83 FR 17459 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Data Feeds Offered to MRX Members
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 76 (April 19, 2018)
Federal Register Volume 83, Issue 76 (April 19, 2018)
| Page Range | 17459-17461 | |
| FR Document | 2018-08156 |
[Federal Register Volume 83, Number 76 (Thursday, April 19, 2018)] [Notices] [Pages 17459-17461] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08156] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83049; File No. SR-MRX-2018-11] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Data Feeds Offered to MRX Members April 13, 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 April 4, 2018, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt data feeds offered to MRX Members. 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 purpose of the proposed rule change is to adopt data feeds for MRX. The Exchange proposes to amend Rule 718, which is currently reserved, to rename the rule ``Data Feeds'' and include a description of each data feed within the rule. The data feed offerings are as follows: Nasdaq MRX Depth of Market Data Feed (``Depth of Market Feed''), the Nasdaq MRX Order Feed (``Order Feed''), the Nasdaq MRX Top Quote Feed (``Top Quote Feed'') and the Nasdaq MRX Trades Feed (``Trades Feed''). A description of each data offering follows below. Depth of Market Feed The Depth of Market Data Feed provides aggregate quotes and orders at the top five price levels on MRX, and provides subscribers with a consolidated view of tradable prices beyond the BBO, showing additional liquidity and enhancing transparency for MRX traded options. The data provided for each option series includes the symbols (series and underlying security), put or call indicator, expiration date, the strike price of the series, and whether the option series is available for trading on ISE and identifies if the series is available for closing transactions only. In addition, subscribers are provided with total aggregate quantity, Public Customer aggregate quantity, Priority Customer aggregate quantity, price, and side (i.e., bid/ask). This information is provided for each of the top five price levels on the Depth Feed. The feed also provides order imbalances on opening/ reopening. Order Feed The Order feed provides information on new orders resting on the book (e.g. price, quantity and market participant [[Page 17460]] capacity). In addition, the feed also announces all auctions. The data provided for each option series includes the symbols (series and underlying security), put or call indicator, expiration date, the strike price of the series, and whether the option series is available for trading on MRX and identifies if the series is available for closing transactions only. The feed also provides order imbalances on opening/reopening. Top Quote Feed The Top Quote Feed calculates and disseminates MRX's best bid and offer position, with aggregated size (including total size in aggregate, Public Customer size in the aggregate and Priority Customer size in the aggregate), based on displayable order and quote interest in the System. The feed also provides last trade information along with opening price, daily trading volume, high and low prices for the day. The data provided for each option series includes the symbols (series and underlying security), put or call indicator, expiration date, the strike price of the series, and whether the option series is available for trading on MRX and identifies if the series is available for closing transactions only. The feed also provides order imbalances on opening/reopening. Trades Feed The Trades Feed displays last trade information along with opening price, daily trading volume, high and low prices for the day. The data provided for each option series includes the symbols (series and underlying security), put or call indicator, expiration date, the strike price of the series, and whether the option series is available for trading on MRX and identifies if the series is available for closing transactions only. These data offerings are currently being offered at no cost to any market participant. The Exchange believes that adopting these data feeds and codifying them within the Exchange's Rulebook will bring greater transparency to its Rules as well as the data which is available on the Exchange. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''), in general, and furthers the objectives of Section 6(b)(5) of the Act, in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest by adopting MRX's data feed offerings and codifying them into a Rule for the benefit of all investors. The Exchange permits any market participant to receive these data offerings at no cost. The Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest as it describes information relating to the data available on the Exchange for the benefit of its members and adds greater transparency to these offerings. Adopting Regulation NMS, the Commission granted self-regulatory organizations and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. The Exchange believes that this proposal is in keeping with those principles by promoting increased transparency through the dissemination of more useful proprietary data and also by clarifying its availability to market participants. The Exchange is making a voluntary decision to make this data available as it is not required to furnish this data under the Act. The Exchange chooses to make the data available as proposed in order to improve market quality, to attract order flow, and to increase transparency. The Exchange notes that the data provided on each of these feeds is the same as data provided by Nasdaq GEMX, LLC. The Exchange believes that is in the public interest to make similar information available with respect to options traded on MRX. The data offerings are designed to promote just and