83 FR 31201 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Firm Participation Guarantee for a Floor Broker
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 128 (July 3, 2018)
Federal Register Volume 83, Issue 128 (July 3, 2018)
| Page Range | 31201-31203 | |
| FR Document | 2018-14301 |
[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)] [Notices] [Pages 31201-31203] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-14301] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83547; File No. SR-Phlx-2018-48] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Firm Participation Guarantee for a Floor Broker June 28, 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 14, 2018, Nasdaq PHLX LLC (``Phlx'' 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 Commentary .02 to Rule 1064. 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 amend Rule 1064 entitled ``Crossing, Facilitation and Solicited Orders.'' Specifically, the Exchange proposes to amend Commentary .02(ii) to Rule 1064 to amend the firm participation guarantee for a Floor Broker. Today, Phlx offers certain firm participation guarantees to a Floor Broker who holds an equity, index or U.S. dollar-settled foreign currency option order of the eligible order size or greater (``original order''), the Floor Broker is entitled to cross a certain percentage of the original order with other orders that he is holding or in the case of a public customer order, with a facilitation order of the originating firm (i.e., the firm from which the original customer order originated). Today, the Exchange may determine, on an option by option basis, the eligible size for an order that may be transacted pursuant to this Commentary, however, the eligible order size may not be less than 500 contracts. Orders for less than 500 contracts may be crossed pursuant to Rule 1064 but are not subject to Commentary .02, subsection (iii) to Rule 1064 pertaining to participation guarantees. Similar to Cboe Exchange, Inc. (``CBOE'') the Exchange proposes to lower the eligible minimum order size from 500 to not less than 50 contracts.\3\ The Commission noted in an approval of the reduction from 500 to 50 for CBOE that it had already approved the facilitation mechanism of ISE, which guarantees 40% of orders to facilitating firms for order sizes of 50 or more contracts.\4\ In that approval order the Exchange approved the reduction in the size requirement, from 500 to 50 contracts, because the CBOE proposal raised no new regulatory issues.\5\ The Commission noted that it will benefit options market participants by allowing [[Page 31202]] for substantially consistent treatment of crossing mechanisms under the rules of the ISE and the CBOE, and will allow the CBOE to compete without disadvantage for facilitation orders.\6\ --------------------------------------------------------------------------- \3\ See CBOE Rule 6.74(d). \4\ See Securities Exchange Act Release No. 42835 (May 26, 2000), 65 FR 35683 (June 5, 2000) (SR-CBOE-99-10) (Order Approving Proposed Rule Change and Notice of Filing and Order Granting Accelerated Approval to Amendment Nos. 1, 2, and 3 to the Proposed Rule Change by the Chicago Board Options Exchange, Inc., Relating to Participation Rights for Firms Crossing Orders.) \5\ Id. \6\ Id. --------------------------------------------------------------------------- The Exchange notes that, today, Rule 1064, Commentary .02 provides that if the same member organization is the originating firm and also the specialist for the particular class of options to which the order relates, then the specialist is not entitled to any Enhanced Specialist Participation with respect to the particular cross transaction. The Exchange notes that this limitation is not being amended with this proposal. The specialist would not be able to obtain an allocation in excess of the 40% allocation. The Exchange believes that this reduction from 500 to 50 contracts for the firm participation guarantee will continue to incentivize floor brokers to execute crossing orders on Phlx. The Exchange continues to reward the market participant that brought together market participants and executed orders on its trading floor. Further, the reduced contract size will benefit options market participants by allowing for substantially consistent treatment of crossing mechanisms with competing options venues. As noted in the CBOE proposal, today other competing mechanisms offer guarantees of 40% of orders to facilitating firms for order sizes of 50 or more contracts.\7\ The Exchange believes that the ability to obtain a 40% guarantee on smaller sized orders will incentivize market participants to competitively price trades in order to execute a greater number of smaller orders. The Exchange believes that the incentive encourages competition on Phlx and in turn benefits market participants in terms of competitive pricing for those orders. --------------------------------------------------------------------------- \7\ See note 4 above. --------------------------------------------------------------------------- 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 and to protect investors and the public interest by amending the eligible minimum order size within Commentary .02(ii) of Rule 1064, from 500 to not less than 50 contracts, to promote competition. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange's proposal to lower the current eligible minimum order size in Commentary .02(ii) of Rule 1064 from 500 to not less than 50 contracts is consistent with the Act as it should promote just and equitable principles of trade by allowing for substantially consistent treatment of crossing mechanisms with CBOE. Phlx market participants would be permitted to compete without disadvantage for facilitation orders with CBOE which today has the eligibility size proposed by Phlx.\10\ --------------------------------------------------------------------------- \10\ See note 4 above. --------------------------------------------------------------------------- The Exchange believes that this reduction from 500 to 50 contracts for the firm participation guarantee will continue to incentivize floor brokers to execute crossing orders on Phlx. The Exchange continues to reward the market participant that brought together market participants and executed orders on its trading floor. Further, the reduced contract size will benefit options market participants by allowing for substantially consistent treatment of crossing mechanisms with competing options venues. 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 amendment to Commentary .02(ii) of Rule 1064 does not impose an undue burden on intra-market competition because the proposed rule change will apply uniformly to all market participants. The Exchange currently has a competitive market for orders of 500 contracts or more, notwithstanding the current 40% firm participation guarantee for these orders, and therefore believes that extending this treatment to orders of 50 contracts or more (similar to other markets) will not have a significant impact on competition. The firm participation guarantee is designed as an incentive to market participants that bring order flow to the Phlx floor and is similar to allocation entitlements that exist on other floor based and electronic markets. The Commission has consistently found that rules entitling a market participant or participants up to 40% of an order are not inconsistent with the statutory standards of competition and free and open markets, including in approving the Exchange's own firm participation guarantee.\11\ The Exchange believes that adopting a lower size threshold for this guarantee will benefit Phlx market participants by encouraging greater order flow and therefore increased opportunities for all market participants to trade, while ensuring that the trading crowd can still compete for a large portion of such orders. Furthermore, the proposal does not create an undue burden on inter-market competition because market participants would be permitted to compete without disadvantage for facilitation orders with CBOE. As noted in the CBOE proposal, today other competing mechanisms offer guarantees of 40% of orders to facilitating firms for order sizes of 50 or more contracts.\12\ The Exchange believes the guarantee may incentivize an increase in the flow of smaller orders to the trading floor because it will encourage market participants to offer competitive pricing in order to interact with that order flow. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 47819 (May 8, 2003), 68 FR 25924 (May 14, 2003) (SR-Phlx-2002-17) (Approval Order). \12\ See note 4 above. --------------------------------------------------------------------------- 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 \13\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A)(iii). \14\ 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) \15\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\16\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay so that the proposed rule changes may become operative immediately upon filing. The Exchange believes that waiver of the operative delay would allow the Exchange to more effectively compete [[Page 31203]] with CBOE by offering a firm participation allocation with the same eligibility size that CBOE currently offers. Additionally, the Commission notes that the proposed rule change is based on the current rules of CBOE \17\ and that it recently approved a similar rule change for the BOX Options Exchange LLC.\18\ As such, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission waives the 30-day operative delay and designates the proposed rule change operative upon filing.\19\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ See supra note 4. \18\ See Securities Exchange Act Release No. 82456 (January, 8, 2008), 83 FR 1651 (January 12, 2018) (SR-BOX-2017-33) (Approval Order). \19\ For purposes only of waiving the 30-day operative delay, the Commission 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 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 rule-comments@sec.gov. Please include File Number SR-Phlx-2018-48 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-2018-48. 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-2018-48 and should be submitted on or before July 24, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-14301 Filed 7-2-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices 31201
Commission summarily may submit only information that you wish statements may be examined at the
temporarily suspend such rule change if to make available publicly. All places specified in Item IV below. The
it appears to the Commission that such submissions should refer to File Exchange has prepared summaries, set
action is: (i) Necessary or appropriate in Number SR–CboeBZX–2018–042, and forth in sections A, B, and C below, of
the public interest; (ii) for the protection should be submitted on or before July the most significant aspects of such
of investors; or (iii) otherwise in 24, 2018. statements.
