83 FR 63947 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Supplementary Material .02 to Rule 715 Regarding Cancel and Replace Orders

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 238 (December 12, 2018)

Page Range		63947-63948
FR Document		2018-26908
Federal Register, Volume 83 Issue 238 (Wednesday, December 12, 2018)
[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63947-63948]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26908]



[[Page 63947]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84746; File No. SR-MRX-2018-37]


Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend 
Supplementary Material .02 to Rule 715 Regarding Cancel and Replace 
Orders

December 7, 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 29, 2018, Nasdaq MRX, LLC (``MRX'' 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 amend Supplementary Material .02 to Rule 
715 regarding Cancel and Replace Orders.
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqmrx.cchwallstreet.com/, at the principal office 
of the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Supplementary Material .02 to Rule 
715 regarding Cancel and Replace Orders to: (i) Correct an 
inconsistency between the Exchange's rule text and the operation of the 
System \3\ by removing the reference to Rule 710, (ii) update rule 
cross-references, and (iii) make other non-substantive, technical 
changes.
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    \3\ The term ``System'' means the electronic system operated by 
the Exchange that receives and disseminates quotes, executes orders 
and reports transactions. See Rule 100(a)(66).
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    Today, a member has the option of either sending in a cancel order 
and then separately sending in a new order which serves as a 
replacement of the original order (two separate messages), or sending a 
single cancel and replace order in one message (i.e., a Cancel and 
Replace Order). Specifically, Supplementary Material .02 to Rule 715 
defines a Cancel and Replace Order as a single message for the 
immediate cancellation of a previously received order and the 
replacement of that order with a new order.\4\ The replacement portion 
of the Cancel and Replace Order is treated as a new order and therefore 
goes through price or other reasonability checks as a result of being 
viewed as such.\5\ If the replacement portion of a Cancel and Replace 
Order does not satisfy the System's price or other reasonability 
checks, the existing order will be cancelled and not replaced.\6\ The 
Exchange notes, however, that when it initially codified Cancel and 
Replace Orders in its Rulebook as part of SR-MRX-2017-02, it 
inadvertently included Rule 710 within the list of price reasonability 
checks. In SR-MRX-2017-02, the Exchange explained that the System 
conducts price or other reasonability checks for Cancel and Replace 
Orders to validate such orders against the current market conditions 
prior to proceeding with the request to modify the order.\7\ Rule 710, 
which relates to the minimum price variations applicable to options 
series traded on the Exchange, does not involve the System considering 
the current market at the time of the Cancel and Replace Order, and an 
incoming Cancel and Replace Order that fails the minimum price 
variation checks in Rule 710 would not result in the existing order 
being cancelled and not replaced.\8\ The Exchange therefore proposes to 
remove the reference to Rule 710 from the list of price or other 
reasonability checks to conform its rule text to the System. The 
Exchange also proposes to update the various rule references related to 
the price reasonability checks within this provision to refer to the 
current rules.\9\ Finally, the Exchange proposes other non-substantive, 
technical changes within Supplementary Material .02 to Rule 715 to 
capitalize ``Cancel and Replace Order'' for consistency, and to 
capitalize ``System,'' which is a defined term.
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    \4\ If the previously placed order is already filled partially 
or in its entirety, the replacement order is automatically cancelled 
or reduced by the number of contracts that were executed. See 
Supplementary Material .02 to Rule 715.
    \5\ Supplementary Material .02 to Rule 715 further provides how 
the replacement portion may retain the priority of the original 
order, provided certain specified conditions are met. The manner in 
which the Exchange treats priority with respect to Cancel and 
Replace Orders is not changing under this proposal.
    \6\ See Securities Exchange Act Release No. 81204 (July 25, 
2017), 82 FR 35557 (July 31, 2017) (SR-MRX-2017-02) (memorializing 
Cancel and Replace Orders in Supplementary Material .02 to Rule 715 
as part of the Exchange's system migration).
    \7\ Id.
    \8\ In this instance, the System would simply reject the cancel 
and replace message as an invalid instruction. The Exchange notes 
that the previous T7 system likewise treated Cancel and Replace 
Orders in this manner.
    \9\ In particular, Rules 711(c) and 714(b)(2) are now Rules 
714(b)(1)(B) and 714(b)(1)(A), respectively, pursuant to SR-MRX-
2018-30. See Securities Exchange Act Release No. 84239 (September 
20, 2018), 83 FR 48670 (September 26, 2018).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\10\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\11\ 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. The Exchange's proposal corrects an inadvertent error in 
Supplementary Material .02 to Rule 715, which currently includes Rule 
710 within the list of price or other reasonability checks. As 
discussed above, including Rule 710 is inconsistent with the operation 
of the Exchange's System because an incoming Cancel and Replace Order 
which fails the minimum price variation checks in Rule 710 does not 
result in the existing order getting cancelled and not replaced. This 
rule change would amend the rule text to reflect MRX's current 
practice, and should avoid potential confusion about how the System 
processes Cancel and Replace Orders today.\12\ Furthermore, the 
Exchange's proposal to update the rule references and make other non-
substantive technical changes, as further described above, will bring 
greater transparency to its Rulebook thereby protecting investors and 
the public interest by reducing potential for investor confusion.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ See note 8 above.

