83 FR 12988 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Transaction Fees at Rule 7018 To Charge No Transaction Fee for Execution of Midpoint Extended Life Orders
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 58 (March 26, 2018)
Federal Register Volume 83, Issue 58 (March 26, 2018)
| Page Range | 12988-12990 | |
| FR Document | 2018-06012 |
[Federal Register Volume 83, Number 58 (Monday, March 26, 2018)] [Notices] [Pages 12988-12990] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06012] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82905; File No. SR-NASDAQ-2018-021] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Transaction Fees at Rule 7018 To Charge No Transaction Fee for Execution of Midpoint Extended Life Orders March 20, 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 March 9, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``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 Rule 7018 to charge no transaction fee for execution of Midpoint Extended Life Orders. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on March 12, 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 the Exchange's transaction fees at Rule 7018 to charge no transaction fee for execution of Midpoint Extended Life Orders. On March 7, 2018, the Commission approved the Exchange's proposal to adopt a new Order Type, the Midpoint Extended Life Order.\3\ The Midpoint Extended Life Order is an Order Type with a Non-Display Order Attribute that is priced at the midpoint between the NBBO and that will not be eligible to execute until the Holding Period of one half of a second has passed after acceptance of the Order by the System. Once a Midpoint Extended Life Order becomes eligible to execute by existing unchanged for the Holding Period, the Order may only execute against other eligible Midpoint Extended Life Orders. The Exchange will begin offer Midpoint Extended Life Orders on March 12, 2018.\4\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 82825 (March 7, 2018) (SR-NASDAQ-2017-074) (pending publication in the Federal Register). \4\ See http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2018-20. --------------------------------------------------------------------------- Under Rule 7018, the Exchange assesses fees for Orders entered into the Nasdaq System. The fees cover Orders in all three tapes and in securities both priced $1 and above (Rule 7018(a)), and below $1 (Rule 7018(b)). The Exchange is proposing initially to not charge a transaction fee for execution of Midpoint Extended Life Orders. Allowing transactions to occur at no cost will promote use of the Midpoint Extended Life Order, which will help bring liquidity in Midpoint Extended Life Orders to the Exchange and promote market quality. The Exchange plans to adopt fees for Midpoint Extended Life Orders in the future and will do so through the SEC rulemaking process.\5\ Accordingly, the Exchange is proposing to amend Rule 7018(a)(1)-(3) to note that members executing a Midpoint Extended Life Order will be [[Page 12989]] assessed a charge of $0.0000 per share executed. The Exchange is amending Rule 7018(b) to note that members executing a Midpoint Extended Life Order will be assessed a charge of 0.0% of the total transaction cost.\6\ The Exchange is also adding rule text to an existing fee under Rule 7018(b) to make it clear that Midpoint Extended Life Orders are excluded from the fee. --------------------------------------------------------------------------- \5\ Id. \6\ Unlike fees for transactions in securities price at $1 or greater, which are assessed on a per share executed basis, fees for transactions in securities less than $1 are assessed fees based on a percentage of the total transaction cost. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ 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. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that not charging a fee for executions in Midpoint Extended Life Orders is reasonable because the Exchange does not currently charge for transactions in other Orders under Rule 7018. Specifically, the exchange does not charge a fee for transactions in Orders with a RTFY routing Order Attribute.\9\ Such an Order must meet the definition of Designated Retail Order, which requires, among other things, that the Order not originate from a trading algorithm or any other computerized methodology.\10\ Thus, allowing transactions of the RTFY Order Attribute at no cost is designed to promote the Exchange as a venue for retail investor Orders. Likewise, the Exchange is proposing to allow transactions in Midpoint Extended Life Orders at no cost to promote use of such Orders and consequently the quality of the market in Midpoint Extended Life Orders. As discussed extensively in its proposal,\11\ the Exchange believes that the Midpoint Extended Life Order is consistent with the Act because it is emblematic of a core function of a national securities exchange, namely matching buyers and sellers of securities on a transparent and well-regulated market, and helping these buyers and sellers come together to receive the best execution possible. The Exchange achieves this by permitting Midpoint