83 FR 29861 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4702
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 123 (June 26, 2018)
Federal Register Volume 83, Issue 123 (June 26, 2018)
| Page Range | 29861-29863 | |
| FR Document | 2018-13618 |
[Federal Register Volume 83, Number 123 (Tuesday, June 26, 2018)] [Notices] [Pages 29861-29863] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13618] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION (Release No. 34-83482; File No. SR-NASDAQ-2018-046) Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4702 June 20, 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 June 8, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 4702(b)(12)(A) so that Participants can choose to have their Limit On Close Orders rejected if subject to being re-priced when entered between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET. The text of the proposed rule change is available on the Exchange's website at http://nasdaq.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 [[Page 29862]] 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 On July 13, 2017, the Exchange filed a proposed rule change to enhance the Nasdaq Closing Cross by permitting Participants to submit Limit On Close (``LOC'') Orders until immediately prior to 3:55 p.m. ET subject to certain conditions, including that such LOC Orders would be re-priced in certain situations.\3\ This rule change was approved by the Commission on September 8, 2017.\4\ The Exchange now proposes to amend Rule 4702(b)(12)(A) so that Participants can choose to have their Limit On Close Orders rejected if subject to being re-priced when entered between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81188 (July 21, 2017), 82 FR 35014 (July 27, 2017) (SR-NASDAQ-2017-061). \4\ See Securities Exchange Act Release No. 81556 (September 8, 2017), 82 FR 43264 (September 14, 2017) (SR-NASDAQ-2017-061) (Approval Order). --------------------------------------------------------------------------- A LOC Order is an Order Type entered with a price that may be executed only in the Nasdaq Closing Cross, and only if the price determined by the Nasdaq Closing Cross is equal to or better than the price at which the LOC Order was entered.\5\ Subject to the qualifications provided below, LOC Orders may be entered, cancelled, and/or modified between 4 a.m. ET and immediately prior to 3:50 p.m. ET. Between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET, an LOC Order may be entered provided that there is a First Reference Price.\6\ Currently, an LOC Order entered between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET will be accepted at its limit price, unless its limit price is higher (lower) than the First Reference Price for an LOC Order to buy (sell), in which case the LOC Order will be re-priced to the First Reference Price.\7\ --------------------------------------------------------------------------- \5\ See Rule 4702(b)(12). \6\ ``First Reference Price'' is the Current Reference Price in the first Order Imbalance Indicator disseminated at or after 3:50 p.m. ET. See Rule 4754(a)(9). During this time period an LOC Order can also be cancelled but not modified, and only if the Participant requests that Nasdaq correct a legitimate error in the Order (e.g., Side, Size, Symbol, or Price, or duplication of an Order). \7\ If the First Reference Price is not at a permissible minimum increment, the First Reference Price will be rounded (i) to the nearest permitted minimum increment (with midpoint prices being rounded up) if there is no imbalance, (ii) up if there is a buy imbalance, or (iii) down if there is a sell imbalance. --------------------------------------------------------------------------- The Exchange now proposes to permit Participants to choose to have LOC Orders rejected if subject to being re-priced when entered between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET. While the Exchange believes that accepting LOC Orders after the regular 3:50 p.m. ET cutoff enhances price discovery, in order to promote price stability during the Nasdaq Closing Cross, the Exchange re-prices these LOC Orders if the First Reference price is less aggressive than the Order's limit price. Nevertheless, certain Participants may prefer not to have LOC Orders re-priced. A re-priced LOC Order would only have priority at the less aggressive First Reference Price, and as a result would be less likely to receive an execution in the Nasdaq Closing Cross than if it had been accepted at its stated limit price. For example, if the First Reference Price in ABC is $10, an LOC Order to buy entered at 3:52 with a stated limit price of $12 would be accepted at $10 today. If the Nasdaq Closing Cross is subsequently executed at a price of $11, the LOC Order would not participate even though its stated limit price indicates a willingness to pay up to $12. Some Participants would therefore prefer to have this LOC Order rejected at the outset to avoid this possibility when the Nasdaq Closing Cross is ultimately executed. Giving the option to have those LOC Orders rejected on entry rather than re-priced will give Participants more flexibility with respect to how such LOC Orders are handled. Participants that would prefer that LOC Orders be accepted to participate in the Nasdaq Closing Cross can continue to enter these LOC Orders subject to the current re-pricing logic, which will be the default configuration for Participants that have not chosen to have these LOC Orders rejected instead. Implementation The Exchange proposes to introduce the change described in this proposed rule change in Q3 or Q4 2018. The Exchange will announce the implementation date of this change in an Equity Trader Alert issued to Participants prior to implementing the change. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed to promote just and equitable principles of trade, 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. Specifically, the Exchange believes that the proposed changes will give Participants more flexibility with respect to how their LOC Orders are handled, to the benefit of Participants and investors. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- While the Exchange permits Participants to submit LOC Orders between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET, the Exchange re-prices these LOC Orders to the First Reference Price if the First Reference price is less aggressive than the Order's limit price. As mentioned in the purpose section of this proposed rule change, this re-pricing is done to promote stability in the Nasdaq Closing Cross price. However, certain Participants may prefer not to have LOC Orders re-priced, and instead would like to have these LOC Orders rejected on entry instead. The Exchange therefore proposes to facilitate this by giving Participants the choice to have LOC Orders handled in this manner. The Exchange believes that this is consistent with the protection of investors and the public interest as it allows Participants to have more flexibility in how they may achieve their trading goals. Specifically, Participants that choose to have an LOC Order rejected instead of re-priced could thereafter execute their trading interest in a different manner, such as by entering it onto the continuous book, rather than waiting for an uncertain execution in the Nasdaq Closing Cross where the LOC Order may have a lower priority at the re-priced price. Participants that consume and house the First Reference Price in their systems can already do this themselves today by checking if an LOC Order would be subject to re-pricing (i.e., because the limit price is more aggressive than the First Reference Price disseminated by the Exchange) prior to entering this interest on the Exchange. The Exchange believes, however, that many Participants would benefit from the Exchange performing this determination for them, and is therefore proposing to do so. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed functionality would be available to all Participants of the Exchange, who will now have the flexibility to choose to have LOC Orders [[Page 29863]] rejected on entry in situations where those LOC Orders would otherwise be re-priced to the First Reference Price. Although Participants could implement this logic themselves, implementing it on the Exchange will ensure that it is readily available to all Participants. Furthermore, other exchanges are free to offer similar functionality if they so desire. 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) of the Act \10\ and Rule 19b- 4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its 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. --------------------------------------------------------------------------- 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 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-NASDAQ-2018-046 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-NASDAQ-2018-046. 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-NASDAQ-2018-046 and should be submitted on or before July 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13618 Filed 6-25-18; 8:45 am] BILLING CODE 8011-01-P
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minimize operational disruptions to a IV. Solicitation of Comments For the Commission, pursuant to delegated
dealer. authority.34
Lastly, under the proposed rule Interested persons are invited to Eduardo A. Aleman,
change, allowing associated persons that submit written data, views, and Assistant Secretary.
volunteer for or are called into active arguments concerning the foregoing, [FR Doc. 2018–13619 Filed 6–25–18; 8:45 am]
U.S. military service to be placed in an including whether the proposed rule BILLING CODE 8011–01–P
inactive status allows for regulatory change is consistent with the Act.
consistency and promotes the public Comments may be submitted by any of
interest. the following methods: SECURITIES AND EXCHANGE
B. Self-Regulatory Organization’s COMMISSION
Electronic Comments
Statement on Burden on Competition (Release No. 34–83482; File No. SR–
• Use the Commission’s internet NASDAQ–2018–046)
The MSRB does not believe that the
comment form (http://www.sec.gov/
proposed rule change will result in any Self-Regulatory Organizations; The
burden on competition that is not rules/sro.shtml); or
Nasdaq Stock Market LLC; Notice of
necessary or appropriate in furtherance • Send an email to rule-comments@
Filing and Immediate Effectiveness of
of the purposes of the Act. The sec.gov. Please include File Number SR–
Proposed Rule Change To Amend Rule
proposed rule change reflects the MSRB–2018–04 on the subject line. 4702
MSRB’s belief that its registration
requirements should be generally Paper Comments June 20, 2018.
