83 FR 3194 - Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Harmonize the Definition of Non-Professional User in Its Fee Schedule With That of Its Affiliates
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 15 (January 23, 2018)
Federal Register Volume 83, Issue 15 (January 23, 2018)
| Page Range | 3194-3196 | |
| FR Document | 2018-01091 |
[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)] [Notices] [Pages 3194-3196] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-01091] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82520; File No. SR-CboeEDGX-2018-001] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Harmonize the Definition of Non-Professional User in Its Fee Schedule With That of Its Affiliates January 17, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on January 8, 2018, Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the Market Data section of its fee schedule to harmonize the definition of ``Non-Professional User'' with that of its affiliates, Cboe Exchange, Inc. (``Cboe'') and Cboe C2 Exchange, Inc. (``C2''). The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 parts 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 the Market Data section of its fee schedule to harmonize the definition of ``Non-Professional User'' with that of its affiliates, Cboe and C2. In late 2016, the Exchange and its affiliates Cboe EDGA Exchange, Inc. (``EDGA''), Cboe BYX Exchange, Inc. (``BYX''), and Cboe BZX Exchange, Inc. (``BZX'') received approval to effect a merger (the ``Merger'') of the Exchange's parent company, Bats Global Markets, Inc., the parent of EDGA, EDGX, BYX, and BZX with CBOE Holding, Inc. (now known as Cboe Global Markets, Inc.) the parent company of Cboe and C2.\5\ In order to provide consistent rules and terminology amongst the Exchange, Cboe, and C2, the Exchange proposes to amend the definition of ``Non-Professional User'' to harmonize it with that of its affiliates, Cboe and C2. The EDGX Option's fee schedule currently defines ``Non-Professional User'' as: --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 79585 (December 16, 2016), 82 FR 6961 (December 22, 2016) (SR-BatsEDGX-2016-60; SR- BatsEDGA-2016-24; SR-BatsBYX-2017-29; and SR-BatsBYX-2016-68). a natural person who is not: (i) registered or qualified in any capacity with the Commission, the Commodity Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an ``investment adviser'' as that term is defined in Section 202(a)(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such --------------------------------------------------------------------------- functions were performed for an organization not so exempt. As amended, ``Non-Professional User'' would be defined as: a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an ``investment adviser'' as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States. The revised definition is substantially identical to the definition of ``Non-Professional User' included within the Cboe and C2 fee schedules.\6\ The Exchange's current definition of ``Non- [[Page 3195]] Professional User'' does differ from that contained in the Cboe and C2 fee schedules in following minor, non-substantive ways. First, the harmonized definition will make clear that a Non-Professional User may be a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose. To date, the Exchange is not aware of any entity that receives an Exchange market data product would be deemed a qualifying trust and, therefore, has not had to determine whether such entity is a Professional or Non- Professional User under the prior definition. Second, the harmonized definition would specify that a natural person who works outside of the United States would not be deemed a Non-Professional User where that person does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States. The definition with regard to natural persons who work in the United States are substantively identical amongst the old and harmonized definition. --------------------------------------------------------------------------- \6\ See the Cboe fee schedule available at https://www.cboe.org/general-info/pdfframed?content=/publish/mdxfees/cboe-cds-fees-schedule-for-cboe-datafeeds.pdf§ion=SEC_MDX_CSM&title=Cboe%20CDS%20Fees%20Schedule and the C2 fee schedule available at https://www.cboe.org/general-info/pdfframed?content=/publish/mdxfees/c2-cds-fees-schedule.pdf§ion=SEC_MDX_CSM&title=C2%20CDS%20Fees%20Schedule. --------------------------------------------------------------------------- None of these differences impact the manner in which the Exchange would characterize a User and a Professional or Non-Professional. The harmonized definition would provide additional specificity while harmonizing the definition with that of its affiliates. Doing so would ensure consistent terms amongst the Exchange and its affiliates, thereby reducing the potential for confusion amongst market data subscribers regarding the type of User they may be considered by the Exchange. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\7\ in general, and furthers the objectives of Section 6(b)(5) of the Act \8\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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. The harmonized definition of Non-Professional User is equitable, reasonable, and removes impediments to and perfect the mechanism of a free and open market and a national market system it would provide additional specificity while harmonizing the definition with that of its affiliates. Doing so would ensure consistent terms amongst the Exchange and its affiliates, thereby reducing the potential for confusion amongst market data subscribers regarding the type of User they may be considered by the Exchange. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f. \8\ 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 result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The harmonized definition of Non-Professional User would have no impact on competition because it does not materially alter the definition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. 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 subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(iii). \10\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- In its filing, the Exchange requested that the Commission waive the 30-day operative delay in order to enable the Exchange to immediately ensure consistent use of terms amongst the Exchange and its affiliates, thereby reducing the potential for confusion amongst market data subscribers regarding the type of User they may be considered by the Exchange. The Commission believes that such waiver is consistent with the protection of investors and the public interest. Therefore, the Commission designates the proposed rule change to be operative upon filing. 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.\11\ --------------------------------------------------------------------------- \11\ 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 [email protected]. Please include File Number SR-CboeEDGX-2018-001 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 CboeEDGX-2018-001. 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 [[Page 3196]] 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 CboeEDGX-2018-001 and should be submitted on or before February 13, 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. 2018-01091 Filed 1-22-18; 8:45 am] BILLING CODE 8011-01-P
![3194 Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
longstanding U.S.-EU NanoEHS change as described in Items I and II company of Cboe and C2.5 In order to
Communities of Research provide a below, which Items have been prepared provide consistent rules and
platform for scientists to develop a by the Exchange. The Exchange has terminology amongst the Exchange,
shared repertoire of protocols and designated this proposal as a ‘‘non- Cboe, and C2, the Exchange proposes to
methods to overcome research gaps and controversial’’ proposed rule change amend the definition of ‘‘Non-
barriers in nanosafety-specific focus pursuant to Section 19(b)(3)(A) of the Professional User’’ to harmonize it with
areas such as human toxicity or risk Act 3 and Rule 19b–4(f)(6)(iii) that of its affiliates, Cboe and C2. The
assessment. The Communities of thereunder,4 which renders it effective EDGX Option’s fee schedule currently
Interest are not intended to provide any upon filing with the Commission. The defines ‘‘Non-Professional User’’ as:
government agency with advice or Commission is publishing this notice to a natural person who is not: (i) registered or
recommendations; such action is solicit comments on the proposed rule qualified in any capacity with the
outside of their purview. change from interested persons. Commission, the Commodity Futures
Registration: Due to space limitations, Trading Commission, any state securities
pre-registration for workshops is I. Self-Regulatory Organization’s agency, any securities exchange or
required. Workshop registration is on a Statement of the Terms of Substance of association, or any commodities or futures
first-come, first-served basis, and will be the Proposed Rule Change contract market or association; (ii) engaged as
The Exchange filed a proposal to an ‘‘investment adviser’’ as that term is
capped as space limitations dictate.
defined in Section 202(a)(11) of the
Registration information will be amend the Market Data section of its fee Investment Advisers Act of 1940 (whether or
available at http://www.nano.gov/ schedule to harmonize the definition of not registered or qualified under that Act); or
meetings-workshops. Registration for the ‘‘Non-Professional User’’ with that of its (iii) employed by a bank or other
webinars will open approximately two affiliates, Cboe Exchange, Inc. (‘‘Cboe’’) organization exempt from registration under
weeks prior to each event and will be and Cboe C2 Exchange, Inc. (‘‘C2’’). federal or state securities laws to perform
capped at 500 participants or as space The text of the proposed rule change functions that would require registration or
limitations dictate. Individuals planning is available at the Exchange’s website at qualification if such functions were
to attend a webinar can find registration www.markets.cboe.com, at the principal performed for an organization not so exempt.