furtherance of the purposes of the Act. For the Commission, by the Division of A. Self-Regulatory Organization’s
If the Commission takes such action, the Trading and Markets, pursuant to delegated Statement of the Purpose of, and
Commission shall institute proceedings authority.36 Statutory Basis for, the Proposed Rule
to determine whether the proposed rule Eduardo A. Aleman, Change
should be approved or disapproved. Assistant Secretary.
1. Purpose
IV. Solicitation of Comments [FR Doc. 2018–14297 Filed 7–2–18; 8:45 am]
BILLING CODE 8011–01–P The Exchange proposes to amend
Interested persons are invited to
Rule 1064 entitled ‘‘Crossing,
submit written data, views, and
Facilitation and Solicited Orders.’’
arguments concerning the foregoing,
SECURITIES AND EXCHANGE Specifically, the Exchange proposes to
including whether the proposed rule
COMMISSION amend Commentary .02(ii) to Rule 1064
change is consistent with the Act.
to amend the firm participation
Comments may be submitted by any of [Release No. 34–83547; File No. SR–Phlx–
2018–48] guarantee for a Floor Broker.
the following methods: Today, Phlx offers certain firm
Electronic Comments Self-Regulatory Organizations; Nasdaq participation guarantees to a Floor
• Use the Commission’s internet PHLX LLC; Notice of Filing and Broker who holds an equity, index or
comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed U.S. dollar-settled foreign currency
rules/sro.shtml); or Rule Change To Amend the Firm option order of the eligible order size or
• Send an email to rule-comments@ Participation Guarantee for a Floor greater (‘‘original order’’), the Floor
sec.gov. Please include File Number SR– Broker Broker is entitled to cross a certain
CboeBZX–2018–042 on the subject line. percentage of the original order with
June 28, 2018. other orders that he is holding or in the
Paper Comments Pursuant to Section 19(b)(1) of the case of a public customer order, with a
• Send paper comments in triplicate Securities Exchange Act of 1934 facilitation order of the originating firm
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2 (i.e., the firm from which the original
Commission, 100 F Street NE, notice is hereby given that on June 14, customer order originated). Today, the
Washington, DC 20549–1090. 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or Exchange may determine, on an option
All submissions should refer to File ‘‘Exchange’’) filed with the Securities by option basis, the eligible size for an
Number SR–CboeBZX–2018–042. This and Exchange Commission (‘‘SEC’’ or order that may be transacted pursuant to
file number should be included on the ‘‘Commission’’) the proposed rule this Commentary, however, the eligible
subject line if email is used. To help the change as described in Items I and II, order size may not be less than 500
Commission process and review your below, which Items have been prepared contracts. Orders for less than 500
comments more efficiently, please use by the Exchange. The Commission is contracts may be crossed pursuant to
only one method. The Commission will publishing this notice to solicit Rule 1064 but are not subject to
post all comments on the Commission’s comments on the proposed rule change Commentary .02, subsection (iii) to Rule
internet website (http://www.sec.gov/ from interested persons. 1064 pertaining to participation
rules/sro.shtml). Copies of the guarantees. Similar to Cboe Exchange,
I. Self-Regulatory Organization’s Inc. (‘‘CBOE’’) the Exchange proposes to
submission, all subsequent Statement of the Terms of Substance of
amendments, all written statements lower the eligible minimum order size
the Proposed Rule Change from 500 to not less than 50 contracts.3
with respect to the proposed rule
The Exchange proposes to amend The Commission noted in an approval
change that are filed with the
Commentary .02 to Rule 1064. of the reduction from 500 to 50 for
Commission, and all written The text of the proposed rule change
communications relating to the CBOE that it had already approved the
is available on the Exchange’s website at facilitation mechanism of ISE, which
proposed rule change between the http://nasdaqphlx.cchwallstreet.com/,
Commission and any person, other than guarantees 40% of orders to facilitating
at the principal office of the Exchange, firms for order sizes of 50 or more
those that may be withheld from the and at the Commission’s Public
public in accordance with the contracts.4 In that approval order the
Reference Room. Exchange approved the reduction in the
provisions of 5 U.S.C. 552, will be
available for website viewing and II. Self-Regulatory Organization’s size requirement, from 500 to 50
printing in the Commission’s Public Statement of the Purpose of, and contracts, because the CBOE proposal
Reference Room, 100 F Street NE, Statutory Basis for, the Proposed Rule raised no new regulatory issues.5 The
Washington, DC 20549, on official Change Commission noted that it will benefit
business days between the hours of options market participants by allowing
In its filing with the Commission, the
10:00 a.m. and 3:00 p.m. Copies of the Exchange included statements 3 See CBOE Rule 6.74(d).
