83_FR_10982 83 FR 10933 - 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 Rule 7014 To Eliminate the Small Cap Incentive Program and the Limit Up Limit Down Pricing Program

83 FR 10933 - 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 Rule 7014 To Eliminate the Small Cap Incentive Program and the Limit Up Limit Down Pricing Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 49 (March 13, 2018)

Page Range10933-10934
FR Document2018-04963

Federal Register, Volume 83 Issue 49 (Tuesday, March 13, 2018) 
[Federal Register Volume 83, Number 49 (Tuesday, March 13, 2018)]
[Notices]
[Pages 10933-10934]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-04963]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82822; File No. SR-NASDAQ-2018-017]


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 Rule 7014 To Eliminate the 
Small Cap Incentive Program and the Limit Up Limit Down Pricing Program

March 7, 2018.
    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 February 26, 2018, 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.
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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 the Exchange's transaction fees at 
Rule 7014 to eliminate the Small Cap Incentive Program and the Limit Up 
Limit Down Pricing Program, as described below.
    While these amendments are effective upon filing, the Exchange has 
designated the proposed amendments to be operative on March 1, 2018.
    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 purpose of the proposed rule change is to amend Rule 7014 of 
the Exchange's Rules to eliminate the Small Cap Incentive Program 
(``SCIP'') and the Limit Up Limit Down (``LULD'') Pricing Program.
SCIP Program
    The SCIP is a rebate program that presently applies to Exchange 
market markers (``Nasdaq Market Makers'') registered in Nasdaq-listed 
companies with a market capitalization (``cap'') of less than $100 
million. Under the program, Nasdaq Market Makers registered in a 
designated SCIP symbol receive an additional displayed liquidity rebate 
of $0.0005 per share executed for executions at or above $1.00 (``SCIP 
Rebate'') if their percent of time at the NBBO is above 50% for the 
month (``NBBO Test''). The SCIP Rebate is in addition to all other 
applicable displayed rebates. For shares executed below $1.00, Nasdaq 
Market Makers are subject to the following rates: (i) The rebate to add 
liquidity is 0.10% of the total dollar volume; and (ii) the fee to 
remove liquidity is 0.25% of the total dollar volume.
    The Exchange established the SCIP to encourage Nasdaq Market Makers 
to improve market quality for Nasdaq-listed companies with market caps 
of under $100 million. Although the program has had some limited 
success, it has not been effective to the extent intended when 
introduced. Accordingly, the Exchange no longer believes that the 
operation of the SCIP is an appropriate allocation of its limited 
resources and it proposes to eliminate the program.
LULD Pricing Program
    The LULD program is a rebate program designed to provide incentives 
to market participants to provide liquidity during periods of 
extraordinary volatility in a select group of NMS Stocks chosen by the 
Exchange (``LULD Liquidity Symbols'').
    Specifically, for LULD Liquidity Symbol securities priced $1 or 
more, the Exchange offers an incentive in the form of a $0.0010 per 
share executed rebate to Nasdaq Market Makers that enter displayed 
orders to buy (other than Designated Retail Orders, as defined in Rule 
7018) when the LULD Liquidity Symbol security enters a Limit State 
based on an NBO that equals the lower price band and does not cross the 
NBB (``Limit Down Limit State''). To be eligible, the Nasdaq Market 
Maker must be registered as a market maker for the LULD Liquidity 
Symbol.
    Similarly, for LULD Liquidity Symbol securities priced $1 or more, 
the Exchange provides a $0.0010 per share executed rebate to Nasdaq 
Market Makers that enter displayed orders to buy (other than Designated 
Retail Orders, as defined in Rule 7018) when the LULD Liquidity Symbol 
security enters a Straddle State based on an NBB that is below the 
lower price band (``Limit Down Straddle State'').
    Finally, the Exchange provides an incentive to all market 
participants that enter Orders in an LULD Liquidity Symbol during a 
Trading Pause and receive an execution of that Order. The Exchange 
provides a $0.0005 per share executed rebate, which is provided upon 
execution of the eligible Order in the reopening process at the 
conclusion of the Trading Pause.
    The Exchange intended for the LULD Pricing Program to improve 
market quality by promoting liquidity and price discovery for LULD 
Liquidity Symbols that have triggered Limit Up/Limit Down processes. 
Subsequent to the introduction of the LULD Pricing Program, certain 
enhancements to the LULD Plan have been implemented which reduced LULD 
pauses and supported a more orderly resumption of securities subject to 
LULD pauses. Therefore, the LULD Pricing Program is no longer needed 
and the Exchange proposes to eliminate it.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\3\ in general, and furthers the objectives of Sections 
6(b)(4) and 6(b)(5) of the Act,\4\ 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.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that its proposals to eliminate the SCIP and 
the LULP Pricing Program are reasonable

