83 FR 60527 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend The Nasdaq Options Market LLC (“NOM”) Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 227 (November 26, 2018)
Federal Register Volume 83, Issue 227 (November 26, 2018)
| Page Range | 60527-60529 | |
| FR Document | 2018-25735 |
[Federal Register Volume 83, Number 227 (Monday, November 26, 2018)] [Notices] [Pages 60527-60529] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-25735] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84633; File No. SR-NASDAQ-2018-091] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend The Nasdaq Options Market LLC (``NOM'') Fees November 20, 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 November 9, 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, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b 4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend The Nasdaq Options Market LLC (``NOM'') fees within Chapter XV, Section 3, titled ``Nasdaq Options Market--Ports and Other Services.'' 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 purpose of the proposed rule change is to define ``account number'' and utilize that term within Chapter XV, Sections 3 and 9. Each change will be described in more detail below. New Defined Term ``Account'' The Exchange proposes to adopt a new definition within Chapter XV, Section 3 and apply this definition within Chapter XV, Sections 3 and 9. The purpose of this defined new term ``account number'' is to conform the Exchange's use of certain terms within NOM Rules. This term would be utilized in Chapter XV to describe the manner in which pricing is calculated. Recently, the Nasdaq affiliated exchanges filed rule changes to conform the usage of various terms across its 6 affiliated options markets within the various rulebooks.\3\ The Exchange believes that utilizing the same defined terms, where possible, across its 6 affiliated options markets will avoid confusion for certain rules and pricing purposes. The term ``account number'' can be defined identically across Nasdaq's 6 affiliated options markets for purposes of pricing ports. The Exchange is not amending the manner in which pricing will be applied with respect to this particular change. The Exchange proposes to utilize the defined term ``account number'' in place of the term ``mnemonic,'' which was not defined in the pricing rules. The insertion of the new defined term is intended to add more specificity and clarity to the current pricing. --------------------------------------------------------------------------- \3\ NOM has filed to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Chapter I, Section 1(a)(69), (70) and (71) respectively. See SR-NASDAQ-2018-085 (not yet published) [published on November 16, 2018]. Nasdaq Phlx LLC has filed to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Rule 1000(b)(51), (52) and (53) respectively. See SR-Phlx-2018-69 (not yet published). Nasdaq BX, Inc. has filed to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Chapter I, Section 1(a)(70), (71) and (72) respectively. See Securities Exchange Act Release No. 84520 (November 1, 2018) (SR-BX-2018-050) (not yet published) [published on November 7, 2018]. See also ISE Rule 100(a)(1), (5) and (34) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. See also GEMX Rule 100(a)(1), (5) and (35) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. See also MRX Rule 100(a)(1), (5) and (36) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. --------------------------------------------------------------------------- At this time, the Exchange proposes to define an ``account number'' within Chapter XV, Section 3 to mean a number assigned to a Participant. Participants may have more than one account number. The term ``mnemonic'' has been used frequently throughout Chapter XV without being defined. The Exchange proposes to remove the term ``mnemonic'' from Chapter XV, Section 3 and replace the term with the defined term ``account number'' for FIX and the OTTO protocols. The Exchange notes that the terms mnemonic and account number were being used interchangeably. The Exchange recently defined both terms in its rules.\4\ The term account number is appropriate to describe these fees. The Exchange is not amending the manner in which it assesses those port fees, rather the Exchange simply proposes to utilize the new term to better describe its current pricing. --------------------------------------------------------------------------- \4\ A ``mnemonic'' is defined as an acronym comprised of letters and/or numbers assigned to Participants. A Participant account may be associated with multiple mnemonics. See SR-NASDAQ-2018-085 (not yet published) [published on November 16, 2018]. Mnemonics are issued to Participants to identify associated persons of Participants. --------------------------------------------------------------------------- Also, the Exchange proposes to remove the term ``mnemonic'' from the CTI Port Fee, FIX DROP Port Fee, OTTO DROP Fee, ITTO Port Fee and Bono Port Fee. Today, these ports are assessed only one fee per port, per month and therefore adding the term ``per account number'' would be redundant and unnecessary. These ports are associated with one account number. The Exchange is not proposing to amend the manner in which these ports are assessed, rather the Exchange proposes to eliminate the ``per mnemonic'' description. The Exchange believes that the billing is clearly defined as ``per port, per month.'' Account number is also being defined in Section 9, ``Account Fee-- Options.'' The Exchange is not amending the manner in which this fee is billed, rather the Exchange is defining the term account number within Section 9. The defined term account number will be utilized consistently throughout the NOM pricing, where applicable. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\5\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges [[Page 60528]] among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- New Defined Term ``Account'' The Exchange's proposal to define the term ``account number'' within Chapter XV, Sections 3 and 9 and apply that term within Chapter XV, Section 3, in place of the term ``mnemonic'' as to the manner in which FIX and OTTO Port Fees are priced is reasonable because the term is defined and will be utilized consistently throughout Chapter XV, where applicable. The usage of the defined term ``account number'' will bring uniformity to the term and its usage across the 6 affiliated options markets. The proposed change to utilize the defined term will not amend the manner in which the ports are billed, rather it will also bring greater clarity to pricing in Chapter XV, Sections 3 and 9. The Exchange's proposal to define the term ``account number'' within Chapter XV, Sections 3 and 9 and apply that term within Chapter XV, Section 3, in place of the term ``mnemonic'' for the FIX and OTTO Port Fees is equitable and not unfairly discriminatory because the Exchange proposes to apply that term uniformly in billing Participants utilizing those ports and for purposes of the Account Fee. The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, OTTO DROP Fee, ITTO Port Fee and Bono Port Fee is reasonable because, today, these ports are assessed only one fee per port, per month and this change will bring greater clarity to the manner in which these services are billed. The term ``mnemonic'' was undefined until the Exchange filed SR-NASDAQ- 2018-085.\7\ The manner in which the term ``mnemonic'' was defined for purposes of NOM's Rules is not the manner that was intended for pricing these ports. To that end, the Exchange proposes to remove the term ``mnemonic'' and replace that term with ``account number,'' where applicable, to convey the intended manner in which the Exchange prices ports. Today, these ports are assessed only one fee per port, per month and therefore adding the term ``per account number'' would be redundant and unnecessary. These ports are associated with one account number. This proposal will conform the defined term across NOM Rules.\8\ The Exchange is not proposing to amend the manner in which these ports are assessed, rather the Exchange proposes to eliminate the ``per mnemonic'' description and more clearly define the manner in which these services are billed as ``per port, per month.'' --------------------------------------------------------------------------- \7\ This rule change is not yet published [published on November 16, 2018]. \8\ See Chapter I, Section 1(a)(69). --------------------------------------------------------------------------- The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, OTTO DROP Fee, ITTO Port Fee and Bono Port Fee is equitable and not unfairly discriminatory because the Exchange will continue to uniformly assess all market participants these services in a uniform manner. The proposed change does not amend the manner in which these services are billed. 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. In terms of inter-market competition, the Exchange notes that this proposal does not amend actual fees, rather the Exchange proposes to define a new term to be used more accurately to describe the manner in which certain services within Chapter XV, Sections 3 and 9 are billed. New Defined Term ``Account'' The Exchange's proposal to define the term ``account number'' within Chapter XV, Sections 3 and 9 and apply that term within Chapter XV, Section 3, in place of the term ``mnemonic'' with respect to the manner in which FIX and OTTO protocols are priced does not impose an undue burden on intra-market competition because the Exchange proposes to apply that term uniformly in billing Participants utilizing those ports and for purposes of the Account Fee. No changes are being made to the manner in which the Exchange bills these ports. The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, OTTO DROP Fee, ITTO Port Fee and Bono Port Fee does not impose an undue burden on intra- market competition because the Exchange will continue to uniformly assess all market participants these services in a uniform manner. The proposed change does not amend the manner in which these services are billed. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\9\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NASDAQ-2018-091 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-2018-091. 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 [[Page 60529]] 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-2018-091 and should be submitted on or before December 17, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-25735 Filed 11-23-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices 60527
DC 20549 or send an email to: PRA_ the most significant aspects of such At this time, the Exchange proposes to
Mailbox@sec.gov. statements. define an ‘‘account number’’ within
Dated: November 20, 2018. Chapter XV, Section 3 to mean a
A. Self-Regulatory Organization’s
Eduardo A. Aleman, number assigned to a Participant.
