82_FR_52109 82 FR 51894 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fees at Rule 7058

82 FR 51894 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fees at Rule 7058

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 215 (November 8, 2017)

Page Range51894-51897
FR Document2017-24254

Federal Register, Volume 82 Issue 215 (Wednesday, November 8, 2017)
[Federal Register Volume 82, Number 215 (Wednesday, November 8, 2017)]
[Notices]
[Pages 51894-51897]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24254]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82003; File No. SR-NASDAQ-2017-113]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Exchange's Fees at Rule 7058

November 2, 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 20, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the Exchange's fees at Rule 7058 to: 
(i) Offer to waive fees under this Rule for 30 days for any new, 
prospective, or returning purchaser of either QView or the Latency 
Optics add-on service; and (ii) remove language offering a subscription 
to TradeInfo for up to five users at no additional cost to subscribers 
of the Latency Optics add-on service.
    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 its fees at Rule 7058 to: (i) Offer 
to waive fees under this Rule for 30 days for any new, prospective, or 
returning purchaser of either QView or the Latency Optics add-on 
service; and (ii) remove language offering a subscription to TradeInfo 
for up to five users at no additional cost to subscribers of the 
Latency Optics add-on service, along with conforming changes. The 
purposes of the proposed changes are to: (i) Encourage new, 
prospective, and returning purchasers of either QView or the Latency 
Optics add-on service to examine these products more closely and 
thereby increase the number of customers for this product; and (ii) 
remove a rarely used fee provision in order to render the Latency 
Optics subscription easier to administer.
Current Products
QView
    QView is a web-based tool designed to provide a subscribing member 
with the ability to track its trading activity on the Exchange through 
both real-time and historical order and execution summaries, available 
on a daily or a monthly basis. The QView dashboard allows the member to 
view a summary of its executions and open orders,

[[Page 51895]]

including, but not limited to: The number of executions and their 
dollar value; executions by symbol; total volume; whether an order has 
been added or removed; whether the order is for a buy or a sell; 
whether an order is open; and information related to routing 
strategies. QView also includes ranking and market share statistics, 
such as how the subscribing member firm ranks in Nasdaq market activity 
as compared to other Nasdaq participants. QView data may be segregated 
by individual Market Participant Identifiers (MPIDs) or ports. QView 
was developed to work in conjunction with TradeInfo (discussed below) 
to allow the QView purchaser to view specific order and execution 
information provided by the QView dashboard interface.
    As set forth in Rule 7058(a), members may subscribe to QView for a 
fee of $600 per month.
Latency Optics
    A member that subscribes to QView may also purchase the Latency 
Optics add-on service, which provides the member with the ability to 
monitor three types of latency for order messages and compare that 
latency to the average on the Nasdaq system: \3\ (1) Roundtrip time 
between order entry and receipt of acknowledgement; (2) roundtrip time 
between order entry and the time that the order appears on the 
TotalView ITCH multicast feed; and (3) the roundtrip time between the 
entry of an order cancellation request and the time that the message in 
reply is received by the client device. Data is displayed graphically 
and in table format, and may be segregated by MPID or ports. 
Subscribers may also set hourly or end-of-day alert notifications.
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    \3\ The service measures the historical latency of the member 
firm's order messages sent to and from the Nasdaq Market Center 
through the member firm's OUCH ports and received on ITCH ports. See 
Securities Exchange Act Release No. 68617 (January 10, 2013), 78 FR 
3480 (January 16, 2013) (SR-NASDAQ-2013-15) [sic]. OUCH ports are 
used for order entry; multicast ITCH ports are used for the 
dissemination of ITCH multicast feeds.
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    As set forth in Rule 7058(b), the Latency Optics add-on is 
available for a fee of $2,900 per month.
TradeInfo
    TradeInfo is a web-based tool that allows a member to see the 
status of orders, executions, cancels and breaks, generate reports for 
download, and cancel or correct open orders.
    As set forth in Rule 7015(f), TradeInfo is complementary as part of 
the Nasdaq workstation or may be purchased separately for a fee of $95 
per user per month. Under Rule 7058(b), a purchaser of the Latency 
Optics add-on may obtain TradeInfo for up to 5 users at no additional 
cost.
Proposed Changes
    The Exchange proposes to: (i) Introduce a fee waiver for 30 days 
for any new, prospective or returning purchaser of either QView or the 
Latency Optics add-on service to encourage testing and dissemination of 
the product; and (ii) remove a rarely used provision of Rule 7058 that 
offers subscribers of the Latency Optics add-on service a subscription 
to TradeInfo for up to five users at no additional cost.
    The Exchange proposes to initiate the new fee waiver program to 
foster interest in QView or the Latency Optics add-on service and 
encourage sales for both products. The waiver will be available only 
once per customer for any version of either product. New versions will 
be announced by the Exchange on www.nasdaqtrader.com.
    The Exchange also proposes to remove a rarely used provision of 
Rule 7058 that offers subscribers of the Latency Optics add-on service 
a subscription to TradeInfo for up to five users at no additional cost. 
As stated in Rule 7015(f), TradeInfo is complementary as part of the 
Nasdaq workstation. Because TradeInfo is already available free of 
charge with the Nasdaq workstation, customers have expressed little 
interest in this discount, and that provision has been rarely, if ever, 
used. As such, the Exchange proposes to eliminate that provision.\4\
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    \4\ As a conforming change, the Exchange proposes to delete an 
obsolete reference to a free trial period that expired in September 
2013. In addition, a comma is added after the phrase ``In 
addition,'' in Rule 7058(b) to correct a grammatical error.
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    The proposed changes do not affect the cost of any other Nasdaq 
product.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\5\ in general, and furthers the objectives of Sections 
6(b)(4) and 6(b)(5) of the Act,\6\ 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.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4) and (5).
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    The fee waiver proposal is an equitable allocation of reasonable 
dues, fees and other charges because it will reduce fees for new, 
prospective, and returning purchasers of QView or Latency Optics, while 
not disadvantaging continuing subscribers because their fees will not 
change. Moreover, the additional subscriptions resulting from the fee 
waiver will increase market transparency, and, as the total number of 
subscribers increases, the additional subscriptions will decrease the 
likelihood of future fee increases as a result of rising fixed costs.
    Removal of the provision in Rule 7058(b) allowing a free 
subscription to TradeInfo for five users is an equitable allocation of 
reasonable dues, fees and other charges because all members will be 
charged the same fees for the same product. Moreover, the proposed 
change will have little substantive impact on fees because the discount 
was rarely, if ever, used. This proposed change will not permit unfair 
discrimination between customers, issuers, brokers, or dealers because 
the proposal will remove a basis for price differentiation among 
customers that currently exists.\7\
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    \7\ Availability of QView, the Latency Optics add-on service and 
TradeInfo is already limited to members of the Exchange, which is 
not unfair discrimination because the information provided solely 
concerns a member firm's trading activity on the Exchange.
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    In adopting Regulation NMS,\8\ the Commission granted SROs and 
broker-dealers increased authority and flexibility to offer new and 
unique market data to the public. It was believed that this authority 
would expand the amount of data available to consumers, and also spur 
innovation and competition for the provision of market data. Regulation 
NMS--deregulating the market in proprietary data--furthers the Act's 
goals of facilitating efficiency and competition:
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    \8\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    [E]fficiency is promoted when broker-dealers who do not need the 
data beyond the prices, sizes, market center identifications of the 
NBBO and consolidated last sale information are not required to receive 
(and pay for) such data. The Commission also believes that efficiency 
is promoted when broker-dealers may choose to receive (and pay for) 
additional market data based on their own internal analysis of the need 
for such data.\9\
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    \9\ Id.
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    Nasdaq believes that QView, the Latency Optics add-on and 
TradeInfo--which provide members with the ability to track order flow, 
observe latency and obtain order data--is precisely the sort of market 
data product that the Commission envisioned when it adopted Regulation 
NMS.

