83 FR 3037 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate Price Improvement XL Rule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 14 (January 22, 2018)
Federal Register Volume 83, Issue 14 (January 22, 2018)
| Page Range | 3037-3038 | |
| FR Document | 2018-00976 |
[Federal Register Volume 83, Number 14 (Monday, January 22, 2018)] [Notices] [Pages 3037-3038] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-00976] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82505; File No. SR-Phlx-2018-06] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate Price Improvement XL Rule January 16, 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 January 8, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 relocate Rule 1080(n) (``Price Improvement XL'' or ``PIXL''), make conforming cross-reference changes and minor corrections throughout the Exchange's rulebook. The text of the proposed rule change is available on the Exchange's website at http://nasdaqphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and 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 relocate Exchange Rule 1080(n) to Rule 1087, which is currently reserved. This proposal seeks to better organize the rules to avoid lengthy rules, specifically Rule 1080, to make the rule easier to read. Also, to locate the PIXL auction rule similar to the auction rules of its affiliated options exchanges, as a separate rule.\3\ The Exchange also proposes to amend cross-references to current Rule 1080(n) to new Rule 1087.\4\ Finally, the Exchange will make minor corrections to Rule 1000(b)(14) to update incorrect cross- references to Rules 1064 and 1080.07 to their current locations.\5\ The Exchange notes that the changes proposed herein are non-substantive rule changes, they merely seek to conform the rule text structure to that of other affiliated markets. --------------------------------------------------------------------------- \3\ See NOM and BX Options Rules at Chapter VI. \4\ Specifically, the Exchange will amend cross references in Rules 1000, 1080, and 1098. \5\ The Exchange will insert the word ``Commentary'' after the citation to Rule 1064.02, to properly cite the section of the rule. Moreover, the cite to Rule 1080.07 will be updated to Rule 1098, as rule 1080.07 was relocated to existing Rule 1098 in 2016. Securities Exchange Act Release No. 78001 (June 7, 2016), 81 FR 38246 (June 13, 2016) (SR-Phlx-2016-63). Finally, the call ``(ii),'' at the end of Rule 1000(b)(14) will be removed, as it was not part of the most recent change approved for this rule. Securities Exchange Act Release No. 77449 (March 25, 2016), 81 FR 18665 (March 31, 2016) (SR-Phlx-2016-10). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of 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 of a free and open market and a national market system, and, in general to protect investors and the public interest, by improving the way its rulebook is organized, making it easier to read, to align it closer to the rules of its sister exchanges and, particularly, to help market participants better understand the rules of the Exchange. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 Exchange's proposal does not impose an undue burden on competition, rather the proposal seeks to make non-substantive rule changes to relocate the rule and update cross references to Rule 1080(n) as well as other incorrect cross-references. 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 \8\ and [[Page 3038]] subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 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, 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \10\ 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 requested that the Commission waive the 30-day operative delay so that the proposed rule change will become operative on filing. The Exchange stated that the proposed rule change promotes the protection of investors and the public interest by improving the organization and readability of the Exchange's rules. Waiver of the operative delay would allow the Exchange, without delay, to continue to amend other sections of Rule 1080 for improved readability, therefore, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\11\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6)(iii). \11\ For purposes only of waiving the 30-day operative delay, the Commission also has 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 such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change 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 rule-comments@sec.gov. Please include File Number SR-Phlx-2018-06 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2018-06. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2018-06, and should be submitted on or before February 12, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2018-00976 Filed 1-19-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 14 / Monday, January 22, 2018 / Notices 3037
amendments, all written statements comments on the proposed rule change changes proposed herein are non-
with respect to the proposed rule from interested persons. substantive rule changes, they merely
change that are filed with the seek to conform the rule text structure
I. Self-Regulatory Organization’s
Commission, and all written to that of other affiliated markets.
Statement of the Terms of Substance of
communications relating to the the Proposed Rule Change
proposed rule change between the 2. Statutory Basis
Commission and any person, other than The Exchange proposes to relocate
Rule 1080(n) (‘‘Price Improvement XL’’ The Exchange believes that its
those that may be withheld from the proposal is consistent with Section 6(b)
public in accordance with the or ‘‘PIXL’’), make conforming cross-
reference changes and minor corrections of the Act,6 in general, and furthers the
provisions of 5 U.S.C. 552, will be objectives of Section 6(b)(5) of the Act,7
available for website viewing and throughout the Exchange’s rulebook.
