Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Decommission TradeInfo, 57893-57895 [2020-20359]
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Federal Register / Vol. 85, No. 180 / Wednesday, September 16, 2020 / Notices
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately. According to the
Exchange, such waiver is consistent
with the protection of investors and the
public interest because MIAX PEARL is
expected to begin operating as an
equities exchange in fewer than 30 days,
and waiver of the operative delay would
allow the Exchange to immediately
provide transparency in its rules
regarding its source of MIAX PEARL
data for order handling, order execution,
order routing, and regulatory
compliance. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest, as
doing so will ensure that the rule
change becomes operative on or before
the day that MIAX PEARL launches
operations as an equities exchange,
which is currently expected on
September 25, 2020. Accordingly, the
Commission 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 such 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
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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:
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–NYSEArca–2020–83. 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–NYSEArca–2020–83 and
should be submitted on or before
October 7, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
Electronic Comments
[FR Doc. 2020–20362 Filed 9–15–20; 8:45 am]
• 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–
NYSEArca–2020–83 on the subject line.
BILLING CODE 8011–01–P
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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57893
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89819; File No. SR–BX–
2020–027]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Decommission
TradeInfo
September 10, 2020.
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
September 9, 2020, Nasdaq BX, Inc.
(‘‘BX’’ 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 no longer
offer TradeInfo, which interface is
described within Options 3, Section
23(b)(2).
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/bx/rules, 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 no longer
offer TradeInfo, which interface is
described within Options 3, Section
1
12 17
PO 00000
CFR 200.30–3(a)(12).
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2
15 U.S.C. 78s(b)(1).
17 CFR 240.19b–4.
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57894
Federal Register / Vol. 85, No. 180 / Wednesday, September 16, 2020 / Notices
23(b)(2). TradeInfo is a user interface
which permits a Participant to: (i)
Search all orders submitted in a
particular security or all orders of a
particular type, regardless of their status
(open, canceled, executed, etc.); (ii)
cancellation of open orders at the order,
port or firm mnemonic level; (iii) a view
of orders and executions; and (iv)
download of orders and executions for
recordkeeping purposes.3 This interface
is not utilized by BX Participants at this
time 4 and the Exchange desires to
decommission the TradeInfo interface in
connection with a technology migration
to an enhanced Nasdaq, Inc. (‘‘Nasdaq’’)
functionality which will result in higher
performance, scalability, and more
robust architecture.
FIX,5 FIX DROP,6 and the Clearing
Trade Interface,7 which are available to
all Participants,8 can be utilized to
obtain order information which is
currently available within TradeInfo,
and cancel orders. The Exchange
intends to decommission TradeInfo on
September 14, 2020. The Exchange has
issued an Options Trader Alert to
provide notice of the decommission.9
Today, Participants pay $95 per user,
per month for the TradeInfo interface.
See Options 3, Section 23(b)(2).
No Participant logged into TradeInfo in 2020.
5 ‘‘Financial Information eXchange’’ or ‘‘FIX’’ is
an interface that allows Participants and their
Sponsored Customers to connect, send, and receive
messages related to orders and auction orders and
responses to and from the Exchange. Features
include the following: (1) Execution messages; (2)
order messages; and (3) risk protection triggers and
cancel notifications. See Options 3, Section
7(d)(1)(A).
6 FIX DROP is a real-time order and execution
update message that is sent to a Participant after an
order been received/modified or an execution has
occurred and contains trade details specific to that
Participant. The information includes, among other
things, the following: (i) Executions; (ii)
cancellations; (iii) modifications to an existing
order and (iv) busts or post-trade corrections. See
Options 3, Section 23(b)(3).
7 The Clearing Trade Interface or ‘‘CTI’’ is a realtime clearing trade update message that is sent to
a Participant after an execution has occurred and
contains trade details specific to that Participant.
