Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Exchange's Data Feeds, 10541-10542 [2018-04791]
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Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82813; File No. SR–Phlx–
2018–19]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Relocate the
Exchange’s Data Feeds
March 6, 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
22, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ 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 relocate the
data feeds currently located at Rule
1000(b)45(C)(i) through (iv) to Rule
1070, which is currently reserved, and
entitle it ‘‘Data Feeds.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.cchwallstreet.com/,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
amozie on DSK30RV082PROD with NOTICES
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 relocate the
data feeds currently listed in Rules
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
16:47 Mar 08, 2018
Jkt 244001
1000(b)45(C)(i) through (iv) to Rule
1070, which is currently reserved, and,
correspondingly, entitle the rule ‘‘Data
Feeds.’’
The data feed offerings were recently
added to the Exchange’s rulebook
(‘‘Rulebook’’) as part of the ‘‘System’’
definition in Rule 1000(b)45.3 The
Exchange, however, considers it is
appropriate to move these data feed
offerings to a separate rule to better
organize its Rulebook and facilitate
future cross-references. The Exchange
notes that the changes proposed in this
filing are of a non-substantive nature.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,4 in general, and furthers the
objectives of Section 6(b)(5) of the Act,5
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
improving the way its Rulebook is
organized, providing ease of reference in
locating data feed offerings and
providing greater transparency to its
rules. As previously stated, the
proposed rule relocation is nonsubstantive and is concerned solely
with the administration of the
Exchange.
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. The
Exchange’s proposal does not impose an
undue burden on competition, rather
the proposal seeks to improve its
Rulebook’s clarity and make nonsubstantive rule changes.
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
3 See Securities Exchange Act Release No. 82577
(January 24, 2018), 83 FR 4354 (January 30, 2018)
(SR–Phlx–2018–09).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
10541
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 6 and
subparagraph (f)(6) of Rule 19b-4
thereunder.7
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of its filing. However, Rule 19b–
4(f)(6)(iii) 8 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 requested that the
Commission waive the 30-day operative
delay so that the proposed rule change
will become operative on filing. The
Exchange stated that the proposed rule
change promotes the protection of
investors and the public interest by
improving the organization and clarity
of the Exchange’s Rulebook. Waiver of
the operative delay would allow the
Exchange, without delay, to reorganize
its Rulebook in a manner that improves
clarity and readability. Therefore, 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 operative upon
filing.9
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
6 15
U.S.C. 78s(b)(3)(A)(iii).
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, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
8 17 CFR 240.19b–4(f)(6)(iii).
9 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
7 17
E:\FR\FM\09MRN1.SGM
09MRN1
10542
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
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:
[FR Doc. 2018–04791 Filed 3–8–18; 8:45 am]
BILLING CODE P
• 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–
Phlx–2018–19 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–Phlx–2018–19. 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–Phlx–2018–19, and should
be submitted on or before March 30,
2018.
[Release No. 34–82809; File No. SR–
NYSEAMER–2018–06]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Modify the NYSE American
Options Fee Schedule
March 6, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on February
23, 2018, NYSE American LLC (the
‘‘Exchange’’ or ‘‘NYSE American’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. 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 modify the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’). The Exchange
proposes to implement the fee change
effective March 1, 2018. The proposed
change is available on the Exchange’s
website at www.nyse.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
self-regulatory organization 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 those 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,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
16:47 Mar 08, 2018
Jkt 244001
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
amozie on DSK30RV082PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
PO 00000
Frm 00120
Fmt 4703
Sfmt 4703
The purpose of this filing is to modify
the Fee Schedule, effective March 1,
2018. Specifically, the Exchange
proposes to modify the Messages to
Contracts Traded Ratio Fees by
modifying the number of messages
permitted by an ATP holder before
excessive messages are charged.
