Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Address an Erroneous Reference in Equity 4, Rule 4780(e), 77649-77651 [2022-27380]
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Federal Register / Vol. 87, No. 242 / Monday, December 19, 2022 / Notices
The Exchange delayed the
implementation of this functionality
until the fourth quarter of 2022.7 The
Exchange now proposes to delay the
implementation of this functionality
until the third quarter of 2023.
The Exchange proposes this delay in
order to allow the Exchange to complete
its reprioritization of its software
delivery and release schedule as a result
of a shift in priorities at the Exchange.
The Exchange will issue a Regulatory
Circular notifying market participants at
least 45 days prior to implementing this
functionality.
tkelley on DSK125TN23PROD with NOTICE
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
section 6(b) of the Act 8 in general, and
furthers the objectives of section 6(b)(5)
of the Act 9 in particular, in that it is
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
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in, securities, to
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest by allowing the
Exchange additional time to plan and
implement the proposed functionality.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
implementation of the proposed
functionality does not impose an undue
burden on competition. Delaying the
implementation will simply allow the
Exchange additional time to properly
plan and implement the proposed
functionality.
The Exchange does not believe that
the proposed rule change will impose
any burden on intramarket competition
as the delay will apply equally to all
Members of the Exchange.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
as the proposal is to delay the
implementation of approved
functionality which affects MIAX
7 See
Securities Exchange Release No. 94939 (May
18, 2022), 87 FR 31590 (May 24, 2022) (SR–MIAX–
2022–21).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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19:38 Dec 16, 2022
Jkt 259001
Members only and does not impact
intermarket competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6) 11
thereunder.
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
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–
MIAX–2022–46.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
10 15
U.S.C. 78s(b)(3)(A).
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.
11 17
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
77649
All submissions should refer to File
Number SR–MIAX–2022–46. 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–MIAX–2022–46, and
should be submitted on or before
January 9, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27384 Filed 12–16–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96486; File No. SR–BX–
2022–025]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Address an Erroneous
Reference in Equity 4, Rule 4780(e)
December 13, 2022.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
12 17
E:\FR\FM\19DEN1.SGM
CFR 200.30–3(a)(12).
19DEN1
77650
Federal Register / Vol. 87, No. 242 / Monday, December 19, 2022 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
1, 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 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 address an
erroneous reference in Equity 4, Rule
4780(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 purpose of this filing is to correct
an erroneous reference in Equity 4, Rule
4780(e) involving the dissemination
process of the Retail Liquidity Identifier
as part of the Exchange’s Retail Price
Improvement Program (‘‘RPI Program’’).
Under the RPI Program, all Retail Price
Improvement Orders (‘‘RPI Orders’’)
provide liquidity at a price at least
$0.001 better than the National Best Bid
and Offer (‘‘NBBO’’) through a special
execution process.3 Currently, unless a
tkelley on DSK125TN23PROD with NOTICE
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Equity 4, Rule 4702(b)(5)(A) states that, ‘‘A
‘‘Retail Price Improving Order’’ or ‘‘RPI Order’’ is
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
2 17
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19:38 Dec 16, 2022
Jkt 259001
Participant opts out of identifying their
RPI Interest, the Exchange disseminates
the Retail Liquidity Identifier when RPI
interest is present on the Exchange.
Equity 4, Rule 4780(e) states that the
Retail Liquidity Identifier will be
disseminated when RPI interest is
priced at least $0.001 per share better
than the ‘‘Exchange’s’’ Protected Bid or
Protected Offer. However, this language
is erroneous. In intent and practice, the
Exchange disseminates the Retail
Liquidity when RPI interest is priced at
least $0.001 better than the NBBO. The
Exchange’s intent in this regard is
evident in Equity 4, Rule 4702(b)(5)(A),
which describes an RPI Order as being
priced better than the NBBO. Moreover,
measuring retail price improvement
with reference to the NBBO, rather than
to the Exchange’s Best Bid or Offer,
ensures that the RPI Program will alert
participants to real price improvement
opportunities that exist on Nasdaq [sic],
i.e., prices that are better than the
NBBO, rather than prices better than the
Exchange’s Best Bid or Offer, but not
better than the NBBO.
