Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Disseminate Abbreviated Order Imbalance Information Prior to Dissemination of the Order Imbalance Indicator, 9848-9851 [2019-04945]
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Federal Register / Vol. 84, No. 52 / Monday, March 18, 2019 / Notices
71 to Competitive Product List and
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[FR Doc. 2019–04927 Filed 3–15–19; 8:45 am]
SUMMARY: In accordance with the
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Dated: March 12, 2019.
Jean S. Fraser,
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[FR Doc. 2019–05038 Filed 3–15–19; 8:45 am]
BILLING CODE 4310–4R–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85292; File No. SR–
NASDAQ–2019–010]]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Disseminate
Abbreviated Order Imbalance
Information Prior to Dissemination of
the Order Imbalance Indicator
BILLING CODE 7710–FW–P
March 12, 2019.
PRESIDIO TRUST
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
27, 2019, The Nasdaq Stock Market LLC
Notice of Public Meeting
The Presidio Trust.
Notice of public meeting.
AGENCY:
ACTION:
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2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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
disseminate abbreviated order
imbalance information prior to the
dissemination of the Order Imbalance
Indicator. 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
Nasdaq provides transparency into its
Closing Cross auction via the ‘‘Order
Imbalance Indicator’’ (also known as the
‘‘Net Order Imbalance Indicator’’ or
‘‘NOII’’). The NOII is a message
disseminated by electronic means
containing information about MOC,3
3 A ‘‘Market on Close Order’’ or ‘‘MOC’’ is an
Order Type entered without a price that may be
executed only during the Nasdaq Closing Cross.
MOC Orders may be entered, cancelled, and/or
modified between 4 a.m. ET and immediately prior
to 3:55 p.m. ET. Between 3:55 p.m. ET and
immediately prior to 3:58 p.m. ET, an MOC Order
can be cancelled and/or modified only if the
Participant requests that Nasdaq correct a legitimate
error in the Order. MOC Orders cannot be cancelled
or modified at or after 3:58 p.m. ET for any reason.
An MOC Order executes only at the price
determined by the Nasdaq Closing Cross. See Rule
4702(b)(11).
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LOC,4 IO,5 and Close Eligible Interest 6
and the price at which those orders
would execute at the time of
dissemination.7 Specifically, the NOII
consists of: (1) The ‘‘Current Reference
Price’’ 8; (2) the number of shares
represented by MOC, LOC, and IO
Orders that are paired at the Current
Reference Price; (3) the size of any
4 Pursuant to Rule 4702(b)(12), a ‘‘Limit on Close
Order’’ or ‘‘LOC’’ is an Order Type entered with a
price that may be executed only in the Nasdaq
Closing Cross, and only if the price determined by
the Nasdaq Closing Cross is equal to or better than
the price at which the LOC Order was entered. LOC
Orders may be entered, cancelled, and/or modified
between 4 a.m. ET and immediately prior to 3:55
p.m. ET. Between 3:55 p.m. ET and immediately
prior to 3:58 p.m. ET, an LOC Order may be entered
provided that there is a ‘‘First Reference Price,’’ i.e.,
the ‘‘Current Reference Price’’ (infra n.8 below) that
Nasdaq disseminates in the first NOII at or after
3:55 p.m. ET. See Rule 4754(a)(9). Also between
3:55 p.m. ET and immediately prior to 3:58 p.m. ET,
an LOC Order can be cancelled but not modified,
and only if the Participant requests that Nasdaq
correct a legitimate error in the Order. An LOC
Order entered between 3:55 p.m. ET and
immediately prior to 3:58 p.m. ET is accepted at its
limit price, unless its limit price is higher (lower)
than the First Reference Price for an LOC Order to
buy (sell), in which case the LOC Order is handled
consistent with the Participant’s instruction that the
LOC Order is to be: (1) Rejected; or (2) re-priced to
the First Reference Price, provided that if the First
Reference Price is not at a permissible minimum
increment, the First Reference Price will be
rounded (i) to the nearest permitted minimum
increment (with midpoint prices being rounded up)
if there is no imbalance, (ii) up if there is a buy
imbalance, or (iii) down if there is a sell imbalance.
The default configuration for Participants that do
not specify otherwise is to have such LOC Orders
re-priced rather than rejected.
