Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Market Maker Orders, 3196-3199 [2018-01094]
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3196
Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
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 CboeEDGX–2018–001 and
should be submitted on or before
February 13, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01091 Filed 1–22–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82523; File No. SR–MRX–
2018–02]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Market Maker
Orders
January 17, 2018.
sradovich on DSK3GMQ082PROD with NOTICES
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 January 5,
2018, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deleted text is in
[brackets].
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
MRX Rule 805 to permit Market
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17:59 Jan 22, 2018
Nasdaq MRX Rulebook
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Rule 805. Market Maker Orders
(a) Options Classes to Which
Appointed. Market makers may enter all
order types defined in Rule 715 in the
options classes to which they are
appointed under Rule 802, except
Stopped Orders, Reserve Orders and
Customer Cross Orders.[not place
principal orders to buy or sell options
in the options classes to which they are
appointed under Rule 802, other than
opening only orders, immediate-orcancel orders, market orders, fill-or-kill
orders, sweep orders, and block-size
orders executed through the Block
Order Mechanism pursuant to Rule
716(c).] Competitive Market Makers
shall comply with the provisions of
Rule 804(e)(2)(iii) upon the entry of
such orders if they were not previously
quoting in the series.
(b) Options Classes Other Than Those
to Which Appointed.
(1) A market maker may enter all
order types permitted to be entered by
non-customer participants under the
Rules to buy or sell options in classes
of options listed on the Exchange to
which the market maker is not
appointed under Rule 802, except for
Reserve Orders, provided that:
(i) and (ii) No change.
(2) and (3) No change.
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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.
3 Market Makers refers to ‘‘Competitive Market
Makers’’ and ‘‘Primary Market Makers’’ collectively.
See MRX Rule 100(a)(25).
1 15
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Makers 3 to enter additional order types
in the options classes to which they are
appointed.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this rule change is to
permit Market Makers to enter principal
orders to buy or sell options in the
options classes to which they are
appointed under Rule 802 4 for all order
types listed in Rule 715 except for
Stopped Orders,5 Reserve Orders 6 and
Customer Cross Orders.7 This filing is
intended to permit Market Makers to
execute most of the same order types,
which today they are permitted to enter
on other options markets.8 In addition,
this filing is intended to amend MRX
Rule 805(b)(1) to indicate that Reserve
Orders are not permitted to be entered
by MRX Market Makers in non4 MRX Rule 802 concerns the appointment of
Market Makers.
5 A stopped order is a limit order that meets the
requirements of Rule 1901(b)(8). To execute
stopped orders, Members must enter them into the
Facilitation Mechanism or Solicited Order
Mechanism pursuant to Rule 716. See MRX Rule
715(b)(6).
6 A Reserve Order is a limit order that contains
both a displayed portion and a non-displayed
portion. Both the displayed and non-displayed
portions of a Reserve Order are available for
potential execution against incoming marketable
orders. A non-marketable Reserve Order will rest on
the order book. The displayed portion of a Reserve
Order shall be ranked at the specified limit price
and the time of order entry. The displayed portion
of a Reserve Order will trade in accordance with
Rule 713(c) and (d) for Priority Customer Orders,
and Rule 713(e) and Supplementary Material .01,
for Professional Orders. When the displayed portion
of a Reserve Order is decremented, either in full or
in part, it shall be refreshed from the non-displayed
portion of the resting Reserve Order. If the
displayed portion is refreshed in part, the new
displayed portion shall include the previously
displayed portion. Upon any refresh, the entire
displayed portion shall be ranked at the specified
limit price and obtain a new time stamp, i.e., the
time that the new displayed portion of the order
was refreshed. The new displayed portion will
trade in accordance with Rule 713(c) and (d) for
Priority Customer Orders, and Rule 713(e) and
Supplementary Material .01, for Professional
Orders. The initial non-displayed portion of a
Reserve Order rests on the order book and is ranked
based on the specified limit price and time of order
entry. Thereafter, non-displayed portions, if any,
always obtain the same time stamp as that of the
new displayed portion in subparagraph 4 above.
The non-displayed portion of any Reserve Order is
available for execution only after all displayed
interest has been executed. The non-displayed
portion of any Reserve Order will trade in
accordance with Rule 713(c) and (d) for Priority
Customer Orders, and Rule 713(e) and
Supplementary Material .01, for Professional
Orders. See MRX Rule 715(g).
7 A Customer Cross Order is comprised of a
Priority Customer Order to buy and a Priority
Customer Order to sell at the same price and for the
same quantity. See MRX Rule 715(i).
8 NYSE Arca, Inc. (‘‘NYSE Arca’’) and NYSE
American LLC (‘‘NYSE American’’) do not limit the
types of orders that can be entered by market
makers. See NYSE Arca Rule 6.37C–O and NYSE
American Rule 925.2NY.
