83_FR_26837 83 FR 26726 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend and Reorganize Chapter IV of the GEMX Schedule of Fees

83 FR 26726 - Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend and Reorganize Chapter IV of the GEMX Schedule of Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 111 (June 8, 2018)

Page Range26726-26728
FR Document2018-12321

Federal Register, Volume 83 Issue 111 (Friday, June 8, 2018)
[Federal Register Volume 83, Number 111 (Friday, June 8, 2018)]
[Notices]
[Pages 26726-26728]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-12321]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83369; File No. SR-GEMX-2018-18]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend and 
Reorganize Chapter IV of the GEMX Schedule of Fees

June 4, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 22, 2018, Nasdaq GEMX, LLC (``GEMX'' 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 and reorganize Chapter IV of the 
GEMX Schedule of Fees.
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqgemx.cchwallstreet.com/, at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Chapters IV of the GEMX Schedule of 
Fees to: (i) Eliminate the Table of

[[Page 26727]]

Contents; (ii) relocate the Port Fees currently in Section IV, E to 
Section IV, C, retitle these fees ``Ports and Other Services'' and 
amend and reorganize the current port fees; and (iv) reserve Section 
IV, Part E. Each change will be described in more detail below. The 
Exchange believes that the proposed amendments to the Schedule of Fees 
will provide more clarity as to the current fees. The Exchange notes 
that no fee changes are being introduced with this rule change. The 
Exchange is simply reorganizing its rules to conform to other Nasdaq 
affiliate markets by aligning the location and description of its rules 
on each market.
Table of Contents
    The Exchange proposes to eliminate the Table of Contents in the 
GEMX Schedule of Fees. The Table Contents are unnecessary. The website 
where the GEMX rules are listed \3\ contains hyperlinks and a skeleton 
of the available rules within the site and enables market participants 
to view all rules in that section.
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    \3\ GEMX rules are located at: http://nasdaqgemx.cchwallstreet.com/.
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Port Fees
    The Exchange currently lists all Port Fees within Chapter IV, Part 
E. The Exchange proposes to relocate the Port Fees to Chapter VI, Part 
C, which is currently reserved, and retitle those fees as ``Ports and 
Other Services.'' The Exchange believes that this title more accurately 
describes the types of fees contained in this chapter. The Exchange 
proposes to restructure the port fees. First, the Exchange proposes to 
add language at the beginning of this new chapter to state, ``The below 
charges are assessed by GEMX for connectivity to GEMX.'' The Exchange 
believes that this sentence makes clear that the fees apply to GEMX. 
The Exchange proposes to define a port as ``a logical connection or 
session that enables a market participant to send inbound messages and/
or receive outbound messages from the Exchange using various 
communication protocols.'' The Exchange believes this definition will 
assist members in distinguishing ports from other offerings.
    The Exchange proposes to restructure the port fees into 4 
categories. The Exchange proposes to list order and quote protocols 
first, order and execution offerings next, followed by data ports and 
other ports as the last section. The Exchange proposes to list data 
offerings that are offered at no cost. The Exchange believes that 
aligning its offerings, where relevant, with other affiliated markets 
\4\ will provide more transparency as to the offerings for market 
participants.
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    \4\ The Exchange offers various services across its 6 affiliated 
options markets, Nasdaq Phlx LLC, Nasdaq BX, Inc., The Nasdaq 
Options Market LLC, Nasdaq GEMX, LLC, Nasdaq MRX, LLC and Nasdaq 
ISE, LLC (``Nasdaq Affiliated Markets'').
---------------------------------------------------------------------------

    The Exchange proposes to add a new section (i) and include the 
following introductory sentence, ``The following order and quote 
protocols are available on GEMX.'' The Exchange proposes to list the 
order entry protocol port fees for FIX, SQF, SQF Purge Port and OTTO in 
this section. The fees are not being amended, the existing fees are 
being relocated into new section (i).
    The Exchange proposes to add a new section (ii) and include the 
following introductory sentence, ``The following order and execution 
information is available to Members.'' The Exchange intends to list 
other port or interface information into this section that are 
available to GEMX Members. The Exchange is relocating the CTI and FIX 
DROP port fees. No changes are being made to those fees. The Exchange 
also proposes to list TradeInfo GEMX Interface into this section. The 
Exchange has recently filed to establish this Interface within the GEMX 
rules.\5\ The Exchange proposes to note this interface is available on 
GEMX at no cost.
---------------------------------------------------------------------------