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[[Page 63948]]

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. All of the proposed changes are 
intended to bring greater transparency to the Exchange's Rulebook, and 
therefore does not unduly burden competition.

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)(iii) of the Act \13\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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. 
At the Exchange's request, the Commission has waived 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-MRX-2018-37 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-MRX-2018-37. 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-MRX-2018-37 and should be submitted on 
or before January 2, 2019.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26908 Filed 12-11-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices 63947

SECURITIES AND EXCHANGE (i) Correct an inconsistency between the would not result in the existing order
COMMISSION Exchange’s rule text and the operation being cancelled and not replaced.8 The
of the System 3 by removing the Exchange therefore proposes to remove
[Release No. 34–84746; File No. SR–MRX–
2018–37]
reference to Rule 710, (ii) update rule the reference to Rule 710 from the list
cross-references, and (iii) make other of price or other reasonability checks to
Self-Regulatory Organizations; Nasdaq non-substantive, technical changes. conform its rule text to the System. The
MRX, LLC; Notice of Filing and Today, a member has the option of Exchange also proposes to update the
Immediate Effectiveness of Proposed either sending in a cancel order and various rule references related to the
Rule Change To Amend then separately sending in a new order price reasonability checks within this
Supplementary Material .02 to Rule 715 which serves as a replacement of the provision to refer to the current rules.9
Regarding Cancel and Replace Orders original order (two separate messages), Finally, the Exchange proposes other
or sending a single cancel and replace non-substantive, technical changes
December 7, 2018. order in one message (i.e., a Cancel and within Supplementary Material .02 to
Pursuant to Section 19(b)(1) of the Replace Order). Specifically, Rule 715 to capitalize ‘‘Cancel and
Securities Exchange Act of 1934 Supplementary Material .02 to Rule 715 Replace Order’’ for consistency, and to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 defines a Cancel and Replace Order as capitalize ‘‘System,’’ which is a defined
notice is hereby given that on November a single message for the immediate term.
29, 2018, Nasdaq MRX, LLC (‘‘MRX’’ or cancellation of a previously received
‘‘Exchange’’) filed with the Securities order and the replacement of that order 2. Statutory Basis
and Exchange Commission (‘‘SEC’’ or with a new order.4 The replacement The Exchange believes that its
‘‘Commission’’) the proposed rule portion of the Cancel and Replace Order proposal is consistent with Section 6(b)
change as described in Items I and II, is treated as a new order and therefore of the Act,10 in general, and furthers the
below, which Items have been prepared goes through price or other reasonability objectives of Section 6(b)(5) of the Act,11
by the Exchange. The Commission is checks as a result of being viewed as in particular, in that it is designed to
publishing this notice to solicit such.5 If the replacement portion of a promote just and equitable principles of
comments on the proposed rule change Cancel and Replace Order does not trade, to remove impediments to and
from interested persons. satisfy the System’s price or other perfect the mechanism of a free and
I. Self-Regulatory Organization’s reasonability checks, the existing order open market and a national market
Statement of the Terms of Substance of will be cancelled and not replaced.6 The system, and, in general to protect
the Proposed Rule Change Exchange notes, however, that when it
investors and the public interest. The
initially codified Cancel and Replace
The Exchange proposes to amend Exchange’s proposal corrects an
Orders in its Rulebook as part of SR–
Supplementary Material .02 to Rule 715 inadvertent error in Supplementary
MRX–2017–02, it inadvertently
regarding Cancel and Replace Orders. Material .02 to Rule 715, which
included Rule 710 within the list of
The text of the proposed rule change currently includes Rule 710 within the
price reasonability checks. In SR–MRX–
is available on the Exchange’s website at list of price or other reasonability
2017–02, the Exchange explained that
http://nasdaqmrx.cchwallstreet.com/, at checks. As discussed above, including
the System conducts price or other
the principal office of the Exchange, and Rule 710 is inconsistent with the
reasonability checks for Cancel and
at the Commission’s Public Reference operation of the Exchange’s System
Replace Orders to validate such orders
Room. against the current market conditions because an incoming Cancel and
prior to proceeding with the request to Replace Order which fails the minimum
II. Self-Regulatory Organization’s price variation checks in Rule 710 does
Statement of the Purpose of, and modify the order.7 Rule 710, which
relates to the minimum price variations not result in the existing order getting
Statutory Basis for, the Proposed Rule cancelled and not replaced. This rule
Change applicable to options series traded on
the Exchange, does not involve the change would amend the rule text to
In its filing with the Commission, the System considering the current market reflect MRX’s current practice, and
Exchange included statements at the time of the Cancel and Replace should avoid potential confusion about
concerning the purpose of and basis for Order, and an incoming Cancel and how the System processes Cancel and
the proposed rule change and discussed Replace Order that fails the minimum Replace Orders today.12 Furthermore,
any comments it received on the price variation checks in Rule 710 the Exchange’s proposal to update the
proposed rule change. The text of these rule references and make other non-
statements may be examined at the 3 The term ‘‘System’’ means the electronic system substantive technical changes, as further
places specified in Item IV below. The operated by the Exchange that receives and described above, will bring greater
Exchange has prepared summaries, set disseminates quotes, executes orders and reports transparency to its Rulebook thereby
forth in sections A, B, and C below, of transactions. See Rule 100(a)(66).
4 If the previously placed order is already filled
protecting investors and the public
the most significant aspects of such partially or in its entirety, the replacement order is interest by reducing potential for
statements. automatically cancelled or reduced by the number investor confusion.
of contracts that were executed. See Supplementary
A. Self-Regulatory Organization’s Material .02 to Rule 715. 8 In this instance, the System would simply reject
Statement of the Purpose of, and 5 Supplementary Material .02 to Rule 715 further
the cancel and replace message as an invalid
Statutory Basis for, the Proposed Rule provides how the replacement portion may retain
instruction. The Exchange notes that the previous
the priority of the original order, provided certain
Change specified conditions are met. The manner in which T7 system likewise treated Cancel and Replace
Orders in this manner.
amozie on DSK3GDR082PROD with NOTICES1

