82 FR 56082 - Self-Regulatory Organizations; Nasdaq GEMX, 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		56082-56083
FR Document		2017-25472
Federal Register, Volume 82 Issue 226 (Monday, November 27, 2017)
[Federal Register Volume 82, Number 226 (Monday, November 27, 2017)]
[Notices]
[Pages 56082-56083]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25472]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82128; File No. SR-GEMX-2017-51]


Self-Regulatory Organizations; Nasdaq GEMX, 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 GEMX, LLC (``GEMX'' 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

[[Page 56083]]

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. 80102 (February 24, 
2017), 82 FR 12381 (March 2, 2017) (SR-ISEGemini-2017-08) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Related 
to All-or-None Orders).
    \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 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-GEMX-2017-51 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-GEMX-2017-51. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-GEMX-2017-51, and should be 
submitted on or before December 18, 2017.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25472 Filed 11-24-17; 8:45 am]
 BILLING CODE 8011-01-P
56082 Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices

The Exchange believes the proposed All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2
changes do not affect the meaning, Number SR–CboeEDGA–2017–001. This notice is hereby given that on November
administration, or enforcement of any file number should be included on the 13, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’
rules of the Exchange or the rights, subject line if email is used. To help the or ‘‘Exchange’’) filed with the Securities
obligations, or privileges of Exchange Commission process and review your and Exchange Commission
members or their associated persons in comments more efficiently, please use (‘‘Commission’’) the proposed rule
any way. only one method. The Commission will change as described in Items I and II,
B. Self-Regulatory Organization’s post all comments on the Commission’s below, which Items have been prepared
Statement on Burden on Competition Internet Web site (http://www.sec.gov/ by the Exchange. The Commission is
rules/sro.shtml). Copies of the publishing this notice to solicit
The Exchange does not believe the submission, all subsequent comments on the proposed rule change
proposed rule change will impose any amendments, all written statements from interested persons.
burden on competition not necessary or with respect to the proposed rule
appropriate in furtherance of the I. Self-Regulatory Organization’s
change that are filed with the
purposes of the Act. The proposed rule Statement of the Terms of Substance of
Commission, and all written
change relates to the corporate the Proposed Rule Change
communications relating to the
governance of the Exchange and not the proposed rule change between the The Exchange proposes to amend
operations of the Exchange. This is not Commission and any person, other than Rule 713 to delete Supplementary
a competitive filing and, therefore, those that may be withheld from the Material .02, which no longer is
imposes no burden on competition. public in accordance with the applicable.
C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be The text of the proposed rule change
Statement on Comments on the available for Web site viewing and is available on the Exchange’s Web site
Proposed Rule Change Received From printing in the Commission’s Public at www.ise.com, at the principal office
Members, Participants, or Others Reference Room, 100 F Street NE., of the Exchange, and at the
Washington, DC 20549, on official Commission’s Public Reference Room.
The Exchange neither solicited nor
received comments on the proposed business days between the hours of II. Self-Regulatory Organization’s
rule change. 10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and
filing also will be available for Statutory Basis for, the Proposed Rule
III. Date of Effectiveness of the inspection and copying at the principal Change
Proposed Rule Change and Timing for office of the Exchange. All comments
Commission Action received will be posted without change. In its filing with the Commission, the
Within 45 days of the date of Persons submitting comments are Exchange included statements
publication of this notice in the Federal cautioned that we do not redact or edit concerning the purpose of and basis for
Register or within such longer period personal identifying information from the proposed rule change and discussed
up to 90 days (i) as the Commission may comment submissions. You should any comments it received on the
designate if it finds such longer period submit only information that you wish proposed rule change. The text of these
to be appropriate and publishes its to make available publicly. All statements may be examined at the
reasons for so finding or (ii) as to which submissions should refer to File places specified in Item IV below. The
the Exchange consents, the Commission Number SR–CboeEDGA–2017–001, and Exchange has prepared summaries, set
will: should be submitted on or before forth in sections A, B, and C below, of
A. By order approve or disapprove December 12, 2017. the most significant aspects of such
such proposed rule change, or statements.
For the Commission, by the Division of
B. institute proceedings to determine Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
whether the proposed rule change authority.14 Statement of the Purpose of, and the
should be disapproved. Statutory Basis for, the Proposed Rule
Eduardo A. Aleman,
IV. Solicitation of Comments Assistant Secretary. Change
Interested persons are invited to [FR Doc. 2017–25469 Filed 11–24–17; 8:45 am] 1. Purpose
submit written data, views, and BILLING CODE 8011–01–P
The Exchange previously filed a rule
arguments concerning the foregoing,
change to amend the All-Or-None Order
including whether the proposed rule
so that it may only be entered into the
change is consistent with the Act. SECURITIES AND EXCHANGE trading system with a time-in-force
Comments may be submitted by any of COMMISSION designation of Immediate-Or-Cancel.3
the following methods:
Previously, an All-Or-None Order was a
Electronic Comments [Release No. 34–82128; File No. SR–GEMX– limit or market order that is to be
2017–51] executed in its entirety or not at all. It
• Use the Commission’s Internet
comment form (http://www.sec.gov/ was designated as a market or limit
Self-Regulatory Organizations; Nasdaq order with any time-in-force
rules/sro.shtml); or GEMX, LLC; Notice of Filing and
• Send an email to rule-comments@ Immediate Effectiveness of Proposed
designation. The Exchange filed to limit
asabaliauskas on DSKBBXCHB2PROD with NOTICES

