83 FR 62651 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4756(c)(2)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 233 (December 4, 2018)

Page Range		62651-62653
FR Document		2018-26273
Federal Register, Volume 83 Issue 233 (Tuesday, December 4, 2018)
[Federal Register Volume 83, Number 233 (Tuesday, December 4, 2018)]
[Notices]
[Pages 62651-62653]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26273]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84674; File No. SR-BX-2018-058]


Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 
4756(c)(2)

November 28, 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 16, 2018, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``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 allow the Exchange to aggregate Displayed 
odd-lot Orders across price levels for transmission to network 
processors as the Exchange's best priced Order under Rule 4756(c)(2). 
While these amendments are effective upon filing, the Exchange has 
designated the proposed amendments to be operative in the first quarter 
of 2019, and will announce the precise date by Equity Trader Alert at 
least thirty days prior to implementation.
    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 is proposing to amend Rule 4756 to allow the Exchange 
to aggregate Displayed \3\ odd-lot Orders across price levels for 
transmission to network processors as the Exchange's best ranked 
Displayed Order(s), which is based on how NYSE Arca, Inc. handles such 
orders pursuant to NYSE Arca Rule 7.36-E(b)(3).\4\ Rule 4756 concerns 
entry and display of Quotes \5\

[[Page 62652]]