equitable principles of trade by providing all subscribers with data that should enable them to make informed decisions by using the data to assess current market conditions that directly affect such decisions. The market data provided by each of these feeds removes impediments to, and is designed to further perfect, the mechanisms of a free and open market and a national market system by making the market more transparent and accessible to market participants making routing decisions concerning their options orders. The market data products are also designed to protect investors and the public interest by providing data to subscribers that is already currently available on other exchanges and will enable MRX to compete with such other exchanges, thereby offering market participants with additional data in order to seek the market center with the best price and the most liquidity on which to execute their transactions, all to the benefit of investors and the public interest, and to the marketplace as a whole. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act, the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intra-market competition that is not necessary or appropriate in furtherance of the purposes of the Act. The data feed offerings are available to any market participant at no cost. The Exchange's proposal seeks to adopt and codify the data offerings in a Rule for ease of reference and transparency. The Exchange believes that the proposed market data products will enhance competition in the U.S. options markets by providing similar data to that which is currently provided on other options exchanges. 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 \3\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\4\ --------------------------------------------------------------------------- \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 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. --------------------------------------------------------------------------- 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. [[Page 17461]] 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-MRX-2018-11 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-2018-11. 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-2018-11and should be submitted on or before May 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\5\ --------------------------------------------------------------------------- \5\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-08156 Filed 4-18-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 76 / Thursday, April 19, 2018 / Notices 17459
designates the proposed rule change as 10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
operative upon filing.16 filing also will be available for Statement of the Purpose of, and
At any time within 60 days of the inspection and copying at the principal Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the office of the Exchange. All comments Change
Commission summarily may received will be posted without change. In its filing with the Commission, the
temporarily suspend such rule change if Persons submitting comments are Exchange included statements
it appears to the Commission that such cautioned that we do not redact or edit concerning the purpose of and basis for
action is: (i) Necessary or appropriate in personal identifying information from the proposed rule change and discussed
the public interest; (ii) for the protection comment submissions. You should any comments it received on the
of investors; or (iii) otherwise in submit only information that you wish proposed rule change. The text of these
furtherance of the purposes of the Act. to make available publicly. All statements may be examined at the
If the Commission takes such action, the submissions should refer to File places specified in Item IV below. The
Commission shall institute proceedings Number SR–GEMX–2018–12 and Exchange has prepared summaries, set
to determine whether the proposed rule should be submitted on or before May forth in sections A, B, and C below, of
should be approved or disapproved. 10, 2018. the most significant aspects of such
IV. Solicitation of Comments For the Commission, by the Division of statements.
Interested persons are invited to Trading and Markets, pursuant to delegated
A. Self-Regulatory Organization’s
submit written data, views, and authority.17
Statement of the Purpose of, and
arguments concerning the foregoing, Eduardo A. Aleman,
Statutory Basis for, the Proposed Rule
including whether the proposed rule Assistant Secretary. Change
change is consistent with the Act. [FR Doc. 2018–08157 Filed 4–18–18; 8:45 am]
Comments may be submitted by any of 1. Purpose
BILLING CODE 8011–01–P
the following methods: The purpose of the proposed rule
Electronic Comments change is to adopt data feeds for MRX.
SECURITIES AND EXCHANGE The Exchange proposes to amend Rule
• Use the Commission’s internet COMMISSION 718, which is currently reserved, to
comment form (http://www.sec.gov/ rename the rule ‘‘Data Feeds’’ and
rules/sro.shtml); or include a description of each data feed
• Send an email to rule-comments@ [Release No. 34–83049; File No. SR–MRX–
2018–11] within the rule. The data feed offerings
sec.gov. Please include File Number SR– are as follows: Nasdaq MRX Depth of
GEMX–2018–12 on the subject line. Market Data Feed (‘‘Depth of Market
Self-Regulatory Organizations; Nasdaq
Paper Comments MRX, LLC; Notice of Filing and Feed’’), the Nasdaq MRX Order Feed
• Send paper comments in triplicate Immediate Effectiveness of Proposed (‘‘Order Feed’’), the Nasdaq MRX Top
to Secretary, Securities and Exchange Rule Change To Adopt Data Feeds Quote Feed (‘‘Top Quote Feed’’) and the
Commission, 100 F Street NE, Offered to MRX Members Nasdaq MRX Trades Feed (‘‘Trades
Washington, DC 20549–1090. Feed’’). A description of each data
April 13, 2018. offering follows below.