sec.gov. Please include File Number SR– All-Or-None Orders to only be accepted
Rule Change Relating to All-Or-None with a time-in-force designation of
CboeEDGA–2017–001 on the subject Orders
line.
1 15 U.S.C. 78s(b)(1).
Paper Comments November 20, 2017.
2 17 CFR 240.19b–4.
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the 3 See Securities Exchange Act Release No. 80102

Securities Exchange Act of 1934 (February 24, 2017), 82 FR 12381 (March 2, 2017)
to Secretary, Securities and Exchange (SR–ISEGemini-2017–08) (Notice of Filing and
Commission, 100 F Street NE., Immediate Effectiveness of Proposed Rule Change
Washington, DC 20549–1090. 14 17 CFR 200.30–3(a)(12). Related to All-or-None Orders).

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Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices 56083

Immediate-Or-Cancel.4 Today, an protection of investors or the public including whether the proposed rule
Immediate-Or-Cancel Order is a limit interest; (ii) impose any significant change is consistent with the Act.
order that is to be executed in whole or burden on competition; and (iii) become Comments may be submitted by any of
in part upon receipt. Any portion not so operative for 30 days from the date on the following methods:
executed is to be treated as cancelled. At which it was filed, or such shorter time
Electronic Comments
that time, the Exchange also proposed to as the Commission may designate if
amend Supplementary Material .02 to consistent with the protection of • Use the Commission’s Internet
Rule 713 to make clear that All-Or-None investors and the public interest, the comment form (http://www.sec.gov/
Orders will only be accepted with a proposed rule change has become rules/sro.shtml); or
time-in-force designation of Immediate- effective pursuant to Section 19(b)(3)(A) • Send an email to rule-comments@
Or-Cancel and, therefore, would not of the Act 8 and Rule 19b–4(f)(6) sec.gov. Please include File Number SR–
persist in the Order Book.5 thereunder.9 GEMX–2017–51 on the subject line.
The Exchange proposes at this time to A proposed rule change filed under
Paper Comments
remove Supplementary Material .02 to Rule 19b–4(f)(6) 10 normally does not
Rule 713 as unnecessary as All-Or-None become operative for 30 days after the • Send paper comments in triplicate
Orders do not rest on the Order Book. date of filing. However, pursuant to to Secretary, Securities and Exchange
Rule 19b–4(f)(6)(iii),11 the Commission Commission, 100 F Street NE.,
2. Statutory Basis Washington, DC 20549–1090.
may designate a shorter time if such
The Exchange believes that its action is consistent with the protection All submissions should refer to File
proposal is consistent with Section 6(b) of investors and the public interest. The Number SR–GEMX–2017–51. This file
of the Act,6 in general, and furthers the Exchange has asked the Commission to number should be included on the
objectives of Section 6(b)(5) of the Act,7 waive the 30-day operative delay so that subject line if email is used. To help the
in particular, in that it is designed to the proposal may become operative Commission process and review your
promote just and equitable principles of immediately upon filing. The comments more efficiently, please use
trade, to remove impediments to and Commission believes that waiving the only one method. The Commission will
perfect the mechanism of a free and 30-day operative delay is consistent post all comments on the Commission’s
open market and a national market with the protection of investors and the Internet Web site (http://www.sec.gov/
system, and, in general to protect public interest as it will allow the rules/sro.shtml). Copies of the
investors and the public interest Exchange to immediately delete submission, all subsequent
because the current notation in unnecessary rule text which may amendments, all written statements
Supplementary Material .02 to Rule 713 minimize potential investor confusion. with respect to the proposed rule
