83 FR 23515 - Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe EDGX Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 98 (May 21, 2018)
Federal Register Volume 83, Issue 98 (May 21, 2018)
| Page Range | 23515-23517 | |
| FR Document | 2018-10707 |
[Federal Register Volume 83, Number 98 (Monday, May 21, 2018)] [Notices] [Pages 23515-23517] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10707] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83240; File No. SR-CboeEDGX-2018-014] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use on Cboe EDGX Exchange, Inc. May 15, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 1, 2018, Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') 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 Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-Members of the Exchange pursuant to EDGX Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 parts 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 proposes to amend its fee schedule applicable to its equities trading platform (``EDGX Equities'') to (i) eliminate Mega Tier 2, (ii) eliminate the Step-Up Tier, (iii) modify Tape B Tier 1 and eliminate Tape B Tier 2 and (iv) increase the fee for orders that yield fee code D, effective May 1, 2018. The Exchange first proposes to eliminate Mega Tier 2. Mega Tier 2 currently provides Members a rebate of $0.0032 per share where a Member (i) adds or routes a combined ADV \6\ greater than or equal to 4,000,000 shares prior to 9:30 a.m. or after 4:00 p.m. and (ii) adds an ADV greater than or equal to 0.65% of the TCV,\7\ including during both market hours and pre and post-trading hours. The Exchange no longer wishes to maintain this tier level. As such, the Exchange proposes to eliminate Mega Tier 2 and rename Mega Tier 3 accordingly. --------------------------------------------------------------------------- \6\ ADV means average daily volume calculated as the number of shares added to, removed from, or routed by, the Exchange, or any combination or subset thereof, per day. ADV is calculated on a monthly basis. See Exchange's fee schedule. \7\ TCV means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. See Exchange's fee schedule. --------------------------------------------------------------------------- The Exchange next proposes to eliminate the Step-Up Tier, which provides a $0.0032 per share rebate where a Member (i) adds an ADV greater than or equal to 0.40% of the TCV and (ii) has a Step-Up Add TCV from January 2017 greater than or equal to 0.10%. The Exchange no longer wishes to maintain this tier level and therefore proposes to delete it. The Exchange also proposes to modify Tape B Tier 1. Currently, for orders that yield fee codes B and 4, the Exchange provides a rebate of $0.0020 per share for orders that add liquidity for securities at or above $1.00, and a rebate of $0.00003 per share for orders that add liquidity for securities below $1.00. Pursuant to Tape B Volume Tier 1, a Member will receive an enhanced rebate of $0.0027 where a Member adds an ADV greater than or equal to 0.02% of the TCV in Tape B Securities. The Exchange proposes to increase the ADV requirement to greater than or equal to 0.03% of the TCV in Tape B securities. The Exchange believes the proposed change to the Tape B Volume Tier 1 criteria will encourage the entry of additional orders to the Exchange. The Exchange also no longer desires to maintain Tape B Volume Tier 2 and therefore proposes to delete it. Lastly, the Exchange proposes to increase the fee for orders yielding fee code D, which results from an order routed to the New York Stock Exchange (``NYSE'') or routed using the RDOT routing strategy. Particularly, NYSE recently implemented certain pricing changes related to Tapes B and C securities, including adopting a per tape fee of $0.00280 per share to remove liquidity from the Exchange for member [[Page 23516]] organizations with an Adding ADV of at least 50,000 shares for that respective Tape.\8\ Based on the changes in pricing at NYSE, the Exchange is proposing to increase its fee for orders executed at NYSE that yield fee code D from $0.00275 to $0.00280. --------------------------------------------------------------------------- \8\ See NYSE Trader Update, NYSE--Fees for Trading Tapes B and C securities, dated April 2, 2018, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Fee_Change_BandC_April2018.pdf. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule changes are consistent with the objectives of Section 6 of the Act,\9\ in general, and furthers the objectives of Section 6(b)(4),\10\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive or incentives to be insufficient. The proposed rule changes reflect a competitive pricing structure designed to incentivize market participants to direct their order flow to the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposal to eliminate the Mega Tier 2, Step-Up Tier and Tape B Tier 2 is reasonable, fair, and equitable because the current tiers are not providing the desired result of incentivizing Members to increase their participation in EDGX Equities. Therefore, eliminating these tiers will have a negligible effect on order flow and market behavior. The Exchange believes the proposed changes are not unfairly discriminatory because they will apply equally to all Members. The Exchange next notes that volume-based discounts such as those currently maintained on the Exchange have been widely adopted by exchanges and are equitable and non-discriminatory because they are open to all Members on an equal basis and provide additional benefits or discounts that are reasonably related to the value of an exchange's market quality associated with higher levels of market activity, such as higher levels of liquidity provision and/or growth patterns, and introduction of higher volumes of orders into the price and volume discovery processes. While the proposed modification to the existing Tape B Volume Tier 1 makes such tier slightly more difficult to attain, it is intended to incentivize Members to send additional volume to the Exchange in an effort to qualify or continue to qualify for the enhanced rebate made available by the tier. As such, the Exchange also believes that the proposed changes are reasonable. The Exchange notes that increased volume on the Exchange provides greater trading opportunities for all market participants. The Exchange lastly believes the proposed increase to orders yielding fee code D is reasonable because it reflects a pass-through of the pricing increase by NYSE noted above. The Exchange further believes the proposed fee change is equitable and non-discriminatory because it applies uniformly to all Members. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposed amendments to its fee schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed changes represent a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange's competitors. Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed change will impair the ability of Members or competing 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 The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. 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) of the Act \11\ and paragraph (f) of Rule 19b-4 thereunder.\12\ At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-CboeEDGX-2018-014 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-CboeEDGX-2018-014. 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-CboeEDGX-2018-014 and should be submitted on or before June 11, 2018. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). [[Page 23517]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10707 Filed 5-18-18; 8:45 am] BILLING CODE 8011-01-P
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file number should be included on the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the The Exchange first proposes to
subject line if email is used. To help the Securities and Exchange Commission eliminate Mega Tier 2. Mega Tier 2
Commission process and review your (‘‘Commission’’) the proposed rule currently provides Members a rebate of
comments more efficiently, please use change as described in Items I, II and III $0.0032 per share where a Member (i)
only one method. The Commission will below, which Items have been prepared adds or routes a combined ADV 6 greater
post all comments on the Commission’s by the Exchange. The Exchange has than or equal to 4,000,000 shares prior
internet website (http://www.sec.gov/ designated the proposed rule change as to 9:30 a.m. or after 4:00 p.m. and (ii)
rules/sro.shtml). Copies of the one establishing or changing a member adds an ADV greater than or equal to
submission, all subsequent due, fee, or other charge imposed by the 0.65% of the TCV,7 including during
amendments, all written statements Exchange under Section 19(b)(3)(A)(ii) both market hours and pre and post-
with respect to the proposed rule of the Act 3 and Rule 19b–4(f)(2) trading hours. The Exchange no longer
change that are filed with the thereunder,4 which renders the wishes to maintain this tier level. As
Commission, and all written proposed rule change effective upon such, the Exchange proposes to
communications relating to the filing with the Commission. The eliminate Mega Tier 2 and rename Mega
proposed rule change between the Commission is publishing this notice to Tier 3 accordingly.
