82 FR 47064 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Obsolete Text From Options Regulatory Fee Rule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 194 (October 10, 2017)
Federal Register Volume 82, Issue 194 (October 10, 2017)
| Page Range | 47064-47065 | |
| FR Document | 2017-21671 |
[Federal Register Volume 82, Number 194 (Tuesday, October 10, 2017)] [Notices] [Pages 47064-47065] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21671] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81804; File No. SR-BX-2017-040] Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Obsolete Text From Options Regulatory Fee Rule October 3, 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 September 25, 2017, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, 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 remove obsolete rule text from Chapter XV, Section 5, entitled ``BX Options Regulatory Fee.'' The text of the proposed rule change is set forth below. Proposed deletions are enclosed in [brackets]. * * * * * Rules of NASDAQ BX * * * * * Options Rules * * * * * Chapter XV Options Pricing * * * * * Sec. 5 BX Options Regulatory Fee BX Participants will be assessed an Options Regulatory Fee of [$0.0004 per contract side. Effective August 1, 2017, the ORF shall be ]$0.0005 per contract side. The Options Regulatory Fee (``ORF'') is assessed by BX to each BX Participant for options transactions cleared by OCC in the Customer range where: (1) The execution occurs on BX or (2) the execution occurs on another exchange and is cleared by a BX Participant. The ORF is collected by OCC on behalf of BX from (1) BX clearing members for all Customer transactions they clear or (2) non-members for all Customer transactions they clear that were executed on BX. BX uses reports from OCC when assessing and collecting ORF. The Exchange will notify Participants via an Options Trader Alert of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change. * * * * * 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 Exchange recently amended its Options Regulatory Fee or ``ORF'' at Chapter XV, Section 5.\3\ At that time the rule text reflected the current fee and the proposed amendment which took effect on August 1, 2017. For clarity and ease of reference, the Exchange proposes to remove the outdated reference to the prior ORF. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81341 (August 14, 2017), 82 FR 37946 (August 8, 2017) (SR-BX-2017-032). --------------------------------------------------------------------------- This rule change is non-substantive and merely serves to update the rule text. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\4\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\5\ 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 [[Page 47065]] open market and a national market system, and, in general to protect investors and the public interest, by removing obsolete rule text. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange proposes to remove outdated references to ORF prior to August 1, 2017. The Exchange believes this rule change will provide clarity and ease of reference when Participants review the ORF rule. 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 proposed change is a non- substantive amendment to remove obsolete rule text. 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 \6\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\7\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A)(iii). \7\ 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. --------------------------------------------------------------------------- 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-BX-2017-040 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-BX-2017-040. 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-BX-2017-040 and should be submitted on or before October 31, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-21671 Filed 10-6-17; 8:45 am] BILLING CODE 8011-01-P
![47064 Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices
to determine whether the proposed rule For the Commission, by the Division of for options transactions cleared by OCC
should be approved or disapproved. Trading and Markets, pursuant to delegated in the Customer range where: (1) The
authority.8 execution occurs on BX or (2) the
IV. Solicitation of Comments Robert W. Errett, execution occurs on another exchange
Interested persons are invited to Deputy Secretary. and is cleared by a BX Participant. The
submit written data, views, and [FR Doc. 2017–21672 Filed 10–6–17; 8:45 am] ORF is collected by OCC on behalf of
arguments concerning the foregoing, BILLING CODE 8011–01–P BX from (1) BX clearing members for all
Customer transactions they clear or (2)
including whether the proposed rule
non-members for all Customer
change is consistent with the Act.
SECURITIES AND EXCHANGE transactions they clear that were
Comments may be submitted by any of executed on BX. BX uses reports from
COMMISSION
the following methods: OCC when assessing and collecting
[Release No. 34–81804; File No. SR–BX–
Electronic Comments 2017–040] ORF. The Exchange will notify
Participants via an Options Trader Alert
• Use the Commission’s Internet Self-Regulatory Organizations; of any change in the amount of the fee
comment form (http://www.sec.gov/ NASDAQ BX, Inc.; Notice of Filing and at least 30 calendar days prior to the
rules/sro.shtml); or Immediate Effectiveness of Proposed effective date of the change.