    \5\ See SR-GEMX-2018-17 (not yet published).
---------------------------------------------------------------------------

    The Exchange proposes to add a new section (iii) and include the 
following language, ``The following data port fees apply in connection 
with data subscriptions pursuant to GEMX Rules at Chapter V. These 
ports are available to non-GEMX Members and GEMX Members.'' Today, GEMX 
does not assess a fee for these ports outlined in new section (iii). 
Similar to other Nasdaq Affiliated Markets the Exchange proposes to 
list all of the ports that Members and Non-Members obtain today at no 
cost. The Exchange believes that listing these ports in addition to the 
data subscriptions will bring more transparency to the Schedule of 
Fees.
    The Exchange proposes to add a new section (iv) entitled ``Other 
ports'' and relocate the Disaster Recovery Ports into this section. The 
Exchange also proposes to make clear that a Disaster Recovery Port is 
available for any port listed in proposed sections (i)-(iii).
    The Exchange proposes to reserve current Chapter IV, Part E.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Securities Exchange Act of 1934 (the 
``Act''),\6\ in general, and furthers the objectives of Section 6(b)(5) 
of the Act,\7\ 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 as to the ports offered on GEMX.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange's proposal to remove the Table of Contents, relocate 
the Port Fees, retitle and restructure those fees and reserve Chapter 
IV, Part E are administrative. These changes are consistent with the 
protection of investor and the public interest because the amendments 
are intended to bring greater clarity to the Rulebook. The Exchange's 
proposal to reorganize the port fees into sections and include pricing 
for ports that are offered at no cost is also consistent with the 
protection of investor and the public interest because it will bring 
greater transparency to the Exchange's current offerings.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\8\ the Exchange does 
not believe that the proposed rule change will impose any burden on 
intermarket or intra-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. The Exchange's 
proposal does not impose an undue burden on competition, rather the 
Exchange is seeking to provide greater transparency within its rules 
with respect to the various ports offered on GEMX.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and

[[Page 26728]]

subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to 
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 proposed 
rule change may become effective and operative immediately upon filing. 
The Exchange states that it believes the waiver will further the 
protection of investors and the public interest because it will provide 
greater transparency as to various ports available to market 
participants. The Exchange further states that the proposed rule change 
will bring greater clarity to the Schedule of Fees. The Commission 
believes that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Therefore, the 
Commission hereby waives the 30-day operative delay and designates the 
proposed rule change as operative upon filing.\13\
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ 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).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

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-GEMX-2018-18 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-2018-18. 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-2018-18 and should be submitted on 
or before June 29, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12321 Filed 6-7-18; 8:45 am]
BILLING CODE 8011-01-P



                                              26726                              Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices

                                              which it was filed, or such shorter time                  including whether the proposed rule                     SECURITIES AND EXCHANGE
                                              as the Commission may designate, it has                   change is consistent with the Act.                      COMMISSION
                                              become effective pursuant to Section                      Comments may be submitted by any of
                                                                                                                                                                [Release No. 34–83369; File No. SR–GEMX–
                                              19(b)(3)(A)(iii) of the Act 9 and                         the following methods:                                  2018–18]
                                              subparagraph (f)(6) of Rule 19b–4
                                                                                                        Electronic Comments
                                              thereunder.10                                                                                                     Self-Regulatory Organizations; Nasdaq
                                                 A proposed rule change filed under                       • Use the Commission’s internet                       GEMX, LLC; Notice of Filing and
                                              Rule 19b–4(f)(6) 11 normally does not                     comment form (http://www.sec.gov/                       Immediate Effectiveness of Proposed
                                              become operative prior to 30 days after                   rules/sro.shtml); or                                    Rule Change To Amend and
                                              the date of the filing. However, Rule                       • Send an email to rule-comments@                     Reorganize Chapter IV of the GEMX
                                              19b–4(f)(6)(iii) 12 permits the                           sec.gov. Please include File Number SR–                 Schedule of Fees
                                              Commission to designate a shorter time                    ISE–2018–48 on the subject line.
                                              if such action is consistent with the                                                                             June 4, 2018.
                                              protection of investors and the public                    Paper Comments                                             Pursuant to Section 19(b)(1) of the
                                              interest. The Exchange has asked the                                                                              Securities Exchange Act of 1934
                                                                                                           • Send paper comments in triplicate
                                              Commission to waive the 30-day                                                                                    (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                        to Secretary, Securities and Exchange
                                              operative delay so that the proposed                                                                              notice is hereby given that on May 22,
                                                                                                        Commission, 100 F Street NE,
                                              rule change may become effective and                                                                              2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or
                                                                                                        Washington, DC 20549–1090.                              ‘‘Exchange’’) filed with the Securities
                                              operative immediately upon filing. The
                                              Exchange states that it believes the                      All submissions should refer to File                    and Exchange Commission
                                              waiver will further the protection of                     Number SR–ISE–2018–48. This file                        (‘‘Commission’’) the proposed rule
                                              investors and the public interest                         number should be included on the                        change as described in Items I and II
                                              because it will provide greater                           subject line if email is used. To help the              below, which Items have been prepared
                                              transparency as to various ports                          Commission process and review your                      by the Exchange. The Commission is
                                              available to market participants. The                     comments more efficiently, please use                   publishing this notice to solicit
                                              Exchange further states that the                          only one method. The Commission will                    comments on the proposed rule change
                                              proposed rule change will bring greater                   post all comments on the Commission’s                   from interested persons.
                                              clarity to the Schedule of Fees. The                      internet website (http://www.sec.gov/
                                                                                                                                                                I. Self-Regulatory Organization’s
                                              Commission believes that waiver of the                    rules/sro.shtml). Copies of the
                                                                                                                                                                Statement of the Terms of Substance of
                                              30-day operative delay is consistent                      submission, all subsequent
                                                                                                                                                                the Proposed Rule Change
                                              with the protection of investors and the                  amendments, all written statements
                                                                                                        with respect to the proposed rule                          The Exchange proposes to amend and
                                              public interest. Therefore, the                                                                                   reorganize Chapter IV of the GEMX
                                              Commission hereby waives the 30-day                       change that are filed with the
                                                                                                        Commission, and all written                             Schedule of Fees.
                                              operative delay and designates the                                                                                   The text of the proposed rule change
                                              proposed rule change as operative upon                    communications relating to the
                                                                                                        proposed rule change between the                        is available on the Exchange’s website at
                                              filing.13                                                                                                         http://nasdaqgemx.cchwallstreet.com/,
                                                 At any time within 60 days of the                      Commission and any person, other than
                                                                                                        those that may be withheld from the                     at the principal office of the Exchange,
