82 FR 50910 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Optional Kill Switch Protection

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 211 (November 2, 2017)

Page Range		50910-50912
FR Document		2017-23832
Federal Register, Volume 82 Issue 211 (Thursday, November 2, 2017)
[Federal Register Volume 82, Number 211 (Thursday, November 2, 2017)]
[Notices]
[Pages 50910-50912]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-23832]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81970; File No. SR-GEMX-2017-50]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to an 
Optional Kill Switch Protection

October 27, 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 18, 2017, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to memorialize an optional Kill Switch 
protection.\3\ The Kill Switch allows Members to cancel open orders and 
prevent new order submission.
---------------------------------------------------------------------------

    \3\ Today, this feature is offered to Members. GEMX transitioned 
from its legacy trading system to INET, the current technology, in 
2017. While GEMX offered this feature on its legacy system, the 
feature was not codified in the GEMX Rulebook. At this time, the 
Exchange is codifying the Kill Switch feature to reflect the 
functionality.
---------------------------------------------------------------------------

    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.

[[Page 50911]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to memorialize its Kill Switch risk 
protection which is applicable to all Members at GEMX Rule 711(d). The 
Kill Switch allows Members to cancel open orders and prevent new order 
submission. This feature provides Members with a powerful risk 
management tool for immediate control of their order activity.
    The Kill Switch is an optional tool that enables Members to 
initiate a message(s) \4\ [sic] to the trading system (``System'') to 
promptly cancel orders and restrict entry of new orders until re-entry 
has been enabled. Members may submit a request to the System to cancel 
orders for that Member. Members may not remove orders by symbol using 
the Kill Switch. The System will send an automated message to the 
Member when a Kill Switch request has been processed by the Exchange's 
System.\5\
---------------------------------------------------------------------------

    \4\ Members are able to send a message to the Exchange to 
initiate the Kill Switch or they may contact the Exchange directly. 
A message to remove orders may be sent through FIX, OTTO or Precise.
    \5\ Opening Sweep Orders will also be cancelled. Consistent with 
current auction functionality, PIM auction orders and responses will 
not be cancelled. See GEMX Rule 723. Other auctions orders and 
responses would cancel. Quotes are unaffected.
---------------------------------------------------------------------------

    The Member must send a message to the Exchange to request the 
cancellation of all orders for the Member. The Member is unable to 
enter additional orders until re-entry has been enabled pursuant to 
subsection (d)(2) of Rule 711.
    Proposed subsection (d)(2) stipulates that after orders are 
cancelled by the Member utilizing the Kill Switch, the Member is unable 
to enter additional orders until the Member has made a request to the 
Exchange and Exchange staff has set a re-entry indicator to enable re-
entry.\6\ Once enabled for re-entry, the System will send a Re-entry 
Notification Message to the Member. The applicable Clearing Member for 
that Member also is notified of the re-entry into the System after 
orders are cancelled as a result of the Kill Switch, provided the 
Clearing Member has requested to receive such notification.
---------------------------------------------------------------------------

    \6\ The Member must directly and verbally contact the Exchange 
to request the re-set.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \7\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \8\ 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 open market and a national market 
system, and, in general to protect investors and the public interest, 
by memorializing a risk protection available to Exchange Members. This 
risk feature promotes policy goals of the Commission which has 
encouraged execution venues, exchange and non-exchange alike, to offer 
risk protection tools and other mechanisms to decrease risk and 
increase stability. The Exchange believes that memorializing this 
feature will provide Members with specific information on cancelling 
orders.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The individual firm benefits of enhanced risk protections flow 
downstream to counter-parties both at the Exchange and at other options 
exchanges, thereby increasing systemic protections as well. This risk 
feature allows Members to enter orders without fear of inadvertent 
exposure to excessive risk, which in turn benefits investors through 
increased liquidity for the execution of their orders, thereby 
protecting investors and the public interest. By memorializing the 
features in this rule change, Members are aware of the impact of 
utilizing this risk tool.
    This optional risk tool as noted above is offered to all Members. 
The Exchange further represents that its proposal operates consistently 
with the firm quote obligations of a broker-dealer pursuant to Rule 602 
of Regulation NMS and that the functionality is not mandatory. 
Specifically, any interest that is executable against a Member's orders 
that are received \9\ by the Exchange, prior to the time the Kill 
Switch is processed by the System, will automatically execute at the 
price up to the Member's size prior to the removal of orders from the 
System as a result of the Kill Switch. The Kill Switch message is 
accepted by the System in the order of receipt in the queue and is 
processed in that order so that interest that is already accepted into 
the System is processed prior to the Kill Switch message.
---------------------------------------------------------------------------