Statement of the Purpose of, and
Participants may have more than one
Assistant Secretary. Statutory Basis for, the Proposed Rule
account number. The term ‘‘mnemonic’’
[FR Doc. 2018–25689 Filed 11–23–18; 8:45 am] Change
has been used frequently throughout
BILLING CODE 8011–01–P
1. Purpose Chapter XV without being defined. The
Exchange proposes to remove the term
The purpose of the proposed rule
SECURITIES AND EXCHANGE ‘‘mnemonic’’ from Chapter XV, Section
change is to define ‘‘account number’’
COMMISSION 3 and replace the term with the defined
and utilize that term within Chapter XV,
term ‘‘account number’’ for FIX and the
[Release No. 34–84633; File No. SR– Sections 3 and 9. Each change will be
OTTO protocols. The Exchange notes
NASDAQ–2018–091] described in more detail below.
that the terms mnemonic and account
New Defined Term ‘‘Account’’ number were being used
Self-Regulatory Organizations; The
interchangeably. The Exchange recently
Nasdaq Stock Market LLC; Notice of The Exchange proposes to adopt a
defined both terms in its rules.4 The
Filing and Immediate Effectiveness of new definition within Chapter XV,
term account number is appropriate to
Proposed Rule Change To Amend The Section 3 and apply this definition
describe these fees. The Exchange is not
Nasdaq Options Market LLC (‘‘NOM’’) within Chapter XV, Sections 3 and 9.
amending the manner in which it
Fees The purpose of this defined new term
assesses those port fees, rather the
‘‘account number’’ is to conform the
November 20, 2018. Exchange simply proposes to utilize the
Exchange’s use of certain terms within
Pursuant to Section 19(b)(1) of the new term to better describe its current
NOM Rules. This term would be
Securities Exchange Act of 1934 pricing.
utilized in Chapter XV to describe the
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Also, the Exchange proposes to
manner in which pricing is calculated.
notice is hereby given that on November remove the term ‘‘mnemonic’’ from the
Recently, the Nasdaq affiliated
9, 2018, The Nasdaq Stock Market LLC CTI Port Fee, FIX DROP Port Fee, OTTO
exchanges filed rule changes to conform
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the DROP Fee, ITTO Port Fee and Bono Port
the usage of various terms across its 6
Securities and Exchange Commission Fee. Today, these ports are assessed
affiliated options markets within the
(‘‘Commission’’) the proposed rule only one fee per port, per month and
various rulebooks.3 The Exchange
change as described in Items I, II, and therefore adding the term ‘‘per account
believes that utilizing the same defined
III, below, which Items have been number’’ would be redundant and
terms, where possible, across its 6
prepared by the Exchange. The unnecessary. These ports are associated
affiliated options markets will avoid
Commission is publishing this notice to with one account number. The
solicit comments on the proposed rule confusion for certain rules and pricing
Exchange is not proposing to amend the
change from interested persons. purposes. The term ‘‘account number’’
manner in which these ports are
can be defined identically across
I. Self-Regulatory Organization’s assessed, rather the Exchange proposes
Nasdaq’s 6 affiliated options markets for
Statement of the Terms of Substance of to eliminate the ‘‘per mnemonic’’
purposes of pricing ports. The Exchange
the Proposed Rule Change description. The Exchange believes that
is not amending the manner in which
the billing is clearly defined as ‘‘per
The Exchange proposes to amend The pricing will be applied with respect to
port, per month.’’
