Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Adopt the Midpoint Extended Life Order, 5822-5823 [2018-02568]
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Federal Register / Vol. 83, No. 28 / Friday, February 9, 2018 / Notices
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
In terms of inter-market competition,
the Exchange notes that it 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. In such an environment, the
Exchange must continually adjust its
fees to remain competitive with other
exchanges and with alternative trading
systems that have been exempted from
compliance with the statutory standards
applicable to exchanges. Because
competitors are free to modify their own
fees in response, and because market
participants may connect to third
parties instead of directly connecting to
the Exchange, the Exchange believes
that the degree to which fee changes in
this market may impose any burden on
competition is extremely limited.
In this instance, the proposed changes
to the charges assessed for colocation,
connectivity, and direct circuit
connectivity are consistent with the fees
already assessed by other Nasdaq, Inc.
Exchanges for the same shared services.
To the extent that any of these fees are
[sic] unattractive to market participants,
it is likely that the Exchange, and its
sister Nasdaq, Inc. Exchanges, will lose
market share as a result. The Exchange
does not believe that the proposed
changes will impair the ability of
members or competing order execution
venues to maintain their competitive
standing in the financial markets.
Furthermore, the Exchange does not
expect that its proposals to eliminate or
replace expired or obsolete language
from its Rulebook will have any impact
on 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.
sradovich on DSK3GMQ082PROD with NOTICES
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
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16:57 Feb 08, 2018
Jkt 244001
19(b)(3)(A)(iii) of the Act 10 and
subparagraph (f)(6) of Rule 19b–4
thereunder.11
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
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–BX–2018–006, and should
be submitted on or before March 2,
2018.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
Electronic Comments
[FR Doc. 2018–02567 Filed 2–8–18; 8:45 am]
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
BX–2018–006 on the subject line.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82629; File No. SR–
NASDAQ–2017–074]
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BX–2018–006. 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
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change,
as Modified by Amendment Nos. 1 and
2, To Adopt the Midpoint Extended Life
Order
February 5, 2018.
On July 21, 2017, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to adopt the Midpoint Extended
Life Order (‘‘MELO’’). The proposed
rule change was published for comment
in the Federal Register on August 9,
2017.3 On August 9, 2017, the Exchange
filed Amendment No. 1 to the proposed
rule change.4 On September 21, 2017,
12 17
10 15
U.S.C. 78s(b)(3)(A)(iii).
11 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. The Exchange has satisfied this
requirement.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 81311
(August 3, 2017), 82 FR 37248.
4 In Amendment No. 1, the Exchange updated the
proposal to reflect the approval of the proposal by
the Exchange’s Board of Directors on July 21, 2017.
Amendment No. 1 is available at https://
www.sec.gov/comments/sr-nasdaq-2017-074/
1 15
E:\FR\FM\09FEN1.SGM
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Federal Register / Vol. 83, No. 28 / Friday, February 9, 2018 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
pursuant to Section 19(b)(2) of the Act,5
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
approve or disapprove the proposed
rule change.6 The Commission initially
received three comment letters on the
proposed rule change.7 On October 30,
2017, the Exchange filed Amendment
No. 2 to the proposed rule change.8 On
November 3, 2017, the Commission
published notice of Amendment No. 2
and instituted proceedings under
Section 19(b)(2)(B) of the Act 9 to
determine whether to approve or
disapprove the proposed rule change, as
modified by Amendment Nos. 1 and 2.10
The Commission received one
additional comment letter on the
proposed rule change in response to the
Order Instituting Proceedings.11
Section 19(b)(2) of the Act 12 provides
that, after initiating disapproval
proceedings, the Commission shall issue
an order approving or disapproving the
proposed rule change not later than 180
days after the date of publication of
notice of filing of the proposed rule
change. The Commission may extend
the period for issuing an order
approving or disapproving the proposed
rule change, however, by not more than
60 days if the Commission determines
that a longer period is appropriate and
nasdaq2017074.htm. Because Amendment No. 1 is
a technical amendment that does not alter the
substance of the proposed rule change, it is not
subject to notice and comment.
5 15 U.S.C. 78s(b)(2).
6 See Securities Exchange Act Release No. 81668,
82 FR 45095 (September 27, 2017). The
Commission designated November 7, 2017 as the
date by which the Commission shall approve or
disapprove, or institute proceedings to determine
whether to approve or disapprove, the proposed
rule change.