The text of the proposed rule change in particular, in that it is designed to
printing in the Commission’s Public
is available on the Exchange’s website at promote just and equitable principles of
Reference Room, 100 F Street NE,
http://nasdaqphlx.cchwallstreet.com/, trade, to remove impediments to and
Washington, DC 20549, on official
at the principal office of the Exchange, perfect the mechanism of a free and
business days between the hours of
and at the Commission’s Public open market and a national market
10:00 a.m. and 3:00 p.m. Copies of the
Reference Room. system, and, in general to protect
filing also will be available for
inspection and copying at the principal investors and the public interest, by
II. Self-Regulatory Organization’s
office of the Exchange. All comments improving the way its rulebook is
Statement of the Purpose of, and
received will be posted without change. organized, making it easier to read, to
Statutory Basis for, the Proposed Rule
Persons submitting comments are Change align it closer to the rules of its sister
cautioned that we do not redact or edit exchanges and, particularly, to help
In its filing with the Commission, the market participants better understand
personal identifying information from Exchange included statements
comment submissions. You should the rules of the Exchange.
concerning the purpose of and basis for
submit only information that you wish the proposed rule change and discussed B. Self-Regulatory Organization’s
to make available publicly. All any comments it received on the Statement on Burden on Competition
submissions should refer to File proposed rule change. The text of these
Number SR–NYSE–2018–01, and statements may be examined at the The Exchange does not believe that
should be submitted on or before places specified in Item IV below. The the proposed rule change will impose
February 12, 2018. Exchange has prepared summaries, set any burden on competition not
For the Commission, by the Division of forth in sections A, B, and C below, of necessary or appropriate in furtherance
Trading and Markets, pursuant to delegated the most significant aspects of such of the purposes of the Act. The
authority.10 statements. Exchange’s proposal does not impose an
Eduardo A. Aleman, undue burden on competition, rather
A. Self-Regulatory Organization’s the proposal seeks to make non-
Assistant Secretary.
Statement of the Purpose of, and substantive rule changes to relocate the
[FR Doc. 2018–00977 Filed 1–19–18; 8:45 am] Statutory Basis for, the Proposed Rule
rule and update cross references to Rule
BILLING CODE 8011–01–P Change
1080(n) as well as other incorrect cross-
1. Purpose references.
SECURITIES AND EXCHANGE The Exchange proposes to relocate C. Self-Regulatory Organization’s
COMMISSION Exchange Rule 1080(n) to Rule 1087, Statement on Comments on the
which is currently reserved. This Proposed Rule Change Received From
[Release No. 34–82505; File No. SR–Phlx– proposal seeks to better organize the Members, Participants, or Others
2018–06] rules to avoid lengthy rules, specifically
Rule 1080, to make the rule easier to No written comments were either
Self-Regulatory Organizations; Nasdaq read. Also, to locate the PIXL auction solicited or received.
PHLX LLC; Notice of Filing and rule similar to the auction rules of its
Immediate Effectiveness of Proposed affiliated options exchanges, as a III. Date of Effectiveness of the
Rule Change To Relocate Price separate rule.3 The Exchange also Proposed Rule Change and Timing for
Improvement XL Rule proposes to amend cross-references to Commission Action
current Rule 1080(n) to new Rule 1087.4
January 16, 2018. Because the foregoing proposed rule
Finally, the Exchange will make minor
Pursuant to Section 19(b)(1) of the change does not (i) significantly affect
corrections to Rule 1000(b)(14) to
Securities Exchange Act of 1934 update incorrect cross-references to the protection of investors or the public
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Rules 1064 and 1080.07 to their current interest; (ii) impose any significant
notice is hereby given that on January 8, locations.5 The Exchange notes that the burden on competition; and (iii) become
2018, Nasdaq PHLX LLC (‘‘Phlx’’ or operative for 30 days from the date on
‘‘Exchange’’) filed with the Securities 3 See NOM and BX Options Rules at Chapter VI. which it was filed, or such shorter time
and Exchange Commission 4 Specifically, the Exchange will amend cross as the Commission may designate, it has
(‘‘Commission’’) the proposed rule references in Rules 1000, 1080, and 1098. become effective pursuant to Section
change as described in Items I and II
5 The Exchange will insert the word
19(b)(3)(A)(iii) of the Act 8 and
ethrower on DSK3G9T082PROD with NOTICES
‘‘Commentary’’ after the citation to Rule 1064.02, to
below, which Items have been prepared properly cite the section of the rule.
by the Exchange. The Commission is Moreover, the cite to Rule 1080.07 will be the most recent change approved for this rule.
updated to Rule 1098, as rule 1080.07 was relocated Securities Exchange Act Release No. 77449 (March
publishing this notice to solicit 25, 2016), 81 FR 18665 (March 31, 2016) (SR–Phlx–
to existing Rule 1098 in 2016. Securities Exchange
Act Release No. 78001 (June 7, 2016), 81 FR 38246 2016–10).
10 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78f(b).
(June 13, 2016) (SR–Phlx–2016–63).
1 15 U.S.C. 78s(b)(1). 7 15 U.S.C. 78f(b)(5).
Finally, the call ‘‘(ii),’’ at the end of Rule
2 17 CFR 240.19b–4. 1000(b)(14) will be removed, as it was not part of 8 15 U.S.C. 78s(b)(3)(A)(iii).