Extended Life Orders to execute solely against other Midpoint Extended Life Orders at the midpoint of the NBBO in return for providing market- improving behavior in the form of a longer-lived midpoint order. Accordingly, the Exchange believes that allowing transactions of Midpoint Extended Life Orders at no cost is reasonable. --------------------------------------------------------------------------- \9\ RTFY is a routing option available for an order that qualifies as a Designated Retail Order under which orders check the System for available shares only if so instructed by the entering firm and are thereafter routed to destinations on the System routing table. If shares remain unexecuted after routing, they are posted to the book. Once on the book, should the order subsequently be locked or crossed by another market center, the System will not route the order to the locking or crossing market center. RTFY is designed to allow orders to participate in the opening, reopening and closing process of the primary listing market for a security. See Rule 4758(a)(1)(A)(v)b. \10\ See Rule 7018. \11\ See note 3, supra. --------------------------------------------------------------------------- The Exchange also believes that not charging a fee for executions in Midpoint Extended Life Order is an equitable allocation and is not unfairly discriminatory because the Exchange will apply the same fee to all similarly situated members. The Midpoint Extended Life Order may be used by any market participant that is willing to satisfy the requirements of the Order Type and therefore qualify for the proposed zero fee tiers. Moreover, members not interested in using Midpoint Extended Life Orders will continue to have the ability to enter midpoint Orders in the Nasdaq System, which have both fees and credits associated with their execution.\12\ As noted above, the Exchange intends to assess fees for transactions in Midpoint Extended Life Orders in the near future,\13\ once it has had time to assess the nature of the market in Midpoint Extended Life Orders to determine the appropriate fee. Accordingly, the proposed fee does not discriminate in any way. --------------------------------------------------------------------------- \12\ Based on whether the member is removing or adding liquidity. See Rule 7018(a)(b). \13\ Any fee change will be made by the rule change filing process with the Commission. --------------------------------------------------------------------------- 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 proposal to assess no fee for executions of Midpoint Extended Life Orders will not place any burden on competition, but rather will help launch the proposed new Order Type by making it attractive to members that seek to execute at the midpoint with like- minded members. To the extent the proposal is successful in promoting liquidity in Midpoint Extended Life Orders, other markets may be incented to provide a competitive response by innovating like the Exchange has done in this instance. To the extent the proposal is not successful in promoting liquidity in Midpoint Extended Life Orders, it would have no meaningful impact on competition as few transactions in Midpoint Extended Life Orders would occur. In sum, if the proposal to assess no fees for executions of Midpoint Extended Life Orders is unattractive to market participants, it is likely that the Exchange will not gain any market share as a result and therefore no competitive impact. 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. 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.\14\ --------------------------------------------------------------------------- \14\ 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 [[Page 12990]] 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 CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NASDAQ-2018-021 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-2018-021. 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 such 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-2018-021, and should be submitted on or before April 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-06012 Filed 3-23-18; 8:45 am] BILLING CODE 8011-01-P
![12988 Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices
submission must file that rebuttal by comments should be submitted by April concerning the purpose of and basis for
April 30, 2018. 30, 2018. the proposed rule change and discussed
The Commission asks that For the Commission, by the Division of any comments it received on the
commenters address the sufficiency of Trading and Markets, pursuant to delegated proposed rule change. The text of these
NSCC’s statements in support of the authority.34 statements may be examined at the
Proposed Rule Change, which are set Eduardo A. Aleman, places specified in Item IV below. The
forth in the Notice,33 in addition to any Assistant Secretary. Exchange has prepared summaries, set
other comments they may wish to [FR Doc. 2018–06022 Filed 3–23–18; 8:45 am]
forth in sections A, B, and C below, of
submit about the Proposed Rule Change. the most significant aspects of such
BILLING CODE 8011–01–P
Comments may be submitted by any statements.
