Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving Proposed Rule Change To Enable Exchange Participants To Enter Midpoint Extended Life Orders and M-ELO Plus Continuous Book Orders With an Immediate-or-Cancel Time-in-Force Instruction, 16279-16280 [2022-05979]
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Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices
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:
• 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–
CboeBZX–2022–015 on the subject line.
Paper Comments
lotter on DSK11XQN23PROD with NOTICES1
• 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–CboeBZX–2022–015. 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–CboeBZX–2022–015 and
should be submitted on or before April
12, 2022.
18:24 Mar 21, 2022
[FR Doc. 2022–05982 Filed 3–21–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94431; File No. SR–
NASDAQ–2022–006]
Electronic Comments
VerDate Sep<11>2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
J. Matthew DeLesDernier,
Assistant Secretary.
Jkt 256001
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Order
Approving Proposed Rule Change To
Enable Exchange Participants To Enter
Midpoint Extended Life Orders and M–
ELO Plus Continuous Book Orders
With an Immediate-or-Cancel Time-inForce Instruction
March 16, 2022.
I. Introduction
On January 19, 2022, The Nasdaq
Stock Market LLC (‘‘Exchange’’ or
‘‘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 enable
Exchange participants to enter Midpoint
Extended Life Orders (‘‘M–ELOs’’) and
M–ELO Plus Continuous Book Orders
(‘‘M–ELO+CBs’’) with an immediate-orcancel (‘‘IOC’’) Time-in-Force (‘‘TIF’’)
instruction. The proposed rule change
was published for comment in the
Federal Register on February 2, 2022.3
The Commission has not received any
comment letters on the proposed rule
change. This order approves the
proposed rule change.
II. Description of the Proposal
M–ELO is an order type with a nondisplay order attribute that is priced at
the midpoint between the national best
bid and national best offer (‘‘NBBO’’)
and that will not be eligible to execute
until a holding period of 10
milliseconds (‘‘Holding Period’’) has
passed after acceptance of the order by
the Exchange system.4 Once a M–ELO
becomes eligible to execute, the order
may only execute against other eligible
M–ELOs and M–ELO+CBs.5
M–ELO+CB is an order type that has
all of the characteristics and attributes
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 94076
(January 27, 2022), 87 FR 5926 (‘‘Notice’’).
4 See Nasdaq Equity 4, Rule (‘‘Rule’’) 4702(b)(14).
5 See id.
1 15
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
16279
of a M–ELO, except that after satisfying
its Holding Period, in addition to
executing against other eligible M–
ELO+CBs and M–ELOs, it may also
execute against certain orders on the
Exchange’s continuous book.6
Specifically, a M–ELO+CB may also
execute against non-displayed orders
with midpoint pegging and midpoint
peg post-only orders (collectively,
‘‘Midpoint Orders’’) resting on the
Exchange’s continuous book, if: (1) The
Midpoint Order has the midpoint trade
now order attribute enabled; (2) the
Midpoint Order has rested on the
continuous book for at least 10
milliseconds after the NBBO midpoint
falls within the limit price set by the
participant; (3) no other order is resting
on the continuous book that has a more
aggressive price than the current NBBO
midpoint; and (4) the Midpoint Order
satisfies any minimum quantity
requirement of the M–ELO+CB.7
Currently, M–ELOs and M–ELO+CBs
may not be entered with a TIF of IOC.8
The Exchange now proposes to amend
Nasdaq Rule 4702(b)(14) to enable
Exchange participants to enter M–ELOs
and M–ELO+CBs with an IOC
instruction.9 As proposed, if a M–ELO
or M–ELO+CB is entered with a TIF of
IOC, it would execute against eligible
resting interest immediately upon the
expiration of the Holding Period.10 If no
eligible resting interest is available, or
shares of the order remain unexecuted
after trading against available eligible
resting interest, then the system would
automatically cancel the order or the
remaining shares of the order, as
applicable.11 If the order is ineligible to
begin the Holding Period upon entry
(i.e., the NBBO is crossed at the time of
order entry, there is no NBB or NBO at
the time of order entry, or the order is
entered with a limit price that is not at
or better than the NBBO midpoint), then
the system would cancel the order
immediately.12
As proposed, M–ELOs and M–
ELO+CBs with a TIF of IOC would be
subject to real-time surveillance to
determine if they are being abused by
6 See
Nasdaq Rule 4702(b)(15).
id.