5 An ‘‘Imbalance Only Order’’ or ‘‘IO’’ is an Order
entered with a price that may be executed only in
the Nasdaq Closing Cross and only against MOC
Orders or LOC Orders. IO Orders may be entered
between 4:00 a.m. ET until the time of execution
of the Nasdaq Closing Cross, but may not be
cancelled or modified at or after 3:55 p.m. ET.
Between 3:55 p.m. ET and immediately prior to
3:58 p.m. ET, however, an IO Order can be
cancelled and/or modified if the Participant
requests that Nasdaq correct a legitimate error in the
Order. IO Orders cannot be cancelled or modified
at or after 3:58 p.m. ET for any reason. See Rule
4702(b)(13).
6 ‘‘Close Eligible Interest’’ means ‘‘any quotation
or any order that may be entered into the system
and designated with a time-in-force of SDAY,
SGTC, MDAY, MGTC, SHEX, or GTMC.’’ Rule
4754(a)(1).
7 See Rule 4754(a)(7).
8 Pursuant to Rule 4754(a)(7)(A), the ‘‘Current
Reference Price’’ means the following: (i) The single
price that is at or within the current Nasdaq Market
Center best bid and offer at which the maximum
number of shares of MOC, LOC, and IO orders can
be paired; (ii) if more than one price exists under
subparagraph (i), the Current Reference Price shall
mean the price that minimizes any Imbalance; (iii)
if more than one price exists under subparagraph
(ii), the Current Reference Price shall mean the
entered price at which shares will remain
unexecuted in the cross; or (iv) if more than one
price exists under subparagraph (iii), the Current
Reference Price shall mean the price that minimizes
the distance from the bid-ask midpoint of the inside
quotation prevailing at the time of the order
imbalance indicator dissemination.
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‘‘Imbalance’’ 9; (4) the buy/sell direction
of any Imbalance; and (5) indicative
prices at which the Nasdaq Closing
Cross would occur if it occurred at that
time and the percent by which the
indicative prices are outside the then
current Nasdaq Market Center best bid
or best offer, whichever is closer. The
NOII is useful because it helps
Participants to identify at what price
and size the Closing Cross will
commence, as well as number of shares
required to offset any order imbalances
to optimize an auction.
Prior to October 2018, Nasdaq
disseminated the NOII beginning at 3:50
p.m. ET, which was also the cutoff time
(the ‘‘Cutoff’’) for entering MOC and
certain LOC Orders into the Closing
Cross, and it disseminated the NOII at
five second intervals thereafter until
market close. In October 2018, Nasdaq
amended the Closing Cross process by
moving both the Closing Cross Cutoff
time and the commencement time of the
NOII to 3:55 p.m. ET.10 Also in October,
the Exchange also began disseminating
the NOII in one second intervals until
market close.11
When the Exchange proposed these
changes to the timing of the NOII, it did
so with the belief that ‘‘continuing to
disseminate the Order Imbalance
Indicator starting at the Closing Cross
Cutoff . . . will ensure that market
participants receive a more complete
picture of on close interest when such
interest is relatively settled.’’ 12 The
Exchange furthermore asserted that
synching the NOII to the new Closing
Cross Cutoff time was appropriate
because the Closing Cross Cutoff ‘‘is
when the Exchange believes it is
possible to disseminate meaningful
information about the Nasdaq Closing
Cross’’ and ‘‘any information
disseminated before the Closing Cross
Cutoff has the potential to be misleading
to some market Participants’’ (given that
Participants may freely submit
additional, cancel, or modify on close
interest prior to the Cutoff and
frequently do so immediately prior to
the Cutoff).13
Likewise, in proposing to increase the
frequency of the NOII from five to one
second intervals, the Exchange asserted
that ‘‘more frequent dissemination will
9 An ‘‘Imbalance’’ means the number of shares of
buy or sell MOC, or LOC Orders that cannot be
matched with other MOC or LOC, or IO Order
shares at a particular price at any given time. See
Rule 4754(a)(2).
10 See Securities Exchange Act Release No. 34–
84454 (Oct. 19, 2018), 83 FR 53923 (Oct. 25, 2018).
11 See id.
12 SR–NASDAQ–2018–068 Amendment No. 1, at
9 (filed Oct. 15, 2018).
13 Id. at 14.
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9849
be beneficial to market participants that
use this information.’’ 14 Specifically,
the Exchange noted that ‘‘the increased
automation and efficiency in the
equities markets that spurred the
changed cutoff times . . . also justify
increasing the frequency for
disseminating information to the
market.’’ 15
Subsequent to October 2018, the
Exchange has revisited its thinking
regarding the utility and effect of an
early dissemination of the NOII. The
Exchange believes, based upon
Participant feedback, that an early
release of a subset of the NOII would be
useful to Participants and improve price
discovery in the Closing Cross.
