83 FR 8554 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Gateway Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 39 (February 27, 2018)
Federal Register Volume 83, Issue 39 (February 27, 2018)
| Page Range | 8554-8556 | |
| FR Document | 2018-03888 |
[Federal Register Volume 83, Number 39 (Tuesday, February 27, 2018)] [Notices] [Pages 8554-8556] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-03888] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82749; File No. SR-ISE-2018-15] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Gateway Fees February 21, 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 February 12, 2018, Nasdaq ISE, LLC (``ISE'' 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 Exchange's Schedule of Fees to remove obsolete text and amend the current rule text to provide a more accurate description of the Gateway Fees which are currently offered on ISE. The text of the proposed rule change is available on the Exchange's website at http://ise.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 ISE's current pricing related to [[Page 8555]] Gateways at VI, C of the Schedule of Fees. The Exchange's current gateway offering was modified with the completion of the transition of ISE to INET technology in July 2017. First, as of July 2017, the Exchange no longer offered a Shared Gateway for its DTI \3\ port to its Members. Second, the Exchange modified its offering of its Dedicated Gateway to remove the paired offering which allowed access to both ISE and Nasdaq GEMX, LLC (``GEMX''). Both of these changes are discussed in more detail below. --------------------------------------------------------------------------- \3\ DTI was an order entry protocol offered on ISE that was utilized by all members. DTI ports are not offered today. --------------------------------------------------------------------------- Shared Gateway With the transition to INET, ISE no longer offered DTI ports as of July 2017. Prior to the replatform, ISE assessed Members a Shared Gateway fee of $750 per gateway, per month for DTI ports. The offering provided connectivity to both ISE and GEMX. The Exchange no longer offers DTI ports and has not billed this fee since the decommissioning of the DTI ports in July 2017. No ISE Member will be offered a Shared Gateway for a DTI port. Today, the Exchange does not assess a Shared Gateway fee for ports. ISE Members are able to utilize various ports today, namely, SQF, OTTO, FIX and Precise. The Exchange is noting a Shared Gateway fee of $0 on the Schedule of Fees for clarity. The Shared Gateway fee shall apply to all ports including FIX, SQF, OTTO and Precise. Dedicated Gateway and Dedicated SQF The Exchange filed a rule change to establish a Dedicated SQF Host in 2017 to discuss the transition of gateway services in connection with the INET migration.\4\ In that rule change the Exchange noted it would offer Dedicated Gateways to facilitate member access to the Exchange.\5\ The filing described a Dedicated SQF Host as an optional offering available to Market Makers--i.e., Primary Market Makers (``PMMs'') and Competitive Market Makers (``CMMs'')--only for their SQF Port & SQF Purge Port connectivity.\6\ A Dedicated SQF Host provides the PMM or CMM with assurance that their SQF Port and SQF Purge Port connection to the Exchange resides on a host that is not shared with other PMMs and CMMs. --------------------------------------------------------------------------- \4\ See Securities and Exchange Act Release No. 81095 (July 7, 2017), 82 FR 32409 (July 13, 2017)(SR-ISE-2017-62). \5\ Id. \6\ Id. See also ISE Rule 100(a)(25). --------------------------------------------------------------------------- The Exchange's Schedule of Fees currently provides for a Dedicated Gateway fee which is assessed at $2,250 per gateway pair, per month. The Schedule of Fees notes that the gateway connectivity provides connectivity to both GEMX and ISE. Also, the Schedule of Fees notes a Dedicated SQF Host Fee of $0 per host per month. The Exchange established the Dedicated SQF Host Fee at no cost because the Exchange did not desire to double bill ISE Market Makers for two sets of SQF connectivity--one to the old T7 legacy system and one to the new INET system. The Exchange discontinued its paired Dedicated Gateways in July 2017. Since that time the Exchange has not billed Market Makers for use of Dedicated Gateways. The Exchange has offered the Dedicated SQF Host at no cost. At this time, the Exchange proposes to increase and amend the dedicated offering. The Exchange proposes to eliminate the reference to a ``Dedicated SQF Host Fee'' and commence assessing a fee for the ``Dedicated Gateway'' offering. The Exchange proposes to continue to refer to the dedicated offering as the ``Dedicated Gateway'' and assess a fee of $2,250 per SQF gateway, per month. Only Market Makers that utilize SQF ports have the option of utilizing this dedicated offering. Prior to the INET transition, all Members were able to utilize the dedicated offering for their DTI port. Today, only SQF ports, which are utilized by Market Makers, may be dedicated. All other ports, namely FIX, OTTO and Precise, can only be shared. An SQF port can be shared, at no cost, or dedicated. The current Dedicated SQF will not offer connectivity for GEMX and therefore the ``pair'' language is no longer relevant. The offering only grants access to ISE. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Shared Gateway The Exchange believes that removing the obsolete pricing for the Shared Gateway for the DTI ports is reasonable because DTI ports are no longer available and the Exchange does not assess any other port a Shared Gateway fee. Also, the Exchange offers a Shared Gateway for any port, SQF, OTTO, FIX or Precise, at no cost. The Exchange believes that removing the pricing for the Shared Gateway for DTI ports is equitable and not unfairly discriminatory because DTI ports are no longer available on ISE for any Member. Any Member may utilize a Shared Gateway at no cost. Dedicated Gateway and Dedicated SQF The Exchange believes that removing the current Dedicated Gateway paired pricing and the reference to the Dedicated SQF Host Fee, and increasing the fee for a dedicated offering, namely ``Dedicated Gateway'' fee from $0 \9\ to $2,250 per SQF gateway, per month is reasonable. The Exchange discontinued the paired connectivity through the legacy T7 in July 2017. The Exchange offered these dedicated servers at no cost since August 2017. Increasing the Dedicated Gateway fee at this time permits the Exchange to recuperate costs its bears to offer such dedicated services and permits ISE Marker Makers to select between a Shared Gateway and a Dedicated Gateway for their SQF ports. The Exchange believes that assessing a fee of $2,250 per host, per month to obtain a dedicated server is reasonable given the cost of this offering to the Exchange. ISE Market Makers have the option of selecting a Shared Gateway for their SQF ports at no cost. --------------------------------------------------------------------------- \9\ The Exchange is not currently assessing a fee for a dedicated offering. --------------------------------------------------------------------------- The Exchange believes that removing the current Dedicated Gateway paired pricing and the reference to the Dedicated SQF Host Fee, and increasing the fee for a dedicated offering, namely ``Dedicated Gateway'' fee from $0 to $2,250 per SQF gateway, per month is equitable and not unfairly discriminatory. At this time, no ISE Member is being assessed the paired Dedicated Gateway fees. Today, no ISE Market Maker is being assessed a Dedicated SQF Host fee. Any ISE Market Maker may select a Dedicated SQF, as compared to a Shared Gateway for their SQF connectivity. The Exchange will uniformly assess any ISE Market Maker the proposed $2,250 per host, per month fee. ISE Market Makers are likely to benefit from a dedicated as compared to a shared gateway as compared to other market participants. Dedicated SQF is designed to provide a more deterministic experience for ISE Market Makers when quoting on the Exchange by allowing them to better load balance their trading sessions, but does not provide any latency benefit when compared to using the shared [[Page 8556]] gateways, which are built on identical hardware to the dedicated gateways. The Exchange therefore believes that ISE Market Makers are likely to benefit from the load balancing provided by the dedicated gateways, which will aid ISE Market Makers in their obligations to maintain tight markets--a benefit that ultimately accrues to the benefit of all market participants that trade on the Exchange. Based on the Exchange's experience, the Exchange does not believe that market participants using other protocols, namely FIX, OTTO and Precise, are likely to use dedicated gateways, and the Exchange is therefore not offering such Dedicated Gateways for any of ports other than SQF Ports. The Exchange does not believe that it is unfairly discriminatory to offer Dedicated Gateways only for SQF ports, which are only available to ISE Market Makers. Other exchanges also have gateways that are restricted to market makers. The New York Stock Exchange, for example, offers DMM Gateways that are only available to their Designated Market Makers.\10\ ISE Market Makers provide liquidity on the Exchange and have continuous quoting obligations \11\ to the market that require the ability to quickly and efficiently interact with their quotes and orders. Finally, with respect to assessing the same fee while discontinuing access to GEMX, the Exchange believes that is equitable and not unfairly discriminatory to no longer offer access to GEMX with this particular offering as other exchanges do not offer this option.\12\ --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 79748 (January 6, 2017), 82 FR 3828 (January 12, 2017) (SR-NYSE-2016-93). \11\ See ISE Rule 804(e). \12\ Nasdaq MRX, LLC has never offered a dedicated gateway option today. --------------------------------------------------------------------------- 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 other exchanges offer similar dedicated access to their servers.