82 FR 60460 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Primary Market Maker Obligations
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 243 (December 20, 2017)
Federal Register Volume 82, Issue 243 (December 20, 2017)
| Page Range | 60460-60462 | |
| FR Document | 2017-27345 |
[Federal Register Volume 82, Number 243 (Wednesday, December 20, 2017)] [Notices] [Pages 60460-60462] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-27345] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82324; File No. SR-MRX-2017-27] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Primary Market Maker Obligations December 14, 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 29, 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 701, entitled ``Openings,'' to specify the obligations of a Primary Market Maker (``PMM'') when entering Valid Width Quotes \3\ during the Opening Process. --------------------------------------------------------------------------- \3\ A ``Valid Width Quote'' is a two-sided electronic quotation submitted by a Market Maker that consists of a bid/ask differential that is compliant with Rule 803(b)(4). See Rule 701(a)(8). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's website at http://nasdaqmrx.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 is proposing to amend Rule 701, Openings, to amend the obligations of a PMM when entering Valid Width Quotes during the Opening Process. In addition, the Exchange proposes to make clear the obligations of a PMM and a Competitive Market Maker (``CMM'') once an options series has opened. Currently, Rule 701(c)(1) provides, the Opening Process for an option series will be conducted pursuant to paragraphs (f)-(j) of MRX Rule 701 on or after 9:30 a.m. Eastern Time if: the ABBO, if any, is not crossed; and the system has received, within two minutes (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's website) of the opening trade or quote on the market for the underlying security in the case of equity options or, in the case of index options, [[Page 60461]] within two minutes of the receipt of the opening price in the underlying index (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's website), or within two minutes of market opening for the underlying security in the case of U.S. dollar-settled foreign currency options (or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's website) any of the following: (i) The PMM's Valid Width Quote; (ii) the Valid Width Quotes of at least two CMM or (iii) if neither the PMM's Valid Width Quote nor the Valid Width Quotes of two CMMs have been submitted within such timeframe, one CMM has submitted a Valid Width Quote. Thereafter, Rule 701(c)(3) specifies that the PMM assigned in a particular equity or index option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index. The PMM assigned in a particular U.S. dollar-settled foreign currency option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute after the announced market opening. PMMs must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening. The Exchange proposes to make clear that a PMM has the obligations specified in MRX Rule 701(c)(3) to promptly enter a Valid Width Quote in the remainder of their assigned series in cases where the PMM's assigned series was not already opened by a CMM as permitted by Rule 701(c)(1)(ii) and (iii) as noted herein. The PMM would continue to have the ultimate obligation to open each assigned series, however this rule change would not require the PMM to enter a Valid Width Quote for the 10% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index during the Opening Process if an options series has opened pursuant to Rule 701(c)(1)(ii) and (iii) within the timeframe specified for the PMM to enter a Valid Width Quote as noted in Rule 701(c)(3). Also, the PMM assigned in a particular U.S. dollar-settled foreign currency option would not be required to enter a Valid Width Quote for 10% of their assigned series, not later than one minute after the announced market opening during the Opening Process if an options series opened pursuant to Rule 701(c)(1)(ii) and (iii) within the timeframe specified for the PMM to enter a Valid Width Quote as noted in Rule 701(c)(3). Today MRX Rule 701 requires a PMM to open the market and provides an alternative mechanism to permit an alternative opening by a CMM.\4\ The proposal seeks to make clear the obligations of the PMM with respect to options series that were open by a CMM as well as the quoting obligations of a CMM that opened the options series. The Exchange proposes to amend MRX Rule 701(c)(3) to state that once an option series has opened pursuant to Rule 701(c)(1)(i)-(iii), a PMM must submit continuous, two-sided quotes in such option series pursuant to Supplementary .01 to MRX Rule 804. The Exchange also proposes to amend Rule 701(c)(4) to state that a CMM that submits a quote during the opening in any option series pursuant to Rule 701(c)(1)(ii) or (iii) must submit continuous, two-sided quotes in such options series pursuant to MRX Rule 804(e)(2)(iii) once an option series has opened. Specifically, the Exchange proposes to add rule text to Rule 701(c)(3) to provide that ``once an options series has opened f pursuant to Rule 701(c)(1)(i)-(iii), a PMM must submit continuous, two-sided quotes in such options series pursuant to Supplementary Material .01 to Rule 804.'' Further, the Exchange proposes to add rule text to Rule 701(c)(4) to states that ``A CMM that submits a quote pursuant to Rule 701 in any option series when the PMM's quote has not been submitted shall be required, once an options series has opened, to submit continuous, two-sided quotes in such option series pursuant to Rule 804(e)(2)(iii).'' --------------------------------------------------------------------------- \4\ See MRX Rule 701(c)(1)(i)-(iii). --------------------------------------------------------------------------- The Exchange proposes to make clear that a PMM has an obligation to enter Valid Width Quotes during the Opening Process within the timeframes specified in Rule 701(c)(3). In the event that an options series opened pursuant to Rule 701(c)(1)(ii) and (iii), a PMM would be required to submit continuous, two-sided quotes in such options series pursuant to Supplementary Material .01 to Rule 804. Also, in this instance, a CMM would be required to submit continuous, two-sided quotes in such option series pursuant to Rule 804(e)(2)(iii). The Exchange notes that a CMM would not have an obligation to quote in such option series pursuant to Rule 804(e)(2)(iii), unless the CMM submitted a quote pursuant to Rule 701 or otherwise submitted a quote intra- day.