filing also will be available for
sradovich on DSK3GMQ082PROD with NOTICES
concerning the purpose of and basis for 4 See Securities Exchange Act Release No. 42835
inspection and copying at the principal the proposed rule change and discussed (May 26, 2000), 65 FR 35683 (June 5, 2000) (SR–
office of the Exchange. All comments any comments it received on the CBOE–99–10) (Order Approving Proposed Rule
received will be posted without change. proposed rule change. The text of these Change and Notice of Filing and Order Granting
Persons submitting comments are Accelerated Approval to Amendment Nos. 1, 2, and
3 to the Proposed Rule Change by the Chicago
cautioned that we do not redact or edit 36 17 CFR 200.30–3(a)(12) and (59). Board Options Exchange, Inc., Relating to
personal identifying information from 1 15 U.S.C. 78s(b)(1). Participation Rights for Firms Crossing Orders.)
comment submissions. You should 2 17 CFR 240.19b–4. 5 Id.
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![Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices 31203
with CBOE by offering a firm internet website (http://www.sec.gov/ by the Exchange. The Commission is
participation allocation with the same rules/sro.shtml). Copies of the publishing this notice to solicit
eligibility size that CBOE currently submission, all subsequent comments on the proposed rule change
offers. Additionally, the Commission amendments, all written statements from interested persons.
notes that the proposed rule change is with respect to the proposed rule
change that are filed with the I. Self-Regulatory Organization’s
based on the current rules of CBOE 17
Commission, and all written Statement of the Terms of Substance of
and that it recently approved a similar
communications relating to the the Proposed Rule Change
rule change for the BOX Options
Exchange LLC.18 As such, the proposed rule change between the The Exchange proposes to extend the
Commission believes that waiving the Commission and any person, other than pilot period for the Exchange’s Retail
30-day operative delay is consistent those that may be withheld from the Price Improvement (‘‘RPI’’) Program (the
with the protection of investors and the public in accordance with the ‘‘Program’’), which is set to expire on
public interest. Accordingly, the provisions of 5 U.S.C. 552, will be June 30, 2018, for an additional period,
Commission waives the 30-day available for website viewing and to expire on December 31, 2018.
operative delay and designates the printing in the Commission’s Public The Exchange has designated July 1,
proposed rule change operative upon Reference Room, 100 F Street NE, 2018 as the date the proposed rule
filing.19 Washington, DC 20549, on official change becomes effective.
At any time within 60 days of the business days between the hours of The text of the proposed rule change
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the is available on the Exchange’s website at
Commission summarily may filing also will be available for http://nasdaqbx.cchwallstreet.com/, at
temporarily suspend such rule change if inspection and copying at the principal the principal office of the Exchange, and
it appears to the Commission that such office of the Exchange. All comments at the Commission’s Public Reference
action is: (i) Necessary or appropriate in received will be posted without change. Room.
