83 FR 47384 - Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Expand the Types of Messages That Users May Submit Into Bulk Order Ports

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 182 (September 19, 2018)

Page Range		47384-47386
FR Document		2018-20307

Federal Register, Volume 83 Issue 182 (Wednesday, September 19, 2018)

[Federal Register Volume 83, Number 182 (Wednesday, September 19, 2018)]
[Notices]
[Pages 47384-47386]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-20307]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84117; File No. SR-C2-2018-019]

Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
To Expand the Types of Messages That Users May Submit Into Bulk Order
Ports

September 13, 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 September 5, 2018, Cboe C2 Exchange, Inc. (``Exchange'' or ``C2'')
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 Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
expand the types of messages that Users may submit into bulk order
ports. The text of the proposed rule change is provided below.

(additions are italicized; deletions are [bracketed])
* * * * *

Cboe C2 Exchange, Inc.

Rules

* * * * *

Rule 1.1. Definitions

* * * * *

Port

The term ``port'' includes the following types of ports:
(a)-(b) No change.
(c) A ``bulk order port'' is a dedicated logical port that provides
Users with the ability to submit single and bulk order messages to
enter, modify, or cancel auction responses or orders designated as Post
Only Orders with a Time-in-Force of Day or GTD with an expiration time
on that trading day.
* * * * *
The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, 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 proposed rule change expands the types of messages that Users
may submit into bulk order ports. A bulk order port is a dedicated
logical port that provides Users with the ability to submit single and
bulk order messages to enter, modify, or cancel orders designated as
Post Only Orders \5\ with a Time-in-Force of DAY \6\ or GTD \7\ with an
expiration time on that trading day. Post Only Orders with a Time-in-
Force of Day or GTD are orders that will be posted to and displayed by
the Exchange, rather than removing liquidity or routing to another
options exchange. The Exchange currently limits the use of bulk order
ports to

[[Page 47385]]

