83 FR 50425 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the Minimum Quantity Order Attribute

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 194 (October 5, 2018)

Page Range		50425-50427
FR Document		2018-21679

Federal Register, Volume 83 Issue 194 (Friday, October 5, 2018)

[Federal Register Volume 83, Number 194 (Friday, October 5, 2018)]
[Notices]
[Pages 50425-50427]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-21679]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84328; File No. SR-NASDAQ-2018-077]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
the Minimum Quantity Order Attribute

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 19, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to specify that an Order with a Minimum
Quantity Order Attribute is ineligible to participate in the Nasdaq
Opening, Halt or Closing Crosses and is not included in the calculation
of the Cross price.
The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.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 is proposing to specify that an Order \3\ with a
Minimum Quantity Order Attribute \4\ is ineligible to participate in
the Nasdaq Opening,\5\ Halt \6\ or Closing \7\ Crosses (collectively,
the ``Nasdaq Crosses'') and is not included in the calculation of the
Cross price. Minimum Quantity is an Order Attribute that allows a
Participant to provide that an Order will not execute unless a
specified minimum quantity of shares can be obtained. In 2011, the
Exchange amended its rules concerning the Minimum Quantity Order
Attribute to remove a restriction from the rule, which only allowed
Orders with a Minimum Quantity Order Attribute to immediately
execute.\8\ Thus, the proposed change allowed an Order with a Minimum
Quantity Order Attribute to post to the Nasdaq Book \9\ if it is not
able to execute immediately and, once posted to the Nasdaq Book, the
Order would execute if an incoming Order that is marketable against it
would satisfy its minimum quantity requirement.\10\ In proposing the
new Order Attribute, the Exchange did not address participation of the
Order Attribute in the Nasdaq Crosses; however, it never intended for
Orders with a Minimum Quantity Order Attribute to participate in any of
the Nasdaq Crosses. The Minimum Quantity Order Attribute allows market
participants avoid transacting with smaller Orders that they believe

[[Page 50426]]

ultimately increase the cost of the transaction. In particular, if a
market participant that seeks to execute a large number of shares is
able to execute in larger sizes, the contra-party to the execution is
less likely to be a participant that reacts to short term changes in
the stock price. As such, the price impact to the stock could be less
acute when larger individual executions are obtained by the market
participant. The Minimum Quantity Order Attribute is also designed to
give a participant flexibility in whether its Order will receive
partial executions in a volatile market. Because the Nasdaq Crosses
offer a controlled price discovery process, flexibility and avoidance
of small-sized executions is not required. In proposing the Minimum
Quantity Order Attribute amendments in 2011, Nasdaq stated:

\3\ The term ``Order'' means an instruction to trade a specified
number of shares in a specified System Security submitted to the
Nasdaq Market Center by a Participant. An ``Order Type'' is a
standardized set of instructions associated with an Order that
define how it will behave with respect to pricing, execution, and/or
posting to the Nasdaq Book when submitted to Nasdaq. An ``Order
Attribute'' is a further set of variable instructions that may be
associated with an Order to further define how it will behave with
respect to pricing, execution, and/or posting to the Nasdaq Book
when submitted to Nasdaq. The available Order Types and Order
Attributes, and the Order Attributes that may be associated with
particular Order Types, are described in Rules 4702 and 4703. One or
more Order Attributes may be assigned to a single Order; provided,
however, that if the use of multiple Order Attributes would provide
contradictory instructions to an Order, the System will reject the
Order or remove non-conforming Order Attributes. See Rule 4701(e).
\4\ Id.
\5\ See Rule 4752.
\6\ See Rule 4753.
\7\ See Rule 4754.
\8\ See Securities Exchange Act Release No. 65536 (October 12,
2011), 76 FR 64411 (October 18, 2011) (SR-NASDAQ-2011-140).
\9\ See Rule 4701(a)(1).
\10\ See note 8, supra.

A Minimum Quantity Order provides a means by which a market
participant may avoid partial executions of orders at sizes that it
considers inadequate to achieve its purposes. For example, a market
participant seeking to sell a large position in a trading session
with high volatility may use the order type to avoid selling only a
small portion of the order at the price it considers acceptable.\11\
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\11\ See note 8, supra at 64412.