                                              filing of the proposed rule change, the                                                                           and at the Commission’s Public
                                              Commission summarily may                                  public in accordance with the
                                                                                                        provisions of 5 U.S.C. 552, will be                     Reference Room.
                                              temporarily suspend such rule change if
                                              it appears to the Commission that such                    available for website viewing and                       II. Self-Regulatory Organization’s
                                              action is: (i) Necessary or appropriate in                printing in the Commission’s Public                     Statement of the Purpose of, and
                                              the public interest; (ii) for the protection              Reference Room, 100 F Street NE,                        Statutory Basis for, the Proposed Rule
                                              of investors; or (iii) otherwise in                       Washington, DC 20549, on official                       Change
                                              furtherance of the purposes of the Act.                   business days between the hours of
                                                                                                                                                                   In its filing with the Commission, the
                                              If the Commission takes such action, the                  10:00 a.m. and 3:00 p.m. Copies of the
                                                                                                                                                                Exchange included statements
                                              Commission shall institute proceedings                    filing also will be available for
                                                                                                                                                                concerning the purpose of and basis for
                                              to determine whether the proposed rule                    inspection and copying at the principal
                                                                                                                                                                the proposed rule change and discussed
                                              should be approved or disapproved.                        office of the Exchange. All comments
                                                                                                                                                                any comments it received on the
                                                                                                        received will be posted without change.
                                              IV. Solicitation of Comments                                                                                      proposed rule change. The text of these
                                                                                                        Persons submitting comments are
                                                                                                                                                                statements may be examined at the
                                                Interested persons are invited to                       cautioned that we do not redact or edit
                                                                                                                                                                places specified in Item IV below. The
                                              submit written data, views, and                           personal identifying information from
                                                                                                                                                                Exchange has prepared summaries, set
                                              arguments concerning the foregoing,                       comment submissions. You should
                                                                                                                                                                forth in sections A, B, and C below, of
                                                                                                        submit only information that you wish
                                                                                                                                                                the most significant aspects of such
                                                9 15  U.S.C. 78s(b)(3)(A)(iii).                         to make available publicly. All
                                                                                                                                                                statements.
                                                10 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      submissions should refer to File
                                              4(f)(6) requires a self-regulatory organization to give   Number SR–ISE–2018–48 and should be                     A. Self-Regulatory Organization’s
                                              the Commission written notice of its intent to file       submitted on or before June 29, 2018.                   Statement of the Purpose of, and
                                              the proposed rule change at least five business days
                                              prior to the date of filing of the proposed rule            For the Commission, by the Division of                Statutory Basis for, the Proposed Rule
                                              change, or such shorter time as designated by the         Trading and Markets, pursuant to delegated              Change
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                                              Commission. The Exchange has satisfied this               authority.14
                                              requirement.                                                                                                      1. Purpose
                                                 11 17 CFR 240.19b–4(f)(6).                             Eduardo A. Aleman,
                                                                                                                                                                   The Exchange proposes to amend
                                                 12 17 CFR 240.19b–4(f)(6)(iii).                        Assistant Secretary.
                                                                                                                                                                Chapters IV of the GEMX Schedule of
                                                 13 For purposes only of waiving the 30-day             [FR Doc. 2018–12322 Filed 6–7–18; 8:45 am]
                                              operative delay, the Commission has also
                                                                                                                                                                Fees to: (i) Eliminate the Table of
                                                                                                        BILLING CODE 8011–01–P
                                              considered the proposed rule’s impact on
                                                                                                                                                                 1 15   U.S.C. 78s(b)(1).
                                              efficiency, competition, and capital formation. See
                                              15 U.S.C. 78c(f).                                           14 17   CFR 200.30–3(a)(12).                           2 17   CFR 240.19b–4.