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Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
appointed options classes. Today, MRX
Market Makers may not enter Reserve
Orders in either appointed or nonappointed options classes. Today, while
the System prohibits MRX Market
Makers from entering Reserve Orders,
MRX Rule 805(b)(1) does not indicate
the restriction.
sradovich on DSK3GMQ082PROD with NOTICES
Appointed Options Classes
Today, as noted in MRX Rule 805(a),
a Market Maker may not place principal
orders to buy or sell options in the
options classes to which they are
appointed under Rule 802, other than
opening only orders,9 immediate-orcancel orders,10 market orders, fill-orkill orders,11 sweep orders,12 and blocksize orders 13 executed through the
Block Order Mechanism 14 pursuant to
Rule 716(c). At this time, the Exchange
proposes to expand the order types
which Market Makers are permitted to
enter on MRX.15 The Exchange is
amending MRX Rule 805(a) to make
clear which order types a Market Maker
in an appointed options class may
submit. Additionally, ISO Orders, AllOr-None Orders, Stop Orders, Qualified
Contingent Cross Orders, Attributable
Orders, Do-Not-Route Orders, Opening
Sweep Orders, Cancel and Replace
Orders,16 and Add Liquidity Orders are
9 An Opening Only order is a limit order that can
be entered for the opening rotation only. Any
portion of the order that is not executed during the
opening rotation is cancelled. See MRX Rules
717(o).
10 An immediate-or-cancel order is a limit order
that is to be executed in whole or in part upon
receipt. Any portion not so executed is to be treated
as cancelled. An immediate-or-cancel order entered
by a Market Maker through the Specialized Quote
Feed protocol will not be subject to the Limit Order
Price Protection and Size Limitation Protection as
defined in MRX Rule 714(b)(2) and (3). See MRX
Rule 715(b)(2).
11 A fill-or-kill order is a limit order that is to be
executed in its entirety as soon as it is received and,
if not so executed, treated as cancelled. See MRX
Rule 715(b)(2).
12 A Sweep Order is a limit order that is to be
executed in whole or in part on the Exchange and
the portion not so executed shall be routed
pursuant to Supplementary Material .05 to Rule
1901 to Eligible Exchange(s) for immediate
execution as soon as the order is received by the
Eligible Exchange(s). Any portion not immediately
executed by the Eligible Exchange(s) shall be
canceled. If a Sweep Order is not marketable when
it is submitted to the Exchange, it shall be canceled.
See MRX Rule 715(s).
13 Block-size orders are orders for fifty (50)
contracts or more. See MRX Rule 716(a).
14 The Block Order Mechanism is a process by
which a Member can obtain liquidity for the
execution of block-size orders. See MRX Rule
716(c).
15 This expansion would include Good-Till-Date
Orders, GTC Orders, Limit Orders, and Stop Limit
Orders as new acceptable order types.
16 Cancel and Replace Orders shall mean a single
message for the immediate cancellation of a
previously received order and the replacement of
that order with a new order. If the previously
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accepted on MRX today from Market
Makers as principal orders as modifiers
of the allowable non-resting order types,
although they are not specifically
detailed in the rule. This rule change
will further detail and align the rule text
with the system functionality by making
clear that Maker Makers may enter all
order types defined in Rule 715 in the
options classes to which they are
appointed under Rule 802, except
Stopped Orders, Reserve Orders and
Customer Cross Orders.
Today, MRX Market Makers, who are
appointed and non-appointed in a
particular options class, may submit
orders without limitation, unless
otherwise restricted by the order type as
discussed herein. The Exchange
proposes to permit Market Makers to
enter all order types, which are listed in
MRX Rule 715, except for Stopped
Orders, Reserve Orders and Customer
Cross Orders. The Exchange notes that
today Market Makers are not eligible to
execute either Customer Cross Orders,
which are Customer orders, or Stopped
Orders, which are intended for the
account of a customer.17 With respect to
Reserve Orders, the Exchange proposes
to continue to restrict Market Makers
from entering Reserve Orders in their
appointed options class. The Exchange
believes that Market Maker liquidity
should be displayed liquidity. For these
reasons, and to remain competitive with
other markets, the Exchange proposes to
permit Market Makers to enter all orders
they are eligible to submit in their
appointed class with the exception of
Reserve Orders and also restrict Reserve
Orders in the non-appointed classes.
placed order is already filled partially or in its
entirety, the replacement order is automatically
canceled or reduced by the number of contracts that
were executed. The replacement order will retain
the priority of the cancelled order, if the order posts
to the Order Book, provided the price is not
amended, size is not increased, or in the case of
Reserve Orders, size is not changed. If the
replacement portion of a Cancel and Replace order
does not satisfy the system’s price or other
reasonability checks (e.g., MRX Rule 710; MRX Rule
711(c); MRX Rule 714(b)(2); and MRX Rule
722(b)(1) and Supplementary Material .07 (b), (c)
and (d) to Rule 722) the existing order shall be
cancelled and not replaced. See Supplementary
Material .02 to MRX Rule 715.
