83 FR 11259 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing of Proposed Rule Change To Introduce the ATR Protection for Orders That Are Routed to Away Markets
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 50 (March 14, 2018)
Federal Register Volume 83, Issue 50 (March 14, 2018)
| Page Range | 11259-11261 | |
| FR Document | 2018-05164 |
[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)] [Notices] [Pages 11259-11261] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-05164] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82847; File No. SR-GEMX-2018-09] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing of Proposed Rule Change To Introduce the ATR Protection for Orders That Are Routed to Away Markets March 9, 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, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 introduce its Acceptable Trade Range protection for orders that are routed to away markets pursuant to the Options Order Protection and Locked/Crossed Markets Plan. The text of the proposed rule change is available on the Exchange's website at http://nasdaqgemx.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 offers an Acceptable Trade Range (``ATR'') protection that prevents the execution of quotes and orders on the regular order book outside of set thresholds. The purpose of the proposed rule change is to enhance this ATR protection for orders that are routed to away markets pursuant to the Options Order Protection and Locked/Crossed Markets Plan (``Linkage Plan'') instead of being executed immediately on the Exchange or resting on the regular order book. As codified in Rule 714(b)(1), the Exchange's trading system calculates an Acceptable Trade Range to limit the range of prices at which an order or quote will be allowed to execute.\3\ The Acceptable Trade Range is calculated by taking the reference price, plus or minus a value to be determined by the Exchange (i.e., the reference price-(x) for sell orders/quotes and the reference price + (x) for buy orders or quotes).\4\ Upon receipt of a new order or quote, the reference price is the national best bid (``NBB'') for sell orders/quotes and the national best offer (``NBO'') for buy orders/quotes. If an order or quote reaches the outer limit of the Acceptable Trade Range without being fully executed then any unexecuted balance will be cancelled. --------------------------------------------------------------------------- \3\ The ATR protection is not available for All-or-None orders. \4\ There are three categories of options for ATR: (1) Penny Pilot Options trading in one cent increments for options trading at less than $3.00 and increments of five cents for options trading at $3.00 or more, (2) Penny Pilot Options trading in one-cent increments for all prices, and (3) Non-Penny Pilot Options. --------------------------------------------------------------------------- Currently, the trading system calculates an appropriate reference price for an incoming order or quote when that order or quote rests or trades on the regular order book but not when orders are routed to an away market pursuant to the Linkage Plan without first trading on the Exchange. The Exchange now proposes to enhance its ATR protection by applying it to orders that are routed to away markets without first trading on the Exchange. As proposed, Rule 714(a)(1) will continue to provide that the reference price for the ATR protection is the NBB for sell orders/quotes and the NBO for buy orders/quotes. For clarity, however, the Exchange proposes to move this language to a separate bullet under proposed Rule 714(a)(1)(ii). In addition, proposed Rule 714(a)(1)(ii) will indicate that the reference price is calculated upon receipt of a new order or quote, provided that if the applicable NBB or NBO price is improved at the time an order is routed to an away market, a new reference price is calculated based on the NBB or NBO at that time. Although the Exchange will continue to use the NBB or NBO as the reference price for the ATR protection, the Exchange believes that it is appropriate to update the reference price if the applicable NBB or NBO price is improved at the time an order is routed to an away market. Orders that are routed to away markets are eligible for the ``Flash'' auction process described in Supplementary Material .02 to Rule 1901. When a Flash auction is initiated, members are given an opportunity to enter responses to trade with the order for a time period established by the Exchange not to exceed one (1) second.\5\ Because the applicable NBB or NBO price may change during the Flash auction, the Exchange believes that it is appropriate to consider the updated NBB or NBO price at the time the order is actually routed to an away market, if doing so would provide additional protection to the order--i.e., if the NBB or NBO price used as the reference price is improved at that time. If the NBB or NBO price is not improved, the ATR protection will continue to use the NBB or NBO price on entry as the reference price, thereby providing the maximum protection to the order. The following examples illustrate how the ATR protection will be applied to orders routed to away markets: --------------------------------------------------------------------------- \5\ Currently, the exposure period for the Flash auction is set to 150 milliseconds. --------------------------------------------------------------------------- Example 1 1. ATR threshold set to $0.15 for non-penny symbols 2. NBBO is $0.90 (35) x $1.00 (25): a. BATS: $0.90 (10) x $1.00 (25) b. CBOE: $0.90 (25) x $1.05 (25) c. MIAX: $0.85 (25) x $1.15 (25) d. GEMX: $0.85 (50) x $1.20 (50) 3. Member enters a Limit Order to buy 200 contracts at $1.20 4. Flash auction initiated at a price of $1.00 5. CBOE quote improved establishing a new NBBO of $0.90 (35) x $0.95 (25): a. BATS: $0.90 (10) x $1.00 (25) b. CBOE: $0.90 (25) x $0.95 (25) c. MIAX: $0.85 (25) x $1.15 (25) d. GEMX: $0.85 (50) x $1.20 (50) 6. No responses entered and Flash auction terminates and routes: a. 25 contracts to buy to CBOE at $0.95 b. 25 contracts to buy to BATS at $1.00 7. Because the NBO is improved at time of routing, the reference price is set to the improved NBO price of $0.95, [[Page 11260]] establishing an Acceptable Trade Range of $1.10 8. The remaining balance of 150 contracts that cannot be executed within the Acceptable Trade Range is cancelled Example 2 1. ATR threshold set to $0.15 for non-penny symbols 2. NBBO is $0.90 (35) x $1.00 (25): a. BATS: $0.90 (10) x $1.00 (25) b. CBOE: $0.90 (25) x $1.05 (25) c. MIAX: $0.85 (25) x $1.15 (25) d. GEMX: $0.85 (50) x $1.20 (50) 3. Member enters a Limit Order to buy 200 contracts at $1.20 4. Flash auction initiated at a price of $1.00 5. BATS quote worsened establishing a new NBBO of $0.90 (35) x $1.05 (50): a. BATS: $0.90 (10) x $1.05 (25) b. CBOE: $0.90 (25) x $1.05 (25) c. MIAX: $0.85 (25) x $1.15 (25) d. GEMX: $0.85 (50) x $1.20 (50) 6. No responses entered and Flash auction terminates and routes: a. 25 contracts to buy to BATS at $1.05 b. 25 contracts to buy to CBOE at $1.05 c. 25 contracts to buy to MIAX at $1.15 7. Because the NBO is worsened at time of routing, the reference price is set to the initial NBO price of $1.00, establishing an Acceptable Trade Range of $1.15 8. The remaining balance of 125 contracts that cannot be executed within the Acceptable Trade Range is cancelled Implementation The Exchange proposes to launch the ATR functionality described in this proposed rule change no later than October 31, 2018. The Exchange will announce the implementation date of this functionality in an Options Trader Alert issued to members prior to the launch date. 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the Exchange believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market by enhancing the Exchange's ATR protection. The ATR functionality is designed to ensure that orders and quotes entered on the Exchange are executed at reasonable prices based on the applicable NBBO price on receipt. Currently, the Exchange's ATR protection calculates a reference price at the time an order or quote rests or trades locally but not when an order is routed to an away market pursuant to the Linkage Plan without first trading on the Exchange. To further protect orders that are subject to routing that have not traded on the Exchange, the Exchange is proposing to implement the ATR protection for those orders. The Exchange will continue to use the NBBO as the reference price for the ATR protection but now that the Exchange is protecting orders that are routed away pursuant to the Linkage Plan without trading on the Exchange, the Exchange proposes to use the NBBO price on routing instead of the NBBO on receipt only in those circumstances where the NBBO is improved at the time of routing. As described earlier in this proposed rule change, the Exchange operates a Flash auction that provides an opportunity for Members to match or improve the NBBO price prior to routing eligible orders to away markets. Since the NBBO price may change during the Flash auction's exposure period, the Exchange believes that the ATR protection should take improved NBBO prices into account when determining whether a particular price is a reasonable execution price. The Exchange believes, however, that a worsened NBBO price should not be considered as this would decrease rather than increase the protection provided to such an order. In sum, the proposed changes to the ATR protection will protect investors and the public interest by providing additional protections designed to ensure that quotes and orders entered on the Exchange are executed at reasonable prices, and thereby perfect the mechanism of a free and open market and a national market system. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to enhance the Exchange's ATR protection by extending that protection to orders that are routed to away markets that did not first trade on the Exchange. The proposed protection will apply equally to all orders that are routed to away markets pursuant to the Linkage Plan. The Exchange believes that this change is the result of a competitive market where exchanges must continually improve the functionality offered to market participants in order to remain competitive. 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 Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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-GEMX-2018-09 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-GEMX-2018-09. 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 [[Page 11261]] 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- GEMX-2018-09 and should be submitted on or before April 4, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-05164 Filed 3-13-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices 11259
For the Commission, by the Division of forth in sections A, B, and C below, of language to a separate bullet under
Trading and Markets, pursuant to delegated the most significant aspects of such proposed Rule 714(a)(1)(ii). In addition,
authority.19 statements. proposed Rule 714(a)(1)(ii) will indicate
Eduardo A. Aleman, that the reference price is calculated
Assistant Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and upon receipt of a new order or quote,
[FR Doc. 2018–05075 Filed 3–13–18; 8:45 am]
Statutory Basis for, the Proposed Rule provided that if the applicable NBB or
BILLING CODE 8011–01–P
Change NBO price is improved at the time an
order is routed to an away market, a
1. Purpose new reference price is calculated based
SECURITIES AND EXCHANGE The Exchange offers an Acceptable on the NBB or NBO at that time.
