; Exchange included statements methodology designed for the
the Commission does not edit personal concerning the purpose of and basis for Exchange’s auction mechanisms,
identifying information from the proposed rule change and discussed including, for example, the Facilitation
submissions. You should submit only any comments it received on the Mechanism,10 Solicited Order
information that you wish to make proposed rule change. The text of these Mechanism,11 and Price Improvement
available publicly. All submissions statements may be examined at the Mechanism,12 with the exception that
should refer to File Number SR–NYSE– places specified in Item IV below. The those two-sided auction mechanisms
2017–49 and should be submitted on or Exchange has prepared summaries, set also allocate contracts against the contra
before October 26, 2017. forth in sections A, B, and C below, of order. This auction allocation
For the Commission, by the Division of the most significant aspects of such methodology is similar to the
Trading and Markets, pursuant to delegated statements. Exchange’s regular allocation
authority.11 A. Self-Regulatory Organization’s methodology but does not provide
Eduardo A. Aleman, Statement of the Purpose of, and enhanced allocations to the Primary
Assistant Secretary. Statutory Basis for, the Proposed Rule Market Maker (‘‘PMM’’) pursuant to
[FR Doc. 2017–21411 Filed 10–4–17; 8:45 am] Change Rule 713(e) and Supplementary Material
BILLING CODE 8011–01–P
.01(b) to Rule 713.13 The Exchange
1. Purpose therefore proposes to amend Rule
The Block Order Mechanism is a 716(c)(2)(ii) to provide that, at the block
SECURITIES AND EXCHANGE process by which a member can obtain execution price, Priority Customer
COMMISSION liquidity for the execution of block- Orders and Priority Customer Responses
sized orders,3 defined as orders for fifty will be executed first in time priority,
[Release No. 34–81765; File No. SR–MRX– and then quotes, Professional Orders,
2017–19] contracts or more.4 When an order is
entered in the Block Order Mechanism, and Professional Responses will
Self-Regulatory Organizations; Nasdaq that order is exposed to members who participate in the execution of the block-
MRX, LLC; Notice of Filing and are given an opportunity to respond size order based upon the percentage of
with the prices and sizes at which they the total number of contracts available
Immediate Effectiveness of Proposed
would be willing to trade with the at the block execution price that is
Rule Change To Amend Rule 716(c) on
block-sized order.5 The exposure period represented by the size of the quote,
the Block Order Mechanism
is designated by the Exchange via Professional Order, or Professional
September 29, 2017. circular, but must be no less than 100 Response. In addition, the Exchange
Pursuant to Section 19(b)(1) of the milliseconds and no more than 1 proposes to specify in Rule 716(c)(2)(i)
Securities Exchange Act of 1934 second.6 At the conclusion of the that interest that is priced better than
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 exposure period, either an execution the block execution price is executed in
notice is hereby given that on August will occur at a single block execution full. In particular, the Exchange
18, 2017, Nasdaq MRX, LLC (‘‘MRX’’ or price,7 or the order will be cancelled.8 proposes to amend this rule to state that
‘‘Exchange’’) filed with the Securities bids (offers) on the Exchange at the time
The purpose of the proposed rule
and Exchange Commission the block order is executed that are
change is to amend Rule 716(c) to more
(‘‘Commission’’) the proposed rule priced higher (lower) than the block
accurately describe the allocation
change as described in Items I and II, execution price, as well as Responses
methodology used in the Block Order
below, which Items have been prepared that are priced higher (lower) than the
Mechanism, and add language regarding
by the Exchange. The Commission is block execution price, will be executed
how the block execution price is
publishing this notice to solicit in full at the block execution price.
determined. The Exchange believes that
comments on the proposed rule change Although Rule 716(c)(2)(ii) described
these changes will increase
from interested persons. above explains how allocations are
transparency around the operation of
handled at the block execution price,
I. Self-Regulatory Organization’s the Block Order Mechanism to the the Exchange believes that additional
Statement of the Terms of Substance of benefit of members and market the additional clarity that interest that is
the Proposed Rule Change participants. priced better than the block execution
Currently, Rule 716(c)(2)(ii) provides
The Exchange proposes to amend that Responses, quotes, and Professional
Rule 716(c) to more accurately describe 9 The term ‘‘Professional Order’’ means an order
the allocation methodology used in the that is for the account of a person or entity that is
3 See Rule 716(c). not a Priority Customer. See Rule 100(a)(37C).
Block Order Mechanism, and add 4 See Rule 716(a). 10 See Rule 716(d).
language regarding how the block 5 A ‘‘Response’’ is an electronic message that is 11 See Rule 716(e).
execution price is determined. sent by members in response to a broadcast
ethrower on DSK3G9T082PROD with NOTICES
12 See Rule 723.
The text of the proposed rule change message. See Rule 716(b). 13 Supplementary Material .01(b) to Rule 713
6 See Supplementary Material .04 to Rule 716.
is available on the Exchange’s Web site provides that, if the PMM is quoting at the best
7 Responses and orders and quotes on the order
at www.ise.com, at the principal office price, it has participation rights equal to the greater
book at the time the block order is executed that of the proportion of the total size at the best price
are priced better than the block execution price are represented by the size of its quote, or a percentage
11 17 CFR 200.30–3(a)(12). executed at the block execution price. See Rule allocation entitlement based on the number of other
1 15 U.S.C. 78s(b)(1). 716(c)(2)(i). Professional Orders and market maker quotations at
2 17 CFR 240.19b–4. 8 See Rule 716(c)(2). the best price.