information at http://www.nano.gov/ office of the Exchange, and at the As amended, ‘‘Non-Professional User’’
PublicWebinars. Written notices of Commission’s Public Reference Room. would be defined as:
participation for workshops, webinars, a natural person or qualifying trust that uses
II. Self-Regulatory Organization’s
or Communities of Interest should be Data only for personal purposes and not for
Statement of the Purpose of, and
sent to by email to info@nnco.nano.gov. any commercial purpose and, for a natural
Meeting Accommodations: Statutory Basis for, the Proposed Rule person who works in the United States, is
Individuals requiring special Change not: (i) registered or qualified in any capacity
accommodation to access any of these In its filing with the Commission, the with the Securities and Exchange
public events should contact info@ Exchange included statements Commission, the Commodities Futures
Trading Commission, any state securities
nnco.nano.gov at least ten business days concerning the purpose of and basis for
agency, any securities exchange or
prior to the meeting so that appropriate the proposed rule change and discussed association, or any commodities or futures
arrangements can be made. any comments it received on the contract market or association; (ii) engaged as
proposed rule change. The text of these an ‘‘investment adviser’’ as that term is
Ted Wackler,
statements may be examined at the defined in Section 202(a)(11) of the
Deputy Chief of Staff and Assistant Director. places specified in Item IV below. The Investment Advisors Act of 1940 (whether or
[FR Doc. 2018–01067 Filed 1–22–18; 8:45 am] Exchange has prepared summaries, set not registered or qualified under that Act); or
BILLING CODE 3270–F8–P forth in Sections A, B, and C below, of (iii) employed by a bank or other
organization exempt from registration under
the most significant parts of such
federal or state securities laws to perform
statements. functions that would require registration or
SECURITIES AND EXCHANGE qualification if such functions were
COMMISSION A. Self-Regulatory Organization’s
Statement of the Purpose of, and performed for an organization not so exempt;
[Release No. 34–82520; File No. SR– or, for a natural person who works outside
Statutory Basis for, the Proposed Rule of the United States, does not perform the
CboeEDGX–2018–001] Change same functions as would disqualify such
Self-Regulatory Organizations; Cboe 1. Purpose person as a Non-Professional User if he or
EDGX Exchange, Inc.; Notice of Filing she worked in the United States.
The Exchange proposes to amend the
and Immediate Effectiveness of a Market Data section of its fee schedule The revised definition is substantially
Proposed Rule Change To Harmonize to harmonize the definition of ‘‘Non- identical to the definition of ‘‘Non-
the Definition of Non-Professional User Professional User’’ with that of its Professional User’ included within the
in Its Fee Schedule With That of Its affiliates, Cboe and C2. In late 2016, the Cboe and C2 fee schedules.6 The
Affiliates Exchange and its affiliates Cboe EDGA Exchange’s current definition of ‘‘Non-
January 17, 2018. Exchange, Inc. (‘‘EDGA’’), Cboe BYX 5 See Securities Exchange Act Release No. 79585
Pursuant to Section 19(b)(1) of the Exchange, Inc. (‘‘BYX’’), and Cboe BZX (December 16, 2016), 82 FR 6961 (December 22,
Securities Exchange Act of 1934 (the Exchange, Inc. (‘‘BZX’’) received 2016) (SR–BatsEDGX–2016–60; SR–BatsEDGA–
‘‘Act’’),1 and Rule 19b–4 thereunder,2 approval to effect a merger (the 2016–24; SR–BatsBYX–2017–29; and SR–BatsBYX–
‘‘Merger’’) of the Exchange’s parent 2016–68).