17 MRX Rule 1901(b)(8) states, ‘‘The transaction
that constituted the Trade-Through was the
execution of an order for which, at the time of
receipt of the order, a Member had guaranteed an
execution at no worse than a specified price (a
‘‘stopped order’’), where: (i) The stopped order was
for the account of a Customer; (ii) the Customer
agreed to the specified price on an order-by-order
basis; and (iii) the price of the Trade-Through was,
for a stopped buy order, lower than the national
Best Bid in the options series at the time of
execution, or, for a stopped sell order, higher than
the national Best Offer in the options series at the
time of execution . . .’’
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3197
Non-Appointed Options Classes
Today, for the reasons noted above,
the Exchange does not permit Market
Makers to enter Reserve Orders in nonappointed options classes. However, the
current rule text does not provide this
limitation. The Exchange proposes to
amend the current rule text at MRX Rule
805(b)(1) to codify this limitation.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,18 in general, and furthers the
objectives of Section 6(b)(5) of the Act,19
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
providing Market Makers access to trade
order types which are currently
permissible to be traded in on other
options exchanges today.20 The
Exchange believes that permitting
Market Makers to enter all eligible order
types, except Reserve Orders, in both
appointed and non-appointed options
classes offers no advantage to Market
Makers under the Exchange’s market
structure, including, but not limited to,
under the priority and trade allocation
rules in MRX Rule 713 and various risk
protection mechanism rules applicable
to Market Makers in MRX Rule 804.21
Today, other non-Market Maker
participants may submit these order
types on MRX.
The Exchange notes that previously,
Nasdaq ISE, LLC prohibited noncustomer trading by Electronic Access
Members (‘‘EAMs’’) for principal or
agent transactions.22 At that time, ISE
represented that, in an electronic
market, non-customer market orders
have the potential to create market
volatility by trading at different price
levels until their order is fully executed.
ISE further noted that, without this
restriction, non-customers would be
able to use large-size orders to quickly
take out ISE’s entire order book without
giving other market participants an
18 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
20 See note 8 above.
21 Today, Market Makers are not eligible to
execute either Customer Cross Orders, which are
Customer orders, or Stopped Orders, which are
intended for the account of a customer.
22 See Securities Exchange Act Release No. 42455
(February 24, 2000), 65 FR 11388 (March 2, 2000)
(File No. 10–127) (In the Matter of the Application
of The International Securities Exchange LLC for
Registration as a National Securities Exchange;
Findings and Opinion of the Commission).
19 15
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Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
opportunity to react.23 Today, EAMs on
ISE may submit non-customer limit
orders regardless of the size of the order
where previously EAMs were prohibited
from submitting orders for noncustomers that caused ISE’s best bid and
offer to be for less than 10 contracts.24
The Exchange notes that these
restrictions never existed on MRX. MRX
believes that these restrictions should
not exist today because there is no
reason to restrict Market Makers in
entering order types, except for the
restriction related to Reserve Orders, in
options classes in which they are
appointed. Unlike other order types, the
Reserve Order is a limit order that
contains both a displayed portion and a
non-displayed portion.25 Both the
displayed and non-displayed portions of
a Reserve Order are available for
potential execution against incoming
marketable orders. When the displayed
portion of a Reserve Order is
decremented, either in full or in part, it
shall be refreshed from the nondisplayed portion of the resting Reserve
Order. The Exchange believes that
because a Reserve Order contains a nondisplayed portion, Market Makers
should not be permitted to enter this
order. Market Makers are required to
make markets that, absent changed
market conditions, will be honored for
the number of contracts entered into the
Exchange’s System in all series of
options classes to which the market
maker is appointed.26 The Exchange
believes that these markets should be
transparent. Today, MRX Market Makers
are not permitted to enter Reserve
Orders in either appointed or nonappointed options classes. The
Exchange proposes to specifically note
this limitation in both Rule 805(a) and
(b) as an exception. The Exchange notes
that this limitation is specifically not
noted in Rule 805(b) today despite the
fact that the limitation exists in the
System today.
The Exchange is also amending MRX
Rule 805(a) to detail the types of nonresting order types and their modifiers
with respect to ISO Orders, All-Or-None
Orders, Stop Orders, Qualified
Contingent Cross Orders, Attributable
23 Id. When the restriction was adopted, there
were various limitations imposed on non-customer
trading. For example, displayed quotes were firm
only for public customer orders. Since that time,
electronic options trading has evolved. With the
adoption of trade-through protection under the
intermarket linkage, every order must be executed
at the best quoted price. Further, ISE has also
removed restrictions on non-customer trading.
24 See Securities Exchange Act Release No. 49602
(April 22, 2004), 69 FR 23841 (April 30, 2004) (SR–
ISE–2003–26).
