Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Reorganize and Amend the Exchange's Pricing Schedule at Section VII, B, Entitled “Port Fees”, 22555-22557 [2018-10254]
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Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
with the Commission.1 Based on the
Commission’s experience with
disclosure documents, we estimate that
the burden from compliance with Form
1–E and the offering circular requires
approximately 100 hours per filing. The
annual burden hours for compliance
with Form 1–E and the offering circular
would be 200 hours (2 responses × 100
hours per response). Estimates of the
burden hours are made solely for the
purposes of the PRA, and are not
derived from a comprehensive or even
a representative survey or study of the
costs of SEC rules and forms.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to Pamela Dyson, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: May 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83194; File No. SR–Phlx–
2018–34]
daltland on DSKBBV9HB2PROD with NOTICES
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 27,
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.
Exchange proposes to reorganize
Section VII, B to list order and quote
protocols first, order and execution
offerings next, followed by data ports
and other ports as the last section. The
Exchange proposes to list data offerings
which are offered at no cost. The
Exchange believes that aligning its
offerings, where relevant, across the
Nasdaq Affiliated Markets will provide
more transparency as to the offerings for
market participants.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to reorganize
and amend the Exchange’s Pricing
Schedule at Section VII, B, entitled
‘‘Port Fees.’’
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.
Ports
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 the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2018–10241 Filed 5–14–18; 8:45 am]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Reorganize and
Amend the Exchange’s Pricing
Schedule at Section VII, B, Entitled
‘‘Port Fees’’
1. Purpose
The Exchange proposes to reorganize
and amend the Exchange’s Pricing
Schedule at Section VII, B, entitled
‘‘Port Fees.’’ The Exchange offers
various services across its 6 affiliated
options markets, Phlx, Nasdaq BX, Inc.,
The Nasdaq Options Market LLC,
Nasdaq ISE, LLC, Nasdaq GEMX, LLC
and Nasdaq MRX, LLC (‘‘Nasdaq
Affiliated Markets’’).3 The Exchange
desires to rename services to conform
the naming of the offerings across all
Nasdaq Affiliated Markets. The
May 9, 2018.
1 15
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
VerDate Sep<11>2014
20:27 May 14, 2018
Jkt 244001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange will file a similar rule change on
each Nasdaq Affiliated Market to conform the
offerings by amending naming to make them similar
and delineating each offering on the fee schedule
where no fee is assessed.
2 17
1 According to Commission records, one issuer
filed two notifications on Form 1–E, together with
offering circulars, during 2013 and 2014.
22555
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
The Exchange proposes to define a
port within Section VII, B to provide
additional clarity to the Pricing
Schedule as ‘‘a logical connection or
session that enables a market participant
to send inbound messages and/or
receive outbound messages from the
Exchange using various communication
protocols.’’ The Exchange believes this
definition will assist members in
distinguishing ports from other
offerings.
Order and Quote Protocols
The Exchange proposes to add a new
section (i) and include the following
introductory sentence, ‘‘The following
order and quote protocols are available
on Phlx.’’
Today, Phlx offers members an Order
Entry order protocol, an Active SQF
quote protocol as well as an SQF Purge
Port. These fees currently exist on the
Pricing Schedule. The Exchange is not
amending any pricing related to these
protocols. The Exchange proposes to
rename ‘‘Order Entry Port Fee’’ as ‘‘FIX
Port Fee.’’ This description is more
accurate as ‘‘FIX’’ is the name of the
order entry protocol. Nasdaq ISE, LLC
calls this protocol ‘‘FIX’’ in its fee
schedule.4 The Exchange proposes to
remove the word ‘‘Active’’ before SQF
Port from the title of the offering. The
term ‘‘active’’ refers to the manner in
which the port is billed. For consistency
the Exchange proposes to refer the SQF
Port without the ‘‘Active’’ to conform
the naming of the offering to that of the
Nasdaq Affiliated Markets. The
Exchange will continue to use the word
‘‘active,’’ which is proposed to be
lowercase, to describe the manner in
which the port will be billed. The
Exchange proposes to define the term
‘‘active’’ to mean that the port was
utilized to submit a quote to the System
during a given month. The Exchange
believes that this definition will provide
greater transparency as to the manner in
which the term ‘‘active’’ is applied
today by the Exchange.
