82 FR 48554 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Fees at Rule 7030 That Apply to Use of the Nasdaq Testing Facility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 200 (October 18, 2017)
Federal Register Volume 82, Issue 200 (October 18, 2017)
| Page Range | 48554-48556 | |
| FR Document | 2017-22541 |
[Federal Register Volume 82, Number 200 (Wednesday, October 18, 2017)] [Notices] [Pages 48554-48556] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22541] [[Page 48554]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81870; File No. SR-NASDAQ-2017-105] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Fees at Rule 7030 That Apply to Use of the Nasdaq Testing Facility October 12, 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 October 2, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' 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 amend the Exchange's transaction fees at Rule 7030 that apply to use of the Nasdaq Testing Facility (``NTF''). The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.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 Exchange proposes to amend the fees that it assesses for use of the NTF.\3\ The NTF provides users with a virtual Nasdaq system test environment that closely approximates the production environment and on which they may test their automated systems that integrate with the Exchange. For example, users may test upcoming Exchange releases and product enhancements, as well as test software prior to implementation. --------------------------------------------------------------------------- \3\ See https://www.nasdaqtrader.com/Trader.aspx?id=TestingFacility for a description of the NTF. --------------------------------------------------------------------------- The Exchange assesses certain fees under Rule 7030 for use of the NTF. In pertinent part, Rule 7030(d)(1) states that the Exchange assesses a fee of $285 per hour for ``Active Connection'' testing using current Exchange access protocols during the normal operating hours and $333 per hour for such testing after hours.\4\ The Exchange does not currently assess a fee for ``Idle Connections.'' \5\ --------------------------------------------------------------------------- \4\ See Rule 7030(d)(1)(A). \5\ See id. --------------------------------------------------------------------------- For purposes of the foregoing fees, an ``Active Connection'' is one that ``commences when the user begins to send and/or receive a transaction to and from the NTF and continues until the earlier of the disconnection or the commencement of an Idle Connection.'' \6\ An ``Idle Connection'' is a connection that ``commences after a Period of Inactivity and continues until the earlier of disconnection or the commencement of an Active Connection.'' \7\ A ``Period of Inactivity'' is an ``uninterrupted period of time of specified length when the connection is open but the NTF is not receiving from or sending to subscriber any transactions.'' \8\ --------------------------------------------------------------------------- \6\ Rule 7030(d)(2)(A). \7\ Rule 7030(d)(2)(B). \8\ Rule 7030(d)(2)(C). The length of the Period of Inactivity is such period of time between 10 minutes and 60 minutes in length as Nasdaq may specify from time to time by giving notice to users of the NTF. See id. --------------------------------------------------------------------------- The Exchange proposes to modify Rule 7030 in several respects. First, the Exchange proposes to decrease and simplify the fees it charges to users \9\ for their active use of the NTF. Specifically, the Exchange proposes to eliminate the $333 hourly rate that it presently charges users for Active Connection testing outside of normal operating hours of the NTF such that the Exchange will charge users $285 per hour for Active Connection testing in all instances. --------------------------------------------------------------------------- \9\ The existing Rule refers alternatively to those that utilize the NTF as ``subscribers'' or ``users.'' For purposes of clarity, the Exchange proposes to modify the Rule to use the term ``user'' exclusively. --------------------------------------------------------------------------- Second, the Exchange proposes to clarify the definition of a Period of Inactivity as well as establish a new fee for users to the extent that they experience one or more Periods of Inactivity while they are connected to the NTF in a given day. Specifically, the Exchange proposes to define a Period of Inactivity as any uninterrupted period of time that occurs while a user is connected to the NTF and when the NTF is neither receiving from nor sending to the user any transactions. The proposal states that each Period of Inactivity will be billable at the Active Connection rate after the first 10 minutes thereof and up to a cumulative amount of 60 minutes per user, per day. This means that: (i) The first 10 minutes of each Period of Inactivity will be free; (ii) each Period of Inactivity in excess of 10 minutes will be billable at the rate of $285 per hour; (iii) a user that experiences either a single Period of Inactivity of less than 60 billable minutes in a day or multiple Periods of Inactivity of less than 60 billable minutes in a day, cumulatively, will incur a fee for such Inactivity on a pro rata basis; and (iv) a user that experiences either a single Period of Inactivity in excess of 60 billable minutes in a day or multiple Periods of Inactivity in excess of 60 billable minutes in a day, cumulatively, will only incur a fee for the first 60 billable minutes of Inactivity. Third, the Exchange proposes to eliminate