Commission and any person, other than solicit comments on the proposed rule The Exchange next proposes to
those that may be withheld from the change from interested persons. eliminate the Step-Up Tier, which
public in accordance with the provides a $0.0032 per share rebate
provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s
where a Member (i) adds an ADV greater
available for website viewing and Statement of the Terms of Substance of
than or equal to 0.40% of the TCV and
printing in the Commission’s Public the Proposed Rule Change
(ii) has a Step-Up Add TCV from
Reference Room, 100 F Street NE, The Exchange filed a proposal to January 2017 greater than or equal to
Washington, DC 20549 on official amend the fee schedule applicable to 0.10%. The Exchange no longer wishes
business days between the hours of Members 5 and non-Members of the to maintain this tier level and therefore
10:00 a.m. and 3:00 p.m. Copies of the Exchange pursuant to EDGX Rules proposes to delete it.
filing also will be available for 15.1(a) and (c). The Exchange also proposes to modify
inspection and copying at the principal The text of the proposed rule change Tape B Tier 1. Currently, for orders that
office of the Exchange. All comments is available at the Exchange’s website at yield fee codes B and 4, the Exchange
received will be posted without change. www.markets.cboe.com, at the principal provides a rebate of $0.0020 per share
Persons submitting comments are office of the Exchange, and at the for orders that add liquidity for
cautioned that we do not redact or edit Commission’s Public Reference Room. securities at or above $1.00, and a rebate
personal identifying information from of $0.00003 per share for orders that add
comment submissions. You should II. Self-Regulatory Organization’s
Statement of the Purpose of, and liquidity for securities below $1.00.
submit only information that you wish Pursuant to Tape B Volume Tier 1, a
to make available publicly. All Statutory Basis for, the Proposed Rule
Change Member will receive an enhanced rebate
submissions should refer to File of $0.0027 where a Member adds an
Number SR–CboeBZX–2018–035, and In its filing with the Commission, the ADV greater than or equal to 0.02% of
should be submitted on or before June Exchange included statements the TCV in Tape B Securities. The
11, 2018. concerning the purpose of and basis for Exchange proposes to increase the ADV
For the Commission, by the Division of the proposed rule change and discussed requirement to greater than or equal to
Trading and Markets, pursuant to delegated any comments it received on the 0.03% of the TCV in Tape B securities.
authority.16 proposed rule change. The text of these The Exchange believes the proposed
Eduardo A. Aleman, statements may be examined at the change to the Tape B Volume Tier 1
Assistant Secretary. places specified in Item IV below. The criteria will encourage the entry of
[FR Doc. 2018–10712 Filed 5–18–18; 8:45 am] Exchange has prepared summaries, set additional orders to the Exchange. The
BILLING CODE 8011–01–P
forth in Sections A, B, and C below, of Exchange also no longer desires to
the most significant parts of such maintain Tape B Volume Tier 2 and
statements. therefore proposes to delete it.
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s Lastly, the Exchange proposes to
COMMISSION Statement of the Purpose of, and increase the fee for orders yielding fee
[Release No. 34–83240; File No. SR– Statutory Basis for, the Proposed Rule code D, which results from an order
CboeEDGX–2018–014] Change routed to the New York Stock Exchange
(‘‘NYSE’’) or routed using the RDOT
Self-Regulatory Organizations; Cboe 1. Purpose routing strategy. Particularly, NYSE
EDGX Exchange, Inc.; Notice of Filing The Exchange proposes to amend its recently implemented certain pricing
and Immediate Effectiveness of a fee schedule applicable to its equities changes related to Tapes B and C
Proposed Rule Change Related to Fees trading platform (‘‘EDGX Equities’’) to securities, including adopting a per tape
for Use on Cboe EDGX Exchange, Inc. (i) eliminate Mega Tier 2, (ii) eliminate fee of $0.00280 per share to remove
May 15, 2018. the Step-Up Tier, (iii) modify Tape B liquidity from the Exchange for member
Pursuant to Section 19(b)(1) of the Tier 1 and eliminate Tape B Tier 2 and
6 ADV means average daily volume calculated as
(iv) increase the fee for orders that yield
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Securities Exchange Act of 1934 (the the number of shares added to, removed from, or
‘‘Act’’),1 and Rule 19b–4 thereunder,2 fee code D, effective May 1, 2018. routed by, the Exchange, or any combination or
notice is hereby given that on May 1, subset thereof, per day. ADV is calculated on a
3 15 U.S.C. 78s(b)(3)(A)(ii). monthly basis. See Exchange’s fee schedule.
