Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay Implementation of the MIDP Routing Option, 28117-28119 [2019-12659]
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Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
multiple price points and price
improvement. This may encourage the
provision of more liquidity, which may
result in more trading opportunities and
tighter spreads, and contribute to price
discovery. This may improve overall
market quality and enhance competition
on the Exchange, to the benefit of all
investors.
Electronic Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Paper Comments
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. 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 33 and Rule 19b–4(f)(6) 34
thereunder.35
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 will 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:
khammond on DSKBBV9HB2PROD with NOTICES
33 15
U.S.C. 78s(b)(3)(A).
34 17 CFR 240.19b–4(f)(6).
35 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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16:34 Jun 14, 2019
Jkt 247001
• 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–
CboeEDGX–2019–034 on the subject
line.
• 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–CboeEDGX–2019–034. 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–CboeEDGX–2019–034 and
should be submitted on or before July 8,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–12658 Filed 6–14–19; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86087; File No. SR–
NASDAQ–2019–050]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delay
Implementation of the MIDP Routing
Option
June 11, 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 June 3,
2019, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay
implementation of the MIDP routing
option until the third quarter of 2019.
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 is proposing to delay
implementation of the MIDP routing
option until the third quarter of 2019.
BILLING CODE 8011–01–P
1 15
36 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00118
Fmt 4703
Sfmt 4703
28117
2 17
E:\FR\FM\17JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
17JNN1
28118
Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
MIDP is a new order routing option
under Nasdaq Rule 4758(a)(1)(A), which
will allow members to seek midpoint
liquidity on Nasdaq and other markets
on the Nasdaq system routing table. On
May 20, 2019, the Commission
approved MIDP, noting that the
Exchange planned to implement the
new routing option in the second
quarter of 2019 and would provide at
least 30 days notice.3 The Exchange is
proposing to delay implementation of
MIDP until the third quarter of 2019.
Currently, the Exchange is reducing the
number of changes to the System in
preparation for an upcoming
‘‘quadruple witching’’ day 4 and the
Russell Rebalance, two significant
market events occurring in June 2019.
Accordingly, the Exchange believes that
it would be in the best interest of the
markets if MIDP was implemented after
these events, in the third quarter 2019.
As originally proposed by the Exchange,
it will provide at least 30 days notice to
market participants of the
implementation date.
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
allowing the Exchange to implement the
approved changes after two significant
market events. The Exchange believes
that the short delay will allow the
Exchange to limit the number of
changes implemented to its systems
prior to these events, reducing any risk
to the operation of the system by
implementation of changes thereto, in
turn, protecting investors.
khammond on DSKBBV9HB2PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The brief
delay described herein is proposed
solely in the interest of protecting the
3 See Securities Exchange Act Release No. 85892
(May 20, 2019), 84 FR 24191 (May 24, 2019) (SR–
NASDAQ–2019–004).
4 A ‘‘quadruple witching’’ day occurs when stock
options, index options, index futures, and single
stock futures all expire on the same day. This will
occur next on June 21, 2019.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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Jkt 247001
markets and investors, and is not being
proposed for any competitive reasons.
Accordingly, the delay does not
implicate competition whatsoever.