\13\ The Exchange operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. --------------------------------------------------------------------------- \13\ See note 9 above. --------------------------------------------------------------------------- In terms of intra-market competition, no ISE Member will be assessed for a Shared Gateway. The new proposed Dedicated Gateway fee will be uniformly assessed to ISE Market Makers, who provide liquidity on the Exchange and have continuous quoting obligations \14\ to the market. These market participants require the ability to quickly and efficiently interact with their quotes and orders. Further will respect to a Dedicated Gateways, the Exchange believes that ISE Market Makers are likely to benefit from the load balancing, which will aid ISE Market Makers in their obligations to maintain tight markets--a benefit that ultimately accrues to the benefit of all market participants that trade on the Exchange. An ISE Market Maker may selected a Shared Gateway for their SQF ports at no cost. Further, the Exchange notes that no ISE Market Maker will be offered connectivity to GEMX in connection with this offering. --------------------------------------------------------------------------- \14\ See ISE Rule 804(e). --------------------------------------------------------------------------- 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.\15\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-ISE-2018-15 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-ISE-2018-15. 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-ISE-2018-15 and should be submitted on or before March 20, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-03888 Filed 2-26-18; 8:45 am] BILLING CODE 8011-01-P
![8554 Federal Register / Vol. 83, No. 39 / Tuesday, February 27, 2018 / Notices
securities, options on securities, Comments may be submitted by any of SECURITIES AND EXCHANGE
security futures products, and futures the following methods: COMMISSION
and options on broad-based security
Electronic Comments [Release No. 34–82749; File No. SR–ISE–
indexes. A list identifying the current 2018–15]
ISG members is available at https:// • Use the Commission’s internet
www.isgportal.org/isgportal/public/ comment form (http://www.sec.gov/ Self-Regulatory Organizations; Nasdaq
members.htm. MIAX PEARL has rules/sro.shtml); or ISE, LLC; Notice of Filing and
analyzed its capacity and represents that Immediate Effectiveness of Proposed
it believes the Exchange and the • Send an email to rule-comments@
sec.gov. Please include File Number SR– Rule Change Relating to Gateway Fees
Options Price Reporting Authority
(‘‘OPRA’’) have the necessary systems PEARL–2018–02 on the subject line. February 21, 2018.
capacity to handle the additional traffic Paper Comments Pursuant to Section 19(b)(1) of the
associated with the listing and trading Securities Exchange Act of 1934
of index options. • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Secretary, Securities and Exchange notice is hereby given that on February
B. Self-Regulatory Organization’s Commission, 100 F Street NE, 12, 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
Statement on Burden on Competition Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
The Exchange does not believe that and Exchange Commission
All submissions should refer to File (‘‘Commission’’) the proposed rule
the proposed rule change will impose
Number SR–PEARL–2018–02. This file change as described in Items I, II, and
any burden on competition that is not
number should be included on the III, below, which Items have been
necessary or appropriate in furtherance
subject line if email is used. To help the prepared by the Exchange. The
of the purposes of the Act. On the
Commission process and review your Commission is publishing this notice to
contrary, the Exchange believes that the
comments more efficiently, please use solicit comments on the proposed rule
proposed rule change will enable the
only one method. The Commission will change from interested persons.
Exchange to compete for order flow in
post all comments on the Commission’s
index options products with other I. Self-Regulatory Organization’s
internet website (http://www.sec.gov/
exchanges that currently have rules and Statement of the Terms of Substance of
rules/sro.shtml). Copies of the
functionality in place to list and trade the Proposed Rule Change
submission, all subsequent
index options.
The Exchange further believes that the amendments, all written statements The Exchange proposes to amend the
proposed rule change will enhance with respect to the proposed rule Exchange’s Schedule of Fees to remove
intra-market competition, as more change that are filed with the obsolete text and amend the current rule
varied index products become available Commission, and all written text to provide a more accurate
for trading on the Exchange, which communications relating to the description of the Gateway Fees which
should encourage a greater number of proposed rule change between the are currently offered on ISE.
