82 FR 48550 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to the Creation of an Electronic-Only Order Type
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 200 (October 18, 2017)
Federal Register Volume 82, Issue 200 (October 18, 2017)
| Page Range | 48550-48552 | |
| FR Document | 2017-22537 |
[Federal Register Volume 82, Number 200 (Wednesday, October 18, 2017)] [Notices] [Pages 48550-48552] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22537] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81862; File No. SR-CBOE-2017-064] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to the Creation of an Electronic-Only Order Type October 12, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 29, 2017, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') 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 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 a rule change to create an electronic-only order type. The text of the proposed rule change is also available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, 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 Background Exchange Rules describe the process by which orders sent into the CBOE will execute electronically and/or via manual handling on the Exchange floor. Orders entered by Trading Permit Holders (``TPHs'') that are marketable against the Exchange's disseminated quotation may execute automatically \3\ or after an electronic auction process such as the Exchange's Simple Auction Liaison (``SAL'').\4\ In addition, eligible orders may be entered into the Exchanges electronic order book.\5\ --------------------------------------------------------------------------- \3\ See CBOE Rules 6.2B, 6.13, 6.14A, and 6.53A. \4\ See CBOE Rule 6.13A. \5\ See CBOE Rule 7.4. --------------------------------------------------------------------------- Orders that do not execute via electronic processing and are not entered into the electronic book are, by default, routed to either a Public Automated Routing (``PAR'') workstation or an Order Management Terminal (``OMT'') designated by the TPH entering the order. Orders routed to a PAR or OMT can then be executed in open outcry on the Exchange floor. CBOE Rule 6.12 describes the process for routing orders through the Exchange's order handling system (``OHS''). Rule 6.12 states, ``The order handling system is a feature within the Hybrid System to route orders for automatic execution, book entry, open outcry, or further handling by a broker, agent, or PAR Official, in a manner consistent with Exchange Rules and the Act (e.g., resubmit the order to the Hybrid System for automatic execution, route the order from a booth to a PAR workstation, cancel the order, contact the customer for further instructions, and/or otherwise handle the order in accordance with Exchange Rules and the order's terms).'' Rule 6.12(a) states, ``Orders may route through the order handling system for electronic processing in the Hybrid System or to a designated order management terminal or PAR Workstation in any of the circumstances described below. Routing designations may be established based on various parameters defined by the Exchange, order entry firm or Trading Permit Holder, as applicable.'' Rule 6.12(a)(1) further states, ``Under Rules 6.2B, 6.13 and 6.53C, orders or the remaining balance of orders initially routed from an order entry firm for electronic processing that are not eligible for automatic execution or book entry will by default route to a PAR workstation designated by the order entry firm. If an order entry firm has not designated a PAR workstation or if a PAR workstation is unavailable, the remaining balance will route to an order management terminal designated by the order entry firm. If it is not eligible to route to a PAR workstation or order management terminal designated by the order entry firm, the remaining balance will be returned to the order entry firm.'' Rule 6.12A describes PAR functionality. Rule 6.12A specifies that orders will be routed to PAR in accordance with TPH and Exchange order routing parameters. And the orders terms. [sic] Rule 6.12A further specifies that once an order is on PAR the PAR user may (a) submit the order electronically, (b) execute the order in open outcry, (c) route the order to a designated OMT or return the order to the order entry firm, or (d) route the order to an away exchange. Proposed Rule The Exchange is proposing a new type of order within CBOE Rule 6.53, electronic-only. The proposed rule states, ``An electronic-only order is an order to buy or sell that is to be executed in whole or in part via electronic processing on the Exchange without routing the order to a PAR workstation or an order management terminal for manual handling on the Exchange floor. Electronic-only orders will be cancelled if routing for manual handling would be required under Exchange Rules.'' Exchange systems will recognize electronic-only orders and will only allow the orders to (a) auto-execute electronically, (b) route to an electronic exchange auction process, or (c) route to the electronic book. If Exchange systems [[Page 48551]] determine that, based on the existing routing parameters, an electronic-only order would route to a PAR or a OMT, the order will be cancelled back to the TPH who entered the order. The cancellation will be accompanied by a reason code that indicates it occurred because the order was designated electronic-only. As noted above Exchange Rules specify that order routing designations may be established based on various parameters defined by the Exchange, order-entry firm or TPH as applicable. Functionally, ``electronic-only'' will act as an order handling designation from the TPH that will prevent an order from routing to a PAR or OMT. TPHs are today free to set routing designations for their orders and move or cancel orders as needed. In today's world, if an order is routed to a PAR or OMT and TPH who entered the order prefers the order not be handled manually, they are free to resubmit the order electronically or cancel the order. However, today, it could result in a manual and time- consuming process of contacting a PAR broker or OMT operator and informing them of their instructions regarding an order. As such, the electronic order type is simply creating an easy and convenient way for market participants to indicate they want a specific order to avoid manual handling. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\6\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitation transactions in securities, 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \8\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). \8\ Id. --------------------------------------------------------------------------- As mentioned above, electronic-only will act as an order routing designation and does not materially change how orders can be handled or processed today. The electronic-only designation will simply allow order entry firms and TPH to avoid potentially time-consuming steps of retrieving or resubmitting their orders from PAR or OMT. Accordingly the Rule change is specifically designed to remove impediments to and perfect the mechanism of a free and open market. The proposed rule will not permit unfair discrimination between customers, issuers, brokers, or dealers as it is available to any TPH who routes an order to the Exchange electronically. The electronic-only designation does not provide or remove any routing destinations or functionality TPHs do not already have today through less automated means. The electronic-only designation simply makes keeping an order in the electronic space faster and less labor intensive on TPHs. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the electronic-only order designation will be available to all TPHs who route orders electronically to the exchange. Further, the electronic- only designation acts only as a more convenient alternative to TPHs already defined ability to set their own routing parameters on the orders they send to the Exchange. As such, the Exchange does not anticipate the proposed change will result in a reduction of business or order flow to any market participant. Finally, the proposed change will not affect TPHs ability to route or request routing of orders to better priced markets outside CBOE. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will: A. By order approve or disapprove such proposed rule change, or B. institute proceedings to determine whether the proposed rule change should be 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-CBOE-2017-064 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-CBOE-2017-064. 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-CBOE- [[Page 48552]] 2017-064 and should be submitted on or before November 8, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-22537 Filed 10-17-17; 8:45 am] BILLING CODE 8011-01-P
![48550 Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices
printing in the Commission’s Public the Exchange’s Office of the Secretary, the customer for further instructions,
Reference Room, 100 F Street NE., and at the Commission’s Public and/or otherwise handle the order in
Washington, DC 20549 on official Reference Room. accordance with Exchange Rules and
business days between the hours of the order’s terms).’’
II. Self-Regulatory Organization’s Rule 6.12(a) states, ‘‘Orders may route
10:00 a.m. and 3:00 p.m. Copies of the
Statement of the Purpose of, and through the order handling system for
filing also will be available for
Statutory Basis for, the Proposed Rule electronic processing in the Hybrid
inspection and copying at the principal
office of the Exchange. All comments Change System or to a designated order
received will be posted without change; In its filing with the Commission, the management terminal or PAR
the Commission does not edit personal Exchange included statements Workstation in any of the circumstances
identifying information from concerning the purpose of and basis for described below. Routing designations
submissions. You should submit only the proposed rule change and discussed may be established based on various
information that you wish to make any comments it received on the parameters defined by the Exchange,
available publicly. All submissions proposed rule change. The text of these order entry firm or Trading Permit
should refer to File Number SR– statements may be examined at the Holder, as applicable.’’ Rule 6.12(a)(1)
BatsEDGA–2017–26, and should be places specified in Item IV below. The further states, ‘‘Under Rules 6.2B, 6.13
submitted on or before November 8, Exchange has prepared summaries, set and 6.53C, orders or the remaining
2017. forth in sections A, B, and C below, of balance of orders initially routed from
For the Commission, by the Division of the most significant aspects of such an order entry firm for electronic
Trading and Markets, pursuant to delegated statements. processing that are not eligible for
authority.47 automatic execution or book entry will
A. Self-Regulatory Organization’s by default route to a PAR workstation
Eduardo A. Aleman, Statement of the Purpose of, and
Assistant Secretary. designated by the order entry firm. If an
Statutory Basis for, the Proposed Rule order entry firm has not designated a
[FR Doc. 2017–22518 Filed 10–17–17; 8:45 am] Change PAR workstation or if a PAR
BILLING CODE 8011–01–P
1. Purpose workstation is unavailable, the
remaining balance will route to an order
Background
SECURITIES AND EXCHANGE management terminal designated by the
Exchange Rules describe the process order entry firm. If it is not eligible to
COMMISSION
by which orders sent into the CBOE will route to a PAR workstation or order
[Release No. 34–81862; File No. SR–CBOE– execute electronically and/or via management terminal designated by the
2017–064] manual handling on the Exchange floor. order entry firm, the remaining balance
Orders entered by Trading Permit will be returned to the order entry
Self-Regulatory Organizations; Holders (‘‘TPHs’’) that are marketable firm.’’