Nasdaq Options Market LLC (‘‘NOM’’) this particular change. The Exchange
Account number is also being defined
fees within Chapter XV, Section 3, titled proposes to utilize the defined term
in Section 9, ‘‘Account Fee—Options.’’
‘‘Nasdaq Options Market—Ports and ‘‘account number’’ in place of the term
The Exchange is not amending the
Other Services.’’ ‘‘mnemonic,’’ which was not defined in
manner in which this fee is billed,
The text of the proposed rule change the pricing rules. The insertion of the
rather the Exchange is defining the term
is available on the Exchange’s website at new defined term is intended to add
account number within Section 9. The
http://nasdaq.cchwallstreet.com/, at the more specificity and clarity to the
defined term account number will be
principal office of the Exchange, and at current pricing.
utilized consistently throughout the
the Commission’s Public Reference NOM pricing, where applicable.
Room. 3 NOM has filed to define the terms ‘‘account
number,’’ ‘‘badge’’ and ‘‘mnemonic’’ at Chapter I, 2. Statutory Basis
II. Self-Regulatory Organization’s Section 1(a)(69), (70) and (71) respectively. See SR–
Statement of the Purpose of, and NASDAQ–2018–085 (not yet published) [published The Exchange believes that its
Statutory Basis for, the Proposed Rule on November 16, 2018]. Nasdaq Phlx LLC has filed proposal is consistent with Section 6(b)
to define the terms ‘‘account number,’’ ‘‘badge’’ and of the Act,5 in general, and furthers the
Change ‘‘mnemonic’’ at Rule 1000(b)(51), (52) and (53)
In its filing with the Commission, the respectively. See SR–Phlx–2018–69 (not yet objectives of Sections 6(b)(4) and 6(b)(5)
Exchange included statements published). Nasdaq BX, Inc. has filed to define the of the Act,6 in particular, in that it
concerning the purpose of and basis for
terms ‘‘account number,’’ ‘‘badge’’ and ‘‘mnemonic’’ provides for the equitable allocation of
at Chapter I, Section 1(a)(70), (71) and (72) reasonable dues, fees and other charges
the proposed rule change and discussed respectively. See Securities Exchange Act Release
any comments it received on the No. 84520 (November 1, 2018) (SR–BX–2018–050)
4 A ‘‘mnemonic’’ is defined as an acronym
(not yet published) [published on November 7,
proposed rule change. The text of these 2018]. See also ISE Rule 100(a)(1), (5) and (34) comprised of letters and/or numbers assigned to
statements may be examined at the which defines the terms ‘‘account number,’’ Participants. A Participant account may be
places specified in Item IV below. The ‘‘badge’’ and ‘‘mnemonic,’’ respectively. See also associated with multiple mnemonics. See SR–
GEMX Rule 100(a)(1), (5) and (35) which defines NASDAQ–2018–085 (not yet published) [published
Exchange has prepared summaries, set on November 16, 2018]. Mnemonics are issued to
the terms ‘‘account number,’’ ‘‘badge’’ and
forth in sections A, B, and C below, of ‘‘mnemonic,’’ respectively. See also MRX Rule Participants to identify associated persons of
100(a)(1), (5) and (36) which defines the terms Participants.
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b).
‘‘account number,’’ ‘‘badge’’ and ‘‘mnemonic,’’
2 17 CFR 240.19b 4. respectively. 6 15 U.S.C. 78f(b)(4) and (5).
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![60528 Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices
among members and issuers and other Exchange is not proposing to amend the C. Self-Regulatory Organization’s
persons using any facility, and is not manner in which these ports are Statement on Comments on the
designed to permit unfair assessed, rather the Exchange proposes Proposed Rule Change Received From
discrimination between customers, to eliminate the ‘‘per mnemonic’’ Members, Participants, or Others
issuers, brokers, or dealers. description and more clearly define the No written comments were either
New Defined Term ‘‘Account’’ manner in which these services are solicited or received.
billed as ‘‘per port, per month.’’