Commission and any person, other than The text of the proposed rule change
Market Makers to trade index options,
those that may be withheld from the is available on the Exchange’s website at
resulting in greater liquidity and more
public in accordance with the http://ise.cchwallstreet.com/, at the
competitive quoting on the Exchange.
provisions of 5 U.S.C. 552, will be principal office of the Exchange, and at
C. Self-Regulatory Organization’s available for website viewing and the Commission’s Public Reference
Statement on Comments on the printing in the Commission’s Public Room.
Proposed Rule Change Received From Reference Room, 100 F Street NE, II. Self-Regulatory Organization’s
Members, Participants, or Others Washington, DC 20549, on official Statement of the Purpose of, and
Written comments were neither business days between the hours of Statutory Basis for, the Proposed Rule
solicited nor received. 10:00 a.m. and 3:00 p.m. Copies of the Change
filing also will be available for
III. Date of Effectiveness of the inspection and copying at the principal In its filing with the Commission, the
Proposed Rule Change and Timing for office of the Exchange. All comments Exchange included statements
Commission Action received will be posted without change. concerning the purpose of and basis for
Within 45 days of the date of Persons submitting comments are the proposed rule change and discussed
publication of this notice in the Federal cautioned that we do not redact or edit any comments it received on the
Register or within such longer period (i) personal identifying information from proposed rule change. The text of these
as the Commission may designate up to comment submissions. You should statements may be examined at the
90 days of such date if it finds such submit only information that you wish places specified in Item IV below. The
longer period to be appropriate and to make available publicly. All Exchange has prepared summaries, set
publishes its reasons for so finding or submissions should refer to File forth in sections A, B, and C below, of
(ii) as to which the Exchange consents, Number SR–PEARL–2018–02 and the most significant aspects of such
the Commission shall: (a) by order should be submitted on or before March statements.
approve or disapprove such proposed 20,2018. A. Self-Regulatory Organization’s
rule change, or (b) institute proceedings For the Commission, by the Division of Statement of the Purpose of, and
to determine whether the proposed rule Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
change should be disapproved. authority.60 Change
daltland on DSKBBV9HB2PROD with NOTICES
IV. Solicitation of Comments Eduardo A. Aleman, 1. Purpose
Interested persons are invited to Assistant Secretary.
The Exchange proposes to amend
submit written data, views, and [FR Doc. 2018–03894 Filed 2–26–18; 8:45 am]
ISE’s current pricing related to
arguments concerning the foregoing, BILLING CODE 8011–01–P
including whether the proposed rule 1 15 U.S.C. 78s(b)(1).
change is consistent with the Act. 60 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b 4.
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![8556 Federal Register / Vol. 83, No. 39 / Tuesday, February 27, 2018 / Notices
gateways, which are built on identical believes that the degree to which fee Electronic Comments
hardware to the dedicated gateways. changes in this market may impose any
The Exchange therefore believes that burden on competition is extremely • Use the Commission’s internet
ISE Market Makers are likely to benefit limited. comment form (http://www.sec.gov/
from the load balancing provided by the In terms of intra-market competition, rules/sro.shtml); or
dedicated gateways, which will aid ISE no ISE Member will be assessed for a • Send an email to rule-comments@
Market Makers in their obligations to Shared Gateway. The new proposed sec.gov. Please include File Number SR–
maintain tight markets—a benefit that Dedicated Gateway fee will be ISE–2018–15 on the subject line.
ultimately accrues to the benefit of all uniformly assessed to ISE Market
market participants that trade on the Makers, who provide liquidity on the Paper Comments
Exchange. Based on the Exchange’s Exchange and have continuous quoting
experience, the Exchange does not • Send paper comments in triplicate
obligations 14 to the market. These to Secretary, Securities and Exchange
believe that market participants using market participants require the ability to
other protocols, namely FIX, OTTO and Commission, 100 F Street NE,
quickly and efficiently interact with
Precise, are likely to use dedicated Washington, DC 20549–1090.