25 See MRX Rule 715(g).
26 See MRX Rule 803(b)(2).
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Orders, Do-Not-Route Orders, Opening
Sweep Orders, Cancel and Replace
Orders, and Add Liquidity Orders. This
rule change will detail and align the
rule text with the system functionality
and make clear which order types a
Market Maker may submit in appointed
options classes.
MRX Market Makers continue to be
obligated to add liquidity on MRX. The
Exchange also notes that MRX Rule
805(b)(2) and (3) restricts the number of
contracts that a Market Maker may enter
in an options class to which the Market
Maker is not appointed.27 The Exchange
notes that it also requires Market Makers
to abide by certain quoting
requirements, in the options classes in
which they are appointed pursuant to
MRX Rule 802, in order to maintain the
status of a Market Maker.28 The
Exchange believes that permitting a
Market Maker to enter additional order
types, except Reserve Orders, in their
appointed options class will permit
Market Makers additional latitude to
conduct business on MRX and
effectively compete with other market
makers on other options exchanges.
Quotes and orders entered by a Market
Maker may not interact against quotes
and orders entered on the opposite side
of the market by the same Market
Maker.29
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. Today, NYSE
Arca and NYSE American place no
limitation on the types of orders that
can be entered by market makers in
their appointed class.30 Accordingly,
the Exchange believes that this proposal
does not impose an undue burden on
inter-market competition because each
options exchange generally determines
permissible order types for market
makers in its trading environment based
27 The total number of contracts executed during
a quarter by a Competitive Market Maker in options
classes to which it is not appointed may not exceed
twenty-five percent (25%) of the total number of
contracts traded by such Competitive Market Maker
in classes to which it is appointed and with respect
to which it was quoting pursuant to Rule 804(e)(2).
See MRX Rule 805(b)(2).
The total number of contracts executed during a
quarter by a Primary Market Maker in options
classes to which it is not appointed may not exceed
ten percent (10%) of the total number of contracts
traded per each Primary Market Maker
Membership. See MRX Rule 805(b)(3).
28 See MRX Rule 804(e) and Supplementary
Material .01 to Rule 804. Orders do not count
toward meeting continuous quoting obligations.
29 See MRX Rule 804(b).
30 See note 8 above.
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on the exchange’s individual business
policy, objectives, and trading system.
The Exchange’s proposal reflects its
policy and objectives, and does not
impose an undue burden on intramarket competition because it treats all
market makers uniformly with respect
to permissible order types. Further, this
rule change will align the system
functionality with the rule text to reflect
the types of orders a Market Maker in
both appointed and non-appointed
options class may submit. The current
rule text is not accurate. This rule filing
is intended to detail and align the rule
text with the system functionality in the
current text of Rule 805(a) and (b). This
proposal will make clear which order
types a Market Maker may submit in
both appointed and non-appointed
options classes.
Further, Market Makers, unlike other
market participants, are required to
abide by certain quoting requirements,
in the options classes in which they are
appointed pursuant to MRX Rule 802, in
order to maintain the status of a Market
Maker.31 The Exchange also notes that
MRX Rule 805(b)(2) and (3) restricts the
number of orders that a Market Maker
may enter in an options class to which
the Market Maker is not appointed.32
The Exchange believes that permitting a
Market Maker to enter additional order
types, except Reserve Orders, in their
appointed options class will permit
Market Makers additional latitude to
conduct business on MRX and
effectively compete with other market
makers on other options exchanges.
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 33 and
subparagraph (f)(6) of Rule 19b–4
thereunder.34
31 See
note 28 above.
note 27 above.
33 15 U.S.C. 78s(b)(3)(A)(iii).
34 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
32 See
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Federal Register / Vol. 83, No. 15 / Tuesday, January 23, 2018 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) 35 normally does not
become operative prior to 30 days after
the date of the filing. However, Rule
19b–4(f)(6)(iii) 36 permits the
Commission to designate a shorter time
if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange states that the
proposed rule change will permit
Market Makers additional latitude to
conduct business on MRX and
effectively compete with other market
makers on other options exchanges. The
Exchange further states that the
proposed rule will detail and align the
rule text with the system functionality.
The Commission believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the
operative delay and designates the
proposed rule change as operative upon
filing.37
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
sradovich on DSK3GMQ082PROD with NOTICES
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
35 17 CFR 240.19b–4(f)(6).
36 17 CFR 240.19b–4(f)(6)(iii).
37 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MRX–2018–02 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MRX–2018–02. 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 (https://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–2018–02 and should
be submitted on or before February 13,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01094 Filed 1–22–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82521; File No. SR–ISE–
2018–04]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Market Maker
Orders
January 17, 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 January 5,
2018, Nasdaq ISE, LLC (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend ISE
Rule 805 to permit Market Makers 3 to
enter additional order types in the
options classes to which they are
appointed.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deleted text is in
brackets.
