Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to Complex Orders in Connection With a Technology Migration, 56457 [2022-19812]

Download as PDF Federal Register / Vol. 87, No. 177 / Wednesday, September 14, 2022 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–95704; File No. SR–MRX– 2022–10] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2022–19812 Filed 9–13–22; 8:45 am] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to Complex Orders in Connection With a Technology Migration khammond on DSKJM1Z7X2PROD with NOTICES September 8, 2022. On July 18, 2022, Nasdaq MRX, LLC (‘‘MRX’’ or ‘‘Exchange’’) 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 its rules relating to trading functionality for Complex Orders in connection with a technology migration. The proposed rule change was published for comment in the Federal Register on July 29, 2022.3 The Commission has received no comments regarding the proposal. 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 to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission will either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is September 12, 2022. The Commission is extending this 45-day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act,5 the Commission designates October 27, 2022, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–MRX–2022–10). 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 95363 (July 25, 2022), 87 FR 45814. 4 15 U.S.C. 78s(b)(2). 5 Id. 2 17 VerDate Sep<11>2014 18:31 Sep 13, 2022 Jkt 256001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–95708; File No. SR–MRX– 2022–14] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend MRX’s Pricing Schedule at Options 7, Section 7 September 8, 2022. 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 August 25, 2022, Nasdaq MRX, LLC (‘‘MRX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend MRX’s Pricing Schedule at Options 7, Section 7. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/mrx/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. 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 56457 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose MRX proposes to amend its Pricing Schedule at Options 7, Section 7, to assess market data fees, which are not assessed today, and which have not been assessed since MRX’s inception in 2016.3 The proposed changes are designed to update data fees to reflect their current value—rather than their value when it was a new exchange six years ago—based on increased market share. Newly-opened exchanges often charge no fees for market data to attract order flow to an exchange, and later amend their fees to reflect the true value of those services.4 Allowing newlyopened exchanges time to build and sustain market share before charging for their market data encourages market entry and promotes competition. This Proposal reflects MRX’s assessment that it has gained sufficient market share to compete effectively against other 15 options exchanges without waiving market data fees. Such fees are assessed by options exchanges that compete with MRX—indeed, MRX is the only options exchange (out of the 16 current options exchanges) not to assess them today. As explained in further detail below, MRX today is in the same position as NYSE National in 2020, when it sought approval for the ‘‘NYSE National Integrated Feed.’’ 5 The Commission approved the NYSE National Integrated Feed based on a finding that it ‘‘was subject to significant substitution-based competitive forces’’ based on ‘‘NYSE 3 The Exchange initially filed the proposed pricing changes on May 2, 2022 (SR–MRX–2022– 04) instituting fees for membership, ports and market data. See Securities Exchange Act Release No. 94901 (May 12, 2022), 87 FR 30305 (May 18, 2022) (SR–MRX–2022–04). On June 29, 2022, the Exchange withdrew that filing, and submitted separate filings for membership (SR–MRX–2022– 07), market data (SR–MRX–2022–08) and ports (SR– MRX–2022–09). On August 25, 2022, the Exchange withdrew the market data filing (SR–MRX–2022– 08) and replaced it with the instant filing. 4 See, e.g., Securities Exchange Act Release No 88211 (February 14, 2020), 85 FR 9847 (February 20, 2020) (SR–NYSENAT–2020–05), also available at https://www.nyse.com/publicdocs/nyse/markets/ nyse-national/rule-filings/filings/2020/SRNYSENat-2020-05.pdf. (initiating market data fees for the NYSE National exchange after initially setting such fees at zero). 5 NYSE National stated that the proposed integrated feed included depth-of-book order data, last sale data, security status updates, and stock summary messages. See Securities Exchange Act Release No 88211 (February 14, 2020), 85 FR 9847 (February 20, 2020) (SR–NYSENAT–2020–05), also available at https://www.nyse.com/publicdocs/nyse/ markets/nyse-national/rule-filings/filings/2020/SRNYSENat-2020-05.pdf. E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 177 (Wednesday, September 14, 2022)]
[Notices]
[Page 56457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19812]



[[Page 56457]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95704; File No. SR-MRX-2022-10]


Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change Relating to Complex Orders in Connection With a Technology 
Migration

September 8, 2022.
    On July 18, 2022, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') 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 its 
rules relating to trading functionality for Complex Orders in 
connection with a technology migration. The proposed rule change was 
published for comment in the Federal Register on July 29, 2022.\3\ The 
Commission has received no comments regarding the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 95363 (July 25, 
2022), 87 FR 45814.
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    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 to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, the Commission will either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is September 12, 2022. The Commission is extending this 45-day time 
period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the proposed rule change. Accordingly, 
pursuant to Section 19(b)(2) of the Act,\5\ the Commission designates 
October 27, 2022, as the date by which the Commission shall either 
approve or disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-MRX-2022-10).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19812 Filed 9-13-22; 8:45 am]
BILLING CODE 8011-01-P

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