• Send an email to rule-comments@ Rule Change To Remove Obsolete Text * * * * *
sec.gov. Please include File Number SR– From Options Regulatory Fee Rule
II. Self-Regulatory Organization’s
NASDAQ–2017–099 on the subject line. October 3, 2017. Statement of the Purpose of, and
Paper Comments Pursuant to Section 19(b)(1) of the Statutory Basis for, the Proposed Rule
Securities Exchange Act of 1934 Change
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 In its filing with the Commission, the
to Brent J. Fields, Secretary, Securities notice is hereby given that on Exchange included statements
and Exchange Commission, 100 F Street September 25, 2017, NASDAQ BX, Inc. concerning the purpose of and basis for
NE., Washington, DC 20549–1090. (‘‘BX’’ or ‘‘Exchange’’) filed with the the proposed rule change and discussed
All submissions should refer to File Securities and Exchange Commission any comments it received on the
Number SR–NASDAQ–2017–099. This (‘‘SEC’’ or ‘‘Commission’’) the proposed proposed rule change. The text of these
rule change as described in Items I, II, statements may be examined at the
file number should be included on the
and III, below, which Items have been places specified in Item IV below. The
subject line if email is used. To help the
prepared by the Exchange. The Exchange has prepared summaries, set
Commission process and review your
Commission is publishing this notice to forth in sections A, B, and C below, of
comments more efficiently, please use
solicit comments on the proposed rule the most significant aspects of such
only one method. The Commission will change from interested persons. statements.
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s A. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the Statement of the Terms of Substance of Statement of the Purpose of, and
submission, all subsequent the Proposed Rule Change Statutory Basis for, the Proposed Rule
amendments, all written statements The Exchange proposes to remove Change
with respect to the proposed rule obsolete rule text from Chapter XV, 1. Purpose
change that are filed with the Section 5, entitled ‘‘BX Options
Commission, and all written The Exchange recently amended its
Regulatory Fee.’’
communications relating to the Options Regulatory Fee or ‘‘ORF’’ at
The text of the proposed rule change
proposed rule change between the Chapter XV, Section 5.3 At that time the
is set forth below. Proposed deletions
Commission and any person, other than rule text reflected the current fee and
are enclosed in [brackets].
those that may be withheld from the the proposed amendment which took
* * * * * effect on August 1, 2017. For clarity and
public in accordance with the
Rules of NASDAQ BX ease of reference, the Exchange proposes
provisions of 5 U.S.C. 552, will be
to remove the outdated reference to the
available for Web site viewing and * * * * * prior ORF.
printing in the Commission’s Public This rule change is non-substantive
Reference Room, 100 F Street NE., Options Rules
and merely serves to update the rule
Washington, DC 20549, on official * * * * * text.
business days between the hours of Chapter XV Options Pricing
10:00 a.m. and 3:00 p.m. Copies of the 2. Statutory Basis
filing also will be available for * * * * * The Exchange believes that its
inspection and copying at the principal Sec. 5 BX Options Regulatory Fee proposal is consistent with Section 6(b)
office of the Exchange. All comments of the Act,4 in general, and furthers the
received will be posted without change; BX Participants will be assessed an objectives of Section 6(b)(5) of the Act,5
the Commission does not edit personal Options Regulatory Fee of [$0.0004 per in particular, in that it is designed to
identifying information from contract side. promote just and equitable principles of
sradovich on DSK3GMQ082PROD with NOTICES
submissions. You should submit only Effective August 1, 2017, the ORF trade, to remove impediments to and
information that you wish to make shall be ]$0.0005 per contract side. perfect the mechanism of a free and
The Options Regulatory Fee (‘‘ORF’’)
available publicly. All submissions
is assessed by BX to each BX Participant
should refer to File Number SR– 3 See Securities Exchange Act Release No. 81341
(August 14, 2017), 82 FR 37946 (August 8, 2017)
NASDAQ–2017–099 and should be 8 17 CFR 200.30–3(a)(12). (SR–BX–2017–032).
submitted on or before October 31, 1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
2017. 2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices 47065
open market and a national market arguments concerning the foregoing, SECURITIES AND EXCHANGE
system, and, in general to protect including whether the proposed rule COMMISSION
investors and the public interest, by change is consistent with the Act.
[Release No. 34–81807; File No. SR–
removing obsolete rule text. Comments may be submitted by any of BatsBZX–2017–62]
The Exchange proposes to remove the following methods:
outdated references to ORF prior to Self-Regulatory Organizations; Bats
August 1, 2017. The Exchange believes Electronic Comments
BZX Exchange, Inc.; Notice of Filing
this rule change will provide clarity and • Use the Commission’s Internet and Immediate Effectiveness of a
ease of reference when Participants comment form (http://www.sec.gov/ Proposed Rule Change to Rule 11.9,
review the ORF rule. rules/sro.shtml); or Orders and Modifiers, To Add New
B. Self-Regulatory Organization’s • Send an email to rule-comments@ Optional Functionality to Minimum
Statement on Burden on Competition sec.gov. Please include File Number SR– Quantity Orders
The Exchange does not believe that BX–2017–040 on the subject line.
