83 FR 23952 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Introduce the ATR Protection for Orders That Are Routed to Away Markets
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 100 (May 23, 2018)
Federal Register Volume 83, Issue 100 (May 23, 2018)
| Page Range | 23952-23954 | |
| FR Document | 2018-10979 |
[Federal Register Volume 83, Number 100 (Wednesday, May 23, 2018)] [Notices] [Pages 23952-23954] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10979] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83279; File No. SR-GEMX-2018-09] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Introduce the ATR Protection for Orders That Are Routed to Away Markets May 17, 2018. I. Introduction On February 26, 2018, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Exchange Rule 714 [[Page 23953]] regarding the Acceptable Trade Range (``ATR'') functionality for orders that are routed to away markets. The proposed rule change was published for comment in the Federal Register on March 14, 2018.\3\ On April 23, 2018, the Exchange submitted Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its entirety.\4\ On April 26, 2018, the Commission extended the time period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change to June 22, 2018.\5\ The Commission received no comments on the proposed rule change. The Commission is publishing this notice to solicit comment on Amendment No. 1 to the proposed rule change from interested persons and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 82847 (March 9, 2018), 83 FR 11259 (``Notice''). \4\ See Letter to Brent J. Fields, Secretary, Commission, from Adrian Griffiths, Senior Associate General Counsel, Nasdaq, Inc., dated April 23, 2018 (``Amendment No. 1''). Amendment No. 1 revises the proposed rule change to: (i) Provide further discussion of the current application of the ATR to orders routed away; (ii) modify the proposed rule text regarding the recalculation of the ATR for orders routed away pursuant to Supplementary Material to Exchange Rule 1901, if the applicable National Best Bid (``NBB'') or the National Best Offer (``NBO'') price is improved at the time of routing; (iii) expand the discussion and justification for recalculating the ATR for such orders; and (iv) make other amendments to the proposed rule text to improve the understandability of the current ATR calculation. Amendment No. 1 was also submitted as a comment to the proposed rule change. Amendment No. 1 is available at: https://www.sec.gov/comments/sr-gemx-2018-09/gemx201809-3490578-162256.pdf. \5\ See Securities Exchange Act Release No. 83118 (April 26, 2018), 83 FR 19369 (May 2, 2018). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change, as Modified by Amendment No. 1 \6\ --------------------------------------------------------------------------- \6\ For a more detailed description of the proposal, see Notice, supra note 3; Amendment No. 1, supra note 4. --------------------------------------------------------------------------- The ATR is a functionality designed to prevent the Exchange's System\7\ from experiencing dramatic price swings by preventing the execution of orders beyond set thresholds.\8\ Pursuant to Exchange Rule 714(b)(1), the System calculates an ATR to limit the range of prices at which an order or quote will be allowed to execute.\9\ Upon receipt of a new order or quote, the ATR is calculated by taking the reference price, plus or minus a value to be determined by the Exchange, where the reference price is the NBB for sell orders/quotes and the NBO for buy orders/quotes.\10\ Accordingly, the ATR is: The reference price-- (x) for sell orders/quotes; and the reference price + (x) for buy orders.\11\ If an order or quote reaches the outer limit of the ATR without being fully executed, then any unexecuted balance will be cancelled.\12\ --------------------------------------------------------------------------- \7\ The term ``System'' means the electronic system operated by the Exchange that receives and disseminates quotes, executes orders and reports transactions. See Exchange Rule 100(a)(55). \8\ See Amendment No. 1, supra note 4. \9\ See Exchange Rule 714(b)(1). \10\ See Notice, supra note 3, at 11259. For purposes of determining the value that will be added or subtracted from the reference price, there are three categories of options for the 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. See id. \11\ See Exchange Rule 714(b)(1)(i). \12\ See Exchange Rule 714(b)(1)(ii). The ATR is not available for All-or-None Orders. See Notice, supra note 3, at 11259, n.3. --------------------------------------------------------------------------- The Exchange states that, currently, the System calculates a reference price for an incoming order or quote only when that order or quote rests or trades on the regular order book.\13\ Accordingly, orders that route to away exchanges do not always receive the ATR. Orders that first trade on the Exchange prior to being routed away receive the ATR, but orders that are routed away upon entry (or otherwise do not rest or trade on the regular order book) are not currently subject to the ATR.\14\ --------------------------------------------------------------------------- \13\ See Notice, supra note 3, at 11259. \14\ See Amendment No. 1, supra note 4. --------------------------------------------------------------------------- The Exchange now proposes to amend the ATR to modify how it applies to orders that are routed by the Exchange. First, the Exchange proposes to apply the ATR to orders that are routed to away markets without first trading on the Exchange.