82 FR 52953 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Access and Redistribution Fee
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 219 (November 15, 2017)
Federal Register Volume 82, Issue 219 (November 15, 2017)
| Page Range | 52953-52955 | |
| FR Document | 2017-24658 |
[Federal Register Volume 82, Number 219 (Wednesday, November 15, 2017)] [Notices] [Pages 52953-52955] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24658] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82037; File No. SR-NASDAQ-2017-114] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Access and Redistribution Fee November 8, 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 25, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend and conform Nasdaq Equities Rule 7025 and Chapter XV, Section 12 of Nasdaq's Options Rules, to define key terms; to improve the rule language; and to specify its application to Extranet Providers and Distributors in various contexts. 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 proposed rule change concerns Nasdaq Rule 7025 (the ``Equities Rule'') and Chapter XV, Section 12, of Nasdaq's Options Rules (the ``Options Rule,'' collectively the ``Rules''), currently entitled ``Extranet Access Fee.'' The Exchange first imposed an Extranet Access Fee in 2004.\3\ The Exchange last amended the Extranet Access Fee in January of 2015.\4\ Today, technology and the ecosystem have changed such that the Rules need updating and clarification. Therefore, Nasdaq is proposing several parallel changes to the Rules. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 50483 (Oct. 1, 2004), 69 FR 60448 (Oct. 8, 2004) (SR-NASD-2004-118). \4\ See Securities Exchange Act Release No. 74077 (Jan. 16, 2015); 80 FR 3683 (Jan. 23, 2015) (SR-NASDAQ-2015-002). --------------------------------------------------------------------------- First, Nasdaq is proposing to rename both Rules and to clarify their meaning through the use of defined terms. Nasdaq is adding definitions of the terms Equipment Configuration, and Extranet Provider to new subsection (a) of the Rules. Nasdaq is also cross-referencing the definition of Distributors currently set forth in Nasdaq Rule 7019(c). The term ``Equipment Configuration'' will be defined to mean ``any line, circuit, router package, or other technical configuration used to provide a connection to the Exchange market data feeds.'' The term Equipment Configuration replaces the term ``Customer Premises Equipment Configuration'' set forth in the current rules. Nasdaq believes that the term ``Customer Premises Equipment Configuration'' is ambiguous and creates confusion about the ownership and location of equipment through which direct access to market data feeds is provided. By referring instead to ``Equipment Configuration,'' Nasdaq intends to specify that the ownership and location of the equipment is inconsequential to the application of access and redistribution fees. Rather, it is the number of configurations that matters, determining the number of monthly access and redistribution fees to be assessed. For example, if an Extranet Provider supplies market data to five recipients via five configurations, two of which are located in a single Nasdaq facility (such as Carteret, New Jersey) and three of which are located at different customer facilities, the Extranet Provider will be assessed access and redistribution fees of $5,000 per month. If an Extranet Provider supplies market data to one customer at two separate locations via two configurations--one within a Nasdaq facility and one located elsewhere--the Extranet Provider will be assessed access and redistribution fees of $2,000 per month. If an Extranet Provider supplies market data to four customers via four configurations all located within a Nasdaq co-location facility, the Extranet Provider will be assessed $4,000 per month in access and redistribution fees. Nasdaq is proposing to define the term ``Extranet Provider'' as ``any entity that has signed the Nasdaq Extranet Connection Agreement and that establishes a telecommunications connection in the Exchange's co-location facility.'' Nasdaq requires entities to sign the Nasdaq Extranet Connection Agreement \5\ for the purpose of setting the terms and conditions for those entities to place equipment in Nasdaq's co-location facility in order to establish a telecommunications connection directly to Nasdaq and to provide its own customers with access to Nasdaq market data feeds. --------------------------------------------------------------------------- \5\ Available at http://www.nasdaqtrader.com/Content/AdministrationSupport/AgreementsData/NASDAQOMXExtranetAgreement.pdf. --------------------------------------------------------------------------- Finally, in order to further enhance the clarity of Nasdaq's rules, Nasdaq is proposing to cross-reference the definition of ``Distributor'' for purposes of this rule. Rule 7019(c) currently defines Distributor as: [A]ny entity that receives a feed or data file of Nasdaq data directly from Nasdaq or indirectly through another entity and then distributes it either internally (within that [[Page 52954]] entity) or externally (outside that entity). All distributors shall execute a Nasdaq distributor agreement. Nasdaq itself is a vendor of its data feed(s) and has executed a Nasdaq distributor