*
*
*
*
*
Nasdaq ISE Rulebook
*
*
*
(a) Options Classes to Which
Appointed. Market makers may enter all
order types defined in Rule 715 in the
options classes to which they are
appointed under Rule 802, except
Stopped Orders, Reserve Orders and
Customer Cross Orders.[not place
principal orders to buy or sell options
in the options classes to which they are
appointed under Rule 802, other than
opening only orders, immediate-orcancel orders, market orders, fill-or-kill
orders, sweep orders, complex orders,
and block-size orders executed through
the Block Order Mechanism pursuant to
Rule 716(c).] Competitive Market
Makers shall comply with the
provisions of Rule 804(e)(2)(iii) upon
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Market Makers refers to ‘‘Competitive Market
Makers’’ and ‘‘Primary Market Makers’’ collectively.
See ISE Rule 100(a)(25).
2 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00090
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Rule 805. Market Maker Orders
1 15
38 17
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E:\FR\FM\23JAN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3196-3199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01094]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82523; File No. SR-MRX-2018-02]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to Market
Maker Orders
January 17, 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 January 5, 2018, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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The text of the proposed rule change is set forth below. Proposed
new language is italicized; deleted text is in [brackets].
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend MRX Rule 805 to permit Market Makers
\3\ to enter additional order types in the options classes to which
they are appointed.
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\3\ Market Makers refers to ``Competitive Market Makers'' and
``Primary Market Makers'' collectively. See MRX Rule 100(a)(25).
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* * * * *
Nasdaq MRX Rulebook
* * * * *
Rule 805. Market Maker Orders
(a) Options Classes to Which Appointed. Market makers may enter all
order types defined in Rule 715 in the options classes to which they
are appointed under Rule 802, except Stopped Orders, Reserve Orders and
Customer Cross Orders.[not place principal orders to buy or sell
options in the options classes to which they are appointed under Rule
802, other than opening only orders, immediate-or-cancel orders, market
orders, fill-or-kill orders, sweep orders, and block-size orders
executed through the Block Order Mechanism pursuant to Rule 716(c).]
Competitive Market Makers shall comply with the provisions of Rule
804(e)(2)(iii) upon the entry of such orders if they were not
previously quoting in the series.
(b) Options Classes Other Than Those to Which Appointed.
(1) A market maker may enter all order types permitted to be
entered by non-customer participants under the Rules to buy or sell
options in classes of options listed on the Exchange to which the
market maker is not appointed under Rule 802, except for Reserve
Orders, provided that:
(i) and (ii) No change.
(2) and (3) No change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this rule change is to permit Market Makers to enter
principal orders to buy or sell options in the options classes to which
they are appointed under Rule 802 \4\ for all order types listed in
Rule 715 except for Stopped Orders,\5\ Reserve Orders \6\ and Customer
Cross Orders.\7\ This filing is intended to permit Market Makers to
execute most of the same order types, which today they are permitted to
enter on other options markets.\8\ In addition, this filing is intended
to amend MRX Rule 805(b)(1) to indicate that Reserve Orders are not
permitted to be entered by MRX Market Makers in non-
[[Page 3197]]
appointed options classes. Today, MRX Market Makers may not enter
Reserve Orders in either appointed or non-appointed options classes.
Today, while the System prohibits MRX Market Makers from entering
Reserve Orders, MRX Rule 805(b)(1) does not indicate the restriction.
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\4\ MRX Rule 802 concerns the appointment of Market Makers.
\5\ A stopped order is a limit order that meets the requirements
of Rule 1901(b)(8). To execute stopped orders, Members must enter
them into the Facilitation Mechanism or Solicited Order Mechanism
pursuant to Rule 716. See MRX Rule 715(b)(6).
\6\ A Reserve Order is a limit order that contains both a
displayed portion and a non-displayed portion. Both the displayed
and non-displayed portions of a Reserve Order are available for
potential execution against incoming marketable orders. A non-
marketable Reserve Order will rest on the order book. The displayed
portion of a Reserve Order shall be ranked at the specified limit
price and the time of order entry. The displayed portion of a
Reserve Order will trade in accordance with Rule 713(c) and (d) for
Priority Customer Orders, and Rule 713(e) and Supplementary Material
.01, for Professional Orders. When the displayed portion of a
Reserve Order is decremented, either in full or in part, it shall be
refreshed from the non-displayed portion of the resting Reserve
Order. If the displayed portion is refreshed in part, the new
displayed portion shall include the previously displayed portion.
Upon any refresh, the entire displayed portion shall be ranked at
the specified limit price and obtain a new time stamp, i.e., the
time that the new displayed portion of the order was refreshed. The
new displayed portion will trade in accordance with Rule 713(c) and
(d) for Priority Customer Orders, and Rule 713(e) and Supplementary
Material .01, for Professional Orders. The initial non-displayed
portion of a Reserve Order rests on the order book and is ranked
based on the specified limit price and time of order entry.