Specifically, Nasdaq believes that an
early release of NOII data comprising
the Current Reference Price, the number
of paired shares, the imbalance size, and
the imbalance direction would offer
Participants additional time and
flexibility to react to imbalance
information in advance of the Closing
Cross Cutoff and also aid them in
making informed decisions about
whether and how to participate in the
Closing Cross. In other words, early
dissemination of this data will help
Participants to make educated decisions
as to whether, how, and at what likely
prices they may interact with paired and
imbalanced shares—and do so at a point
in time when their decisions do not
present a risk of adverse consequences
because the Participant’s orders can still
be freely modified or cancelled prior to
the Closing Cross Cutoff time. For
example, if Nasdaq was to release an
early NOII indicating that a buy
imbalance exists for a particular symbol,
a Participant could act on that
information in advance of the Closing
Cross Cutoff to offset the imbalance,
while also providing additional
liquidity in the Closing Cross.
However, the Exchange believes that
an early release of the NOII should
exclude indicative prices, including
Near and Far Closing Prices. Because
Participants may freely enter new orders
or cancel or modify existing orders prior
to the Closing Cross Cutoff, indicative
prices may change dramatically during
this time.16 The Exchange believes that
early dissemination of indicative price
information would be less useful during
14 Id.
at 10.
at 15.
16 Unlike the Current Reference Price, which
represents only the current price that maximizes the
number of paired shares of on-close orders slated
to participate in the Closing Cross, the Near and Far
Indicative Prices are likely to be more volatile prior
to the Closing Cross Cutoff because they also
account for orders that exist on the continuous
book.
15 Id.
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Federal Register / Vol. 84, No. 52 / Monday, March 18, 2019 / Notices
the pre-Cutoff period than it is during
the period between 3:55:00–4:00:00,
when Participants are restricted from
entering, modifying, or canceling orders.
Likewise, Nasdaq believes that a
second-by-second dissemination of NOII
information prior to the Closing Cross
Cutoff time would not be necessary or
helpful, and that less frequent
dissemination would suffice. Whereas
after the Closing Cross Cutoff time,
Participants face order restrictions and
time pressures that render rapid
refreshes of the NOII critical to guiding
their decisions, such order restrictions
and time pressures do not exist, or are
less acute, prior to the Closing Cross
Cutoff.
Accordingly, Nasdaq now proposes to
amend its Closing Cross procedures to
provide for an early dissemination of a
subset of NOII information at a lower
frequency. Specifically, Nasdaq
proposes to amend Rule 4754 to begin
disseminating an ‘‘Early Order
Imbalance Indicator’’ or ‘‘EOII’’ at 3:50
p.m. ET (or 10 minutes prior to the early
closing time on a day when Nasdaq
closes early).17 The Exchange proposes,
in proposed Rule 4754(a)(10), that the
EOII will consist of the same
information as the full NOII (the Current
Reference Price, the number of paired
shares, the imbalance size, and the
imbalance direction) except that it will
not include the indicative price
information set forth in Rule
4754(a)(7)(E), such as the Near Clearing
Price or the Far Clearing Price. Unlike
the full NOII, which disseminates in one
second intervals, Nasdaq proposes to
disseminate the EOII in 10 second
intervals. At 3:55 p.m. ET or five
minutes prior to the early closing time
on a day when Nasdaq closes early,
Nasdaq will cease disseminating the
EOII and instead it will begin
disseminating the full NOII at one
second intervals, with the full
17 On certain days during the calendar year,
Nasdaq may close the market early, in accordance
with Rules 4701(g) (defining the term ‘‘Market
Hours’’ to mean 9:30 a.m. ET–4:00 p.m. ET ‘‘or such
earlier time as may be designated by Nasdaq on a
day when Nasdaq closes early’’) and 4617 (stating
that the Nasdaq trading system operates from 4:00
a.m. to 8:00 p.m. Eastern. Time on each business
day ‘‘unless modified by Nasdaq’’). In such
instances, the Exchange proposes to disseminate the
EOII beginning 10 minutes prior to the early market
closing time. For example, if Nasdaq closes the
market at 1 p.m. ET, Nasdaq would begin
disseminating the EOII at 12:50 p.m. ET and the
NOII at 12:55 p.m. ET. The Exchange notes that it
proposes to add clarifying language to Rule 4754(b)
that addresses the possibility of early
dissemination, not only of the EOII, but also of the
NOII. The existing Rule does not specify that the
NOII may disseminate earlier than 3:55 p.m. ET in
the event of an early market close.