Consequently, use of the Minimum Quantity Order Attribute outside of
the continuous market is inconsistent with the purpose of this Order
Attribute. Upon adoption of the Minimum Quantity Order Attribute
amendments in 2011, the Exchange also clearly notified market
participants via an Equity Trader Alert that Orders with a Minimum
Quantity Order Attribute are ineligible to participate in the Nasdaq
Crosses.\12\
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\12\ Specifically, the Exchange provided a series of FAQ's,
which included the following: ``Can orders with Minimum Quantity
instructions participate in auctions (i.e. open, halt, close)? No,
orders with MinQty instructions will not participate in auctions
(i.e. open, halt, close).'' See Nasdaq Equity Trader Alert #2011-51
(available at: http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2011-51).
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In light of this ambiguity in the Rules,\13\ the Exchange is
proposing to specify that an Order with a Minimum Quantity Order
Attribute is ineligible to participate in the Nasdaq Opening, Halt or
Closing Crosses and is not included in the calculation of the Cross
price.\14\
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\13\ Notwithstanding the ambiguity in the Rules, no market
participant has requested participation of their Orders with a
Minimum Quantity Order Attribute in any of the Nasdaq Crosses.
\14\ The Exchange notes that it recently identified an issue
with the handling of Orders with a Minimum Quantity Order Attribute,
which allowed such Orders to participate in the Crosses but they
were not included in the calculation of the Cross price. See Nasdaq
Market System Status Alert, August 24, 2018 and August 30, 2018
(available at: http://www.nasdaqtrader.com/Trader.aspx?id=MarketSystemStatusSearch). The Exchange further notes
that neither the Rules concerning the Nasdaq Crosses nor the Minimum
Quantity Rule addressed participation of Minimum Quantity Orders in
the Nasdaq Crosses. To make the treatment consistent with the
Exchange's original intent when implementing the new Order
Attribute, the Exchange has determined to exclude Orders with a
Minimum Quantity Order Attribute from both the calculation of the
Cross price (which is currently the case) and possible execution in
the Nasdaq Crosses. The Exchange is correcting the issue concurrent
with the implementation of this proposed rule change.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\15\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\16\ 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 specifying in its rules that an Order with a Minimum
Quantity Order Attribute may not participate in the Nasdaq Crosses and
is not included in the calculation of the Cross price. As described
above, the Minimum Quantity Order Attribute allows market participants
to avoid transacting with smaller Orders that they believe ultimately
increase the cost of the transaction, particularly if they have a large
number of shares to be executed. As such, the price impact to the stock
could be less acute when larger individual executions are obtained by
the market participant. The Minimum Quantity Order Attribute is also
designed to give a participant flexibility in whether its Order will
receive partial executions in a volatile market. Because the Nasdaq
Crosses offer a controlled price discovery process, flexibility and
avoidance of small-sized executions is not required. The Exchange notes
that no market participant has requested participation of their Orders
with a Minimum Quantity Order Attribute in any of the Nasdaq Crosses.
The proposed change will further perfect the Exchange's rules and
protect investors and the public interest by avoiding any confusion
caused by vague rules. Adding specificity to the rules with respect to
Orders with a Minimum Quantity Order Attribute will ensure that the
rule concerning this Order Attribute is consistent with the Exchange's
intent upon its adoption.\17\
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ See note 12, supra.
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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. Rather, the proposed rule
change makes the Exchange's rules more specific by explicitly stating
that an Order with a Minimum Quantity Order Attribute is ineligible to
participate in the Nasdaq Opening, Halt or Closing Crosses and is not
included in the calculation of the Cross price, which will enhance
market participants' understanding of the operation of Orders with a
Minimum Quantity Order Attribute in the Nasdaq Crosses. Moreover, the
proposed change is consistent with the intent of the Order Attribute.
As described above, the Minimum Quantity Order Attribute is designed to
help market participants reduce costs of executing large-sized Orders,
which otherwise may execute in many small transactions, each
potentially increasing the price of the transaction. The Nasdaq Crosses
provide a controlled price discovery process, in which the control and
flexibility of the Minimum Quantity Order Attribute is not needed. The
Exchange notes that no market participant has requested participation
of the Minimum Quantity Order Attribute in any of the Nasdaq Crosses.
Accordingly, the proposed rule change does not implicate competition
whatsoever.