The Exchange proposes to correct this
erroneous reference in Equity 4, Rule
4780(e). The correction is necessary to
ensure that the provision is consistent
with the circumstances in which the
Exchange intends to and actually
disseminates the Retail Liquidity
Identifier. It will also ensure that the
Retail Liquidity Identifier will alert
participants to genuine retail price
improvement opportunities on the
Nasdaq Book [sic], as discussed above.
The Exchange noticed the error in the
language and promptly sought to correct
the inconsistency. The Exchange notes
that it has not received any complaints
or notices from Exchange Members
expressing confusion or alerting the
Exchange to the error.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Act,4 in general, and furthers the
objectives of section 6(b)(5) of the Act,5
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
proposal would correct an error that
otherwise renders inaccurate an
example of the application of Equity 4,
Order may be entered in price increments of $0.001.
RPI Orders collectively may be referred to as ‘‘RPI
Interest.’’
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
Rule 4780(e). The Exchange believes
that it is consistent with the interest of
the public, investors, and the market for
the Exchange to take steps to ensure that
its Rulebook is accurate.
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. The
proposed rule change is non-substantive
and it will have no impact on
competition because it simply corrects
an error in the Rule text to render the
text more accurate.
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 6 and Rule
19b–4(f)(6) thereunder.7 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
for 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 8 and Rule 19b–4(f)(6)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),11 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
6 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
7 17
E:\FR\FM\19DEN1.SGM
19DEN1
Federal Register / Vol. 87, No. 242 / Monday, December 19, 2022 / Notices
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately. The Exchange requests
this waiver so that it can correct an error
in its rulebook as soon as possible to
avoid any potential confusion regarding
the operation of the Retail Liquidity
Identifier. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest so that
the Exchange’s rulebook accurately
represents the operation of the Retail
Liquidity Identifier without undue
delay. For this reason, the Commission
hereby waives the 30-day operative
delay and designates the proposal
operative upon filing.12
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 rule-comments@
sec.gov. Please include File Number SR–
BX–2022–025 on the subject line.
tkelley on DSK125TN23PROD with NOTICE
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–2022–025. 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
12 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).
VerDate Sep<11>2014
19:38 Dec 16, 2022
Jkt 259001
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
offices 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–2022–025, and should
be submitted on or before January 9,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Sherry R. Haywood,
Assistant Secretary.
77651
regulatory organization. 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
Rule 7.19 pertaining to pre-trade risk
controls to make additional pre-trade
risk controls available to Entering Firms.
The proposed rule change is available
on the Exchange’s website at
www.nyse.com, 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
self-regulatory organization 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 those 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 parts of such
statements.
[FR Doc. 2022–27380 Filed 12–16–22; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
The Exchange proposes to amend
Rule 7.19 pertaining to pre-trade risk
controls to make additional pre-trade
risk controls available to Entering Firms.
[Release No. 34–96488; File No. SR–
NYSECHX–2022–30]
Self-Regulatory Organizations; NYSE
Chicago, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 7.19
December 13, 2022.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on December
8, 2022, the NYSE Chicago, Inc. (‘‘NYSE
Chicago’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the self13 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
Background and Purpose
In 2020, in order to assist Participants’
efforts to manage their risk, the
Exchange amended its rules to add Rule
7.19 (Pre-Trade Risk Controls),4 which
established a set of pre-trade risk
controls by which Entering Firms and
their designated Clearing Firms 5 could
set credit limits and other pre-trade risk
controls for an Entering Firm’s trading
on the Exchange and authorize the
Exchange to take action if those credit
limits or other pre-trade risk controls are
exceeded. Specifically, the Exchange
added a Gross Credit Risk Limit, a
Single Order Maximum Notional Value
Risk Limit, and a Single Order
4 See Securities Exchange Act Release No. 88903
(May 19, 2020), 85 FR 31578 (May 26, 2020) (SR–
NYSECHX–2020–14).