                                         VerDate Sep<11>2014    16:53 Jun 07, 2018   Jkt 241001   PO 00000   Frm 00086     Fmt 4703   Sfmt 4703   E:\FR\FM\08JNN1.SGM    08JNN1


                                                                               Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices                                             26727

                                              Contents; (ii) relocate the Port Fees                   affiliated markets 4 will provide more                 furthers the objectives of Section 6(b)(5)
                                              currently in Section IV, E to Section IV,               transparency as to the offerings for                   of the Act,7 in particular, in that it is
                                              C, retitle these fees ‘‘Ports and Other                 market participants.                                   designed to promote just and equitable
                                              Services’’ and amend and reorganize the                    The Exchange proposes to add a new                  principles of trade, to remove
                                              current port fees; and (iv) reserve                     section (i) and include the following                  impediments to and perfect the
                                              Section IV, Part E. Each change will be                 introductory sentence, ‘‘The following                 mechanism for a free and open market
                                              described in more detail below. The                     order and quote protocols are available                and a national market system, and, in
                                              Exchange believes that the proposed                     on GEMX.’’ The Exchange proposes to                    general, to protect investors and the
                                              amendments to the Schedule of Fees                      list the order entry protocol port fees for            public interest, by providing greater
                                              will provide more clarity as to the                     FIX, SQF, SQF Purge Port and OTTO in                   transparency as to the ports offered on
                                              current fees. The Exchange notes that no                this section. The fees are not being                   GEMX.
                                              fee changes are being introduced with                   amended, the existing fees are being                      The Exchange’s proposal to remove
                                              this rule change. The Exchange is                       relocated into new section (i).                        the Table of Contents, relocate the Port
                                              simply reorganizing its rules to conform                   The Exchange proposes to add a new                  Fees, retitle and restructure those fees
                                              to other Nasdaq affiliate markets by                    section (ii) and include the following                 and reserve Chapter IV, Part E are
                                              aligning the location and description of                introductory sentence, ‘‘The following                 administrative. These changes are
                                              its rules on each market.                               order and execution information is                     consistent with the protection of
                                                                                                      available to Members.’’ The Exchange                   investor and the public interest because
                                              Table of Contents                                       intends to list other port or interface                the amendments are intended to bring
                                                The Exchange proposes to eliminate                    information into this section that are                 greater clarity to the Rulebook. The
                                              the Table of Contents in the GEMX                       available to GEMX Members. The                         Exchange’s proposal to reorganize the
                                              Schedule of Fees. The Table Contents                    Exchange is relocating the CTI and FIX                 port fees into sections and include
                                              are unnecessary. The website where the                  DROP port fees. No changes are being                   pricing for ports that are offered at no
                                              GEMX rules are listed 3 contains                        made to those fees. The Exchange also                  cost is also consistent with the
                                              hyperlinks and a skeleton of the                        proposes to list TradeInfo GEMX                        protection of investor and the public
                                              available rules within the site and                     Interface into this section. The Exchange              interest because it will bring greater
                                              enables market participants to view all                 has recently filed to establish this                   transparency to the Exchange’s current
                                              rules in that section.                                  Interface within the GEMX rules.5 The                  offerings.
                                                                                                      Exchange proposes to note this interface
                                              Port Fees                                                                                                      B. Self-Regulatory Organization’s
                                                                                                      is available on GEMX at no cost.
                                                The Exchange currently lists all Port                    The Exchange proposes to add a new                  Statement on Burden on Competition
                                              Fees within Chapter IV, Part E. The                     section (iii) and include the following                  In accordance with Section 6(b)(8) of
                                              Exchange proposes to relocate the Port                  language, ‘‘The following data port fees               the Act,8 the Exchange does not believe
                                              Fees to Chapter VI, Part C, which is                    apply in connection with data                          that the proposed rule change will