\15\ This means that, unlike today, the System will calculate an ATR for orders even if the order does not rest or trade on the regular order book prior to being routed.\16\ --------------------------------------------------------------------------- \15\ See Notice, supra note 3, at 11259. \16\ See Amendment No. 1, supra note 4. --------------------------------------------------------------------------- In addition, the Exchange proposes that, for orders routed to away markets pursuant to the Supplementary Material to Exchange Rule 1901,\17\ if the applicable NBB or NBO price is improved at the time the order is routed, a new ATR would be calculated based on the reference price at that time.\18\ The Exchange notes that the NBB or NBO price for a security may change during the ``Flash'' auction process described in Supplementary Material .02 to Rule 1901, and the proposed rule change would provide additional protection if the reference price was improved at the time the order is routed.\19\ Similarly, the Exchange represents that other routable orders not subject to the ``Flash'' auction process must still be processed by the System prior to routing, and during this processing time the market may have moved.\20\ Under the proposed rule change, if the NBB or NBO price has not improved at the time an order is routed, the ATR that was applied to the order upon entry into the System would apply.\21\ --------------------------------------------------------------------------- \17\ This could occur: (1) If an order is routed to an away market pursuant to Supplementary Material .02 to Rule 1901 (the ``Flash'' auction) without first trading against any Exchange interest in the ``Flash'' auction; (2) if an order is a ``Sweep Order'' as defined in Rule 715(s) and processed pursuant to Supplementary Material .05 to Rule 1901 instead of the ``Flash'' auction; or (3) if a Non-Customer Order opts out of the ``Flash'' auction and is processed pursuant to Supplementary Material .04 to Rule 1901. See Amendment No. 1, supra note 4. Supplementary Material .02 to Rule 1901 provides that orders to be routed to away markets may be eligible for a ``Flash'' auction wherein Exchange members are allowed the opportunity to enter responses to trade with the order prior to routing. See Notice, supra note 3, at 11259. \18\ See Amendment No. 1, supra note 4; proposed Exchange Rule 714(b)(1)(ii). In the Notice, the Exchange provides examples of how the ATR will be applied to orders routed to away markets. See Notice, supra note 3, at 11259-60. \19\ See Amendment No. 1, supra note 4. \20\ See Amendment No. 1, supra note 4. \21\ The Exchange states that the ATR is not again recalculated for orders after routing, so orders that are routed but not executed in full by an away market, and subsequently return to trade on the Exchange, would not receive a new ATR. See Amendment No. 1, supra note 4. --------------------------------------------------------------------------- The Exchange states that it intends to implement the ATR functionality described in the proposed rule change no later than October 31, 2018.\22\ --------------------------------------------------------------------------- \22\ See Notice, supra note 3, at 11260. The Exchange further states that it will announce the implementation date of this functionality in an Options Trader Alert prior to the launch date. See id. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\23\ In particular, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Act,\24\ which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and [[Page 23954]] equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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. --------------------------------------------------------------------------- \23\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \24\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission believes that the ATR is reasonably designed to prevent executions of orders and quotes at prices that are significantly worse than the NBBO at the time of an order's submission and may reduce the potential negative impacts of unanticipated volatility in individual options.\25\ The Commission notes that the proposed rule change extends the application of the ATR to orders that route away immediately upon entry, thus offering these orders the same protections that the ATR provides to orders that first trade on the Exchange before being routed. The Commission also believes that recalculating the ATR for orders routed to away markets pursuant to the Supplementary Material to Rule 1901, if the applicable NBB or NBO price is improved at the time the order is routed, should help provide such orders with a price protection that better reflects the NBB or NBO. The Commission further believes that the proposed rule change will provide transparency and enhance investors' understanding of the operation of the ATR. The Commission notes that the Exchange will continue to use the NBB or NBO as the reference price for the ATR. For these reasons, the Commission believes that the proposed rule change, as modified by Amendment No. 1, is consistent with the Act. --------------------------------------------------------------------------- \25\ See Securities Exchange Act Release No. 80011 (February 10, 2017), 82 FR 10927, 10929-30 (February 16, 2017) (SR-ISEGemini-2016- 17) (Order approving, among other things, proposal to establish ATR). --------------------------------------------------------------------------- IV. Solicitation of Comments on Amendment No. 1 Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether Amendment No. 1 to the proposed rule change is consistent with the Exchange 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-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 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 June 13, 2018. V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the 30th day after the date of publication of notice of Amendment No. 1 in the Federal Register. As discussed above, Amendment No. 1 adds detail to the proposal and the proposed rule text regarding the operation of the ATR. Amendment No. 1 revises the proposed rule text to specify that for orders routed to away markets pursuant to the Supplementary Material to Rule 1901, if the applicable NBB or NBO price is improved at the time the order is routed, a new ATR will be calculated based on the reference price at that time. Amendment No. 1 also sets forth additional justification for the proposed rule change. The Commission believes that these revisions provide greater clarity with respect to the current and proposed application of the ATR for routed away orders. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act,\26\ to approve the proposed rule change, as modified by Amendment No. 1 on an accelerated basis. --------------------------------------------------------------------------- \26\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,\27\ that the proposed rule change (SR-GEMX-2018-09), as modified by Amendment No. 1 thereto, be, and it hereby is, approved on an accelerated basis. --------------------------------------------------------------------------- \27\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\28\ --------------------------------------------------------------------------- \28\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10979 Filed 5-22-18; 8:45 am] BILLING CODE 8011-01-P
![23952 Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices
functionality can continue to use it, III. Date of Effectiveness of the rules/sro.shtml). Copies of the
members who would prefer to prevent Proposed Rule Change and Timing for submission, all subsequent
self-trades across different market Commission Action amendments, all written statements
participant identifiers within the same Because the foregoing proposed rule with respect to the proposed rule
Exchange account or at the member change does not: (i) Significantly affect change that are filed with the
level will now be provided with the protection of investors or the public Commission, and all written
functionality that lets them do this. interest; (ii) impose any significant communications relating to the
Similar flexibility is offered on Phlx and burden on competition; and (iii) become proposed rule change between the
NOM, as well as BZX.10 The Exchange operative for 30 days from the date on Commission and any person, other than
believes that flexibility to apply AIQ at which it was filed, or such shorter time those that may be withheld from the
the Exchange account or member firm as the Commission may designate, it has public in accordance with the
level would be useful for the Exchange’s become effective pursuant to Section provisions of 5 U.S.C. 552, will be
members too. The Exchange believes 19(b)(3)(A)(iii) of the Act 12 and available for website viewing and
that the proposed rule change is printing in the Commission’s Public
subparagraph (f)(6) of Rule 19b–4
designed to promote just and equitable Reference Room, 100 F Street NE,
thereunder.13
principles of trade and will remove At any time within 60 days of the Washington, DC 20549, on official
impediments to and perfect the filing of the proposed rule change, the business days between the hours of
mechanisms of a free and open market Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
as it will further enhance self-trade temporarily suspend such rule change if filing also will be available for
protections provided to Market Makers it appears to the Commission that such inspection and copying at the principal
similar to those protections provided on action is: (i) Necessary or appropriate in office of the Exchange. All comments
other markets. This functionality does received will be posted without change.
the public interest; (ii) for the protection
not relieve or otherwise modify the duty Persons submitting comments are
of investors; or (iii) otherwise in
of best execution owed to orders cautioned that we do not redact or edit
furtherance of the purposes of the Act.
received from public customers. personal identifying information from
If the Commission takes such action, the
comment submissions. You should
B. Self-Regulatory Organization’s Commission shall institute proceedings
submit only information that you wish
Statement on Burden on Competition to determine whether the proposed rule
to make available publicly. All
In accordance with Section 6(b)(8) of should be approved or disapproved.
submissions should refer to File
the Act,11 the Exchange does not believe IV. Solicitation of Comments Number SR–ISE–2018–45 and should be
that the proposed rule change will submitted on or before June 13, 2018.
Interested persons are invited to
impose any burden on intermarket or
submit written data, views, and For the Commission, by the Division of
intramarket competition that is not Trading and Markets, pursuant to delegated
arguments concerning the foregoing,
necessary or appropriate in furtherance authority.14
including whether the proposed rule
of the purposes of the Act. The Eduardo A. Aleman,
change is consistent with the Act.
proposed rule change is designed to Assistant Secretary.