8 See Nasdaq Rule 4702(b)(14)(B), (b)(15). An
order with a TIF of IOC is one that is designated
to deactivate immediately after determining
whether the order is marketable. See Nasdaq Rule
4703(a)(1).
9 See proposed Nasdaq Rule 4702(b)(14)(B).
Because Nasdaq Rule 4702(b)(15) incorporates by
reference the M–ELO characteristics and attributes
set forth in Nasdaq Rule 4702(b)(14), the proposed
rule change would also allow M–ELO+CBs to be
entered with a TIF of IOC.
10 See proposed Nasdaq Rule 4702(b)(14)(B).
11 See id.
12 See id.; Notice, supra note 3, at 5928.
7 See
E:\FR\FM\22MRN1.SGM
22MRN1
16280
Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices
market participants.13 Moreover, as is
the case for all other M–ELOs and M–
ELO+CBs, the Exchange would monitor
the use of M–ELOs and M–ELO+CBs
with a TIF of IOC, with the intent to
apply additional measures, as necessary,
to ensure that their usage is
appropriately tied to the intent of the
order types.14 The Exchange states that
it is committed to determining whether
there is opportunity or prevalence of
behavior that is inconsistent with
normal risk management behavior, such
as excessive cancellations.15 According
to the Exchange, manipulative abuse is
subject to potential disciplinary action
under the Exchange’s rules, and other
behavior that is not necessarily
manipulative but nonetheless frustrates
the purposes of M–ELOs or M–ELO+CBs
may be subject to penalties or other
participant requirements to discourage
such behavior, should it occur.16
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.17 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,18 which requires,
among other things, that the rules of a
national securities exchange be
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 Commission believes that the
proposed IOC functionality could make
the use of M–ELOs and M–ELO+CBs
more efficient for Exchange participants
that choose to use these order types.19
In particular, the proposed functionality
lotter on DSK11XQN23PROD with NOTICES1
13 See
Notice, supra note 3, at 5928.
14 See id.
15 See id.
16 See id.
17 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
18 15 U.S.C. 78f(b)(5).
19 The Exchange states that institutional investors
have approached the Exchange recently to request
the ability to enter IOC instructions for M–ELOs
and M–ELO+CBs. See Notice, supra note 3, at 5927.
The Exchange also understands that some
participants representing institutional investor
orders have developed methods that mimic the
functions of IOC. See id. at 5927 n.10.
VerDate Sep<11>2014
18:24 Mar 21, 2022
Jkt 256001
could be attractive to Exchange
participants that wish to enhance the
efficiency of their decision-making
process regarding whether to send
additional M–ELOs or M–ELO+CBs to
the Exchange or to seek liquidity
elsewhere.20 The proposed functionality
could also enhance efficiency for
Exchange participants that submit M–
ELOs or M–ELO+CBs that do not satisfy
the conditions for a Holding Period to
commence upon order entry, because it
would allow these orders to be
cancelled immediately rather than be
held by the system until such time as
the conditions are met, and therefore
allow these participants to more quickly
assess whether they wish to submit new
M–ELOs or M–ELO+CBs that would
satisfy the conditions to commence a
Holding Period upon entry.21 Moreover,
because M–ELOs and M–ELO+CBs are
optional order types, if certain Exchange
participants determine that the proposal
would make these order types less
attractive for their particular investment
objectives, these participants may elect
to reduce or eliminate their use of these
order types.
In its original order approving M–ELO
on the Exchange, the Commission stated
its belief that the M–ELO order type
could create additional and more
efficient trading opportunities on the
Exchange for investors with longer
investment time horizons, including
institutional investors, and could
provide these investors with an ability
to limit the information leakage and the
market impact that could result from
their orders.22 In its order approving M–
ELO+CB, the Commission stated its
belief that, as with M–ELOs, M–
ELO+CBs represent a reasonable effort
to further enhance the ability of longerterm trading interest to participate
effectively on an exchange.23
20 See
id. at 5927.