sradovich on DSK3GMQ082PROD with NOTICES
notice is hereby given that on January 8, 6 See the Cboe fee schedule available at https://
2018, Cboe EDGX Exchange, Inc. (the company, Bats Global Markets, Inc., the www.cboe.org/general-info/pdfframed?content=/
‘‘Exchange’’ or ‘‘EDGX’’) filed with the parent of EDGA, EDGX, BYX, and BZX publish/mdxfees/cboe-cds-fees-schedule-for-cboe-
Securities and Exchange Commission with CBOE Holding, Inc. (now known as datafeeds.pdf§ion=SEC_MDX_CSM&title=
Cboe Global Markets, Inc.) the parent Cboe%20CDS%20Fees%20Schedule and the C2 fee
(the ‘‘Commission’’) the proposed rule schedule available at https://www.cboe.org/general-
info/pdfframed?content=/publish/mdxfees/c2-cds-
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A). fees-schedule.pdf§ion=SEC_MDX_CSM&title=
2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6)(iii). C2%20CDS%20Fees%20Schedule.
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![3196 Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
printing in the Commission’s Public Makers 3 to enter additional order types A. Self-Regulatory Organization’s
Reference Room, 100 F Street NE, in the options classes to which they are Statement of the Purpose of, and
Washington, DC 20549 on official appointed. Statutory Basis for, the Proposed Rule
business days between the hours of * * * * * Change
10:00 a.m. and 3:00 p.m. Copies of the
1. Purpose
filing also will be available for Nasdaq MRX Rulebook
inspection and copying at the principal The purpose of this rule change is to
* * * * * permit Market Makers to enter principal
office of the Exchange. All comments
received will be posted without change. Rule 805. Market Maker Orders orders to buy or sell options in the
Persons submitting comments are options classes to which they are
cautioned that we do not redact or edit (a) Options Classes to Which appointed under Rule 802 4 for all order
personal identifying information from Appointed. Market makers may enter all types listed in Rule 715 except for
comment submissions. You should order types defined in Rule 715 in the Stopped Orders,5 Reserve Orders 6 and
submit only information that you wish options classes to which they are Customer Cross Orders.7 This filing is
to make available publicly. All appointed under Rule 802, except intended to permit Market Makers to
submissions should refer to File Stopped Orders, Reserve Orders and execute most of the same order types,
Number CboeEDGX–2018–001 and Customer Cross Orders.[not place which today they are permitted to enter
should be submitted on or before principal orders to buy or sell options on other options markets.8 In addition,
February 13, 2018. in the options classes to which they are this filing is intended to amend MRX
appointed under Rule 802, other than Rule 805(b)(1) to indicate that Reserve
For the Commission, by the Division of Orders are not permitted to be entered
Trading and Markets, pursuant to delegated opening only orders, immediate-or-
by MRX Market Makers in non-
authority.12 cancel orders, market orders, fill-or-kill
Eduardo A. Aleman, orders, sweep orders, and block-size 4 MRX Rule 802 concerns the appointment of
Assistant Secretary. orders executed through the Block Market Makers.
[FR Doc. 2018–01091 Filed 1–22–18; 8:45 am] Order Mechanism pursuant to Rule 5 A stopped order is a limit order that meets the
716(c).] Competitive Market Makers requirements of Rule 1901(b)(8). To execute
BILLING CODE 8011–01–P
stopped orders, Members must enter them into the
shall comply with the provisions of Facilitation Mechanism or Solicited Order
Rule 804(e)(2)(iii) upon the entry of Mechanism pursuant to Rule 716. See MRX Rule
SECURITIES AND EXCHANGE such orders if they were not previously 715(b)(6).