[[Page 51896]]

    In NetCoalition v. Securities and Exchange Commission \10\ 
(``NetCoalition'') the D.C. Circuit upheld the Commission's use of a 
market-based approach in evaluating the fairness of market data fees 
against a challenge claiming that Congress mandated a cost-based 
approach.\11\ As the court emphasized, the Commission ``intended in 
Regulation NMS that `market forces, rather than regulatory 
requirements' play a role in determining the market data . . . to be 
made available to investors and at what cost.'' \12\ ``No one disputes 
that competition for order flow is `fierce.' . . . As the SEC 
explained, `[i]n the U.S. national market system, buyers and sellers of 
securities, and the broker-dealers that act as their order-routing 
agents, have a wide range of choices of where to route orders for 
execution'; [and] `no exchange can afford to take its market share 
percentages for granted' because `no exchange possesses a monopoly, 
regulatory or otherwise, in the execution of order flow from broker 
dealers'. . . .'' \13\
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    \10\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \11\ See NetCoalition, at 534-535.
    \12\ Id. at 537.
    \13\ Id. at 539 (quoting Securities Exchange Act Release No. 
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) 
(SR-NYSEArca-2006-21)).
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    Data products such as QView, the Latency Optics add-on and 
TradeInfo are a means by which exchanges compete to attract order flow. 
To the extent that exchanges are successful in such competition, they 
earn trading revenues and also enhance the value of their data products 
by increasing the amount of data they are able to provide. The need to 
compete for order flow places substantial pressure upon exchanges to 
keep their fees for both executions and data reasonable.\14\
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    \14\ See Sec. Indus. Fin. Mkts. Ass'n (SIFMA), Initial Decision 
Release No. 1015, 2016 SEC LEXIS 2278 (ALJ June 1, 2016) (finding 
the existence of vigorous competition with respect to non-core 
market data).
---------------------------------------------------------------------------

    Fees for QView, the Latency Optics add-on and TradeInfo are 
optional in that they apply only to firms that elect to purchase these 
products, which, like all proprietary data products, they may cancel at 
any time.
    For all of the reasons set forth above, the Exchange has provided a 
substantial basis demonstrating that the proposed fee is equitable, 
fair, reasonable and not unreasonably discriminatory, and therefore 
consistent with and in furtherance of the purposes of the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. Introduction of the proposed 
fee waiver will enhance competition by increasing customer familiarity 
with the product, thereby leading to more informed purchase decisions. 
Further, the product itself enhances competition by promoting 
transparency, and the increased use of the product generated by the fee 
waiver will increase the amount of information available to the market. 
Moreover, removal of the provision in 7058(b) allowing a free 
subscription to TradeInfo for five users will enhance competition by 
simplifying the fee structure for these products.
    The market for data products is extremely competitive and firms may 
freely choose alternative venues and data vendors based on the 
aggregate fees assessed, the data offered, and the value provided. 
Exchanges compete with each other for listings, trades, and market data 
itself. Transaction execution and proprietary data products are 
complementary in that market data is both an input and a byproduct of 
the execution service. In fact, market data and trade execution are a 
paradigmatic example of joint products with joint costs. The decision 
whether and on which platform to post an order will depend on the 
attributes of the platform where the order can be posted, including the 
execution fees, data quality and price, and distribution of its data 
products.
    The costs of producing market data include not only the costs of 
the data distribution infrastructure, but also the costs of designing, 
maintaining, and operating the exchange's transaction execution 
platform and the cost of regulating the exchange to ensure its fair 
operation and maintain investor confidence. The total return that a 
trading platform earns reflects the revenues it receives from both 
products and the joint costs it incurs. Moreover, the operation of the 
exchange is characterized by high fixed costs and low marginal costs. 
This cost structure is common in content distribution industries such 
as software, where developing new software typically requires a large 
initial investment (and continuing large investments to upgrade the 
software), but once the software is developed, the incremental cost of 
providing that software to an additional user is typically small, or 
even zero (e.g., if the software can be downloaded over the internet 
after being purchased).\15\ In Nasdaq's case, it is costly to build and 
maintain a trading platform, but the incremental cost of trading each 
additional share on an existing platform, or distributing an additional 
instance of data, is very low. Market information and executions are 
each produced jointly (in the sense that the activities of trading and 
placing orders are the source of the information that is distributed) 
and are each subject to significant scale economies.
---------------------------------------------------------------------------