The Exchange proposes to modify the
calculation basis for the Messages to
Contracts Traded Ratio Fees (‘‘Messages
Fee’’), which are assessed as part of the
Monthly Excessive Bandwidth
Utilization Fees.4 Currently, the
Exchange charges $0.005 per 1,000
messages (including orders or quotes) in
excess of 1.5 billion messages in a
calendar month if the ATP Holder does
not execute at least 1 contract for every
1,500–5,000 messages entered, as
determined by the Exchange.5 The
Exchange proposes to modify the
threshold and to charge for messages in
excess of 3 billion messages per
calendar month.
During the period of recent volatility
and activity, the Exchange noted a
significantly higher number of messages
generated without a proportional
amount of executed volume, especially
in less active-option issues.
Concurrently, the Exchange saw no
degradation in system performance
because of prudent upgrades and
expansion of the trading system in the
past year. Thus, the Exchange believes
that the proposal to increase the
threshold to incur the monthly
Messages Fee would continue to
encourage market participants to be
rational and efficient in the use of the
Exchange’s system capacity. The
Exchange believes that the increased
threshold should also reduce the
possibility of charging ATP Holders a
Messages Fee for messages designed to
help maintain accurate and liquid
markets with more narrow spreads.
4 See Fee Schedule, Section II (Monthly Excessive
Bandwidth Utilization Fees) (‘‘EBUF) (describing
both the Order to Trade Ratio Fee (Section II.A) and
the Messages to Contracts Traded Ratio Fee (Section
II.B), which comprises the EBUF, and noting that
if an ATP Holder is liable for either or both fees in
a given month, that firm would only be charged the
greater of the two fees). The Exchange is not
proposing to modify the Order to Trade Ratio Fees.
5 Currently, the Exchange has set the ratio at 1
contract for every 5,000 messages.
E:\FR\FM\09MRN1.SGM
09MRN1
]]>Agencies
[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)]
[Notices]
[Pages 10541-10542]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-04791]
[[Page 10541]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82813; File No. SR-Phlx-2018-19]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Relocate the
Exchange's Data Feeds
March 6, 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 22, 2018, Nasdaq PHLX LLC (``Phlx'' 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.
---------------------------------------------------------------------------
\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 relocate the data feeds currently located
at Rule 1000(b)45(C)(i) through (iv) to Rule 1070, which is currently
reserved, and entitle it ``Data Feeds.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.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 relocate the data feeds currently listed
in Rules 1000(b)45(C)(i) through (iv) to Rule 1070, which is currently
reserved, and, correspondingly, entitle the rule ``Data Feeds.''
The data feed offerings were recently added to the Exchange's
rulebook (``Rulebook'') as part of the ``System'' definition in Rule
1000(b)45.\3\ The Exchange, however, considers it is appropriate to
move these data feed offerings to a separate rule to better organize
its Rulebook and facilitate future cross-references. The Exchange notes
that the changes proposed in this filing are of a non-substantive
nature.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 82577 (January 24,
2018), 83 FR 4354 (January 30, 2018) (SR-Phlx-2018-09).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\4\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\5\ 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 improving the way its Rulebook is organized, providing ease of
reference in locating data feed offerings and providing greater
transparency to its rules. As previously stated, the proposed rule
relocation is non-substantive and is concerned solely with the
administration of the Exchange.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. The Exchange's proposal does
not impose an undue burden on competition, rather the proposal seeks to
improve its Rulebook's clarity and make non-substantive rule changes.
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 \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 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, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of its filing. However,
Rule 19b-4(f)(6)(iii) \8\ 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 requested that the Commission
waive the 30-day operative delay so that the proposed rule change will
become operative on filing. The Exchange stated that the proposed rule
change promotes the protection of investors and the public interest by
improving the organization and clarity of the Exchange's Rulebook.
Waiver of the operative delay would allow the Exchange, without delay,
to reorganize its Rulebook in a manner that improves clarity and
readability. Therefore, 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 operative upon
filing.\9\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6)(iii).
\9\ For purposes only of waiving the 30-day operative delay, the
Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
[[Page 10542]]
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-Phlx-2018-19 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-Phlx-2018-19. 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-Phlx-2018-19, and should be submitted on
or before March 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04791 Filed 3-8-18; 8:45 am]
BILLING CODE P