6 A Reserve Order is a limit order that contains
COMMISSION quoting in the series. both a displayed portion and a non-displayed
[Release No. 34–82523; File No. SR–MRX– (b) Options Classes Other Than Those portion. Both the displayed and non-displayed
portions of a Reserve Order are available for
2018–02] to Which Appointed. potential execution against incoming marketable
(1) A market maker may enter all orders. A non-marketable Reserve Order will rest on
Self-Regulatory Organizations; Nasdaq the order book. The displayed portion of a Reserve
order types permitted to be entered by
MRX, LLC; Notice of Filing and Order shall be ranked at the specified limit price
non-customer participants under the and the time of order entry. The displayed portion
Immediate Effectiveness of Proposed
Rule Change Relating to Market Maker Rules to buy or sell options in classes of a Reserve Order will trade in accordance with
Rule 713(c) and (d) for Priority Customer Orders,
Orders of options listed on the Exchange to and Rule 713(e) and Supplementary Material .01,
which the market maker is not for Professional Orders. When the displayed portion
January 17, 2018. appointed under Rule 802, except for of a Reserve Order is decremented, either in full or
Pursuant to Section 19(b)(1) of the Reserve Orders, provided that: in part, it shall be refreshed from the non-displayed
portion of the resting Reserve Order. If the
Securities Exchange Act of 1934 (i) and (ii) No change. displayed portion is refreshed in part, the new
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 displayed portion shall include the previously
notice is hereby given that on January 5, (2) and (3) No change. displayed portion. Upon any refresh, the entire
2018, Nasdaq MRX, LLC (‘‘MRX’’ or * * * * * displayed portion shall be ranked at the specified
limit price and obtain a new time stamp, i.e., the
‘‘Exchange’’) filed with the Securities time that the new displayed portion of the order
and Exchange Commission II. Self-Regulatory Organization’s
was refreshed. The new displayed portion will
(‘‘Commission’’) the proposed rule Statement of the Purpose of, and trade in accordance with Rule 713(c) and (d) for
change as described in Items I and II Statutory Basis for, the Proposed Rule Priority Customer Orders, and Rule 713(e) and
Change Supplementary Material .01, for Professional
below, which Items have been prepared Orders. The initial non-displayed portion of a
by the Exchange. The Commission is In its filing with the Commission, the Reserve Order rests on the order book and is ranked
publishing this notice to solicit based on the specified limit price and time of order
Exchange included statements entry. Thereafter, non-displayed portions, if any,
comments on the proposed rule change
concerning the purpose of and basis for always obtain the same time stamp as that of the
from interested persons. new displayed portion in subparagraph 4 above.
the proposed rule change and discussed
The text of the proposed rule change The non-displayed portion of any Reserve Order is
is set forth below. Proposed new any comments it received on the available for execution only after all displayed
language is italicized; deleted text is in proposed rule change. The text of these interest has been executed. The non-displayed
statements may be examined at the portion of any Reserve Order will trade in
[brackets]. accordance with Rule 713(c) and (d) for Priority
places specified in Item IV below. The Customer Orders, and Rule 713(e) and
I. Self-Regulatory Organization’s Exchange has prepared summaries, set Supplementary Material .01, for Professional
Statement of the Terms of Substance of forth in sections A, B, and C below, of Orders. See MRX Rule 715(g).
sradovich on DSK3GMQ082PROD with NOTICES
the Proposed Rule Change the most significant aspects of such
7 A Customer Cross Order is comprised of a
Priority Customer Order to buy and a Priority
The Exchange proposes to amend statements. Customer Order to sell at the same price and for the
MRX Rule 805 to permit Market same quantity. See MRX Rule 715(i).
8 NYSE Arca, Inc. (‘‘NYSE Arca’’) and NYSE
American LLC (‘‘NYSE American’’) do not limit the
12 17 CFR 200.30–3(a)(12). 3 Market Makers refers to ‘‘Competitive Market
types of orders that can be entered by market
1 15 U.S.C. 78s(b)(1). Makers’’ and ‘‘Primary Market Makers’’ collectively. makers. See NYSE Arca Rule 6.37C–O and NYSE
2 17 CFR 240.19b–4. See MRX Rule 100(a)(25). American Rule 925.2NY.
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Document Created: 2018-01-23 01:08:45
Document Modified: 2018-01-23 01:08:45
| 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 3194 |
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