harmonized with FINRA’s consolidated • Send paper comments in triplicate Pursuant to Section 19(b)(1) of the
rule change for purposes of regulatory to Secretary, Securities and Exchange Securities Exchange Act of 1934
efficiency and that such changes do not Commission, 100 F Street NE, (‘‘Act’’),1 and Rule 19b–4 thereunder,2
attach additional burdens on dealers, Washington, DC 20549. notice is hereby given that on June 8,
and as applicable, municipal advisors. 2018, The Nasdaq Stock Market LLC
In addition, the MSRB’s restructuring of All submissions should refer to File (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
its qualification examination program to Number SR–MSRB–2018–04. This file Securities and Exchange Commission
better align with the functions and number should be included on the (‘‘SEC’’ or ‘‘Commission’’) the proposed
associated tasks currently performed by subject line if email is used. To help the rule change as described in Items I and
a municipal securities representative Commission process and review your II below, which Items have been
makes for a more effective qualification comments more efficiently, please use prepared by the Exchange. The
examination. only one method. The Commission will Commission is publishing this notice to
C. Self-Regulatory Organization’s post all comments on the Commission’s solicit comments on the proposed rule
Statement on Comments on the internet website (http://www.sec.gov/ change from interested persons.
Proposed Rule Change Received From rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
Members, Participants, or Others submission, all subsequent Statement of the Terms of Substance of
amendments, all written statements the Proposed Rule Change
The Board did not solicit comment on
the proposed change. Therefore, there with respect to the proposed rule
The Exchange proposes to amend
are no comments on the proposed rule change that are filed with the Rule 4702(b)(12)(A) so that Participants
change received from members, Commission, and all written can choose to have their Limit On Close
participants or others. communications relating to the Orders rejected if subject to being re-
proposed rule change between the priced when entered between 3:50 p.m.
III. Date of Effectiveness of the Commission and any person, other than
Proposed Rule Change and Timing for ET and immediately prior to 3:55 p.m.
those that may be withheld from the ET.
Commission Action public in accordance with the The text of the proposed rule change
Because the foregoing proposed rule provisions of 5 U.S.C. 552, will be is available on the Exchange’s website at
change does not: (i) Significantly affect available for website viewing and http://nasdaq.cchwallstreet.com, at the
the protection of investors or the public printing in the Commission’s Public principal office of the Exchange, and at
interest; (ii) impose any significant Reference Room, 100 F Street NE, the Commission’s Public Reference
burden on competition; and (iii) become Washington, DC 20549 on official Room.
operative for 30 days from the date on business days between the hours of
which it was filed, or such shorter time II. Self-Regulatory Organization’s
10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and
as the Commission may designate, it has filing also will be available for
become effective pursuant to Section Statutory Basis for, the Proposed Rule
inspection and copying at the principal Change
19(b)(3)(A) of the Act 32 and Rule 19b– office of the MSRB. All comments
4(f)(6) thereunder.33 In its filing with the Commission, the
received will be posted without change.
At any time within 60 days of the Exchange included statements
filing of the proposed rule change, the Persons submitting comments are
concerning the purpose of and basis for
Commission summarily may cautioned that we do not redact or edit
the proposed rule change and discussed
temporarily suspend such rule change if personal identifying information from any comments it received on the
comment submissions. You should
sradovich on DSK3GMQ082PROD with NOTICES
it appears to the Commission that such proposed rule change. The text of these
action is necessary or appropriate in the submit only information that you wish statements may be examined at the
public interest, for the protection of to make available publicly. All places specified in Item IV below. The
investors, or otherwise in furtherance of submissions should refer to File Exchange has prepared summaries, set
the purposes of the Act. Number SR–MSRB–2018–04 and should
be submitted on or before July 17, 2018. 34 17 CFR 200.30–3(a)(12).
32 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
33 17 CFR 240.19b–4(f)(6). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29863
rejected on entry in situations where • Send an email to rule-comments@ DEPARTMENT OF STATE
those LOC Orders would otherwise be sec.gov. Please include File Number SR–
[Public Notice 10451]
re-priced to the First Reference Price. NASDAQ–2018–046 on the subject line.
Although Participants could implement 60-Day Notice of Proposed Information
this logic themselves, implementing it Paper Comments
Collection: Petition To Classify Special
on the Exchange will ensure that it is • Send paper comments in triplicate Immigrant Under INA 203(b)(4) as
readily available to all Participants. to Secretary, Securities and Exchange Employee or Former Employee of the
Furthermore, other exchanges are free to U.S. Government Abroad
Commission, 100 F Street NE,
offer similar functionality if they so
Washington, DC 20549–1090.
desire. Notice of request for public
ACTION:
All submissions should refer to File comment.