the term ``Idle Connection'' insofar as no clear distinction exists between that term and a ``Period of Inactivity.'' That is, the Exchange believes it would be difficult for users to discern when an Idle Connection exists, which is free under the existing Rule, and when a Period of Activity commences, which would be billable. The Exchange proposes to simplify the fee schedule by collapsing these concepts into the single term ``Period of Inactivity'' and billing for Periods of Activity as described above. Finally, the Exchange proposes to modify Rule 7030 to clarify that the connectivity provided under the Rule also applies, not only to NASDAQ OMX BX, Inc. (now, Nasdaq BX, Inc.) and NASDAQ OMX PHLX LLC (now, Nasdaq PHLX, LLC), but also to Nasdaq ISE LLC, Nasdaq MRX LLC, and Nasdaq GEMX LLC. This purpose of this proposal is to clarify that a client can use the connectivity to the NTF it [[Page 48555]] establishes under the Rule to perform tests with respect to all of the Nasdaq, Inc. exchanges, and in doing so, it will be billed only once. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\10\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\11\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange's proposal to eliminate its $330 hourly ``after- hours'' Active Connection rate is equitable and is not unfairly discriminatory in that it will apply to all NTF users equally. This proposal is also reasonable because the Exchange no longer incurs additional costs or requires additional resources, as it once did, to permit its users to utilize the NTF outside of normal operating hours. Moreover, the act of simplifying the NTF fee schedule so that it involves only a single hourly rate will render the schedule easier for the Exchange to administer and easier for users to understand. The Exchange's proposal to assess a new fee for inactive use of the NTF is equitable and is not unfairly discriminatory in that it will apply to all NTF users and will vary only depending upon the nature and extent of their activity while connected to the NTF. The proposal is reasonable, moreover, as a means of reducing the extent to which inactive users consume the limited bandwidth of the NTF at any given time. The Exchange intends for the fee to provide a disincentive for users to remain connected while inactive. That said, the Exchange proposes to refrain from charging users a fee for their first 10 minutes of inactivity because it believes that it would be an unnecessary and excessive act to penalize users that become momentarily inactive between periods of activity on the NTF or that fail to disconnect from the NTF the instant that they cease any activity. Likewise, the Exchange proposes to cap the fees it charges for Periods of Inactivity because it does not wish to penalize excessively those users that wish or need to maintain their connections to the NTF, even when they are inactive, so that they can resume active testing quickly. The Exchange believes that its proposal to cap this fee at 60 minutes of billable inactive time represents a reasonable balance between its desire to promote active use of the NTF and the practical needs of its users to maintain inactive connections to the NTF in certain circumstances. Lastly, the proposals to eliminate references to the term ``Idle Connection'' and to amend the term ``Period of Inactivity'' are reasonable and not unfairly discriminatory in that these changes will clarify and simplify the fee schedule that applies to all NTF users. 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. Testing is a matter of regulatory hygiene, not of competition. In this instance, the Exchange does not believe that its proposal to eliminate the $330 hourly ``after hours'' fee for use of the NTF will impose any burden insofar as it is merely reducing the rates it charges its users for use of the NTF outside of normal operating hours. Likewise, the Exchange does not believe that its proposal to establish a fee for Periods of Inactive Use will impose any unnecessary or inappropriate burden on competition because it designed the proposal, not to raise revenue for the Exchange, but rather to act as a modest and targeted disincentive for users to remain inactive while they are connected to the NTF. The design of the fee permits users to avoid the fee by disconnecting from or resuming activity on the NTF within 10 minutes of the commencement of a Period of Inactivity. It also caps the fee at 60 minutes of cumulative daily billable inactivity so that users that choose to or inadvertently do remain inactive for long periods of time will not incur unreasonable or excessive fees as a result of doing so. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\12\ --------------------------------------------------------------------------- \12\ 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: (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-NASDAQ-2017-105 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-NASDAQ-2017-105. 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 [[Page 48556]] available publicly. All submissions should refer to File Number SR- NASDAQ-2017-105, and should be submitted on or before November 8, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2017-22541 Filed 10-17-17; 8:45 am] BILLING CODE 8011-01-P
![48554 Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s charges users for Active Connection
COMMISSION Statement of the Purpose of, and testing outside of normal operating
Statutory Basis for, the Proposed Rule hours of the NTF such that the
[Release No. 34–81870; File No. SR– Change Exchange will charge users $285 per
NASDAQ–2017–105]