All submissions should refer to File
Number SR–GEMX–2018–12. This file Pursuant to Section 19(b)(1) of the Depth of Market Feed
number should be included on the Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Depth of Market Data Feed
subject line if email is used. To help the provides aggregate quotes and orders at
Commission process and review your notice is hereby given that on April 4,
2018, Nasdaq MRX, LLC (‘‘MRX’’ or the top five price levels on MRX, and
comments more efficiently, please use provides subscribers with a
only one method. The Commission will ‘‘Exchange’’) filed with the Securities
and Exchange Commission consolidated view of tradable prices
post all comments on the Commission’s beyond the BBO, showing additional
internet website (http://www.sec.gov/ (‘‘Commission’’) the proposed rule
change as described in Items I, II, and liquidity and enhancing transparency
rules/sro.shtml). Copies of the for MRX traded options. The data
submission, all subsequent III, below, which Items have been
prepared by the Exchange. The provided for each option series includes
amendments, all written statements the symbols (series and underlying
with respect to the proposed rule Commission is publishing this notice to
solicit comments on the proposed rule security), put or call indicator,
change that are filed with the expiration date, the strike price of the
Commission, and all written change from interested persons.
series, and whether the option series is
communications relating to the I. Self-Regulatory Organization’s available for trading on ISE and
proposed rule change between the Statement of the Terms of Substance of identifies if the series is available for
Commission and any person, other than the Proposed Rule Change closing transactions only. In addition,
those that may be withheld from the subscribers are provided with total
public in accordance with the The Exchange proposes to adopt data aggregate quantity, Public Customer
provisions of 5 U.S.C. 552, will be feeds offered to MRX Members. aggregate quantity, Priority Customer
available for website viewing and The text of the proposed rule change aggregate quantity, price, and side (i.e.,
printing in the Commission’s Public is available on the Exchange’s website at bid/ask). This information is provided
Reference Room, 100 F Street NE, http://nasdaqmrx.cchwallstreet.com/, at for each of the top five price levels on
daltland on DSKBBV9HB2PROD with NOTICES
Washington, DC 20549, on official the principal office of the Exchange, and the Depth Feed. The feed also provides
business days between the hours of at the Commission’s Public Reference order imbalances on opening/reopening.
Room.
16 For purposes only of waiving the 30-day Order Feed
operative delay, the Commission has also
considered the proposed rule’s impact on
17 17 CFR 200.30–3(a)(12). The Order feed provides information
efficiency, competition, and capital formation. See 1 15 U.S.C. 78s(b)(1). on new orders resting on the book (e.g.
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. price, quantity and market participant
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![Federal Register / Vol. 83, No. 76 / Thursday, April 19, 2018 / Notices 17461
IV. Solicitation of Comments For the Commission, by the Division of the most significant aspects of such
Trading and Markets, pursuant to delegated statements.
Interested persons are invited to authority.5
submit written data, views, and Eduardo A. Aleman, A. Self-Regulatory Organization’s
arguments concerning the foregoing, Assistant Secretary. Statement of the Purpose of, and
including whether the proposed rule [FR Doc. 2018–08156 Filed 4–18–18; 8:45 am] Statutory Basis for, the Proposed Rule
change is consistent with the Act. BILLING CODE 8011–01–P
Change
Comments may be submitted by any of 1. Purpose
the following methods:
SECURITIES AND EXCHANGE The purpose of this rule change is
Electronic Comments COMMISSION amend Chapter VI, Section 9, entitled
• Use the Commission’s internet ‘‘Price Improvement Auction
comment form (http://www.sec.gov/ [Release No. 34–83047; File No. SR–BX– (‘‘PRISM’’)’’ at Section 9(i)(C). The
rules/sro.shtml); or 2018–012] Exchange proposes to amend the
• Send an email to rule-comments@ following sentence:
Self-Regulatory Organizations; Nasdaq
sec.gov. Please include File Number SR– BX, Inc.; Notice of Filing and If the PRISM Order is for the account of a
MRX–2018–11 on the subject line. Immediate Effectiveness of Proposed broker dealer or any other person or entity
Rule Change To Correct a that is not a Public Customer and such order
Paper Comments is for 50 option contracts of more, or if the
Typographical Error Within Chapter VI,
difference between the NBBO is greater than
• Send paper comments in triplicate Section 9 of the BX Rules
$0.01, the Initiating Participant must stop the
to Secretary, Securities and Exchange April 13, 2018. entire PRISM Order at a price that is the
Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the better of: (i) The BX BBO price improved by
Washington, DC 20549–1090. Securities Exchange Act of 1934 at least the Minimum Increment on the same
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2 side of the market as the PRISM Order, or (ii)
Number SR–MRX–2018–11. This file notice is hereby given that on April 10, the PRISM Order’s limit price (if the order is
number should be included on the 2018, Nasdaq BX, Inc. (‘‘BX’’ or a limit order), provided in either case that
‘‘Exchange’’) filed with the Securities such price is at or better than the NBBO.