C. Self-Regulatory Organization’s
Statement on Comments on the Number SR–NASDAQ–2018–046. This
file number should be included on the SUMMARY: The Department of State is
Proposed Rule Change Received From seeking Office of Management and
Members, Participants, or Others subject line if email is used. To help the
Budget (OMB) approval for the
Commission process and review your
No written comments were either information collection described below.
comments more efficiently, please use
solicited or received. In accordance with the Paperwork
only one method. The Commission will
Reduction Act of 1995, we are
III. Date of Effectiveness of the post all comments on the Commission’s requesting comments on this collection
Proposed Rule Change and Timing for internet website (http://www.sec.gov/ from all interested individuals and
Commission Action rules/sro.shtml). Copies of the organizations. The purpose of this
submission, all subsequent notice is to allow 60 days for public
Because the foregoing proposed rule
change does not: (i) Significantly affect amendments, all written statements comment preceding submission of the
the protection of investors or the public with respect to the proposed rule collection to OMB.
interest; (ii) impose any significant change that are filed with the DATES: The Department will accept
burden on competition; and (iii) become Commission, and all written comments from the public up to August
operative for 30 days from the date on communications relating to the 27, 2018.
which it was filed, or such shorter time proposed rule change between the ADDRESSES: You may submit comments
as the Commission may designate, it has Commission and any person, other than by any of the following methods:
become effective pursuant to Section those that may be withheld from the • Web: Persons with access to the
19(b)(3)(A) of the Act 10 and Rule 19b– public in accordance with the internet may comment on this notice by
4(f)(6) thereunder.11 provisions of 5 U.S.C. 552, will be going to www.Regulations.gov. You can
At any time within 60 days of the available for website viewing and search for the document by entering
filing of the proposed rule change, the printing in the Commission’s Public ‘‘Docket Number: DOS–2018–0026’’ in
Commission summarily may Reference Room, 100 F Street NE, the Search field. Then click the
temporarily suspend such rule change if Washington, DC 20549, on official ‘‘Comment Now’’ button and complete
it appears to the Commission that such business days between the hours of the comment form.
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of the • Email: PRA_BurdenComments@
the public interest; (ii) for the protection filing also will be available for state.gov.
of investors; or (iii) otherwise in inspection and copying at the principal You must include the DS form
furtherance of the purposes of the Act. office of the Exchange. All comments number (if applicable), information
If the Commission takes such action, the collection title, and the OMB control
received will be posted without change.
Commission shall institute proceedings number in any correspondence.
Persons submitting comments are
to determine whether the proposed rule cautioned that we do not redact or edit SUPPLEMENTARY INFORMATION:
should be approved or disapproved. • Title of Information Collection:
personal identifying information from
Petition to Classify Special Immigrant
IV. Solicitation of Comments comment submissions. You should
Under INA 203(b)(4) as Employee or
Interested persons are invited to submit only information that you wish Former Employee of the U.S.
submit written data, views, and to make available publicly. All Government Abroad.
arguments concerning the foregoing, submissions should refer to File • OMB Control Number: 1405–0082.
including whether the proposed rule Number SR–NASDAQ–2018–046 and • Type of Request: Extension of a
change is consistent with the Act. should be submitted on or before July Currently Approved Collection.
Comments may be submitted by any of 17, 2018. • Originating Office: CA/VO/L/R.
the following methods: For the Commission, by the Division of • Form Number: DS–1884.
Trading and Markets, pursuant to delegated
• Respondents: Aliens petitioning for
Electronic Comments immigrant visas under INA 203(b)(4) as
authority.12
• Use the Commission’s internet a special immigrant described in INA
Eduardo A. Aleman,
comment form (http://www.sec.gov/ section 101(a)(27)(D).
rules/sro.shtml); or
Assistant Secretary. • Estimated Number of Respondents:
[FR Doc. 2018–13618 Filed 6–25–18; 8:45 am] 75.
10 15 BILLING CODE 8011–01–P • Estimated Number of Responses:
U.S.C. 78s(b)(3)(A).
sradovich on DSK3GMQ082PROD with NOTICES
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
75.
4(f)(6)(iii) requires a self-regulatory organization to • Average Time per Response: 10
give the Commission written notice of its intent to minutes.
file the proposed rule change, along with a brief • Total Estimated Burden Time: 12.5
description and text of the proposed rule change, hours.
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time • Frequency: Once per petition.
as designated by the Commission. The Exchange • Obligation to Respond: Required to
has satisfied this requirement. 12 17 CFR 200.30–3(a)(12). Obtain or Retain a Benefit.
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Document Created: 2018-06-26 00:52:40
Document Modified: 2018-06-26 00:52:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 29861 |
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