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 asked
the Commission to waive the 30-day
operative delay so that the Exchange
may delay implementation of MIDP and
provide public notice thereof at the
earliest possible time. The Exchange
states that waiver would thereby avoid
any market participant confusion that
may be caused by the Exchange not
implementing the proposal in the
second quarter of 2019. For this reason,
the Commission believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Therefore, the
Commission hereby waives the
operative delay and designates the
proposal as operative upon filing.11
At any time within 60 days of the
filing of the proposed rule change, the
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
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
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 rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2019–050 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–2019–050. 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
E:\FR\FM\17JNN1.SGM
17JNN1
Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2019–050 and
should be submitted on or before July 8,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–12659 Filed 6–14–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86084; File No. SR–NYSE–
2019–33]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
7.31 Relating to the Yielding Modifier
June 11, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on June 4,
2019, New York Stock Exchange LLC
(‘‘NYSE’’ 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 self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
khammond on DSKBBV9HB2PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 7.31 relating to the Yielding
Modifier. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
12 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
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16:34 Jun 14, 2019
Jkt 247001
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 7.31(i)(5) relating to the Yielding
Modifier. The Exchange recently
amended its Pillar platform trading
rules to provide for the Yielding
Modifier.4 Separately, before that
proposed rule change was approved, the
Exchange filed to amend Rule 7.31 to
make the Minimum Trade Size (‘‘MTS’’)
Modifier available for additional nondisplayed orders.5 The Exchange has
announced that the changes described
in both the Yielding Filing and the MTS
Filing will be implemented on the same
day, currently scheduled for June 17,
2019.6
Because the Yielding Filing was filed
before the MTS Filing, then-proposed
Rule 7.31(i)(5) did not reflect the change
described in the MTS Filing to extend
the availability of the MTS Modifier to
additional non-displayed order types.
The Exchange now proposes to update
a reference to the MTS Modifier in Rule
7.31(i)(5)(B)(i) to reflect the changes
described in the MTS Filing.
Specifically, Rule 7.31(i)(5)(B)(i)
describes the circumstances when an
Aggressing Yielding Order with a limit
price equal to the limit price of a sameside resting order could trigger such
resting order to become an Aggressing
Order. Two exceptions are if the contraside resting order is either an MPL–ALO
Order or an MPL Order with an MTS
Modifier.7 As described in the Yielding
4 See Securities Exchange Act Release No. 85158
(February 15, 2019), 84 FR 5794 (February 22, 2019)
(SR–NYSE–2018–52) (Approval Order) (‘‘Yielding
Filing’’).
5 See Securities Exchange Act Release No. 85071
(February 7, 2019), 84 FR 3843 (February 13, 2019)
(SR–NYSE–2019–01) (Notice of filing and
immediate effectiveness) (‘‘MTS Filing’’). Prior to
this proposed rule change, the MTS Modifier was
available only for Limit IOC Orders and MPL
Orders.
6 See Trader Update dated April 16, 2019,
available here: https://www.nyse.com/publicdocs/
nyse/markets/nyse/Revised_Pillar_Migration_
Timeline.pdf.
7 Rule 7.31(i)(5)(B) and subparagraph (i) provide
that ‘‘An Aggressing Yielding Order to buy (sell)
with a limit price equal to the limit price of a
resting order to buy (sell) will either: (i) Trigger
such resting order to become an Aggressing Order,
unless the order to sell (buy) buy is an MPL ALO
or MPL Order with an MTS Modifier, in which case
neither the Yielding Order nor the same-side resting
order will trade . . . .’’ (emphasis added).
PO 00000
Frm 00120
Fmt 4703
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28119
Filing, a contra-side resting MPL Order
with an MTS Modifier may not be
eligible to trade at the price of the
Yielding Order, which is why neither
the Aggressing Yielding Order nor the
resting order on the same side as the
Yielding Order will trade.8 Because the
MTS Modifier will be available to
additional non-displayed order types
and because any order with an MTS
Modifier would be subject to the same
conditions as described in the Yielding
Filing for MPL Orders with an MTS
Modifier, the Exchange proposes to
amend Rule 7.31(i)(5)(B)(i) to replace
the term ‘‘MPL Order with an MTS
Modifier’’ with the term ‘‘order with an
MTS Modifier.’’
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),9 in general, and furthers the
objectives of Section 6(b)(5),10 in
particular, because it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, 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.