Comments may be submitted by any of
enhance AIQ functionality provided to
the following methods: [FR Doc. 2018–10970 Filed 5–22–18; 8:45 am]
Exchange Market Makers, and will
BILLING CODE 8011–01–P
benefit members that wish to protect Electronic Comments
their quotes and orders against trading • Use the Commission’s internet
with other quotes and orders within the comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
same Exchange account or member, rules/sro.shtml); or COMMISSION
rather than the more limited market • Send an email to rule-comments@
participant identifier standard applied sec.gov. Please include File Number SR– [Release No. 34–83279; File No. SR–GEMX–
today. The new functionality, which 2018–09]
ISE–2018–45 on the subject line.
provides similar flexibility to that
Paper Comments Self-Regulatory Organizations; Nasdaq
offered on Phlx, NOM, and BZX, is also
GEMX, LLC; Notice of Filing of
completely voluntary, and members that • Send paper comments in triplicate
Amendment No. 1 and Order Granting
wish to use the current functionality can to Secretary, Securities and Exchange
Accelerated Approval of a Proposed
also continue to do so. The Exchange Commission, 100 F Street NE,
Rule Change, as Modified by
does not believe that providing more Washington, DC 20549–1090.
Amendment No. 1, To Introduce the
flexibility to members will have any All submissions should refer to File ATR Protection for Orders That Are
significant impact on competition. In Number SR–ISE–2018–45. This file Routed to Away Markets
fact, the Exchange believes that the number should be included on the
proposed rule change is evidence of the subject line if email is used. To help the May 17, 2018.
competitive environment in the options Commission process and review your
industry where exchanges must I. Introduction
comments more efficiently, please use
continually improve their offerings to only one method. The Commission will On February 26, 2018, Nasdaq GEMX,
maintain competitive standing. post all comments on the Commission’s LLC (‘‘GEMX’’ or ‘‘Exchange’’) filed
internet website (http://www.sec.gov/ with the Securities and Exchange
C. Self-Regulatory Organization’s Commission (‘‘Commission’’), pursuant
Statement on Comments on the to Section 19(b)(1) of the Securities
daltland on DSKBBV9HB2PROD with NOTICES
12 15 U.S.C. 78s(b)(3)(A)(iii).
Proposed Rule Change Received From 13 17 Exchange Act of 1934 (‘‘Act’’) 1 and Rule
CFR 240.19b–4(f)(6). In addition, Rule 19b–
Members, Participants, or Others 4(f)(6) requires a self-regulatory organization to give 19b–4 thereunder,2 a proposed rule
No written comments were either the Commission written notice of its intent to file change to amend Exchange Rule 714
the proposed rule change at least five business days
solicited or received. prior to the date of filing of the proposed rule
14 17 CFR 200.30–3(a)(12).
change, or such shorter time as designated by the
10 See supra notes 4 and 7. 1 15 U.S.C. 78s(b)(1).
Commission. The Exchange has satisfied this
11 15 U.S.C. 78f(b)(8). requirement. 2 17 CFR 240.19b–4.
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![23954 Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices
equitable principles of trade, to foster Paper Comments additional justification for the proposed
cooperation and coordination with • Send paper comments in triplicate rule change. The Commission believes
persons engaged in facilitating to Secretary, Securities and Exchange that these revisions provide greater
transactions in securities, to remove Commission, 100 F Street NE, clarity with respect to the current and
impediments to and perfect the Washington, DC 20549–1090. proposed application of the ATR for
mechanism of a free and open market All submissions should refer to File routed away orders. Accordingly, the
and a national market system, and, in Number SR–GEMX–2018–09. This file Commission finds good cause, pursuant
general, to protect investors and the number should be included on the to Section 19(b)(2) of the Exchange
public interest. subject line if email is used. To help the Act,26 to approve the proposed rule
The Commission believes that the Commission process and review your change, as modified by Amendment No.
ATR is reasonably designed to prevent comments more efficiently, please use 1 on an accelerated basis.
executions of orders and quotes at only one method. The Commission will
prices that are significantly worse than VI. Conclusion
post all comments on the Commission’s
the NBBO at the time of an order’s internet website (http://www.sec.gov/ It is therefore ordered, pursuant to
submission and may reduce the rules/sro.shtml). Copies of the Section 19(b)(2) of the Exchange Act,27
potential negative impacts of submission, all subsequent that the proposed rule change (SR–
unanticipated volatility in individual amendments, all written statements GEMX–2018–09), as modified by
options.25 The Commission notes that with respect to the proposed rule Amendment No. 1 thereto, be, and it
the proposed rule change extends the change that are filed with the hereby is, approved on an accelerated
application of the ATR to orders that Commission, and all written basis.
