Self-Regulatory Organizations; Miami International Securities Exchange, LLC and MIAX Emerald, LLC; Notice of Withdrawal of Proposed Rule Changes To Establish Fees for the Exchanges' cToM Market Data Products, 65109 [2022-23352]
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Federal Register / Vol. 87, No. 207 / Thursday, October 27, 2022 / Notices
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96124; File Nos. SR–MIAX–
2022–19, SR–EMERALD–2022–18]
Self-Regulatory Organizations; Miami
International Securities Exchange, LLC
and MIAX Emerald, LLC; Notice of
Withdrawal of Proposed Rule Changes
To Establish Fees for the Exchanges’
cToM Market Data Products
October 21, 2022.
On April 29, 2022, Miami
International Securities Exchange, LLC
(‘‘MIAX’’) and MIAX Emerald, LLC
(‘‘MIAX Emerald’’) (collectively, the
‘‘Exchanges’’) each 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
establish fees for, respectively, the
MIAX Complex Top of Market (‘‘cToM’’)
and the MIAX Emerald cToM market
data products.
The proposed rule changes were
immediately effective upon filing with
the Commission pursuant to section
19(b)(3)(A) of the Act.3 The proposed
rule changes were published for
comment in the Federal Register and,
pursuant to section 19(b)(3)(C) of the
Act,4 the Commission: (1) temporarily
suspended the proposed rule changes;
and (2) instituted proceedings under
section 19(b)(2)(B) of the Act 5 to
determine whether to approve or
disapprove the proposed rule changes.6
On October 19, 2022, the Exchanges
withdrew the proposed rule changes
(SR–MIAX–2022–19, SR–EMERALD–
2022–18).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–23352 Filed 10–26–22; 8:45 am]
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). A proposed rule change
may take effect upon filing with the Commission if
it is designated by the exchange as ‘‘establishing or
changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory
organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii).
4 15 U.S.C. 78s(b)(3)(C).
5 15 U.S.C. 78s(b)(2)(B).
6 See Securities Exchange Act Release Nos. 94893
(May 11, 2022), 87 FR 29914 (May 17, 2022) (SR–
MIAX–2022–19); and 94892 (May 11, 2022), 87 FR
29963 (May 17, 2022) (SR–EMERALD–2022–18).
7 17 CFR 200.30–3(a)(12).
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2 17
VerDate Sep<11>2014
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[Release No. 34–96125; File No. SR–BX–
2022–019]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the
Exchange’s Transaction Fees and
Credits at Equity 7, Section 118(e)
October 21, 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 October
11, 2022, 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, 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 the
Exchange’s transaction fees and credits
at Equity 7, section 118(e).
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 operates on the ‘‘takermaker’’ model, whereby it generally
pays credits to members that take
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00087
Fmt 4703
Sfmt 4703
65109
liquidity and charges fees to members
that provide liquidity.3 Currently, the
Exchange has a schedule, at Equity 7,
section 118(e), which consists of several
different credits and fees for Retail
Orders 4 and Retail Price Improvement
Orders 5 under Rule 4780 (Retail Price
Improvement Program).
The purpose of the proposed rule
change is to amend the Exchange’s
schedule of fees and credits, at Equity
7, section 118(e). Specifically, the
Exchange proposes to (1) amend the
qualifying criteria for an existing fee for
RPI Orders that provide liquidity; and
(2) eliminate an existing credit for Retail
Orders that access liquidity.
Currently, the Exchange charges a
$0.0018 per share executed fee for RPI
Orders entered by a member that (i)
quotes RPI Orders in at least 2,500
symbols on average per day and (ii)
provides liquidity through RPI Orders
equal to or exceeding an average daily
volume of 2,500,000 shares. The
Exchange charges a fee of $0.0025 per
share executed for all other RPI Orders
that provide liquidity. The Exchange
proposes to amend the $0.0018 fee by
decreasing the number of quoted
symbols needed to qualify for the fee
from 2,500 to 1,200 on average per day.
The Exchange hopes that the less strict
qualifying criteria will encourage
member organizations to increase
liquidity providing activity on RPI
Orders on the Exchange. If the proposal
is effective in achieving this purpose,
then the quality of the Exchange’s
market will improve, particularly with
respect to RPI and retail orders to the
benefit of all participants, especially
those who submit RPI and Retail Orders.
Currently, the Exchange provides
certain credits for Retail Orders that
provide liquidity. The Exchange
3 The Exchange initially filed the proposed
pricing changes on October 3, 2022 (SR–BX–2022–
018). The instant filing replaces SR–BX–2022–018,
which was withdrawn on October 11, 2022.
4 Retail Orders shall mean an order type with a
Non-Display Order Attribute submitted to the
Exchange by a Retail Member Organization (as
defined in Rule 4780). A Retail Order must be an
agency Order, or riskless principal Order that
satisfies the criteria of FINRA Rule 5320.03. The
Retail Order must reflect trading interest of a
natural person with no change made to the terms
of the underlying order of the natural person with
respect to price (except in the case of a market order
that is changed to a marketable limit order) or side
of market and that does not originate from a trading
algorithm or any other computerized methodology.
See Rule 4702(b)(6).
5 Retail Price Improving (‘‘RPI’’) Orders shall
mean an Order Type with a Non-Display Order
Attribute that is held on the Exchange Book in order
to provide liquidity at a price at least $0.001 better
than the NBBO through a special execution process
described in Rule 4780. A Retail Price Improving
Order may be entered in price increments of $0.001.
RPI Orders collectively may be referred to as ‘‘RPI
Interest.’’ See Rule 4702(b)(5).
E:\FR\FM\27OCN1.SGM
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]]>Agencies
[Federal Register Volume 87, Number 207 (Thursday, October 27, 2022)]
[Notices]
[Page 65109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23352]
[[Page 65109]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96124; File Nos. SR-MIAX-2022-19, SR-EMERALD-2022-18]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC and MIAX Emerald, LLC; Notice of Withdrawal of Proposed
Rule Changes To Establish Fees for the Exchanges' cToM Market Data
Products
October 21, 2022.
On April 29, 2022, Miami International Securities Exchange, LLC
(``MIAX'') and MIAX Emerald, LLC (``MIAX Emerald'') (collectively, the
``Exchanges'') each 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 establish fees for, respectively, the MIAX
Complex Top of Market (``cToM'') and the MIAX Emerald cToM market data
products.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The proposed rule changes were immediately effective upon filing
with the Commission pursuant to section 19(b)(3)(A) of the Act.\3\ The
proposed rule changes were published for comment in the Federal
Register and, pursuant to section 19(b)(3)(C) of the Act,\4\ the
Commission: (1) temporarily suspended the proposed rule changes; and
(2) instituted proceedings under section 19(b)(2)(B) of the Act \5\ to
determine whether to approve or disapprove the proposed rule
changes.\6\ On October 19, 2022, the Exchanges withdrew the proposed
rule changes (SR-MIAX-2022-19, SR-EMERALD-2022-18).
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take
effect upon filing with the Commission if it is designated by the
exchange as ``establishing or changing a due, fee, or other charge
imposed by the self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory organization.''
15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 15 U.S.C. 78s(b)(3)(C).
\5\ 15 U.S.C. 78s(b)(2)(B).
\6\ See Securities Exchange Act Release Nos. 94893 (May 11,
2022), 87 FR 29914 (May 17, 2022) (SR-MIAX-2022-19); and 94892 (May
11, 2022), 87 FR 29963 (May 17, 2022) (SR-EMERALD-2022-18).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-23352 Filed 10-26-22; 8:45 am]
BILLING CODE 8011-01-P