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![3038 Federal Register / Vol. 83, No. 14 / Monday, January 22, 2018 / Notices
subparagraph (f)(6) of Rule 19b–4 Electronic Comments SECURITIES AND EXCHANGE
thereunder.9 COMMISSION
• Use the Commission’s internet
A proposed rule change filed under
comment form (http://www.sec.gov/
Rule 19b–4(f)(6) normally does not [Release No. 34–82504; File No. SR–
rules/sro.shtml); or
become operative for 30 days after the NYSEArca–2018–01]
date of its filing. However, Rule 19b– • Send an email to rule-comments@
4(f)(6)(iii) 10 permits the Commission to sec.gov. Please include File Number SR– Self-Regulatory Organizations; NYSE
designate a shorter time if such action Phlx–2018–06 on the subject line. Arca, Inc.; Notice of Filing and
is consistent with the protection of Immediate Effectiveness of Proposed
Paper Comments
investors and the public interest. The Rule Change To Amend Rule 7.31–E
Exchange has requested that the • Send paper comments in triplicate Relating to Mid-Point Liquidity Orders
Commission waive the 30-day operative to Secretary, Securities and Exchange and the Minimum Trade Size Modifier
delay so that the proposed rule change Commission, 100 F Street NE, and Rule 7.36–E To Add a Definition of
will become operative on filing. The Washington, DC 20549–1090. ‘‘Aggressing Order’’
Exchange stated that the proposed rule
change promotes the protection of All submissions should refer to File January 16, 2018.
investors and the public interest by Number SR–Phlx–2018–06. This file Pursuant to Section 19(b)(1) 1 of the
improving the organization and number should be included on the Securities Exchange Act of 1934 (the
readability of the Exchange’s rules. subject line if email is used. To help the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Waiver of the operative delay would Commission process and review your notice is hereby given that, on January
allow the Exchange, without delay, to comments more efficiently, please use 3, 2018, NYSE Arca, Inc. (the
continue to amend other sections of only one method. The Commission will ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
Rule 1080 for improved readability, post all comments on the Commission’s the Securities and Exchange
therefore, the Commission believes that internet website (http://www.sec.gov/ Commission (the ‘‘Commission’’) the
waiver of the 30-day operative delay is rules/sro.shtml). Copies of the proposed rule change as described in
consistent with the protection of submission, all subsequent Items I and II below, which Items have
investors and the public interest. amendments, all written statements
Accordingly, the Commission hereby been prepared by the self-regulatory
with respect to the proposed rule organization. The Commission is
waives the operative delay and change that are filed with the
designates the proposed rule change publishing this notice to solicit
Commission, and all written comments on the proposed rule change
operative upon filing.11
communications relating to the from interested persons.
At any time within 60 days of the proposed rule change between the
filing of such proposed rule change, the Commission and any person, other than I. Self-Regulatory Organization’s
Commission summarily may those that may be withheld from the Statement of the Terms of Substance of
temporarily suspend such rule change if public in accordance with the the Proposed Rule Change
it appears to the Commission that such provisions of 5 U.S.C. 552, will be
action is necessary or appropriate in the The Exchange proposes to amend
available for website viewing and Rule 7.31–E relating to Mid-Point
public interest, for the protection of
printing in the Commission’s Public Liquidity Orders and the Minimum
investors, or otherwise in furtherance of
Reference Room, 100 F Street NE, Trade Size modifier and Rule 7.36–E to
the purposes of the Act. If the
Commission takes such action, the Washington, DC 20549 on official add a definition of ‘‘Aggressing Order.’’
Commission shall institute proceedings business days between the hours of The proposed rule change is available
to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the on the Exchange’s website at
change should be approved or filing also will be available for www.nyse.com, at the principal office of
disapproved. inspection and copying at the principal the Exchange, and at the Commission’s
office of the Exchange. All comments Public Reference Room.
IV. Solicitation of Comments received will be posted without change.
Persons submitting comments are II. Self-Regulatory Organization’s
Interested persons are invited to
cautioned that we do not redact or edit Statement of the Purpose of, and
submit written data, views, and
personal identifying information from Statutory Basis for, the Proposed Rule
arguments concerning the foregoing,
including whether the proposed rule comment submissions. You should Change
change is consistent with the Act. submit only information that you wish In its filing with the Commission, the
Comments may be submitted by any of to make available publicly. All self-regulatory organization included
the following methods: submissions should refer to File statements concerning the purpose of,
Number SR–Phlx–2018–06, and should and basis for, the proposed rule change
9 17 CFR 240.19b-4(f)(6). In addition, Rule 19b– be submitted on or before February 12, and discussed any comments it received
4(f)(6) requires a self-regulatory organization to give 2018.
the Commission written notice of its intent to file on the proposed rule change. The text
the proposed rule change, along with a brief For the Commission, by the Division of of those statements may be examined at
description and text of the proposed rule change, Trading and Markets, pursuant to delegated the places specified in Item IV below.
at least five business days prior to the date of filing authority.12 The Exchange has prepared summaries,
ethrower on DSK3G9T082PROD with NOTICES
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange Eduardo A. Aleman, set forth in sections A, B, and C below,
has satisfied this requirement. Assistant Secretary. of the most significant parts of such
10 17 CFR 240.19b–4(f)(6)(iii).
[FR Doc. 2018–00976 Filed 1–19–18; 8:45 am] statements.
11 For purposes only of waiving the 30-day
operative delay, the Commission also has BILLING CODE 8011–01–P
1 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 12 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2018-01-23 21:35:52
Document Modified: 2018-01-23 21:35:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 3037 |
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