                                              currently reserved, and retitle those fees              subscriptions pursuant to GEMX Rules                   impose any burden on intermarket or
                                              as ‘‘Ports and Other Services.’’ The                    at Chapter V. These ports are available                intra-market competition that is not
                                              Exchange believes that this title more                  to non-GEMX Members and GEMX                           necessary or appropriate in furtherance
                                              accurately describes the types of fees                  Members.’’ Today, GEMX does not                        of the purposes of the Act. The
                                              contained in this chapter. The Exchange                 assess a fee for these ports outlined in               Exchange’s proposal does not impose an
                                              proposes to restructure the port fees.                  new section (iii). Similar to other                    undue burden on competition, rather
                                              First, the Exchange proposes to add                     Nasdaq Affiliated Markets the Exchange                 the Exchange is seeking to provide
                                              language at the beginning of this new                   proposes to list all of the ports that                 greater transparency within its rules
                                              chapter to state, ‘‘The below charges are               Members and Non-Members obtain                         with respect to the various ports offered
                                              assessed by GEMX for connectivity to                    today at no cost. The Exchange believes                on GEMX.
                                              GEMX.’’ The Exchange believes that this                 that listing these ports in addition to the
                                              sentence makes clear that the fees apply                data subscriptions will bring more                     C. Self-Regulatory Organization’s
                                              to GEMX. The Exchange proposes to                       transparency to the Schedule of Fees.                  Statement on Comments on the
                                              define a port as ‘‘a logical connection or                 The Exchange proposes to add a new                  Proposed Rule Change Received From
                                              session that enables a market participant               section (iv) entitled ‘‘Other ports’’ and              Members, Participants, or Others
                                              to send inbound messages and/or                         relocate the Disaster Recovery Ports into                No written comments were either
                                              receive outbound messages from the                      this section. The Exchange also                        solicited or received.
                                              Exchange using various communication                    proposes to make clear that a Disaster
                                              protocols.’’ The Exchange believes this                 Recovery Port is available for any port                III. Date of Effectiveness of the
                                              definition will assist members in                       listed in proposed sections (i)–(iii).                 Proposed Rule Change and Timing for
                                              distinguishing ports from other                            The Exchange proposes to reserve                    Commission Action
                                              offerings.                                              current Chapter IV, Part E.                               Because the foregoing proposed rule
                                                The Exchange proposes to restructure                                                                         change does not: (i) Significantly affect
                                                                                                      2. Statutory Basis
                                              the port fees into 4 categories. The                                                                           the protection of investors or the public
                                              Exchange proposes to list order and                        The Exchange believes that the                      interest; (ii) impose any significant
                                              quote protocols first, order and                        proposed rule change is consistent with                burden on competition; and (iii) become
                                              execution offerings next, followed by                   Section 6(b) of the Securities Exchange                operative for 30 days from the date on
                                              data ports and other ports as the last                  Act of 1934 (the ‘‘Act’’),6 in general, and            which it was filed, or such shorter time
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                                              section. The Exchange proposes to list                                                                         as the Commission may designate, it has
                                                                                                        4 The Exchange offers various services across its
                                              data offerings that are offered at no cost.                                                                    become effective pursuant to Section
                                                                                                      6 affiliated options markets, Nasdaq Phlx LLC,
                                              The Exchange believes that aligning its                 Nasdaq BX, Inc., The Nasdaq Options Market LLC,        19(b)(3)(A)(iii) of the Act 9 and
                                              offerings, where relevant, with other                   Nasdaq GEMX, LLC, Nasdaq MRX, LLC and Nasdaq
                                                                                                      ISE, LLC (‘‘Nasdaq Affiliated Markets’’).               7 15 U.S.C. 78f(b)(5).
                                                3 GEMX                                                  5 See SR–GEMX–2018–17 (not yet published).            8 15 U.S.C. 78f(b)(8).
                                                        rules are located at: http://nasdaqgemx.c
                                              chwallstreet.com/.                                        6 15 U.S.C. 78f(b).                                   9 15 U.S.C. 78s(b)(3)(A)(iii).