2018, Cboe EDGX Exchange, Inc. (the 4 17 CFR 240.19b–4(f)(2). 7 TCV means total consolidated volume
5 The term ‘‘Member’’ is defined as ‘‘any calculated as the volume reported by all exchanges
16 17 CFR 200.30–3(a)(12). registered broker or dealer that has been admitted and trade reporting facilities to a consolidated
1 15 U.S.C. 78s(b)(1). to membership in the Exchange.’’ See Exchange transaction reporting plan for the month for which
2 17 CFR 240.19b–4. Rule 1.5(n). the fees apply. See Exchange’s fee schedule.
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For the Commission, by the Division of statements may be examined at the Sponsoring Member’s execution and
Trading and Markets, pursuant to delegated places specified in Item IV below. The clearing identity pursuant to a
authority.13 Exchange has prepared summaries, set sponsorship arrangement between such
Eduardo A. Aleman, forth in sections A, B, and C below, of non-member and Sponsoring Member,
Assistant Secretary. the most significant aspects of such as set forth in Supplementary Material
[FR Doc. 2018–10707 Filed 5–18–18; 8:45 am] statements. to Rule 706. The Exchange is proposing
BILLING CODE 8011–01–P to define the term ‘‘Sponsored Access’’
A. Self-Regulatory Organization’s
to clarify the type of market access
Statement of the Purpose of, and
arrangement that is subject to this rule.
Statutory Basis for, the Proposed Rule
SECURITIES AND EXCHANGE Accordingly, the Exchange proposes to
Change
COMMISSION amend Supplementary Material .01(a) to
1. Purpose Rule 706 to add the following
[Release No. 34–83238; File No. SR–ISE–
2018–44] The purpose of the proposed rule definition: ‘‘Sponsored Access shall
change is to amend Supplementary mean an arrangement whereby a
Self-Regulatory Organizations; Nasdaq Material to Rule 706, which contains the Member permits its customers to enter
ISE, LLC; Notice of Filing and Exchange’s sponsored access rules, to orders into the System that bypass the
Immediate Effectiveness of Proposed harmonize these rules with those of the Member’s trading system and are routed
Rule Change To Amend Nasdaq Exchanges.3 On March 9, 2016, directly to the Exchange, including
Supplementary Material to Rule 706 To the Exchange and its affiliates, ISE routing through a service bureau or
Harmonize Its Sponsored Access Gemini, LLC (now, Nasdaq GEMX, LLC) other third party technology provider.’’
Rules With Those of Its Affiliates (‘‘GEMX’’) and ISE Mercury, LLC (now, This definition mirrors the language set
Nasdaq MRX, LLC) (‘‘MRX’’ and forth in the Nasdaq Sponsored Access
May 15, 2018. Rules,7 and is derived from the
together with ISE and GEMX, ‘‘ISE
Pursuant to Section 19(b)(1) of the Exchanges’’), were acquired by Nasdaq, Commission’s description of Sponsored
Securities Exchange Act of 1934 Inc. (‘‘Acquisition’’).4 In the context of Access used in the release approving the
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 the Acquisition, the ISE Exchanges have Market Access Rule.8 The Exchange
notice is hereby given that on May 9, been working to align certain of its rules believes that defining Sponsored Access
2018, Nasdaq ISE, LLC (‘‘ISE’’ or and processes with those of the Nasdaq in Supplementary Material .01(a) to
‘‘Exchange’’) filed with the Securities Exchanges in order to provide Rule 706 will provide market
and Exchange Commission consistent standards across the six participants with greater clarity
(‘‘Commission’’) the proposed rule exchanges owned and operated by regarding Sponsored Access and their
change as described in Items I and II Nasdaq, Inc. (collectively, ‘‘Affiliated obligations with respect to this type of
below, which Items have been prepared Exchanges’’). As part of this effort, the access arrangement.