7 See Letters to Brent J. Fields, Secretary,
Commission, from Stephen John Berger, Managing
Director, Government & Regulatory Policy, Citadel
Securities, dated August 30, 2017; Ray Ross, Chief
Technology Officer, The Clearpool Group, dated
September 12, 2017; and Joanna Mallers, Secretary,
FIA Principal Traders Group, dated September 19,
2017.
8 In Amendment No. 2, the Exchange: (1)
Modified the proposal to prevent MELOs from
executing when there is a non-displayed order
priced more aggressively than the NBBO midpoint
resting on the Nasdaq book; (2) provided additional
description, clarification, and rationale for certain
aspects of the proposal; and (3) responded to
several concerns raised by commenters on the
proposal. Amendment No. 2 is available at https://
www.sec.gov/comments/sr-nasdaq-2017-074/
nasdaq2017074.htm.
9 15 U.S.C. 78s(b)(2)(B).
10 See Securities Exchange Act Release No. 82013,
82 FR 52075 (November 9, 2017) (‘‘Order Instituting
Proceedings’’).
11 See Letter to Brent J. Fields, Secretary,
Commission, from Edward K. Shin, dated December
8, 2017.
12 15 U.S.C. 78s(b)(2).
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16:57 Feb 08, 2018
Jkt 244001
publishes the reasons for such
determination. In this case, the
proposed rule change was published for
notice and comment in the Federal
Register on August 9, 2017.13 February
5, 2018 is 180 days from that date. The
Commission is extending the time
period for approving or disapproving
the proposal by an additional 30 days.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
the proposed rule change, the issues
raised in the comment letters that have
been submitted in response to the
proposed rule change, and the
Exchange’s responses to such
comments.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Act,14 designates March 7, 2018 as the
date by which the Commission shall
either approve or disapprove the
proposed rule change (File No. SR–
NASDAQ–2017–074), as modified by
Amendment Nos. 1 and 2.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02568 Filed 2–8–18; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 10309]
Overseas Security Advisory Council
(OSAC) Meeting Notice; Closed
Meeting
The Department of State announces a
meeting of the U.S. State Department
Overseas Security Advisory Council on
February 28, 2018. Pursuant to Section
10(d) of the Federal Advisory
Committee Act (5 U.S.C. Appendix), 5
U.S.C. 552b(c)(4), and 5 U.S.C.
552b(c)(7)(E), it has been determined
that the meeting will be closed to the
public. The meeting will focus on an
examination of corporate security
policies and procedures and will
involve extensive discussion of trade
secrets and proprietary commercial
information that is privileged and
confidential, and will discuss law
enforcement investigative techniques
and procedures. The agenda will
include updated committee reports, a
global threat overview, and other
13 See
supra note 3.
U.S.C. 78s(b)(2).
15 17 CFR 200.30–3(a)(57).
14 15
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
5823
matters relating to private sector
security policies and protective
programs and the protection of U.S.
business information overseas.
For more information, contact Marsha
Thurman, Overseas Security Advisory
Council, U.S. Department of State,
Washington, DC 20522–2008, phone:
571–345–2214.
Thomas G. Scanlon,
Executive Director, Overseas Security
Advisory Council, Department of State.
[FR Doc. 2018–02562 Filed 2–8–18; 8:45 am]
BILLING CODE 4710–24–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Aviation Rulemaking Advisory
Committee; Meeting
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of Aviation Rulemaking
Advisory Committee (ARAC) meeting.
AGENCY:
The FAA is issuing this notice
to advise the public of a meeting of the
ARAC.
DATES: The meeting will be held on
March 15, 2018, starting at 1:00 p.m.
Eastern Standard Time. Arrange oral
presentations by February 28, 2018.
ADDRESSES: The meeting will take place
at the Federal Aviation Administration,
800 Independence Avenue SW,
Washington, DC 20591.
FOR FURTHER INFORMATION CONTACT:
Lakisha Pearson, Federal Aviation
Administration, 800 Independence
Avenue SW, Washington, DC 20591,
telephone (202) 267–4191; fax (202)
267–5075; email 9-awa-arac@faa.gov.
SUPPLEMENTARY INFORMATION: Pursuant
to Section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C. App.