agreement and pays the distributor charge. Nasdaq is proposing to renumber and rearrange the existing rule text of the Rules. The first two sentences of existing rule text will become new subsection (b). Nasdaq also proposes to improve the clarity of subsection (b) by using the new definitions outlined above and by specifying that the monthly fees referred to are the monthly access and redistribution fees. As described earlier, the third sentence of existing rule text is being modified and moved to paragraph (1) of new subsection (a) as the improved definition of ``Equipment Configuration.'' The fourth and fifth sentences of existing rule text will move to new subsection (d) with modest textual improvements but no change in application of fees. The sixth sentence of existing rule text will move to the final sentences of subsections (b) and (c) with minor textual enhancements to apply it with equal effect to Extranet Providers and Distributors. Lastly, Nasdaq proposes to add new subsection (c) to specify and codify that similarly situated Distributors and Extranet Providers will pay similar fees. Under subsection (b), Extranet Providers are assessed a monthly fee of $1,000 for each Equipment Configuration that offers Exchange market data feeds. Similarly, under proposed subsection (c), the same $1,000 monthly fee applies to Distributors to whom the same Exchange market data feeds is published via a Direct Circuit Connection to Nasdaq. Nasdaq believes that, as defined, Extranet Providers and Distributors are similarly situated because both entities connect directly to Nasdaq, and both provide Exchange market data feeds to their customers via those connections.\6\ Likewise, the customers of Extranet Providers and Distributors are similarly situated in that they receive the same Exchange market data feeds through similar means. --------------------------------------------------------------------------- \6\ Proposed Rules 7025(c) and Section 12(c) of Chapter XV of the Options Rules apply only to Distributors that connect to Nasdaq via a Direct Circuit Connection pursuant to Rule 7051(a). They do not apply to Distributors that are co-located with Nasdaq pursuant to Rule 7034 and that connect to Nasdaq as specified under that Rule. Nor do they apply to entities that connect to Nasdaq remotely via Point of Presence Connectivity under Rule 7051(c) as set forth in SR-NASDAQ-2017-97. --------------------------------------------------------------------------- For example, a Distributor with two Direct Circuit Connections to Nasdaq, both of which emanate from a single Nasdaq co-location facility (such as Carteret, New Jersey) and both of which receive Exchange market data feeds, will be assessed access and redistribution fees of $2,000 per month. A Distributor with two Direct Circuit Connections to Nasdaq that emanate from two separate locations and that receives Exchange market data feeds over each connection will be assessed access and redistribution fees of $2,000 per month. A Distributor with two Direct Circuit Connections to Nasdaq that emanate from two separate locations and that receives Exchange market data feeds over only one of the connections will be assessed access and redistribution fees of $1,000 per month. Nasdaq previously assessed and currently assesses this fee in its capacity as operator of Nasdaq Technology Services, which had been considered an Extranet Provider.\7\ Nasdaq believes that defining Extranet Providers and codifying the fee to Distributors (other than Extranet Providers) is clearer to market participants. Nasdaq also understands that Distributors, like Extranet Providers, commonly pass the fee on to their customers and therefore specifying that Distributors employing a Direct Circuit Connection also pay the fee will ensure consistent treatment between users enjoying the same benefits via Extranet Providers on the one hand and Distributors on the other, as described above. --------------------------------------------------------------------------- \7\ See SR-NASDAQ-2015-002 at footnote 11. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that this proposal is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides for an equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using its facility, and to specify that the fees are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Nasdaq believes that the application of identical Access and Redistribution fees to Distributors and Extranet Providers as described in the proposed rule change is fair and equitable and non- discriminatory. As stated above, Distributors and Extranet Providers both connect to the Exchange directly for the purpose of re- distributing Exchange market data feeds to their own customers and both enjoy similar benefits in doing so. Likewise, those customers, whether receiving Exchange market data feeds via a Distributor or an Extranet Provider receive that market data feeds in a similar fashion and with similar benefits. Those benefits are considerable: Secure, rapid, reliable access to the highest quality market data feeds on the trading of equities and options on the Exchange. The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In regulation NMS, while adopting a series of steps to improve the current market model, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system ``has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.'' \10\ --------------------------------------------------------------------------- \10\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting Release''). --------------------------------------------------------------------------- Nasdaq believes it is fair and equitable and not discriminatory to apply equal access and redistribution fees to Distributors, as it does to Extranet Providers. As stated above, Distributors and Extranet Providers are similarly situated in that they receive Exchange market data feeds directly from the Exchange and they redistribute that data to their own customers. Likewise, the Exchange believes that the customers of Extranet Providers and of Distributors are similarly situated in the manner in which they receive Exchange market data feeds. The Exchange believes that it is consistent with an equitable allocation of reasonable dues and fees and not unfairly discriminatory to charge the fees proposed under Rule 7025 and Section 12(c) of Chapter XV of the Options Rules to Extranet Providers and Distributors that are not co-located, but not to charge those same fees to Distributors that are co-located. First, Distributors that are co- located already pay fees set forth in Rule 7034 which include connectivity and access to data. Second, if a co-located Distributor were to send data feeds out of the co-location facility, the feeds would be processed and normalized by the Distributor as opposed to by the Exchange; in that case, the Distributor would not be using the proximity for which Extranets and Direct Circuit Connection Distributors are being assessed fees under Rule 7025 and Section 12(c) of Chapter XV of the Options Rules. Nasdaq is proposing to enhance the clarity of the language of the Rules to ensure that customers understand the proper application of the Rules as [[Page 52955]] technology has changed and continues to change. Nasdaq believes that customers support the continued evolution of its rules, and that regulators do and should support and facilitate this evolution. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes that the proposed rule change will not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes that applying equal fees to similarly situated Extranet Providers and Distributors, enhancing the clarity of the Rules, and eliminating ambiguity imposes no burden on competition and is, in fact, pro- competitive. Extranet Providers and Distributors benefit from having a more accurate and complete understanding of Nasdaq's services and fees when determining which if any of those competing services to purchase voluntarily. Nasdaq believes that the proposed rule change places no burden on competition because it specifies that identical fees will apply to all similarly situated Distributors and Extranet Providers that provide Exchange market data feeds to their own customers. As described above, such Distributors and Extranet Providers offer the same Exchange market data feeds in the same manner to similarly situated customers. Nasdaq offers similar benefits to Distributors and Extranet Providers by offering them such access to Exchange market data feeds. 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.\11\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NASDAQ-2017-114 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-2017-114. 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-2017-114 and should be submitted on or before December 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-24658 Filed 11-14-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices 52953
Washington, DC 20549, on official The text of the proposed rule change Configuration’’ set forth in the current
business days between the hours of is available on the Exchange’s Web site rules. Nasdaq believes that the term
10:00 a.m. and 3:00 p.m. Copies of the at http://nasdaq.cchwallstreet.com/, at ‘‘Customer Premises Equipment
filing also will be available for the principal office of the Exchange, and Configuration’’ is ambiguous and creates
inspection and copying at the principal at the Commission’s Public Reference confusion about the ownership and
office of the Exchange. All comments Room. location of equipment through which
received will be posted without change. direct access to market data feeds is
II. Self-Regulatory Organization’s provided. By referring instead to
Persons submitting comments are
Statement of the Purpose of, and ‘‘Equipment Configuration,’’ Nasdaq
cautioned that we do not redact or edit
Statutory Basis for, the Proposed Rule intends to specify that the ownership
personal identifying information from
Change and location of the equipment is
comment submissions. You should
submit only information that you wish In its filing with the Commission, the inconsequential to the application of
to make available publicly. All Exchange included statements access and redistribution fees. Rather, it
submissions should refer to File concerning the purpose of and basis for is the number of configurations that
Number SR–Phlx–2017–84 and should the proposed rule change and discussed matters, determining the number of
be submitted on or before December 6, any comments it received on the monthly access and redistribution fees
2017. proposed rule change. The text of these to be assessed.