of the following methods:
A. Self-Regulatory Organization’s
Electronic Comments SECURITIES AND EXCHANGE Statement of the Purpose of, and
• Use the Commission’s internet COMMISSION Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ [Release No. 34–82905; File No. SR– Change
rules/sro.shtml); or NASDAQ–2018–021] 1. Purpose
• Send an email to rule-comments@
sec.gov. Please include File Number SR– Self-Regulatory Organizations; The The purpose of the proposed rule
NSCC–2017–017 on the subject line. Nasdaq Stock Market LLC; Notice of change is to amend the Exchange’s
Filing and Immediate Effectiveness of transaction fees at Rule 7018 to charge
Paper Comments Proposed Rule Change To Amend no transaction fee for execution of
• Send paper comments in triplicate Transaction Fees at Rule 7018 To Midpoint Extended Life Orders. On
to Secretary, Securities and Exchange Charge No Transaction Fee for March 7, 2018, the Commission
Commission, 100 F Street NE, Execution of Midpoint Extended Life approved the Exchange’s proposal to
Washington, DC 20549–1090. Orders adopt a new Order Type, the Midpoint
All submissions should refer to File Extended Life Order.3 The Midpoint
March 20, 2018. Extended Life Order is an Order Type
Number SR–NSCC–2017–017. This file
number should be included on the Pursuant to Section 19(b)(1) of the with a Non-Display Order Attribute that
subject line if email is used. To help the Securities Exchange Act of 1934 is priced at the midpoint between the
Commission process and review your (‘‘Act’’),1 and Rule 19b–4 thereunder,2 NBBO and that will not be eligible to
comments more efficiently, please use notice is hereby given that, on March 9, execute until the Holding Period of one
only one method. The Commission will 2018, The Nasdaq Stock Market LLC half of a second has passed after
post all comments on the Commission’s (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the acceptance of the Order by the System.
internet website (http://www.sec.gov/ Securities and Exchange Commission Once a Midpoint Extended Life Order
rules/sro.shtml). Copies of the (‘‘SEC’’ or ‘‘Commission’’) the proposed becomes eligible to execute by existing
submission, all subsequent rule change as described in Items I, II, unchanged for the Holding Period, the
amendments, all written statements and III below, which Items have been Order may only execute against other
with respect to the Proposed Rule prepared by the Exchange. The eligible Midpoint Extended Life Orders.
Change that are filed with the Commission is publishing this notice to The Exchange will begin offer Midpoint
Commission, and all written solicit comments on the proposed rule Extended Life Orders on March 12,
communications relating to the change from interested persons. 2018.4
Proposed Rule Change between the I. Self-Regulatory Organization’s Under Rule 7018, the Exchange
Commission and any person, other than Statement of the Terms of Substance of assesses fees for Orders entered into the
those that may be withheld from the the Proposed Rule Change Nasdaq System. The fees cover Orders
public in accordance with the in all three tapes and in securities both
The Exchange proposes to amend the priced $1 and above (Rule 7018(a)), and
provisions of 5 U.S.C. 552, will be
Exchange’s transaction fees at Rule 7018 below $1 (Rule 7018(b)). The Exchange
available for website viewing and
to charge no transaction fee for is proposing initially to not charge a
printing in the Commission’s Public
execution of Midpoint Extended Life transaction fee for execution of
Reference Room, 100 F Street NE,
Orders. While these amendments are Midpoint Extended Life Orders.
Washington, DC 20549 on official
effective upon filing, the Exchange has Allowing transactions to occur at no
business days between the hours of
designated the proposed amendments to cost will promote use of the Midpoint
10:00 a.m. and 3:00 p.m. Copies of the
be operative on March 12, 2018. Extended Life Order, which will help
filing also will be available for The text of the proposed rule change
inspection and copying at the principal bring liquidity in Midpoint Extended
is available on the Exchange’s website at Life Orders to the Exchange and
office of NSCC and on DTCC’s website http://nasdaq.cchwallstreet.com, at the
(http://dtcc.com/legal/sec-rule- promote market quality. The Exchange
principal office of the Exchange, and at plans to adopt fees for Midpoint
filings.aspx). All comments received the Commission’s Public Reference
will be posted without change. Persons Extended Life Orders in the future and
Room. will do so through the SEC rulemaking
submitting comments are cautioned that
we do not redact or edit personal II. Self-Regulatory Organization’s process.5 Accordingly, the Exchange is
identifying information from comment Statement of the Purpose of, and proposing to amend Rule 7018(a)(1)–(3)
Statutory Basis for, the Proposed Rule to note that members executing a
sradovich on DSK3GMQ082PROD with NOTICES
submissions. You should submit only
information that you wish to make Change Midpoint Extended Life Order will be
available publicly. All submissions In its filing with the Commission, the 3 See Securities Exchange Act Release No. 82825
should refer to File Number SR–NSCC– Exchange included statements (March 7, 2018) (SR–NASDAQ–2017–074) (pending
2017–017 and should be submitted on publication in the Federal Register).