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complement of information forth in
Rule 4754(a)(7).
The Exchange notes that the New
York Stock Exchange (‘‘NYSE’’)
similarly disseminates limited
imbalance information prior to its 3:45
p.m. closing auction cutoff time.18
The Exchange proposes to implement
this proposed rule change in Q2 2019.
The Exchange will announce the
implementation date of the EOII in an
Equity Trader Alert issued to
Participants prior to implementing the
change.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,19 in general, and furthers the
objectives of Section 6(b)(5) of the Act,20
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.
In particular, disseminating an EOII
for the Nasdaq Closing Cross earlier
than the Closing Cross Cutoff time will
increase the transparency of the Closing
Cross process and facilitate price
discovery. That is, the Exchange will
offer Participants more information
about the Closing Cross than they
currently receive and the Exchange will
provide this information to Participants
at a time when Participants have more
flexibility to act on it than they do when
the full NOII disseminates after the
Closing Cross Cutoff time. Participants
may use the information gleaned from
the EOII to offset imbalances or to
otherwise enter, cancel, or modify
orders in advance of the Closing Cross.
Moreover, Nasdaq believes it is in the
best interests of Participants to exclude
indicative pricing information from the
EOII because the Near and Far Clearing
Prices may change significantly prior to
the Cutoff time as on close orders are
added, cancelled, or modified. As noted
above, the Near and Far Indicative
18 See
NYSE Rule 123C(1)(b) (providing for the
dissemination of an ‘‘Informational Imbalance
Publication’’ between 3:00 p.m. and 3:45 p.m. that
‘‘indicates a disparity between MOC and marketable
LOC interest to buy and MOC and marketable LOC
interest to sell of any size in any security that is
not a Mandatory MOC/LOC Imbalance
Publication’’), NYSE Rule 123C(1)(d) (providing for
dissemination of a ‘‘Mandatory MOC/LOC
Imbalance Publication’’ that ‘‘indicates a disparity
between MOC and marketable LOC interest to buy
and MOC and marketable LOC interest to sell,
measured at 3:45 p.m. . . .’’), NYSE Rule 123C(5),
and NYSE Rule 123C(6)(providing for the
dissemination of imbalance information to Floor
brokers between 2:00 p.m. and 3:45 p.m.).
19 15 U.S.C. 78f(b).
20 15 U.S.C. 78f(b)(5).
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Prices are more likely than the Current
Reference Price to be volatile prior to
the Closing Cross Cutoff because they
account for orders that exist on the
continuous book. Indicative prices may
be misleading to Participants if
provided at a time when additional
order activity is apt to occur and closing
interest remains unsettled.
The Exchange believes that
disseminating the EOII at 10 second
intervals strikes the right balance
between conveying material changes in
imbalance information prior to the
Closing Cross Cutoff time and avoiding
excessive messaging traffic. As noted
above, Participants do not require more
frequent refreshes of EOII data given
that, prior to the Closing Cross Cutoff
time, they do not face the same order
restrictions and time pressures that they
do afterwards. The Exchange notes that
the full NOII will continue to
disseminate at one second intervals as
of the Cutoff time.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. Rather, the
Exchange believes that the proposed
rule change is evidence of the
competitive forces in the equities
markets insofar as the establishment of
the EOII is designed to render the
Nasdaq Closing Cross more transparent
and more attractive to Participants, both
in an absolute sense and relative to the
NYSE, which publishes similar
imbalance information prior to the
cutoff time for its closing auction. The
proposed EOII will be equally available
to Participants.
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
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19(b)(3)(A) of the Act 21 and Rule 19b–
4(f)(6) thereunder.22
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
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 rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2019–010 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–2019–010. 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
21 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.
22 17
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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–2019–010 and
should be submitted on or before April
8, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–04945 Filed 3–15–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85295; File No. SR–CBOE–
2019–015]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of a
Proposed Rule Change To Allow $1
Strike Price Intervals Above $200 on
Options on the QQQ and IWM
Exchange-Traded Funds
March 12, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March 6,
2019, Cboe Exchange, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the 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
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to allow
for $1 strike prices above $200 on
additional options on Units of certain
exchange-traded fund (‘‘ETF’’) products.