is confusing and unnecessary. All-Or- Accordingly, the Commission hereby change that are filed with the
None Orders do not rest on the order waives the 30-day operative delay Commission, and all written
book and do not allocate differently requirement and designates the communications relating to the
than any other incoming order therefore proposed rule change as operative upon proposed rule change between the
no specific mention of this order type is filing.12 Commission and any person, other than
necessary for Rule 713 which discusses At any time within 60 days of the those that may be withheld from the
priority. filing of the proposed rule change, the public in accordance with the
B. Self-Regulatory Organization’s Commission summarily may provisions of 5 U.S.C. 552, will be
Statement on Burden on Competition temporarily suspend such rule change if available for Web site viewing and
it appears to the Commission that such printing in the Commission’s Public
The Exchange does not believe that action is necessary or appropriate in the
the proposed rule change will impose Reference Room, 100 F Street NE.,
public interest, for the protection of Washington, DC 20549, on official
any burden on competition not investors, or otherwise in furtherance of
necessary or appropriate in furtherance business days between the hours of
the purposes of the Act. If the 10:00 a.m. and 3:00 p.m. Copies of the
of the purposes of the Act. This Commission takes such action, the
proposal seeks to delete rule text which filing also will be available for
Commission shall institute proceedings inspection and copying at the principal
is unnecessary and may lead to to determine whether the proposed rule
confusion. All-Or-None Orders do not office of the Exchange. All comments
should be approved or disapproved. received will be posted without change.
rest on the order book and do not
allocate differently than any other IV. Solicitation of Comments Persons submitting comments are
incoming order. Interested persons are invited to cautioned that we do not redact or edit
submit written data, views, and personal identifying information from
C. Self-Regulatory Organization’s comment submissions. You should
Statement on Comments on the arguments concerning the foregoing,
submit only information that you wish
Proposed Rule Change Received From 8 15 to make available publicly. All
U.S.C. 78s(b)(3)(A).
Members, Participants, or Others 9 17 submissions should refer to File
CFR 240.19b–4(f)(6). In addition, Rule 19b–
No written comments were either 4(f)(6)(iii) requires the Exchange to give the Number SR–GEMX–2017–51, and
solicited or received. Commission written notice of the Exchange’s intent should be submitted on or before
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
December 18, 2017.
III. Date of Effectiveness of the
at least five business days prior to the date of filing For the Commission, by the Division of
asabaliauskas on DSKBBXCHB2PROD with NOTICES

Proposed Rule Change and Timing for of the proposed rule change, or such shorter time
Commission Action Trading and Markets, pursuant to delegated
as designated by the Commission. The Exchange authority.13
Because the proposed rule change has satisfied this requirement.
10 17 CFR 240.19b–4(f)(6). Eduardo A. Aleman,
does not (i) significantly affect the 11 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary.
12 For purposes only of waiving the 30-day
4 Id. [FR Doc. 2017–25472 Filed 11–24–17; 8:45 am]
operative delay, the Commission has also
5 Id. BILLING CODE 8011–01–P
considered the proposed rule’s impact on
6 15 U.S.C. 78f(b). efficiency, competition, and capital formation. See
7 15 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 16:59 Nov 24, 2017 Jkt 244001 PO 00000 Frm 00099 Fmt 4703 Sfmt 9990 E:\FR\FM\27NON1.SGM 27NON1
Document Created: 2017-11-25 01:08:56
Document Modified: 2017-11-25 01:08:56
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 56082