statements may be examined at the For example, if an Extranet Provider
For the Commission, by the Division of
Trading and Markets, pursuant to delegated places specified in Item IV below. The supplies market data to five recipients
authority.11 Exchange has prepared summaries, set via five configurations, two of which are
Eduardo A. Aleman, forth in sections A, B, and C below, of located in a single Nasdaq facility (such
the most significant aspects of such as Carteret, New Jersey) and three of
Assistant Secretary.
statements. which are located at different customer
[FR Doc. 2017–24655 Filed 11–14–17; 8:45 am]
facilities, the Extranet Provider will be
BILLING CODE 8011–01–P A. Self-Regulatory Organization’s assessed access and redistribution fees
Statement of the Purpose of, and of $5,000 per month. If an Extranet
Statutory Basis for, the Proposed Rule Provider supplies market data to one
SECURITIES AND EXCHANGE Change customer at two separate locations via
COMMISSION
1. Purpose two configurations—one within a
[Release No. 34–82037; File No. SR– The proposed rule change concerns Nasdaq facility and one located
NASDAQ–2017–114] Nasdaq Rule 7025 (the ‘‘Equities Rule’’) elsewhere—the Extranet Provider will
and Chapter XV, Section 12, of Nasdaq’s be assessed access and redistribution
Self-Regulatory Organizations; The fees of $2,000 per month. If an Extranet
Options Rules (the ‘‘Options Rule,’’
Nasdaq Stock Market LLC; Notice of Provider supplies market data to four
collectively the ‘‘Rules’’), currently
Filing and Immediate Effectiveness of customers via four configurations all
entitled ‘‘Extranet Access Fee.’’ The
Proposed Rule Change Relating to the located within a Nasdaq co-location
Exchange first imposed an Extranet
Access and Redistribution Fee facility, the Extranet Provider will be
Access Fee in 2004.3 The Exchange last
amended the Extranet Access Fee in assessed $4,000 per month in access and
November 8, 2017.
January of 2015.4 Today, technology and redistribution fees. Nasdaq is proposing
Pursuant to Section 19(b)(1) of the to define the term ‘‘Extranet Provider’’
Securities Exchange Act of 1934 the ecosystem have changed such that
the Rules need updating and as ‘‘any entity that has signed the
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Nasdaq Extranet Connection Agreement
notice is hereby given that on October clarification. Therefore, Nasdaq is
proposing several parallel changes to and that establishes a
25, 2017, The Nasdaq Stock Market LLC telecommunications connection in the
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the the Rules.