    \15\ See William J. Baumol and Daniel G. Swanson, ``The New 
Economy and Ubiquitous Competitive Price Discrimination: Identifying 
Defensible Criteria of Market Power,'' Antitrust Law Journal, Vol. 
70, No. 3 (2003).
---------------------------------------------------------------------------

    Competition among trading platforms can be expected to constrain 
the aggregate return each platform earns from the sale of its joint 
products. The level of competition and contestability in the market is 
evident in the numerous alternative venues that compete for order flow, 
including SRO markets, as well as internalizing BDs and various forms 
of alternative trading systems (``ATSs''), including dark pools and 
electronic communication networks (``ECNs''). Each SRO market competes 
to produce transaction reports via trade executions, and two FINRA-
regulated TRFs compete to attract internalized transaction reports. It 
is common for BDs to further and exploit this competition by sending 
their order flow and transaction reports to multiple markets, rather 
than providing them all to a single market. Competitive markets for 
order flow, executions, and transaction reports provide pricing 
discipline for the inputs of proprietary data products. The large 
number of SROs, TRFs, BDs, and ATSs that currently produce proprietary 
data or are currently capable of producing it provides further pricing 
discipline for proprietary data products. Each SRO, TRF, ATS, and BD is 
currently permitted to produce proprietary data products, and many 
currently do or have announced plans to do so, including Nasdaq, NYSE, 
NYSE MKT, NYSE Arca, and the BATS exchanges.
    Firms make decisions regarding market data based on the total cost 
of interacting with the Exchange, and an ``excessive'' price for one 
product has the potential to impair revenues from all products. If the 
price of QView, the Latency Optics add-on or TradeInfo were to become 
unattractive to member firms,\16\ those firms would opt not to purchase 
the product, or may reduce

[[Page 51897]]

their purchases of other products sold by the Exchange.
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    \16\ Only member firms can purchase QView, the Latency Optics 
add-on, and TradeInfo.
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    For all of the reasons set forth above, the Exchange does not 
believe that the proposed rule changes will impose any burden on 
competition not necessary or appropriate in furtherance of the purposes 
of the Act.

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.\17\
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    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    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 rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2017-113 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-2017-113. 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-NASDAQ-2017-113 and should 
be submitted on or before November 29, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24254 Filed 11-7-17; 8:45 am]
 BILLING CODE 8011-01-P



                                               51894                     Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices

                                               by the participant.26 Therefore, the                    rule changes are consistent with Rule                 purchaser of either QView or the
                                               Commission finds that the proposed                      17Ad–22(e)(6)(iv) under the Act.29                    Latency Optics add-on service; and (ii)
                                               rule changes are designed to help ensure                                                                      remove language offering a subscription
                                                                                                       III. Conclusion
                                               that the Clearing Agencies maintain                                                                           to TradeInfo for up to five users at no
                                               sufficient financial resources to cover                    On the basis of the foregoing, the                 additional cost to subscribers of the
                                               their credit exposure to each participant               Commission finds that the proposed                    Latency Optics add-on service.
                                               with a high degree of confidence,                       rule changes are consistent with the                     The text of the proposed rule change
                                               consistent with Rule 17Ad–22(e)(4)(i)                   requirements of the Act and in                        is available on the Exchange’s Web site
                                               under the Act.27                                        particular with Section 17A(b)(3)(F) 30               at http://nasdaq.cchwallstreet.com/, at
                                                                                                       of the Act and the rules and regulations              the principal office of the Exchange, and
                                               C. Consistency With Rule 17Ad–                          thereunder.                                           at the Commission’s Public Reference
                                               22(e)(6)(iv)                                               It is therefore ordered, pursuant to               Room.
                                                  Rule 17Ad–22(e)(6)(iv) under the Act                 Section 19(b)(2) of the Act, that
                                                                                                       proposed rule changes SR–DTC–2017–                    II. Self-Regulatory Organization’s
                                               requires that each covered clearing
                                                                                                       016, SR–NSCC–2017–016, or SR–FICC–                    Statement of the Purpose of, and
                                               agency that is a CCP to establish,
                                                                                                       2017–020 be, and hereby are,                          Statutory Basis for, the Proposed Rule
                                               implement, maintain and enforce
                                                                                                       APPROVED.31                                           Change
                                               written policies and procedures
                                               reasonably designed to cover its credit                   For the Commission, by the Division of                 In its filing with the Commission, the
                                               exposures to its participants by                        Trading and Markets, pursuant to delegated            Exchange included statements
                                               establishing a risk-based margin system                 authority.32                                          concerning the purpose of and basis for
                                               that, at a minimum, uses reliable                       Eduardo A. Aleman,                                    the proposed rule change and discussed
                                               sources of timely price data and uses                   Assistant Secretary.                                  any comments it received on the
                                               procedures and sound valuation models                   [FR Doc. 2017–24257 Filed 11–7–17; 8:45 am]           proposed rule change. The text of these
                                               for addressing circumstances in which                   BILLING CODE 8011–01–P
                                                                                                                                                             statements may be examined at the
                                               pricing data are not readily available or                                                                     places specified in Item IV below. The
                                               reliable.28                                                                                                   Exchange has prepared summaries, set
                                                  As described above, the Framework                    SECURITIES AND EXCHANGE                               forth in sections A, B, and C below, of
                                               provides that NSCC and FICC, each a                     COMMISSION                                            the most significant aspects of such
                                               CCP, would perform due diligence on                                                                           statements.
                                                                                                       [Release No. 34–82003; File No. SR–
                                               each Pricing Vendor prior to                            NASDAQ–2017–113]                                      A. Self-Regulatory Organization’s
                                               engagement, and at least annually                                                                             Statement of the Purpose of, and
                                               thereafter, to assess the reliability of                Self-Regulatory Organizations; The                    Statutory Basis for, the Proposed Rule
                                               such Pricing Vendor. The Framework                      Nasdaq Stock Market LLC; Notice of                    Change
                                               also describes how NSCC and FICC                        Filing and Immediate Effectiveness of
                                               would select two Pricing Vendors for                    Proposed Rule Change To Amend the                     1. Purpose
                                               each security in case one becomes                       Exchange’s Fees at Rule 7058                             The Exchange proposes to amend its
                                               unavailable, unreliable, or otherwise                                                                         fees at Rule 7058 to: (i) Offer to waive
                                               unusable. In the event that both Primary                November 2, 2017.
                                                                                                                                                             fees under this Rule for 30 days for any
                                               and Secondary Pricing Vendors become                       Pursuant to Section 19(b)(1) of the                new, prospective, or returning
                                               unavailable, unreliable, or unusable, the               Securities Exchange Act of 1934                       purchaser of either QView or the
                                               Framework provides that NSCC and                        (‘‘Act’’),1 and Rule 19b–4 thereunder,2               Latency Optics add-on service; and (ii)
                                               FICC would assign each affected                         notice is hereby given that on October                remove language offering a subscription
                                               security its last available price. The                  20, 2017, The Nasdaq Stock Market LLC                 to TradeInfo for up to five users at no
                                               Framework would further provide that,                   (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the           additional cost to subscribers of the
                                               if the last available price is unavailable,             Securities and Exchange Commission                    Latency Optics add-on service, along
                                               unreliable, or otherwise unusable for a                 (‘‘SEC’’ or ‘‘Commission’’) the proposed              with conforming changes. The purposes
                                               security, NSCC and FICC would                           rule change as described in Items I, II,              of the proposed changes are to: (i)
                                               establish a price for that security based               and III, below, which Items have been                 Encourage new, prospective, and
                                               on valuation models (where applicable)                  prepared by the Exchange. The                         returning purchasers of either QView or
                                               and in accordance with the policies and                 Commission is publishing this notice to               the Latency Optics add-on service to
                                               procedures that support the Framework.                  solicit comments on the proposed rule                 examine these products more closely
                                               By setting forth how NSCC and FICC                      change from interested persons.                       and thereby increase the number of
                                               would select Pricing Vendors that can                   I. Self-Regulatory Organization’s                     customers for this product; and (ii)
                                               provide timely and reliable pricing data,               Statement of the Terms of Substance of                remove a rarely used fee provision in
                                               and how NSCC and FICC would price                       the Proposed Rule Change                              order to render the Latency Optics
                                               securities when pricing data is not                                                                           subscription easier to administer.
                                                                                                          The Exchange proposes to amend the
                                               readily available or reliable, the
                                                                                                       Exchange’s fees at Rule 7058 to: (i) Offer            Current Products
                                               Commission finds that the proposed
                                                                                                       to waive fees under this Rule for 30 days
                                                                                                                                                             QView
                                                                                                       for any new, prospective, or returning
                                                 26 See the GSD Rulebook of FICC, Rule 4—                                                                       QView is a web-based tool designed
                                               Clearing Fund and Loss Allocation; the MBSD               29 Id.                                              to provide a subscribing member with
ethrower on DSK3G9T082PROD with NOTICES




                                               Clearing Rules of FICC, Rule 4—Clearing Fund and
                                               Loss Allocation; Rules and Procedures of NSCC,
                                                                                                         30 15  U.S.C. 78q–1(b)(3)(F).                       the ability to track its trading activity on
                                               Procedure XV—Clearing Fund Formula and Other              31 In approving the Proposed Rule Changes, the      the Exchange through both real-time
                                               Matters; By-Laws and Organizational Certificate of      Commission considered the proposals’ impact on        and historical order and execution
                                               DTC, Rule 4—Participants Fund and Participants          efficiency, competition, and capital formation. 15
                                               Investment, available at http://dtcc.com/legal/rules-   U.S.C. 78c(f).                                        summaries, available on a daily or a
                                               and-procedures.                                            32 17 CFR 200.30–3(a)(12).                         monthly basis. The QView dashboard
                                                 27 17 CFR 240.17Ad–22(e)(4)(i).                          1 15 U.S.C. 78s(b)(1).                             allows the member to view a summary
                                                 28 17 CFR 240.17Ad–22(e)(6)(iv).                         2 17 CFR 240.19b–4.                                of its executions and open orders,


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                                                                        Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices                                                       51895