The information includes, among other things, the
following: (i) The Clearing Member Trade
Agreement or ‘‘CMTA’’ or The Options Clearing
Corporation or ‘‘OCC’’ number; (ii) Exchange badge
or house number; (iii) the Exchange internal firm
identifier; (iv) an indicator which will distinguish
electronic and non-electronically delivered orders;
(v) liquidity indicators and transaction type for
billing purposes; and (vi) capacity. See Options 3,
Section 23(b)(1).
8 Today, all Participants have at least FIX, FIX
DROP, or CTI.
9 See Options Trader Alert #2020–23. The
Exchange contacted Participants that are currently
subscribed to TradeInfo and informed them about
the decommission date. As noted above, today,
these Participants utilize FIX, FIX DROP, or CTI to
obtain or download order information or to cancel
orders. The Exchange did not receive any comments
from market participants regarding the proposed
decommission.
3
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4
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The Exchange intends to separately file
a proposed rule change to credit any
fees paid by Participants for TradeInfo
in September 2020.
Finally, the Exchange proposes to add
the word ‘‘has’’ to Options 3, Section
23(b)(3) to correct a grammatical error.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
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
decommissioning TradeInfo, which is
currently not being utilized by BX
Participants.
In connection with BX’s upcoming
technology migration, the Exchange
proposes to no longer support TradeInfo
as the interface is not utilized,12 and
FIX, FIX DROP, and the CTI can be
utilized to obtain order information
which is currently available within
TradeInfo, and cancel orders.
Today, Participants pay $95 per user,
per month for the TradeInfo interface.
The Exchange intends to separately file
a proposed rule change to credit any
fees paid by Participants for TradeInfo
in September 2020.
The Exchange’s proposal to correct a
grammatical error within Options 3,
Section 23(b)(3) 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 competition not
necessary or appropriate in furtherance
of the purposes of the Act. No BX
Participant 13 will be able to utilize
TradeInfo after September 14, 2020.
However, FIX, FIX DROP, and CTI can
be utilized to obtain order information
that is currently available within
TradeInfo, or cancel orders.
The Exchange’s proposal to correct a
grammatical error within Options 3,
Section 23(b)(3) is non-substantive.
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.
15 U.S.C. 78f(b)
15 U.S.C. 78f(b)(5).
12 See note 4 above.
13 Id.
10
11
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 14 and Rule
19b–4(f)(6) thereunder.15 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.16
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),18 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing to permit the Exchange to
decommission TradeInfo on September
14, 2020 in connection with BX’s
upcoming technology migration to an
enhanced platform. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest because the Exchange has stated
that the TradeInfo interface is not
utilized, and FIX, FIX DROP, and CTI
can be utilized to obtain order
information that is currently available
within TradeInfo, or cancel orders. The
Commission believes that waiver of the
operative delay would allow the
Exchange, before September 14, 2020, to
avoid any additional testing and other
technology efforts necessary to offer
TradeInfo on the new platform.
Accordingly, the Commission waives
the 30-day operative delay and
15 U.S.C. 78s(b)(3)(A)(iii).
17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
14
15
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Federal Register / Vol. 85, No. 180 / Wednesday, September 16, 2020 / Notices
designates the proposed rule change
operative upon filing.19
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 20 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
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–BX–2020–027 and should
be submitted on or before October 7,
2020September 16, 2020.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
J. Matthew DeLesDernier,
Assistant Secretary.
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–
BX–2020–027 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–BX–2020–027. 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,
19 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
20 15 U.S.C. 78s(b)(2)(B).
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[FR Doc. 2020–20359 Filed 9–15–20; 8:45 am]
57895
regarding minority community investor
inclusion; a discussion of a
recommendation to restate and amend
the by-laws of the Committee;
subcommittee reports; and a non-public
administrative session.
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: September 14, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–20539 Filed 9–14–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89823; File No. SR–
NASDAQ–2020–017]
BILLING CODE 8011–01–P
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Investor
Advisory Committee will hold a public
meeting on Thursday September 24,
2020, by remote means and/or at the
Commission’s headquarters, 100 F St.
NE, Washington, DC 20549.