First, Nasdaq is proposing to rename Exchange’s co-location facility.’’ Nasdaq
Securities and Exchange Commission requires entities to sign the Nasdaq
(‘‘SEC’’ or ‘‘Commission’’) the proposed both Rules and to clarify their meaning
through the use of defined terms. Extranet Connection Agreement 5 for the
rule change as described in Items I, II, purpose of setting the terms and
and III, below, which Items have been Nasdaq is adding definitions of the
terms Equipment Configuration, and conditions for those entities to place
prepared by the Exchange. The equipment in Nasdaq’s co-location
Commission is publishing this notice to Extranet Provider to new subsection (a)
of the Rules. Nasdaq is also cross- facility in order to establish a
solicit comments on the proposed rule telecommunications connection directly
change from interested persons. referencing the definition of Distributors
currently set forth in Nasdaq Rule to Nasdaq and to provide its own
I. Self-Regulatory Organization’s 7019(c). customers with access to Nasdaq market
Statement of the Terms of Substance of The term ‘‘Equipment Configuration’’ data feeds.
the Proposed Rule Change will be defined to mean ‘‘any line, Finally, in order to further enhance
circuit, router package, or other the clarity of Nasdaq’s rules, Nasdaq is
The Exchange proposes to amend and proposing to cross-reference the
conform Nasdaq Equities Rule 7025 and technical configuration used to provide
a connection to the Exchange market definition of ‘‘Distributor’’ for purposes
Chapter XV, Section 12 of Nasdaq’s of this rule. Rule 7019(c) currently
Options Rules, to define key terms; to data feeds.’’ The term Equipment
Configuration replaces the term defines Distributor as:
sradovich on DSK3GMQ082PROD with NOTICES
improve the rule language; and to
specify its application to Extranet ‘‘Customer Premises Equipment [A]ny entity that receives a feed or data file
of Nasdaq data directly from Nasdaq or
Providers and Distributors in various
3 See Securities Exchange Act Release No. 50483 indirectly through another entity and then
contexts. distributes it either internally (within that
(Oct. 1, 2004), 69 FR 60448 (Oct. 8, 2004) (SR–
NASD–2004–118).
11 17 CFR 200.30–3(a)(12). 4 See Securities Exchange Act Release No. 74077 5 Available at http://www.nasdaqtrader.com/
1 15 U.S.C. 78s(b)(1). (Jan. 16, 2015); 80 FR 3683 (Jan. 23, 2015) (SR– Content/AdministrationSupport/AgreementsData/
2 17 CFR 240.19b–4. NASDAQ–2015–002). NASDAQOMXExtranetAgreement.pdf.
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![Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices 52955
technology has changed and continues to determine whether the proposed rule For the Commission, by the Division of
to change. Nasdaq believes that should be approved or disapproved. Trading and Markets, pursuant to delegated
customers support the continued authority.12
evolution of its rules, and that regulators IV. Solicitation of Comments Eduardo A. Aleman,
do and should support and facilitate Assistant Secretary.
Interested persons are invited to
this evolution. submit written data, views, and [FR Doc. 2017–24658 Filed 11–14–17; 8:45 am]
B. Self-Regulatory Organization’s arguments concerning the foregoing, BILLING CODE 8011–01–P
Statement on Burden on Competition including whether the proposed rule
change is consistent with the Act.
The Exchange believes that the SECURITIES AND EXCHANGE
proposed rule change will not impose Comments may be submitted by any of
the following methods: COMMISSION
any burden on competition not
[Release No. 34–82036; File No. SR–BX–
necessary or appropriate in furtherance Electronic Comments 2017–048]
of the purposes of the Act. To the
contrary, the Exchange believes that • Use the Commission’s Internet Self-Regulatory Organizations; Nasdaq
applying equal fees to similarly situated comment form (http://www.sec.gov/ BX, Inc.; Notice of Filing and
Extranet Providers and Distributors, rules/sro.shtml); or Immediate Effectiveness of Proposed
enhancing the clarity of the Rules, and • Send an email to rule-comments@ Rule Change Relating to the Access
eliminating ambiguity imposes no sec.gov. Please include File Number SR– and Redistribution Fee
burden on competition and is, in fact, NASDAQ–2017–114 on the subject line.
pro-competitive. Extranet Providers and November 8, 2017.
