Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Trade Now Order Attribute at Equity 4, Rule 4702 and Make Conforming Changes to Rule 4703, 39674-39677 [2024-10080]
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39674
Federal Register / Vol. 89, No. 91 / Thursday, May 9, 2024 / Notices
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)(iii) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.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
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:
ddrumheller on DSK120RN23PROD with NOTICES1
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–
Phlx–2024–22 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-Phlx-2024–22. This file
11 15
U.S.C. 78s(b)(3)(A)(iii).
12 17 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.
VerDate Sep<11>2014
17:17 May 08, 2024
Jkt 262001
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. Do not include
personal identifiable information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to file number SR-Phlx-2024–22, and
should be submitted on or before May
30, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–10082 Filed 5–8–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100059; File No. SR–BX–
2024–013]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the Trade Now
Order Attribute at Equity 4, Rule 4702
and Make Conforming Changes to Rule
4703
May 3, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Frm 00096
Fmt 4703
Sfmt 4703
notice is hereby given that on April 26,
2024, 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
Trade Now Order Attribute, at Equity 4,
Rule 4702,3 as well as to make
conforming changes to Rule 4703, as
described further below.
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
The Exchange proposes to amend
Rule 4703(l), which governs the Trade
Now Order Attribute.4 Under the
Exchange’s rules, as amended by SR–
BX–2022–015,5 Trade Now is an
Attribute that allows a resting Order
‘‘that becomes locked or crossed, as
applicable, at its non-displayed price by
the posted price of an incoming
Displayed Order to execute against a
3 References herein to BX Rules in the 4000 Series
shall mean Rules in BX Equity 4.
4 An ‘‘Order Attribute’’ is a further set of variable
instructions that may be associated with an Order
to further define how it will behave with respect to
pricing, execution, and/or posting to the Exchange
Book when submitted to the Exchange. See id.
5 See Securities Exchange Act Release No. 34–
95695 (September 7, 2022); 87 FR 56122 (September
13, 2022) (SR–BX–2022–015).
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Federal Register / Vol. 89, No. 91 / Thursday, May 9, 2024 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
locking or crossing Orders as a liquidity
taker automatically.’’ The Exchange
proposes to amend this rule text to state
instead that Trade Now allows ‘‘a
resting Order that is locked or crossed,
as applicable, at its non-displayed price
by the posted price of an incoming
Displayed Order or another Order or
Orders (where such locking or crossing
Order(s) or the order with Trade Now
satisfies a Minimum Quantity
condition) to execute against a locking
or crossing Order(s) as a liquidity taker
automatically, when such Orders
become marketable.’’ These proposed
amendments serve several purposes.
First, the proposed amended text
broadens the scope of the Rule so that
it provides for Trade Now to also
activate in circumstances where Orders
possessing the Trade Now Order
Attribute cannot execute at the point of
initial interaction due to a Minimum
Quantity condition 6 on the resting
Order. The existing rule text suggests
that Trade Now will activate only where
it can do so immediately upon
interaction with an incoming Displayed
Order, rather than after waiting for any
conditions that preclude immediate
execution from occurring. Under the
proposed amendment, Trade Now
would activate and execute against the
locking or crossing Orders when the
Minimum Quantity condition that
prevented the immediate execution is
satisfied, provided that the other
requirements for activation of Trade
Now functionality remain satisfied at
that time.7
This proposed amendment enables
Trade Now to better achieve its
underlying purpose—which is to help
clear the Exchange Book of locking or
crossing orders. The Exchange perceives
no logical basis to preclude activation of
Trade Now when two (or more) Orders
meet the conditions for activation, but
for the fact that one of them has a
Minimum Quantity condition that
6 Pursuant to Rule 4703(e), ‘‘Minimum Quantity’’
is an Order Attribute that allows a Participant to
provide that an Order will not execute unless a
specified minimum quantity of shares can be
obtained. The Rule provides for two types of
Minimum Quantity Attributes: one in which a
participant specifies that the condition may be
satisfied by execution against one or more orders
with an aggregate size of at least the minimum
quantity; and another in which the condition must
be satisfied by execution against one or more
Orders, each of which must have a size of at least
the minimum quantity. Id. This proposed rule
change concerns the first of these two alternatives.