and Orders,\6\ and paragraph (c) thereunder provides how the System \7\ 
will display Quotes and Orders submitted to the System. Rule 
4756(c)(2), which the Exchange is proposing to amend, describes what 
the Exchange transmits to the network processors as the Exchange's best 
priced Order. Specifically, Rule 4756(c)(2) provides that, for each 
System Security,\8\ the aggregate size of all Quotes and Orders at the 
best price to buy and sell resident in the System will be transmitted 
for display to the appropriate network processor, unless the aggregate 
size is less than one round lot, in which case the aggregate size will 
be displayed in the System Book Feed \9\ but not be transmitted to a 
network processor.\10\ Thus, pursuant to Rule 4756(c)(2) Orders with an 
aggregate size of less than one round lot at a particular price level 
are displayed in the System Book Feed, but are not transmitted to a 
network processor. For example, if the Exchange best bid is $10.00, and 
there are the following three odd-lot Orders resting displayed on the 
Exchange Book with no other interest resting on the Exchange Book--25 
shares to buy at $10.00, 25 shares to buy at $9.99, and 50 shares to 
buy at $9.98--the System will not transmit any of these Orders to the 
appropriate processor, but rather will post them to the System Book 
Feed.\11\
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    \3\ Display is an Order Attribute that allows the price and size 
of an Order to be displayed to market participants via market data 
feeds. Certain Order Types may be non-displayed if they are not 
assigned a Display Order Attribute, and all non-displayed Orders may 
be referred to as ``Non-Displayed Orders'' (See Rule 4703(b)(3)(A) 
[sic]). In contrast, an Order with a Display Order Attribute may be 
referred to as a ``Displayed Order.'' See Rule 4703(k).
    \4\ See Securities Exchange Act Release No. 74796 (April 23, 
2015), 80 FR 23838 (April 29, 2015) (SR-NYSEArca-2015-08).
    \5\ The term ``Quote'' means a single bid or offer quotation 
submitted to the System by a Market Maker or Equities Electronic 
Communications Network and designated for display (price and size) 
next to the Participant's Market Participant Identifier in the 
Exchange Book. Quotes are entered in the form of Orders with 
Attribution (as defined in Rule 4703). Accordingly, all Quotes are 
also Orders. See Rule 4701(d).
    \6\ The term ``Order'' means an instruction to trade a specified 
number of shares in a specified System Security submitted to the 
System 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 Exchange 
Book when submitted to the System. 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 Exchange Book when submitted to the 
System. 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).
    \7\ The term ``Nasdaq BX Equities Market'' or ``System'' shall 
mean the automated system for order execution and trade reporting 
owned and operated by the Exchange. See Rule 4701(a).
    \8\ The term ``System Securities'' shall mean any NMS stock, as 
defined in SEC Rule 600 except securities specifically excluded from 
trading via a list of excluded securities posted on 
www.nasdaqtrader.com. See Rule 4701(b).
    \9\ The term ``System Book Feed'' shall mean a data feed for 
System Securities, generally known as the BX TotalView ITCH feed. 
See Rule 4701(l).
    \10\ Consequently, the Exchange currently will aggregate and 
transmit to the network processor odd-lot Orders at a particular 
price level if such Orders aggregate to at least one round lot and 
are priced better than the best-priced round lot interest on the 
Exchange Book.
    \11\ The Exchange notes that the network processors only accept 
quotations in round lots. As a consequence, if aggregated Orders do 
not equal a round lot the Exchange will round down to the nearest 
round lot for purposes of reporting to the appropriate network 
processor. This proposal does not change this process.
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    The Exchange is proposing to amend Rule 4756(c)(2) to allow the 
Exchange to aggregate odd-lot sized Displayed Orders at multiple price 
points that equal at least a round lot for purposes of transmitting the 
Exchange's best ranked Displayed Order(s) to the appropriate processor. 
In assigning a price to such aggregated odd-lot Orders, the Exchange 
would use the highest (lowest) price to buy (sell) wherein the 
aggregate size of all displayed buy (sell) interest in the System 
greater (less) than or equal to that price is one round lot or greater. 
Consequently, because the aggregated Displayed odd-lot Orders represent 
the best price available on the Exchange, they would be transmitted to 
the network processor as such. Using the example above, all three odd-
lot Orders resting displayed on the Exchange Book would be aggregated 
into a round lot Order and reported to the appropriate processor for 
quoting at a price of $9.98.\12\ The Exchange is proposing to amend 
Rule 4756(c)(2) to add four new subparagraphs to the rule, which 
provide that the Exchange will transmit to the appropriate processor 
the highest (lowest) price to buy (sell) wherein the aggregate size of 
all displayed buy (sell) interest in the System greater (less) than or 
equal to that price is one round lot or greater, and that the aggregate 
size of all displayed buy (sell) interest in the System greater (less) 
than or equal to that price will be transmitted rounded down to the 
nearest round lot.\13\
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    \12\ The Exchange notes that it is not proposing to change how 
it processes Orders for execution. Thus, Orders resting on the 
Exchange Book will be executed in price/display/time priority 
pursuant to Rule 4757.
    \13\ Supra note 10 [sic].
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    The Exchange is also proposing to make clarifying changes to Rule 
4756(c)(2). Currently, the rule does not note that the obligation to 
report the highest (lowest) aggregate Displayed interest to buy (sell) 
arises from Rule 602 of Regulation NMS. The Exchange is amending the 
rule to affirmatively state that the transmission to the appropriate 
network processor is done pursuant to Rule 602 of Regulation NMS. The 
Exchange is also deleting the text concerning the display in the System 
Book Feed of all Quotes and Orders at the best price to buy and sell 
resident in the System that are less than one round lot. The Exchange 
believes that this text is redundant of paragraph (1) of Rule 4756(c) 
and serves no purpose under the clarified rule. The Exchange notes that 
the clarifying changes do not alter how it currently handles Quotes and 
Orders for display and trade reporting.
    The Exchange plans to implement the change proposed herein in the 
first quarter of 2019, and will announce the precise date by Equity 
Trader Alert at least thirty days prior to implementation.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\14\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\15\ 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, because the proposed change would remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system by allowing the Exchange to aggregate odd lot Orders across 
multiple price levels for purposes of determining the Exchange's best 
ranked Displayed Order(s) for transmission to the appropriate network 
processor. The proposed change will provide market participants with 
greater visibility into liquidity available on the Exchange via the 
appropriate network processor. Because arriving marketable contra-side 
Orders execute in price-time priority against resting odd-lot Orders 
priced better than resting round-lot Orders, the Exchange believes that 
it is appropriate to display such odd-lot interest on the public data 
feeds as the Exchange's best bid or offer if in the aggregate, they 
equal a round lot or more. The Exchange further believes that 
aggregating such odd-lot Orders at the highest (lowest) price to buy 
(sell) wherein the aggregate size of all buy (sell) interest in the 
System greater (less) than or equal to that price is one round lot or 
greater would remove impediments to and perfect the mechanism of a free 
and open market because it represents the best aggregated execution 
price for incoming sell (buy) Orders. The Exchange notes that the 
incoming marketable interest would receive price improvement when 
executing against any odd-lot orders priced better than the aggregated 
displayed price. Last, the

