83 FR 23981 - Self-Regulatory Organizations; Nasdaq MRX, 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 | 23981-23983 | |
| FR Document | 2018-10980 |
[Federal Register Volume 83, Number 100 (Wednesday, May 23, 2018)] [Notices] [Pages 23981-23983] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10980] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83280; File No. SR-MRX-2018-08] Self-Regulatory Organizations; Nasdaq MRX, 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 23, 2018, Nasdaq MRX, LLC (``MRX'' 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 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14, 2018.\3\ On April 23, 2018, the Exchange submitted Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its [[Page 23982]] entirety.\4\ On April 26, 2018, the Commission extended the time period within which to approve the proposed rule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. 82848 (March 9, 2018), 83 FR 11276 (``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-mrx-2018-08/mrx201808-3492392-162259.pdf. \5\ See Securities Exchange Act Release No. 83116 (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 11276. 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 11276, 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 11276. \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 11276. \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 11276. \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 11276-77. \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 11277. 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 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 [[Page 23983]] 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. 81204 (July 25, 2017), 82 FR 35557, 35559-60 (July 31, 2017) (SR-MRX-2017-02) (Order approving, among other things, proposal to establish ATR). --------------------------------------------------------------------------- III. 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 [email protected]. Please include File Number SR-MRX-2018-08 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-2018-08. 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-2018-08 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-MRX-2018-08), 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. 2018-10980 Filed 5-22-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices 23981
B. Self-Regulatory Organization’s C. Self-Regulatory Organization’s available for website viewing and
Statement on Burden on Competition Statement on Comments on the printing in the Commission’s Public
Proposed Rule Change Received From Reference Room, 100 F Street NE,
The Exchange does not believe that Members, Participants, or Others Washington, DC 20549 on official
the proposed rule change will impose business days between the hours of
any burden on competition not No written comments were either
solicited or received. 10:00 a.m. and 3:00 p.m. Copies of the
necessary or appropriate in furtherance filing also will be available for
of the purposes of the Act. III. Date of Effectiveness of the inspection and copying at the principal
The Exchange believes that the Proposed Rule Change and Timing for office of the Exchange. All comments
addition of the Price Improvement Only Commission Action received will be posted without change.
variation will only boost the Within 45 days of the date of Persons submitting comments are
attractiveness of the M–ELO among publication of this notice in the Federal cautioned that we do not redact or edit
market participants who desire or Register or within such longer period personal identifying information from
require additional trading flexibility for up to 90 days (i) as the Commission may comment submissions. You should
the M–ELO as well as those that seek designate if it finds such longer period submit only information that you wish
additional opportunities for price to be appropriate and publishes its to make available publicly. All
improvement. Accordingly, the reasons for so finding or (ii) as to which submissions should refer to File
Exchange expects that its proposal will the self-regulatory organization Number SR–NASDAQ–2018–038 and
draw new market participants to Nasdaq consents, the Commission will: should be submitted on or before June
and increase the extent to which (A) By order approve or disapprove 13, 2018.
existing participants utilize M–ELO. To such proposed rule change, or For the Commission, by the Division of
the extent the proposed change is (B) institute proceedings to determine Trading and Markets, pursuant to delegated
successful in attracting additional whether the proposed rule change authority.16
market participants, Nasdaq believes should be disapproved. Eduardo A. Aleman,
that the proposed change will promote Assistant Secretary.
IV. Solicitation of Comments
competition among trading venues by [FR Doc. 2018–10973 Filed 5–22–18; 8:45 am]
making Nasdaq a more attractive trading Interested persons are invited to BILLING CODE 8011–01–P
venue for long-term investors and submit written data, views, and
therefore capital formation. arguments concerning the foregoing,
In any event, the Exchange notes that including whether the proposed rule SECURITIES AND EXCHANGE
it operates in a highly competitive change is consistent with the Act. COMMISSION
market in which market participants can Comments may be submitted by any of
[Release No. 34–83280; File No. SR–MRX–
readily choose between competing the following methods: 2018–08]
venues if they deem participation in Electronic Comments
Nasdaq’s market is no longer desirable. Self-Regulatory Organizations; Nasdaq
• Use the Commission’s internet MRX, LLC; Notice of Filing of
In such an environment, the Exchange comment form (http://www.sec.gov/
must carefully consider the impact that Amendment No. 1 and Order Granting
rules/sro.shtml); or Accelerated Approval of a Proposed
any change it proposes may have on its • Send an email to rule-comments@
participants, understanding that it will Rule Change, as Modified by
sec.gov. Please include File Number SR– Amendment No. 1, To Introduce the
likely lose participants to the extent a NASDAQ–2018–038 on the subject line.
