82 FR 59035 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Fees at Chapter XV, Section 2(1)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 239 (December 14, 2017)

Page Range		59035-59036
FR Document		2017-26910
Federal Register, Volume 82 Issue 239 (Thursday, December 14, 2017)
[Federal Register Volume 82, Number 239 (Thursday, December 14, 2017)]
[Notices]
[Pages 59035-59036]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-26910]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82239; File No. SR-NASDAQ-2017-127]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Exchange's Transaction Fees at Chapter XV, Section 2(1)

December 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 December 1, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``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 the Exchange's transaction fees at 
Chapter XV, Section 2(1), which governs the pricing for Nasdaq 
Participants using the Nasdaq Options Market (``NOM''), Nasdaq's 
facility for executing and routing standardized equity and index 
options.
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaq.cchwallstreet.com/, at the principal office of 
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend the Exchange's transaction fees at 
Chapter XV, Section 2(1) to introduce a new NOM Market Maker \3\ Rebate 
to Add Liquidity in Non-Penny Pilot Options. Today, the Exchange 
charges Participants a $0.35 per contract NOM Market Maker Fee for 
Adding Liquidity in Non-Penny Pilot Options.\4\ To incentivize 
Participants to add NOM Market Maker liquidity in Non-Penny Pilot 
Options, the Exchange offers Participants an opportunity to reduce this 
$0.35 per contract fee to $0.00 per contract, provided the Participant 
adds NOM Market Maker liquidity in Non-Penny Pilot Options of 7,500 or 
more ADV contracts per day in a month.\5\
---------------------------------------------------------------------------

    \3\ The term ``NOM Market Maker'' or (``M'') is a Participant 
that has registered as a Market Maker on NOM pursuant to Chapter 
VII, Section 2, and must also remain in good standing pursuant to 
Chapter VII, Section 4. In order to receive NOM Market Maker pricing 
in all securities, the Participant must be registered as a NOM 
Market Maker in at least one security. See Chapter XV.
    \4\ See Chapter XV, Section 2(1).
    \5\ Id. at note 5.
---------------------------------------------------------------------------

    In order to further incentivize NOM Market Makers to transact in 
Non-Penny Pilot Options on NOM, the Exchange proposes to introduce a 
new NOM Market Maker Rebate to Add Liquidity in Non Penny-Pilot 
Options, provided the Participant adds NOM Market Maker liquidity in 
Non-Penny Pilot Options of 10,000 or more ADV contracts per day in a 
month. The Participant would receive a $0.30 per contract Rebate to Add 
Liquidity in Non-Penny Pilot Options as a NOM Market Maker. 
Participants that qualify for this proposed rebate would not be charged 
the NOM Market Maker Fee for Adding Liquidity in Non-Penny Pilot 
Options by virtue of already having qualified for the discounted fee of 
$0.00 in note 5 (i.e., by meeting the lower NOM Market Maker Non-Penny 
volume threshold of 7,500 or more ADV contracts per day).
    In essence, the Exchange is creating a new volume threshold that is 
higher than the existing threshold with this proposal. As such, there 
will be two NOM Market Maker volume-based tiers for adding liquidity in 
Non-Penny Pilot Options, the lower of which would provide a discounted 
fee of $0.00 from $0.35 for the qualifying Participant, while the 
higher would provide a rebate of $0.30 for the qualifying Participant 
in lieu of the $0.35 fee. Accordingly, the Exchange proposes to amend 
the existing volume requirement for the discounted fee in note 5 to 
state that Participants that add NOM Market Maker liquidity in Non-
Penny Pilot Options of 7,500 to 9,999 ADV contracts per day in a month 
will be assessed a $0.00 per contract Non-Penny Options Fee for Adding 
Liquidity in that month. Participants that add Non-Penny NOM Market 
Maker liquidity of 10,000 or more ADV contracts per day in a month will 
not be charged a Non-Penny Options Fee for Adding Liquidity and will 
instead receive the proposed $0.30 per contract Non-Penny Rebate to Add 
Liquidity. Finally, the Exchange proposes to clarify in note 5 that the 
$0.35 fee for adding liquidity will apply unless Participants meet the 
proposed volume thresholds, as described above.
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 Sections 
6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees and other charges 
among members and issuers and other persons using any facility, and is 
not designed to permit unfair discrimination between customers, 
issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The proposed change to offer Participants that send NOM Market 
Maker order flow the opportunity to receive a $0.30 per contract Non-
Penny Rebate to Add Liquidity, provided the Participant adds NOM Market 
Maker liquidity in Non-Penny Pilot Options of 10,000 or more ADV 
contracts per day in a month, is reasonable because the Exchange seeks 
to further incentivize Participants to add NOM Market Maker liquidity 
in Non-Penny Pilot Options to obtain the rebate. The Exchange believes 
that its proposal will encourage Participants to select NOM as a venue 
and in turn benefit other market participants with the opportunity to 
interact with such liquidity. Other options exchanges also offer 
volume-based rebates to market makers for adding liquidity.\8\
---------------------------------------------------------------------------

