Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date for Changing the Primary and Secondary Source of Quotation Data of MEMX LLC, 33801-33802 [2021-13521]
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Federal Register / Vol. 86, No. 120 / Friday, June 25, 2021 / Notices
agents will spend a total of 179,500
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per transfer agent).
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email to: PRA_Mailbox@sec.gov.
Dated: June 21, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–13506 Filed 6–24–21; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–92219; File No. SR–
NASDAQ–2021–049]
lotter on DSK11XQN23PROD with NOTICES1
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Implementation Date for Changing the
Primary and Secondary Source of
Quotation Data of MEMX LLC
June 21, 2021.
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 8,
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
18:38 Jun 24, 2021
Jkt 253001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
implementation date for changing the
primary and secondary source of
quotation data of MEMX LLC
(‘‘MEMX’’) in the list of proprietary and
network processor feeds that the
Exchange utilizes for the handling,
routing, and execution of orders as well
as regulatory compliance processes
related to those functions.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/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
SECURITIES AND EXCHANGE
COMMISSION
1 15
2021, 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.
1. Purpose
Nasdaq is filing this proposal to
extend the implementation date for
changing the primary and secondary
source of quotation data of MEMX in the
list of proprietary and network
processor feeds that the Exchange
utilizes for the handling, routing, and
execution of orders as well as regulatory
compliance processes related to those
functions.
Nasdaq proposed to amend Equity 4,
Rule 4759 (Data Feeds Utilized) to
change the primary and secondary
source of quotation data of certain
market centers in the list of proprietary
PO 00000
Frm 00169
Fmt 4703
Sfmt 4703
33801
and network processor feeds that the
Exchange utilizes for the handling,
routing, and execution of orders as well
as regulatory compliance processes
related to those functions.3 These
changes were filed by Nasdaq on
February 3, 2021 and published in the
Federal Register on February 22, 2021.4
Nasdaq initially proposed to
implement the proposed rule change no
later than ninety (90) days following the
effective date of the proposed rule
change. Due to the need for additional
system configuration testing in advance
of the date of launch, Nasdaq has
decided to delay implementation for
MEMX until the Q3 2021. The Exchange
will announce the new implementation
date in an Equity Trader Alert at least
ten days in advance of implementing
the changes.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
The purpose of this proposal is to
inform the SEC and market participants
of the new implementation date for
changing the primary and secondary
source of quotation data for MEMX.
These enhancements were proposed in
a rule filing that was submitted to the
SEC, and this proposal does not make
any substantive changes to that filing.
Nasdaq is delaying the implementation
date to allow for additional system
configuration testing prior to
implementation.
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. As explained
above, the purpose of this proposal is to
inform the SEC and market participants
of the new implementation date for
changing the primary and secondary
3 The proposed changes were to change the
primary and secondary source of quotation data for
MEMX and MIAX PEARL, LLC (‘‘MIAX PEARL’’).
The changes for MIAX PEARL have been
completed. Therefore, this proposal is only to
extend the time period for implementing MEMX.
4 See Securities Exchange Act Release No. 91138
(February 16, 2021), 86 FR 10608 (February 22,
2021) (NASDAQ–2021–008) (‘‘Proposal’’).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\25JNN1.SGM
25JNN1
33802
Federal Register / Vol. 86, No. 120 / Friday, June 25, 2021 / Notices
source of quotation data for MEMX, and
the Exchange does not expect the date
change to place any burden on
competition.
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 under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay. Waiver of the operative
delay would allow the Exchange to
immediately extend the implementation
date for changing the primary and
secondary source of quotation data of
MEMX to allow for additional system
configuration testing prior to
implementation. The Commission
believes that waiver of the 30-day
operative delay is consistent with the
protection of investors and the public
interest. 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 the proposed rule change, the
Commission summarily may
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).