by the Exchange. The Commission is proposal set forth below harmonizes the Defining Customer Agreement
publishing this notice to solicit Exchange’s sponsored access rules with
comments on the proposed rule change The Exchange proposes to amend
the Nasdaq Sponsored Access Rules in
from interested persons. Supplementary Material .01(b)(1) to
order to provide uniform standards and
Rule 706 to define the agreement that
I. Self-Regulatory Organization’s requirements for users of the Affiliated
Sponsored Customers must enter into
Statement of the Terms of Substance of Exchanges.5
In particular, the Exchange proposes and maintain with one or more
the Proposed Rule Change Sponsoring Members to establish proper
to (1) define the term ‘‘Sponsored
The Exchange proposes to amend Access’’ and ‘‘Customer Agreement;’’ (2) relationship(s) and account(s) through
Supplementary Material to Rule 706 to specify the requirement to comply with which the Sponsored Customer may
harmonize its sponsored access rules Rule 15c3–5 under the Act (‘‘Market trade on the Exchange, as a ‘‘Customer
with those of its affiliates, The Nasdaq Access Rule’’); (3) remove the Agreement.’’ 9
Stock Market LLC (‘‘NQX’’), Nasdaq BX, requirements that each Sponsored Market Access Rule
Inc. (‘‘BX’’) and Nasdaq PHLX LLC Customer and each Sponsoring Member
(‘‘PHLX,’’ and together with NQX and Pursuant to Supplementary Material
enter into certain agreements with the .01(b)(2) to Rule 706, the Sponsoring
BX, ‘‘Nasdaq Exchanges’’). Exchange; and (4) make a number of
The text of the proposed rule change Member is responsible for the activities
related, non-substantive changes. Each
is available on the Exchange’s website at change is discussed in detail as follows. fund, mutual fund, bank or insurance company, an
http://ise.cchwallstreet.com/, at the individual, or another broker-dealer—to use the
principal office of the Exchange, and at Defining Sponsored Access
broker-dealer’s MPID, account or other mechanism
the Commission’s Public Reference A Sponsored Customer is a non- or mnemonic used to identify a market participant
Room. member of the Exchange, such as an for the purposes of electronically accessing the
Exchange.
institutional investor, that gains access
II. Self-Regulatory Organization’s 7 See NQX Rule 4615(a), BX Rule 4615(a) and
to the Exchange 6 and trades under a PHLX Rule 1094(a).
Statement of the Purpose of, and
8 The Market Access Rule, among other things,
Statutory Basis for, the Proposed Rule 3 See NQX Rule 4615, BX Rule 4615 and PHLX requires broker-dealers providing others with access
Change Rule 1094 (collectively, ‘‘Nasdaq Sponsored Access to an exchange or alternative trading system to
In its filing with the Commission, the Rules’’). establish, document, and maintain a system of risk
4 See Securities Exchange Act Release No. 78119 management controls and supervisory procedures
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Exchange included statements (June 21, 2016), 81 FR 41611 (June 27, 2016) (SR– reasonably designed to manage the financial,
concerning the purpose of and basis for ISE–2016–11; SR–ISEGemini-2016–05; SR– regulatory, and other risks of providing such access.
the proposed rule change and discussed ISEMercury–2016–10). See Securities Exchange Act Release No. 63241
any comments it received on the 5 GEMX and MRX will each file similar rule (November 3, 2010), 75 FR 69792 (November 15,
change proposals with the Commission to 2010).
proposed rule change. The text of these harmonize their sponsored access rules with the 9 The Nasdaq Sponsored Access Rules also
Nasdaq Sponsored Access Rules. similarly define ‘‘Customer Agreement.’’ See NQX
1 15 U.S.C. 78s(b)(1). 6 For example, a broker-dealer may allow its Rule 4615(b)(i), BX Rule 4615(b)(i) and PHLX Rule
2 17 CFR 240.19b–4. customer—whether an institution such as a hedge 1094(b)(i).
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Document Created: 2018-11-02 11:08:24
Document Modified: 2018-11-02 11:08:24
| 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 23515 |
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