82 FR 56084 - Self-Regulatory Organizations; Nasdaq MRX, 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)
Federal Register Volume 82, Issue 226 (November 27, 2017)
| Page Range | 56084-56085 | |
| FR Document | 2017-25473 |
[Federal Register Volume 82, Number 226 (Monday, November 27, 2017)] [Notices] [Pages 56084-56085] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25473] [[Page 56084]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82129; File No. SR-MRX-2017-24] Self-Regulatory Organizations; Nasdaq MRX, 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 MRX, LLC (``MRX'' 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. --------------------------------------------------------------------------- \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 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\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81204 (July 25, 2017), 82 FR 35557 (June 31, 2017) (SR-MRX-2017-02)(Order Approving Proposed Rule Change To Amend Various Rules in Connection With a System Migration to Nasdaq INET Technology). \4\ Id. \5\ Id. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may [[Page 56085]] 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 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-MRX-2017-24 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-MRX-2017-24. 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-MRX-2017-24, and should be submitted on or before December 18, 2017. --------------------------------------------------------------------------- \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. 2017-25473 Filed 11-24-17; 8:45 am] BILLING CODE 8011-01-P
![56084 Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices
SECURITIES AND EXCHANGE designation of Immediate-Or-Cancel.3 allocate differently than any other
COMMISSION Previously, an All-Or-None Order was a incoming order.
limit or market order that is to be
[Release No. 34–82129; File No. SR–MRX– C. Self-Regulatory Organization’s
executed in its entirety or not at all. It
2017–24] Statement on Comments on the
was designated as a market or limit Proposed Rule Change Received From
Self-Regulatory Organizations; Nasdaq order with any time-in-force Members, Participants, or Others
MRX, LLC; Notice of Filing and designation. The Exchange filed to limit
Immediate Effectiveness of Proposed All-Or-None Orders to only be accepted No written comments were either
Rule Change Relating to All-Or-None with a time-in-force designation of solicited or received.
Orders Immediate-Or-Cancel.4 Today, an III. Date of Effectiveness of the
Immediate-Or-Cancel Order is a limit Proposed Rule Change and Timing for
November 20, 2017. order that is to be executed in whole or Commission Action
Pursuant to Section 19(b)(1) of the in part upon receipt. Any portion not so
Securities Exchange Act of 1934 Because the proposed rule change
executed is to be treated as cancelled. At
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 does not (i) significantly affect the
that time, the Exchange also proposed to
notice is hereby given that on November protection of investors or the public
amend Supplementary Material .02 to
13, 2017, Nasdaq MRX, LLC (‘‘MRX’’ or interest; (ii) impose any significant
Rule 713 to make clear that All-Or-None
‘‘Exchange’’) filed with the Securities burden on competition; and (iii) become
Orders will only be accepted with a
and Exchange Commission operative for 30 days from the date on
time-in-force designation of Immediate-
(‘‘Commission’’) the proposed rule which it was filed, or such shorter time
Or-Cancel and, therefore, would not
change as described in Items I and II, as the Commission may designate if
persist in the Order Book.5 consistent with the protection of
below, which Items have been prepared The Exchange proposes at this time to
by the Exchange. The Commission is investors and the public interest, the
remove Supplementary Material .02 to
publishing this notice to solicit proposed rule change has become
Rule 713 as unnecessary as All-Or-None
comments on the proposed rule change effective pursuant to Section 19(b)(3)(A)
Orders do not rest on the Order Book.
from interested persons. of the Act 8 and Rule 19b–4(f)(6)
2. Statutory Basis thereunder.9
I. Self-Regulatory Organization’s A proposed rule change filed under
Statement of the Terms of Substance of The Exchange believes that its
Rule 19b–4(f)(6) 10 normally does not
the Proposed Rule Change proposal is consistent with Section 6(b)
become operative for 30 days after the
of the Act,6 in general, and furthers the
The Exchange proposes to amend date of filing. However, pursuant to
objectives of Section 6(b)(5) of the Act,7
Rule 713 to delete Supplementary Rule 19b–4(f)(6)(iii),11 the Commission
in particular, in that it is designed to
Material .02, which no longer is may designate a shorter time if such
promote just and equitable principles of
applicable. action is consistent with the protection
trade, to remove impediments to and
The text of the proposed rule change of investors and the public interest. The
perfect the mechanism of a free and Exchange has asked the Commission to
is available on the Exchange’s Web site
open market and a national market waive the 30-day operative delay so that
at www.ise.com, at the principal office
system, and, in general to protect the proposal may become operative
of the Exchange, and at the
investors and the public interest immediately upon filing. The
Commission’s Public Reference Room.