\5\ The purpose of this new rule text is to make clear the quoting obligations for both PMMs and CMMs during the opening and the manner in which Rule 701, relating to the Opening Process, and Rule 804, relating to Market Maker quoting obligations, interact with each other. --------------------------------------------------------------------------- \5\ See MRX Rule 804(e)(2)(i) which states, ``On any given day, a Competitive Market Maker is not required to enter quotations in the options classes to which it is appointed.'' --------------------------------------------------------------------------- 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 by amending MRX Rule 701(c)(3) to further specify a PMM's obligations during the Opening Process and once an options series as opened as well as the obligations of a CMM to the extent that an options series opened pursuant to Rule 701(c)(1)(ii) and (iii). The Exchange believes that this proposal is consistent with the Act because a PMM continues to be responsible to enter Valid Width Quotes during the Opening Process and thereafter submit continuous, two-sided quotes in such options series pursuant to Supplementary Material .01 to Rule 804. In the event that an options series opened pursuant to Rule 701(c)(1)(ii) and (iii), the CMM must submit continuous, two-sided quotes in such option series, once the options series has opened, pursuant to Rule 804(e)(2)(iii). The Exchange believes that this proposed rule change will make clear the obligations of the PMM with respect to submitting Valid Width Quotes and thereafter, once an options series has opened, submitting continuous two-sided quotes, when a CMM may have already entered a quote to open an options series. The Exchange's proposal to add rule text to clearly specify the quoting obligations of [[Page 60462]] a PMM and CMM during the Opening Process and once an option series has opened will provide greater clarity to the Opening Process and also to the interplay between quoting obligations during the Opening Process and intra-day quoting obligations noted within Rule 804. --------------------------------------------------------------------------- \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. Once an options series has opened, [sic] a PMM continues to be responsible to enter Valid Width Quotes during the Opening Process and thereafter submit continuous, two-sided quotes in such options series pursuant to Supplementary Material .01 to Rule 804. Also, if an options series opened pursuant to MRX Rule 701(c)(1)(ii) or (iii), a CMM shall be required to submit continuous, two-sided quotes in such option series, once an option series has opened pursuant to Rule 804(e)(2)(iii). This proposed rule text makes clear that CMMs are required to submit continuous, two-sided quotes in such option series pursuant to Rule 804(e)(2)(iii), in the event an options series opened pursuant to Rule 701(c)(1)(ii) and (iii). The proposal provides greater clarity to the Opening Process and also to the interplay between quoting obligations during the Opening Process and intra-day quoting obligations noted within Rule 804. 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 foregoing 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, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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) normally does not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii)\10\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. In its filing with the Commission, the Exchange requests that the Commission waive the 30-day operative delay. The Exchange represents that the proposed rule change would clarify the quoting obligations for both PMMs and CMMs during the Opening Process and the manner in which Rule 701, relating to the Opening Process, and Rule 804, relating to Market Maker quoting obligations, interact with each other. According to the Exchange, these obligations should be immediately clarified to prevent confusion and uncertainty for Market Makers quoting on the Exchange. For the reasons articulated by the Exchange, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission designates the proposed rule change to be operative upon filing.\11\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6)(iii). \11\ For purposes only of waiving the 30-day operative delay, the Commission also has 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 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-2017-27 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-2017-27. 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-MRX-2017-27 and should be submitted on or before January 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-27345 Filed 12-19-17; 8:45 am] BILLING CODE 8011-01-P
![60460 Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices
Electronic Market Makers during the rules/sro.shtml). Copies of the comments on the proposed rule change
Opening Process and the manner in submission, all subsequent from interested persons.
which Rule 1701, relating to the amendments, all written statements
I. Self-Regulatory Organization’s
Opening Process, and Rule 1014, with respect to the proposed rule
Statement of the Terms of Substance of
relating to market maker quoting change that are filed with the
Commission, and all written the Proposed Rule Change
obligations, interact with each other.
According to the Exchange, these communications relating to the The Exchange proposes to amend
obligations should be immediately proposed rule change between the Rule 701, entitled ‘‘Openings,’’ to
clarified to prevent confusion and Commission and any person, other than specify the obligations of a Primary
uncertainty for market makers quoting those that may be withheld from the Market Maker (‘‘PMM’’) when entering
on the Exchange. For the reasons public in accordance with the Valid Width Quotes 3 during the
articulated by the Exchange, the provisions of 5 U.S.C. 552, will be Opening Process.
Commission believes that waiver of the available for website viewing and The text of the proposed rule change
30-day operative delay is consistent printing in the Commission’s Public is available on the Exchange’s website at
with the protection of investors and the Reference Room, 100 F Street NE, http://nasdaqmrx.cchwallstreet.com/, at
public interest. Therefore, the Washington, DC 20549, on official the principal office of the Exchange, and
Commission designates the proposed business days between the hours of at the Commission’s Public Reference
rule change to be operative upon 10:00 a.m. and 3:00 p.m. Copies of the Room.
filing.10 filing also will be available for II. Self-Regulatory Organization’s
At any time within 60 days of the inspection and copying at the principal
Statement of the Purpose of, and
filing of the proposed rule change, the office of the Exchange. All comments
Statutory Basis for, the Proposed Rule
Commission summarily may received will be posted without change.
Change
temporarily suspend such rule change if Persons submitting comments are
it appears to the Commission that such cautioned that we do not redact or edit In its filing with the Commission, the
action is necessary or appropriate in the personal identifying information from Exchange included statements
public interest, for the protection of comment submissions. You should concerning the purpose of and basis for
investors, or otherwise in furtherance of submit only information that you wish the proposed rule change and discussed
the purposes of the Act. If the to make available publicly. All any comments it received on the
Commission takes such action, the submissions should refer to File proposed rule change. The text of these
Commission shall institute proceedings Number SR–Phlx–2017–101 and should statements may be examined at the
to determine whether the proposed rule be submitted on or before January 10, places specified in Item IV below. The
should be approved or disapproved. 2018. Exchange has prepared summaries, set
For the Commission, by the Division of forth in sections A, B, and C below, of
IV. Solicitation of Comments
Trading and Markets, pursuant to delegated the most significant aspects of such
Interested persons are invited to authority.11 statements.