COMMISSION Trade Range (‘‘ATR’’) protection that Although the Exchange will continue
prevents the execution of quotes and to use the NBB or NBO as the reference
[Release No. 34–82847; File No. SR–GEMX–
2018–09] orders on the regular order book outside price for the ATR protection, the
of set thresholds. The purpose of the Exchange believes that it is appropriate
Self-Regulatory Organizations; Nasdaq proposed rule change is to enhance this to update the reference price if the
GEMX, LLC; Notice of Filing of ATR protection for orders that are applicable NBB or NBO price is
Proposed Rule Change To Introduce routed to away markets pursuant to the improved at the time an order is routed
the ATR Protection for Orders That Are Options Order Protection and Locked/ to an away market. Orders that are
Routed to Away Markets Crossed Markets Plan (‘‘Linkage Plan’’) routed to away markets are eligible for
instead of being executed immediately the ‘‘Flash’’ auction process described
March 9, 2018. in Supplementary Material .02 to Rule
on the Exchange or resting on the
Pursuant to Section 19(b)(1) of the regular order book. 1901. When a Flash auction is initiated,
Securities Exchange Act of 1934 As codified in Rule 714(b)(1), the members are given an opportunity to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange’s trading system calculates an enter responses to trade with the order
notice is hereby given that on February Acceptable Trade Range to limit the for a time period established by the
26, 2018, Nasdaq GEMX, LLC (‘‘GEMX’’ range of prices at which an order or Exchange not to exceed one (1) second.5
or ‘‘Exchange’’) filed with the Securities quote will be allowed to execute.3 The Because the applicable NBB or NBO
and Exchange Commission Acceptable Trade Range is calculated by price may change during the Flash
(‘‘Commission’’) the proposed rule taking the reference price, plus or minus auction, the Exchange believes that it is
change as described in Items I and II, a value to be determined by the appropriate to consider the updated
below, which Items have been prepared Exchange (i.e., the reference price¥(x) NBB or NBO price at the time the order
by the Exchange. The Commission is for sell orders/quotes and the reference is actually routed to an away market, if
publishing this notice to solicit price + (x) for buy orders or quotes).4 doing so would provide additional
comments on the proposed rule change Upon receipt of a new order or quote, protection to the order—i.e., if the NBB
from interested persons. the reference price is the national best or NBO price used as the reference price
I. Self-Regulatory Organization’s bid (‘‘NBB’’) for sell orders/quotes and is improved at that time. If the NBB or
Statement of the Terms of Substance of the national best offer (‘‘NBO’’) for buy NBO price is not improved, the ATR
the Proposed Rule Change orders/quotes. If an order or quote protection will continue to use the NBB
reaches the outer limit of the Acceptable or NBO price on entry as the reference
The Exchange proposes to introduce Trade Range without being fully price, thereby providing the maximum
its Acceptable Trade Range protection executed then any unexecuted balance protection to the order. The following
for orders that are routed to away will be cancelled. examples illustrate how the ATR
markets pursuant to the Options Order Currently, the trading system protection will be applied to orders
Protection and Locked/Crossed Markets calculates an appropriate reference price routed to away markets:
Plan. for an incoming order or quote when Example 1
The text of the proposed rule change that order or quote rests or trades on the 1. ATR threshold set to $0.15 for non-penny
is available on the Exchange’s website at regular order book but not when orders symbols
http://nasdaqgemx.cchwallstreet.com/, are routed to an away market pursuant 2. NBBO is $0.90 (35) × $1.00 (25):
at the principal office of the Exchange, to the Linkage Plan without first trading a. BATS: $0.90 (10) × $1.00 (25)
and at the Commission’s Public b. CBOE: $0.90 (25) × $1.05 (25)
on the Exchange. The Exchange now c. MIAX: $0.85 (25) × $1.15 (25)
Reference Room. proposes to enhance its ATR protection d. GEMX: $0.85 (50) × $1.20 (50)
II. Self-Regulatory Organization’s by applying it to orders that are routed 3. Member enters a Limit Order to buy 200
Statement of the Purpose of, and to away markets without first trading on contracts at $1.20
Statutory Basis for, the Proposed Rule the Exchange. As proposed, Rule 4. Flash auction initiated at a price of $1.00