                                               including, but not limited to: The                      TradeInfo for up to 5 users at no                        because their fees will not change.
                                               number of executions and their dollar                   additional cost.                                         Moreover, the additional subscriptions
                                               value; executions by symbol; total                                                                               resulting from the fee waiver will
                                                                                                       Proposed Changes
                                               volume; whether an order has been                                                                                increase market transparency, and, as
                                               added or removed; whether the order is                    The Exchange proposes to: (i)                          the total number of subscribers
                                               for a buy or a sell; whether an order is                Introduce a fee waiver for 30 days for                   increases, the additional subscriptions
                                               open; and information related to routing                any new, prospective or returning                        will decrease the likelihood of future fee
                                               strategies. QView also includes ranking                 purchaser of either QView or the                         increases as a result of rising fixed costs.
                                               and market share statistics, such as how                Latency Optics add-on service to
                                               the subscribing member firm ranks in                    encourage testing and dissemination of                      Removal of the provision in Rule
                                               Nasdaq market activity as compared to                   the product; and (ii) remove a rarely                    7058(b) allowing a free subscription to
                                               other Nasdaq participants. QView data                   used provision of Rule 7058 that offers                  TradeInfo for five users is an equitable
                                               may be segregated by individual Market                  subscribers of the Latency Optics add-                   allocation of reasonable dues, fees and
                                               Participant Identifiers (MPIDs) or ports.               on service a subscription to TradeInfo                   other charges because all members will
                                               QView was developed to work in                          for up to five users at no additional cost.              be charged the same fees for the same
                                               conjunction with TradeInfo (discussed                     The Exchange proposes to initiate the                  product. Moreover, the proposed change
                                               below) to allow the QView purchaser to                  new fee waiver program to foster                         will have little substantive impact on
                                               view specific order and execution                       interest in QView or the Latency Optics                  fees because the discount was rarely, if
                                               information provided by the QView                       add-on service and encourage sales for                   ever, used. This proposed change will
                                               dashboard interface.                                    both products. The waiver will be                        not permit unfair discrimination
                                                  As set forth in Rule 7058(a), members                available only once per customer for any                 between customers, issuers, brokers, or
                                               may subscribe to QView for a fee of                     version of either product. New versions                  dealers because the proposal will
                                               $600 per month.                                         will be announced by the Exchange on                     remove a basis for price differentiation
                                                                                                       www.nasdaqtrader.com.                                    among customers that currently exists.7
                                               Latency Optics                                            The Exchange also proposes to
                                                 A member that subscribes to QView                     remove a rarely used provision of Rule                      In adopting Regulation NMS,8 the
                                               may also purchase the Latency Optics                    7058 that offers subscribers of the                      Commission granted SROs and broker-
                                               add-on service, which provides the                      Latency Optics add-on service a                          dealers increased authority and
                                               member with the ability to monitor                      subscription to TradeInfo for up to five                 flexibility to offer new and unique
                                               three types of latency for order messages               users at no additional cost. As stated in                market data to the public. It was
                                               and compare that latency to the average                 Rule 7015(f), TradeInfo is                               believed that this authority would
                                               on the Nasdaq system: 3 (1) Roundtrip                   complementary as part of the Nasdaq                      expand the amount of data available to
                                               time between order entry and receipt of                 workstation. Because TradeInfo is                        consumers, and also spur innovation
                                               acknowledgement; (2) roundtrip time                     already available free of charge with the                and competition for the provision of
                                               between order entry and the time that                   Nasdaq workstation, customers have                       market data. Regulation NMS—
                                               the order appears on the TotalView                      expressed little interest in this discount,              deregulating the market in proprietary
                                               ITCH multicast feed; and (3) the                        and that provision has been rarely, if                   data—furthers the Act’s goals of
                                               roundtrip time between the entry of an                  ever, used. As such, the Exchange                        facilitating efficiency and competition:
                                               order cancellation request and the time                 proposes to eliminate that provision.4
                                               that the message in reply is received by                                                                            [E]fficiency is promoted when broker-
                                                                                                         The proposed changes do not affect                     dealers who do not need the data
                                               the client device. Data is displayed                    the cost of any other Nasdaq product.
                                               graphically and in table format, and may                                                                         beyond the prices, sizes, market center
                                               be segregated by MPID or ports.                         2. Statutory Basis                                       identifications of the NBBO and
                                               Subscribers may also set hourly or end-                    The Exchange believes that its                        consolidated last sale information are
                                               of-day alert notifications.                             proposal is consistent with Section 6(b)                 not required to receive (and pay for)
                                                 As set forth in Rule 7058(b), the                     of the Act,5 in general, and furthers the                such data. The Commission also
                                               Latency Optics add-on is available for a                objectives of Sections 6(b)(4) and 6(b)(5)               believes that efficiency is promoted
                                               fee of $2,900 per month.                                of the Act,6 in particular, in that it                   when broker-dealers may choose to
                                                                                                       provides for the equitable allocation of                 receive (and pay for) additional market
                                               TradeInfo
                                                                                                       reasonable dues, fees and other charges                  data based on their own internal
                                                  TradeInfo is a web-based tool that                   among members and issuers and other                      analysis of the need for such data.9
                                               allows a member to see the status of                    persons using any facility, and is not
                                               orders, executions, cancels and breaks,                                                                             Nasdaq believes that QView, the
                                                                                                       designed to permit unfair                                Latency Optics add-on and TradeInfo—
                                               generate reports for download, and                      discrimination between customers,
                                               cancel or correct open orders.                                                                                   which provide members with the ability
                                                                                                       issuers, brokers, or dealers.                            to track order flow, observe latency and
                                                  As set forth in Rule 7015(f), TradeInfo                 The fee waiver proposal is an
                                               is complementary as part of the Nasdaq                                                                           obtain order data—is precisely the sort
                                                                                                       equitable allocation of reasonable dues,                 of market data product that the
                                               workstation or may be purchased                         fees and other charges because it will
                                               separately for a fee of $95 per user per                                                                         Commission envisioned when it
                                                                                                       reduce fees for new, prospective, and                    adopted Regulation NMS.
                                               month. Under Rule 7058(b), a purchaser                  returning purchasers of QView or
                                               of the Latency Optics add-on may obtain                 Latency Optics, while not                                   7 Availability of QView, the Latency Optics add-
                                                                                                       disadvantaging continuing subscribers
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                                                 3 The service measures the historical latency of                                                               on service and TradeInfo is already limited to
                                               the member firm’s order messages sent to and from                                                                members of the Exchange, which is not unfair
                                                                                                         4 As a conforming change, the Exchange proposes        discrimination because the information provided
                                               the Nasdaq Market Center through the member
                                               firm’s OUCH ports and received on ITCH ports. See       to delete an obsolete reference to a free trial period   solely concerns a member firm’s trading activity on
                                               Securities Exchange Act Release No. 68617 (January      that expired in September 2013. In addition, a           the Exchange.
                                               10, 2013), 78 FR 3480 (January 16, 2013) (SR–           comma is added after the phrase ‘‘In addition,’’ in         8 See Securities Exchange Act Release No. 51808