1. Purpose the Exchange treats priority with respect to Cancel
9 In particular, Rules 711(c) and 714(b)(2) are now
and Replace Orders is not changing under this
The Exchange proposes to amend proposal. Rules 714(b)(1)(B) and 714(b)(1)(A), respectively,
6 See Securities Exchange Act Release No. 81204 pursuant to SR–MRX–2018–30. See Securities
Supplementary Material .02 to Rule 715 Exchange Act Release No. 84239 (September 20,
(July 25, 2017), 82 FR 35557 (July 31, 2017) (SR–
regarding Cancel and Replace Orders to: MRX–2017–02) (memorializing Cancel and Replace 2018), 83 FR 48670 (September 26, 2018).
10 15 U.S.C. 78f(b).
Orders in Supplementary Material .02 to Rule 715
1 15 U.S.C. 78s(b)(1). as part of the Exchange’s system migration). 11 15 U.S.C. 78f(b)(5).
2 17 CFR 240.19b–4. 7 Id. 12 See note 8 above.

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63948 Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices

B. Self-Regulatory Organization’s • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Statement on Burden on Competition sec.gov. Please include File Number SR– COMMISSION
The Exchange does not believe that MRX–2018–37 on the subject line. [Release No. 34–84751; File No. SR–DTC–
the proposed rule change will impose Paper Comments 2018–010]
any burden on competition not
necessary or appropriate in furtherance • Send paper comments in triplicate Self-Regulatory Organizations; The
of the purposes of the Act. All of the to Secretary, Securities and Exchange Depository Trust Company; Notice of
proposed changes are intended to bring Commission, 100 F Street NE, Filing of a Proposed Rule Change To
greater transparency to the Exchange’s Washington, DC 20549–1090. Amend the Settlement Guide
Rulebook, and therefore does not Procedures To Provide Status
unduly burden competition. All submissions should refer to File Information for Institutional
Number SR–MRX–2018–37. This file Transactions To a Matching Utility
C. Self-Regulatory Organization’s number should be included on the
Statement on Comments on the subject line if email is used. To help the December 7, 2018.
Proposed Rule Change Received From Pursuant to Section 19(b)(1) of the
Commission process and review your
Members, Participants, or Others Securities Exchange Act of 1934
comments more efficiently, please use
No written comments were either (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
only one method. The Commission will notice is hereby given that on November
solicited or received. post all comments on the Commission’s 29, 2018, The Depository Trust
III. Date of Effectiveness of the internet website (http://www.sec.gov/ Company (‘‘DTC’’) filed with the
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the Securities and Exchange Commission
Commission Action submission, all subsequent (‘‘Commission’’) the proposed rule
Because the foregoing proposed rule amendments, all written statements change as described in Items I, II and III
change does not: (i) Significantly affect with respect to the proposed rule below, which Items have been prepared
the protection of investors or the public change that are filed with the by the clearing agency. The Commission
interest; (ii) impose any significant Commission, and all written is publishing this notice to solicit
burden on competition; and (iii) become communications relating to the comments on the proposed rule change
operative for 30 days from the date on proposed rule change between the from interested persons.
which it was filed, or such shorter time Commission and any person, other than I. Clearing Agency’s Statement of the
as the Commission may designate, it has those that may be withheld from the Terms of Substance of the Proposed
become effective pursuant to Section public in accordance with the Rule Change
19(b)(3)(A)(iii) of the Act 13 and provisions of 5 U.S.C. 552, will be
subparagraph (f)(6) of Rule 19b–4 The proposed rule change would
available for website viewing and
thereunder.14 amend the Procedures, set forth in the
printing in the Commission’s Public