these orders to limit the use of these ports to liquidity provision.
The primary purpose of bulk order ports is to encourage Users, and
Market-Makers in particular, to quote on the Exchange. As a general
matter, however, the overall purpose of bulk order ports is to allow
Users to bundle multiple instructions in a single message and provide
all Users (not just Market-Makers) with an efficient way to provide
liquidity on the Exchange.
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\5\ A ``Post Only'' order is an order the System ranks and
executes pursuant to Rule 6.12, subjects to the Price Adjust process
pursuant to Rule 6.12, or cancels or rejects (including if it is not
subject to the Price Adjust process and locks or cross a Protected
Quotation of another exchange), as applicable (in accordance with
User instructions), except the order may not remove liquidity from
the Book or route away to another exchange. See Rule 1.1 (paragraph
(h) of definition of Order Instruction).
\6\ An order designated as ``Day'' means an order that, if not
executed, expires at market close. See Rule 1.1 (definition of Time-
in-Force).
\7\ An order designated as ``GTD'' means an order that, if after
entry into the System, is not fully executed, remains available for
potential display or execution until a date and time specified by
the entering User unless cancelled by the entering User. See Rule
1.1 (definition of Time-in-Force).
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The proposed rule change permits Users to submit auction responses
into bulk order ports, in addition to Post Only Orders with a Time-in-
Force of Day or GTD with an expiration time on that trading day. The
Exchange currently offers one auction mechanism, the Complex Order
Auction (``COA''), which provides Users with additional execution
opportunities and potential price improvement for their complex
orders.\8\ When the Exchange initiates a COA, it disseminates a message
that contains the relevant information about the auction order.\9\ The
purpose of this message is to encourage Users to provide liquidity
against which the auctioned order may trade. Users submit this
liquidity in the form of auction responses. Like Post Only Orders with
a Time-in-Force of Day or GTD with an expiration time on the applicable
trading day, auction responses will not remove liquidity from the
Exchange order book or route to another options exchange. Auction
responses are similarly available for execution for a limited time
period. Unexecuted auction responses are cancelled at the end of the
auction, and thus do not last beyond the auction to which they were
submitted.\10\ Because the purpose of auction responses is to provide
liquidity, which is the purpose of bulk order ports, the Exchange
believes it is appropriate to permit Users to submit auction responses
into bulk order ports.
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\8\ See Rule 6.13(d). COA auctions eligible complex orders for
execution and potential price improvement.
\9\ See Rule 6.13(d)(1) (the Exchange initiates the COA process
by sending a COA auction message).
\10\ See Rule 6.13(d)(2)(C) and (4)(D).
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Orders submitted to the Exchange through all ports are subject to
various parameters, such as price reasonability checks and volume
restrictions.\11\ These parameters may be configured either by the
Exchange or the Member. Orders are also subject to other validation
checks and processes before execution, entry into the book, or
cancellation. Examples of such validation checks include validating an
order's Capacity, Time-in-Force, Order Instructions, and routing
options. While orders submitted through bulk order ports pass through
these same validation checks and processes, they are not subject to
parameters such as routing options and are restricted to one order
instruction and two Time-in-Force options. As a result, the System can
perform these validation checks with respect to orders submitted
through bulk order ports in a more efficient manner.
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\11\ See, e.g., Rule 6.14 and technical specifications available
at http://markets.cboe.com/us/options/support/technical/.
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Pursuant to Exchange technical specifications \12\ and Fees
Schedule,\13\ the order messages per second that a User may submit
through a non-bulk order port is smaller than the order messages per
second that a User may submit through a bulk order port. The Exchange
understands from certain Trading Permit Holders that they may restrict
the number of auction response messages they submit to avoid having to
obtain additional ports. The Exchange believes permitting Users to
submit auction responses through bulk order ports will encourage Users
to provide increased liquidity to auction mechanisms in a more cost-
efficient manner. While bulk order ports have a higher monthly cost,
the higher order message/second rate may ultimately be more cost-
efficient than a User having to obtain multiple additional non-bulk
ports to accommodate the submission of auction responses. Additionally,
Users that have both bulk and non-bulk order ports would be able to
increase their submission of auction responses without additional
monthly fees.\14\
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\12\ These technical specifications are available at http://markets.cboe.com/us/options/support/technical/.
\13\ See C2 Fees Schedule, Logical Connectivity Fees, available
at http://markets.cboe.com/us/options/membership/fee_schedule/ctwo/.
\14\ The Exchange notes certain Market-Makers currently only
have bulk order ports, and thus are unable to provide liquidity to
auction mechanisms without obtaining additional non-bulk order
ports.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\15\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \16\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and 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. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ Id.
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In particular, the Exchange believes the proposed rule change
protects investors and the public interest because it provides all
Users with an efficient process to enter and update auction responses.
Like quoting, auction responses are a critical form of liquidity on the
Exchange. Auction mechanisms and the execution and price improvement
opportunities they provide are dependent on auction responses submitted
during the auctions. Permitting Users to submit auction responses into
bulk order ports is consistent with the purpose of these ports and have
a similar purpose as the orders that Users are currently permitted to
enter into bulk order ports. The Exchange believes the proposed rule
change may encourage the provision of additional liquidity in auctions,
which will provide additional execution and price improvement
opportunities to auctioned orders, which ultimately benefit investors.

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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe the proposed rule change will impose any burden on intramarket
competition, as the use of bulk order ports and the proposed
functionality is voluntary and available to all Users of the Exchange.
Bulk order entry functionality is available to all Users of the
Exchange, as is the proposed functionality to submit auction responses
into bulk order ports. Users may already submit auction responses to
the Exchange using other types of ports--the proposed rule change
merely provides Users of the Exchange with an additional method to
submit auction responses to the Exchange. The Exchange does not believe
the proposed rule change will have any direct impact on intermarket
competition, as the proposed rule change relates solely to the manner
in

[[Page 47386]]

which Users may submit auction responses into auctions occurring on the
Exchange.