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8 17
VerDate Sep<11>2014
18:38 Jun 24, 2021
Jkt 253001
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–2021–049 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–2021–049. 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
PO 00000
Frm 00170
Fmt 4703
Sfmt 4703
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2021–049, and
should be submitted on or before July
16, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–13521 Filed 6–24–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92220; File No. SR–Phlx–
2021–35]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the
Implementation Date for Changing the
Primary and Secondary Source of
Quotation Data of MEMX LLC
June 21, 2021.
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 8,
2021, Nasdaq PHLX LLC (‘‘Phlx’’ 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 extend the
implementation date for changing the
primary and secondary source of
quotation data of MEMX LLC
(‘‘MEMX’’) in the list of proprietary and
network processor feeds that the
Exchange utilizes for the handling,
routing, and execution of orders as well
as regulatory compliance processes
related to those functions.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/phlx/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\25JNN1.SGM
25JNN1
]]>Agencies
[Federal Register Volume 86, Number 120 (Friday, June 25, 2021)]
[Notices]
[Pages 33801-33802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13521]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92219; File No. SR-NASDAQ-2021-049]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Implementation Date for Changing the Primary and Secondary
Source of Quotation Data of MEMX LLC
June 21, 2021.
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 8, 2021, 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.
---------------------------------------------------------------------------
\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 extend the implementation date for
changing the primary and secondary source of quotation data of MEMX LLC
(``MEMX'') in the list of proprietary and network processor feeds that
the Exchange utilizes for the handling, routing, and execution of
orders as well as regulatory compliance processes related to those
functions.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/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
Nasdaq is filing this proposal to extend the implementation date
for changing the primary and secondary source of quotation data of MEMX
in the list of proprietary and network processor feeds that the
Exchange utilizes for the handling, routing, and execution of orders as
well as regulatory compliance processes related to those functions.
Nasdaq proposed to amend Equity 4, Rule 4759 (Data Feeds Utilized)
to change the primary and secondary source of quotation data of certain
market centers in the list of proprietary and network processor feeds
that the Exchange utilizes for the handling, routing, and execution of
orders as well as regulatory compliance processes related to those
functions.\3\ These changes were filed by Nasdaq on February 3, 2021
and published in the Federal Register on February 22, 2021.\4\
---------------------------------------------------------------------------
\3\ The proposed changes were to change the primary and
secondary source of quotation data for MEMX and MIAX PEARL, LLC
(``MIAX PEARL''). The changes for MIAX PEARL have been completed.
Therefore, this proposal is only to extend the time period for
implementing MEMX.
\4\ See Securities Exchange Act Release No. 91138 (February 16,
2021), 86 FR 10608 (February 22, 2021) (NASDAQ-2021-008)
(``Proposal'').
---------------------------------------------------------------------------
Nasdaq initially proposed to implement the proposed rule change no
later than ninety (90) days following the effective date of the
proposed rule change. Due to the need for additional system
configuration testing in advance of the date of launch, Nasdaq has
decided to delay implementation for MEMX until the Q3 2021. The
Exchange will announce the new implementation date in an Equity Trader
Alert at least ten days in advance of implementing the changes.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The purpose of this proposal is to inform the SEC and market
participants of the new implementation date for changing the primary
and secondary source of quotation data for MEMX. These enhancements
were proposed in a rule filing that was submitted to the SEC, and this
proposal does not make any substantive changes to that filing. Nasdaq
is delaying the implementation date to allow for additional system
configuration testing prior to implementation.
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. As explained above, the purpose
of this proposal is to inform the SEC and market participants of the
new implementation date for changing the primary and secondary
[[Page 33802]]
source of quotation data for MEMX, and the Exchange does not expect the
date change to place any burden on competition.
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 under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay. Waiver
of the operative delay would allow the Exchange to immediately extend
the implementation date for changing the primary and secondary source
of quotation data of MEMX to allow for additional system configuration
testing prior to implementation. The Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission hereby
waives the operative delay and designates the proposed rule change
operative upon filing.\11\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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-2021-049 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-2021-049. 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-2021-049, and should be submitted
on or before July 16, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-13521 Filed 6-24-21; 8:45 am]
BILLING CODE 8011-01-P