    \8\ See MIAX Pearl Fee Schedule, Section 1)a) for the non-penny 
maker rebates offered to MIAX Pearl market makers. See also Nasdaq 
GEMX Schedule of Fees, Section I for the non-penny maker rebates 
offered to GEMX market makers.
---------------------------------------------------------------------------

    The Exchange also believes that the proposed NOM Market Maker Non-

[[Page 59036]]

Penny Rebate to Add Liquidity is equitable and not unfairly 
discriminatory because all NOM Market Makers can qualify for the rebate 
by meeting the volume requirements described above. Furthermore, NOM 
Market Makers, unlike other market participants, add value through 
continuous quoting \9\ and the commitment of capital. In addition, 
encouraging NOM Market Makers to add greater liquidity benefits all 
market participants in the quality of order interaction. As such, the 
Exchange believes it is equitable and not unfairly discriminatory to 
offer only NOM Market Makers the opportunity to earn the proposed 
rebate because of the obligations borne by these market participants, 
as noted herein.
---------------------------------------------------------------------------

    \9\ Pursuant to Chapter VII (Market Participants), Section 5 
(Obligations of Market Makers), in registering as a market maker, an 
Options Participant commits himself to various obligations. 
Transactions of a Market Maker in its market making capacity must 
constitute a course of dealings reasonably calculated to contribute 
to the maintenance of a fair and orderly market, and Market Makers 
should not make bids or offers or enter into transactions that are 
inconsistent with such course of dealings. Further, all Market 
Makers are designated as specialists on NOM for all purposes under 
the Act or rules thereunder. See Chapter VII, Section 5.
---------------------------------------------------------------------------

    The Exchange also believes that the proposed change to amend the 
existing NOM Market Maker Non-Penny volume threshold from ``7,500 or 
more ADV contracts'' to ``7,500 to 9,999 ADV contracts'' is reasonable 
because the Exchange is essentially adding a higher volume-based tier 
with this proposal. The Exchange believes that the proposed change 
would clarify how the two NOM Market Maker Non-Penny tiers are 
applied--meeting the volume threshold in the lower tier would qualify 
the Participant for a discounted fee, and meeting the volume threshold 
in the higher tier would qualify the Participant for a rebate in lieu 
of the fee, as described above. In the same vein, the proposed change 
to clarify in note 5 that the $0.35 fee for adding liquidity will apply 
unless Participants meet these volume thresholds is reasonable because 
it will clarify how the fee and rebate program proposed herein will 
apply.
    The Exchange further believes that these clarifying changes to 
amend the existing NOM Market Maker Non-Penny volume threshold and 
describe how the $0.35 fee will apply are equitable and not unfairly 
discriminatory because the changes will apply to all qualifying 
Participants.

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. The proposed rebate and 
corresponding changes to the volume-based thresholds described above 
are all designed to increase competition by encouraging NOM Maker 
Makers to provide greater liquidity and maintain tight markets in Non-
Penny Pilot Options. The Exchange operates in a highly competitive 
market in which market participants can readily favor competing venues 
if they deem fee levels at a particular venue to be excessive, or 
rebate opportunities available at other venues to be more favorable. In 
such an environment, the Exchange must continually adjust its fees to 
remain competitive. Because competitors are free to modify their own 
fees in response, and because market participants may readily adjust 
their order routing practices, the Exchange believes that the degree to 
which fee changes in this market may impose any burden on competition 
is extremely limited.