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![46552 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
subparagraph (f)(6) of Rule 19b–4 Paper Comments SECURITIES AND EXCHANGE
thereunder.19 COMMISSION
A proposed rule change filed under • Send paper comments in triplicate
Rule 19b–4(f)(6) 20 normally does not to Secretary, Securities and Exchange
[Release No. 34–81775; File No. SR–
become operative prior to 30 days after Commission, 100 F Street NE.,
NYSEArca–2017–115]
the date of the filing. However, pursuant Washington, DC 20549–1090.
to Rule 19b–4(f)(6)(iii),21 the Self-Regulatory Organizations; NYSE
All submissions should refer to File
Commission may designate a shorter Arca, Inc.; Notice of Filing and
time if such action is consistent with the Number SR–MRX–2017–19. This file
number should be included on the Immediate Effectiveness of Proposed
protection of investors and the public
subject line if email is used. To help the Rule Change To Extend the
interest. The Exchange requests that the
Commission waive the 30-day operative Commission process and review your Implementation Date for Certain
delay. The Exchange notes that a waiver comments more efficiently, please use Changes to the NYSE Arca Rule 5 and
is consistent with the protection of only one method. The Commission will Rule 8 Series
investors and the public interest post all comments on the Commission’s
September 29, 2017.
because it will allow the Exchange to Internet Web site (http://www.sec.gov/
correct its Block Order Mechanism rules rules/sro.shtml). Copies of the Pursuant to Section 19(b)(1) 1 of the
to reflect the current functionality of the submission, all subsequent Securities Exchange Act of 1934
system without undue delay. The amendments, all written statements (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Commission believes that waiving the with respect to the proposed rule notice is hereby given that, on
30-day operative delay is consistent change that are filed with the September 28, 2017, NYSE Arca, Inc.
with the protection of investors and the Commission, and all written (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
public interest. Accordingly, the communications relating to the with the Securities and Exchange
Commission hereby waives the 30-day proposed rule change between the Commission (‘‘Commission’’) the
operative delay and designates the Commission and any person, other than proposed rule change as described in
proposed rule change operative upon those that may be withheld from the Items I and II below, which Items have
filing.22 been prepared by the self-regulatory
public in accordance with the
At any time within 60 days of the organization. The Commission is
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be
available for Web site viewing and publishing this notice to solicit
Commission summarily may
printing in the Commission’s Public comments on the proposed rule change
temporarily suspend such rule change if
it appears to the Commission that such Reference Room, 100 F Street NE., from interested persons.
action is: (i) Necessary or appropriate in Washington, DC 20549, on official I. Self-Regulatory Organization’s
the public interest; (ii) for the protection business days between the hours of Statement of the Terms of Substance of
of investors; or (iii) otherwise in 10:00 a.m. and 3:00 p.m. Copies of the the Proposed Rule Change
furtherance of the purposes of the Act. filing also will be available for
If the Commission takes such action, the inspection and copying at the principal The Exchange proposes to extend the
Commission shall institute proceedings office of the Exchange. All comments date on which certain changes to the
to determine whether the proposed rule received will be posted without change; NYSE Arca Rule 5 and Rule 8 series are
should be approved or disapproved. the Commission does not edit personal implemented. The proposed rule change
IV. Solicitation of Comments identifying information from is available on the Exchange’s Web site
submissions. You should submit only at www.nyse.com, at the principal office
Interested persons are invited to
information that you wish to make of the Exchange, and at the
submit written data, views, and
available publicly. All submissions Commission’s Public Reference Room.
arguments concerning the foregoing,
including whether the proposed rule should refer to File Number SR–MRX–
II. Self-Regulatory Organization’s
change is consistent with the Act. 2017–19 and should be submitted on or
Statement of the Purpose of, and
Comments may be submitted by any of before October 26, 2017.
Statutory Basis for, the Proposed Rule
the following methods: For the Commission, by the Division of Change
Trading and Markets, pursuant to delegated
Electronic Comments
authority.23 In its filing with the Commission, the
• Use the Commission’s Internet Eduardo A. Aleman, self-regulatory organization included
comment form (http://www.sec.gov/ statements concerning the purpose of,
Assistant Secretary.
rules/sro.shtml); or and basis for, the proposed rule change
• Send an email to rule-comments@ [FR Doc. 2017–21402 Filed 10–4–17; 8:45 am]
and discussed any comments it received
sec.gov. Please include File Number SR– BILLING CODE 8011–01–P
on the proposed rule change. The text
MRX–2017–19 on the subject line.
of those statements may be examined at
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– the places specified in Item IV below.
4(f)(6) requires a self-regulatory organization to give The Exchange has prepared summaries,
the Commission written notice of its intent to file set forth in sections A, B, and C below,
the proposed rule change at least five business days
prior to the date of filing of the proposed rule of the most significant parts of such
ethrower on DSK3G9T082PROD with NOTICES
change, or such shorter time as designated by the statements.
Commission. The Exchange has satisfied this
requirement.
20 17 CFR 240.19b–4(f)(6).
21 17 CFR 240.19b–4(f)(6)(iii).
22 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has considered the
2 15 U.S.C. 78a.
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 23 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2017-10-05 00:53:45
Document Modified: 2017-10-05 00:53:45
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 46550 |
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