2), we are giving notice of a meeting of
the ARAC taking place on March 15,
2018, at the Federal Aviation
Administration, 800 Independence
Avenue SW, Washington, DC 20591.
The Draft Agenda includes:
1. Status Report from the FAA
2. Status Updates:
a. Active Working Groups
b. Transport Airplane and Engine
(TAE) Subcommittee
3. Recommendation Reports
4. Any Other Business
The Agenda will be published on the
FAA Meeting web page (https://
www.faa.gov/regulationspolicies/
rulemaking/npm/) once it is finalized.
Attendance is open to the interested
public but limited to the space
SUMMARY:
E:\FR\FM\09FEN1.SGM
09FEN1
]]>Agencies
[Federal Register Volume 83, Number 28 (Friday, February 9, 2018)]
[Notices]
[Pages 5822-5823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02568]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82629; File No. SR-NASDAQ-2017-074]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Designation of Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change, as Modified by Amendment Nos. 1 and 2, To Adopt the
Midpoint Extended Life Order
February 5, 2018.
On July 21, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt the Midpoint Extended Life Order
(``MELO''). The proposed rule change was published for comment in the
Federal Register on August 9, 2017.\3\ On August 9, 2017, the Exchange
filed Amendment No. 1 to the proposed rule change.\4\ On September 21,
2017,
[[Page 5823]]
pursuant to Section 19(b)(2) of the Act,\5\ the Commission designated a
longer period within which to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to approve or disapprove the proposed rule change.\6\
The Commission initially received three comment letters on the proposed
rule change.\7\ On October 30, 2017, the Exchange filed Amendment No. 2
to the proposed rule change.\8\ On November 3, 2017, the Commission
published notice of Amendment No. 2 and instituted proceedings under
Section 19(b)(2)(B) of the Act \9\ to determine whether to approve or
disapprove the proposed rule change, as modified by Amendment Nos. 1
and 2.\10\ The Commission received one additional comment letter on the
proposed rule change in response to the Order Instituting
Proceedings.\11\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 81311 (August 3,
2017), 82 FR 37248.
\4\ In Amendment No. 1, the Exchange updated the proposal to
reflect the approval of the proposal by the Exchange's Board of
Directors on July 21, 2017. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nasdaq-2017-074/nasdaq2017074.htm. Because
Amendment No. 1 is a technical amendment that does not alter the
substance of the proposed rule change, it is not subject to notice
and comment.
\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 81668, 82 FR 45095
(September 27, 2017). The Commission designated November 7, 2017 as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
\7\ See Letters to Brent J. Fields, Secretary, Commission, from
Stephen John Berger, Managing Director, Government & Regulatory
Policy, Citadel Securities, dated August 30, 2017; Ray Ross, Chief
Technology Officer, The Clearpool Group, dated September 12, 2017;
and Joanna Mallers, Secretary, FIA Principal Traders Group, dated
September 19, 2017.
\8\ In Amendment No. 2, the Exchange: (1) Modified the proposal
to prevent MELOs from executing when there is a non-displayed order
priced more aggressively than the NBBO midpoint resting on the
Nasdaq book; (2) provided additional description, clarification, and
rationale for certain aspects of the proposal; and (3) responded to
several concerns raised by commenters on the proposal. Amendment No.
2 is available at https://www.sec.gov/comments/sr-nasdaq-2017-074/nasdaq2017074.htm.
\9\ 15 U.S.C. 78s(b)(2)(B).
\10\ See Securities Exchange Act Release No. 82013, 82 FR 52075
(November 9, 2017) (``Order Instituting Proceedings'').
\11\ See Letter to Brent J. Fields, Secretary, Commission, from
Edward K. Shin, dated December 8, 2017.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \12\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. In this
case, the proposed rule change was published for notice and comment in
the Federal Register on August 9, 2017.\13\ February 5, 2018 is 180
days from that date. The Commission is extending the time period for
approving or disapproving the proposal by an additional 30 days.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2).
\13\ See supra note 3.
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, the issues raised in the comment letters that have been
submitted in response to the proposed rule change, and the Exchange's
responses to such comments.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\14\ designates March 7, 2018 as the date by which the Commission
shall either approve or disapprove the proposed rule change (File No.
SR-NASDAQ-2017-074), as modified by Amendment Nos. 1 and 2.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02568 Filed 2-8-18; 8:45 am]
BILLING CODE 8011-01-P