because the current notation in Commission believes that waiving the
II. Self-Regulatory Organization’s Supplementary Material .02 to Rule 713 30-day operative delay is consistent
Statement of the Purpose of, and is confusing and unnecessary. All-Or- with the protection of investors and the
Statutory Basis for, the Proposed Rule None Orders do not rest on the order public interest as it will allow the
Change book and do not allocate differently Exchange to immediately delete
In its filing with the Commission, the than any other incoming order therefore unnecessary rule text which may
Exchange included statements no specific mention of this order type is minimize potential investor confusion.
concerning the purpose of and basis for necessary for Rule 713 which discusses Accordingly, the Commission hereby
the proposed rule change and discussed priority. waives the 30-day operative delay
any comments it received on the B. Self-Regulatory Organization’s requirement and designates the
proposed rule change. The text of these Statement on Burden on Competition proposed rule change as operative upon
statements may be examined at the filing.12
places specified in Item IV below. The The Exchange does not believe that At any time within 60 days of the
Exchange has prepared summaries, set the proposed rule change will impose filing of the proposed rule change, the
forth in sections A, B, and C below, of any burden on competition not Commission summarily may
the most significant aspects of such necessary or appropriate in furtherance
statements. of the purposes of the Act. This 8 15 U.S.C. 78s(b)(3)(A).
proposal seeks to delete rule text which 9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
A. Self-Regulatory Organization’s is unnecessary and may lead to 4(f)(6)(iii) requires the Exchange to give the
Statement of the Purpose of, and the confusion. All-Or-None Orders do not Commission written notice of the Exchange’s intent
Statutory Basis for, the Proposed Rule to file the proposed rule change, along with a brief
rest on the order book and do not description and text of the proposed rule change,
Change at least five business days prior to the date of filing
asabaliauskas on DSKBBXCHB2PROD with NOTICES
3 See Securities Exchange Act Release No. 81204
1. Purpose of the proposed rule change, or such shorter time
(July 25, 2017), 82 FR 35557 (June 31, 2017) (SR– as designated by the Commission. The Exchange
The Exchange previously filed a rule MRX–2017–02)(Order Approving Proposed Rule has satisfied this requirement.
Change To Amend Various Rules in Connection 10 17 CFR 240.19b–4(f)(6).
change to amend the All-Or-None Order With a System Migration to Nasdaq INET 11 17 CFR 240.19b–4(f)(6)(iii).
so that it may only be entered into the Technology). 12 For purposes only of waiving the 30-day
trading system with a time-in-force 4 Id.
operative delay, the Commission has also
5 Id.
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
efficiency, competition, and capital formation. See
2 17 CFR 240.19b–4. 7 15 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f).
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![Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices 56085
temporarily suspend such rule change if to make available publicly. All II. Self-Regulatory Organization’s
it appears to the Commission that such submissions should refer to File Statement of the Purpose of, and
action is necessary or appropriate in the Number SR–MRX–2017–24, and should Statutory Basis for, the Proposed Rule
public interest, for the protection of be submitted on or before December 18, Change
investors, or otherwise in furtherance of 2017. In its filing with the Commission, the
the purposes of the Act. If the Exchange included statements
For the Commission, by the Division of
Commission takes such action, the concerning the purpose of and basis for
Trading and Markets, pursuant to delegated
Commission shall institute proceedings the proposed rule change and discussed
authority.13
to determine whether the proposed rule any comments it received on the
should be approved or disapproved. Eduardo A. Aleman,
proposed rule change. The text of these
Assistant Secretary. statements may be examined at the
IV. Solicitation of Comments
[FR Doc. 2017–25473 Filed 11–24–17; 8:45 am] places specified in Item IV below. The
Interested persons are invited to BILLING CODE 8011–01–P Exchange has prepared summaries, set
submit written data, views, and
forth in sections A, B, and C below, of
arguments concerning the foregoing,
the most significant aspects of such
including whether the proposed rule SECURITIES AND EXCHANGE statements.
