82 FR 56075 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to All-Or-None Orders

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 226 (November 27, 2017)

Page Range		56075-56076
FR Document		2017-25474
Federal Register, Volume 82 Issue 226 (Monday, November 27, 2017)
[Federal Register Volume 82, Number 226 (Monday, November 27, 2017)]
[Notices]
[Pages 56075-56076]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25474]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82130; File No. SR-ISE-2017-99]


Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to All-Or-
None Orders

November 20, 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 November 13, 2017, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II, below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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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 Rule 713 to delete Supplementary 
Material .02, which no longer is applicable.
    The text of the proposed rule change is available on the Exchange's 
Web site at www.ise.com, at the principal office of the Exchange, and 
at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

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

1. Purpose
    The Exchange previously filed a rule change to amend the All-Or-
None Order so that it may only be entered into the trading system with 
a time-in-force designation of Immediate-Or-Cancel.\3\ Previously, an 
All-Or-None Order was a limit or market order that is to be executed in 
its entirety or not at all. It was designated as a market or limit 
order with any time-in-force designation. The Exchange filed to limit 
All-Or-None Orders to only be accepted with a time-in-force designation 
of Immediate-Or-Cancel.\4\ Today, an Immediate-Or-Cancel Order is a 
limit order that is to be executed in whole or in part upon receipt. 
Any portion not so executed is to be treated as cancelled. At that 
time, the Exchange also proposed to amend Supplementary Material .02 to 
Rule 713 to make clear that All-Or-None Orders will only be accepted 
with a time-in-force designation of Immediate-Or-Cancel and, therefore, 
would not persist in the Order Book.\5\
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    \3\ See Securities Exchange Act Release No. 80432 (April 11, 
2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03) (Order 
Approving Proposed Rule Change, As Modified by Amendment No. 1, To 
Amend Various Rules in Connection with a System Migration to Nasdaq 
INET Technology).
    \4\ Id.
    \5\ Id.
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    The Exchange proposes at this time to remove Supplementary Material 
.02 to Rule 713 as unnecessary as All-Or-None Orders do not rest on the 
Order Book.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest 
because the current notation in Supplementary Material .02 to Rule 713 
is confusing and unnecessary. All-Or-None Orders do not rest on the 
order book and do not allocate differently than any other incoming 
order therefore no specific mention of this order type is necessary for 
Rule 713 which discusses priority.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. This proposal seeks to delete 
rule text which is unnecessary and may lead to confusion. All-Or-None 
Orders do not rest on the order book and do not allocate differently 
than any other incoming order.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change does not (i) significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) 
thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest as it will allow the 
Exchange to immediately delete

[[Page 56076]]

unnecessary rule text which may minimize potential investor confusion. 
Accordingly, the Commission hereby waives the 30-day operative delay 
requirement and designates the proposed rule change as operative upon 
filing.\12\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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 necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-ISE-2017-99 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-ISE-2017-99. 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-ISE-2017-99, and should be 
submitted on or before December 18, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25474 Filed 11-24-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices 56075

