83 FR 50414 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Pricing Schedule Rules
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 194 (October 5, 2018)
Federal Register Volume 83, Issue 194 (October 5, 2018)
| Page Range | 50414-50416 | |
| FR Document | 2018-21681 |
[Federal Register Volume 83, Number 194 (Friday, October 5, 2018)] [Notices] [Pages 50414-50416] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-21681] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84326; File No. SR-BX-2018-046] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Pricing Schedule Rules October 1, 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 17, 2018, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to (a) relocate its current Rule 7000 Series (``Equities Pricing'') and the rules at Chapter XV (``Options Pricing''; together, ``Equities and Options Pricing'') to the Exchange's rulebook's (``Rulebook'') shell structure; \3\ (b) make conforming cross-reference changes throughout the Rulebook; and (c) amend the Equity 4's title in the shell structure. --------------------------------------------------------------------------- \3\ In 2017, the Exchange added a shell structure to its Rulebook with the purpose of improving efficiency and readability and to align its rules closer to those of its five sister exchanges, The Nasdaq Stock Market LLC; Nasdaq PHLX LLC; Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges''). See Securities Exchange Act Release No. 82174 (November 29, 2017), 82 FR 57492 (December 5, 2017) (SR-BX-2017-054). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.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 (a) relocate the Equities and Options Pricing rules, currently under the Equities Rule 7000 Series and Options Chapter XV, into the Rulebook's shell structure, respectively, under Equity 7 and Options 7 (both named ``Pricing Schedule''); (b) make conforming cross-reference changes throughout the Rulebook; and (c) amend the Equity 4's title, ``Equity Listing Rules,'' in the shell structure, as detailed below. (a) Relocation of the Pricing Rules The Exchange, as part of its continued effort to promote efficiency and the conformity of its processes with those of the Affiliated Exchanges,\4\ and the goal of harmonizing and uniformizing its rules, proposes to relocate the Equities Pricing rules, currently under the Rule 7000 Series, into Equity 7, Pricing Schedule, of the shell structure. Specifically, the Exchange will add the word ``Section'' and renumber the Equities Pricing rules as detailed in the table below: --------------------------------------------------------------------------- \4\ See footnote 3. ------------------------------------------------------------------------ Rule 7000 Series Equity 7 ------------------------------------------------------------------------ 7000.................................... Section 1. 7001.................................... Section 10. 7002.................................... Section 20. 7003.................................... Section 30. 7010.................................... Section 100. 7011.................................... Section 111. 7012.................................... Section 112. 7013.................................... Section 113. 7014.................................... Section 114. 7015.................................... Section 115. 7016.................................... Section 116. 7017.................................... Section 117. 7018.................................... Section 118. 7019.................................... Section 119. 7020.................................... Section 120. 7021.................................... Section 121. 7022.................................... Section 122. 7023.................................... Section 123. 7024.................................... Section 124. 7025.................................... Section 125. 7026.................................... Section 126. 7027.................................... Section 127. 7028.................................... Section 128. 7029.................................... Section 129. 7030.................................... Section 130. 7031.................................... Section 131. 7032.................................... Section 132. 7033.................................... Section 133. 7034.................................... Section 134. 7035.................................... Section 135. 7039.................................... Section 139. 7047.................................... Section 147. 7051.................................... Section 151. 7055.................................... Section 155. 7058.................................... Section 158. ------------------------------------------------------------------------ The Exchange will also relocate the Options Pricing rules, currently under Chapter XV, into Options 7, Pricing Schedule, of the shell structure. No renumbering of the Options Pricing Schedule will be necessary other than replacing the abbreviated word ``Sec.'' with the full word ``Section.'' The Exchange believes that the relocation of the Equities and Options Pricing rules will facilitate the use of the Rulebook by Members \5\ of the Exchange, including those who are members of other Affiliated Exchanges, and other market participants. Moreover, the proposed changes are of a non-substantive nature and they will not amend the relocated rules, other than to update their numbers as detailed above. --------------------------------------------------------------------------- \5\ Exchange Rule 0120(i). --------------------------------------------------------------------------- [[Page 50415]] (b) Cross-Reference Updates In connection with the changes described above, the Exchange proposes to update all cross-references in the Rulebook that direct the reader to the current placement of the Equities and Options Pricing rules and/or any of their subsections. Furthermore, the Exchange notes that the proposed amendments include cross-reference updates to the Connectivity rules under General 8, Section 1.