change is viewed as unfavorable by ATR Protection for Orders That Are
them. Because competitors are free to Paper Comments Routed to Away Markets
modify the incentives and structure of • Send paper comments in triplicate May 17, 2018.
their markets, the Exchange believes to Brent J. Fields, Secretary, Securities
that the degree to which modifying the I. Introduction
and Exchange Commission, 100 F Street
market structure of an individual market NE, Washington, DC 20549–1090. On February 23, 2018, Nasdaq MRX,
may impose any burden on competition All submissions should refer to File LLC (‘‘MRX’’ or ‘‘Exchange’’) filed with
is limited. Number SR–NASDAQ–2018–038. This the Securities and Exchange
The Exchange also does not believe file number should be included on the Commission (‘‘Commission’’), pursuant
that its proposal will impose an undue subject line if email is used. To help the to Section 19(b)(1) of the Securities
burden on intramarket competition. Just Commission process and review your Exchange Act of 1934 (‘‘Act’’) 1 and Rule
as with an ordinary M–ELOs [sic], the comments more efficiently, please use 19b–4 thereunder,2 a proposed rule
M–ELO with PIO will be available to all only one method. The Commission will change to amend Exchange Rule 714
Nasdaq members and it will be available post all comments on the Commission’s regarding the Acceptable Trade Range
on an optional basis. Thus, any member internet website (http://www.sec.gov/ (‘‘ATR’’) functionality for orders that are
that seeks to avail itself of the benefits rules/sro.shtml). Copies of the routed to away markets. The proposed
of a M–ELO with PIO or avoid its costs submission, all subsequent rule change was published for comment
can choose accordingly. Although the amendments, all written statements in the Federal Register on March 14,
proposal provides flexibility and price with respect to the proposed rule 2018.3 On April 23, 2018, the Exchange
improvement opportunities specifically change that are filed with the submitted Amendment No. 1 to the
daltland on DSKBBV9HB2PROD with NOTICES
for investors that select the M–ELO Commission, and all written proposed rule change, which replaced
order type, the Exchange believes that communications relating to the and superseded the original filing in its
all market participants will benefit to proposed rule change between the 16 17 CFR 200.30–3(a)(12).
the extent that this proposal contributes Commission and any person, other than 1 15 U.S.C. 78s(b)(1).
to a healthy and attractive market that those that may be withheld from the 2 17 CFR 240.19b–4.
is attentive to the needs of all types of public in accordance with the 3 See Securities Exchange Act Release No. 82848
investors. provisions of 5 U.S.C. 552, will be (March 9, 2018), 83 FR 11276 (‘‘Notice’’).
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![Federal Register / Vol. 83, No. 100 / Wednesday, May 23, 2018 / Notices 23983
prices that are significantly worse than post all comments on the Commission’s VI. Conclusion
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 MRX–2018–08), 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 proposed rule change between the For the Commission, by the Division of
protections that the ATR provides to Commission and any person, other than Trading and Markets, pursuant to delegated
authority.28
orders that first trade on the Exchange 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. 2018–10980 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. 34–83268; File No. SR–
proposed rule change will provide office of the Exchange. All comments NYSEArca–2018–34]
transparency and enhance investors’ received will be posted without change. Self-Regulatory Organizations; NYSE
understanding of the operation of the Persons submitting comments are Arca, Inc.; Notice of Filing and
ATR. The Commission notes that the cautioned that we do not redact or edit Immediate Effectiveness of Proposed
Exchange will continue to use the NBB personal identifying information from Rule Change To Amend the NYSE Arca
or NBO as the reference price for the comment submissions. You should Equities Fees and Charges
ATR. For these reasons, the Commission submit only information that you wish
believes that the proposed rule change, to make available publicly. All May 17, 2018.