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 \18\ and Rule 19b-
4(f)(6) thereunder.\19\
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\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 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.

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[[Page 50427]]

A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \20\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \21\ 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 amend its
rule to exclude Orders with a Minimum Quantity Order Attribute from the
Nasdaq Crosses and Cross price calculations,\22\ and promptly implement
system changes in accordance with the rule. 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.\23\
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\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
\22\ According to the Exchange, no market participant has
requested participation of the Minimum Quantity Order Attribute in
any of the Nasdaq Crosses.
\23\ 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).
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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 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 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-NASDAQ-2018-077 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-NASDAQ-2018-077. 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-NASDAQ-2018-077, and should be submitted
on or before October 26, 2018.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-21679 Filed 10-4-18; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 194 / Friday, October 5, 2018 / Notices 50425

Comments may be submitted by any of SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the following methods: COMMISSION Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Electronic Comments Change
[Release No. 34–84328; File No. SR–
• Use the Commission’s internet NASDAQ–2018–077] 1. Purpose
comment form (http://www.sec.gov/
The Exchange is proposing to specify
rules/sro.shtml); or Self-Regulatory Organizations; The
that an Order 3 with a Minimum
• Send an email to rule-comments@ Nasdaq Stock Market LLC; Notice of
Quantity Order Attribute 4 is ineligible
sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of to participate in the Nasdaq Opening,5
BOX–2018–33 on the subject line. Proposed Rule Change to the Minimum Halt 6 or Closing 7 Crosses (collectively,
Quantity Order Attribute the ‘‘Nasdaq Crosses’’) and is not
Paper Comments
October 1, 2018. included in the calculation of the Cross
• Send paper comments in triplicate price. Minimum Quantity is an Order
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the Attribute that allows a Participant to
Commission, 100 F Street NE, Securities Exchange Act of 1934 provide that an Order will not execute
Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 unless a specified minimum quantity of
notice is hereby given that on shares can be obtained. In 2011, the
All submissions should refer to File September 19, 2018, The Nasdaq Stock Exchange amended its rules concerning
Number SR–BOX–2018–33. This file Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) the Minimum Quantity Order Attribute
number should be included on the filed with the Securities and Exchange to remove a restriction from the rule,
subject line if email is used. To help the Commission (‘‘Commission’’) the which only allowed Orders with a
Commission process and review your Minimum Quantity Order Attribute to
proposed rule change as described in
comments more efficiently, please use immediately execute.8 Thus, the
Items I and II below, which Items have
only one method. The Commission will proposed change allowed an Order with
been prepared by the Exchange. The
post all comments on the Commission’s a Minimum Quantity Order Attribute to
internet website (http://www.sec.gov/ Commission is publishing this notice to
solicit comments on the proposed rule post to the Nasdaq Book 9 if it is not able
rules/sro.shtml). Copies of the to execute immediately and, once
submission, all subsequent change from interested persons.
posted to the Nasdaq Book, the Order
amendments, all written statements I. Self-Regulatory Organization’s would execute if an incoming Order that
with respect to the proposed rule Statement of the Terms of Substance of is marketable against it would satisfy its
change that are filed with the the Proposed Rule Change minimum quantity requirement.10 In
Commission, and all written proposing the new Order Attribute, the
communications relating to the The Exchange proposes to specify that Exchange did not address participation
proposed rule change between the an Order with a Minimum Quantity of the Order Attribute in the Nasdaq
Commission and any person, other than Order Attribute is ineligible to Crosses; however, it never intended for
those that may be withheld from the participate in the Nasdaq Opening, Halt Orders with a Minimum Quantity Order
public in accordance with the or Closing Crosses and is not included Attribute to participate in any of the
provisions of 5 U.S.C. 552, will be in the calculation of the Cross price. Nasdaq Crosses. The Minimum Quantity
available for website viewing and Order Attribute allows market
printing in the Commission’s Public The text of the proposed rule change
is available on the Exchange’s website at participants avoid transacting with
Reference Room, 100 F Street NE, smaller Orders that they believe
Washington, DC 20549 on official http://nasdaq.cchwallstreet.com, at the
business days between the hours of principal office of the Exchange, and at 3 The term ‘‘Order’’ means an instruction to trade