The Exchange’s proposal to define the III. Date of Effectiveness of the
term ‘‘account number’’ within Chapter The Exchange’s proposal to remove Proposed Rule Change and Timing for
XV, Sections 3 and 9 and apply that the term ‘‘mnemonic’’ for the pricing of Commission Action
term within Chapter XV, Section 3, in the CTI Port Fee, FIX DROP Port Fee, The foregoing rule change has become
place of the term ‘‘mnemonic’’ as to the OTTO DROP Fee, ITTO Port Fee and effective pursuant to Section
manner in which FIX and OTTO Port Bono Port Fee is equitable and not 19(b)(3)(A)(ii) of the Act.9
Fees are priced is reasonable because unfairly discriminatory because the At any time within 60 days of the
the term is defined and will be utilized Exchange will continue to uniformly filing of the proposed rule change, the
consistently throughout Chapter XV, assess all market participants these Commission summarily may
where applicable. The usage of the services in a uniform manner. The temporarily suspend such rule change if
defined term ‘‘account number’’ will proposed change does not amend the it appears to the Commission that such
bring uniformity to the term and its manner in which these services are action is: (i) Necessary or appropriate in
usage across the 6 affiliated options billed. the public interest; (ii) for the protection
markets. The proposed change to utilize of investors; or (iii) otherwise in
the defined term will not amend the B. Self-Regulatory Organization’s furtherance of the purposes of the Act.
manner in which the ports are billed, Statement on Burden on Competition If the Commission takes such action, the
rather it will also bring greater clarity to Commission shall institute proceedings
pricing in Chapter XV, Sections 3 and The Exchange does not believe that
to determine whether the proposed rule
9. the proposed rule change will impose
should be approved or disapproved.
The Exchange’s proposal to define the any burden on competition not
term ‘‘account number’’ within Chapter necessary or appropriate in furtherance IV. Solicitation of Comments
XV, Sections 3 and 9 and apply that of the purposes of the Act. In terms of Interested persons are invited to
term within Chapter XV, Section 3, in inter-market competition, the Exchange submit written data, views, and
place of the term ‘‘mnemonic’’ for the notes that this proposal does not amend arguments concerning the foregoing,
FIX and OTTO Port Fees is equitable actual fees, rather the Exchange including whether the proposed rule
and not unfairly discriminatory because proposes to define a new term to be change is consistent with the Act.
the Exchange proposes to apply that used more accurately to describe the Comments may be submitted by any of
term uniformly in billing Participants manner in which certain services within the following methods:
utilizing those ports and for purposes of Chapter XV, Sections 3 and 9 are billed. Electronic Comments
the Account Fee.
The Exchange’s proposal to remove New Defined Term ‘‘Account’’ • Use the Commission’s internet
the term ‘‘mnemonic’’ for the pricing of comment form (http://www.sec.gov/
The Exchange’s proposal to define the rules/sro.shtml); or
the CTI Port Fee, FIX DROP Port Fee,
OTTO DROP Fee, ITTO Port Fee and term ‘‘account number’’ within Chapter • Send an email to rule-comments@
Bono Port Fee is reasonable because, XV, Sections 3 and 9 and apply that sec.gov. Please include File Number SR–
today, these ports are assessed only one term within Chapter XV, Section 3, in NASDAQ–2018–091 on the subject line.