    \9\ The time of receipt for an order is the time such message is 
processed by the Exchange Order Book.
---------------------------------------------------------------------------

    With respect to providing information regarding the cancellation of 
orders as a result of the Kill Switch to the Clearing Member, each 
Member that transacts through a Clearing Member on the Exchange accepts 
financial responsibility for all Exchange transactions made by the 
Member on whose behalf the Clearing Member agrees to clear.\10\ The 
Exchange believes that because Clearing Members guarantee all 
transactions on behalf of a Member, and therefore bear the risk 
associated with those transactions, it is appropriate for Clearing 
Members to have knowledge of the utilization by the Member of the Kill 
Switch, should the Clearing Member request such notification.
---------------------------------------------------------------------------

    \10\ See GEMX Rule 808(b).
---------------------------------------------------------------------------

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 proposal does not impose an 
undue burden on intra-market competition because all Members may avail 
themselves of the Kill Switch. The Kill Switch functionality is 
optional. The proposed rule change protects Members in the event the 
Member is suffering from a systems issue or from the occurrence of 
unusual or unexpected market activity that would require them to 
withdraw from the market in order to protect investors. Utilizing this 
Kill Switch will permit the Member to protect itself from inadvertent 
exposure to excessive risk. Reducing such risk will enable Members to 
enter orders without fear of inadvertent exposure to excessive risk, 
which in turn will benefit investors through increased liquidity for 
the execution of their orders. Such increased liquidity benefits 
investors because they receive better prices and because it lowers 
volatility in the options market. For these reasons, the Exchange does 
not believe this proposal imposes an undue burden on inter-market 
competition because other exchanges offer the same functionality, which 
is being memorialized herein.

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

[[Page 50912]]

become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ 
and subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative before 30 days from the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Exchange has asked the Commission to waive the 30-day operative 
delay. The Commission believes that waiving the 30-day operative delay 
is consistent with the protection of investors and the public interest 
because the proposal is similar to the rules of other options exchanges 
and the Exchange's proposal does not raise any new or novel issues. 
Therefore, the Commission hereby waives the 30-day operative delay and 
designates the proposed rule change to be operative upon filing with 
the Commission.\14\
---------------------------------------------------------------------------

    \14\ For purposes only of waiving the operative delay for this 
proposal, 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 Comments

     Use 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-GEMX-2017-50 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-GEMX-2017-50. 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. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-GEMX-2017-50, and should be 
submitted on or before November 24, 2017.
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23832 Filed 11-1-17; 8:45 am]
 BILLING CODE 8011-01-P
50910 Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices

Legg Mason Tax Free Income Fund declaring that it has ceased to be an SECURITIES AND EXCHANGE
[File No. 811–06223] investment company. On June 24, 2016, COMMISSION
Summary: Applicant, an open-end applicant made a liquidating
investment company, seeks an order distribution to its shareholders, based [Release No. 34–81970; File No. SR–GEMX–
declaring that it has ceased to be an on net asset value. Expenses of $38,791 2017–50]
investment company. The applicant has incurred in connection with the
transferred its assets to 1919 Maryland liquidation were paid by applicant’s Self-Regulatory Organizations; Nasdaq
Tax-Free Income Fund, a series of Trust investment adviser. GEMX, LLC; Notice of Filing and
for Advised Portfolios and, on Filing Date: The application was filed Immediate Effectiveness of Proposed
November 7, 2014, made a final on October 13, 2017. Rule Change Relating to an Optional
distribution to its shareholders based on Kill Switch Protection
Applicant’s Address: c/o UBS Asset
net asset value. Expenses of $114,628
Management (Americas) Inc., Attn: October 27, 2017.
incurred in connection with the
Keith A. Weller, 1285 Avenue of the Pursuant to Section 19(b)(1) of the
reorganization were paid by applicant’s
investment adviser, the acquiring fund’s Americas, 12th Floor, New York, NY Securities Exchange Act of 1934
investment adviser, or their respective 10019–6028. (‘‘Act’’),1 and Rule 19b–4 thereunder,2
affiliates. UBS RMA Money Fund Inc. notice is hereby given that on October
Filing Date: The application was filed 18, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’
on October 6, 2017. [File No. 811–03503] or ‘‘Exchange’’) filed with the Securities
Applicant’s Address: 100 Summary: Applicant, an open-end and Exchange Commission (‘‘SEC’’ or
International Drive, 7th Floor, investment company, seeks an order ‘‘Commission’’) the proposed rule
Baltimore, MD 21202. declaring that it has ceased to be an change as described in Items I and II
BlackRock Defined Opportunity Credit investment company. On June 24, 2016, below, which Items have been prepared
Trust applicant made a liquidating by the Exchange. The Commission is
distribution to its shareholders, based publishing this notice to solicit
[File No. 811–22126] comments on the proposed rule change
on net asset value. Expenses of $108,867
Summary: Applicant, a closed-end from interested persons.
investment company, seeks an order incurred in connection with the
declaring that it has ceased to be an liquidation were paid by applicant’s I. Self-Regulatory Organization’s
investment company. On August 18, investment adviser. Statement of the Terms of the Substance
2017, applicant made a final Filing Date: The application was filed of the Proposed Rule Change
distribution to its shareholders, based on October 13, 2017. The Exchange proposes to
on net asset value. Applicant’s Applicant’s Address: c/o UBS Asset memorialize an optional Kill Switch
remaining assets were transferred to a Management (Americas) Inc., Attn: protection.3 The Kill Switch allows
liquidating trust in which shareholders Keith A. Weller, 1285 Avenue of the Members to cancel open orders and
have a pro rata beneficial interests. Americas, 12th Floor, New York, NY prevent new order submission.
Expenses of $61,860 incurred in
10019–6028. The text of the proposed rule change
connection with the liquidation were
paid by applicant. UBS RMA Tax Free Fund Inc. is available on the Exchange’s Web site
Filing Date: The application was filed at www.ise.com, at the principal office
on August 22, 2017. [File No. 811–03504] of the Exchange, and at the
Applicant’s Address: 100 Bellevue Summary: Applicant, an open-end Commission’s Public Reference Room.
Parkway, Wilmington, DE 19809. investment company, seeks an order II. Self-Regulatory Organization’s
The Motley Fool Funds Trust declaring that it has ceased to be an Statement of the Purpose of, and
investment company. On June 24, 2016, Statutory Basis for, the Proposed Rule
[File No. 811–22264]
applicant made a liquidating Change
Summary: Applicant, an open-end distribution to its shareholders, based
investment company, seeks an order on net asset value. Expenses of $51,286 In its filing with the Commission, the
declaring that it has ceased to be an Exchange included statements
incurred in connection with the
investment company. The applicant has concerning the purpose of and basis for
liquidation were paid by applicant’s
transferred its assets to corresponding the proposed rule change and discussed
investment adviser.
series of RBB Fund, Inc. and, on any comments it received on the
December 21, 2016, made a final Filing Date: The application was filed proposed rule change. The text of these
distribution to its shareholders based on on October 13, 2017. statements may be examined at the
net asset value. Expenses of $427,902 Applicant’s Address: c/o UBS Asset places specified in Item IV below. The
incurred in connection with the Management (Americas) Inc., Attn: Exchange has prepared summaries, set
reorganization were paid by applicant’s Keith A. Weller, 1285 Avenue of the forth in sections A, B, and C below, of
investment adviser. Americas, 12th Floor, New York, NY the most significant aspects of such
Filing Dates: The application was 10019–6028. statements.
asabaliauskas on DSKBBXCHB2PROD with NOTICES

filed on August 24, 2017 and amended
on October 10, 2017. For the Commission, by the Division of 1 15 U.S.C. 78s(b)(1).
Applicant’s Address: 2000 Duke Investment Management, pursuant to 2 17 CFR 240.19b–4.
Street, Suite 175, Alexandria, VA 22314. delegated authority. 3 Today, this feature is offered to Members. GEMX

Eduardo A. Aleman, transitioned from its legacy trading system to INET,
UBS Managed Municipal Trust the current technology, in 2017. While GEMX
Assistant Secretary.
[File No. 811–03946] offered this feature on its legacy system, the feature
[FR Doc. 2017–23837 Filed 11–1–17; 8:45 am] was not codified in the GEMX Rulebook. At this
Summary: Applicant, an open-end time, the Exchange is codifying the Kill Switch
BILLING CODE 8011–01–P
investment company, seeks an order feature to reflect the functionality.

VerDate Sep<11>2014 22:28 Nov 01, 2017 Jkt 244001 PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 E:\FR\FM\02NON1.SGM 02NON1
Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 50911

A. Self-Regulatory Organization’s objectives of Section 6(b)(5) of the Act 8 whose behalf the Clearing Member
Statement of the Purpose of, and in particular, in that it is designed to agrees to clear.10 The Exchange believes
Statutory Basis for, the Proposed Rule promote just and equitable principles of that because Clearing Members
Change trade, to remove impediments to and guarantee all transactions on behalf of a
perfect the mechanism of a free and Member, and therefore bear the risk
1. Purpose open market and a national market associated with those transactions, it is
The Exchange proposes to system, and, in general to protect appropriate for Clearing Members to
memorialize its Kill Switch risk investors and the public interest, by have knowledge of the utilization by the
protection which is applicable to all memorializing a risk protection Member of the Kill Switch, should the
Members at GEMX Rule 711(d). The Kill available to Exchange Members. This Clearing Member request such
Switch allows Members to cancel open risk feature promotes policy goals of the notification.
orders and prevent new order Commission which has encouraged
B. Self-Regulatory Organization’s
submission. This feature provides execution venues, exchange and non-
Statement on Burden on Competition
Members with a powerful risk exchange alike, to offer risk protection
management tool for immediate control tools and other mechanisms to decrease The Exchange does not believe that
of their order activity. risk and increase stability. The the proposed rule change will impose
The Kill Switch is an optional tool Exchange believes that memorializing any burden on competition not
that enables Members to initiate a this feature will provide Members with necessary or appropriate in furtherance
message(s) 4 [sic] to the trading system specific information on cancelling of the purposes of the Act. The proposal
(‘‘System’’) to promptly cancel orders orders. does not impose an undue burden on
and restrict entry of new orders until re- The individual firm benefits of intra-market competition because all
entry has been enabled. Members may enhanced risk protections flow Members may avail themselves of the
submit a request to the System to cancel downstream to counter-parties both at Kill Switch. The Kill Switch
orders for that Member. Members may the Exchange and at other options functionality is optional. The proposed
not remove orders by symbol using the exchanges, thereby increasing systemic rule change protects Members in the
Kill Switch. The System will send an protections as well. This risk feature event the Member is suffering from a
automated message to the Member when allows Members to enter orders without systems issue or from the occurrence of
a Kill Switch request has been fear of inadvertent exposure to excessive unusual or unexpected market activity
processed by the Exchange’s System.5 risk, which in turn benefits investors that would require them to withdraw
The Member must send a message to through increased liquidity for the from the market in order to protect
the Exchange to request the cancellation execution of their orders, thereby investors. Utilizing this Kill Switch will
of all orders for the Member. The protecting investors and the public permit the Member to protect itself from
Member is unable to enter additional interest. By memorializing the features inadvertent exposure to excessive risk.
orders until re-entry has been enabled in this rule change, Members are aware Reducing such risk will enable Members
pursuant to subsection (d)(2) of Rule of the impact of utilizing this risk tool. to enter orders without fear of
711. This optional risk tool as noted above inadvertent exposure to excessive risk,
Proposed subsection (d)(2) stipulates is offered to all Members. The Exchange which in turn will benefit investors
that after orders are cancelled by the further represents that its proposal through increased liquidity for the
Member utilizing the Kill Switch, the operates consistently with the firm execution of their orders. Such
Member is unable to enter additional quote obligations of a broker-dealer increased liquidity benefits investors
orders until the Member has made a pursuant to Rule 602 of Regulation NMS because they receive better prices and
request to the Exchange and Exchange and that the functionality is not because it lowers volatility in the
staff has set a re-entry indicator to mandatory. Specifically, any interest options market. For these reasons, the
enable re-entry.6 Once enabled for re- that is executable against a Member’s Exchange does not believe this proposal
entry, the System will send a Re-entry orders that are received 9 by the imposes an undue burden on inter-
Notification Message to the Member. Exchange, prior to the time the Kill market competition because other
The applicable Clearing Member for that Switch is processed by the System, will exchanges offer the same functionality,
Member also is notified of the re-entry automatically execute at the price up to which is being memorialized herein.
into the System after orders are the Member’s size prior to the removal
C. Self-Regulatory Organization’s
cancelled as a result of the Kill Switch, of orders from the System as a result of
Statement on Comments on the
provided the Clearing Member has the Kill Switch. The Kill Switch
Proposed Rule Change Received From
requested to receive such notification. message is accepted by the System in
Members, Participants, or Others
the order of receipt in the queue and is
2. Statutory Basis processed in that order so that interest No written comments were either
that is already accepted into the System solicited or received.
The Exchange believes that its
proposal is consistent with Section 6(b) is processed prior to the Kill Switch III. Date of Effectiveness of the
of the Act 7 in general, and furthers the message. Proposed Rule Change and Timing for
With respect to providing information Commission Action
4 Members are able to send a message to the
regarding the cancellation of orders as a
result of the Kill Switch to the Clearing Because the foregoing proposed rule
Exchange to initiate the Kill Switch or they may
asabaliauskas on DSKBBXCHB2PROD with NOTICES

contact the Exchange directly. A message to remove Member, each Member that transacts change does not: (i) Significantly affect
orders may be sent through FIX, OTTO or Precise. through a Clearing Member on the the protection of investors or the public
5 Opening Sweep Orders will also be cancelled.
Exchange accepts financial interest; (ii) impose any significant
Consistent with current auction functionality, PIM
responsibility for all Exchange burden on competition; and (iii) become
auction orders and responses will not be cancelled. operative for 30 days from the date on
See GEMX Rule 723. Other auctions orders and transactions made by the Member on
responses would cancel. Quotes are unaffected. which it was filed, or such shorter time
6 The Member must directly and verbally contact 8 15
U.S.C. 78f(b)(5). as the Commission may designate, it has
the Exchange to request the re-set. 9 Thetime of receipt for an order is the time such
7 15 U.S.C. 78f(b). message is processed by the Exchange Order Book. 10 See GEMX Rule 808(b).

VerDate Sep<11>2014 22:28 Nov 01, 2017 Jkt 244001 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 E:\FR\FM\02NON1.SGM 02NON1
Document Created: 2017-11-02 02:41:31
Document Modified: 2017-11-02 02:41:31
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 50910