10:00 a.m. and 3:00 p.m. Copies of such the Commission’s Public Reference a specified number of shares in a specified System
filing also will be available for Room. Security submitted to the Nasdaq Market Center by
a Participant. An ‘‘Order Type’’ is a standardized
inspection and copying at the principal II. Self-Regulatory Organization’s set of instructions associated with an Order that
office of the Exchange. All comments Statement of the Purpose of, and define how it will behave with respect to pricing,
received will be posted without change. Statutory Basis for, the Proposed Rule
execution, and/or posting to the Nasdaq Book when
Persons submitting comments are submitted to Nasdaq. An ‘‘Order Attribute’’ is a
Change further set of variable instructions that may be
cautioned that we do not redact or edit associated with an Order to further define how it
personal identifying information from In its filing with the Commission, the will behave with respect to pricing, execution, and/
comment submissions. You should Exchange included statements or posting to the Nasdaq Book when submitted to
submit only information that you wish Nasdaq. The available Order Types and Order
concerning the purpose of and basis for Attributes, and the Order Attributes that may be
to make available publicly. All the proposed rule change and discussed associated with particular Order Types, are
submissions should refer to File any comments it received on the described in Rules 4702 and 4703. One or more
Number SR–BOX–2018–33, and should proposed rule change. The text of these
Order Attributes may be assigned to a single Order;
be submitted on or before October 26, provided, however, that if the use of multiple Order
statements may be examined at the Attributes would provide contradictory instructions
2018.
places specified in Item IV below. The to an Order, the System will reject the Order or
For the Commission, by the Division of remove non-conforming Order Attributes. See Rule
Exchange has prepared summaries, set 4701(e).
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of 4 Id.
authority.11
daltland on DSKBBV9HB2PROD with NOTICES

the most significant aspects of such 5 See Rule 4752.
Eduardo A. Aleman, statements. 6 See Rule 4753.

Assistant Secretary. 7 See Rule 4754.
8 See Securities Exchange Act Release No. 65536
[FR Doc. 2018–21683 Filed 10–4–18; 8:45 am]
(October 12, 2011), 76 FR 64411 (October 18, 2011)
BILLING CODE 8011–01–P (SR–NASDAQ–2011–140).
1 15 U.S.C. 78s(b)(1). 9 See Rule 4701(a)(1).
11 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 10 See note 8, supra.

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Federal Register / Vol. 83, No. 194 / Friday, October 5, 2018 / Notices 50427