October 3, 2017.
the proposed rule change will impose Paper Comments Pursuant to Section 19(b)(1) of the
any burden on competition not Securities Exchange Act of 1934 (the
necessary or appropriate in furtherance • Send paper comments in triplicate
‘‘Act’’),1 and Rule 19b–4 thereunder,2
of the purposes of the Act. The to Brent J. Fields, Secretary, Securities
notice is hereby given that on
proposed change is a non-substantive and Exchange Commission, 100 F Street September 26, 2017, Bats BZX
amendment to remove obsolete rule NE., Washington, DC 20549–1090. Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’)
text. All submissions should refer to File filed with the Securities and Exchange
C. Self-Regulatory Organization’s Number SR–BX–2017–040. This file Commission (‘‘Commission’’) the
Statement on Comments on the number should be included on the proposed rule change as described in
Proposed Rule Change Received From subject line if email is used. To help the Items I and II below, which Items have
Members, Participants, or Others Commission process and review your been prepared by the Exchange. The
comments more efficiently, please use Exchange has designated this proposal
No written comments were either only one method. The Commission will as a ‘‘non-controversial’’ proposed rule
solicited or received. post all comments on the Commission’s change pursuant to Section 19(b)(3)(A)
III. Date of Effectiveness of the Internet Web site (http://www.sec.gov/ of the Act 3 and Rule 19b–4(f)(6)
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the thereunder,4 which renders it effective
Commission Action submission, all subsequent upon filing with the Commission. The
amendments, all written statements Commission is publishing this notice to
Because the foregoing proposed rule
with respect to the proposed rule solicit comments on the proposed rule
change does not: (i) Significantly affect
change that are filed with the change from interested persons.
the protection of investors or the public
Commission, and all written I. Self-Regulatory Organization’s
interest; (ii) impose any significant
communications relating to the Statement of the Terms of Substance of
burden on competition; and (iii) become
proposed rule change between the the Proposed Rule Change
operative for 30 days from the date on
which it was filed, or such shorter time Commission and any person, other than
those that may be withheld from the The Exchange filed a proposal to add
as the Commission may designate, it has new optional functionality to Minimum
become effective pursuant to Section public in accordance with the
provisions of 5 U.S.C. 552, will be Quantity Orders by amending paragraph
19(b)(3)(A)(iii) of the Act 6 and (c)(5) of Exchange Rule 11.9, Orders and
subparagraph (f)(6) of Rule 19b–4 available for Web site viewing and
printing in the Commission’s Public Modifiers. The Exchange also proposes
thereunder.7 to amend paragraph (e)(3) of Exchange
At any time within 60 days of the Reference Room, 100 F Street NE.,
Washington, DC 20549, on official Rule 11.9 to make certain clarifying,
filing of the proposed rule change, the non-substantive changes. The proposed
Commission summarily may business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the amendments are identical changes its
temporarily suspend such rule change if affiliate, Bats EDGX Exchange, Inc.
it appears to the Commission that such filing also will be available for
inspection and copying at the principal (‘‘EDGX’’), recently filed with and were
action is: (i) Necessary or appropriate in published by the Commission for
the public interest; (ii) for the protection office of the Exchange. All comments
received will be posted without change; immediate effectiveness.5 The Exchange
of investors; or (iii) otherwise in also proposes to add language to the
furtherance of the purposes of the Act. the Commission does not edit personal
identifying information from description of Minimum Quantity
If the Commission takes such action, the Orders to further describe their current
Commission shall institute proceedings submissions. You should submit only
information that you wish to make operation on BZX and to harmonize the
to determine whether the proposed rule rule with that of EDGX.6
should be approved or disapproved. available publicly. All submissions
The text of the proposed rule change
should refer to File Number SR–BX–
IV. Solicitation of Comments is available at the Exchange’s Web site
2017–040 and should be submitted on
Interested persons are invited to or before October 31, 2017. 1 15 U.S.C. 78s(b)(1).
submit written data, views, and For the Commission, by the Division of 2 17 CFR 240.19b–4.
Trading and Markets, pursuant to delegated 3 15 U.S.C. 78s(b)(3)(A).
sradovich on DSK3GMQ082PROD with NOTICES
6 15 U.S.C. 78s(b)(3)(A)(iii). authority.8 4 17 CFR 240.19b–4(f)(6).
7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 5 See EDGX Rules 11.6(h), 11.8(b)(3), and
Robert W. Errett,
4(f)(6) requires a self-regulatory organization to give 11.10(e)(3). See also Securities Exchange Act
the Commission written notice of its intent to file Deputy Secretary. Release No. 81457 (August 22, 2017), 82 FR 40812
the proposed rule change at least five business days [FR Doc. 2017–21671 Filed 10–6–17; 8:45 am] (August 28, 2017) (SR–BatsEDGX–2017–34).
prior to the date of filing of the proposed rule BILLING CODE 8011–01–P
6 See EDGX Rule 11.9(h) (describing the operation
change, or such shorter time as designated by the of the Minimum Execution Quantity order
Commission. The Exchange has satisfied this instructions, which is functionally identical to the
requirement. 8 17 CFR 200.30–3(a)(12). BZX Minimum Quantity Order).
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Document Created: 2017-10-07 10:32:26
Document Modified: 2017-10-07 10:32:26
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 47064 |
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