The meeting will begin at 10:00 a.m.
(ET) and will be open to the public via
remote means.
PLACE: The meeting will be conducted
by remote means and/or at the
Commission’s headquarters, 100 F St.
NE, Washington, DC 20549. Members of
the public may watch the webcast of the
meeting on the Commission’s website at
www.sec.gov.
STATUS: This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.
On August 31, 2020, the Commission
published notice of the Committee
meeting (Release Nos. 33–10830; 34–
89713), indicating that the meeting is
open to the public and inviting the
public to submit written comments to
the Committee.
MATTERS TO BE CONSIDERED: The agenda
for the meeting includes: Welcome
remarks; approval of previous meeting
minutes; a panel discussion regarding
self-directed IRAs; a panel discussion
TIME AND DATE:
21
PO 00000
17 CFR 200.30–3(a)(12).
Frm 00077
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Self-Regulatory Organizations; the
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Amend Nasdaq Rule
5704
September 10, 2020.
On July 23, 2020, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Nasdaq Rule 5704 to: (1) Remove
the requirement that a series of
Exchange Traded Fund Shares have at
least 50 beneficial holders following
twelve months after listing on Nasdaq;
and (2) replace the requirement that
Nasdaq must establish a minimum
number of shares of a series of Exchange
Traded Fund Shares to be outstanding at
the time of initial listing, with the
requirement that a series of Exchange
Traded Fund Shares must have a
minimum number of shares outstanding
to facilitate the formation of at least one
creation unit on an initial and
continued listing basis. The proposed
rule change was published for comment
in the Federal Register on August 7,
2020.3 The Commission has received no
comments on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 89464
(August 4, 2020), 85 FR 48012.
4 15 U.S.C. 78s(b)(2).
2 17
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]]>Agencies
[Federal Register Volume 85, Number 180 (Wednesday, September 16, 2020)]
[Notices]
[Pages 57893-57895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20359]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89819; File No. SR-BX-2020-027]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Decommission
TradeInfo
September 10, 2020.
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 September 9, 2020, Nasdaq BX, Inc. (``BX'' 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.
---------------------------------------------------------------------------
\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 no longer offer TradeInfo, which interface
is described within Options 3, Section 23(b)(2).
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/bx/rules, 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 no longer offer TradeInfo, which interface
is described within Options 3, Section
[[Page 57894]]
23(b)(2). TradeInfo is a user interface which permits a Participant to:
(i) Search all orders submitted in a particular security or all orders
of a particular type, regardless of their status (open, canceled,
executed, etc.); (ii) cancellation of open orders at the order, port or
firm mnemonic level; (iii) a view of orders and executions; and (iv)
download of orders and executions for recordkeeping purposes.\3\ This
interface is not utilized by BX Participants at this time \4\ and the
Exchange desires to decommission the TradeInfo interface in connection
with a technology migration to an enhanced Nasdaq, Inc. (``Nasdaq'')
functionality which will result in higher performance, scalability, and
more robust architecture.
---------------------------------------------------------------------------
\3\ See Options 3, Section 23(b)(2).
\4\ No Participant logged into TradeInfo in 2020.
---------------------------------------------------------------------------
FIX,\5\ FIX DROP,\6\ and the Clearing Trade Interface,\7\ which are
available to all Participants,\8\ can be utilized to obtain order
information which is currently available within TradeInfo, and cancel
orders. The Exchange intends to decommission TradeInfo on September 14,
2020. The Exchange has issued an Options Trader Alert to provide notice
of the decommission.\9\
---------------------------------------------------------------------------
\5\ ``Financial Information eXchange'' or ``FIX'' is an
interface that allows Participants and their Sponsored Customers to
connect, send, and receive messages related to orders and auction
orders and responses to and from the Exchange. Features include the
following: (1) Execution messages; (2) order messages; and (3) risk
protection triggers and cancel notifications. See Options 3, Section
7(d)(1)(A).