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.\10\
---------------------------------------------------------------------------

    \10\ 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 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-NASDAQ-2017-127 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2017-127. 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 website (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 website 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-2017-127 and should be submitted 
on or before January 4, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-26910 Filed 12-13-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 239 / Thursday, December 14, 2017 / Notices 59035

should be submitted on or before places specified in Item IV below. The $0.35 for the qualifying Participant,
December 29, 2017. Exchange has prepared summaries, set while the higher would provide a rebate
By the Commission. forth in sections A, B, and C below, of of $0.30 for the qualifying Participant in
Eduardo A. Aleman, the most significant aspects of such lieu of the $0.35 fee. Accordingly, the
statements. Exchange proposes to amend the
Assistant Secretary.
existing volume requirement for the
[FR Doc. 2017–26913 Filed 12–13–17; 8:45 am] A. Self-Regulatory Organization’s
discounted fee in note 5 to state that
BILLING CODE 8011–01–P Statement of the Purpose of, and
Participants that add NOM Market
Statutory Basis for, the Proposed Rule
Maker liquidity in Non-Penny Pilot
Change
Options of 7,500 to 9,999 ADV contracts
SECURITIES AND EXCHANGE
1. Purpose per day in a month will be assessed a
COMMISSION
The Exchange proposes to amend the $0.00 per contract Non-Penny Options
[Release No. 34–82239; File No. SR– Exchange’s transaction fees at Chapter Fee for Adding Liquidity in that month.
NASDAQ–2017–127] Participants that add Non-Penny NOM
XV, Section 2(1) to introduce a new
NOM Market Maker 3 Rebate to Add Market Maker liquidity of 10,000 or
Self-Regulatory Organizations; The more ADV contracts per day in a month
Nasdaq Stock Market LLC; Notice of Liquidity in Non-Penny Pilot Options.
Today, the Exchange charges will not be charged a Non-Penny
Filing and Immediate Effectiveness of Options Fee for Adding Liquidity and
Proposed Rule Change To Amend the Participants a $0.35 per contract NOM
Market Maker Fee for Adding Liquidity will instead receive the proposed $0.30
Exchange’s Transaction Fees at per contract Non-Penny Rebate to Add
Chapter XV, Section 2(1) in Non-Penny Pilot Options.4 To
incentivize Participants to add NOM Liquidity. Finally, the Exchange
December 8, 2017. Market Maker liquidity in Non-Penny proposes to clarify in note 5 that the
Pursuant to Section 19(b)(1) of the Pilot Options, the Exchange offers $0.35 fee for adding liquidity will apply
Securities Exchange Act of 1934 Participants an opportunity to reduce unless Participants meet the proposed
(‘‘Act’’),1 and Rule 19b-4 thereunder,2 this $0.35 per contract fee to $0.00 per volume thresholds, as described above.
notice is hereby given that on December contract, provided the Participant adds 2. Statutory Basis
1, 2017, The Nasdaq Stock Market LLC NOM Market Maker liquidity in Non-
The Exchange believes that its
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Penny Pilot Options of 7,500 or more
proposal is consistent with Section 6(b)
Securities and Exchange Commission ADV contracts per day in a month.5
In order to further incentivize NOM of the Act,6 in general, and furthers the
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and Market Makers to transact in Non-Penny objectives of Sections 6(b)(4) and 6(b)(5)
III, below, which Items have been Pilot Options on NOM, the Exchange of the Act,7 in particular, in that it
prepared by the Exchange. The proposes to introduce a new NOM provides for the equitable allocation of
Commission is publishing this notice to Market Maker Rebate to Add Liquidity reasonable dues, fees and other charges
solicit comments on the proposed rule in Non Penny-Pilot Options, provided among members and issuers and other
change from interested persons. the Participant adds NOM Market Maker persons using any facility, and is not
designed to permit unfair
liquidity in Non-Penny Pilot Options of
I. Self-Regulatory Organization’s discrimination between customers,
10,000 or more ADV contracts per day
Statement of the Terms of Substance of issuers, brokers, or dealers.
in a month. The Participant would The proposed change to offer
the Proposed Rule Change
receive a $0.30 per contract Rebate to Participants that send NOM Market
The Exchange proposes to amend the Add Liquidity in Non-Penny Pilot
Exchange’s transaction fees at Chapter Maker order flow the opportunity to
Options as a NOM Market Maker. receive a $0.30 per contract Non-Penny
XV, Section 2(1), which governs the Participants that qualify for this
pricing for Nasdaq Participants using Rebate to Add Liquidity, provided the
proposed rebate would not be charged Participant adds NOM Market Maker
the Nasdaq Options Market (‘‘NOM’’), the NOM Market Maker Fee for Adding
Nasdaq’s facility for executing and liquidity in Non-Penny Pilot Options of
Liquidity in Non-Penny Pilot Options 10,000 or more ADV contracts per day
routing standardized equity and index by virtue of already having qualified for
options. in a month, is reasonable because the
the discounted fee of $0.00 in note 5 Exchange seeks to further incentivize
The text of the proposed rule change (i.e., by meeting the lower NOM Market
is available on the Exchange’s website at Participants to add NOM Market Maker
Maker Non-Penny volume threshold of liquidity in Non-Penny Pilot Options to
http://nasdaq.cchwallstreet.com/, at the 7,500 or more ADV contracts per day).
principal office of the Exchange, and at obtain the rebate. The Exchange believes
In essence, the Exchange is creating a
the Commission’s Public Reference that its proposal will encourage
new volume threshold that is higher
Room. Participants to select NOM as a venue
than the existing threshold with this
and in turn benefit other market
II. Self-Regulatory Organization’s proposal. As such, there will be two
participants with the opportunity to
Statement of the Purpose of, and NOM Market Maker volume-based tiers
interact with such liquidity. Other
Statutory Basis for, the Proposed Rule for adding liquidity in Non-Penny Pilot
options exchanges also offer volume-
Change Options, the lower of which would
based rebates to market makers for
provide a discounted fee of $0.00 from
In its filing with the Commission, the adding liquidity.8
Exchange included statements 3 The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a
The Exchange also believes that the
sradovich on DSK3GMQ082PROD with NOTICES