4 See
E:\FR\FM\15MYN1.SGM
ISE’s Fee Schedule at Chapter V, Part D.
15MYN1
22556
Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
The Exchange believes that grouping
the available order and quote protocols
together into their own subsection will
provide greater transparency within its
Pricing Schedule as to the available
protocols.
Order and Execution Information
The Exchange proposes to add a new
section (ii) and add the following
introductory sentence, ‘‘The following
order and execution information is
available to members.’’ The Exchange
proposes to group the available order
and execution information that is
particular to a member’s transactions on
Phlx into its own subsection. Today,
Phlx offers CTI and TradeInfo PHLX.
The Exchange proposes to relocate the
TradeInfo offering from Section XII of
the Pricing Schedule to Section VII, B.
The Exchange proposes to rename
‘‘TradeInfo PHLX’’ as ‘‘TradeInfo
Interface’’ to conform the naming on the
Nasdaq Affiliated Markets. This also
makes clear that this particular offering
is an interface. No changes are proposed
to amend pricing for CTI or the
TradeInfo offering. Finally, the
Exchange proposes to delete the
definition of the TradeInfo offering. The
Exchange is instead defining this
offering within Rule 1070(b).
daltland on DSKBBV9HB2PROD with NOTICES
Data Ports
The Exchange proposes to add a new
section (iii) and include the following
information, ‘‘The following data port
fees apply in connection with data
subscriptions pursuant to Phlx’s Pricing
Schedule at Section IX. These ports are
available to non-Phlx members and Phlx
members.’’ The Exchange believes the
addition of this sentence makes clear
where the related applicable data fees
can be located within the Pricing
Schedule. Today, no data port fees are
listed on Phlx’s Pricing Schedule as
these services are offered at no cost. The
Exchange proposes to list the relevant
data ports which are offered today in
order to provide information as to the
available offerings. Today, the Exchange
offers TOPO Ports, PHLX Orders Ports
and PHLX Depth of Market Ports at no
cost. The Exchange believes listing these
offerings on the Pricing Schedule at $0
will add more transparency to the
Pricing Schedule. No changes are being
made to the fees.
Other Ports
The Exchange proposes to adopt a
new section (iv) entitled ‘‘Other Ports’’
to include Disaster Recovery Ports.
Today, the Exchange offers Disaster
Recovery Ports for all the ports
reorganized into proposed subsections
(i), (ii) and (iii). The Exchange is noting
VerDate Sep<11>2014
20:27 May 14, 2018
Jkt 244001
that these ports are available at no cost
to make clear their availability.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest, by
providing greater transparency as to the
order and execution information offered
on Phlx. The Exchange’s proposal to
reorganize Section VII, B and rename
certain offerings to conform to other
Nasdaq Affiliated Markets will provide
clarity as to the offerings and uniformity
in naming similar offerings. The
Exchange believes that its new structure
makes clear the differences in its
offerings and the availability of various
options within each type of offering.
The Exchange’s proposal is consistent
with the protection of investors and the
public interest in that the proposal
provides greater transparency as to the
offerings, the application of fees and the
availability of offerings which are
offered at no cost. The Exchange’s
proposal to define a port should also
provide members with greater insight
into the terminology utilized within
Section VII, B.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,7 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intra-market competition that is 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 Exchange is seeking to provide
greater transparency within its rules
with respect to the various order and
execution information offered on Phlx.
The offerings are available to all
members. The Exchange does not intend
to amend pricing, rather it proposes to
make clear the application of the current
pricing.
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(8).
6 15
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
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 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 if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),11 the Commission
may 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 such waiver will allow it to
update its rules immediately to provide
more detailed and reorganized
information regarding its offerings and
further the protection of investors and
the public interest because it will
provide greater transparency as to the
offerings available to members. For this
reason, the Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest and,
therefore, the Commission designates
the proposed rule change to be operative
upon filing.12
At any time within 60 days of the
filing of the proposed rule change, the
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 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).
9 17
E:\FR\FM\15MYN1.SGM
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Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
daltland on DSKBBV9HB2PROD with NOTICES
Electronic Comments
• 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–2018–34 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–2018–34. 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
VerDate Sep<11>2014
20:27 May 14, 2018
Jkt 244001
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–Phlx–2018–34, and should
be submitted on or before June 5, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–10254 Filed 5–14–18; 8:45 am]
BILLING CODE 8011–01–P
Sunshine Act Meetings
1:00 p.m. on Thursday,
May 17, 2018.
Closed Commission Hearing
Room 10800.
PLACE:
This meeting will be closed to
the public.
STATUS:
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
Commissioner Piwowar, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Brent J. Fields from the Office of the
Secretary at (202) 551–5400.
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00117
Fmt 4703
Dated: May 10, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018–10395 Filed 5–11–18; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–318, OMB Control No.
3235–0361]
Proposed Collection; Comment
Request
SECURITIES AND EXCHANGE
COMMISSION
TIME AND DATE:
22557
Sfmt 4703
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form ADV–E
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form ADV–E (17 CFR 279.8) is the
cover sheet for certificates of accounting
filed pursuant to rule 206(4)–2 under
the Investment Advisers Act of 1940 (17
CFR 275.206(4)–2). The rule further
requires that the public accountant file
with the Commission a Form ADV–E
and accompanying statement within
four business days of the resignation,
dismissal, removal or other termination
of its engagement.
The Commission has estimated that
compliance with the requirement to
complete Form ADV–E imposes a total
burden of approximately 0.05 hours (3
minutes) per respondent. Based on
current information from advisers
registered with the Commission, the
Commission staff estimates that 1,749
filings will be submitted with respect to
surprise examinations and 38 filings
will be submitted with respect to
termination of accountants. Based on
these estimates, the total estimated
annual burden would be 89.35 hours
((1,749 filings × .05 hours) + (38 filings
× .05 hours)).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
E:\FR\FM\15MYN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)]
[Notices]
[Pages 22555-22557]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10254]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83194; File No. SR-Phlx-2018-34]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Reorganize and
Amend the Exchange's Pricing Schedule at Section VII, B, Entitled
``Port Fees''
May 9, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 27, 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 reorganize and amend the Exchange's
Pricing Schedule at Section VII, B, entitled ``Port Fees.''
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to reorganize and amend the Exchange's
Pricing Schedule at Section VII, B, entitled ``Port Fees.'' The
Exchange offers various services across its 6 affiliated options
markets, Phlx, Nasdaq BX, Inc., The Nasdaq Options Market LLC, Nasdaq
ISE, LLC, Nasdaq GEMX, LLC and Nasdaq MRX, LLC (``Nasdaq Affiliated
Markets'').\3\ The Exchange desires to rename services to conform the
naming of the offerings across all Nasdaq Affiliated Markets. The
Exchange proposes to reorganize Section VII, B to list order and quote
protocols first, order and execution offerings next, followed by data
ports and other ports as the last section. The Exchange proposes to
list data offerings which are offered at no cost. The Exchange believes
that aligning its offerings, where relevant, across the Nasdaq
Affiliated Markets will provide more transparency as to the offerings
for market participants.
---------------------------------------------------------------------------
\3\ The Exchange will file a similar rule change on each Nasdaq
Affiliated Market to conform the offerings by amending naming to
make them similar and delineating each offering on the fee schedule
where no fee is assessed.
---------------------------------------------------------------------------
Ports
The Exchange proposes to define a port within Section VII, B to
provide additional clarity to the Pricing Schedule as ``a logical
connection or session that enables a market participant to send inbound
messages and/or receive outbound messages from the Exchange using
various communication protocols.'' The Exchange believes this
definition will assist members in distinguishing ports from other
offerings.
Order and Quote Protocols
The Exchange proposes to add a new section (i) and include the
following introductory sentence, ``The following order and quote
protocols are available on Phlx.''
Today, Phlx offers members an Order Entry order protocol, an Active
SQF quote protocol as well as an SQF Purge Port. These fees currently
exist on the Pricing Schedule. The Exchange is not amending any pricing
related to these protocols. The Exchange proposes to rename ``Order
Entry Port Fee'' as ``FIX Port Fee.'' This description is more accurate
as ``FIX'' is the name of the order entry protocol. Nasdaq ISE, LLC
calls this protocol ``FIX'' in its fee schedule.\4\ The Exchange
proposes to remove the word ``Active'' before SQF Port from the title
of the offering. The term ``active'' refers to the manner in which the
port is billed. For consistency the Exchange proposes to refer the SQF
Port without the ``Active'' to conform the naming of the offering to
that of the Nasdaq Affiliated Markets. The Exchange will continue to
use the word ``active,'' which is proposed to be lowercase, to describe
the manner in which the port will be billed. The Exchange proposes to
define the term ``active'' to mean that the port was utilized to submit
a quote to the System during a given month. The Exchange believes that
this definition will provide greater transparency as to the manner in
which the term ``active'' is applied today by the Exchange.
---------------------------------------------------------------------------
\4\ See ISE's Fee Schedule at Chapter V, Part D.
---------------------------------------------------------------------------
[[Page 22556]]
The Exchange believes that grouping the available order and quote
protocols together into their own subsection will provide greater
transparency within its Pricing Schedule as to the available protocols.
Order and Execution Information
The Exchange proposes to add a new section (ii) and add the
following introductory sentence, ``The following order and execution
information is available to members.'' The Exchange proposes to group
the available order and execution information that is particular to a
member's transactions on Phlx into its own subsection. Today, Phlx
offers CTI and TradeInfo PHLX. The Exchange proposes to relocate the
TradeInfo offering from Section XII of the Pricing Schedule to Section
VII, B. The Exchange proposes to rename ``TradeInfo PHLX'' as
``TradeInfo Interface'' to conform the naming on the Nasdaq Affiliated
Markets. This also makes clear that this particular offering is an
interface. No changes are proposed to amend pricing for CTI or the
TradeInfo offering. Finally, the Exchange proposes to delete the
definition of the TradeInfo offering. The Exchange is instead defining
this offering within Rule 1070(b).
Data Ports
The Exchange proposes to add a new section (iii) and include the
following information, ``The following data port fees apply in
connection with data subscriptions pursuant to Phlx's Pricing Schedule
at Section IX. These ports are available to non-Phlx members and Phlx
members.'' The Exchange believes the addition of this sentence makes
clear where the related applicable data fees can be located within the
Pricing Schedule. Today, no data port fees are listed on Phlx's Pricing
Schedule as these services are offered at no cost. The Exchange
proposes to list the relevant data ports which are offered today in
order to provide information as to the available offerings. Today, the
Exchange offers TOPO Ports, PHLX Orders Ports and PHLX Depth of Market
Ports at no cost. The Exchange believes listing these offerings on the
Pricing Schedule at $0 will add more transparency to the Pricing
Schedule. No changes are being made to the fees.
Other Ports
The Exchange proposes to adopt a new section (iv) entitled ``Other
Ports'' to include Disaster Recovery Ports. Today, the Exchange offers
Disaster Recovery Ports for all the ports reorganized into proposed
subsections (i), (ii) and (iii). The Exchange is noting that these
ports are available at no cost to make clear their availability.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934,\5\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\6\
in particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
for a free and open market and a national market system, and, in
general, to protect investors and the public interest, by providing
greater transparency as to the order and execution information offered
on Phlx. The Exchange's proposal to reorganize Section VII, B and
rename certain offerings to conform to other Nasdaq Affiliated Markets
will provide clarity as to the offerings and uniformity in naming
similar offerings. The Exchange believes that its new structure makes
clear the differences in its offerings and the availability of various
options within each type of offering. The Exchange's proposal is
consistent with the protection of investors and the public interest in
that the proposal provides greater transparency as to the offerings,
the application of fees and the availability of offerings which are
offered at no cost. The Exchange's proposal to define a port should
also provide members with greater insight into the terminology utilized
within Section VII, B.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\7\ the Exchange does
not believe that the proposed rule change will impose any burden on
intermarket or intra-market competition that is 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
Exchange is seeking to provide greater transparency within its rules
with respect to the various order and execution information offered on
Phlx. The offerings are available to all members. The Exchange does not
intend to amend pricing, rather it proposes to make clear the
application of the current pricing.
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\7\ 15 U.S.C. 78f(b)(8).
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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 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 if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may
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
such waiver will allow it to update its rules immediately to provide
more detailed and reorganized information regarding its offerings and
further the protection of investors and the public interest because it
will provide greater transparency as to the offerings available to
members. For this reason, the Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and
the public interest and, therefore, the Commission designates the
proposed rule change to be operative upon filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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
[[Page 22557]]
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-Phlx-2018-34 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-2018-34. 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-2018-34, and should be submitted on
or before June 5, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10254 Filed 5-14-18; 8:45 am]
BILLING CODE 8011-01-P