should be submitted on or before the most significant aspects of such necessary for Rule 713 which discusses
December 12, 2017. statements. priority.
For the Commission, by the Division of A. Self-Regulatory Organization’s B. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated Statement on Burden on Competition
Statement of the Purpose of, and the
authority.14
Statutory Basis for, the Proposed Rule The Exchange does not believe that
Eduardo A. Aleman,
Change the proposed rule change will impose
Assistant Secretary.
1. Purpose any burden on competition not
[FR Doc. 2017–25470 Filed 11–24–17; 8:45 am]
necessary or appropriate in furtherance
BILLING CODE 8011–01–P
The Exchange previously filed a rule of the purposes of the Act. This
change to amend the All-Or-None Order proposal seeks to delete rule text which
so that it may only be entered into the is unnecessary and may lead to
SECURITIES AND EXCHANGE
trading system with a time-in-force confusion. All-Or-None Orders do not
COMMISSION
designation of Immediate-Or-Cancel.3 rest on the order book and do not
[Release No. 34–82130; File No. SR–ISE– Previously, an All-Or-None Order was a allocate differently than any other
2017–99] limit or market order that is to be incoming order.
Self-Regulatory Organizations; Nasdaq executed in its entirety or not at all. It C. Self-Regulatory Organization’s
ISE, LLC; Notice of Filing and was designated as a market or limit Statement on Comments on the
Immediate Effectiveness of Proposed order with any time-in-force Proposed Rule Change Received From
Rule Change Relating to All-Or-None designation. The Exchange filed to limit Members, Participants, or Others
Orders All-Or-None Orders to only be accepted
with a time-in-force designation of No written comments were either
Immediate-Or-Cancel.4 Today, an solicited or received.
November 20, 2017.
Pursuant to Section 19(b)(1) of the Immediate-Or-Cancel Order is a limit III. Date of Effectiveness of the
Securities Exchange Act of 1934 order that is to be executed in whole or Proposed Rule Change and Timing for
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 in part upon receipt. Any portion not so Commission Action
notice is hereby given that on November executed is to be treated as cancelled. At Because the proposed rule change
13, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or that time, the Exchange also proposed to does not (i) significantly affect the
‘‘Exchange’’) filed with the Securities amend Supplementary Material .02 to protection of investors or the public
and Exchange Commission Rule 713 to make clear that All-Or-None interest; (ii) impose any significant
(‘‘Commission’’) the proposed rule Orders will only be accepted with a burden on competition; and (iii) become
change as described in Items I and II, time-in-force designation of Immediate- operative for 30 days from the date on
below, which Items have been prepared Or-Cancel and, therefore, would not which it was filed, or such shorter time
by the Exchange. The Commission is persist in the Order Book.5 as the Commission may designate if
publishing this notice to solicit The Exchange proposes at this time to consistent with the protection of
comments on the proposed rule change remove Supplementary Material .02 to investors and the public interest, the
from interested persons. Rule 713 as unnecessary as All-Or-None proposed rule change has become
I. Self-Regulatory Organization’s Orders do not rest on the Order Book. effective pursuant to Section 19(b)(3)(A)
Statement of the Terms of Substance of of the Act 8 and Rule 19b–4(f)(6)
2. Statutory Basis thereunder.9
the Proposed Rule Change
The Exchange believes that its A proposed rule change filed under
The Exchange proposes to amend Rule 19b–4(f)(6) 10 normally does not
Rule 713 to delete Supplementary proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the become operative for 30 days after the
Material .02, which no longer is date of filing. However, pursuant to
applicable. objectives of Section 6(b)(5) of the Act,7
in particular, in that it is designed to Rule 19b–4(f)(6)(iii),11 the Commission
The text of the proposed rule change
promote just and equitable principles of may designate a shorter time if such
is available on the Exchange’s Web site
trade, to remove impediments to and action is consistent with the protection
at www.ise.com, at the principal office
perfect the mechanism of a free and of investors and the public interest. The
of the Exchange, and at the
open market and a national market Exchange has asked the Commission to
Commission’s Public Reference Room.
system, and, in general to protect waive the 30-day operative delay so that
II. Self-Regulatory Organization’s investors and the public interest the proposal may become operative
Statement of the Purpose of, and because the current notation in immediately upon filing. The
Statutory Basis for, the Proposed Rule Supplementary Material .02 to Rule 713 Commission believes that waiving the
Change is confusing and unnecessary. All-Or- 30-day operative delay is consistent
In its filing with the Commission, the None Orders do not rest on the order with the protection of investors and the
Exchange included statements book and do not allocate differently public interest as it will allow the
concerning the purpose of and basis for than any other incoming order therefore Exchange to immediately delete
the proposed rule change and discussed no specific mention of this order type is 8 15 U.S.C. 78s(b)(3)(A).
any comments it received on the 9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
asabaliauskas on DSKBBXCHB2PROD with NOTICES

proposed rule change. The text of these 3 See Securities Exchange Act Release No. 80432
4(f)(6)(iii) requires the Exchange to give the
statements may be examined at the (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR– Commission written notice of the Exchange’s intent
places specified in Item IV below. The ISE–2017–03) (Order Approving Proposed Rule to file the proposed rule change, along with a brief
Change, As Modified by Amendment No. 1, To description and text of the proposed rule change,
Exchange has prepared summaries, set Amend Various Rules in Connection with a System at least five business days prior to the date of filing
forth in sections A, B, and C below, of Migration to Nasdaq INET Technology). of the proposed rule change, or such shorter time
4 Id.
as designated by the Commission. The Exchange
14 17 CFR 200.30–3(a)(12). 5 Id. has satisfied this requirement.
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b). 10 17 CFR 240.19b–4(f)(6).
2 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(5). 11 17 CFR 240.19b–4(f)(6)(iii).

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56076 Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices

unnecessary rule text which may available for Web site viewing and process and its Nominating and
minimize potential investor confusion. printing in the Commission’s Public Governance Committee.
Accordingly, the Commission hereby Reference Room, 100 F Street NE., The text of the proposed rule change
waives the 30-day operative delay Washington, DC 20549, on official is available at the Exchange’s Web site
requirement and designates the business days between the hours of at www.bats.com, at the principal office
proposed rule change as operative upon 10:00 a.m. and 3:00 p.m. Copies of the of the Exchange, and at the
filing.12 filing also will be available for Commission’s Public Reference Room.
At any time within 60 days of the inspection and copying at the principal II. Self-Regulatory Organization’s
filing of the proposed rule change, the office of the Exchange. All comments Statement of the Purpose of, and
Commission summarily may received will be posted without change. Statutory Basis for, the Proposed Rule
temporarily suspend such rule change if Persons submitting comments are Change
it appears to the Commission that such cautioned that we do not redact or edit
action is necessary or appropriate in the personal identifying information from In its filing with the Commission, the
public interest, for the protection of comment submissions. You should Exchange included statements
investors, or otherwise in furtherance of submit only information that you wish concerning the purpose of and basis for
the purposes of the Act. If the to make available publicly. All the proposed rule change and discussed
Commission takes such action, the submissions should refer to File any comments it received on the
Commission shall institute proceedings Number SR–ISE–2017–99, and should proposed rule change. The text of these
to determine whether the proposed rule be submitted on or before December 18, statements may be examined at the
should be approved or disapproved. 2017. places specified in Item IV below. The
Exchange has prepared summaries, set
IV. Solicitation of Comments For the Commission, by the Division of
Trading and Markets, pursuant to delegated
forth in sections A, B, and C below, of
Interested persons are invited to authority.13 the most significant aspects of such
submit written data, views, and Eduardo A. Aleman,
statements.
arguments concerning the foregoing,
Assistant Secretary. A. Self-Regulatory Organization’s
including whether the proposed rule
[FR Doc. 2017–25474 Filed 11–24–17; 8:45 am] Statement of the Purpose of, and the
change is consistent with the Act.
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Comments may be submitted by any of
Change
the following methods:
1. Purpose
Electronic Comments SECURITIES AND EXCHANGE
COMMISSION The Exchange proposes to amend its
• Use the Commission’s Internet
Bylaws and Certificate. Specifically the
comment form (http://www.sec.gov/ [Release No. 34–82122; File No. SR– Exchange proposes to eliminate its
rules/sro.shtml); or CboeBYX–2017–001]
• Send an email to rule-comments@ Nominating and Governance Committee
sec.gov. Please include File Number SR– Self-Regulatory Organizations; Cboe (‘‘N&G Committee’’), as well as amend
ISE–2017–99 on the subject line. BYX Exchange, Inc.; Notice of Filing of the process by which (i) directors are
a Proposed Rule Change Relating to elected, (ii) committee appointments are
Paper Comments Its Director Nomination and Committee made and (iii) vacancies are filled.
• Send paper comments in triplicate Appointment Process and Its Additionally, the Exchange proposes to
to Secretary, Securities and Exchange Nominating and Governance make other technical, non-substantive
Commission, 100 F Street NE., Committee changes.
Washington, DC 20549–1090. Elimination of Nominating and
November 20, 2017.
All submissions should refer to File Governance Committee
Number SR–ISE–2017–99. This file Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the (a) Nomination of Directors
number should be included on the
subject line if email is used. To help the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 By way of background, Section 4.3 of
Commission process and review your notice is hereby given that on November the Bylaws provides, among other
comments more efficiently, please use 14, 2017, Cboe BYX Exchange, Inc. (the things, that the Exchange N&G
only one method. The Commission will ‘‘Exchange’’ or ‘‘BYX’’) filed with the Committee shall consist of at least five
post all comments on the Commission’s Securities and Exchange Commission directors that are majority Non-Industry
Internet Web site (http://www.sec.gov/ (the ‘‘Commission’’) the proposed rule Directors and are appointed by the
rules/sro.shtml). Copies of the change as described in Items I, II, and Board on the recommendation of the
submission, all subsequent III below, which Items have been N&G Committee. Section 4.3 of the
amendments, all written statements prepared by the Exchange. The Bylaws also provides that the N&G
with respect to the proposed rule Commission is publishing this notice to Committee shall have the authority to
change that are filed with the solicit comments on the proposed rule nominate individuals for election as
Commission, and all written change from interested persons. directors of the Corporation and such
communications relating to the I. Self-Regulatory Organization’s other duties as prescribed by resolution
proposed rule change between the Statement of the Terms of Substance of of the Board.3 Additionally, if the N&G
Commission and any person, other than the Proposed Rule Change Committee has two or more Industry
asabaliauskas on DSKBBXCHB2PROD with NOTICES

those that may be withheld from the Directors, those Industry Directors shall
The Exchange proposes to amend its act as the Representative Director
public in accordance with the governance documents with respect to
provisions of 5 U.S.C. 552, will be Nominating Body, which body is
changes relating to its director responsible for the nomination of the
12 For purposes only of waiving the 30-day
nomination and committee appointment Representative Directors. If however,
operative delay, the Commission has also
13 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on 3 Article Fifth, subparagraph (c) of the Certificate
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See also provides that the N&G Committee nominates
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. persons for election as directors.

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Document Created: 2017-11-25 01:09:08
Document Modified: 2017-11-25 01:09:08
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 56075