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

The Exchange neither solicited nor received 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 \18\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
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\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 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.
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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 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 should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-C2-2018-019 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-C2-2018-019. 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-C2-2018-019 and should be submitted on
or before October 10, 2018.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-20307 Filed 9-18-18; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 182 / Wednesday, September 19, 2018 / Notices 47385

these orders to limit the use of these Force, Order Instructions, and routing processing information with respect to,
ports to liquidity provision. The options. While orders submitted and facilitating transactions in
primary purpose of bulk order ports is through bulk order ports pass through securities, to remove impediments to
to encourage Users, and Market-Makers these same validation checks and and perfect the mechanism of a free and
in particular, to quote on the Exchange. processes, they are not subject to open market and a national market
As a general matter, however, the parameters such as routing options and system, and, in general, to protect
overall purpose of bulk order ports is to are restricted to one order instruction investors and the public interest.
allow Users to bundle multiple and two Time-in-Force options. As a Additionally, the Exchange believes the
instructions in a single message and result, the System can perform these proposed rule change is consistent with
provide all Users (not just Market- validation checks with respect to orders the Section 6(b)(5) 17 requirement that
Makers) with an efficient way to provide submitted through bulk order ports in a the rules of an exchange not be designed
liquidity on the Exchange. more efficient manner. to permit unfair discrimination between
The proposed rule change permits Pursuant to Exchange technical customers, issuers, brokers, or dealers.
Users to submit auction responses into specifications 12 and Fees Schedule,13 In particular, the Exchange believes
bulk order ports, in addition to Post the order messages per second that a the proposed rule change protects
Only Orders with a Time-in-Force of User may submit through a non-bulk investors and the public interest
Day or GTD with an expiration time on order port is smaller than the order because it provides all Users with an
that trading day. The Exchange messages per second that a User may efficient process to enter and update
currently offers one auction mechanism, submit through a bulk order port. The auction responses. Like quoting, auction
the Complex Order Auction (‘‘COA’’), Exchange understands from certain responses are a critical form of liquidity
which provides Users with additional Trading Permit Holders that they may on the Exchange. Auction mechanisms
execution opportunities and potential restrict the number of auction response and the execution and price
price improvement for their complex messages they submit to avoid having to improvement opportunities they
orders.8 When the Exchange initiates a obtain additional ports. The Exchange provide are dependent on auction
COA, it disseminates a message that believes permitting Users to submit responses submitted during the
contains the relevant information about auction responses through bulk order auctions. Permitting Users to submit
the auction order.9 The purpose of this ports will encourage Users to provide auction responses into bulk order ports
message is to encourage Users to increased liquidity to auction is consistent with the purpose of these
provide liquidity against which the mechanisms in a more cost-efficient ports and have a similar purpose as the
auctioned order may trade. Users submit manner. While bulk order ports have a orders that Users are currently
this liquidity in the form of auction higher monthly cost, the higher order permitted to enter into bulk order ports.
responses. Like Post Only Orders with message/second rate may ultimately be The Exchange believes the proposed
a Time-in-Force of Day or GTD with an more cost-efficient than a User having to rule change may encourage the
expiration time on the applicable obtain multiple additional non-bulk provision of additional liquidity in
trading day, auction responses will not ports to accommodate the submission of auctions, which will provide additional
remove liquidity from the Exchange auction responses. Additionally, Users execution and price improvement
order book or route to another options that have both bulk and non-bulk order opportunities to auctioned orders,
exchange. Auction responses are ports would be able to increase their which ultimately benefit investors.
similarly available for execution for a submission of auction responses
B. Self-Regulatory Organization’s
limited time period. Unexecuted without additional monthly fees.14
Statement on Burden on Competition
auction responses are cancelled at the 2. Statutory Basis
end of the auction, and thus do not last The Exchange does not believe that
beyond the auction to which they were The Exchange believes the proposed the proposed rule change will impose
submitted.10 Because the purpose of rule change is consistent with the any burden on competition that is not
auction responses is to provide Securities Exchange Act of 1934 (the necessary or appropriate in furtherance
liquidity, which is the purpose of bulk ‘‘Act’’) and the rules and regulations of the purposes of the Act. The
order ports, the Exchange believes it is thereunder applicable to the Exchange Exchange does not believe the proposed
appropriate to permit Users to submit and, in particular, the requirements of rule change will impose any burden on
auction responses into bulk order ports. Section 6(b) of the Act.15 Specifically, intramarket competition, as the use of
Orders submitted to the Exchange the Exchange believes the proposed rule bulk order ports and the proposed
through all ports are subject to various change is consistent with the Section functionality is voluntary and available
parameters, such as price reasonability 6(b)(5) 16 requirements that the rules of to all Users of the Exchange. Bulk order
checks and volume restrictions.11 These an exchange be designed to prevent entry functionality is available to all
parameters may be configured either by fraudulent and manipulative acts and Users of the Exchange, as is the
the Exchange or the Member. Orders are practices, to promote just and equitable proposed functionality to submit
also subject to other validation checks principles of trade, to foster cooperation auction responses into bulk order ports.
and processes before execution, entry and coordination with persons engaged Users may already submit auction
into the book, or cancellation. Examples in regulating, clearing, settling, responses to the Exchange using other
of such validation checks include types of ports—the proposed rule
validating an order’s Capacity, Time-in-
12 These technical specifications are available at
change merely provides Users of the
http://markets.cboe.com/us/options/support/ Exchange with an additional method to
technical/.
submit auction responses to the
amozie on DSK3GDR082PROD with NOTICES1