5 The terms ‘‘Entering Firm’’ and ‘‘Clearing Firm’’
are defined in Rule 7.19.
E:\FR\FM\19DEN1.SGM
19DEN1
]]>Agencies
[Federal Register Volume 87, Number 242 (Monday, December 19, 2022)]
[Notices]
[Pages 77649-77651]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27380]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96486; File No. SR-BX-2022-025]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Address an
Erroneous Reference in Equity 4, Rule 4780(e)
December 13, 2022.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 77650]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 1, 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 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 address an erroneous reference in Equity
4, Rule 4780(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 purpose of this filing is to correct an erroneous reference in
Equity 4, Rule 4780(e) involving the dissemination process of the
Retail Liquidity Identifier as part of the Exchange's Retail Price
Improvement Program (``RPI Program''). Under the RPI Program, all
Retail Price Improvement Orders (``RPI Orders'') provide liquidity at a
price at least $0.001 better than the National Best Bid and Offer
(``NBBO'') through a special execution process.\3\ Currently, unless a
Participant opts out of identifying their RPI Interest, the Exchange
disseminates the Retail Liquidity Identifier when RPI interest is
present on the Exchange.
---------------------------------------------------------------------------
\3\ Equity 4, Rule 4702(b)(5)(A) states that, ``A ``Retail Price
Improving Order'' or ``RPI Order'' is 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.''
---------------------------------------------------------------------------
Equity 4, Rule 4780(e) states that the Retail Liquidity Identifier
will be disseminated when RPI interest is priced at least $0.001 per
share better than the ``Exchange's'' Protected Bid or Protected Offer.
However, this language is erroneous. In intent and practice, the
Exchange disseminates the Retail Liquidity when RPI interest is priced
at least $0.001 better than the NBBO. The Exchange's intent in this
regard is evident in Equity 4, Rule 4702(b)(5)(A), which describes an
RPI Order as being priced better than the NBBO. Moreover, measuring
retail price improvement with reference to the NBBO, rather than to the
Exchange's Best Bid or Offer, ensures that the RPI Program will alert
participants to real price improvement opportunities that exist on
Nasdaq [sic], i.e., prices that are better than the NBBO, rather than
prices better than the Exchange's Best Bid or Offer, but not better
than the NBBO.
The Exchange proposes to correct this erroneous reference in Equity
4, Rule 4780(e). The correction is necessary to ensure that the
provision is consistent with the circumstances in which the Exchange
intends to and actually disseminates the Retail Liquidity Identifier.
It will also ensure that the Retail Liquidity Identifier will alert
participants to genuine retail price improvement opportunities on the
Nasdaq Book [sic], as discussed above.
The Exchange noticed the error in the language and promptly sought
to correct the inconsistency. The Exchange notes that it has not
received any complaints or notices from Exchange Members expressing
confusion or alerting the Exchange to the error.
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act,\4\ in general, and furthers the objectives of section
6(b)(5) of the Act,\5\ 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 proposal would correct an error that otherwise renders inaccurate
an example of the application of Equity 4, Rule 4780(e). The Exchange
believes that it is consistent with the interest of the public,
investors, and the market for the Exchange to take steps to ensure that
its Rulebook is accurate.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. The proposed rule change is
non-substantive and it will have no impact on competition because it
simply corrects an error in the Rule text to render the text more
accurate.
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 \6\ and Rule 19b-4(f)(6) thereunder.\7\
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 for 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 \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ 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
[[Page 77651]]
Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately. The Exchange requests
this waiver so that it can correct an error in its rulebook as soon as
possible to avoid any potential confusion regarding the operation of
the Retail Liquidity Identifier. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest so that the Exchange's rulebook
accurately represents the operation of the Retail Liquidity Identifier
without undue delay. For this reason, the Commission hereby waives the
30-day operative delay and designates the proposal operative upon
filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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 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-BX-2022-025 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-2022-025. 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 offices 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-2022-025, and should be submitted on
or before January 9, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27380 Filed 12-16-22; 8:45 am]
BILLING CODE 8011-01-P