Thereafter, non-displayed portions, if any, always obtain the same
time stamp as that of the new displayed portion in subparagraph 4
above. The non-displayed portion of any Reserve Order is available
for execution only after all displayed interest has been executed.
The non-displayed portion of any Reserve Order will trade in
accordance with Rule 713(c) and (d) for Priority Customer Orders,
and Rule 713(e) and Supplementary Material .01, for Professional
Orders. See MRX Rule 715(g).
\7\ A Customer Cross Order is comprised of a Priority Customer
Order to buy and a Priority Customer Order to sell at the same price
and for the same quantity. See MRX Rule 715(i).
\8\ NYSE Arca, Inc. (``NYSE Arca'') and NYSE American LLC
(``NYSE American'') do not limit the types of orders that can be
entered by market makers. See NYSE Arca Rule 6.37C-O and NYSE
American Rule 925.2NY.
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Appointed Options Classes
Today, as noted in MRX Rule 805(a), a Market Maker may not place
principal orders to buy or sell options in the options classes to which
they are appointed under Rule 802, other than opening only orders,\9\
immediate-or-cancel orders,\10\ market orders, fill-or-kill orders,\11\
sweep orders,\12\ and block-size orders \13\ executed through the Block
Order Mechanism \14\ pursuant to Rule 716(c). At this time, the
Exchange proposes to expand the order types which Market Makers are
permitted to enter on MRX.\15\ The Exchange is amending MRX Rule 805(a)
to make clear which order types a Market Maker in an appointed options
class may submit. Additionally, ISO Orders, All-Or-None Orders, Stop
Orders, Qualified Contingent Cross Orders, Attributable Orders, Do-Not-
Route Orders, Opening Sweep Orders, Cancel and Replace Orders,\16\ and
Add Liquidity Orders are accepted on MRX today from Market Makers as
principal orders as modifiers of the allowable non-resting order types,
although they are not specifically detailed in the rule. This rule
change will further detail and align the rule text with the system
functionality by making clear that Maker Makers may enter all order
types defined in Rule 715 in the options classes to which they are
appointed under Rule 802, except Stopped Orders, Reserve Orders and
Customer Cross Orders.
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\9\ An Opening Only order is a limit order that can be entered
for the opening rotation only. Any portion of the order that is not
executed during the opening rotation is cancelled. See MRX Rules
717(o).
\10\ An immediate-or-cancel order is a limit order that is to be
executed in whole or in part upon receipt. Any portion not so
executed is to be treated as cancelled. An immediate-or-cancel order
entered by a Market Maker through the Specialized Quote Feed
protocol will not be subject to the Limit Order Price Protection and
Size Limitation Protection as defined in MRX Rule 714(b)(2) and (3).
See MRX Rule 715(b)(2).
\11\ A fill-or-kill order is a limit order that is to be
executed in its entirety as soon as it is received and, if not so
executed, treated as cancelled. See MRX Rule 715(b)(2).
\12\ A Sweep Order is a limit order that is to be executed in
whole or in part on the Exchange and the portion not so executed
shall be routed pursuant to Supplementary Material .05 to Rule 1901
to Eligible Exchange(s) for immediate execution as soon as the order
is received by the Eligible Exchange(s). Any portion not immediately
executed by the Eligible Exchange(s) shall be canceled. If a Sweep
Order is not marketable when it is submitted to the Exchange, it
shall be canceled. See MRX Rule 715(s).
\13\ Block-size orders are orders for fifty (50) contracts or
more. See MRX Rule 716(a).
\14\ The Block Order Mechanism is a process by which a Member
can obtain liquidity for the execution of block-size orders. See MRX
Rule 716(c).
\15\ This expansion would include Good-Till-Date Orders, GTC
Orders, Limit Orders, and Stop Limit Orders as new acceptable order
types.
\16\ Cancel and Replace Orders shall mean a single message for
the immediate cancellation of a previously received order and the
replacement of that order with a new order. If the previously placed
order is already filled partially or in its entirety, the
replacement order is automatically canceled or reduced by the number
of contracts that were executed. The replacement order will retain
the priority of the cancelled order, if the order posts to the Order
Book, provided the price is not amended, size is not increased, or
in the case of Reserve Orders, size is not changed. If the
replacement portion of a Cancel and Replace order does not satisfy
the system's price or other reasonability checks (e.g., MRX Rule
710; MRX Rule 711(c); MRX Rule 714(b)(2); and MRX Rule 722(b)(1) and
Supplementary Material .07 (b), (c) and (d) to Rule 722) the
existing order shall be cancelled and not replaced. See
Supplementary Material .02 to MRX Rule 715.