8 See Rule 6.13(d). COA auctions eligible complex 13 See C2 Fees Schedule, Logical Connectivity
orders for execution and potential price Fees, available at http://markets.cboe.com/us/ Exchange. The Exchange does not
improvement. options/membership/fee_schedule/ctwo/. believe the proposed rule change will
9 See Rule 6.13(d)(1) (the Exchange initiates the 14 The Exchange notes certain Market-Makers
have any direct impact on intermarket
COA process by sending a COA auction message). currently only have bulk order ports, and thus are
10 See Rule 6.13(d)(2)(C) and (4)(D). unable to provide liquidity to auction mechanisms
competition, as the proposed rule
11 See, e.g., Rule 6.14 and technical specifications without obtaining additional non-bulk order ports. change relates solely to the manner in
15 15 U.S.C. 78f(b).
available at http://markets.cboe.com/us/options/
support/technical/. 16 15 U.S.C. 78f(b)(5). 17 Id.

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47386 Federal Register / Vol. 83, No. 182 / Wednesday, September 19, 2018 / Notices

which Users may submit auction Paper Comments SECURITIES AND EXCHANGE
responses into auctions occurring on the COMMISSION
Exchange. • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–84113; File No. SR–MRX–
C. Self-Regulatory Organization’s Commission, 100 F Street NE, 2018–27]
Statement on Comments on the Washington, DC 20549–1090.
Proposed Rule Change Received From Self-Regulatory Organizations; Nasdaq
Members, Participants, or Others All submissions should refer to File MRX, LLC; Notice of Filing and
Number SR–C2–2018–019. This file Immediate Effectiveness of Proposed
The Exchange neither solicited nor number should be included on the Rule Change To Relocate the
received comments on the proposed subject line if email is used. To help the Exchange’s Schedule of Fees
rule change. Commission process and review your
comments more efficiently, please use September 13, 2018
III. Date of Effectiveness of the Pursuant to Section 19(b)(1) of the
Proposed Rule Change and Timing for only one method. The Commission will
post all comments on the Commission’s Securities Exchange Act of 1934
Commission Action (‘‘Act’’),1 and Rule 19b–4 thereunder,2
internet website (http://www.sec.gov/
Because the foregoing proposed rule rules/sro.shtml). Copies of the notice is hereby given that on August
change does not: (i) Significantly affect 31, 2018, Nasdaq MRX, LLC (‘‘MRX’’ or
submission, all subsequent
the protection of investors or the public ‘‘Exchange’’) filed with the Securities
amendments, all written statements
interest; (ii) impose any significant and Exchange Commission
with respect to the proposed rule
burden on competition; and (iii) become (‘‘Commission’’) the proposed rule
change that are filed with the change as described in Items I and II
operative for 30 days from the date on Commission, and all written
which it was filed, or such shorter time below, which Items have been prepared
communications relating to the by the Exchange. The Commission is
as the Commission may designate, it has proposed rule change between the
become effective pursuant to Section publishing this notice to solicit
Commission and any person, other than comments on the proposed rule change
19(b)(3)(A)(iii) of the Act 18 and
those that may be withheld from the from interested persons.
subparagraph (f)(6) of Rule 19b–4
public in accordance with the
thereunder.19 I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
At any time within 60 days of the available for website viewing and Statement of the Terms of Substance of
filing of the proposed rule change, the printing in the Commission’s Public the Proposed Rule Change
Commission summarily may Reference Room, 100 F Street NE, The Exchange proposes to (a) relocate