route away immediately upon entry, communications relating to the
thus offering these orders the same For the Commission, by the Division of
proposed rule change between the Trading and Markets, pursuant to delegated
protections that the ATR provides to Commission and any person, other than
orders that first trade on the Exchange authority.28
those that may be withheld from the
before being routed. The Commission public in accordance with the Eduardo A. Aleman,
also believes that recalculating the ATR provisions of 5 U.S.C. 552, will be Assistant Secretary.
for orders routed to away markets available for website viewing and [FR Doc. 2018–10979 Filed 5–22–18; 8:45 am]
pursuant to the Supplementary Material printing in the Commission’s Public BILLING CODE 8011–01–P
to Rule 1901, if the applicable NBB or Reference Room, 100 F Street NE,
NBO price is improved at the time the Washington, DC 20549, on official
order is routed, should help provide business days between the hours of SECURITIES AND EXCHANGE
such orders with a price protection that 10:00 a.m. and 3:00 p.m. Copies of the COMMISSION
better reflects the NBB or NBO. The filing also will be available for
Commission further believes that the inspection and copying at the principal [Release No. 34–83275; File No. SR–IEX–
proposed rule change will provide office of the Exchange. All comments 2018–10]
transparency and enhance investors’ received will be posted without change.
understanding of the operation of the Persons submitting comments are Self-Regulatory Organizations:
ATR. The Commission notes that the cautioned that we do not redact or edit Investors Exchange LLC; Notice of
Exchange will continue to use the NBB personal identifying information from Filing and Immediate Effectiveness of
or NBO as the reference price for the comment submissions. You should a Proposed Rule Change To Amend
ATR. For these reasons, the Commission submit only information that you wish Rule 11.410(a) To Update the Market
believes that the proposed rule change, to make available publicly. All Data Source That the Exchange Will
as modified by Amendment No. 1, is submissions should refer to File Use To Determine the Top of Book
consistent with the Act. Number SR–GEMX–2018–09 and Quotation for NYSE National in
IV. Solicitation of Comments on should be submitted on or before June Anticipation of Its Planned Re-Launch
Amendment No. 1 13, 2018.
May 17, 2018.
Interested persons are invited to V. Accelerated Approval of Proposed
submit written data, views, and Rule Change, as Modified by Pursuant to Section 19(b)(1) 1 of the
arguments concerning the foregoing, Amendment No. 1 Securities Exchange Act of 1934 (the
including whether Amendment No. 1 to ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
The Commission finds good cause to notice is hereby given that, on May 10,
the proposed rule change is consistent approve the proposed rule change, as
with the Exchange Act. Comments may 2018, the Investors Exchange LLC
modified by Amendment No. 1, prior to (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
be submitted by any of the following the 30th day after the date of
methods: Securities and Exchange Commission
publication of notice of Amendment No. (the ‘‘Commission’’) the proposed rule
Electronic Comments 1 in the Federal Register. As discussed change as described in Items I and II
above, Amendment No. 1 adds detail to below, which Items have been prepared
• Use the Commission’s internet the proposal and the proposed rule text
comment form (http://www.sec.gov/ by the self-regulatory organization. The
regarding the operation of the ATR. Commission is publishing this notice to
rules/sro.shtml); or Amendment No. 1 revises the proposed
• Send an email to rule-comments@ solicit comments on the proposed rule
rule text to specify that for orders routed change from interested persons.
daltland on DSKBBV9HB2PROD with NOTICES
sec.gov. Please include File Number SR– to away markets pursuant to the
GEMX–2018–09 on the subject line. Supplementary Material to Rule 1901, if 26 15 U.S.C. 78s(b)(2).
the applicable NBB or NBO price is 27 15 U.S.C. 78s(b)(2).
25 See Securities Exchange Act Release No. 80011 improved at the time the order is routed, 28 17 CFR 200.30–3(a)(12).
(February 10, 2017), 82 FR 10927, 10929–30
(February 16, 2017) (SR–ISEGemini–2016–17)
a new ATR will be calculated based on 1 15 U.S.C. 78s(b)(1).
(Order approving, among other things, proposal to the reference price at that time. 2 15 U.S.C. 78a.
establish ATR). Amendment No. 1 also sets forth 3 17 CFR 240.19b–4.
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Document Created: 2018-05-22 23:48:47
Document Modified: 2018-05-22 23:48:47
| 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 23952 |
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