At any time within 60 days of the DTC Settlement Guide,3 4 to allow DTC
Reference Room, 100 F Street NE, to provide status information (‘‘Status
filing of the proposed rule change, the Washington, DC 20549, on official
Commission summarily may Information’’) for institutional
business days between the hours of transactions in Eligible Securities
temporarily suspend such rule change if
10:00 a.m. and 3:00 p.m. Copies of the (‘‘Institutional Transactions’’) 5 to an
it appears to the Commission that such
action is necessary or appropriate in the filing also will be available for entity providing a matching service 6
public interest, for the protection of inspection and copying at the principal
investors, or otherwise in furtherance of office of the Exchange. All comments 1 15 U.S.C. 78s(b)(1).
the purposes of the Act. If the received will be posted without change. 2 17 CFR 240.19b–4.
3 Each capitalized term not otherwise defined
Commission takes such action, the Persons submitting comments are
herein has its respective meaning as set forth in the
Commission shall institute proceedings cautioned that we do not redact or edit Rules, By-Laws and Organization Certificate of The
to determine whether the proposed rule personal identifying information from Depository Trust Company (‘‘Rules’’), available at
should be approved or disapproved. comment submissions. You should http://www.dtcc.com/legal/rules-and-
submit only information that you wish procedures.aspx and the DTC Settlement Service
IV. Solicitation of Comments Guide (‘‘Settlement Guide’’), available at http://
to make available publicly. All www.dtcc.com/∼/media/Files/Downloads/legal/
Interested persons are invited to submissions should refer to File service-guides/Settlement.pdf.
submit written data, views, and Number SR–MRX–2018–37 and should 4 The Settlement Guide, which is proposed to be

arguments concerning the foregoing, be submitted on or before January 2, amended hereby, sets forth Procedures for the
including whether the proposed rule DTC’s Settlement Service. See Settlement Guide,
2019. supra note 3. Procedures, in this context, pursuant
change is consistent with the Act. to Section 1 of Rule 1, means ‘‘the Procedures,
Comments may be submitted by any of For the Commission, by the Division of service guides, and regulations of DTC adopted
the following methods: Trading and Markets, pursuant to delegated pursuant to Rule 27, as amended from time to
authority.15 time.’’ Rule 1, Section 1, supra note 3. The
Electronic Comments Settlement Guide constitutes Procedures of DTC, as
Eduardo A. Aleman,
defined in the Rules. See Settlement Guide, supra
• Use the Commission’s internet Assistant Secretary. note 3 at 1.
comment form (http://www.sec.gov/ [FR Doc. 2018–26908 Filed 12–11–18; 8:45 am] 5 An Institutional Transaction is a securities
rules/sro.shtml); or transaction between a broker-dealer and its
BILLING CODE 8011–01–P institutional customer (e.g., sell-side firms, buy-side
amozie on DSK3GDR082PROD with NOTICES1

13 15 U.S.C. 78s(b)(3)(A)(iii). institutions, and custodians).
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 6 A ‘‘matching service’’ is an electronic service to

4(f)(6) requires a self-regulatory organization to give match trade information, centrally, between a
the Commission written notice of its intent to file broker-dealer and its institutional customer. The
the proposed rule change at least five business days matching service intermediary matches (i.e.,
prior to the date of filing of the proposed rule reconciles) trade information from the
change, or such shorter time as designated by the counterparties to an Institutional Transaction, to
Commission. At the Exchange’s request, the generate an affirmed transaction (‘‘Affirmed
Commission has waived this requirement. 15 17 CFR 200.30–3(a)(12). Transaction’’) which is then used to provide

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Document Created: 2018-12-12 01:40:03
Document Modified: 2018-12-12 01:40:03
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 63947