hour for Active Connection testing in all
1. Purpose instances.
Self-Regulatory Organizations; The The Exchange proposes to amend the Second, the Exchange proposes to
NASDAQ Stock Market LLC; Notice of fees that it assesses for use of the NTF.3 clarify the definition of a Period of
The NTF provides users with a virtual Inactivity as well as establish a new fee
Filing and Immediate Effectiveness of
Nasdaq system test environment that for users to the extent that they
Proposed Rule Change To Amend the
closely approximates the production experience one or more Periods of
Exchange’s Transaction Fees at Rule environment and on which they may Inactivity while they are connected to
7030 That Apply to Use of the Nasdaq test their automated systems that the NTF in a given day. Specifically, the
Testing Facility integrate with the Exchange. For Exchange proposes to define a Period of
October 12, 2017. example, users may test upcoming Inactivity as any uninterrupted period
Exchange releases and product of time that occurs while a user is
Pursuant to Section 19(b)(1) of the enhancements, as well as test software connected to the NTF and when the
Securities Exchange Act of 1934 prior to implementation. NTF is neither receiving from nor
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange assesses certain fees sending to the user any transactions.
notice is hereby given that on October under Rule 7030 for use of the NTF. In The proposal states that each Period of
2, 2017, The NASDAQ Stock Market pertinent part, Rule 7030(d)(1) states Inactivity will be billable at the Active
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed that the Exchange assesses a fee of $285 Connection rate after the first 10
with the Securities and Exchange per hour for ‘‘Active Connection’’ minutes thereof and up to a cumulative
Commission (‘‘SEC’’ or ‘‘Commission’’) testing using current Exchange access amount of 60 minutes per user, per day.
the proposed rule change as described protocols during the normal operating This means that: (i) The first 10 minutes
in Items I, II, and III below, which Items hours and $333 per hour for such testing of each Period of Inactivity will be free;
have been prepared by the Exchange. after hours.4 The Exchange does not (ii) each Period of Inactivity in excess of
The Commission is publishing this currently assess a fee for ‘‘Idle 10 minutes will be billable at the rate of
notice to solicit comments on the Connections.’’ 5 $285 per hour; (iii) a user that
For purposes of the foregoing fees, an experiences either a single Period of
proposed rule change from interested
‘‘Active Connection’’ is one that Inactivity of less than 60 billable
persons.
‘‘commences when the user begins to minutes in a day or multiple Periods of
I. Self-Regulatory Organization’s send and/or receive a transaction to and Inactivity of less than 60 billable
Statement of the Terms of Substance of from the NTF and continues until the minutes in a day, cumulatively, will
the Proposed Rule Change earlier of the disconnection or the incur a fee for such Inactivity on a pro
commencement of an Idle rata basis; and (iv) a user that
The Exchange proposes to amend the Connection.’’ 6 An ‘‘Idle Connection’’ is experiences either a single Period of
Exchange’s transaction fees at Rule 7030 a connection that ‘‘commences after a Inactivity in excess of 60 billable
that apply to use of the Nasdaq Testing Period of Inactivity and continues until minutes in a day or multiple Periods of
Facility (‘‘NTF’’). the earlier of disconnection or the Inactivity in excess of 60 billable
The text of the proposed rule change commencement of an Active minutes in a day, cumulatively, will
Connection.’’ 7 A ‘‘Period of Inactivity’’ only incur a fee for the first 60 billable
is available on the Exchange’s Web site
is an ‘‘uninterrupted period of time of minutes of Inactivity.
at http://nasdaq.cchwallstreet.com/, at Third, the Exchange proposes to
the principal office of the Exchange, and specified length when the connection is
open but the NTF is not receiving from eliminate the term ‘‘Idle Connection’’
at the Commission’s Public Reference insofar as no clear distinction exists
or sending to subscriber any
Room. between that term and a ‘‘Period of
transactions.’’ 8
II. Self-Regulatory Organization’s The Exchange proposes to modify Inactivity.’’ That is, the Exchange
Statement of the Purpose of, and Rule 7030 in several respects. First, the believes it would be difficult for users
Exchange proposes to decrease and to discern when an Idle Connection
Statutory Basis for, the Proposed Rule
simplify the fees it charges to users 9 for exists, which is free under the existing
Change
their active use of the NTF. Specifically, Rule, and when a Period of Activity
In its filing with the Commission, the the Exchange proposes to eliminate the commences, which would be billable.