[[Page 62653]]

Exchange believes that the proposed clarifying changes will help 
promote a better understanding of the operation of the rule. As noted 
above, the clarifying changes do not alter how the Exchange currently 
handles Quotes and Orders for display and trade reporting.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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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. As noted above, the Exchange is 
copying functionality that is currently in use by a competitor 
exchange. The proposed change may increase the Exchange's position at 
the National Best Bid and Offer, thus allowing the Exchange to receive 
greater Order flow and, consequently, executions. This is the same 
benefit that the competitor exchange has received since adopting the 
process proposed herein. Thus, the proposed change is a competitive 
response, but does not place any burden on competition because it is 
copying a process used by a competitor exchange, which was approved by 
the Commission.

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 \16\ and Rule 19b-
4(f)(6) thereunder.\17\
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-BX-2018-058 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-2018-058. 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-BX-2018-058 and should be submitted on 
or before December 26, 2018.
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    \18\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26273 Filed 12-3-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 233 / Tuesday, December 4, 2018 / Notices 62651

C. Self-Regulatory Organization’s those that may be withheld from the the Exchange’s best priced Order under
Statement on Comments on the public in accordance with the Rule 4756(c)(2). While these
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be amendments are effective upon filing,
Members, Participants, or Others available for website viewing and the Exchange has designated the
No written comments were either printing in the Commission’s Public proposed amendments to be operative
solicited or received. Reference Room, 100 F Street NE, in the first quarter of 2019, and will
Washington, DC 20549, on official announce the precise date by Equity
III. Date of Effectiveness of the business days between the hours of Trader Alert at least thirty days prior to
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the implementation.
Commission Action filing also will be available for The text of the proposed rule change
The foregoing rule change has become inspection and copying at the principal is available on the Exchange’s website at
effective pursuant to Section office of the Exchange. All comments http://nasdaqbx.cchwallstreet.com/, at
19(b)(3)(A)(ii) of the Act.14 received will be posted without change. the principal office of the Exchange, and
At any time within 60 days of the Persons submitting comments are at the Commission’s Public Reference
filing of the proposed rule change, the cautioned that we do not redact or edit Room.
Commission summarily may personal identifying information from
temporarily suspend such rule change if comment submissions. You should II. Self-Regulatory Organization’s
it appears to the Commission that such submit only information that you wish Statement of the Purpose of, and
action is: (i) Necessary or appropriate in to make available publicly. All Statutory Basis for, the Proposed Rule
the public interest; (ii) for the protection submissions should refer to File Change
of investors; or (iii) otherwise in Number SR–BX–2018–057 and should
be submitted on or before December 26, In its filing with the Commission, the
furtherance of the purposes of the Act. Exchange included statements
If the Commission takes such action, the 2018.
concerning the purpose of and basis for
Commission shall institute proceedings For the Commission, by the Division of the proposed rule change and discussed
to determine whether the proposed rule Trading and Markets, pursuant to delegated
any comments it received on the
should be approved or disapproved. authority.15
proposed rule change. The text of these
Eduardo A. Aleman,
IV. Solicitation of Comments statements may be examined at the
Assistant Secretary.
Interested persons are invited to places specified in Item IV below. The
[FR Doc. 2018–26267 Filed 12–3–18; 8:45 am]
submit written data, views, and Exchange has prepared summaries, set
BILLING CODE 8011–01–P forth in sections A, B, and C below, of
arguments concerning the foregoing,
including whether the proposed rule the most significant aspects of such
change is consistent with the Act. statements.
SECURITIES AND EXCHANGE
Comments may be submitted by any of COMMISSION A. Self-Regulatory Organization’s
the following methods: Statement of the Purpose of, and
[Release No. 34–84674; File No. SR–BX–
Electronic Comments 2018–058] Statutory Basis for, the Proposed Rule
Change
• Use the Commission’s internet
Self-Regulatory Organizations; Nasdaq 1. Purpose
comment form (http://www.sec.gov/ BX, Inc.; Notice of Filing and
rules/sro.shtml); or Immediate Effectiveness of Proposed
• Send an email to rule-comments@ The Exchange is proposing to amend
Rule Change To Amend Rule 4756(c)(2) Rule 4756 to allow the Exchange to
sec.gov. Please include File Number SR–
BX–2018–057 on the subject line. aggregate Displayed 3 odd-lot Orders
November 28, 2018.
across price levels for transmission to
Paper Comments Pursuant to Section 19(b)(1) of the network processors as the Exchange’s
Securities Exchange Act of 1934
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
best ranked Displayed Order(s), which
to Secretary, Securities and Exchange is based on how NYSE Arca, Inc.
notice is hereby given that on November handles such orders pursuant to NYSE
Commission, 100 F Street NE, 16, 2018, Nasdaq BX, Inc. (‘‘BX’’ or
Washington, DC 20549–1090. Arca Rule 7.36–E(b)(3).4 Rule 4756
‘‘Exchange’’) filed with the Securities
All submissions should refer to File concerns entry and display of Quotes 5
and Exchange Commission (‘‘SEC’’ or
Number SR–BX–2018–057. This file ‘‘Commission’’) the proposed rule
number should be included on the change as described in Items I and II
3 Display is an Order Attribute that allows the