[[Page 10934]]

because neither Pricing Program has been effective to the extent 
intended. In addition, improvements to the implementation of the LULD 
Plan have made the LULD Pricing Program unnecessary. Furthermore, the 
Exchange has limited resources available to it to devote to the 
operation of special pricing programs and as such, it is equitable to 
allocate those resources to those programs that are effective and away 
from those programs that are ineffective. The proposals are equitable 
and not unfairly discriminatory because the elimination of the SCIP and 
the LULD Pricing Program will apply uniformly to all similarly situated 
members.

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. In terms of inter-market 
competition, the Exchange notes that it 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 with other exchanges and with 
alternative trading systems that have been exempted from compliance 
with the statutory standards applicable to exchanges. 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.
    In this instance, the proposed elimination of the SCIP and the LULD 
Pricing Program will not impose a burden on competition because the 
Exchange's execution services are completely voluntary and subject to 
extensive competition both from other exchanges and from off-exchange 
venues. In sum, if the changes proposed herein are unattractive to 
market participants, it is likely that the Exchange will lose market 
share as a result. Accordingly, the Exchange does not believe that the 
proposed changes will impair the ability of members or competing order 
execution venues to maintain their competitive standing in the 
financial markets. Further, the Exchange does not believe that 
elimination of the programs will impose a burden on competition among 
market participants because the impact of the proposal will apply 
equally to all members that presently qualify for the programs.