or before April 16, 2018. Rebuttal 34 17 CFR 200.30–3(a)(57). 4 See http://www.nasdaqtrader.com/
1 15 U.S.C. 78s(b)(1). TraderNews.aspx?id=ETA2018-20.
33 See Notice, supra note 4. 2 17 CFR 240.19b–4. 5 Id.
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![12990 Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices
the public interest; (ii) for the protection should be submitted on or before April This order institutes proceedings,
of investors; or (iii) otherwise in 16, 2018. pursuant to Section 19(b)(2)(B) of the
furtherance of the purposes of the Act. For the Commission, by the Division of Act,7 to determine whether to approve
If the Commission takes such action, the Trading and Markets, pursuant to delegated or disapprove the Proposed Rule
Commission shall institute proceedings authority.15 Change.
to determine whether the proposed rule Eduardo A. Aleman,
should be approved or disapproved. II. Summary of the Proposed Rule
Assistant Secretary. Change 8
IV. Solicitation of Comments [FR Doc. 2018–06012 Filed 3–23–18; 8:45 am]
As described in the Notice,9 the
BILLING CODE 8011–01–P
Interested persons are invited to proposed rule change consists of
submit written data, views, and modifications to FICC’s Government
arguments concerning the foregoing, Securities Division (‘‘GSD’’) Rulebook
SECURITIES AND EXCHANGE
including whether the proposed rule (‘‘GSD Rules’’) and Mortgage-Backed
COMMISSION
change is consistent with the Act. Securities Division (‘‘MBSD’’ and,
Comments may be submitted by any of [Release No. 34–82909; File No. SR–FICC– together with GSD, the ‘‘Divisions’’ and,
the following methods: 2017–022] each, a ‘‘Division’’) Clearing Rules
Electronic Comments Self-Regulatory Organizations; Fixed (‘‘MBSD Rules,’’ and collectively with
the GSD Rules, the ‘‘Rules’’) in order to
• Use the Commission’s internet Income Clearing Corporation; Order
amend provisions in the Rules regarding
comment form (http://www.sec.gov/ Instituting Proceedings To Determine
Whether To Approve or Disapprove a loss allocation as well as make other
rules/sro.shtml); or changes, as described in greater detail
• Send an email to rule-comments@ Proposed Rule Change To Amend the
Loss Allocation Rules and Make Other below.
sec.gov. Please include File Number SR– FICC proposes to revise the Rules to
NASDAQ–2018–021 on the subject line. Changes
primarily change (i) the loss allocation
Paper Comments March 20, 2018. process,10 (ii) the loss allocation
• Send paper comments in triplicate governance for Declared Non-Default
I. Introduction
to Brent J. Fields, Secretary, Securities Loss Events,11 and (iii) the application
On December 18, 2017, Fixed Income of the MBSD Clearing Fund.12
and Exchange Commission, 100 F Street Clearing Corporation (‘‘FICC’’) filed
NE, Washington, DC 20549–1090. with the Securities and Exchange A. Loss Allocation Process
All submissions should refer to File Commission (‘‘Commission’’), pursuant FICC states that the Divisions would
Number SR–NASDAQ–2018–021. This to Section 19(b)(1) of the Securities retain the current core loss allocation
file number should be included on the Exchange Act of 1934 (‘‘Act’’) 1 and Rule process.13 However, FICC proposes to
subject line if email is used. To help the 19b–4 thereunder,2 proposed rule revise Rule 4 (Clearing Fund and Loss
Commission process and review your change SR–FICC–2017–022 to amend Allocation) of each Division’s Rules to
comments more efficiently, please use the loss allocation rules and make other make five key changes to FICC’s loss
only one method. The Commission will changes (‘‘Proposed Rule Change’’).3 allocation process.