\6\ Moreover, for consistency with the current title of General 8, Section 2 (``Direct Connectivity''), the Exchange proposes to update the description provided under Rule 7011(a) (to be relocated under Equity 7, Section 111(a)) by removing the text ``to BX''. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 83535 (June 28, 2018), 83 FR 31241 (July 3, 2018) (SR-BX-2018-024). --------------------------------------------------------------------------- (c) Amendment of the Equity 4's Title Finally, the Exchange will amend Equity 4's title in the shell structure, currently ``Equity Listing Rules,'' and replace it with the word ``Reserved,'' since no rules will be placed in this section of the shell structure. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) 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 remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by promoting efficiency and structural conformity of the Exchange's processes with those of the Affiliated Exchanges and to make the Exchange's Rulebook easier to read and more accessible to its Members and market participants. The Exchange believes that the relocation of the Equities and Options Pricing rules, cross-reference updates, and the amendment to the Equity 4's title are of a non-substantive nature. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \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 impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes do not impose a burden on competition because, as previously stated, they (i) are of a non-substantive nature, (ii) are intended to harmonize the structure of the Exchange's rules with those of its Affiliated Exchanges, and (iii) are intended to organize the Rulebook in a way that it will ease the Members' and market participants' navigation and reading of the rules. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b- 4(f)(6) thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \11\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposed rule change may become operative upon filing. Waiver of the operative delay would allow the Exchange to promptly relocate the Pricing Schedule rules and continue to reorganize its Rulebook to promote efficiency and structural consistency between the Exchange's rules and those of the Affiliated Exchanges. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\13\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of 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 change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BX-2018-046 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-BX-2018-046. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for [[Page 50416]] 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-BX-2018-046 and should be submitted on or before October 26, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-21681 Filed 10-4-18; 8:45 am] BILLING CODE 8011-01-P
![50414 Federal Register / Vol. 83, No. 194 / Friday, October 5, 2018 / Notices
will be webcast. The agenda and I. Self-Regulatory Organization’s the Affiliated Exchanges,4 and the goal
information about how to join the Statement of the Terms of Substance of of harmonizing and uniformizing its
webcast will be available the week of the Proposed Rule Change rules, proposes to relocate the Equities
the event at: https://www.nitrd.gov/ The Exchange proposes to (a) relocate Pricing rules, currently under the Rule
nitrdgroups/index.php?title=HPC-BD- its current Rule 7000 Series (‘‘Equities 7000 Series, into Equity 7, Pricing
Convergence. Pricing’’) and the rules at Chapter XV Schedule, of the shell structure.
(‘‘Options Pricing’’; together, ‘‘Equities Specifically, the Exchange will add the
Workshop Goals: HEC and BD
and Options Pricing’’) to the Exchange’s word ‘‘Section’’ and renumber the
members will use information gathered
rulebook’s (‘‘Rulebook’’) shell Equities Pricing rules as detailed in the
from this workshop to inform their
structure; 3 (b) make conforming cross- table below:
agency-specific research agendas.
reference changes throughout the
Workshop Objectives: Identify and Rulebook; and (c) amend the Equity 4’s Rule 7000 Series Equity 7
discuss: use cases and applications from title in the shell structure.
a variety of domains; current activities 7000 ..................................... Section 1.
The text of the proposed rule change 7001 ..................................... Section 10.
to address the convergence challenge is available on the Exchange’s website at 7002 ..................................... Section 20.
and the research and technologies that http://nasdaqbx.cchwallstreet.com/, at 7003 ..................................... Section 30.
are still needed; strategies for combining the principal office of the Exchange, and 7010 ..................................... Section 100.
the HPC, BD, and ML software and at the Commission’s Public Reference 7011 ..................................... Section 111.
hardware ecosystems; strategies for Room. 7012 ..................................... Section 112.
combining the ‘‘people culture’’ of HPC, 7013 ..................................... Section 113.