concerning the purpose of and basis for Participant that has registered as a Market Maker on proposed NOM Market Maker Non-
the proposed rule change and discussed NOM pursuant to Chapter VII, Section 2, and must
any comments it received on the also remain in good standing pursuant to Chapter 6 15 U.S.C. 78f(b).
VII, Section 4. In order to receive NOM Market 7 15 U.S.C. 78f(b)(4) and (5).
proposed rule change. The text of these Maker pricing in all securities, the Participant must 8 See MIAX Pearl Fee Schedule, Section 1)a) for
statements may be examined at the be registered as a NOM Market Maker in at least one the non-penny maker rebates offered to MIAX Pearl
security. See Chapter XV. market makers. See also Nasdaq GEMX Schedule of
1 15 U.S.C. 78s(b)(1). 4 See Chapter XV, Section 2(1).
Fees, Section I for the non-penny maker rebates
2 17 CFR 240.19b–4. 5 Id. at note 5. offered to GEMX market makers.

VerDate Sep<11>2014 21:28 Dec 13, 2017 Jkt 244001 PO 00000 Frm 00244 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1
59036 Federal Register / Vol. 82, No. 239 / Thursday, December 14, 2017 / Notices

Penny Rebate to Add Liquidity is B. Self-Regulatory Organization’s Electronic Comments
equitable and not unfairly Statement on Burden on Competition
discriminatory because all NOM Market • Use the Commission’s internet
The Exchange does not believe that comment form (http://www.sec.gov/
Makers can qualify for the rebate by the proposed rule change will impose
meeting the volume requirements rules/sro.shtml); or
any burden on competition not
described above. Furthermore, NOM necessary or appropriate in furtherance • Send an email to rule-comments@
Market Makers, unlike other market of the purposes of the Act. The sec.gov. Please include File Number SR–
participants, add value through proposed rebate and corresponding NASDAQ–2017–127 on the subject line.
continuous quoting 9 and the changes to the volume-based thresholds
Paper Comments
commitment of capital. In addition, described above are all designed to
encouraging NOM Market Makers to add increase competition by encouraging • Send paper comments in triplicate
greater liquidity benefits all market NOM Maker Makers to provide greater to Brent J. Fields, Secretary, Securities
participants in the quality of order liquidity and maintain tight markets in and Exchange Commission, 100 F Street
interaction. As such, the Exchange Non-Penny Pilot Options. The Exchange NE, Washington, DC 20549–1090.
believes it is equitable and not unfairly operates in a highly competitive market
in which market participants can All submissions should refer to File
discriminatory to offer only NOM
readily favor competing venues if they Number SR–NASDAQ–2017–127. This
Market Makers the opportunity to earn
deem fee levels at a particular venue to file number should be included on the
the proposed rebate because of the
be excessive, or rebate opportunities subject line if email is used. To help the
obligations borne by these market available at other venues to be more Commission process and review your
participants, as noted herein. favorable. In such an environment, the comments more efficiently, please use
The Exchange also believes that the Exchange must continually adjust its only one method. The Commission will
proposed change to amend the existing fees to remain competitive. Because post all comments on the Commission’s
NOM Market Maker Non-Penny volume competitors are free to modify their own internet website (http://www.sec.gov/
threshold from ‘‘7,500 or more ADV fees in response, and because market rules/sro.shtml). Copies of the
contracts’’ to ‘‘7,500 to 9,999 ADV participants may readily adjust their submission, all subsequent
contracts’’ is reasonable because the order routing practices, the Exchange
amendments, all written statements
Exchange is essentially adding a higher believes that the degree to which fee
changes in this market may impose any with respect to the proposed rule
volume-based tier with this proposal. change that are filed with the
The Exchange believes that the burden on competition is extremely