fee per port, per month and this change place of the term ‘‘mnemonic’’ with
Paper Comments
will bring greater clarity to the manner respect to the manner in which FIX and
in which these services are billed. The OTTO protocols are priced does not • Send paper comments in triplicate
term ‘‘mnemonic’’ was undefined until impose an undue burden on intra- to Secretary, Securities and Exchange
the Exchange filed SR–NASDAQ–2018– market competition because the Commission, 100 F Street NE,
085.7 The manner in which the term Exchange proposes to apply that term Washington, DC 20549–1090.
‘‘mnemonic’’ was defined for purposes uniformly in billing Participants All submissions should refer to File
of NOM’s Rules is not the manner that utilizing those ports and for purposes of Number SR–NASDAQ–2018–091. This
was intended for pricing these ports. To the Account Fee. No changes are being file number should be included on the
that end, the Exchange proposes to made to the manner in which the subject line if email is used. To help the
remove the term ‘‘mnemonic’’ and Exchange bills these ports. Commission process and review your
replace that term with ‘‘account comments more efficiently, please use
The Exchange’s proposal to remove only one method. The Commission will
number,’’ where applicable, to convey
the term ‘‘mnemonic’’ for the pricing of post all comments on the Commission’s
the intended manner in which the
the CTI Port Fee, FIX DROP Port Fee, internet website (http://www.sec.gov/
Exchange prices ports. Today, these
ports are assessed only one fee per port, OTTO DROP Fee, ITTO Port Fee and rules/sro.shtml). Copies of the
per month and therefore adding the Bono Port Fee does not impose an submission, all subsequent
term ‘‘per account number’’ would be undue burden on intra-market amendments, all written statements
redundant and unnecessary. These ports competition because the Exchange will with respect to the proposed rule
are associated with one account continue to uniformly assess all market change that are filed with the
number. This proposal will conform the participants these services in a uniform Commission, and all written
defined term across NOM Rules.8 The manner. The proposed change does not communications relating to the
amend the manner in which these proposed rule change between the
7 This rule change is not yet published [published services are billed. Commission and any person, other than
on November 16, 2018].
8 See Chapter I, Section 1(a)(69). 9 15 U.S.C. 78s(b)(3)(A)(ii).
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![Federal Register / Vol. 83, No. 227 / Monday, November 26, 2018 / Notices 60529
those that may be withheld from the Commission (‘‘Commission’’) a being made by the proposed rule
public in accordance with the proposed rule change to modify its fee change.
provisions of 5 U.S.C. 552, will be schedule.
2. Statutory Basis
available for website viewing and The text of the proposed rule change
printing in the Commission’s Public is also available on the Exchange’s The Exchange believes the proposed
Reference Room, 100 F Street NE, website (http://www.cboe.com/About rule change is consistent with the
Washington, DC 20549, on official CBOE/CBOELegalRegulatoryHome. Securities Exchange Act of 1934 (the
business days between the hours of aspx), at the Exchange’s Office of the ‘‘Act’’) and the rules and regulations
10:00 a.m. and 3:00 p.m. Copies of the Secretary, and at the Commission’s thereunder applicable to the Exchange
filing also will be available for Public Reference Room. and, in particular, the requirements of
inspection and copying at the principal Section 6(b) of the Act.4 Specifically,
office of the Exchange. All comments II. Self-Regulatory Organization’s the Exchange believes the proposed rule
received will be posted without change. Statement of the Purpose of, and change is consistent with the Section
Persons submitting comments are Statutory Basis for, the Proposed Rule 6(b)(5) 5 requirements that the rules of
cautioned that we do not redact or edit Change an exchange be designed to prevent
personal identifying information from In its filing with the Commission, the fraudulent and manipulative acts and
comment submissions. You should Exchange included statements practices, to promote just and equitable
submit only information that you wish concerning the purpose of and basis for principles of trade, to foster cooperation
to make available publicly. All the proposed rule change and discussed and coordination with persons engaged
submissions should refer to File any comments it received on the in regulating, clearing, settling,
Number SR–NASDAQ–2018–091 and proposed rule change. The text of these processing information with respect to,
should be submitted on or before statements may be examined at the and facilitating transactions in
December 17, 2018. places specified in Item IV below. The securities, to remove impediments to
For the Commission, by the Division of Exchange has prepared summaries, set and perfect the mechanism of a free and
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of open market and a national market
authority.10 the most significant aspects of such system, and, in general, to protect
Eduardo A. Aleman, statements. investors and the public interest.