21 See id.
22 See Securities Exchange Act Release No. 82825
(March 7, 2018), 83 FR 10937, 10938–39 (March 13,
2018) (order approving SR–NASDAQ–2017–074).
The Commission also stated that the M–ELO order
type is intended to provide additional execution
opportunities on the Exchange for market
participants that may not be as sensitive to very
short-term changes in the NBBO and are willing to
wait a prescribed period of time following their
order submission to receive a potential execution
against other market participants that have similarly
elected to forgo an immediate execution. See id. at
10940. In addition, the Commission stated that the
M–ELO order type is intended to mitigate the risk
that an opportunistic low-latency trader will be able
to execute against a member’s order at a time that
is disadvantageous to the member, such as just prior
to a change in the NBBO. See id.
23 See Securities Exchange Act Release No. 86938
(September 11, 2019), 84 FR 48978, 48980–81
(September 17, 2019) (order approving SR–
NASDAQ–2019–048).
PO 00000
Frm 00119
Fmt 4703
Sfmt 9990
The Commission believes that the
proposed IOC functionality for M–ELOs
and M–ELO+CBs would not undermine
the original intent of these order types.
As proposed, these order types would
continue to be available to market
participants that are willing to wait a
prescribed period of time following
their order submission to receive a
potential execution against other market
participants that have similarly elected
to forgo an immediate execution. As
described above, the IOC instruction
would activate only at the expiration of
the Holding Period, rather than
immediately upon order entry. In
addition, while M–ELOs and M–
ELO+CBs with an IOC instruction
would be cancelled immediately upon
entry if they do not meet the conditions
to start the Holding Period at the time
of entry, such cancellation would not
depend on the availability of eligible
resting interest on the Exchange, and
therefore would not provide any
indication of the availability of such
interest on the Exchange. Finally, as
described above, the Exchange will
continue to conduct real-time
surveillance and monitor the use of M–
ELOs and M–ELO+CBs, including those
with a TIF of IOC, to determine whether
these order types are being abused by
market participants and whether their
usage is appropriately tied to the intent
of the order types.24
Based on the foregoing, the
Commission finds that the proposed
rule change is consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,25 that the
proposed rule change (SR–NASDAQ–
2022–006) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–05979 Filed 3–21–22; 8:45 am]
BILLING CODE 8011–01–P
24 See
supra notes 13–16 and accompanying text.
U.S.C. 78s(b)(2).
26 17 CFR 200.30–3(a)(12).
25 15
E:\FR\FM\22MRN1.SGM
22MRN1
]]>Agencies
[Federal Register Volume 87, Number 55 (Tuesday, March 22, 2022)]
[Notices]
[Pages 16279-16280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05979]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94431; File No. SR-NASDAQ-2022-006]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order
Approving Proposed Rule Change To Enable Exchange Participants To Enter
Midpoint Extended Life Orders and M-ELO Plus Continuous Book Orders
With an Immediate-or-Cancel Time-in-Force Instruction
March 16, 2022.
I. Introduction
On January 19, 2022, The Nasdaq Stock Market LLC (``Exchange'' or
``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 enable Exchange participants to enter Midpoint
Extended Life Orders (``M-ELOs'') and M-ELO Plus Continuous Book Orders
(``M-ELO+CBs'') with an immediate-or-cancel (``IOC'') Time-in-Force
(``TIF'') instruction. The proposed rule change was published for
comment in the Federal Register on February 2, 2022.\3\ The Commission
has not received any comment letters on the proposed rule change. This
order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 94076 (January 27,
2022), 87 FR 5926 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposal
M-ELO is an order type with a non-display order attribute that is
priced at the midpoint between the national best bid and national best
offer (``NBBO'') and that will not be eligible to execute until a
holding period of 10 milliseconds (``Holding Period'') has passed after
acceptance of the order by the Exchange system.\4\ Once a M-ELO becomes
eligible to execute, the order may only execute against other eligible
M-ELOs and M-ELO+CBs.\5\
---------------------------------------------------------------------------
\4\ See Nasdaq Equity 4, Rule (``Rule'') 4702(b)(14).
\5\ See id.