subject line if email is used. To help the price and size of an Order to be displayed to market
below, which Items have been prepared participants via market data feeds. Certain Order
Commission process and review your by the Exchange. The Commission is Types may be non-displayed if they are not
comments more efficiently, please use publishing this notice to solicit assigned a Display Order Attribute, and all non-
only one method. The Commission will comments on the proposed rule change
displayed Orders may be referred to as ‘‘Non-
post all comments on the Commission’s Displayed Orders’’ (See Rule 4703(b)(3)(A) [sic]). In
from interested persons. contrast, an Order with a Display Order Attribute
internet website (http://www.sec.gov/ may be referred to as a ‘‘Displayed Order.’’ See Rule
rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s 4703(k).
submission, all subsequent Statement of the Terms of Substance of 4 See Securities Exchange Act Release No. 74796

amendments, all written statements the Proposed Rule Change (April 23, 2015), 80 FR 23838 (April 29, 2015) (SR–
NYSEArca–2015–08).
with respect to the proposed rule The Exchange proposes to allow the 5 The term ‘‘Quote’’ means a single bid or offer
change that are filed with the Exchange to aggregate Displayed odd-lot quotation submitted to the System by a Market
Commission, and all written Orders across price levels for Maker or Equities Electronic Communications
communications relating to the transmission to network processors as Network and designated for display (price and size)
proposed rule change between the next to the Participant’s Market Participant
Identifier in the Exchange Book. Quotes are entered
Commission and any person, other than 15 17 CFR 200.30–3(a)(12). in the form of Orders with Attribution (as defined
1 15 U.S.C. 78s(b)(1). in Rule 4703). Accordingly, all Quotes are also
14 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. Orders. See Rule 4701(d).

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Federal Register / Vol. 83, No. 233 / Tuesday, December 4, 2018 / Notices 62653

Exchange believes that the proposed public interest, for the protection of be submitted on or before December 26,
clarifying changes will help promote a investors, or otherwise in furtherance of 2018.
better understanding of the operation of the purposes of the Act. If the For the Commission, by the Division of
the rule. As noted above, the clarifying Commission takes such action, the Trading and Markets, pursuant to delegated
changes do not alter how the Exchange Commission shall institute proceedings authority.18
currently handles Quotes and Orders for to determine whether the proposed rule
display and trade reporting. should be approved or disapproved. Eduardo A. Aleman,
Assistant Secretary.
B. Self-Regulatory Organization’s IV. Solicitation of Comments [FR Doc. 2018–26273 Filed 12–3–18; 8:45 am]
Statement on Burden on Competition Interested persons are invited to BILLING CODE 8011–01–P
The Exchange does not believe that submit written data, views, and
the proposed rule change will impose arguments concerning the foregoing,
any burden on competition not including whether the proposed rule SECURITIES AND EXCHANGE
necessary or appropriate in furtherance change is consistent with the Act. COMMISSION
of the purposes of the Act. As noted Comments may be submitted by any of
above, the Exchange is copying the following methods:
[Release No. 34–84672; File No. SR–Phlx–
functionality that is currently in use by
Electronic Comments 2018–75]
a competitor exchange. The proposed
change may increase the Exchange’s • Use the Commission’s internet
comment form (http://www.sec.gov/ Self-Regulatory Organizations; Nasdaq
position at the National Best Bid and
rules/sro.shtml); or PHLX LLC; Notice of Filing and
Offer, thus allowing the Exchange to
receive greater Order flow and, • Send an email to rule–comments@ Immediate Effectiveness of Proposed
consequently, executions. This is the sec.gov. Please include File Number SR– Rule Change To Amend Rule 3306(c)(2)
same benefit that the competitor BX–2018–058 on the subject line.
November 28, 2018.
exchange has received since adopting Paper Comments
the process proposed herein. Thus, the Pursuant to Section 19(b)(1) of the
proposed change is a competitive • Send paper comments in triplicate Securities Exchange Act of 1934
response, but does not place any burden to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2
on competition because it is copying a Commission, 100 F Street NE, notice is hereby given that on November
process used by a competitor exchange, Washington, DC 20549–1090. 16, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
which was approved by the All submissions should refer to File ‘‘Exchange’’) filed with the Securities
Commission. Number SR–BX–2018–058. This file and Exchange Commission (‘‘SEC’’ or
number should be included on the ‘‘Commission’’) the proposed rule
C. Self-Regulatory Organization’s subject line if email is used. To help the
Statement on Comments on the change as described in Items I and II
Commission process and review your below, which Items have been prepared
Proposed Rule Change Received From comments more efficiently, please use
Members, Participants, or Others by the Exchange. The Commission is
only one method. The Commission will
publishing this notice to solicit
No written comments were either post all comments on the Commission’s
internet website (http://www.sec.gov/ comments on the proposed rule change
solicited or received.
rules/sro.shtml). Copies of the from interested persons.
III. Date of Effectiveness of the submission, all subsequent
Proposed Rule Change and Timing for I. Self-Regulatory Organization’s
amendments, all written statements Statement of the Terms of Substance of
Commission Action
with respect to the proposed rule the Proposed Rule Change
Because the foregoing proposed rule change that are filed with the
change does not: (i) significantly affect Commission, and all written The Exchange proposes to allow the
the protection of investors or the public communications relating to the Exchange to aggregate Displayed odd-lot
interest; (ii) impose any significant proposed rule change between the Orders across price levels for
burden on competition; and (iii) become Commission and any person, other than transmission to network processors as
operative for 30 days from the date on those that may be withheld from the the Exchange’s best priced Order under
which it was filed, or such shorter time public in accordance with the Rule 3306(c)(2). While these
as the Commission may designate, it has provisions of 5 U.S.C. 552, will be amendments are effective upon filing,
become effective pursuant to Section available for website viewing and the Exchange has designated the
19(b)(3)(A) of the Act 16 and Rule 19b– printing in the Commission’s Public proposed amendments to be operative
4(f)(6) thereunder.17 Reference Room, 100 F Street NE,
At any time within 60 days of the in the first quarter of 2019, and will
Washington, DC 20549, on official announce the precise date by Equity
filing of the proposed rule change, the business days between the hours of
Commission summarily may Trader Alert at least thirty days prior to
10:00 a.m. and 3:00 p.m. Copies of the
temporarily suspend such rule change if implementation.
filing also will be available for
it appears to the Commission that such inspection and copying at the principal The text of the proposed rule change
action is necessary or appropriate in the office of the Exchange. All comments is available on the Exchange’s website at
received will be posted without change. http://nasdaqphlx.cchwallstreet.com/,
16 15 U.S.C. 78s(b)(3)(A). Persons submitting comments are at the principal office of the Exchange,
17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
cautioned that we do not redact or edit and at the Commission’s Public
give the Commission written notice of its intent to personal identifying information from Reference Room.
file the proposed rule change, along with a brief comment submissions. You should
description and text of the proposed rule change, submit only information that you wish
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
to make available publicly. All 18 17 CFR 200.30–3(a)(12).
as designated by the Commission. The Exchange submissions should refer to File 1 15 U.S.C. 78s(b)(1).
has satisfied this requirement. Number SR–BX–2018–058 and should 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 17:36 Dec 03, 2018 Jkt 247001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\04DEN1.SGM 04DEN1
Document Created: 2018-12-04 00:42:39
Document Modified: 2018-12-04 00:42:39
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 62651