Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Exchange's Rules Pertaining to Co-Location and Direct Connectivity, 30804-30806 [2018-13986]
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30804
Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices
responsible; and to comply with the
provisions of the Act and the rules and
regulations thereunder. ICC believes
that the proposed rule changes are
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to ICC, in
particular, to Section 17A(b)(3)(F),7
because ICC believes that the proposed
rule changes will promote the prompt
and accurate clearance and settlement of
securities transactions, derivatives
agreements, contracts, and transactions,
and contribute to the safeguarding of
securities and funds associated with
security-based swap transactions in
ICC’s custody or control, or for which
ICC is responsible. The proposed
changes to the ICC Rules are consistent
with the current calculation of Mark-toMarket Margin and related operational
practices and are intended to more
clearly reflect the legal characterization
of Mark-to-Market Margin payments as
settlement rather than collateral
payments. The proposed changes are
designed to add certainty to ICC’s Rules
by incorporating clarifying language and
changes to avoid a potential
mischaracterization of Mark-to-Market
Margin payments. The proposed
revisions will provide market
participants with certainty surrounding
ICC’s treatment of Mark-to-Market
Margin, which will facilitate
compliance with market participants’
own capital requirements and therefore
further the public interest. As such, the
proposed changes provide additional
clarity and transparency in the ICC
Rules and are designed to promote the
prompt and accurate clearance and
settlement of securities transactions,
derivatives agreements, contracts, and
transactions within the meaning of
Section 17A(b)(3)(F) 8 of the Act.
sradovich on DSK3GMQ082PROD with NOTICES
(B) Clearing Agency’s Statement on
Burden on Competition
8 Id.
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Written comments relating to the
proposed rule change have not been
solicited or received. ICC will notify the
Commission of any written comments
received by ICC.
III. Date of Effectiveness of the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
and Timing for Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be 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, security-based swap
submission, or advance notice 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 rule-comments@
sec.gov. Please include File Number SR–
ICC–2018–006 on the subject line.
Paper Comments
ICC does not believe the proposed
rule changes would have any impact, or
impose any burden, on competition.
The changes, which further clarify that
payments of Mark-to-Market Margin
represent settlement rather than
collateral payments, result in no
operational changes and apply
uniformly across all market participants.
Therefore, ICC does not believe the
proposed rule changes impose any
burden on competition that is
inappropriate in furtherance of the
purposes of the Act.
7 Id.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change, Security-Based Swap
Submission, or Advance Notice
Received From Members, Participants or
Others
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–ICC–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
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change, security-based swap
submission, or advance notice that are
filed with the Commission, and all
written communications relating to the
proposed rule change, security-based
swap submission, or advance notice
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 such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Credit and on ICE
Clear Credit’s website at https://
www.theice.com/clear-credit/regulation.
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–ICC–2018–006 and
should be submitted on or before July
20, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–13985 Filed 6–28–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83514; File No. SR–GEMX–
2018–22)
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Relocate the
Exchange’s Rules Pertaining to CoLocation and Direct Connectivity
June 25, 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 13,
2018, Nasdaq GEMX, LLC (‘‘GEMX’’ 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
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices
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 Section IV, subsections
D (co-location) and E–G (direct
connectivity) of the Exchange’s
Schedule of Fees, to the Exchange’s new
rulebook shell, entitled ‘‘General
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://nasdaqgemx.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
sradovich on DSK3GMQ082PROD with NOTICES
The Exchange proposes to relocate its
rules governing co-location and direct
connectivity services, which presently
comprise Section IV, subsections D (colocation) and E–G (direct connectivity)
of the Exchange’s Schedule of Fees. The
Exchange proposes to establish, within
its new rulebook shell,3 a new General
8 heading, entitled ‘‘Connectivity,’’ to
renumber Section IV, subsection D as
Section 1 thereunder, and to renumber
Section IV, subsections E, F, and G as
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: The
Nasdaq Stock Exchange, LLC; Nasdaq BX, Inc.;
Nasdaq PHLX, LLC; Nasdaq ISE, LLC; and Nasdaq
MRX, LLC (together with GEMX, the ‘‘Affiliated
Exchanges’’). See Securities Exchange Act Release
No. 82171 (November 29, 2017), 82 FR 57516
(December 5, 2017) (SR–GEMX–2017–54).
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Section 2(a), (b), and (c) thereunder.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
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.
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
4 The Exchange notes that as a consequence of
this proposal, it will list its fees, in part, in Section
IV of the Rulebook and, in part, in General 8.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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30805
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.
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 co-location
and direct connectivity rules in the
Exchange’s Schedule of Fees and
updates rule cross-references.
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.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
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 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).