as modified by Amendment No. 1, is submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
consistent with the Act. Number SR–MRX–2018–08 and should Securities Exchange Act of 1934 (the
be submitted on or before June 13, 2018. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
III. Solicitation of Comments on
Amendment No. 1 V. Accelerated Approval of Proposed notice is hereby given that, on May 9,
Rule Change, as Modified by 2018, NYSE Arca, Inc. (the ‘‘Exchange’’
Interested persons are invited to or ‘‘NYSE Arca’’) filed with the
submit written data, views, and Amendment No. 1
Securities and Exchange Commission
arguments concerning the foregoing, The Commission finds good cause to (the ‘‘Commission’’) the proposed rule
including whether Amendment No. 1 to approve the proposed rule change, as change as described in Items I, II, and
the proposed rule change is consistent modified by Amendment No. 1, prior to III below, which Items have been
with the Exchange Act. Comments may the 30th day after the date of prepared by the self-regulatory
be submitted by any of the following publication of notice of Amendment No. organization. The Commission is
methods: 1 in the Federal Register. As discussed publishing this notice to solicit
Electronic Comments above, Amendment No. 1 adds detail to comments on the proposed rule change
the proposal and the proposed rule text from interested persons.
• Use the Commission’s internet regarding the operation of the ATR.
comment form (http://www.sec.gov/ I. Self-Regulatory Organization’s
Amendment No. 1 revises the proposed
rules/sro.shtml); or Statement of the Terms of the Substance
rule text to specify that for orders routed
• Send an email to rule-comments@ to away markets pursuant to the
of the Proposed Rule Change
sec.gov. Please include File Number SR– Supplementary Material to Rule 1901, if The Exchange proposes to amend the
MRX–2018–08 on the subject line. the applicable NBB or NBO price is NYSE Arca Equities Fees and Charges
Paper Comments improved at the time the order is routed, (‘‘Fee Schedule’’) to introduce a new
a new ATR will be calculated based on pricing tier, Retail Order Step-Up Tier.
• Send paper comments in triplicate the reference price at that time. The Exchange proposes to implement
to Secretary, Securities and Exchange Amendment No. 1 also sets forth the fee change effective May 9, 2018.4
Commission, 100 F Street NE, additional justification for the proposed The proposed rule change is available
Washington, DC 20549–1090. rule change. The Commission believes on the Exchange’s website at
All submissions should refer to File that these revisions provide greater www.nyse.com, at the principal office of
Number SR–MRX–2018–08. This file clarity with respect to the current and the Exchange, and at the Commission’s
number should be included on the proposed application of the ATR for Public Reference Room.
subject line if email is used. To help the routed away orders. Accordingly, the
daltland on DSKBBV9HB2PROD with NOTICES
Commission process and review your Commission finds good cause, pursuant 27 15 U.S.C. 78s(b)(2).
comments more efficiently, please use to Section 19(b)(2) of the Exchange 28 17 CFR 200.30–3(a)(12).
only one method. The Commission will Act,26 to approve the proposed rule 1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
change, as modified by Amendment No. 3 17 CFR 240.19b–4.
25 See Securities Exchange Act Release No. 81204
1 on an accelerated basis.
(July 25, 2017), 82 FR 35557, 35559–60 (July 31, 4 The Exchange originally filed to amend the Fee
2017) (SR–MRX–2017–02) (Order approving, among Schedule on May 1, 2018 (SR–NYSEArca–2018–30)
other things, proposal to establish ATR). 26 15 U.S.C. 78s(b)(2). and withdrew such filing on May 9, 2018.
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Document Created: 2018-05-22 23:49:00
Document Modified: 2018-05-22 23:49:00
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