change is consistent with the Act. COMMISSION
Comments may be submitted by any of A. Self-Regulatory Organization’s
the following methods: Statement of the Purpose of, and the
[Release No. 34–82119; File No. SR–CBOE– Statutory Basis for, the Proposed Rule
Electronic Comments 2017–072] Change
• Use the Commission’s Internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations; Cboe 1. Purpose
rules/sro.shtml); or Exchange, Inc.; Notice of Filing of a The Exchange proposes to amend its
• Send an email to rule-comments@ Proposed Rule Change Relating to Its Bylaws, Certificate and Rules.
sec.gov. Please include File Number SR– Nominating and Governance Specifically the Exchange proposes to
MRX–2017–24 on the subject line. Committee and Regulatory Oversight eliminate its Nominating and
Paper Comments and Compliance Committee Governance Committee (‘‘N&G
Committee’’), as well as amend the
• Send paper comments in triplicate November 20, 2017.
process by which (i) directors are
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the elected, (ii) committee appointments are
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the made and (iii) vacancies are filled.
Washington, DC 20549–1090. Additionally, the Exchange proposes to
‘‘Act’’),1 and Rule 19b–4 thereunder,2
All submissions should refer to File notice is hereby given that on November amend the name of the Regulatory
Number SR–MRX–2017–24. This file 15, 2017, Cboe Exchange, Inc. (the Oversight and Compliance Committee
number should be included on the ‘‘Exchange’’ or ‘‘Cboe Options’’) filed (‘‘ROCC’’) and make other technical,
subject line if email is used. To help the with the Securities and Exchange non-substantive changes.
Commission process and review your
Commission (the ‘‘Commission’’) the Elimination of Nominating and
comments more efficiently, please use
only one method. The Commission will proposed rule change as described in Governance Committee
post all comments on the Commission’s Items I, II, and III below, which Items
(a) Nomination of Directors
Internet Web site (http://www.sec.gov/ have been prepared by the Exchange.
The Commission is publishing this By way of background, Section 4.3 of
rules/sro.shtml). Copies of the the Bylaws provides, among other
submission, all subsequent notice to solicit comments on the
proposed rule change from interested things, that the Exchange N&G
amendments, all written statements Committee shall consist of at least five
with respect to the proposed rule persons.
directors that are majority Non-Industry
change that are filed with the I. Self-Regulatory Organization’s Directors and are appointed by the
Commission, and all written
Statement of the Terms of Substance of Board on the recommendation of the
communications relating to the
the Proposed Rule Change N&G Committee. Section 4.3 of the
proposed rule change between the
Bylaws also provides that the N&G
Commission and any person, other than The Exchange proposes to amend its Committee shall have the authority to
those that may be withheld from the governance documents and rules with nominate individuals for election as
public in accordance with the respect to changes relating to its director directors of the Corporation and such
provisions of 5 U.S.C. 552, will be nomination and committee appointment other duties as prescribed by resolution
available for Web site viewing and process, its Nominating and Governance of the Board.3 Additionally, if the N&G
printing in the Commission’s Public Committee and its Regulatory Oversight Committee has two or more Industry
Reference Room, 100 F Street NE.,
and Compliance Committee. Directors, those Industry Directors shall
Washington, DC 20549, on official
The text of the proposed rule change act as the Representative Director
business days between the hours of
is also available on the Exchange’s Web Nominating Body, which body is
10:00 a.m. and 3:00 p.m. Copies of the
site (http://www.cboe.com/AboutCBOE/ responsible for the nomination of the
asabaliauskas on DSKBBXCHB2PROD with NOTICES
filing also will be available for
Representative Directors. If however,
inspection and copying at the principal CBOELegalRegulatoryHome.aspx), at
there are less than two Industry
office of the Exchange. All comments the Exchange’s Office of the Secretary,
Directors on the N&G Committee, then
received will be posted without change. and at the Commission’s Public the Trading Permit Holder
Persons submitting comments are Reference Room. Subcommittee of the Advisory Board
cautioned that we do not redact or edit
personal identifying information from 13 17 CFR 200.30–3(a)(12). 3 Article Fifth, subparagraph (c) of the Certificate
comment submissions. You should 1 15 U.S.C. 78s(b)(1). also provides that the N&G Committee nominates
submit only information that you wish 2 17 CFR 240.19b–4. persons for election as directors.
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Document Created: 2017-11-25 01:08:42
Document Modified: 2017-11-25 01:08:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 56084 |
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