Exchange included statements $333 hourly rate that it presently The Exchange proposes to simplify the
concerning the purpose of and basis for fee schedule by collapsing these
the proposed rule change and discussed 3 See https://www.nasdaqtrader.com/ concepts into the single term ‘‘Period of
Trader.aspx?id=TestingFacility for a description of Inactivity’’ and billing for Periods of
any comments it received on the the NTF. Activity as described above.
proposed rule change. The text of these 4 See Rule 7030(d)(1)(A).
Finally, the Exchange proposes to
statements may be examined at the 5 See id.
modify Rule 7030 to clarify that the
places specified in Item IV below. The 6 Rule 7030(d)(2)(A).
connectivity provided under the Rule
Exchange has prepared summaries, set 7 Rule 7030(d)(2)(B).
also applies, not only to NASDAQ OMX
ethrower on DSK3G9T082PROD with NOTICES
8 Rule 7030(d)(2)(C). The length of the Period of
forth in sections A, B, and C below, of BX, Inc. (now, Nasdaq BX, Inc.) and
Inactivity is such period of time between 10
the most significant aspects of such minutes and 60 minutes in length as Nasdaq may NASDAQ OMX PHLX LLC (now,
statements. specify from time to time by giving notice to users Nasdaq PHLX, LLC), but also to Nasdaq
of the NTF. See id. ISE LLC, Nasdaq MRX LLC, and Nasdaq
9 The existing Rule refers alternatively to those
that utilize the NTF as ‘‘subscribers’’ or ‘‘users.’’ For
GEMX LLC. This purpose of this
1 15 U.S.C. 78s(b)(1). purposes of clarity, the Exchange proposes to proposal is to clarify that a client can
2 17 CFR 240.19b–4. modify the Rule to use the term ‘‘user’’ exclusively. use the connectivity to the NTF it
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![48556 Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices
available publicly. All submissions any comments it received on the displayed quotes and orders is
should refer to File Number SR– proposed rule change. The text of these reasonable because it will remain
NASDAQ–2017–105, and should be statements may be examined at the unchanged, and it is competitive with
submitted on or before November 8, places specified in Item IV below. The the fees of other exchanges. For
2017. Exchange has prepared summaries, set example, The Nasdaq Stock Market
For the Commission, by the Division of forth in sections A, B, and C below, of provides its members with credits up to
Trading and Markets, pursuant to delegated the most significant aspects of such $0.00305 per share executed for
authority.13 statements. displayed quotes and orders.5
Brent J. Fields, Elimination of the $0.0029 per share
A. Self-Regulatory Organization’s
Secretary. executed credit provided to a member
Statement of the Purpose of, and the
organization for displayed quotes and
[FR Doc. 2017–22541 Filed 10–17–17; 8:45 am] Statutory Basis for, the Proposed Rule
orders is reasonable because the criteria
BILLING CODE 8011–01–P Change
currently required to receive the
1. Purpose $0.0029 per share executed credit will
SECURITIES AND EXCHANGE The purpose of the proposed rule be the same as the criteria required to
COMMISSION change is to amend the Exchange’s receive the $0.0031 per share executed
transaction fees at Section VIII credit. Thus, member organizations that
[Release No. 34–81860; File No. SR–Phlx– currently qualify for $0.0029 per share
2017–78] (NASDAQ PSX Fees) of the NASDAQ
PHLX LLC Pricing Schedule to decrease executed credit will qualify for the
the level of Consolidated Volume higher credit under the proposed
Self-Regulatory Organizations;
required to qualify for a $0.0031 per change.