A proposed rule change filed Paper Comments SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the COMMISSION
Act 20 normally does not become • Send paper comments in triplicate
operative for 30 days after the date of its to Secretary, Securities and Exchange [Release No. 34–84330; File No. SR–NYSE–
filing. However, Rule 19b–4(f)(6)(iii) 21 Commission, 100 F Street NE, 2018–43]
permits the Commission to designate a Washington, DC 20549–1090.
shorter time if such action is consistent Self-Regulatory Organizations; New
All submissions should refer to File York Stock Exchange LLC; Notice of
with the protection of investors and the
Number SR–NASDAQ–2018–077. This Filing and Immediate Effectiveness of
public interest. The Exchange has
file number should be included on the Proposed Rule Change To Amend Rule
requested that the Commission waive
the 30-day operative delay so that the subject line if email is used. To help the 67 To Specify That D-Quote
proposed rule change may become Commission process and review your Functionality Under Rule 67(f)(5) Will
operative upon filing. Waiver of the comments more efficiently, please use Continue To Be in Effect Until Six
operative delay would allow the only one method. The Commission will Months After the End of the Pilot
Exchange to promptly amend its rule to post all comments on the Commission’s Period
exclude Orders with a Minimum internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the October 1, 2018.
Quantity Order Attribute from the
Nasdaq Crosses and Cross price submission, all subsequent Pursuant to Section 19(b)(1) 1 of the
calculations,22 and promptly implement amendments, all written statements Securities Exchange Act of 1934 (the
system changes in accordance with the with respect to the proposed rule ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
rule. The Commission believes that change that are filed with the notice is hereby given that on
waiver of the 30-day operative delay is Commission, and all written September 24, 2018, New York Stock
consistent with the protection of Exchange LLC (‘‘NYSE’’ or the
communications relating to the
investors and the public interest. ‘‘Exchange’’) filed with the Securities
proposed rule change between the
Accordingly, the Commission hereby and Exchange Commission (the
Commission and any person, other than
waives the operative delay and ‘‘Commission’’) the proposed rule
those that may be withheld from the change as described in Items I, II, and
designates the proposed rule change public in accordance with the
operative upon filing.23 III below, which Items have been
provisions of 5 U.S.C. 552, will be prepared by the self-regulatory
At any time within 60 days of the
filing of the proposed rule change, the available for website viewing and organization. The Commission is
Commission summarily may printing in the Commission’s Public publishing this notice to solicit
temporarily suspend such rule change if Reference Room, 100 F Street NE, comments on the proposed rule change
it appears to the Commission that such Washington, DC 20549 on official from interested persons.
action is necessary or appropriate in the business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the I. Self-Regulatory Organization’s
public interest, for the protection of Statement of the Terms of Substance of
investors, or otherwise in furtherance of filing also will be available for
the Proposed Rule Change
the purposes of the Act. If the inspection and copying at the principal
Commission takes such action, the office of the Exchange. All comments The Exchange proposes to amend
Commission shall institute proceedings received will be posted without change. Rule 67 (Tick Size Pilot Plan) to specify
to determine whether the proposed rule Persons submitting comments are that d-Quote functionality under Rule
change should be approved or cautioned that we do not redact or edit 67(f)(5) will continue to be in effect
disapproved. personal identifying information from until six months after the end of the
comment submissions. You should pilot period (which will be April 2,
IV. Solicitation of Comments 2019). The proposed rule change is
submit only information that you wish
Interested persons are invited to available on the Exchange’s website at
to make available publicly. All
submit written data, views, and www.nyse.com, at the principal office of
arguments concerning the foregoing, submissions should refer to File
the Exchange, and at the Commission’s
including whether the proposed rule Number SR–NASDAQ–2018–077, and
Public Reference Room.
change is consistent with the Act. should be submitted on or before
Comments may be submitted by any of October 26, 2018. II. Self-Regulatory Organization’s
the following methods: For the Commission, by the Division of
Statement of the Purpose of, and
Trading and Markets, pursuant to delegated
Statutory Basis for, the Proposed Rule
Electronic Comments Change
authority.24
• Use the Commission’s internet Eduardo A. Aleman, In its filing with the Commission, the
comment form (http://www.sec.gov/ self-regulatory organization included
rules/sro.shtml); or Assistant Secretary.
statements concerning the purpose of,
• Send an email to rule-comments@ [FR Doc. 2018–21679 Filed 10–4–18; 8:45 am]
and basis for, the proposed rule change
sec.gov. Please include File Number SR– BILLING CODE 8011–01–P
and discussed any comments it received
NASDAQ–2018–077 on the subject line. on the proposed rule change. The text
20 17
of those statements may be examined at
CFR 240.19b–4(f)(6).
21 17
the places specified in Item IV below.
CFR 240.19b–4(f)(6)(iii).
The Exchange has prepared summaries,
daltland on DSKBBV9HB2PROD with NOTICES

22 According to the Exchange, no market

participant has requested participation of the set forth in sections A, B, and C below,
Minimum Quantity Order Attribute in any of the of the most significant parts of such
Nasdaq Crosses. statements.
23 For purposes only of waiving the 30-day

operative delay, the Commission also has
1 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 24 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.

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Document Created: 2018-10-05 01:53:10
Document Modified: 2018-10-05 01:53:10

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 50425