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.\5\
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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (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-2018-017 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-NASDAQ-2018-017. 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-2018-017, and should be submitted 
on or before April 3, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04963 Filed 3-12-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 49 / Tuesday, March 13, 2018 / Notices 10933 Brent J. Fields from the Office of the any comments it received on the Exchange offers an incentive in the form Secretary at (202) 551–5400. proposed rule change. The text of these of a $0.0010 per share executed rebate Dated: March 8, 2018. statements may be examined at the to Nasdaq Market Makers that enter Brent J. Fields, places specified in Item IV below. The displayed orders to buy (other than Exchange has prepared summaries, set Designated Retail Orders, as defined in Secretary. forth in sections A, B, and C below, of Rule 7018) when the LULD Liquidity [FR Doc. 2018–05098 Filed 3–9–18; 11:15 am] the most significant aspects of such Symbol security enters a Limit State BILLING CODE 8011–01–P statements. based on an NBO that equals the lower price band and does not cross the NBB A. Self-Regulatory Organization’s (‘‘Limit Down Limit State’’). To be SECURITIES AND EXCHANGE Statement of the Purpose of, and eligible, the Nasdaq Market Maker must COMMISSION Statutory Basis for, the Proposed Rule be registered as a market maker for the [Release No. 34–82822; File No. SR– Change LULD Liquidity Symbol. NASDAQ–2018–017] 1. Purpose Similarly, for LULD Liquidity Symbol securities priced $1 or more, the Self-Regulatory Organizations; The The purpose of the proposed rule Exchange provides a $0.0010 per share Nasdaq Stock Market LLC; Notice of change is to amend Rule 7014 of the executed rebate to Nasdaq Market Filing and Immediate Effectiveness of Exchange’s Rules to eliminate the Small Makers that enter displayed orders to Proposed Rule Change To Amend the Cap Incentive Program (‘‘SCIP’’) and the buy (other than Designated Retail Exchange’s Transaction Fees at Rule Limit Up Limit Down (‘‘LULD’’) Pricing Orders, as defined in Rule 7018) when 7014 To Eliminate the Small Cap Program. the LULD Liquidity Symbol security Incentive Program and the Limit Up SCIP Program enters a Straddle State based on an NBB Limit Down Pricing Program that is below the lower price band The SCIP is a rebate program that March 7, 2018. (‘‘Limit Down Straddle State’’). presently applies to Exchange market Finally, the Exchange provides an Pursuant to Section 19(b)(1) of the markers (‘‘Nasdaq Market Makers’’) Securities Exchange Act of 1934 incentive to all market participants that registered in Nasdaq-listed companies enter Orders in an LULD Liquidity (‘‘Act’’),1 and Rule 19b–4 thereunder,2 with a market capitalization (‘‘cap’’) of notice is hereby given that on February Symbol during a Trading Pause and less than $100 million. Under the receive an execution of that Order. The 26, 2018, The Nasdaq Stock Market LLC program, Nasdaq Market Makers (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Exchange provides a $0.0005 per share registered in a designated SCIP symbol executed rebate, which is provided Securities and Exchange Commission receive an additional displayed (‘‘Commission’’) the proposed rule upon execution of the eligible Order in liquidity rebate of $0.0005 per share the reopening process at the conclusion change as described in Items I, II, and executed for executions at or above III below, which Items have been of the Trading Pause. $1.00 (‘‘SCIP Rebate’’) if their percent of The Exchange intended for the LULD prepared by the Exchange. The time at the NBBO is above 50% for the Commission is publishing this notice to Pricing Program to improve market month (‘‘NBBO Test’’). The SCIP Rebate quality by promoting liquidity and price solicit comments on the proposed rule is in addition to all other applicable change from interested persons. discovery for LULD Liquidity Symbols displayed rebates. For shares executed that have triggered Limit Up/Limit I. Self-Regulatory Organization’s below $1.00, Nasdaq Market Makers are Down processes. Subsequent to the Statement of the Terms of Substance of subject to the following rates: (i) The introduction of the LULD Pricing the Proposed Rule Change rebate to add liquidity is 0.10% of the Program, certain enhancements to the The Exchange proposes to amend the total dollar volume; and (ii) the fee to LULD Plan have been implemented Exchange’s transaction fees at Rule 7014 remove liquidity is 0.25% of the total which reduced LULD pauses and to eliminate the Small Cap Incentive dollar volume. supported a more orderly resumption of Program and the Limit Up Limit Down The Exchange established the SCIP to securities subject to LULD pauses. Pricing Program, as described below. encourage Nasdaq Market Makers to Therefore, the LULD Pricing Program is While these amendments are effective improve market quality for Nasdaq- no longer needed and the Exchange upon filing, the Exchange has listed companies with market caps of proposes to eliminate it. designated the proposed amendments to under $100 million. Although the program has had some limited success, 2. Statutory Basis be operative on March 1, 2018. The text of the proposed rule change it has not been effective to the extent The Exchange believes that its is available on the Exchange’s website at intended when introduced. proposal is consistent with Section 6(b) http://nasdaq.cchwallstreet.com/, at the Accordingly, the Exchange no longer of the Act,3 in general, and furthers the principal office of the Exchange, and at believes that the operation of the SCIP objectives of Sections 6(b)(4) and 6(b)(5) the Commission’s Public Reference is an appropriate allocation of its of the Act,4 in particular, in that it Room. limited resources and it proposes to provides for the equitable allocation of eliminate the program. reasonable dues, fees and other charges II. Self-Regulatory Organization’s among members and issuers and other Statement of the Purpose of, and LULD Pricing Program persons using any facility, and is not Statutory Basis for, the Proposed Rule The LULD program is a rebate designed to permit unfair Change program designed to provide incentives discrimination between customers, amozie on DSK30RV082PROD with NOTICES In its filing with the Commission, the to market participants to provide issuers, brokers, or dealers. Exchange included statements liquidity during periods of The Exchange believes that its concerning the purpose of and basis for extraordinary volatility in a select group proposals to eliminate the SCIP and the the proposed rule change and discussed of NMS Stocks chosen by the Exchange LULP Pricing Program are reasonable (‘‘LULD Liquidity Symbols’’). 1 15 U.S.C. 78s(b)(1). Specifically, for LULD Liquidity 3 15 U.S.C. 78f(b). 2 17 CFR 240.19b–4. Symbol securities priced $1 or more, the 4 15 U.S.C. 78f(b)(4) and (5). VerDate Sep<11>2014 17:47 Mar 12, 2018 Jkt 244001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\13MRN1.SGM 13MRN1