the public interest; (ii) for the protection Persons submitting comments are II. Self-Regulatory Organization’s
of investors; or (iii) otherwise in cautioned that we do not redact or edit
Statement of the Purpose of, and
furtherance of the purposes of the Act. personal identifying information from
Statutory Basis for, the Proposed Rule
If the Commission takes such action, the comment submissions. You should
Change
Commission shall institute proceedings submit only information that you wish
to determine whether the proposed rule to make available publicly. All In its filing with the Commission, the
should be approved or disapproved. submissions should refer to File Exchange included statements
Number SR–Phlx–2018–48 and should concerning the purpose of and basis for
IV. Solicitation of Comments be submitted on or before July 24, 2018. the proposed rule change and discussed
Interested persons are invited to For the Commission, by the Division of
any comments it received on the
submit written data, views, and Trading and Markets, pursuant to delegated proposed rule change. The text of these
arguments concerning the foregoing, authority.20 statements may be examined at the
including whether the proposed rule Eduardo A. Aleman, places specified in Item IV below. The
change is consistent with the Act. Assistant Secretary. Exchange has prepared summaries, set
Comments may be submitted by any of [FR Doc. 2018–14301 Filed 7–2–18; 8:45 am]
forth in sections A, B, and C below, of
the following methods: the most significant aspects of such
BILLING CODE 8011–01–P
statements.
Electronic Comments
A. Self-Regulatory Organization’s
• Use the Commission’s internet SECURITIES AND EXCHANGE Statement of the Purpose of, and
comment form (http://www.sec.gov/ COMMISSION Statutory Basis for, the Proposed Rule
rules/sro.shtml); or
• Send an email to rule-comments@ [Release No. 34–83539; File No. SR–BX– Change
sec.gov. Please include File Number SR– 2018–026] 1. Purpose
Phlx–2018–48 on the subject line. The purpose of this filing is to extend
Self-Regulatory Organizations; Nasdaq
Paper Comments BX, Inc.; Notice of Filing and the pilot period of the RPI Program,3
• Send paper comments in triplicate Immediate Effectiveness of Proposed currently scheduled to expire on June
to Secretary, Securities and Exchange Rule Change To Extend the Pilot 30, 2018, for an additional period, to
Commission, 100 F Street NE, Period for the Retail Price expire on December 31, 2018.
Washington, DC 20549–1090. Improvement Program Until December
Background
31, 2018
All submissions should refer to File In November 2014, the Commission
Number SR–Phlx–2018–48. This file June 28, 2018. approved the RPI Program on a pilot
number should be included on the Pursuant to Section 19(b)(1) of the basis.4 The Program is designed to
subject line if email is used. To help the Securities Exchange Act of 1934 attract retail order flow to the Exchange,
Commission process and review your (‘‘Act’’),1 and Rule 19b–4 thereunder,2 and allow such order flow to receive
comments more efficiently, please use notice is hereby given that on June 21, potential price improvement. The
only one method. The Commission will 2018, Nasdaq BX, Inc. (‘‘BX’’ or Program is currently limited to trades
post all comments on the Commission’s ‘‘Exchange’’), filed with the Securities occurring at prices equal to or greater
sradovich on DSK3GMQ082PROD with NOTICES
and Exchange Commission (‘‘SEC’’ or than $1.00 per share. Under the
17 See supra note 4. ‘‘Commission’’) the proposed rule Program, a new class of market
18 See Securities Exchange Act Release No. 82456 change as described in Items I and II participant called a Retail Member
(January, 8, 2008), 83 FR 1651 (January 12, 2018)
(SR–BOX–2017–33) (Approval Order).
below, which Items have been prepared
19 For purposes only of waiving the 30-day 3 Securities Exchange Act Release No. 73702
20 17 CFR 200.30–3(a)(12).
operative delay, the Commission has considered the (November 28, 2014), 79 FR 72049 (December 4,
1 15 U.S.C. 78s(b)(1). 2014) (‘‘RPI Approval Order’’) (SR–BX–2014–048).
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. 4 See id.
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Document Created: 2018-07-02 23:56:10
Document Modified: 2018-07-02 23:56:10
| 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 31201 |
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