submit written data, views, and Eduardo A. Aleman,
arguments concerning the foregoing, A. Self-Regulatory Organization’s
Assistant Secretary. Statement of the Purpose of, and
including whether the proposed rule
change is consistent with the Act. [FR Doc. 2017–27343 Filed 12–19–17; 8:45 am] Statutory Basis for, the Proposed Rule
Comments may be submitted by any of BILLING CODE 8011–01–P Change
the following methods: 1. Purpose
Electronic Comments SECURITIES AND EXCHANGE The Exchange is proposing to amend
• Use the Commission’s internet COMMISSION Rule 701, Openings, to amend the
comment form (http://www.sec.gov/ [Release No. 34–82324; File No. SR–MRX– obligations of a PMM when entering
rules/sro.shtml); or 2017–27] Valid Width Quotes during the Opening
• Send an email to rule-comments@ Process. In addition, the Exchange
sec.gov. Please include File Number SR– Self-Regulatory Organizations; Nasdaq proposes to make clear the obligations
Phlx–2017–101 on the subject line. MRX, LLC; Notice of Filing and of a PMM and a Competitive Market
Immediate Effectiveness of Proposed Maker (‘‘CMM’’) once an options series
Paper Comments Rule Change Relating to Primary has opened.
• Send paper comments in triplicate Market Maker Obligations Currently, Rule 701(c)(1) provides, the
to Secretary, Securities and Exchange Opening Process for an option series
December 14, 2017. will be conducted pursuant to
Commission, 100 F Street NE,
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the paragraphs (f)–(j) of MRX Rule 701 on
Securities Exchange Act of 1934 or after 9:30 a.m. Eastern Time if: the
All submissions should refer to File
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 ABBO, if any, is not crossed; and the
Number SR–Phlx–2017–101. This file
notice is hereby given that on November system has received, within two
number should be included on the 29, 2017, Nasdaq MRX, LLC (‘‘MRX’’ or
subject line if email is used. To help the minutes (or such shorter time as
‘‘Exchange’’) filed with the Securities determined by the Exchange and
Commission process and review your and Exchange Commission
comments more efficiently, please use disseminated to membership on the
(‘‘Commission’’) the proposed rule Exchange’s website) of the opening
only one method. The Commission will
sradovich on DSK3GMQ082PROD with NOTICES
change as described in Items I and II trade or quote on the market for the
post all comments on the Commission’s below, which Items have been prepared
internet website (http://www.sec.gov/ underlying security in the case of equity
by the Exchange. The Commission is options or, in the case of index options,
10 For purposes only of waiving the 30-day
publishing this notice to solicit
operative delay, the Commission also has 3 A ‘‘Valid Width Quote’’ is a two-sided electronic
11 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on quotation submitted by a Market Maker that
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See consists of a bid/ask differential that is compliant
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. with Rule 803(b)(4). See Rule 701(a)(8).
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![60462 Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices
a PMM and CMM during the Opening 19(b)(3)(A)(iii) of the Act 8 and Comments may be submitted by any of
Process and once an option series has subparagraph (f)(6) of Rule 19b–4 the following methods:
opened will provide greater clarity to thereunder.9
A proposed rule change filed under Electronic Comments
the Opening Process and also to the
interplay between quoting obligations Rule 19b–4(f)(6) normally does not • Use the Commission’s internet
during the Opening Process and intra- become operative prior to 30 days after comment form (http://www.sec.gov/
day quoting obligations noted within the date of filing. However, Rule 19b– rules/sro.shtml); or
Rule 804. 4(f)(6)(iii)10 permits the Commission to
designate a shorter time if such action • Send an email to rule-comments@
B. Self-Regulatory Organization’s is consistent with the protection of sec.gov. Please include File Number SR–
Statement on Burden on Competition investors and the public interest. In its MRX–2017–27 on the subject line.
filing with the Commission, the Paper Comments
The Exchange does not believe that Exchange requests that the Commission
the proposed rule change will impose waive the 30-day operative delay. The • Send paper comments in triplicate
any burden on competition not Exchange represents that the proposed to Secretary, Securities and Exchange
necessary or appropriate in furtherance rule change would clarify the quoting Commission, 100 F Street NE,
of the purposes of the Act. Once an obligations for both PMMs and CMMs Washington, DC 20549–1090.
options series has opened, [sic] a PMM during the Opening Process and the All submissions should refer to File
continues to be responsible to enter manner in which Rule 701, relating to Number SR–MRX–2017–27. This file
Valid Width Quotes during the Opening the Opening Process, and Rule 804, number should be included on the
Process and thereafter submit relating to Market Maker quoting subject line if email is used. To help the
continuous, two-sided quotes in such obligations, interact with each other. Commission process and review your
options series pursuant to According to the Exchange, these comments more efficiently, please use
Supplementary Material .01 to Rule 804. obligations should be immediately only one method. The Commission will
Also, if an options series opened clarified to prevent confusion and post all comments on the Commission’s
pursuant to MRX Rule 701(c)(1)(ii) or uncertainty for Market Makers quoting internet website (http://www.sec.gov/
(iii), a CMM shall be required to submit on the Exchange. For the reasons rules/sro.shtml). Copies of the
continuous, two-sided quotes in such articulated by the Exchange, the submission, all subsequent
option series, once an option series has Commission believes that waiver of the amendments, all written statements
opened pursuant to Rule 804(e)(2)(iii). 30-day operative delay is consistent with respect to the proposed rule
This proposed rule text makes clear that with the protection of investors and the change that are filed with the
CMMs are required to submit public interest. Therefore, the Commission, and all written
Commission designates the proposed communications relating to the
continuous, two-sided quotes in such
rule change to be operative upon proposed rule change between the
option series pursuant to Rule
filing.11 Commission and any person, other than
804(e)(2)(iii), in the event an options At any time within 60 days of the
series opened pursuant to Rule those that may be withheld from the
filing of the proposed rule change, the
701(c)(1)(ii) and (iii). The proposal public in accordance with the
Commission summarily may
provides greater clarity to the Opening provisions of 5 U.S.C. 552, will be
temporarily suspend such rule change if
Process and also to the interplay available for website viewing and
it appears to the Commission that such
between quoting obligations during the printing in the Commission’s Public
action is necessary or appropriate in the
Opening Process and intra-day quoting Reference Room, 100 F Street NE,
public interest, for the protection of
obligations noted within Rule 804. Washington, DC 20549, on official
investors, or otherwise in furtherance of
business days between the hours of
C. Self-Regulatory Organization’s the purposes of the Act. If the
10:00 a.m. and 3:00 p.m. Copies of the
Commission takes such action, the
Statement on Comments on the filing also will be available for
Commission shall institute proceedings
Proposed Rule Change Received From inspection and copying at the principal
to determine whether the proposed rule
Members, Participants, or Others office of the Exchange. All comments
should be approved or disapproved.
received will be posted without change.
No written comments were either IV. Solicitation of Comments Persons submitting comments are
solicited or received. cautioned that we do not redact or edit
Interested persons are invited to
submit written data, views, and personal identifying information from
III. Date of Effectiveness of the
arguments concerning the foregoing, comment submissions. You should
Proposed Rule Change and Timing for
including whether the proposed rule submit only information that you wish
Commission Action
change is consistent with the Act. to make available publicly. All
Because the foregoing proposed rule submissions should refer to File
change does not: (i) Significantly affect 8 15 U.S.C. 78s(b)(3)(A)(iii). Number SR–MRX–2017–27 and should
the protection of investors or the public 9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– be submitted on or before January 10,
interest; (ii) impose any significant 4(f)(6) requires a self-regulatory organization to give 2018.
the Commission written notice of its intent to file
burden on competition; and (iii) become the proposed rule change at least five business days For the Commission, by the Division of
operative for 30 days from the date on prior to the date of filing of the proposed rule Trading and Markets, pursuant to delegated
sradovich on DSK3GMQ082PROD with NOTICES
which it was filed, or such shorter time change, or such shorter time as designated by the authority.12
Commission. The Exchange has satisfied this Eduardo A. Aleman,
as the Commission may designate, it has requirement.
become effective pursuant to Section 10 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary.
11 For purposes only of waiving the 30-day [FR Doc. 2017–27345 Filed 12–19–17; 8:45 am]
operative delay, the Commission also has BILLING CODE 8011–01–P
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 12 17 CFR 200.30–3(a)(12).
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Document Created: 2018-10-25 10:58:11
Document Modified: 2018-10-25 10:58:11
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