10934 Federal Register / Vol. 83, No. 49 / Tuesday, March 13, 2018 / Notices because neither Pricing Program has a burden on competition among market with respect to the proposed rule been effective to the extent intended. In participants because the impact of the change that are filed with the addition, improvements to the proposal will apply equally to all Commission, and all written implementation of the LULD Plan have members that presently qualify for the communications relating to the made the LULD Pricing Program programs. proposed rule change between the unnecessary. Furthermore, the Exchange Commission and any person, other than has limited resources available to it to C. Self-Regulatory Organization’s those that may be withheld from the devote to the operation of special Statement on Comments on the public in accordance with the pricing programs and as such, it is Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be equitable to allocate those resources to Members, Participants, or Others available for website viewing and those programs that are effective and No written comments were either printing in the Commission’s Public away from those programs that are solicited or received. Reference Room, 100 F Street NE, ineffective. The proposals are equitable Washington, DC 20549 on official III. Date of Effectiveness of the and not unfairly discriminatory because business days between the hours of Proposed Rule Change and Timing for the elimination of the SCIP and the 10:00 a.m. and 3:00 p.m. Copies of the Commission Action LULD Pricing Program will apply filing also will be available for uniformly to all similarly situated The foregoing rule change has become inspection and copying at the principal members. effective pursuant to Section office of the Exchange. All comments 19(b)(3)(A)(ii) of the Act.5 received will be posted without change. B. Self-Regulatory Organization’s At any time within 60 days of the Persons submitting comments are Statement on Burden on Competition filing of the proposed rule change, the cautioned that we do not redact or edit The Exchange does not believe that Commission summarily may personal identifying information from the proposed rule change will impose temporarily suspend such rule change if comment submissions. You should any burden on competition not it appears to the Commission that such submit only information that you wish necessary or appropriate in furtherance action is: (i) Necessary or appropriate in to make available publicly. All of the purposes of the Act. In terms of the public interest; (ii) for the protection submissions should refer to File inter-market competition, the Exchange of investors; or (iii) otherwise in Number SR–NASDAQ–2018–017, and notes that it operates in a highly furtherance of the purposes of the Act. should be submitted on or before April competitive market in which market If the Commission takes such action, the 3, 2018. participants can readily favor competing Commission shall institute proceedings For the Commission, by the Division of venues if they deem fee levels at a to determine whether the proposed rule Trading and Markets, pursuant to delegated particular venue to be excessive, or should be approved or disapproved. authority.6 rebate opportunities available at other Eduardo A. Aleman, venues to be more favorable. In such an IV. Solicitation of Comments Assistant Secretary. environment, the Exchange must Interested persons are invited to [FR Doc. 2018–04963 Filed 3–12–18; 8:45 am] continually adjust its fees to remain submit written data, views, and BILLING CODE 8011–01–P competitive with other exchanges and arguments concerning the foregoing, with alternative trading systems that including whether the proposed rule have been exempted from compliance change is consistent with the Act. SECURITIES AND EXCHANGE with the statutory standards applicable Comments may be submitted by any of COMMISSION to exchanges. Because competitors are the following methods: free to modify their own fees in [Release No. 34–82824; File No. SR– Electronic Comments NYSEArca–2018–04] response, and because market participants may readily adjust their • Use the Commission’s internet order routing practices, the Exchange comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE believes that the degree to which fee rules/sro.shtml); or Arca, Inc.; Notice of Designation of a changes in this market may impose any • Send an email to rule-comments@ Longer Period for Commission Action burden on competition is extremely sec.gov. Please include File Number SR– on a Proposed Rule Change To Adopt limited. NASDAQ–2018–017 on the subject line. a New NYSE Arca Rule 8.900–E and To In this instance, the proposed List and Trade Shares of the Royce Paper Comments Pennsylvania ETF, Royce Premier ETF, elimination of the SCIP and the LULD Pricing Program will not impose a • Send paper comments in triplicate and Royce Total Return ETF Under burden on competition because the to Secretary, Securities and Exchange Proposed NYSE Arca Equities Rule Exchange’s execution services are Commission, 100 F Street NE, 8.900–E completely voluntary and subject to Washington, DC 20549–1090. March 7, 2018. extensive competition both from other All submissions should refer to File On January 8, 2018, NYSE Arca, Inc. exchanges and from off-exchange Number SR–NASDAQ–2018–017. This (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed venues. In sum, if the changes proposed file number should be included on the with the Securities and Exchange herein are unattractive to market subject line if email is used. To help the Commission (‘‘Commission’’), pursuant participants, it is likely that the Commission process and review your to Section 19(b)(1) of the Securities Exchange will lose market share as a comments more efficiently, please use Exchange Act of 1934 (‘‘Act’’) 1 and Rule result. Accordingly, the Exchange does only one method. The Commission will 19b–4 thereunder,2 a proposed rule amozie on DSK30RV082PROD with NOTICES not believe that the proposed changes post all comments on the Commission’s change to adopt new NYSE Arca Rule will impair the ability of members or internet website (http://www.sec.gov/ 8.900–E to permit it to list and trade competing order execution venues to rules/sro.shtml). Copies of the Managed Portfolio Shares. The maintain their competitive standing in submission, all subsequent the financial markets. Further, the amendments, all written statements 6 17 CFR 200.30–3(a)(12). Exchange does not believe that 1 15 U.S.C. 78s(b)(1). elimination of the programs will impose 5 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 17:47 Mar 12, 2018 Jkt 244001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 E:\FR\FM\13MRN1.SGM 13MRN1


Document Created: 2018-03-13 01:57:04
Document Modified: 2018-03-13 01:57:04
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 10933 
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