limited. Commission, and all written
proposed change would clarify how the communications relating to the
two NOM Market Maker Non-Penny C. Self-Regulatory Organization’s proposed rule change between the
tiers are applied—meeting the volume Statement on Comments on the Commission and any person, other than
threshold in the lower tier would Proposed Rule Change Received From those that may be withheld from the
qualify the Participant for a discounted Members, Participants, or Others public in accordance with the
fee, and meeting the volume threshold No written comments were either provisions of 5 U.S.C. 552, will be
in the higher tier would qualify the solicited or received. available for website viewing and
Participant for a rebate in lieu of the fee, printing in the Commission’s Public
III. Date of Effectiveness of the
as described above. In the same vein, Reference Room, 100 F Street NE,
Proposed Rule Change and Timing for
the proposed change to clarify in note Washington, DC 20549, on official
Commission Action
5 that the $0.35 fee for adding liquidity business days between the hours of
will apply unless Participants meet The foregoing rule change has become
effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of the
these volume thresholds is reasonable filing also will be available for
because it will clarify how the fee and 19(b)(3)(A)(ii) of the Act.10
At any time within 60 days of the inspection and copying at the principal
rebate program proposed herein will filing of the proposed rule change, the office of the Exchange. All comments
apply. Commission summarily may received will be posted without change.
The Exchange further believes that temporarily suspend such rule change if Persons submitting comments are
these clarifying changes to amend the it appears to the Commission that such cautioned that we do not redact or edit
existing NOM Market Maker Non-Penny action is: (i) Necessary or appropriate in personal identifying information from
volume threshold and describe how the the public interest; (ii) for the protection comment submissions. You should
$0.35 fee will apply are equitable and of investors; or (iii) otherwise in submit only information that you wish
not unfairly discriminatory because the furtherance of the purposes of the Act. to make available publicly. All
changes will apply to all qualifying If the Commission takes such action, the submissions should refer to File
Participants. Commission shall institute proceedings Number SR–NASDAQ–2017–127 and
to determine whether the proposed rule should be submitted on or before
9 Pursuant to Chapter VII (Market Participants), should be approved or disapproved. January 4, 2018.
Section 5 (Obligations of Market Makers), in
registering as a market maker, an Options
IV. Solicitation of Comments For the Commission, by the Division of
Participant commits himself to various obligations. Interested persons are invited to Trading and Markets, pursuant to delegated
Transactions of a Market Maker in its market authority.11
sradovich on DSK3GMQ082PROD with NOTICES

submit written data, views, and
making capacity must constitute a course of
dealings reasonably calculated to contribute to the arguments concerning the foregoing, Eduardo A. Aleman,
maintenance of a fair and orderly market, and including whether the proposed rule Assistant Secretary.
Market Makers should not make bids or offers or change is consistent with the Act. [FR Doc. 2017–26910 Filed 12–13–17; 8:45 am]
enter into transactions that are inconsistent with Comments may be submitted by any of
such course of dealings. Further, all Market Makers BILLING CODE 8011–01–P
are designated as specialists on NOM for all the following methods:
purposes under the Act or rules thereunder. See
Chapter VII, Section 5. 10 15 U.S.C. 78s(b)(3)(A)(ii). 11 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 21:28 Dec 13, 2017 Jkt 244001 PO 00000 Frm 00245 Fmt 4703 Sfmt 9990 E:\FR\FM\14DEN1.SGM 14DEN1
Document Created: 2018-10-25 10:51:53
Document Modified: 2018-10-25 10:51:53
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 59035