temporarily suspend such rule change if Washington, DC 20549, on official the MRX Schedule of Fees and current
it appears to the Commission that such Rule 209 to the Exchange’s rulebook’s
business days between the hours of
action is necessary or appropriate in the (‘‘Rulebook’’) shell structure,3 and (b)
10:00 a.m. and 3:00 p.m. Copies of the
public interest, for the protection of make conforming cross-reference
filing also will be available for
investors, or otherwise in furtherance of changes throughout the Rulebook.
the purposes of the Act. If the inspection and copying at the principal
office of the Exchange. All comments The text of the proposed rule change
Commission takes such action, the is available on the Exchange’s website at
Commission shall institute proceedings received will be posted without change.
Persons submitting comments are http://nasdaqmrx.cchwallstreet.com/, at
to determine whether the proposed rule the principal office of the Exchange, and
should be approved or disapproved. cautioned that we do not redact or edit
at the Commission’s Public Reference
personal identifying information from
IV. Solicitation of Comments Room.
comment submissions. You should
submit only information that you wish II. Self-Regulatory Organization’s
Interested persons are invited to
to make available publicly. All Statement of the Purpose of, and
submit written data, views, and
submissions should refer to File Statutory Basis for, the Proposed Rule
arguments concerning the foregoing,
Number SR–C2–2018–019 and should Change
including whether the proposed rule
change is consistent with the Act. be submitted on or before October 10, In its filing with the Commission, the
Comments may be submitted by any of 2018. Exchange included statements
the following methods: For the Commission, by the Division of concerning the purpose of and basis for
Trading and Markets, pursuant to delegated the proposed rule change and discussed
Electronic Comments any comments it received on the
authority.20
• Use the Commission’s internet Eduardo A. Aleman, proposed rule change. The text of these
comment form (http://www.sec.gov/ statements may be examined at the
Assistant Secretary.
rules/sro.shtml); or places specified in Item IV below. The
[FR Doc. 2018–20307 Filed 9–18–18; 8:45 am] Exchange has prepared summaries, set
• Send an email to rule-comments@ BILLING CODE 8011–01–P forth in sections A, B, and C below, of
sec.gov. Please include File Number SR–
C2–2018–019 on the subject line. 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
18 15 U.S.C. 78s(b)(3)(A)(iii). 3 In 2017, the Exchange added a shell structure to
amozie on DSK3GDR082PROD with NOTICES1

19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– its Rulebook with the purpose of improving
4(f)(6)(iii) requires a self-regulatory organization to efficiency and readability and to align its rules
give the Commission written notice of its intent to closer to those of its five sister exchanges, The
file the proposed rule change, along with a brief Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq
description and text of the proposed rule change, PHLX LLC; Nasdaq GEMX, LLC; and Nasdaq ISE,
at least five business days prior to the date of filing LLC (‘‘Affiliated Exchanges’’). See Securities
of the proposed rule change, or such shorter time Exchange Act Release No. 82172 (November 29,
as designated by the Commission. The Exchange 2017), 82 FR 57495 (December 5, 2017) (SR–MRX–
has satisfied this requirement. 20 17 CFR 200.30–3(a)(12). 2017–26).

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Document Created: 2018-09-19 02:55:52
Document Modified: 2018-09-19 02:55:52

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 47384