Chicago Board Options Exchange, against the Exchange’s disseminated Rule 6.12A describes PAR
Incorporated; Notice of Filing of a quotation may execute automatically 3 functionality. Rule 6.12A specifies that
Proposed Rule Change Relating to the or after an electronic auction process orders will be routed to PAR in
Creation of an Electronic-Only Order such as the Exchange’s Simple Auction accordance with TPH and Exchange
Type Liaison (‘‘SAL’’).4 In addition, eligible order routing parameters. And the
October 12, 2017. orders may be entered into the orders terms. [sic] Rule 6.12A further
Pursuant to Section 19(b)(1) of the Exchanges electronic order book.5 specifies that once an order is on PAR
Securities Exchange Act of 1934 (the Orders that do not execute via the PAR user may (a) submit the order
‘‘Act’’),1 and Rule 19b–4 thereunder,2 electronic processing and are not electronically, (b) execute the order in
notice is hereby given that on entered into the electronic book are, by open outcry, (c) route the order to a
September 29, 2017, Chicago Board default, routed to either a Public designated OMT or return the order to
Options Exchange, Incorporated (the Automated Routing (‘‘PAR’’) the order entry firm, or (d) route the
‘‘Exchange’’ or ‘‘CBOE’’) filed with the workstation or an Order Management order to an away exchange.
Securities and Exchange Commission Terminal (‘‘OMT’’) designated by the
Proposed Rule
(the ‘‘Commission’’) the proposed rule TPH entering the order. Orders routed to
a PAR or OMT can then be executed in The Exchange is proposing a new type
change as described in Items I, II, and
open outcry on the Exchange floor. of order within CBOE Rule 6.53,
III below, which Items have been
CBOE Rule 6.12 describes the process electronic-only. The proposed rule
prepared by the Exchange. The
for routing orders through the states, ‘‘An electronic-only order is an
Commission is publishing this notice to
Exchange’s order handling system order to buy or sell that is to be
solicit comments on the proposed rule
(‘‘OHS’’). Rule 6.12 states, ‘‘The order executed in whole or in part via
change from interested persons.
handling system is a feature within the electronic processing on the Exchange
I. Self-Regulatory Organization’s Hybrid System to route orders for without routing the order to a PAR
Statement of the Terms of Substance of automatic execution, book entry, open workstation or an order management
the Proposed Rule Change outcry, or further handling by a broker, terminal for manual handling on the
The Exchange proposes a rule change agent, or PAR Official, in a manner Exchange floor. Electronic-only orders
to create an electronic-only order type. consistent with Exchange Rules and the will be cancelled if routing for manual
The text of the proposed rule change Act (e.g., resubmit the order to the handling would be required under
ethrower on DSK3G9T082PROD with NOTICES
is also available on the Exchange’s Web Hybrid System for automatic execution, Exchange Rules.’’