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
The text of the proposed rule change is
provided below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe Exchange, Inc.
*
*
*
*
*
Rule 5.5. Series of Option Contracts
Open for Trading
(a)–(e) (No change).
. . .Interpretations and Policies:
.01–.07 (No change).
.08
(a) Notwithstanding Interpretation
and Policy .01 above, and except for
options on Units covered under
Interpretation and Policies .06 and .07
above, the interval between strike prices
of series of options on Units, as defined
under Interpretation and Policy .06 to
Rule 5.3, will be $1 or greater where the
strike price is $200 or less and $5.00 or
greater where the strike price is greater
than $200. For options on Units that are
used to calculate a volatility index, the
Exchange may open for trading $0.50
strike price intervals as provided for in
Interpretation and Policy .19 to this
Rule 5.5.
(b) Notwithstanding Interpretation
and Policy .01 and Interpretation and
Policy .08(a) above, the interval between
strike prices of series of options on
Units of the Standard & Poor’s
Depository Receipts Trust (‘‘SPY’’),
iShares S&P 500 Index ETF (‘‘IVV’’),
PowerShares QQQ Trust (‘‘QQQ’’),
iShares Russell 2000 Index Fund
(‘‘IWM’’), and The DIAMONDS Trust
(‘‘DIA’’) will be $1 or greater.
.09–.23 (No change)
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, 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
E:\FR\FM\18MRN1.SGM
18MRN1
]]>Agencies
[Federal Register Volume 84, Number 52 (Monday, March 18, 2019)]
[Notices]
[Pages 9848-9851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04945]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85292; File No. SR-NASDAQ-2019-010]]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Disseminate Abbreviated Order Imbalance Information Prior to
Dissemination of the Order Imbalance Indicator
March 12, 2019.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 27, 2019, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to disseminate abbreviated order imbalance
information prior to the dissemination of the Order Imbalance
Indicator. 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
Nasdaq provides transparency into its Closing Cross auction via the
``Order Imbalance Indicator'' (also known as the ``Net Order Imbalance
Indicator'' or ``NOII''). The NOII is a message disseminated by
electronic means containing information about MOC,\3\
[[Page 9849]]
LOC,\4\ IO,\5\ and Close Eligible Interest \6\ and the price at which
those orders would execute at the time of dissemination.\7\
Specifically, the NOII consists of: (1) The ``Current Reference Price''
\8\; (2) the number of shares represented by MOC, LOC, and IO Orders
that are paired at the Current Reference Price; (3) the size of any
``Imbalance'' \9\; (4) the buy/sell direction of any Imbalance; and (5)
indicative prices at which the Nasdaq Closing Cross would occur if it
occurred at that time and the percent by which the indicative prices
are outside the then current Nasdaq Market Center best bid or best
offer, whichever is closer. The NOII is useful because it helps
Participants to identify at what price and size the Closing Cross will
commence, as well as number of shares required to offset any order
imbalances to optimize an auction.
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\3\ A ``Market on Close Order'' or ``MOC'' is an Order Type
entered without a price that may be executed only during the Nasdaq
Closing Cross. MOC Orders may be entered, cancelled, and/or modified
between 4 a.m. ET and immediately prior to 3:55 p.m. ET. Between
3:55 p.m. ET and immediately prior to 3:58 p.m. ET, an MOC Order can
be cancelled and/or modified only if the Participant requests that
Nasdaq correct a legitimate error in the Order. MOC Orders cannot be
cancelled or modified at or after 3:58 p.m. ET for any reason. An
MOC Order executes only at the price determined by the Nasdaq
Closing Cross. See Rule 4702(b)(11).