subject line if email is used. To help the
Commission process and review your and Exchange Commission
(‘‘Commission’’) the proposed rule The Exchange proposes to replace the
comments more efficiently, please use ‘‘of’’ with an ‘‘or.’’ The Exchange
only one method. The Commission will change as described in Items I, II, and
III, below, which Items have been believes that amending the rule will
post all comments on the Commission’s bring greater clarity to the rule.
prepared by the Exchange. The
internet website (http://www.sec.gov/
Commission is publishing this notice to 2. Statutory Basis
rules/sro.shtml). Copies of the
solicit comments on the proposed rule
submission, all subsequent change from interested persons. The Exchange believes that its
amendments, all written statements proposal is consistent with Section 6(b)
with respect to the proposed rule I. Self-Regulatory Organization’s
Statement of the Terms of Substance of of the Act,3 in general, and furthers the
change that are filed with the objectives of Section 6(b)(5) of the Act,4
Commission, and all written the Proposed Rule Change
in particular, in that it is designed to
communications relating to the The Exchange proposes to correct a promote just and equitable principles of
proposed rule change between the typographical error within BX Rule trade and to protect investors and the
Commission and any person, other than Chapter VI, Section 9. public interest by correcting a
those that may be withheld from the The text of the proposed rule change typographical error within the rule to
public in accordance with the is available on the Exchange’s website at
bring greater clarity to the rule. The
provisions of 5 U.S.C. 552, will be http://nasdaqbx.cchwallstreet.com/, at
Exchange inadvertently inserted the
available for website viewing and the principal office of the Exchange, and
at the Commission’s Public Reference word ‘‘of’’ instead of ‘‘or’’ within
printing in the Commission’s Public Chapter VI, Section 9(i)(C). This is a
Reference Room, 100 F Street NE, Room.
non-substantive correction to the
Washington, DC 20549, on official II. Self-Regulatory Organization’s current rule.
business days between the hours of Statement of the Purpose of, and
10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule B. Self-Regulatory Organization’s
filing also will be available for Change Statement on Burden on Competition
inspection and copying at the principal
In its filing with the Commission, the The Exchange does not believe that
office of the Exchange. All comments Exchange included statements
received will be posted without change. the proposed rule change will impose
concerning the purpose of and basis for any burden on competition not
Persons submitting comments are the proposed rule change and discussed
cautioned that we do not redact or edit necessary or appropriate in furtherance
any comments it received on the of the purposes of the Act. The
personal identifying information from proposed rule change. The text of these
comment submissions. You should Exchange inadvertently inserted the
statements may be examined at the word ‘‘of’’ instead of ‘‘or’’ within
daltland on DSKBBV9HB2PROD with NOTICES
submit only information that you wish places specified in Item IV below. The
to make available publicly. All Chapter VI, Section 9(i)(C). This is a
Exchange has prepared summaries, set
submissions should refer to File non-substantive correction to the
forth in sections A, B, and C below, of
Number SR–MRX–2018–11and should current rule.
be submitted on or before May 10, 2018. 5 17 CFR 200.30–3(a)(12).
1 15 3 15 U.S.C. 78f(b).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. 4 15 U.S.C. 78f(b)(5).
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Document Created: 2018-04-19 00:40:28
Document Modified: 2018-04-19 00:40:28
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 17459 |
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