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Today, MRX Market Makers, who are appointed and non-appointed in a
particular options class, may submit orders without limitation, unless
otherwise restricted by the order type as discussed herein. The
Exchange proposes to permit Market Makers to enter all order types,
which are listed in MRX Rule 715, except for Stopped Orders, Reserve
Orders and Customer Cross Orders. The Exchange notes that today Market
Makers are not eligible to execute either Customer Cross Orders, which
are Customer orders, or Stopped Orders, which are intended for the
account of a customer.\17\ With respect to Reserve Orders, the Exchange
proposes to continue to restrict Market Makers from entering Reserve
Orders in their appointed options class. The Exchange believes that
Market Maker liquidity should be displayed liquidity. For these
reasons, and to remain competitive with other markets, the Exchange
proposes to permit Market Makers to enter all orders they are eligible
to submit in their appointed class with the exception of Reserve Orders
and also restrict Reserve Orders in the non-appointed classes.
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\17\ MRX Rule 1901(b)(8) states, ``The transaction that
constituted the Trade-Through was the execution of an order for
which, at the time of receipt of the order, a Member had guaranteed
an execution at no worse than a specified price (a ``stopped
order''), where: (i) The stopped order was for the account of a
Customer; (ii) the Customer agreed to the specified price on an
order-by-order basis; and (iii) the price of the Trade-Through was,
for a stopped buy order, lower than the national Best Bid in the
options series at the time of execution, or, for a stopped sell
order, higher than the national Best Offer in the options series at
the time of execution . . .''
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Non-Appointed Options Classes
Today, for the reasons noted above, the Exchange does not permit
Market Makers to enter Reserve Orders in non-appointed options classes.
However, the current rule text does not provide this limitation. The
Exchange proposes to amend the current rule text at MRX Rule 805(b)(1)
to codify this limitation.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\19\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest, by providing Market Makers access to trade order types which
are currently permissible to be traded in on other options exchanges
today.\20\ The Exchange believes that permitting Market Makers to enter
all eligible order types, except Reserve Orders, in both appointed and
non-appointed options classes offers no advantage to Market Makers
under the Exchange's market structure, including, but not limited to,
under the priority and trade allocation rules in MRX Rule 713 and
various risk protection mechanism rules applicable to Market Makers in
MRX Rule 804.\21\ Today, other non-Market Maker participants may submit
these order types on MRX.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
\20\ See note 8 above.
\21\ Today, Market Makers are not eligible to execute either
Customer Cross Orders, which are Customer orders, or Stopped Orders,
which are intended for the account of a customer.
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The Exchange notes that previously, Nasdaq ISE, LLC prohibited non-
customer trading by Electronic Access Members (``EAMs'') for principal
or agent transactions.\22\ At that time, ISE represented that, in an
electronic market, non-customer market orders have the potential to
create market volatility by trading at different price levels until
their order is fully executed. ISE further noted that, without this
restriction, non-customers would be able to use large-size orders to
quickly take out ISE's entire order book without giving other market
participants an
[[Page 3198]]
opportunity to react.\23\ Today, EAMs on ISE may submit non-customer
limit orders regardless of the size of the order where previously EAMs
were prohibited from submitting orders for non-customers that caused
ISE's best bid and offer to be for less than 10 contracts.\24\
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\22\ See Securities Exchange Act Release No. 42455 (February 24,
2000), 65 FR 11388 (March 2, 2000) (File No. 10-127) (In the Matter
of the Application of The International Securities Exchange LLC for
Registration as a National Securities Exchange; Findings and Opinion
of the Commission).
\23\ Id. When the restriction was adopted, there were various
limitations imposed on non-customer trading. For example, displayed
quotes were firm only for public customer orders. Since that time,
electronic options trading has evolved. With the adoption of trade-
through protection under the intermarket linkage, every order must
be executed at the best quoted price. Further, ISE has also removed
restrictions on non-customer trading.
\24\ See Securities Exchange Act Release No. 49602 (April 22,
2004), 69 FR 23841 (April 30, 2004) (SR-ISE-2003-26).
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The Exchange notes that these restrictions never existed on MRX.
MRX believes that these restrictions should not exist today because
there is no reason to restrict Market Makers in entering order types,
except for the restriction related to Reserve Orders, in options
classes in which they are appointed. Unlike other order types, the
Reserve Order is a limit order that contains both a displayed portion
and a non-displayed portion.\25\ Both the displayed and non-displayed
portions of a Reserve Order are available for potential execution
against incoming marketable orders. When the displayed portion of a
Reserve Order is decremented, either in full or in part, it shall be
refreshed from the non-displayed portion of the resting Reserve Order.
The Exchange believes that because a Reserve Order contains a non-
displayed portion, Market Makers should not be permitted to enter this
order. Market Makers are required to make markets that, absent changed
market conditions, will be honored for the number of contracts entered
into the Exchange's System in all series of options classes to which
the market maker is appointed.\26\ The Exchange believes that these
markets should be transparent. Today, MRX Market Makers are not
permitted to enter Reserve Orders in either appointed or non-appointed
options classes. The Exchange proposes to specifically note this
limitation in both Rule 805(a) and (b) as an exception. The Exchange
notes that this limitation is specifically not noted in Rule 805(b)
today despite the fact that the limitation exists in the System today.