site (http://www.cboe.com/AboutCBOE/ route the order from a booth to a PAR Exchange systems will recognize
CBOELegalRegulatoryHome.aspx), at workstation, cancel the order, contact electronic-only orders and will only
allow the orders to (a) auto-execute
47 17 CFR 200.30–3(a)(12). 3 See CBOE Rules 6.2B, 6.13, 6.14A, and 6.53A. electronically, (b) route to an electronic
1 15 U.S.C. 78s(b)(1). 4 See CBOE Rule 6.13A. exchange auction process, or (c) route to
2 17 CFR 240.19b–4. 5 See CBOE Rule 7.4. the electronic book. If Exchange systems
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![48552 Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices
2017–064 and should be submitted on II. Self-Regulatory Organization’s where the Member has an: (i) ADV 11
or before November 8, 2017. Statement of the Purpose of, and greater than or equal to 2.30% of
For the Commission, by the Division of Statutory Basis for, the Proposed Rule average OCV; 12 (ii) ADAV 13 in Away
Trading and Markets, pursuant to delegated Change Market Maker,14 Firm, Broker Dealer
authority.9 and Joint Back Office orders greater than
Eduardo A. Aleman, In its filing with the Commission, the or equal to 1.65% of average OCV; and
Assistant Secretary. Exchange included statements (iii) ADAV in Non-Customer 15 Non-
concerning the purpose of and basis for Penny 16 orders greater than or equal to
[FR Doc. 2017–22537 Filed 10–17–17; 8:45 am]
the proposed rule change and discussed 0.20% of average OCV. The Exchange
BILLING CODE 8011–01–P
any comments it received on the proposes to adopt new Tier 3, which
proposed rule change. The text of these would be similar to re-numbered Tier 4
SECURITIES AND EXCHANGE statements may be examined at the but would have lower criteria and a
COMMISSION places specified in Item IV below. The lower rebate. Specifically, pursuant to
Exchange has prepared summaries, set new Tier 3 a Member’s orders that yield
[Release No. 34–81866; File No. SR– forth in Sections A, B, and C below, of fee code NF would receive an enhanced
BatsBZX–2017–65]
the most significant parts of such rebate of $0.53 per contract where the
Self-Regulatory Organizations; Bats statements. Member has an: (i) ADV greater than or
BZX Exchange, Inc.; Notice of Filing equal to 2.30% of average OCV; (ii)
A. Self-Regulatory Organization’s ADAV in Away Market Maker, Firm,
and Immediate Effectiveness of a Statement of the Purpose of, and the
Proposed Rule Change Related to Fees Broker Dealer and Joint Back Office
Statutory Basis for, the Proposed Rule orders greater than or equal to 1.45% of
for Use on the Exchange’s Equity Change
Options Platform average OCV; and (iii) ADAV in Non-
1. Purpose Customer Non-Penny orders greater
October 12, 2017. than or equal to 0.20% of average OCV.
Pursuant to Section 19(b)(1) of the The Exchange proposes to amend its Thus, the second criterion is lower,
Securities Exchange Act of 1934 (the fee schedule for its equity options requiring an ADAV in applicable orders
‘‘Act’’),1 and Rule 19b–4 thereunder,2 platform (‘‘BZX Options’’) to adopt a greater than or equal to 1.45% of
notice is hereby given that on October new Firm,6 Broker Dealer 7 and Joint average OCV rather than 1.65% of
2, 2017, Bats BZX Exchange, Inc. (the Back Office 8 Non-Penny Pilot 9 Add average OCV. Otherwise the criteria of
‘‘Exchange’’ or ‘‘BZX’’) filed with the Volume Tier under footnote 8. Tier 3 are the same as Tier 4. The
Securities and Exchange Commission Exchange also notes that the proposed
The Exchange currently offers three
(‘‘Commission’’) the proposed rule enhanced rebate of $0.53 is also the
Firm, Broker Dealer and Joint Back
change as described in Items I, II and III same as the enhanced rebate provided
Office Non-Penny Add Volume Tiers
below, which Items have been prepared pursuant to Tier 2.
by the Exchange. The Exchange has under footnote 8, which provide an
designated the proposed rule change as enhanced rebate ranging from $0.33 to Implementation Date
one establishing or changing a member $0.82 per contract for qualifying orders The Exchange proposes to implement
due, fee, or other charge imposed by the that add liquidity in Non Penny Pilot the above changes to its fee schedule on
Exchange under Section 19(b)(3)(A)(ii) Securities and yield fee code NF.10 The October 2, 2017.