II. Self-Regulatory Organization’s 7014 ..................................... Section 114.
BD, and ML; and different modes of
Statement of the Purpose of, and 7015 ..................................... Section 115.
operation.
Statutory Basis for, the Proposed Rule 7016 ..................................... Section 116.
Submitted by the National Science Change 7017 ..................................... Section 117.
Foundation in support of the In its filing with the Commission, the 7018 ..................................... Section 118.
Networking and Information Exchange included statements
7019 ..................................... Section 119.
Technology Research and Development 7020 ..................................... Section 120.
concerning the purpose of and basis for 7021 ..................................... Section 121.
(NITRD) National Coordination Office the proposed rule change and discussed 7022 ..................................... Section 122.
(NCO) on October 2, 2018. any comments it received on the 7023 ..................................... Section 123.
Suzanne H. Plimpton, proposed rule change. The text of these 7024 ..................................... Section 124.
Reports Clearance Officer, National Science
statements may be examined at the 7025 ..................................... Section 125.
places specified in Item IV below. The 7026 ..................................... Section 126.
Foundation.
Exchange has prepared summaries, set 7027 ..................................... Section 127.
[FR Doc. 2018–21720 Filed 10–4–18; 8:45 am] 7028 ..................................... Section 128.
forth in sections A, B, and C below, of
BILLING CODE 7555–01–P
the most significant aspects of such 7029 ..................................... Section 129.
7030 ..................................... Section 130.
statements. 7031 ..................................... Section 131.
A. Self-Regulatory Organization’s 7032 ..................................... Section 132.
SECURITIES AND EXCHANGE Statement of the Purpose of, and 7033 ..................................... Section 133.
Statutory Basis for, the Proposed Rule 7034 ..................................... Section 134.
COMMISSION 7035 ..................................... Section 135.
Change
7039 ..................................... Section 139.
[Release No. 34–84326; File No. SR–BX– 1. Purpose 7047 ..................................... Section 147.
2018–046] 7051 ..................................... Section 151.
The Exchange proposes to (a) relocate 7055 ..................................... Section 155.
the Equities and Options Pricing rules, 7058 ..................................... Section 158.
Self-Regulatory Organizations; Nasdaq
currently under the Equities Rule 7000
BX, Inc.; Notice of Filing and
Series and Options Chapter XV, into the
Immediate Effectiveness of Proposed The Exchange will also relocate the
Rulebook’s shell structure, respectively,
Rule Change To Relocate the Pricing under Equity 7 and Options 7 (both Options Pricing rules, currently under
Schedule Rules named ‘‘Pricing Schedule’’); (b) make Chapter XV, into Options 7, Pricing
conforming cross-reference changes Schedule, of the shell structure. No
October 1, 2018. renumbering of the Options Pricing
throughout the Rulebook; and (c) amend
Pursuant to Section 19(b)(1) of the the Equity 4’s title, ‘‘Equity Listing Schedule will be necessary other than
Securities Exchange Act of 1934 Rules,’’ in the shell structure, as replacing the abbreviated word ‘‘Sec.’’
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 detailed below. with the full word ‘‘Section.’’
notice is hereby given that on The Exchange believes that the
September 17, 2018, Nasdaq BX, Inc. (a) Relocation of the Pricing Rules relocation of the Equities and Options
(‘‘BX’’ or ‘‘Exchange’’) filed with the The Exchange, as part of its continued Pricing rules will facilitate the use of the
Securities and Exchange Commission effort to promote efficiency and the Rulebook by Members 5 of the Exchange,
(‘‘Commission’’) the proposed rule conformity of its processes with those of including those who are members of
change as described in Items I and II other Affiliated Exchanges, and other
below, which Items have been prepared 3 In 2017, the Exchange added a shell structure to
market participants. Moreover, the
daltland on DSKBBV9HB2PROD with NOTICES
by the Exchange. The Commission is its Rulebook with the purpose of improving
efficiency and readability and to align its rules
proposed changes are of a non-
publishing this notice to solicit closer to those of its five sister exchanges, The substantive nature and they will not
comments on the proposed rule change Nasdaq Stock Market LLC; Nasdaq PHLX LLC; amend the relocated rules, other than to
from interested persons. Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq update their numbers as detailed above.