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\25\ See MRX Rule 715(g).
\26\ See MRX Rule 803(b)(2).
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The Exchange is also amending MRX Rule 805(a) to detail the types
of non-resting order types and their modifiers with respect to ISO
Orders, All-Or-None Orders, Stop Orders, Qualified Contingent Cross
Orders, Attributable Orders, Do-Not-Route Orders, Opening Sweep Orders,
Cancel and Replace Orders, and Add Liquidity Orders. This rule change
will detail and align the rule text with the system functionality and
make clear which order types a Market Maker may submit in appointed
options classes.
MRX Market Makers continue to be obligated to add liquidity on MRX.
The Exchange also notes that MRX Rule 805(b)(2) and (3) restricts the
number of contracts that a Market Maker may enter in an options class
to which the Market Maker is not appointed.\27\ The Exchange notes that
it also requires Market Makers to abide by certain quoting
requirements, in the options classes in which they are appointed
pursuant to MRX Rule 802, in order to maintain the status of a Market
Maker.\28\ The Exchange believes that permitting a Market Maker to
enter additional order types, except Reserve Orders, in their appointed
options class will permit Market Makers additional latitude to conduct
business on MRX and effectively compete with other market makers on
other options exchanges. Quotes and orders entered by a Market Maker
may not interact against quotes and orders entered on the opposite side
of the market by the same Market Maker.\29\
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\27\ The total number of contracts executed during a quarter by
a Competitive Market Maker in options classes to which it is not
appointed may not exceed twenty-five percent (25%) of the total
number of contracts traded by such Competitive Market Maker in
classes to which it is appointed and with respect to which it was
quoting pursuant to Rule 804(e)(2). See MRX Rule 805(b)(2).
The total number of contracts executed during a quarter by a
Primary Market Maker in options classes to which it is not appointed
may not exceed ten percent (10%) of the total number of contracts
traded per each Primary Market Maker Membership. See MRX Rule
805(b)(3).
\28\ See MRX Rule 804(e) and Supplementary Material .01 to Rule
804. Orders do not count toward meeting continuous quoting
obligations.
\29\ See MRX Rule 804(b).
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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. Today, NYSE Arca and NYSE
American place no limitation on the types of orders that can be entered
by market makers in their appointed class.\30\ Accordingly, the
Exchange believes that this proposal does not impose an undue burden on
inter-market competition because each options exchange generally
determines permissible order types for market makers in its trading
environment based on the exchange's individual business policy,
objectives, and trading system. The Exchange's proposal reflects its
policy and objectives, and does not impose an undue burden on intra-
market competition because it treats all market makers uniformly with
respect to permissible order types. Further, this rule change will
align the system functionality with the rule text to reflect the types
of orders a Market Maker in both appointed and non-appointed options
class may submit. The current rule text is not accurate. This rule
filing is intended to detail and align the rule text with the system
functionality in the current text of Rule 805(a) and (b). This proposal
will make clear which order types a Market Maker may submit in both
appointed and non-appointed options classes.
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\30\ See note 8 above.
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Further, Market Makers, unlike other market participants, are
required to abide by certain quoting requirements, in the options
classes in which they are appointed pursuant to MRX Rule 802, in order
to maintain the status of a Market Maker.\31\ The Exchange also notes
that MRX Rule 805(b)(2) and (3) restricts the number of orders that a
Market Maker may enter in an options class to which the Market Maker is
not appointed.\32\ The Exchange believes that permitting a Market Maker
to enter additional order types, except Reserve Orders, in their
appointed options class will permit Market Makers additional latitude
to conduct business on MRX and effectively compete with other market
makers on other options exchanges.
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\31\ See note 28 above.
\32\ See note 27 above.
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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 \33\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\34\
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\33\ 15 U.S.C. 78s(b)(3)(A)(iii).
\34\ 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 the text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
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[[Page 3199]]
A proposed rule change filed under Rule 19b-4(f)(6) \35\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \36\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
the proposed rule change will permit Market Makers additional latitude
to conduct business on MRX and effectively compete with other market
makers on other options exchanges. The Exchange further states that the
proposed rule will detail and align the rule text with the system
functionality. The Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the
operative delay and designates the proposed rule change as operative
upon filing.\37\
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\35\ 17 CFR 240.19b-4(f)(6).
\36\ 17 CFR 240.19b-4(f)(6)(iii).
\37\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-MRX-2018-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-MRX-2018-02. 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 (https://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-2018-02 and should be submitted on
or before February 13, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01094 Filed 1-22-18; 8:45 am]
BILLING CODE 8011-01-P