714(a)(1) will continue to provide that 5. CBOE quote improved establishing a new
Change
the reference price for the ATR NBBO of $0.90 (35) × $0.95 (25):
In its filing with the Commission, the protection is the NBB for sell orders/ a. BATS: $0.90 (10) × $1.00 (25)
Exchange included statements b. CBOE: $0.90 (25) × $0.95 (25)
quotes and the NBO for buy orders/
concerning the purpose of and basis for c. MIAX: $0.85 (25) × $1.15 (25)
quotes. For clarity, however, the d. GEMX: $0.85 (50) × $1.20 (50)
the proposed rule change and discussed Exchange proposes to move this
any comments it received on the 6. No responses entered and Flash auction
terminates and routes:
proposed rule change. The text of these
daltland on DSKBBV9HB2PROD with NOTICES
3 The ATR protection is not available for All-or-
a. 25 contracts to buy to CBOE at $0.95
statements may be examined at the None orders. b. 25 contracts to buy to BATS at $1.00
places specified in Item IV below. The 4 There are three categories of options for ATR: (1)
7. Because the NBO is improved at time of
Exchange has prepared summaries, set Penny Pilot Options trading in one cent increments
routing, the reference price is set to the
for options trading at less than $3.00 and
increments of five cents for options trading at $3.00 improved NBO price of $0.95,
19 17 CFR 200.30–3(a)(12). or more, (2) Penny Pilot Options trading in one-cent
1 15 U.S.C. 78s(b)(1). increments for all prices, and (3) Non-Penny Pilot 5 Currently, the exposure period for the Flash
2 17 CFR 240.19b–4. Options. auction is set to 150 milliseconds.
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![Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices 11261
available for website viewing and Rule 13h–1 and Form 13H under complete. The average internal cost of
printing in the Commission’s Public Section 13(h) of the Exchange Act compliance per response is $1,770,
Reference Room, 100 F Street NE, established a large trader reporting calculated as follows: (2 hours of
Washington, DC 20549, on official framework.2 The framework assists the compliance manager time at $307 per
business days between the hours of Commission in identifying and hour) + (2 hours of legal time at $362
10:00 a.m. and 3:00 p.m. Copies of the obtaining certain baseline information per hour) + (2 hours of paralegal time at
filing also will be available for about traders that conduct a substantial $212 per hour) = $1,770.
inspection and copying at the principal amount of trading activity, as measured Each registered broker-dealer’s
office of the Exchange. All comments by volume or market value, in the U.S. monitoring requirement takes
received will be posted without change. securities markets. approximately 15 hours per year. The
Persons submitting comments are The identification, recordkeeping, and average internal cost of compliance is
cautioned that we do not redact or edit reporting framework provides the $5,430, calculated as follows: 15 hours
personal identifying information from Commission with a mechanism to of legal time at $362 per hour = $5,430.
comment submissions. You should identify large traders and obtain The Commission estimates that it may
submit only information that you wish additional information on their trading send 100 requests specifically seeking
to make available publicly. All activity. Specifically, the rule requires large trader data per year to each
submissions should refer to File large traders to identify themselves to registered broker-dealer subject to the
Number SR–GEMX–2018–09 and the Commission and make certain rule, and it would take each registered
should be submitted on or before April disclosures to the Commission on Form broker-dealer 2 hours to comply with
4, 2018. 13H. Upon receipt of Form 13H, the each request. Accordingly, the annual
For the Commission, by the Division of Commission issues a unique reporting hour burden for a broker-
Trading and Markets, pursuant to delegated identification number to the large dealer is estimated to be 200 burden
authority.8 trader, which the large trader then hours (100 requests × 2 burden hours/
Eduardo A. Aleman, provides to its registered broker-dealers. request = 200 burden hours). The
Assistant Secretary. Certain registered broker-dealers are average internal cost of compliance per
[FR Doc. 2018–05164 Filed 3–13–18; 8:45 am]
required to maintain transaction records response is $432, calculated as follows:
for each large trader, and are required to 2 hours of paralegal time at $212 per
BILLING CODE 8011–01–P
report that information to the hour = $432.