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                                              26728                              Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices

                                              subparagraph (f)(6) of Rule 19b–4                         Electronic Comments                                     SECURITIES AND EXCHANGE
                                              thereunder.10                                                                                                     COMMISSION
                                                                                                          • Use the Commission’s internet
                                                 A proposed rule change filed under                                                                             [Release No. 34–83365; File No. SR–GEMX–
                                                                                                        comment form (http://www.sec.gov/
                                              Rule 19b–4(f)(6) 11 normally does not                                                                             2018–17]
                                              become operative prior to 30 days after                   rules/sro.shtml); or
                                              the date of the filing. However, Rule                       • Send an email to rule-comments@                     Self-Regulatory Organizations; Nasdaq
                                              19b–4(f)(6)(iii) 12 permits the                           sec.gov. Please include File Number SR–                 GEMX, LLC; Notice of Filing and
                                              Commission to designate a shorter time                    GEMX–2018–18 on the subject line.                       Immediate Effectiveness of Proposed
                                              if such action is consistent with the                                                                             Rule Change To Memorialize Order and
                                                                                                        Paper Comments                                          Execution Information Into GEMX Rule
                                              protection of investors and the public
                                              interest. The Exchange has asked the                        • Send paper comments in triplicate                   718
                                              Commission to waive the 30-day                            to Secretary, Securities and Exchange                   June 4, 2018.
                                              operative delay so that the proposed                      Commission, 100 F Street NE,                               Pursuant to Section 19(b)(1) of the
                                              rule change may become effective and                      Washington, DC 20549–1090.                              Securities Exchange Act of 1934
                                              operative immediately upon filing. The
                                                                                                        All submissions should refer to File                    (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                              Exchange states that it believes the
                                                                                                                                                                notice is hereby given that on May 23,
                                              waiver will further the protection of                     Number SR–GEMX–2018–18. This file
                                                                                                                                                                2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or
                                              investors and the public interest                         number should be included on the
                                                                                                                                                                ‘‘Exchange’’) filed with the Securities
                                              because it will provide greater                           subject line if email is used. To help the              and Exchange Commission
                                              transparency as to various ports                          Commission process and review your                      (‘‘Commission’’) the proposed rule
                                              available to market participants. The                     comments more efficiently, please use                   change as described in Items I and II
                                              Exchange further states that the                          only one method. The Commission will                    below, which Items have been prepared
                                              proposed rule change will bring greater                   post all comments on the Commission’s                   by the Exchange. The Commission is
                                              clarity to the Schedule of Fees. The                      internet website (http://www.sec.gov/                   publishing this notice to solicit
                                              Commission believes that waiver of the                    rules/sro.shtml). Copies of the                         comments on the proposed rule change
                                              30-day operative delay is consistent                      submission, all subsequent                              from interested persons.
                                              with the protection of investors and the                  amendments, all written statements
                                              public interest. Therefore, the                                                                                   I. Regulatory Organization’s Statement
                                                                                                        with respect to the proposed rule
                                              Commission hereby waives the 30-day                                                                               of the Terms of Substance of the
                                                                                                        change that are filed with the                          Proposed Rule Change
                                              operative delay and designates the
                                                                                                        Commission, and all written
                                              proposed rule change as operative upon                                                                               The Exchange proposes to
                                                                                                        communications relating to the
                                              filing.13                                                                                                         memorialize its order and execution
                                                                                                        proposed rule change between the
                                                 At any time within 60 days of the                                                                              information into GEMX Rule 718,
                                                                                                        Commission and any person, other than
                                              filing of the proposed rule change, the                                                                           entitled ‘‘Data Feeds.’’
                                                                                                        those that may be withheld from the                        The text of the proposed rule change
                                              Commission summarily may                                  public in accordance with the
                                              temporarily suspend such rule change if                                                                           is available on the Exchange’s website at
                                                                                                        provisions of 5 U.S.C. 552, will be                     http://nasdaqgemx.cchwallstreet.com/,
                                              it appears to the Commission that such
                                                                                                        available for website viewing and                       at the principal office of the Exchange,
                                              action is: (i) Necessary or appropriate in
                                              the public interest; (ii) for the protection              printing in the Commission’s Public                     and at the Commission’s Public
                                              of investors; or (iii) otherwise in                       Reference Room, 100 F Street NE,                        Reference Room.
                                              furtherance of the purposes of the Act.                   Washington, DC 20549, on official
                                                                                                        business days between the hours of                      II. Self-Regulatory Organization’s
                                              If the Commission takes such action, the                                                                          Statement of the Purpose of, and
                                              Commission shall institute proceedings                    10:00 a.m. and 3:00 p.m. Copies of the
                                                                                                                                                                Statutory Basis for, the Proposed Rule
                                              to determine whether the proposed rule                    filing also will be available for
                                                                                                                                                                Change
                                              should be approved or disapproved.                        inspection and copying at the principal
                                                                                                        office of the Exchange. All comments                       In its filing with the Commission, the
                                              IV. Solicitation of Comments                              received will be posted without change.                 Exchange included statements
                                                                                                        Persons submitting comments are                         concerning the purpose of and basis for
                                                Interested persons are invited to
                                                                                                        cautioned that we do not redact or edit                 the proposed rule change and discussed
                                              submit written data, views, and
                                                                                                        personal identifying information from                   any comments it received on the
                                              arguments concerning the foregoing,
                                                                                                        comment submissions. You should                         proposed rule change. The text of these
                                              including whether the proposed rule
                                                                                                                                                                statements may be examined at the
                                              change is consistent with the Act.                        submit only information that you wish
                                                                                                                                                                places specified in Item IV below. The
                                              Comments may be submitted by any of                       to make available publicly. All
                                                                                                                                                                Exchange has prepared summaries, set
                                              the following methods:                                    submissions should refer to File                        forth in sections A, B, and C below, of
                                                                                                        Number SR–GEMX–2018–18 and                              the most significant aspects of such
                                                 10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–      should be submitted on or before June                   statements.
                                              4(f)(6) requires a self-regulatory organization to give   29, 2018.
                                              the Commission written notice of its intent to file                                                               A. Self-Regulatory Organization’s
                                              the proposed rule change at least five business days        For the Commission, by the Division of
                                              prior to the date of filing of the proposed rule                                                                  Statement of the Purpose of, and
                                                                                                        Trading and Markets, pursuant to delegated
                                              change, or such shorter time as designated by the                                                                 Statutory Basis for, the Proposed Rule
                                                                                                        authority.14
                                                                                                                                                                Change
amozie on DSK3GDR082PROD with NOTICES1




                                              Commission. The Exchange has satisfied this
                                              requirement.                                              Eduardo A. Aleman,
                                                 11 17 CFR 240.19b–4(f)(6).
                                                                                                        Assistant Secretary.
                                                                                                                                                                1. Purpose
                                                 12 17 CFR 240.19b–4(f)(6)(iii).
                                                                                                        [FR Doc. 2018–12321 Filed 6–7–18; 8:45 am]                 The Exchange proposes to add order
                                                 13 For purposes only of waiving the 30-day

                                              operative delay, the Commission has also                  BILLING CODE 8011–01–P
                                                                                                                                                                and execution information into GEMX
                                              considered the proposed rule’s impact on
                                                                                                                                                                 1 15   U.S.C. 78s(b)(1).
                                              efficiency, competition, and capital formation. See
                                              15 U.S.C. 78c(f).                                           14 17   CFR 200.30–3(a)(12).                           2 17   CFR 240.19b–4.



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Document Created: 2018-06-08 01:22:41
Document Modified: 2018-06-08 01:22:41
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 26726 

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