Distributors benefit from having a more Paper Comments Pursuant to Section 19(b)(1) of the
accurate and complete understanding of Securities Exchange Act of 1934
• Send paper comments in triplicate (‘‘Act’’) 1, and Rule 19b–4 thereunder,2
Nasdaq’s services and fees when
to Secretary, Securities and Exchange notice is hereby given that on October
determining which if any of those
Commission, 100 F Street NE., 26, 2017, Nasdaq BX, Inc. (‘‘BX’’ or
competing services to purchase
voluntarily. Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
Nasdaq believes that the proposed All submissions should refer to File and Exchange Commission (‘‘SEC’’ or
rule change places no burden on Number SR–NASDAQ–2017–114. This ‘‘Commission’’) the proposed rule
competition because it specifies that file number should be included on the change as described in Items I, II, and
identical fees will apply to all similarly subject line if email is used. To help the III, below, which Items have been
situated Distributors and Extranet Commission process and review your prepared by the Exchange. The
Providers that provide Exchange market comments more efficiently, please use Commission is publishing this notice to
data feeds to their own customers. As only one method. The Commission will solicit comments on the proposed rule
described above, such Distributors and post all comments on the Commission’s change from interested persons.
Extranet Providers offer the same Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
Exchange market data feeds in the same rules/sro.shtml). Copies of the Statement of the Terms of Substance of
manner to similarly situated customers. submission, all subsequent the Proposed Rule Change
Nasdaq offers similar benefits to amendments, all written statements
Distributors and Extranet Providers by with respect to the proposed rule The Exchange proposes to amend and
offering them such access to Exchange change that are filed with the conform BX Equities Rule 7025 and
market data feeds. Commission, and all written Chapter XV, Section 3(c) of the
communications relating to the Exchange’s Options Rules, to define key
C. Self-Regulatory Organization’s terms; to clarify the rule language; and
Statement on Comments on the proposed rule change between the
Commission and any person, other than to clarify its application to Extranet
Proposed Rule Change Received From Providers and Distributors in various
Members, Participants, or Others those that may be withheld from the
public in accordance with the contexts.
No written comments were either The text of the proposed rule change
provisions of 5 U.S.C. 552, will be
solicited or received. is available on the Exchange’s Web site
available for Web site viewing and
III. Date of Effectiveness of the printing in the Commission’s Public at http://nasdaqbx.cchwallstreet.com/,
Proposed Rule Change and Timing for Reference Room, 100 F Street NE., at the principal office of the Exchange,
Commission Action Washington, DC 20549, on official and at the Commission’s Public
business days between the hours of Reference Room.
The foregoing rule change has become
effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
19(b)(3)(A)(ii) of the Act.11 filing also will be available for Statement of the Purpose of, and
At any time within 60 days of the inspection and copying at the principal Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the office of the Exchange. All comments Change
Commission summarily may received will be posted without change.
In its filing with the Commission, the
temporarily suspend such rule change if Persons submitting comments are
Exchange included statements
it appears to the Commission that such cautioned that we do not redact or edit
concerning the purpose of and basis for
personal identifying information from
sradovich on DSK3GMQ082PROD with NOTICES
action is: (i) Necessary or appropriate in the proposed rule change and discussed
the public interest; (ii) for the protection comment submissions. You should
any comments it received on the
of investors; or (iii) otherwise in submit only information that you wish
proposed rule change. The text of these
furtherance of the purposes of the Act. to make available publicly. All
statements may be examined at the
If the Commission takes such action, the submissions should refer to File
Commission shall institute proceedings Number SR–NASDAQ–2017–114 and 12 17 CFR 200.30–3(a)(12).
should be submitted on or before 1 15 U.S.C. 78s(b)(1).
11 15 U.S.C. 78s(b)(3)(A)(ii). December 6, 2017. 2 17 CFR 240.19b–4.
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Document Created: 2018-10-25 10:36:43
Document Modified: 2018-10-25 10:36:43
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