\4\ Pursuant to Rule 4702(b)(12), a ``Limit on Close Order'' or
``LOC'' is an Order Type entered with a price that may be executed
only in the Nasdaq Closing Cross, and only if the price determined
by the Nasdaq Closing Cross is equal to or better than the price at
which the LOC Order was entered. LOC Orders may be entered,
cancelled, and/or modified between 4 a.m. ET and immediately prior
to 3:55 p.m. ET. Between 3:55 p.m. ET and immediately prior to 3:58
p.m. ET, an LOC Order may be entered provided that there is a
``First Reference Price,'' i.e., the ``Current Reference Price''
(infra n.8 below) that Nasdaq disseminates in the first NOII at or
after 3:55 p.m. ET. See Rule 4754(a)(9). Also between 3:55 p.m. ET
and immediately prior to 3:58 p.m. ET, an LOC Order can be cancelled
but not modified, and only if the Participant requests that Nasdaq
correct a legitimate error in the Order. An LOC Order entered
between 3:55 p.m. ET and immediately prior to 3:58 p.m. ET is
accepted at its limit price, unless its limit price is higher
(lower) than the First Reference Price for an LOC Order to buy
(sell), in which case the LOC Order is handled consistent with the
Participant's instruction that the LOC Order is to be: (1) Rejected;
or (2) re-priced to the First Reference Price, provided that if the
First Reference Price is not at a permissible minimum increment, the
First Reference Price will be rounded (i) to the nearest permitted
minimum increment (with midpoint prices being rounded up) if there
is no imbalance, (ii) up if there is a buy imbalance, or (iii) down
if there is a sell imbalance. The default configuration for
Participants that do not specify otherwise is to have such LOC
Orders re-priced rather than rejected.
\5\ An ``Imbalance Only Order'' or ``IO'' is an Order entered
with a price that may be executed only in the Nasdaq Closing Cross
and only against MOC Orders or LOC Orders. IO Orders may be entered
between 4:00 a.m. ET until the time of execution of the Nasdaq
Closing Cross, but may not be cancelled or modified at or after 3:55
p.m. ET. Between 3:55 p.m. ET and immediately prior to 3:58 p.m. ET,
however, an IO Order can be cancelled and/or modified if the
Participant requests that Nasdaq correct a legitimate error in the
Order. IO Orders cannot be cancelled or modified at or after 3:58
p.m. ET for any reason. See Rule 4702(b)(13).
\6\ ``Close Eligible Interest'' means ``any quotation or any
order that may be entered into the system and designated with a
time-in-force of SDAY, SGTC, MDAY, MGTC, SHEX, or GTMC.'' Rule
4754(a)(1).
\7\ See Rule 4754(a)(7).
\8\ Pursuant to Rule 4754(a)(7)(A), the ``Current Reference
Price'' means the following: (i) The single price that is at or
within the current Nasdaq Market Center best bid and offer at which
the maximum number of shares of MOC, LOC, and IO orders can be
paired; (ii) if more than one price exists under subparagraph (i),
the Current Reference Price shall mean the price that minimizes any
Imbalance; (iii) if more than one price exists under subparagraph
(ii), the Current Reference Price shall mean the entered price at
which shares will remain unexecuted in the cross; or (iv) if more
than one price exists under subparagraph (iii), the Current
Reference Price shall mean the price that minimizes the distance
from the bid-ask midpoint of the inside quotation prevailing at the
time of the order imbalance indicator dissemination.
\9\ An ``Imbalance'' means the number of shares of buy or sell
MOC, or LOC Orders that cannot be matched with other MOC or LOC, or
IO Order shares at a particular price at any given time. See Rule
4754(a)(2).
---------------------------------------------------------------------------
Prior to October 2018, Nasdaq disseminated the NOII beginning at
3:50 p.m. ET, which was also the cutoff time (the ``Cutoff'') for
entering MOC and certain LOC Orders into the Closing Cross, and it
disseminated the NOII at five second intervals thereafter until market
close. In October 2018, Nasdaq amended the Closing Cross process by
moving both the Closing Cross Cutoff time and the commencement time of
the NOII to 3:55 p.m. ET.\10\ Also in October, the Exchange also began
disseminating the NOII in one second intervals until market close.\11\
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\10\ See Securities Exchange Act Release No. 34-84454 (Oct. 19,
2018), 83 FR 53923 (Oct. 25, 2018).
\11\ See id.
---------------------------------------------------------------------------
When the Exchange proposed these changes to the timing of the NOII,
it did so with the belief that ``continuing to disseminate the Order
Imbalance Indicator starting at the Closing Cross Cutoff . . . will
ensure that market participants receive a more complete picture of on
close interest when such interest is relatively settled.'' \12\ The
Exchange furthermore asserted that synching the NOII to the new Closing
Cross Cutoff time was appropriate because the Closing Cross Cutoff ``is
when the Exchange believes it is possible to disseminate meaningful
information about the Nasdaq Closing Cross'' and ``any information
disseminated before the Closing Cross Cutoff has the potential to be
misleading to some market Participants'' (given that Participants may
freely submit additional, cancel, or modify on close interest prior to
the Cutoff and frequently do so immediately prior to the Cutoff).\13\
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\12\ SR-NASDAQ-2018-068 Amendment No. 1, at 9 (filed Oct. 15,
2018).
\13\ Id. at 14.
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Likewise, in proposing to increase the frequency of the NOII from
five to one second intervals, the Exchange asserted that ``more
frequent dissemination will be beneficial to market participants that
use this information.'' \14\ Specifically, the Exchange noted that
``the increased automation and efficiency in the equities markets that
spurred the changed cutoff times . . . also justify increasing the
frequency for disseminating information to the market.'' \15\
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\14\ Id. at 10.
\15\ Id. at 15.
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Subsequent to October 2018, the Exchange has revisited its thinking
regarding the utility and effect of an early dissemination of the NOII.
The Exchange believes, based upon Participant feedback, that an early
release of a subset of the NOII would be useful to Participants and
improve price discovery in the Closing Cross.
Specifically, Nasdaq believes that an early release of NOII data
comprising the Current Reference Price, the number of paired shares,
the imbalance size, and the imbalance direction would offer
Participants additional time and flexibility to react to imbalance
information in advance of the Closing Cross Cutoff and also aid them in
making informed decisions about whether and how to participate in the
Closing Cross. In other words, early dissemination of this data will
help Participants to make educated decisions as to whether, how, and at
what likely prices they may interact with paired and imbalanced
shares--and do so at a point in time when their decisions do not
present a risk of adverse consequences because the Participant's orders
can still be freely modified or cancelled prior to the Closing Cross
Cutoff time. For example, if Nasdaq was to release an early NOII
indicating that a buy imbalance exists for a particular symbol, a
Participant could act on that information in advance of the Closing
Cross Cutoff to offset the imbalance, while also providing additional
liquidity in the Closing Cross.
However, the Exchange believes that an early release of the NOII
should exclude indicative prices, including Near and Far Closing
Prices. Because Participants may freely enter new orders or cancel or
modify existing orders prior to the Closing Cross Cutoff, indicative
prices may change dramatically during this time.\16\ The Exchange
believes that early dissemination of indicative price information would
be less useful during
[[Page 9850]]
the pre-Cutoff period than it is during the period between 3:55:00-
4:00:00, when Participants are restricted from entering, modifying, or
canceling orders.
---------------------------------------------------------------------------
\16\ Unlike the Current Reference Price, which represents only
the current price that maximizes the number of paired shares of on-
close orders slated to participate in the Closing Cross, the Near
and Far Indicative Prices are likely to be more volatile prior to
the Closing Cross Cutoff because they also account for orders that
exist on the continuous book.
---------------------------------------------------------------------------
Likewise, Nasdaq believes that a second-by-second dissemination of
NOII information prior to the Closing Cross Cutoff time would not be
necessary or helpful, and that less frequent dissemination would
suffice. Whereas after the Closing Cross Cutoff time, Participants face
order restrictions and time pressures that render rapid refreshes of
the NOII critical to guiding their decisions, such order restrictions
and time pressures do not exist, or are less acute, prior to the
Closing Cross Cutoff.
Accordingly, Nasdaq now proposes to amend its Closing Cross
procedures to provide for an early dissemination of a subset of NOII
information at a lower frequency. Specifically, Nasdaq proposes to
amend Rule 4754 to begin disseminating an ``Early Order Imbalance
Indicator'' or ``EOII'' at 3:50 p.m. ET (or 10 minutes prior to the
early closing time on a day when Nasdaq closes early).\17\ The Exchange
proposes, in proposed Rule 4754(a)(10), that the EOII will consist of
the same information as the full NOII (the Current Reference Price, the
number of paired shares, the imbalance size, and the imbalance
direction) except that it will not include the indicative price
information set forth in Rule 4754(a)(7)(E), such as the Near Clearing
Price or the Far Clearing Price. Unlike the full NOII, which
disseminates in one second intervals, Nasdaq proposes to disseminate
the EOII in 10 second intervals. At 3:55 p.m. ET or five minutes prior
to the early closing time on a day when Nasdaq closes early, Nasdaq
will cease disseminating the EOII and instead it will begin
disseminating the full NOII at one second intervals, with the full
complement of information forth in Rule 4754(a)(7).
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\17\ On certain days during the calendar year, Nasdaq may close
the market early, in accordance with Rules 4701(g) (defining the
term ``Market Hours'' to mean 9:30 a.m. ET-4:00 p.m. ET ``or such
earlier time as may be designated by Nasdaq on a day when Nasdaq
closes early'') and 4617 (stating that the Nasdaq trading system
operates from 4:00 a.m. to 8:00 p.m. Eastern. Time on each business
day ``unless modified by Nasdaq''). In such instances, the Exchange
proposes to disseminate the EOII beginning 10 minutes prior to the
early market closing time. For example, if Nasdaq closes the market
at 1 p.m. ET, Nasdaq would begin disseminating the EOII at 12:50
p.m. ET and the NOII at 12:55 p.m. ET. The Exchange notes that it
proposes to add clarifying language to Rule 4754(b) that addresses
the possibility of early dissemination, not only of the EOII, but
also of the NOII. The existing Rule does not specify that the NOII
may disseminate earlier than 3:55 p.m. ET in the event of an early
market close.
---------------------------------------------------------------------------
The Exchange notes that the New York Stock Exchange (``NYSE'')
similarly disseminates limited imbalance information prior to its 3:45
p.m. closing auction cutoff time.\18\
---------------------------------------------------------------------------
\18\ See NYSE Rule 123C(1)(b) (providing for the dissemination
of an ``Informational Imbalance Publication'' between 3:00 p.m. and
3:45 p.m. that ``indicates a disparity between MOC and marketable
LOC interest to buy and MOC and marketable LOC interest to sell of
any size in any security that is not a Mandatory MOC/LOC Imbalance
Publication''), NYSE Rule 123C(1)(d) (providing for dissemination of
a ``Mandatory MOC/LOC Imbalance Publication'' that ``indicates a
disparity between MOC and marketable LOC interest to buy and MOC and
marketable LOC interest to sell, measured at 3:45 p.m. . . .''),
NYSE Rule 123C(5), and NYSE Rule 123C(6)(providing for the
dissemination of imbalance information to Floor brokers between 2:00
p.m. and 3:45 p.m.).
---------------------------------------------------------------------------
The Exchange proposes to implement this proposed rule change in Q2
2019. The Exchange will announce the implementation date of the EOII in
an Equity Trader Alert issued to Participants prior to implementing the
change.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\20\ 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.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, disseminating an EOII for the Nasdaq Closing Cross
earlier than the Closing Cross Cutoff time will increase the
transparency of the Closing Cross process and facilitate price
discovery. That is, the Exchange will offer Participants more
information about the Closing Cross than they currently receive and the
Exchange will provide this information to Participants at a time when
Participants have more flexibility to act on it than they do when the
full NOII disseminates after the Closing Cross Cutoff time.
Participants may use the information gleaned from the EOII to offset
imbalances or to otherwise enter, cancel, or modify orders in advance
of the Closing Cross.
Moreover, Nasdaq believes it is in the best interests of
Participants to exclude indicative pricing information from the EOII
because the Near and Far Clearing Prices may change significantly prior
to the Cutoff time as on close orders are added, cancelled, or
modified. As noted above, the Near and Far Indicative Prices are more
likely than the Current Reference Price to be volatile prior to the
Closing Cross Cutoff because they account for orders that exist on the
continuous book. Indicative prices may be misleading to Participants if
provided at a time when additional order activity is apt to occur and
closing interest remains unsettled.
The Exchange believes that disseminating the EOII at 10 second
intervals strikes the right balance between conveying material changes
in imbalance information prior to the Closing Cross Cutoff time and
avoiding excessive messaging traffic. As noted above, Participants do
not require more frequent refreshes of EOII data given that, prior to
the Closing Cross Cutoff time, they do not face the same order
restrictions and time pressures that they do afterwards. The Exchange
notes that the full NOII will continue to disseminate at one second
intervals as of the Cutoff time.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Rather, the Exchange believes
that the proposed rule change is evidence of the competitive forces in
the equities markets insofar as the establishment of the EOII is
designed to render the Nasdaq Closing Cross more transparent and more
attractive to Participants, both in an absolute sense and relative to
the NYSE, which publishes similar imbalance information prior to the
cutoff time for its closing auction. The proposed EOII will be equally
available to Participants.
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
[[Page 9851]]
19(b)(3)(A) of the Act \21\ and Rule 19b-4(f)(6) thereunder.\22\
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\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 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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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 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 rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2019-010 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-2019-010. 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-2019-010 and should be submitted
on or before April 8, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-04945 Filed 3-15-19; 8:45 am]
BILLING CODE 8011-01-P