MRX, LLC (‘‘Affiliated Exchanges’’). See Securities
Exchange Act Release No. 82174 (November 29,
1 15 U.S.C. 78s(b)(1). 4 See footnote 3.
2017), 82 FR 57492 (December 5, 2017) (SR–BX–
2 17 CFR 240.19b–4. 2017–054). 5 Exchange Rule 0120(i).
VerDate Sep<11>2014 17:11 Oct 04, 2018 Jkt 247001 PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 E:\FR\FM\05OCN1.SGM 05OCN1](https://thefederalregister.org/doc/83_FR_50608/page/1.svg)
![50416 Federal Register / Vol. 83, No. 194 / Friday, October 5, 2018 / Notices
inspection and copying at the principal I. Self-Regulatory Organization’s of the proposed MDO, EDGA’s MDO,
office of the Exchange. All comments Statement of the Terms of Substance of NYSE Arca’s Discretionary Pegged
received will be posted without change. the Proposed Rule Change Order, and IEX’s Discretionary Peg
Persons submitting comments are The Exchange is proposing to adopt a Order would be the same—being pegged
cautioned that we do not redact or edit new order type called the MidPoint to the NBBO, as applicable, with
personal identifying information from Discretionary Order (‘‘MDO’’) under discretion to execute to the midpoint of
comment submissions. You should the NBBO.
paragraph (g) of Exchange Rule 11.8 and
submit only information that you wish Proposed Operation. An MDO would
to amend the definition of the Super
to make available publicly. All be defined as a Limit Order 7 that is
Aggressive instruction under paragraph executable at the National Best Bid
submissions should refer to File (n)(2) of Exchange Rule 11.6.
Number SR–BX–2018–046 and should (‘‘NBB’’) for an order to buy or the
The text of the proposed rule change National Best Offer (‘‘NBO’’) for an
be submitted on or before October 26, is available at the Exchange’s website at
2018. order to sell while resting on the EDGX
www.markets.cboe.com, at the principal Book,8 with discretion to execute at
For the Commission, by the Division of office of the Exchange, and at the prices to and including the midpoint of
Trading and Markets, pursuant to delegated Commission’s Public Reference Room. the NBBO. Upon entry, an MDO will
authority.14 only execute against resting orders that
II. Self-Regulatory Organization’s
Eduardo A. Aleman, Statement of the Purpose of, and include a Super Aggressive instruction 9
Assistant Secretary. Statutory Basis for, the Proposed Rule priced at the MDO’s pegged price if the
[FR Doc. 2018–21681 Filed 10–4–18; 8:45 am] Change MDO also contains a Displayed
instruction 10 and against orders with a
BILLING CODE 8011–01–P In its filing with the Commission, the Non-Displayed Swap (‘‘NDS’’)
Exchange included statements instruction 11 priced at the MDO’s
concerning the purpose of and basis for pegged price or within its discretionary
SECURITIES AND EXCHANGE the proposed rule change and discussed
COMMISSION range. As a result, an MDO will not act
any comments it received on the as a liquidity remover upon entry
proposed rule change. The text of these against resting orders at its pegged price
[Release No. 34–84327; File No. SR– statements may be examined at the or at any price within its discretionary
CboeEDGX–2018–041] places specified in Item IV below. The range. Should a resting contra-side order
Exchange has prepared summaries, set within the MDO’s discretionary range
Self-Regulatory Organizations; Cboe forth in Sections A, B, and C below, of not include an NDS instruction, the
EDGX Exchange, Inc.; Notice of Filing the most significant parts of such incoming MDO will be placed on the
and Immediate Effectiveness of a statements. EDGX Book and its discretionary range
Proposed Rule Change To Adopt a
A. Self-Regulatory Organization’s shortened to equal the limit price of the
New Order Type Called the MidPoint contra-side resting order. Likewise,
Discretionary Order (‘‘MDO’’) Under Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule where an incoming order with a Post
Paragraph (g) of Exchange Rule 11.8 Only instruction 12 does not remove
and To Amend the Definition of the Change
Super Aggressive Instruction Under 1. Purpose may be pegged to the inside quote on the same side
Paragraph (n)(2) of Exchange Rule 11.6 of the market with discretion to the midpoint of the
The Exchange proposes to adopt a NBBO, i.e., Discretionary Peg orders). See also
October 1, 2018. new order type known as the MDO Securities Exchange Act Release No. 78101 (June
under new paragraph (g) of Exchange 17, 2016), 81 FR 41141 (June 23, 2016) (order
Pursuant to Section 19(b)(1) of the Rule 11.8 and to amend the definition approving the IEX exchange application, which
Securities Exchange Act of 1934 (the of the Super Aggressive instruction
included IEX’s Discretionary Peg Orders and
Discretionary Peg Order).