                                               NASDAQ–2013–15) [sic]. OUCH ports are used for          Rule 7058(b) to correct a grammatical error.             (June 9, 2005), 70 FR 37496 (June 29, 2005)
                                                                                                         5 15 U.S.C. 78f(b).                                    (‘‘Regulation NMS Adopting Release’’).
                                               order entry; multicast ITCH ports are used for the
                                               dissemination of ITCH multicast feeds.                    6 15 U.S.C. 78f(b)(4) and (5).                            9 Id.




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                                               51896                    Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices

                                                  In NetCoalition v. Securities and                    B. Self-Regulatory Organization’s                     over the internet after being
                                               Exchange Commission 10                                  Statement on Burden on Competition                    purchased).15 In Nasdaq’s case, it is
                                               (‘‘NetCoalition’’) the D.C. Circuit upheld                 The Exchange does not believe that                 costly to build and maintain a trading
                                               the Commission’s use of a market-based                  the proposed rule changes will impose                 platform, but the incremental cost of
                                               approach in evaluating the fairness of                  any burden on competition not                         trading each additional share on an
                                               market data fees against a challenge                    necessary or appropriate in furtherance               existing platform, or distributing an
                                               claiming that Congress mandated a cost-                 of the purposes of the Act. Introduction              additional instance of data, is very low.
                                               based approach.11 As the court                          of the proposed fee waiver will enhance               Market information and executions are
                                               emphasized, the Commission ‘‘intended                   competition by increasing customer                    each produced jointly (in the sense that
                                               in Regulation NMS that ‘market forces,                  familiarity with the product, thereby                 the activities of trading and placing
                                               rather than regulatory requirements’                    leading to more informed purchase                     orders are the source of the information
                                               play a role in determining the market                   decisions. Further, the product itself                that is distributed) and are each subject
                                               data . . . to be made available to                      enhances competition by promoting                     to significant scale economies.
                                               investors and at what cost.’’ 12 ‘‘No one               transparency, and the increased use of                   Competition among trading platforms
                                               disputes that competition for order flow                the product generated by the fee waiver               can be expected to constrain the
                                               is ‘fierce.’ . . . As the SEC explained,                will increase the amount of information               aggregate return each platform earns
                                               ‘[i]n the U.S. national market system,                  available to the market. Moreover,                    from the sale of its joint products. The
                                               buyers and sellers of securities, and the               removal of the provision in 7058(b)                   level of competition and contestability
                                               broker-dealers that act as their order-                 allowing a free subscription to                       in the market is evident in the
                                               routing agents, have a wide range of                    TradeInfo for five users will enhance                 numerous alternative venues that
                                               choices of where to route orders for                    competition by simplifying the fee                    compete for order flow, including SRO
                                               execution’; [and] ‘no exchange can                      structure for these products.                         markets, as well as internalizing BDs
                                               afford to take its market share                            The market for data products is                    and various forms of alternative trading
                                               percentages for granted’ because ‘no                    extremely competitive and firms may                   systems (‘‘ATSs’’), including dark pools
                                               exchange possesses a monopoly,                          freely choose alternative venues and                  and electronic communication networks
                                               regulatory or otherwise, in the execution               data vendors based on the aggregate fees              (‘‘ECNs’’). Each SRO market competes to
                                               of order flow from broker                               assessed, the data offered, and the value             produce transaction reports via trade
                                               dealers’. . . .’’ 13                                    provided. Exchanges compete with each                 executions, and two FINRA-regulated
                                                                                                       other for listings, trades, and market                TRFs compete to attract internalized
                                                  Data products such as QView, the                     data itself. Transaction execution and
                                               Latency Optics add-on and TradeInfo                                                                           transaction reports. It is common for
                                                                                                       proprietary data products are                         BDs to further and exploit this
                                               are a means by which exchanges                          complementary in that market data is
                                               compete to attract order flow. To the                                                                         competition by sending their order flow
                                                                                                       both an input and a byproduct of the                  and transaction reports to multiple
                                               extent that exchanges are successful in                 execution service. In fact, market data               markets, rather than providing them all
                                               such competition, they earn trading                     and trade execution are a paradigmatic                to a single market. Competitive markets
                                               revenues and also enhance the value of                  example of joint products with joint                  for order flow, executions, and
                                               their data products by increasing the                   costs. The decision whether and on                    transaction reports provide pricing
                                               amount of data they are able to provide.                which platform to post an order will                  discipline for the inputs of proprietary
                                               The need to compete for order flow                      depend on the attributes of the platform              data products. The large number of
                                               places substantial pressure upon                        where the order can be posted,                        SROs, TRFs, BDs, and ATSs that
                                               exchanges to keep their fees for both                   including the execution fees, data                    currently produce proprietary data or
                                               executions and data reasonable.14                       quality and price, and distribution of its
                                                                                                                                                             are currently capable of producing it
                                                  Fees for QView, the Latency Optics                   data products.
                                                                                                                                                             provides further pricing discipline for
                                               add-on and TradeInfo are optional in                       The costs of producing market data
                                                                                                                                                             proprietary data products. Each SRO,
                                               that they apply only to firms that elect                include not only the costs of the data
                                                                                                                                                             TRF, ATS, and BD is currently
                                               to purchase these products, which, like                 distribution infrastructure, but also the
                                                                                                       costs of designing, maintaining, and                  permitted to produce proprietary data
                                               all proprietary data products, they may                                                                       products, and many currently do or
                                                                                                       operating the exchange’s transaction
                                               cancel at any time.                                                                                           have announced plans to do so,
                                                                                                       execution platform and the cost of
                                                  For all of the reasons set forth above,              regulating the exchange to ensure its fair            including Nasdaq, NYSE, NYSE MKT,
                                               the Exchange has provided a substantial                 operation and maintain investor                       NYSE Arca, and the BATS exchanges.
                                               basis demonstrating that the proposed                   confidence. The total return that a                      Firms make decisions regarding
                                               fee is equitable, fair, reasonable and not              trading platform earns reflects the                   market data based on the total cost of
                                               unreasonably discriminatory, and                        revenues it receives from both products               interacting with the Exchange, and an
                                               therefore consistent with and in                        and the joint costs it incurs. Moreover,              ‘‘excessive’’ price for one product has
                                               furtherance of the purposes of the Act.                 the operation of the exchange is                      the potential to impair revenues from all
                                                                                                       characterized by high fixed costs and                 products. If the price of QView, the
                                                 10 NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir.       low marginal costs. This cost structure               Latency Optics add-on or TradeInfo
                                               2010).                                                  is common in content distribution                     were to become unattractive to member
                                                 11 See NetCoalition, at 534–535.
                                                 12 Id. at 537.
                                                                                                       industries such as software, where                    firms,16 those firms would opt not to
                                                                                                       developing new software typically                     purchase the product, or may reduce
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                                                 13 Id. at 539 (quoting Securities Exchange Act

                                               Release No. 59039 (December 2, 2008), 73 FR             requires a large initial investment (and
                                               74770, 74782–83 (December 9, 2008) (SR–                 continuing large investments to upgrade                  15 See William J. Baumol and Daniel G. Swanson,

                                               NYSEArca–2006–21)).                                     the software), but once the software is               ‘‘The New Economy and Ubiquitous Competitive
                                                 14 See Sec. Indus. Fin. Mkts. Ass’n (SIFMA),
                                                                                                       developed, the incremental cost of                    Price Discrimination: Identifying Defensible Criteria
                                               Initial Decision Release No. 1015, 2016 SEC LEXIS                                                             of Market Power,’’ Antitrust Law Journal, Vol. 70,
                                               2278 (ALJ June 1, 2016) (finding the existence of
                                                                                                       providing that software to an additional              No. 3 (2003).
                                               vigorous competition with respect to non-core           user is typically small, or even zero                    16 Only member firms can purchase QView, the

                                               market data).                                           (e.g., if the software can be downloaded              Latency Optics add-on, and TradeInfo.



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                                                                            Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices                                                  51897

                                               their purchases of other products sold                     rules/sro.shtml). Copies of the                       Commission is publishing this notice to
                                               by the Exchange.                                           submission, all subsequent                            solicit comments on the proposed rule
                                                 For all of the reasons set forth above,                  amendments, all written statements                    change from interested persons.
                                               the Exchange does not believe that the                     with respect to the proposed rule
                                                                                                                                                                I. Self-Regulatory Organization’s
                                               proposed rule changes will impose any                      change that are filed with the
                                                                                                          Commission, and all written                           Statement of the Terms of Substance of
                                               burden on competition not necessary or
                                                                                                          communications relating to the                        the Proposed Rule Change
                                               appropriate in furtherance of the
                                               purposes of the Act.                                       proposed rule change between the                         The Exchange is filing a proposal to
                                                                                                          Commission and any person, other than                 amend the MIAX Options Fee Schedule
                                               C. Self-Regulatory Organization’s
                                                                                                          those that may be withheld from the                   (the ‘‘Fee Schedule’’).
                                               Statement on Comments on the                               public in accordance with the
                                               Proposed Rule Change Received From                         provisions of 5 U.S.C. 552, will be                      The text of the proposed rule change
                                               Members, Participants, or Others                           available for Web site viewing and                    is available on the Exchange’s Web site
                                                 No written comments were either                          printing in the Commission’s Public                   at http://www.miaxoptions.com/rule-
                                               solicited or received.                                     Reference Room, 100 F Street NE.,                     filings, at MIAX’s principal office, and
                                                                                                          Washington, DC 20549, on official                     at the Commission’s Public Reference
                                               III. Date of Effectiveness of the                                                                                Room.
                                                                                                          business days between the hours of
                                               Proposed Rule Change and Timing for
                                                                                                          10:00 a.m. and 3:00 p.m. Copies of the                II. Self-Regulatory Organization’s
                                               Commission Action
                                                                                                          filing also will be available for                     Statement of the Purpose of, and
                                                  The foregoing rule change has become                    inspection and copying at the principal               Statutory Basis for, the Proposed Rule
                                               effective pursuant to Section                              office of the Exchange. All comments                  Change
                                               19(b)(3)(A)(ii) of the Act.17                              received will be posted without change.
                                                  At any time within 60 days of the                       Persons submitting comments are                         In its filing with the Commission, the
                                               filing of the proposed rule change, the                    cautioned that we do not redact or edit               Exchange included statements
                                               Commission summarily may                                   personal identifying information from                 concerning the purpose of and basis for
                                               temporarily suspend such rule change if                    comment submissions. You should                       the proposed rule change and discussed
                                               it appears to the Commission that such                     submit only information that you wish                 any comments it received on the
                                               action is: (i) Necessary or appropriate in                 to make available publicly. All                       proposed rule change. The text of these
                                               the public interest; (ii) for the protection               submissions should refer to File                      statements may be examined at the
                                               of investors; or (iii) otherwise in                        Number SR–NASDAQ–2017–113 and                         places specified in Item IV below. The
                                               furtherance of the purposes of the Act.                    should be submitted on or before                      Exchange has prepared summaries, set
                                               If the Commission takes such action, the                   November 29, 2017.                                    forth in sections A, B, and C below, of