of the Act 3 and Rule 19b–4(f)(2) Exchange now proposes to add a new
thereunder,4 which renders the Tier 3 and to re-number current Tier 3 2. Statutory Basis
proposed rule change effective upon as Tier 4. The Exchange believes that the
filing with the Commission. The Currently under Tier 3, to be re- proposed rule changes are consistent
Commission is publishing this notice to numbered as Tier 4, a Member’s orders
solicit comments on the proposed rule that yield fee code NF receive an 11 ‘‘ADV’’ means average daily volume calculated
change from interested persons. as the number of contracts added or removed,
enhanced rebate of $0.82 per contract combined, per day. Id.
I. Self-Regulatory Organization’s 12 ‘‘OCV’’ means the total equity and ETF options
6 ‘‘Firm’’ applies to any transaction identified by volume that clears in the Customer range at the
Statement of the Terms of Substance of
a Member for clearing in the Firm range at the OCC, Options Clearing Corporation (‘‘OCC’’) for the
the Proposed Rule Change excluding any Joint Back Office transaction. See the month for which the fees apply, excluding volume
The Exchange filed a proposal to Exchange’s fee schedule available at http:// on any day that the Exchange experiences an
www.bats.com/us/options/membership/fee_ Exchange System Disruption and on any day with
amend the fee schedule applicable to schedule/bzx/. a scheduled early market close. Id.
Members 5 and non-Members of the 7 ‘‘Broker Dealer’’ applies to any order for the 13 ‘‘ADAV’’ means average daily added volume
Exchange pursuant to BZX Rules 15.1(a) account of a broker dealer, including a foreign calculated as the number of contracts added per
and (c). broker dealer, that clears in the Customer range at day. See the Exchange’s fee schedule available at
The text of the proposed rule change the Options Clearing Corporation (‘‘OCC’’). Id. http://www.bats.com/us/options/membership/fee_
8 ‘‘Joint Back Office’’ applies to any transaction schedule/bzx/.
is available at the Exchange’s Web site identified by a Member for clearing in the Firm 14 ‘‘Away Market Maker’’ applies to any
at www.bats.com, at the principal office range at the OCC that is identified with an origin transaction identified by a Member for clearing in
of the Exchange, and at the code as Joint Back Office. A Joint Back Office the Market Maker range at the OCC, where such
Commission’s Public Reference Room. participant is a Member that maintains a Joint Back Member is not registered with the Exchange as a
Office arrangement with a clearing broker-dealer. Market Maker, but is registered as a market maker
9 17
Id. on another options exchange. Id.
CFR 200.30–3(a)(12).
ethrower on DSK3G9T082PROD with NOTICES
9 ‘‘Penny Pilot Securities’’ are those issues quoted 15 ‘‘Non-Customer’’ applies to any transaction
1 15 U.S.C. 78s(b)(1). pursuant to Exchange Rule 21.5, Interpretation and identified by a Member for clearing which is not in
2 17 CFR 240.19b–4.
Policy .01. Id. ‘‘Non-Penny Pilot’’ refers to all other the Customer range at the OCC, excluding any
3 15 U.S.C. 78s(b)(3)(A)(ii).
issues. transaction for a Broker Dealer or a ‘‘Professional’’
4 17 CFR 240.19b–4(f)(2). 10 Fee code NF is appended to Firm, Broker as defined in Exchange Rule 16.1. Id.
5 The term ‘‘Member’’ is defined as ‘‘any Dealer and Joint Back Office orders in Non-Penny 16 ‘‘Penny Pilot Securities’’ are those issues
registered broker or dealer that has been admitted Pilot Securities that add liquidity. Orders that yield quoted pursuant to Exchange Rule 21.5,
to membership in the Exchange.’’ See Exchange fee code NF are provided a standard rebate of $0.30 Interpretation and Policy .01. Id. Non-Penny
Rule 1.5(n). per contract. Id. securities are all other securities.
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Document Created: 2017-10-18 01:37:27
Document Modified: 2017-10-18 01:37:27
| 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 48550 |
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