post all comments on the Commission’s The Proposed Rule Change was First, FICC proposes to replace the
internet website (http://www.sec.gov/ published for comment in the Federal calculation of its corporate contribution
rules/sro.shtml). Copies of the Register on January 8, 2018.4 The from up to 25 percent of its retained
submission, all subsequent Commission did not receive any earnings or such higher amount as the
amendments, all written statements comments on the Proposed Rule Board of Directors shall determine to a
with respect to the proposed rule Change. On February 8, 2018, pursuant defined Corporate Contribution.14 The
change that are filed with the to Section 19(b)(2)(A)(ii)(I) of the Act,5 proposed Corporate Contribution would
Commission, and all written the Commission designated a longer be defined as an amount equal to 50
communications relating to the period within which to approve,
proposed rule change between the disapprove, or institute proceedings to (SR–DTC–2017–022; SR–FICC–2017–022; SR–
Commission and any person, other than determine whether to approve or NSCC–2017–018).
those that may be withheld from the disapprove the Proposed Rule Change.6 7 15 U.S.C. 78s(b)(2)(B).
public in accordance with the 8 The Commission notes that the Summary of the
provisions of 5 U.S.C. 552, will be 15 17 CFR 200.30–3(a)(12). Proposed Rule Change section does not describe the
Proposed Rule Change in its entirety. Other changes
available for website viewing and 1 15 U.S.C. 78s(b)(1).
include, but are not limited to, the clarification of
printing in the Commission’s Public 2 17 CFR 240.19b–4. defined terms, various aspects of the Clearing Fund
3 On December 18, 2017, FICC filed this proposal
Reference Room, 100 F Street NE, application, and detailed procedures of the loss
as an advance notice (SR–FICC–2017–806) with the allocation. The complete Proposed Rule Change can
Washington, DC 20549 on official Commission pursuant to Section 806(e)(1) of the be found in the Notice. See Notice, supra note 4.
business days between the hours of Payment, Clearing, and Settlement Supervision Act In addition, the text of the Proposed Rule Change
10:00 a.m. and 3:00 p.m. Copies of such of 2010 (‘‘Clearing Supervision Act’’) and Rule 19b– is available at http://www.dtcc.com/legal/rules-and-
filing also will be available for 4(n)(1)(i) of the Act (‘‘Advance Notice’’). On January procedures.aspx.
24, 2018, the Commission extended the review
inspection and copying at the principal period of the Advance Notice for an additional 60
9 The description of the Proposed Rule Change
office of the Exchange. All comments days pursuant to Section 806(e)(1)(H) of the herein is based on the statements prepared by FICC
Clearing Supervision Act. See 12 U.S.C. 5465(e)(1); in the Notice. See Notice, supra note 4. Each
received will be posted without change. capitalized term not otherwise defined herein has
17 CFR 240.19b–4(n)(1)(i); 12 U.S.C. 5465(e)(1)(H);
Persons submitting comments are
sradovich on DSK3GMQ082PROD with NOTICES
and Securities Exchange Act Release No. 82583 its respective meaning either (i) as set forth in the
cautioned that we do not redact or edit (January 24, 2018), 83 FR 4358 (January 30, 2018) Rules, available at http://www.dtcc.com/legal/rules-
personal identifying information from (SR–FICC–2017–806). and-procedures.aspx, or (ii) as set forth in the
4 Securities Exchange Act Release No. 82427 Notice.
comment submissions. You should 10 See Notice, supra note 4, at 855–59.
(January 2, 2018), 83 FR 854 (January 8, 2018) (SR–
submit only information that you wish FICC–2017–022) (‘‘Notice’’). 11 See id. at 859–60.
to make available publicly. All 5 15 U.S.C. 78s(b)(2)(A)(ii)(I). 12 See id. at 860.
submissions should refer to File 6 Securities Exchange Act Release No. 82670 13 Id. at 855.
Number SR–NASDAQ–2018–021, and (February 8, 2018), 83 FR 6626 (February 14, 2018) 14 Id. at 856.
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Document Created: 2018-03-24 00:59:56
Document Modified: 2018-03-24 00:59:56
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| FR Citation | 83 FR 12988 |
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