their quotes and orders. Further will
gateways, and the Exchange is therefore respect to a Dedicated Gateways, the All submissions should refer to File
not offering such Dedicated Gateways Exchange believes that ISE Market Number SR–ISE–2018–15. This file
for any of ports other than SQF Ports. Makers are likely to benefit from the number should be included on the
The Exchange does not believe that it load balancing, which will aid ISE subject line if email is used. To help the
is unfairly discriminatory to offer Market Makers in their obligations to
Dedicated Gateways only for SQF ports, Commission process and review your
maintain tight markets—a benefit that comments more efficiently, please use
which are only available to ISE Market ultimately accrues to the benefit of all
Makers. Other exchanges also have only one method. The Commission will
market participants that trade on the post all comments on the Commission’s
gateways that are restricted to market Exchange. An ISE Market Maker may
makers. The New York Stock Exchange, internet website (http://www.sec.gov/
selected a Shared Gateway for their SQF rules/sro.shtml). Copies of the
for example, offers DMM Gateways that ports at no cost. Further, the Exchange
are only available to their Designated submission, all subsequent
notes that no ISE Market Maker will be
Market Makers.10 ISE Market Makers amendments, all written statements
offered connectivity to GEMX in
provide liquidity on the Exchange and with respect to the proposed rule
connection with this offering.
have continuous quoting obligations 11 change that are filed with the
to the market that require the ability to C. Self-Regulatory Organization’s Commission, and all written
quickly and efficiently interact with Statement on Comments on the communications relating to the
their quotes and orders. Finally, with Proposed Rule Change Received From proposed rule change between the
respect to assessing the same fee while Members, Participants, or Others Commission and any person, other than
discontinuing access to GEMX, the those that may be withheld from the
Exchange believes that is equitable and No written comments were either
solicited or received. public in accordance with the
not unfairly discriminatory to no longer provisions of 5 U.S.C. 552, will be
offer access to GEMX with this III. Date of Effectiveness of the available for website viewing and
particular offering as other exchanges do Proposed Rule Change and Timing for printing in the Commission’s Public
not offer this option.12 Commission Action Reference Room, 100 F Street NE,
B. Self-Regulatory Organization’s The foregoing rule change has become Washington, DC 20549, on official
Statement on Burden on Competition effective pursuant to Section business days between the hours of
The Exchange does not believe that 19(b)(3)(A)(ii) of the Act.15 At any time 10:00 a.m. and 3:00 p.m. Copies of the
the proposed rule change will impose within 60 days of the filing of the filing also will be available for
any burden on competition not proposed rule change, the Commission inspection and copying at the principal
necessary or appropriate in furtherance summarily may temporarily suspend office of the Exchange. All comments
of the purposes of the Act. In terms of such rule change if it appears to the received will be posted without change.
inter-market competition, the Exchange Commission that such action is: (i) Persons submitting comments are
notes other exchanges offer similar Necessary or appropriate in the public cautioned that we do not redact or edit
dedicated access to their servers.13 The interest; (ii) for the protection of personal identifying information from
Exchange operates in a highly investors; or (iii) otherwise in comment submissions. You should
competitive market in which market furtherance of the purposes of the Act. submit only information that you wish
participants can readily favor competing If the Commission takes such action, the to make available publicly. All
venues if they deem fee levels at a Commission shall institute proceedings
submissions should refer to File
particular venue to be excessive, or to determine whether the proposed rule
Number SR–ISE–2018–15 and should be
rebate opportunities available at other should be approved or disapproved.
submitted on or before March 20, 2018.
venues to be more favorable. Because
IV. Solicitation of Comments For the Commission, by the Division of
competitors are free to modify their own
fees in response, and because market Interested persons are invited to Trading and Markets, pursuant to delegated
participants may readily adjust their submit written data, views, and authority.16
order routing practices, the Exchange arguments concerning the foregoing, Eduardo A. Aleman,
daltland on DSKBBV9HB2PROD with NOTICES
including whether the proposed rule Assistant Secretary.
10 See Securities Exchange Act Release No. 79748
change is consistent with the Act. [FR Doc. 2018–03888 Filed 2–26–18; 8:45 am]
(January 6, 2017), 82 FR 3828 (January 12, 2017) Comments may be submitted by any of
(SR–NYSE–2016–93). BILLING CODE 8011–01–P
11 See ISE Rule 804(e). the following methods:
12 Nasdaq MRX, LLC has never offered a
dedicated gateway option today. 14 See ISE Rule 804(e).
13 See note 9 above. 15 15 U.S.C. 78s(b)(3)(A)(ii). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-27 01:14:26
Document Modified: 2018-02-27 01:14:26
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| FR Citation | 83 FR 8554 |
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