83 FR 26128 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Descriptions of Certain Data Feeds Within Rule 1070

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 108 (June 5, 2018)

[Federal Register Volume 83, Number 108 (Tuesday, June 5, 2018)]
[Notices]
[Pages 26128-26129]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-11982]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83345; File No. SR-Phlx-2018-43]


Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend the 
Descriptions of Certain Data Feeds Within Rule 1070

May 30, 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 25, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the descriptions of certain data 
feeds within Rule 1070 entitled ``Data Feeds and Trade Information.'' 
The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqphlx.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 the 
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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 1070 entitled ``Data Feeds and 
Trade Information'' to: (i) Replace the phrase ``option symbol 
directory information'' on the PHLX Depth of Market Feed with a more 
specific description of the options symbol directory that was recently 
utilized in ISE Rule 718(a); \3\ and (ii) add a similar description to 
the Top of PHLX Options (``TOPO'') and PHLX Orders data feed which have 
options symbol directories as well.
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    \3\ The data provided for each options 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.
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    The Exchange proposes to amend the description of the PHLX Depth of 
Market Feed by removing the words ``option symbol directory 
information'' from the description and adding the sentence, ``The data 
provided for each options 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 Phlx and identifies if the series is available for 
closing transactions only'' to describe the data provided for each 
options series.
    The Exchange inadvertently excluded this information when it 
originally filed the description for the TOPO and PHLX Order feeds and 
now proposes to add a description of the options symbol directory to 
these feeds, similar to Phlx Depth of Market. The Exchange notes that 
because the PHLX Orders feed contains complex order data, the Exchange 
is also noting that ``leg information on complex strategies'' 
information is included in that feed for each option series. The 
Exchange believes that adding this language will bring greater clarity 
to each of these feeds.
    The Exchange also proposes to replace the word ``Exchange'' with 
``Phlx'' in Rule 1070(a).
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Securities Exchange Act of 1934,\4\ in 
general, and furthers the objectives of Section 6(b)(5) of the Act,\5\ 
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 providing 
greater transparency to the data feed information offered on Phlx. The 
Exchange's proposal to add more detail concerning the options symbol 
directory to the PHLX Depth of Market, TOPO and PHLX Orders data feeds 
will bring greater transparency to the Exchange's Rules. The Exchange 
believes that the proposed rule change is consistent with the 
protection of investors and the public interest as it provides 
information relating to the data available on the Exchange for the 
benefit of its members within its Rules and adds greater transparency 
to these offerings. Finally, the amendments seek to add greater clarity 
to the data offerings and conform the text of the offerings across its 
Nasdaq affiliated markets.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\6\ 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

[[Page 26129]]

of the purposes of the Act. The data feed offerings are available to 
any market participant. The Exchange's proposal to amend the data 
offerings will bring greater transparency to the Rulebook. The 
amendments seek to add greater clarity to the data offerings and 
conform the text of the offerings.
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    \6\ 15 U.S.C. 78f(b)(8).
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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 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, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative upon filing. The Exchange states that such waiver 
will allow it to update its rules to provide more detail regarding its 
data offerings and will further the protection of investors and the 
public interest because it will provide greater transparency as to the 
data offerings available to members. For this reason, the Commission 
believes that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest and, therefore, the 
Commission designates the proposed rule change to be operative upon 
filing.\11\
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    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use 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-Phlx-2018-43 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-Phlx-2018-43. 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-Phlx-2018-43 and should be submitted on 
or before June 26, 2018.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-11982 Filed 6-4-18; 8:45 am]
 BILLING CODE 8011-01-P