NASDAQ PHLX LLC; Notice of Filing The Exchange believes that decreasing
and Immediate Effectiveness of share executed credit and make related
changes. Currently, the Exchange the level of Consolidated Volume during
Proposed Rule Change To Decrease the month required to qualify for the
the Qualification Criteria of a Credit provides credits ranging from $0.0023 to
$0.0031 per share executed to member $0.0031 per share executed credit is an
Tier and Make Related Changes equitable allocation and is not unfairly
organizations for displayed quotes and
October 12, 2017. orders that provide liquidity through the discriminatory because the Exchange is
Pursuant to Section 19(b)(1) of the PSX System. The top two credit tiers are using the reduced Consolidated Volume
Securities Exchange Act of 1934 the following: (1) A credit of $0.0031 requirement to provide incentive to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 per share executed for Quotes/Orders member organizations to participate on
notice is hereby given that on October entered by a member organization that the Exchange. The Exchange has
2, 2017, NASDAQ PHLX LLC (‘‘Phlx’’ or provides and accesses 0.3% or more of observed that the current qualification
‘‘Exchange’’) filed with the Securities Consolidated Volume during the month; criteria for the $0.0031 per share
and Exchange Commission (‘‘SEC’’ or and (2) a credit of $0.0029 per share executed credit and the qualification
‘‘Commission’’) the proposed rule executed for Quotes/Orders entered by a requirement of the $0.0029 per share
change as described in Items I, II, and member organization that provides and executed credit have not provided
III, below, which Items have been accesses 0.25% or more of Consolidated adequate incentive. The Exchange
prepared by the Exchange. The Volume during the month. The believes that creating a single credit tier
Commission is publishing this notice to Exchange is proposing to decrease the that combines the higher credit with the
solicit comments on the proposed rule level of monthly Consolidated Volume lower Consolidated Volume
change from interested persons. required of a member organization to requirement will be more effective at
qualify for the $0.0031 per share increasing participation on the
I. Self-Regulatory Organization’s Exchange. The proposed change will
executed credit from 0.3% to 0.25%,
Statement of the Terms of Substance of apply to all member organizations, any
which is the level required to currently
the Proposed Rule Change of which may provide the level of
qualify for the $0.0029 per share
The Exchange proposes to decrease executed credit tier. As a consequence, Consolidated Volume required to
the level of Consolidated Volume the Exchange is also proposing to qualify for the credit.
required to qualify for a $0.0031 per eliminate the $0.0029 per share B. Self-Regulatory Organization’s
share executed credit and make related executed credit tier. Statement on Burden on Competition
changes.
The text of the proposed rule change 2. Statutory Basis The Exchange does not believe that
is available on the Exchange’s Web site The Exchange believes that its the proposed rule change will impose
at http://nasdaqphlx.cchwallstreet. proposal is consistent with Section 6(b) any burden on competition not
com/, at the principal office of the of the Act,3 in general, and furthers the necessary or appropriate in furtherance
Exchange, and at the Commission’s objectives of Sections 6(b)(4) and 6(b)(5) of the purposes of the Act. In terms of
Public Reference Room. of the Act,4 in particular, in that it inter-market competition, the Exchange
provides for the equitable allocation of notes that it operates in a highly
II. Self-Regulatory Organization’s competitive market in which market
reasonable dues, fees and other charges
Statement of the Purpose of, and among members and issuers and other participants can readily favor competing
Statutory Basis for, the Proposed Rule persons using any facility, and is not venues if they deem fee levels at a
Change designed to permit unfair particular venue to be excessive, or
In its filing with the Commission, the discrimination between customers, rebate opportunities available at other
ethrower on DSK3G9T082PROD with NOTICES
Exchange included statements issuers, brokers, or dealers. venues to be more favorable. In such an
concerning the purpose of and basis for The Exchange believes that the environment, the Exchange must
the proposed rule change and discussed $0.0031 per share executed credit continually adjust its fees to remain
provided to a member organization for competitive with other exchanges and
13 17 CFR 200.30–3(a)(12). with alternative trading systems that
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78f(b).
2 17 CFR 240.19b–4. 4 15 U.S.C. 78f(b)(4) and (5). 5 See Nasdaq Rule 7018(a).
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Document Created: 2017-10-18 01:37:56
Document Modified: 2017-10-18 01:37:56
| 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 48554 |
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