The Exchange believes that the
proposed rule change to amend Rule
7.31(i)(5)(B)(i) would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because it
would update the rule relating to the
Yielding Modifier to reflect changes
made to the MTS Modifier as described
in the MTS Filing. The rationale for
referencing MPL Orders with an MTS
Modifier in Rule 7.31(i)(5)(B)(i), as
described in the Yielding Filing, is
equally applicable to any order with an
MTS Modifier: Because of the MTS,
such order may not be eligible to trade
at the price of the Yielding Order.
Accordingly, to ensure that all orders
with an MTS Modifier would be treated
similarly under these circumstances, the
Exchange proposes to amend Rule
7.31(i)(5)(B)(i) to replace the term ‘‘MTS
[sic] Order with an MTS Modifier’’ with
the term ‘‘order with an MTS Modifier.’’
8 See Securities Exchange Act Release No. 84806
(December 12, 2018), 83 FR 64913, 64919
(December 18, 2018) (SR–NYSE–2018–52) (Notice
of Filing of Yielding Filing).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
E:\FR\FM\17JNN1.SGM
17JNN1
]]>Agencies
[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28117-28119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12659]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86087; File No. SR-NASDAQ-2019-050]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delay Implementation of the MIDP Routing Option
June 11, 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 June 3, 2019, 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 delay implementation of the MIDP routing
option until the third quarter of 2019.
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 is proposing to delay implementation of the MIDP
routing option until the third quarter of 2019.
[[Page 28118]]
MIDP is a new order routing option under Nasdaq Rule 4758(a)(1)(A),
which will allow members to seek midpoint liquidity on Nasdaq and other
markets on the Nasdaq system routing table. On May 20, 2019, the
Commission approved MIDP, noting that the Exchange planned to implement
the new routing option in the second quarter of 2019 and would provide
at least 30 days notice.\3\ The Exchange is proposing to delay
implementation of MIDP until the third quarter of 2019. Currently, the
Exchange is reducing the number of changes to the System in preparation
for an upcoming ``quadruple witching'' day \4\ and the Russell
Rebalance, two significant market events occurring in June 2019.
Accordingly, the Exchange believes that it would be in the best
interest of the markets if MIDP was implemented after these events, in
the third quarter 2019. As originally proposed by the Exchange, it will
provide at least 30 days notice to market participants of the
implementation date.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 85892 (May 20,
2019), 84 FR 24191 (May 24, 2019) (SR-NASDAQ-2019-004).
\4\ A ``quadruple witching'' day occurs when stock options,
index options, index futures, and single stock futures all expire on
the same day. This will occur next on June 21, 2019.
---------------------------------------------------------------------------
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 allowing the Exchange to implement the approved changes after two
significant market events. The Exchange believes that the short delay
will allow the Exchange to limit the number of changes implemented to
its systems prior to these events, reducing any risk to the operation
of the system by implementation of changes thereto, in turn, protecting
investors.
---------------------------------------------------------------------------
\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 competition not necessary or appropriate in
furtherance of the purposes of the Act. The brief delay described
herein is proposed solely in the interest of protecting the markets and
investors, and is not being proposed for any competitive reasons.
Accordingly, the delay does not implicate competition whatsoever.
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.
---------------------------------------------------------------------------
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 asked the Commission to waive the 30-day operative delay so that
the Exchange may delay implementation of MIDP and provide public notice
thereof at the earliest possible time. The Exchange states that waiver
would thereby avoid any market participant confusion that may be caused
by the Exchange not implementing the proposal in the second quarter of
2019. For this reason, the Commission believes that waiver of the 30-
day operative delay is consistent with the protection of investors and
the public interest. Therefore, the Commission hereby waives the
operative delay and designates the proposal as 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 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-2019-050 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-2019-050. 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
[[Page 28119]]
comment submissions. You should submit only information that you wish
to make available publicly. All submissions should refer to File Number
SR-NASDAQ-2019-050 and should be submitted on or before July 8, 2019.
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,
Deputy Secretary.
[FR Doc. 2019-12659 Filed 6-14-19; 8:45 am]
BILLING CODE 8011-01-P