---------------------------------------------------------------------------
M-ELO+CB is an order type that has all of the characteristics and
attributes of a M-ELO, except that after satisfying its Holding Period,
in addition to executing against other eligible M-ELO+CBs and M-ELOs,
it may also execute against certain orders on the Exchange's continuous
book.\6\ Specifically, a M-ELO+CB may also execute against non-
displayed orders with midpoint pegging and midpoint peg post-only
orders (collectively, ``Midpoint Orders'') resting on the Exchange's
continuous book, if: (1) The Midpoint Order has the midpoint trade now
order attribute enabled; (2) the Midpoint Order has rested on the
continuous book for at least 10 milliseconds after the NBBO midpoint
falls within the limit price set by the participant; (3) no other order
is resting on the continuous book that has a more aggressive price than
the current NBBO midpoint; and (4) the Midpoint Order satisfies any
minimum quantity requirement of the M-ELO+CB.\7\
---------------------------------------------------------------------------
\6\ See Nasdaq Rule 4702(b)(15).
\7\ See id.
---------------------------------------------------------------------------
Currently, M-ELOs and M-ELO+CBs may not be entered with a TIF of
IOC.\8\ The Exchange now proposes to amend Nasdaq Rule 4702(b)(14) to
enable Exchange participants to enter M-ELOs and M-ELO+CBs with an IOC
instruction.\9\ As proposed, if a M-ELO or M-ELO+CB is entered with a
TIF of IOC, it would execute against eligible resting interest
immediately upon the expiration of the Holding Period.\10\ If no
eligible resting interest is available, or shares of the order remain
unexecuted after trading against available eligible resting interest,
then the system would automatically cancel the order or the remaining
shares of the order, as applicable.\11\ If the order is ineligible to
begin the Holding Period upon entry (i.e., the NBBO is crossed at the
time of order entry, there is no NBB or NBO at the time of order entry,
or the order is entered with a limit price that is not at or better
than the NBBO midpoint), then the system would cancel the order
immediately.\12\
---------------------------------------------------------------------------
\8\ See Nasdaq Rule 4702(b)(14)(B), (b)(15). An order with a TIF
of IOC is one that is designated to deactivate immediately after
determining whether the order is marketable. See Nasdaq Rule
4703(a)(1).
\9\ See proposed Nasdaq Rule 4702(b)(14)(B). Because Nasdaq Rule
4702(b)(15) incorporates by reference the M-ELO characteristics and
attributes set forth in Nasdaq Rule 4702(b)(14), the proposed rule
change would also allow M-ELO+CBs to be entered with a TIF of IOC.
\10\ See proposed Nasdaq Rule 4702(b)(14)(B).
\11\ See id.
\12\ See id.; Notice, supra note 3, at 5928.
---------------------------------------------------------------------------
As proposed, M-ELOs and M-ELO+CBs with a TIF of IOC would be
subject to real-time surveillance to determine if they are being abused
by
[[Page 16280]]
market participants.\13\ Moreover, as is the case for all other M-ELOs
and M-ELO+CBs, the Exchange would monitor the use of M-ELOs and M-
ELO+CBs with a TIF of IOC, with the intent to apply additional
measures, as necessary, to ensure that their usage is appropriately
tied to the intent of the order types.\14\ The Exchange states that it
is committed to determining whether there is opportunity or prevalence
of behavior that is inconsistent with normal risk management behavior,
such as excessive cancellations.\15\ According to the Exchange,
manipulative abuse is subject to potential disciplinary action under
the Exchange's rules, and other behavior that is not necessarily
manipulative but nonetheless frustrates the purposes of M-ELOs or M-
ELO+CBs may be subject to penalties or other participant requirements
to discourage such behavior, should it occur.\16\
---------------------------------------------------------------------------
\13\ See Notice, supra note 3, at 5928.
\14\ See id.
\15\ See id.
\16\ See id.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\17\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\18\ which
requires, among other things, that the rules of a national securities
exchange be 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.