\6\ FIX DROP is a real-time order and execution update message
that is sent to a Participant after an order been received/modified
or an execution has occurred and contains trade details specific to
that Participant. The information includes, among other things, the
following: (i) Executions; (ii) cancellations; (iii) modifications
to an existing order and (iv) busts or post-trade corrections. See
Options 3, Section 23(b)(3).
\7\ The Clearing Trade Interface or ``CTI'' is a real-time
clearing trade update message that is sent to a Participant after an
execution has occurred and contains trade details specific to that
Participant. The information includes, among other things, the
following: (i) The Clearing Member Trade Agreement or ``CMTA'' or
The Options Clearing Corporation or ``OCC'' number; (ii) Exchange
badge or house number; (iii) the Exchange internal firm identifier;
(iv) an indicator which will distinguish electronic and non-
electronically delivered orders; (v) liquidity indicators and
transaction type for billing purposes; and (vi) capacity. See
Options 3, Section 23(b)(1).
\8\ Today, all Participants have at least FIX, FIX DROP, or CTI.
\9\ See Options Trader Alert #2020-23. The Exchange contacted
Participants that are currently subscribed to TradeInfo and informed
them about the decommission date. As noted above, today, these
Participants utilize FIX, FIX DROP, or CTI to obtain or download
order information or to cancel orders. The Exchange did not receive
any comments from market participants regarding the proposed
decommission.
---------------------------------------------------------------------------
Today, Participants pay $95 per user, per month for the TradeInfo
interface. The Exchange intends to separately file a proposed rule
change to credit any fees paid by Participants for TradeInfo in
September 2020.
Finally, the Exchange proposes to add the word ``has'' to Options
3, Section 23(b)(3) to correct a grammatical error.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ 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 decommissioning TradeInfo, which is currently not being
utilized by BX Participants.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In connection with BX's upcoming technology migration, the Exchange
proposes to no longer support TradeInfo as the interface is not
utilized,\12\ and FIX, FIX DROP, and the CTI can be utilized to obtain
order information which is currently available within TradeInfo, and
cancel orders.
---------------------------------------------------------------------------
\12\ See note 4 above.
---------------------------------------------------------------------------
Today, Participants pay $95 per user, per month for the TradeInfo
interface. The Exchange intends to separately file a proposed rule
change to credit any fees paid by Participants for TradeInfo in
September 2020.
The Exchange's proposal to correct a grammatical error within
Options 3, Section 23(b)(3) 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 competition not necessary or appropriate in
furtherance of the purposes of the Act. No BX Participant \13\ will be
able to utilize TradeInfo after September 14, 2020. However, FIX, FIX
DROP, and CTI can be utilized to obtain order information that is
currently available within TradeInfo, or cancel orders.
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\13\ Id.
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The Exchange's proposal to correct a grammatical error within
Options 3, Section 23(b)(3) is non-substantive.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\16\
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\14\ 15 U.S.C. 78s(b)(3)(A)(iii).
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing to permit the Exchange to
decommission TradeInfo on September 14, 2020 in connection with BX's
upcoming technology migration to an enhanced platform. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because the Exchange
has stated that the TradeInfo interface is not utilized, and FIX, FIX
DROP, and CTI can be utilized to obtain order information that is
currently available within TradeInfo, or cancel orders. The Commission
believes that waiver of the operative delay would allow the Exchange,
before September 14, 2020, to avoid any additional testing and other
technology efforts necessary to offer TradeInfo on the new platform.
Accordingly, the Commission waives the 30-day operative delay and
[[Page 57895]]
designates the proposed rule change operative upon filing.\19\
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ For purposes only of waiving the 30-day operative delay,
the Commission 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 such 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 under
Section 19(b)(2)(B) \20\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\20\ 15 U.S.C. 78s(b)(2)(B).
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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-BX-2020-027 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-BX-2020-027. 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-BX-2020-027 and
should be submitted on or before October 7, 2020September 16, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20359 Filed 9-15-20; 8:45 am]
BILLING CODE 8011-01-P