‘‘Act’’),1 and Rule 19b–4 thereunder,2 under paragraph (n)(2) of Exchange Rule 7 See Exchange Rule 11.8(b). In sum, a Limit
notice is hereby given that on 11.6. Order is an order to buy or sell a stated amount of
September 19, 2018, Cboe EDGX a security at a specified price or better.
Exchange, Inc. (the ‘‘Exchange’’ or Proposed MDOs on EDGX 8 See Exchange Rule 1.5(d).
9 See Exchange Rule 11.6(n)(2).
‘‘EDGX’’) filed with the Securities and MDOs are designed to exercise 10 Pursuant to the terms of the Super Aggressive
Exchange Commission (‘‘Commission’’) discretion to execute to the midpoint of instruction, such orders execute against incoming
the proposed rule change as described the NBBO and provide price orders with a Post Only instruction only when such
in Items I and II below, which Items improvement to contra-side orders over orders also contain a Displayed instruction. See
have been prepared by the Exchange. Exchange Rule 11.6(n)(7). As noted below, the
the NBBO. The proposed MDO would Exchange also proposes to amend the definition of
The Exchange has designated this function similarly to the MDO offered the Super Aggressive instruction to reflect the
proposal as a ‘‘non-controversial’’ by EDGA,5 but would also include addition of the MDO order type. Further, although
proposed rule change pursuant to certain aspects that mirror functionality an order with a Super Aggressive instruction resting
Section 19(b)(3)(A) of the Act 3 and Rule at the pegged price of an MDO should be a rare
currently available through the occurrence, because orders with a Super Aggressive
19b–4(f)(6)(iii) thereunder,4 which Discretionary Pegged Order and MPL– instruction route to locking or crossing quotes at
renders it effective upon filing with the ALO Order offered by NYSE Arca, as away Trading Centers and an MDO is pegged to the
Commission. The Commission is well as the Discretionary Peg Order NBBO (i.e., the locking price), it is possible to have
an order with a Super Aggressive instruction at
publishing this notice to solicit offered by IEX.6 The core functionality such price based on the Exchange’s matching and
comments on the proposed rule change
daltland on DSKBBV9HB2PROD with NOTICES
routing logic as well as the Exchange’s calculation
from interested persons. 5 See EDGA Rule 11.8(e). of the NBBO and processing of quote updates. See,
6 See NYSE Arca Rule 7.31–E(h)(3) (defining the e.g., Securities Exchange Act Release No. 74072
Discretionary Pegged Order). See also Securities (January 15, 2015), 80 FR 3282 (January 22, 2015)
14 17 CFR 200.30–3(a)(12).
Exchange Act Release No. 78181 (June 28, 2016), 81 (SR–EDGX–2015–02) (describing the Exchange’s
1 15 U.S.C. 78s(b)(1). FR 43297 (July 1, 2016) (order approving the calculation of the NBBO, including router feedback
2 17 CFR 240.19b–4. and other details).
Discretionary Pegged Order). See NYSE Arca Rule
3 15 U.S.C. 78s(b)(3)(A). 11 See Exchange Rule 11.6(n)(7).
7.31–E(d)(3)(F). See IEX Rule 11.190(a)(3) (defining
4 17 CFR 240.19b–4(f)(6)(iii). Pegged Orders and a non-displayed order which 12 See Exchange Rule 11.6(n)(4).
VerDate Sep<11>2014 17:11 Oct 04, 2018 Jkt 247001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\05OCN1.SGM 05OCN1](https://thefederalregister.org/doc/83_FR_50608/page/3.svg)
Document Created: 2018-10-05 01:53:19
Document Modified: 2018-10-05 01:53:19
| 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 50414 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR