Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Exchange's Rules Pertaining to Co-Location and Direct Connectivity, 29593-29594 [2018-13507]
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Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / Notices
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
CboeBZX–2018–019 and should be
submitted on or before July 16, 2018.
Rebuttal comments should be submitted
by July 30, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–13508 Filed 6–22–18; 8:45 am]
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83466; File No. SR–
NASDAQ–2018–045]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Relocate
the Exchange’s Rules Pertaining to CoLocation and Direct Connectivity
June 19, 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 June 5,
2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ 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.
amozie on DSK3GDR082PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to relocate the
Exchange’s rules pertaining to colocation and direct connectivity, which
are presently at Rules 7034 and 7051, to
Sections 1 and 2, respectively, under a
new General 8 (‘‘Connectivity’’) heading
within the Exchange’s new rulebook
shell, entitled ‘‘General Equity and
Options Rules.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
31 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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17:58 Jun 22, 2018
Jkt 244001
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.
1. Purpose
The Exchange proposes to relocate its
rules governing co-location and direct
connectivity services, which presently
comprise Rules 7034 and 7051,
respectively. The Exchange proposes to
establish, within its new rulebook
shell,3 a new General 8 heading, entitled
‘‘Connectivity,’’ to renumber Rule 7034
as Section 1 thereunder, and to
renumber Rule 7051 as Section 2
thereunder. The Exchange furthermore
proposes to amend Equity Rules 7007,
7015, 7025, and 7030, and Options
Rules, Chapter XV to update cross
references therein to Rules 7034 and
7051.4 The Exchange also proposes to
update internal cross-references in the
renumbered Rules.
The Exchange considers it appropriate
to relocate these Rules to better organize
its Rulebook. The other Affiliated
Exchanges intend to propose similar
reorganizations of their co-location and
direct connectivity rules so that these
rules will be harmonized among all of
the Affiliated Exchanges.
The relocation of the co-location and
direct connectivity rules is part of the
Exchange’s continued effort to promote
efficiency and conformity of its
3 Recently, the Exchange added a shell structure
to its Rulebook with the purpose of improving
efficiency and readability and to align its rules
closer to those of its five sister exchanges: Nasdaq
BX, Inc.; Nasdaq PHLX LLC; Nasdaq ISE, LLC;
Nasdaq GEMX, LLC; and Nasdaq MRX, LLC
(together with Nasdaq, the ‘‘Affiliated Exchanges’’).
See Securities Exchange Act Release No. 82175
(November 29, 2017), 82 FR 57494 (December 5,
2017) (SR–NASDAQ–2017–125).
4 In addition to the above, the Exchange proposes
to delete language that exists presently in Rule
7034(b) (‘‘Connectivity to Third Party Services’’)
and Rule 7051(b) (‘‘Direct Circuit Connection to
Third Party Services’’) that each refer to expired
waivers of fees for connections to third party
services that were applicable ‘‘through April 30,
2017.’’
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
29593
processes with those of its Affiliated
Exchanges. The Exchange believes that
moving the co-location and direct
connectivity rules to their new location
will facilitate the use of the Rulebook by
Members of the Exchange who are
members of other Affiliated Exchanges.
Moreover, the proposed changes are of
a non-substantive nature and will not
amend the relocated rules other than to
update their numbers and make
conforming cross-reference changes.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,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 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 co-location and direct
connectivity rules, and harmonizing the
Exchange’s Rules with those of the other
Affiliated Exchanges. As previously
stated, the proposed Rule relocation is
non-substantive.
The Exchange also believes that it is
just and equitable and consistent with
the protection of investors and the
interest of the public to remove expired
waiver language from the Exchange’s
Rules.
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 intermarket or intramarket competition that is not necessary
or appropriate in furtherance of the
purposes of the Act. The proposed
changes do not impose a burden on
competition because, as previously
stated, they (i) are of a non-substantive
nature, (ii) are intended to harmonize
the Exchange’s rules with those of its
Affiliated Exchanges, and (iii) are
intended to organize the Rulebook in a
way that it will ease the Members’
navigation and reading of the rules
across the Affiliated 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.
5 15
6 15
E:\FR\FM\25JNN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
25JNN1
29594
Federal Register / Vol. 83, No. 122 / Monday, June 25, 2018 / 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
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 9 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 10
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 may become
operative upon filing. The proposed rule
change merely relocates the Exchange’s
co-location and direct connectivity
rules, updates rule cross-references, and
removes expired waiver language.11
Accordingly, the Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest and
hereby waives the operative delay and
designates the proposed rule change
operative upon filing.12
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.
7 15
U.S.C. 78s(b)(3)(A).
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 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.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 See supra note 4.
12 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).
amozie on DSK3GDR082PROD with NOTICES1
8 17
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17:58 Jun 22, 2018
Jkt 244001
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:
• 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–
NASDAQ–2018–045 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–NASDAQ–2018–045. 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–NASDAQ–2018–045, and
should be submitted on or before July
16, 2018.
Frm 00067
Fmt 4703
[FR Doc. 2018–13507 Filed 6–22–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Assistant Secretary.
Sfmt 4703
[Release No. 34–83465; File No. SR–Phlx–
2018–46]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Relocate the
Exchange’s Rules Pertaining to CoLocation and Direct Connectivity
June 19, 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 June 5,
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
Exchange’s rules pertaining to colocation and direct connectivity, which
are presently at Sections X and XI of the
Exchange’s Pricing Schedule, to the
Exchange’s new rulebook shell, entitled
‘‘General Equity and Options Rules,’’ at
new General 8 (‘‘Connectivity’’),
Sections 1 and 2, respectively.
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
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\25JNN1.SGM
25JNN1
]]>Agencies
[Federal Register Volume 83, Number 122 (Monday, June 25, 2018)]
[Notices]
[Pages 29593-29594]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13507]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83466; File No. SR-NASDAQ-2018-045]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Relocate the Exchange's Rules Pertaining to Co-Location and Direct
Connectivity
June 19, 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 June 5, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' 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 Exchange's rules pertaining
to co-location and direct connectivity, which are presently at Rules
7034 and 7051, to Sections 1 and 2, respectively, under a new General 8
(``Connectivity'') heading within the Exchange's new rulebook shell,
entitled ``General Equity and Options Rules.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaq.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 its rules governing co-location
and direct connectivity services, which presently comprise Rules 7034
and 7051, respectively. The Exchange proposes to establish, within its
new rulebook shell,\3\ a new General 8 heading, entitled
``Connectivity,'' to renumber Rule 7034 as Section 1 thereunder, and to
renumber Rule 7051 as Section 2 thereunder. The Exchange furthermore
proposes to amend Equity Rules 7007, 7015, 7025, and 7030, and Options
Rules, Chapter XV to update cross references therein to Rules 7034 and
7051.\4\ The Exchange also proposes to update internal cross-references
in the renumbered Rules.
---------------------------------------------------------------------------
\3\ Recently, the Exchange added a shell structure to its
Rulebook with the purpose of improving efficiency and readability
and to align its rules closer to those of its five sister exchanges:
Nasdaq BX, Inc.; Nasdaq PHLX LLC; Nasdaq ISE, LLC; Nasdaq GEMX, LLC;
and Nasdaq MRX, LLC (together with Nasdaq, the ``Affiliated
Exchanges''). See Securities Exchange Act Release No. 82175
(November 29, 2017), 82 FR 57494 (December 5, 2017) (SR-NASDAQ-2017-
125).
\4\ In addition to the above, the Exchange proposes to delete
language that exists presently in Rule 7034(b) (``Connectivity to
Third Party Services'') and Rule 7051(b) (``Direct Circuit
Connection to Third Party Services'') that each refer to expired
waivers of fees for connections to third party services that were
applicable ``through April 30, 2017.''
---------------------------------------------------------------------------
The Exchange considers it appropriate to relocate these Rules to
better organize its Rulebook. The other Affiliated Exchanges intend to
propose similar reorganizations of their co-location and direct
connectivity rules so that these rules will be harmonized among all of
the Affiliated Exchanges.
The relocation of the co-location and direct connectivity rules is
part of the Exchange's continued effort to promote efficiency and
conformity of its processes with those of its Affiliated Exchanges. The
Exchange believes that moving the co-location and direct connectivity
rules to their new location will facilitate the use of the Rulebook by
Members of the Exchange who are members of other Affiliated Exchanges.
Moreover, the proposed changes are of a non-substantive nature and will
not amend the relocated rules other than to update their numbers and
make conforming cross-reference changes.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\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 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 co-location and direct connectivity rules, and
harmonizing the Exchange's Rules with those of the other Affiliated
Exchanges. As previously stated, the proposed Rule relocation is non-
substantive.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange also believes that it is just and equitable and
consistent with the protection of investors and the interest of the
public to remove expired waiver language from the Exchange's Rules.
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 intermarket or intra-market competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
The proposed changes do not impose a burden on competition because, as
previously stated, they (i) are of a non-substantive nature, (ii) are
intended to harmonize the Exchange's rules with those of its Affiliated
Exchanges, and (iii) are intended to organize the Rulebook in a way
that it will ease the Members' navigation and reading of the rules
across the Affiliated 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.
[[Page 29594]]
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) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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 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 pursuant to Rule 19b-4(f)(6) under the
Act \9\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \10\ 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 may become operative upon filing. The
proposed rule change merely relocates the Exchange's co-location and
direct connectivity rules, updates rule cross-references, and removes
expired waiver language.\11\ Accordingly, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest and hereby waives the operative
delay and designates the proposed rule change operative upon
filing.\12\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ See supra note 4.
\12\ 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.
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-NASDAQ-2018-045 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-NASDAQ-2018-045. 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-NASDAQ-2018-045, and should be submitted
on or before July 16, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13507 Filed 6-22-18; 8:45 am]
BILLING CODE 8011-01-P