8 17
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30806
Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices
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.
to make available publicly. All
submissions should refer to File
Number SR–GEMX–2018–22, and
should be submitted on or before July
20, 2018.
requirements for Securities issued by
unit investment trusts (‘‘Units’’) to be
processed through DTC’s Investor’s
Voluntary Redemptions and Sales
Service (‘‘IVORS’’), as described below.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman
Assistant Secretary.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the
clearing agency 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
clearing agency has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
[FR Doc. 2018–13986 Filed 6–28–18; 8:45 am]
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–
GEMX–2018–22 on the subject line.
sradovich on DSK3GMQ082PROD with 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:
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
DTC Operational Arrangements To Add
Clarifying Text Relating to the
Processing of Unit Investment Trust
Securities Through the DTC Investor’s
Voluntary Redemptions and Sales
Service
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–GEMX–2018–22. 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
VerDate Sep<11>2014
17:58 Jun 28, 2018
Jkt 244001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83511; File No. SR–DTC–
2018–005]
June 25, 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 20,
2018, The Depository Trust Company
(‘‘DTC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II and III below, which Items
have been prepared by the clearing
agency. The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change 3 consists of
proposed modifications to the DTC
Operational Arrangements (Necessary
for Securities to Become and Remain
Eligible for DTC Services) (‘‘OA’’) 4 to
provide enhanced transparency within
DTC’s Procedures 5 relating to
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Each capitalized term not otherwise defined
herein has its respective meaning as set forth in the
Rules, By-Laws and Organization Certificate of The
Depository Trust Company (‘‘Rules’’), available at
https://www.dtcc.com/∼/media/Files/Downloads/
legal/rules/dtc_rules.pdf.
4 Available at https://www.dtcc.com/∼/media/
Files/Downloads/legal/issue-eligibility/eligibility/
operational-arrangements.pdf.
5 Pursuant to the Rules, the term ‘‘Procedures’’
means the Procedures, service guides, and
1 15
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(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
1. Purpose
The proposed rule change consists of
proposed modifications to the OA to
provide enhanced transparency within
the DTC Procedures relating to DTC’s
requirements for Units to be processed
through IVORS, as discussed below.
Background
A unit investment trust is an
investment company that buys and
holds a generally fixed portfolio of
stocks, bonds or other securities for a
fixed period of time. Units are sold by
a sponsor, which is the issuer of the
Units, to investors who receive a share
of principal and dividends, or interest.
When Units mature, an investor may
redeem matured Units with the transfer
agent for the Units, or sell Units to the
sponsor for a cash payment (such
redemptions and sales jointly referred to
herein as ‘‘Redemptions’’).6 The sponsor
may also allow a holder of maturing
Units to ‘‘rollover’’ the Units by
redeeming the maturing Units for a
comparable issue of Units (‘‘Rollover’’).
Units that meet DTC’s eligibility
requirements 7 may be Deposited for
book-entry services at DTC and be held
by Participants on behalf of investors.
Redemptions and Rollovers of Units
held at DTC must be processed through
IVORS.8 IVORS allows a Participant to
regulations of DTC adopted pursuant to Rule 27, as
amended from time to time. See Rule 1, Section 1,
supra note 3, at 13.
6 See Securities Exchange Act Release No. 39852
(April 10, 1998), 63 FR 19545 (April 20, 1998)
(‘‘1998 Release’’).
7 See OA, supra note 4 at 1–3 (setting forth
requirements for Securities to be made eligible for
DTC book-entry services).
8 See OA, supra note 4 at 43–44.
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]]>Agencies
[Federal Register Volume 83, Number 126 (Friday, June 29, 2018)]
[Notices]
[Pages 30804-30806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13986]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83514; File No. SR-GEMX-2018-22)
Self-Regulatory Organizations; Nasdaq GEMX, 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 25, 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 13, 2018, Nasdaq GEMX, LLC (``GEMX'' 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
[[Page 30805]]
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 Section
IV, subsections D (co-location) and E-G (direct connectivity) of the
Exchange's Schedule of Fees, to the Exchange's new rulebook shell,
entitled ``General 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://nasdaqgemx.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 Section IV,
subsections D (co-location) and E-G (direct connectivity) of the
Exchange's Schedule of Fees. The Exchange proposes to establish, within
its new rulebook shell,\3\ a new General 8 heading, entitled
``Connectivity,'' to renumber Section IV, subsection D as Section 1
thereunder, and to renumber Section IV, subsections E, F, and G as
Section 2(a), (b), and (c) thereunder.\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:
The Nasdaq Stock Exchange, LLC; Nasdaq BX, Inc.; Nasdaq PHLX, LLC;
Nasdaq ISE, LLC; and Nasdaq MRX, LLC (together with GEMX, the
``Affiliated Exchanges''). See Securities Exchange Act Release No.
82171 (November 29, 2017), 82 FR 57516 (December 5, 2017) (SR-GEMX-
2017-54).
\4\ The Exchange notes that as a consequence of this proposal,
it will list its fees, in part, in Section IV of the Rulebook and,
in part, in General 8.
---------------------------------------------------------------------------
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).
---------------------------------------------------------------------------
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.
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.
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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 co-location and direct
connectivity rules in the Exchange's Schedule of Fees and updates rule
cross-references. 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.\11\
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 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).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if
[[Page 30806]]
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-GEMX-2018-22 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-GEMX-2018-22. 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-GEMX-2018-22, and should be submitted on
or before July 20, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman
Assistant Secretary.
[FR Doc. 2018-13986 Filed 6-28-18; 8:45 am]
BILLING CODE 8011-01-P