---------------------------------------------------------------------------
\17\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that the proposed IOC functionality could
make the use of M-ELOs and M-ELO+CBs more efficient for Exchange
participants that choose to use these order types.\19\ In particular,
the proposed functionality could be attractive to Exchange participants
that wish to enhance the efficiency of their decision-making process
regarding whether to send additional M-ELOs or M-ELO+CBs to the
Exchange or to seek liquidity elsewhere.\20\ The proposed functionality
could also enhance efficiency for Exchange participants that submit M-
ELOs or M-ELO+CBs that do not satisfy the conditions for a Holding
Period to commence upon order entry, because it would allow these
orders to be cancelled immediately rather than be held by the system
until such time as the conditions are met, and therefore allow these
participants to more quickly assess whether they wish to submit new M-
ELOs or M-ELO+CBs that would satisfy the conditions to commence a
Holding Period upon entry.\21\ Moreover, because M-ELOs and M-ELO+CBs
are optional order types, if certain Exchange participants determine
that the proposal would make these order types less attractive for
their particular investment objectives, these participants may elect to
reduce or eliminate their use of these order types.
---------------------------------------------------------------------------
\19\ The Exchange states that institutional investors have
approached the Exchange recently to request the ability to enter IOC
instructions for M-ELOs and M-ELO+CBs. See Notice, supra note 3, at
5927. The Exchange also understands that some participants
representing institutional investor orders have developed methods
that mimic the functions of IOC. See id. at 5927 n.10.
\20\ See id. at 5927.
\21\ See id.
---------------------------------------------------------------------------
In its original order approving M-ELO on the Exchange, the
Commission stated its belief that the M-ELO order type could create
additional and more efficient trading opportunities on the Exchange for
investors with longer investment time horizons, including institutional
investors, and could provide these investors with an ability to limit
the information leakage and the market impact that could result from
their orders.\22\ In its order approving M-ELO+CB, the Commission
stated its belief that, as with M-ELOs, M-ELO+CBs represent a
reasonable effort to further enhance the ability of longer-term trading
interest to participate effectively on an exchange.\23\
---------------------------------------------------------------------------
\22\ See Securities Exchange Act Release No. 82825 (March 7,
2018), 83 FR 10937, 10938-39 (March 13, 2018) (order approving SR-
NASDAQ-2017-074). The Commission also stated that the M-ELO order
type is intended to provide additional execution opportunities on
the Exchange for market participants that may not be as sensitive to
very short-term changes in the NBBO and are willing to wait a
prescribed period of time following their order submission to
receive a potential execution against other market participants that
have similarly elected to forgo an immediate execution. See id. at
10940. In addition, the Commission stated that the M-ELO order type
is intended to mitigate the risk that an opportunistic low-latency
trader will be able to execute against a member's order at a time
that is disadvantageous to the member, such as just prior to a
change in the NBBO. See id.
\23\ See Securities Exchange Act Release No. 86938 (September
11, 2019), 84 FR 48978, 48980-81 (September 17, 2019) (order
approving SR-NASDAQ-2019-048).
---------------------------------------------------------------------------
The Commission believes that the proposed IOC functionality for M-
ELOs and M-ELO+CBs would not undermine the original intent of these
order types. As proposed, these order types would continue to be
available to market participants that are willing to wait a prescribed
period of time following their order submission to receive a potential
execution against other market participants that have similarly elected
to forgo an immediate execution. As described above, the IOC
instruction would activate only at the expiration of the Holding
Period, rather than immediately upon order entry. In addition, while M-
ELOs and M-ELO+CBs with an IOC instruction would be cancelled
immediately upon entry if they do not meet the conditions to start the
Holding Period at the time of entry, such cancellation would not depend
on the availability of eligible resting interest on the Exchange, and
therefore would not provide any indication of the availability of such
interest on the Exchange. Finally, as described above, the Exchange
will continue to conduct real-time surveillance and monitor the use of
M-ELOs and M-ELO+CBs, including those with a TIF of IOC, to determine
whether these order types are being abused by market participants and
whether their usage is appropriately tied to the intent of the order
types.\24\
---------------------------------------------------------------------------
\24\ See supra notes 13-16 and accompanying text.
---------------------------------------------------------------------------
Based on the foregoing, the Commission finds that the proposed rule
change is consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\25\ that the proposed rule change (SR-NASDAQ-2022-006) be, and
hereby is, approved.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------
\26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-05979 Filed 3-21-22; 8:45 am]
BILLING CODE 8011-01-P