                                               Commission shall institute proceedings                       For the Commission, by the Division of              the most significant aspects of such
                                               to determine whether the proposed rule                     Trading and Markets, pursuant to delegated            statements.
                                               should be approved or disapproved.                         authority.18
                                                                                                                                                                A. Self-Regulatory Organization’s
                                               IV. Solicitation of Comments                               Eduardo A. Aleman,                                    Statement of the Purpose of, and
                                                                                                          Assistant Secretary.                                  Statutory Basis for, the Proposed Rule
                                                 Interested persons are invited to
                                                                                                          [FR Doc. 2017–24254 Filed 11–7–17; 8:45 am]           Change
                                               submit written data, views, and
                                                                                                          BILLING CODE 8011–01–P
                                               arguments concerning the foregoing,                                                                              1. Purpose
                                               including whether the proposed rule
                                               change is consistent with the Act.                                                                                  The Exchange proposes to amend the
                                                                                                          SECURITIES AND EXCHANGE
                                               Comments may be submitted by any of                                                                              list of MIAX Select Symbols 3 contained
                                                                                                          COMMISSION
                                               the following methods:                                                                                           in the Priority Customer Rebate Program
                                                                                                          [Release No. 34–81998; File No. SR–MIAX–              (the ‘‘Program’’) 4 of the Exchange’s Fee
                                               Electronic Comments                                        2017–45]                                              Schedule to 1. delete the symbol
                                                 • Use the Commission’s Internet                                                                                ‘‘SUNE’’ associated with SunEdison,
                                               comment form (http://www.sec.gov/                          Self-Regulatory Organizations; Miami                  Inc. (‘‘SunEdison’’) and 2. replace the
                                               rules/sro.shtml); or                                       International Securities Exchange LLC;                symbol ‘‘BBRY’’ with ‘‘BB’’ associated
                                                 • Send an email to rule-comments@                        Notice of Filing and Immediate                        with BlackBerry Limited
                                               sec.gov. Please include File Number SR–                    Effectiveness of a Proposed Rule
                                                                                                                                                                (‘‘BlackBerry’’).
                                               NASDAQ–2017–113 on the subject line.                       Change To Amend Its Fee Schedule
                                                                                                                                                                   The Exchange initially created the list
                                               Paper Comments                                             November 2, 2017.                                     of MIAX Select Symbols on March 1,
                                                                                                             Pursuant to Section 19(b)(1) of the                2014,5 and has added and removed
                                                  • Send paper comments in triplicate                     Securities Exchange Act of 1934
                                               to Secretary, Securities and Exchange                                                                            option classes from that list since that
                                                                                                          (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                               Commission, 100 F Street NE.,                              notice is hereby given that on October                  3 The term ‘‘MIAX Select Symbols’’ means
                                               Washington, DC 20549–1090.                                 30, 2017, Miami International Securities              options overlying AAL, AAPL, AIG, AMAT, AMD,
                                               All submissions should refer to File                       Exchange LLC (‘‘MIAX Options’’ or                     AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS,
                                               Number SR–NASDAQ–2017–113. This                            ‘‘Exchange’’) filed with the Securities               CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE,
                                               file number should be included on the                                                                            GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC,
                                                                                                          and Exchange Commission                               IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX,
                                               subject line if email is used. To help the                 (‘‘Commission’’) the proposed rule
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                                                                                                                                                                NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG,
                                               Commission process and review your                         change as described in Items I, II, and               S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WBA,
                                               comments more efficiently, please use                      III below, which Items have been                      WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM,
                                               only one method. The Commission will                                                                             and XOP.
                                                                                                          prepared by the Exchange. The                           4 See section 1)a)iii) of the Fee Schedule for a
                                               post all comments on the Commission’s                                                                            complete description of the Program.
                                               Internet Web site (http://www.sec.gov/                       18 17 CFR 200.30–3(a)(12).                            5 See Securities Exchange Act Release No. 71700
                                                                                                            1 15 U.S.C. 78s(b)(1).                              (March 12, 2014), 79 FR 15188 (March 18, 2014)
                                                 17 15   U.S.C. 78s(b)(3)(A)(ii).                           2 17 CFR 240.19b–4.                                 (SR–MIAX–2014–13).



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Document Created: 2017-11-08 01:20:32
Document Modified: 2017-11-08 01:20:32
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 51894 

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