Assistant Secretary. The Exchange believes the proposed
A. Self-Regulatory Organization’s rule change to update the Fee Codes and
[FR Doc. 2018–25735 Filed 11–23–18; 8:45 am]
Statement of the Purpose of, and Associated Fees section of the Fee
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule Schedule, will alleviate potential
Change confusion, thereby removing
SECURITIES AND EXCHANGE 1. Purpose impediments to and perfecting the
COMMISSION mechanism of a free and open market
The Exchange proposes to amend its and a national market system and
[Release No. 34–84623; File No. SR– Fee Schedule to correct an inadvertent protecting investors and the public
CboeEDGA–2018–018] oversight to update an amended interest. As noted above, the proposed
transaction fee in a footnote. filing does not substantively change any
Self-Regulatory Organizations; Cboe Specifically, on March 14, 2018, the
EDGA Exchange, Inc.; Notice of Filing transaction fees, but merely adds a fee
Exchange filed a rule filing, SR– code for a fee previously adopted by the
and Immediate Effectiveness of a CboeEDGA–2018–004, which proposed,
Proposed Rule Change To Modify Its Exchange.
among other things, to implement a fee
Fee Schedule for its expansion of the Cboe Connect B. Self-Regulatory Organization’s
November 19, 2018. service to provide routing to single- Statement on Burden on Competition
Pursuant to Section 19(b)(1) of the dealer platforms through a connectivity The Exchange does not believe that
Securities Exchange Act of 1934 option to be labeled C–LNK.3 the proposed rule change will impose
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Specifically, the Exchange proposed to any burden on competition that is not
notice is hereby given that on November charge a fee of $0.0002 for each share necessary or appropriate in furtherance
6, 2018, Cboe EDGA Exchange, Inc. executed by a single dealer platform for of the purposes of the Act. The
(‘‘Exchange’’ or ‘‘EDGA’’) filed with the orders routed via Cboe Connect. The proposed rule change does not address
Securities and Exchange Commission Exchange notes that although it competitive issues, but rather, as
(‘‘Commission’’) the proposed rule reflected the rate increase in the Cboe discussed above, is merely intended to
change as described in Items I, II, and Connect portion of the Fee Schedule, it add a fee code for a fee previously
III below, which Items have been did not add such rate to the Fee Codes adopted by the Exchange, which will
prepared by the Exchange. The and Associated Fees table or adopt a fee alleviate potential confusion.
Commission is publishing this notice to code for C–LNK executions. To assist
C. Self-Regulatory Organization’s
solicit comments on the proposed rule Users that refer to fee codes in
Statement on Comments on the
change from interested persons. connection with their reconciliation of
Proposed Rule Change Received From
fees imposed by the Exchange, the
I. Self-Regulatory Organization’s Members, Participants, or Others
Exchange proposes to adopt a fee code,
Statement of the Terms of Substance of fee code LK, and to charge a fee of The Exchange has not solicited, and
the Proposed Rule Change $0.0002 for each share executed by a does not intend to solicit, comments on
Cboe EDGA Exchange, Inc. (the single dealer platform for orders routed this proposed rule change. The
‘‘Exchange’’ or ‘‘EDGA’’) is filing with via Cboe Connect’s C–LNK connectivity Exchange has not received any written
the Securities and Exchange option. No substantive changes are comments from members or other
interested parties.
10 17 CFR 200.30–3(a)(12). 3 See Securities Exchange Act Release No. 82904
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
(March 20, 2018), 83 FR 12995 (March 26, 2018)
2 17 CFR 240.19b–4. (SR–CboeEDGA–2018–004). 5 15 U.S.C. 78f(b)(5).
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Document Created: 2018-11-24 00:51:18
Document Modified: 2018-11-24 00:51:18
| 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 60527 |
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