Commission upon request.3 In addition,
certain registered broker-dealers are Compliance with Rule 13h–1 is
SECURITIES AND EXCHANGE mandatory. The information collection
COMMISSION required to adopt procedures to monitor
their customers for activity that would under proposed Rule 13h–1 is
trigger the identification requirements of considered confidential subject to the
Submission for OMB Review;
the rule. limited exceptions provided by the
Comment Request
The respondents to the collection of Freedom of Information Act.4
Upon Written Request, Copies Available information are large traders. There are An agency may not conduct or
From: Securities and Exchange currently approximately 6,300 large sponsor, and a person is not required to
Commission, Office of FOIA Services, traders and 300 registered broker- respond to, a collection of information
100 F Street NE, Washington, DC dealers. Based on its experience under the PRA unless it displays a
20549–2736. collecting initial Forms 13H in previous currently valid OMB control number.
Extension: Rule 13h–1 and Form 13H years, the Commission estimates that The public may view background
SEC File No. 270–614, OMB Control No. approximately 600 new large traders documentation for this information
3235–0682 will register each year and thus be collection at the following website:
Notice is hereby given that pursuant subject to quarterly and annual www.reginfo.gov. Comments should be
to the Paperwork Reduction Act of 1995 reporting requirements over the next directed to: (i) Desk Officer for the
(44 U.S.C. 3501 et seq. ‘‘PRA’’), the three years. Securities and Exchange Commission,
Securities and Exchange Commission Each new large trader respondent files Office of Information and Regulatory
(‘‘SEC’’ or ‘‘Commission’’) has one response, which takes Affairs, Office of Management and
submitted to the Office of Management approximately 20 hours to complete. Budget, Room 10102, New Executive
and Budget (‘‘OMB’’) a request for The average internal cost of compliance Office Building, Washington, DC 20503,
approval of extension of the existing per response is $5,615, calculated as or by sending an email to: Shagufta_
collection of information provided for in follows: (3 hours of compliance manager Ahmed@omb.eop.gov; and (ii) Pamela C.
Rule 13h–1 (17 CFR 240.13h–1) and time at $307 per hour) + (7 hours of Dyson, Director/Chief Information
Form 13H—registration of large traders 1 legal time at $362 per hour) + (10 hours Officer, Securities and Exchange
submitted pursuant to Section 13(h) of of paralegal time at $212 per hour) = Commission, c/o Remi Pavlik-Simon,
the Securities Exchange Act of 1934 (15 $5,615. Additionally, on average, each 100 F Street NE, Washington, DC 20549,
U.S.C. 78a et seq.) (‘‘Exchange Act’’). large trader respondent (including new or by sending an email to: PRA_
respondents) files 2 responses per year, Mailbox@sec.gov. Comments must be
8 17 CFR 200.30–3(a)(12). which take approximately 6 hours to submitted to OMB within 30 days of
1 Rule 13h–1(a)(1) defines ‘‘large trader’’ as any
2 See Securities Exchange Act Release No. 64976
this notice.
person that directly or indirectly, including through
daltland on DSKBBV9HB2PROD with NOTICES
other persons controlled by such person, exercises (July 27, 2011), 76 FR 46959 (August 3, 2011). Dated: March 8, 2018.
investment discretion over one or more accounts 3 The Commission, pursuant to Rule 17a–25 (17
Eduardo A. Aleman,
and effects transactions for the purchase or sale of CFR 240.17a–25), currently collects transaction data
any NMS security for or on behalf of such accounts, from registered broker-dealers through the Assistant Secretary.
by or through one or more registered broker-dealers, Electronic Blue Sheets (‘‘EBS’’) system to support [FR Doc. 2018–05168 Filed 3–13–18; 8:45 am]
in an aggregate amount equal to or greater than the its regulatory and enforcement activities. The large BILLING CODE 8011–01–P
identifying activity level or voluntarily registers as trader framework added two new fields, the time of
a large trader by filing electronically with the the trade and the identity of the trader, to the EBS
Commission Form 13H. system. 4 See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7).
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Document Created: 2018-03-14 01:06:31
Document Modified: 2018-03-14 01:06:31
| 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 | 83 FR 11259 |
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