7 The Proposal also replaces the word ‘‘becomes’’
with ‘‘is’’ in the existing phrase ‘‘resting Order that
becomes locked or crossed, as applicable, at its nondisplayed price’’ to accommodate the fact that, with
the proposed amendment, Trade Now could
activate after an Order with Trade Now becomes
locked if it is not marketable at that initial point in
time.
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17:17 May 08, 2024
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precluded it from executing
(immediately upon entry and/or against
subsequent incoming contra-side
orders). Provided that the conditions for
Trade Now to activate remain satisfied
as of the time when the Orders become
marketable, the Exchange believes that
it is logical and consistent with the
purpose of Trade Now for this Order to
execute such locking or crossing orders
when the Minimum Quantity condition
can be satisfied because doing so will
help clear the Order Book of locked and
crossed orders.
An example of a scenario in which
the proposed amendment would apply
is when an Order with Trade Now has
a Minimum Quantity condition that a
locking or crossing Order cannot
initially satisfy. By way of illustration,
assume that Participant A enters Order
1, which is a Displayed Order to sell 100
shares of XYZ at $10.00. Participant B
then enters Order 2, which is a NonDisplayed Trade Now order to buy 200
shares of XYZ at $10.00, with a
Minimum Quantity requirement of 200
shares. Order 2 will not automatically
remove Order 1 due to the Minimum
Quantity requirement. Participant C
thereafter enters Order 3, which is a
Non-Displayed Order to sell 100 shares
of XYZ at $10.00. Under the existing
Rule, Order 2 would not remove Order
3 using Trade Now due to the Minimum
Quantity requirement of Order 2. Under
the proposed amended Rule text,
however, Trade Now would be activated
for Order 2, and it would remove both
Orders 1 and 3.
Similarly, the amendment would
apply when it is an incoming locking
Order, or a resting locking Order, that
has a Minimum Quantity condition
which the Order with Trade Now
cannot satisfy immediately. In this
scenario, assume that Participant A
enters Order 1, which is a NonDisplayed Order to sell 300 shares of
XYZ at $10.00, with a Minimum
Quantity requirement of 200 shares.
Participant B then enters Order 2, which
is a Non-Displayed Order with Trade
Now to buy 100 shares of XYZ at
$10.00. Under the existing Rule, Order
2 will lock Order 1 but not execute due
to the Minimum Quantity requirement
associated with Order 1. If Participant C
thereafter enters Order 3, which is
another Displayed Order to buy 200
shares of XYZ at $10.00, then under the
existing Rule, Order 3 will execute
against Order 1 upon receipt, but Order
2 will not use Trade Now to trade
against the remaining shares of Order 1.
Under the proposal, however, once
Order 3 is entered, it will execute
against Order 1, satisfying the Minimum
Quantity requirement of Order 1 and
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39675
reducing the remaining size of Order 1
to 100 shares. At this point, Order 2 is
capable of executing against the reduced
size of Order 1. Order 2 will activate
Trade Now, execute against Order 1,
and clear the locked book.
In addition to the above, the proposed
amendments to Rule 4703(l), along with
corresponding amendments to Rule
4702(b)(4)(C), would discontinue the
applicability of Trade Now to Post-Only
Orders.8 The Exchange proposes to
eliminate the applicability of Trade
Now to this Order Type because Trade
Now is incompatible with the designs of
this Order Type. In other words, PostOnly Orders are liquidity-adding Order
Type, whereas Orders with Trade Now
are designed to be liquidity taking
Orders. Because of this incompatibility,
the Exchange finds that market
participants rarely, as a practical matter,
select Trade Now for their Post-Only
Orders. Insofar as Trade Now serves no
apparent utility as an Attribute of this
Order Type, the Exchange proposes to
eliminate its applicability thereto.
Lastly, the Exchange proposes to
modify existing language in the Rule
which states that only an incoming
Displayed Order whose displayed price
locks or crosses a resting Order with
Trade Now at its non-displayed price
will trigger the Trade Now functionality.
The proposed Rule amendment
broadens this text to also provide for
another Order (including a Displayed or
a Non-Displayed Order) whose price
locks or crosses a resting Order with
Trade Now to trigger Trade Now where
the resting Order with Trade Now has
a Minimum Quantity condition that the
incoming Order (either itself, or in
aggregate with other resting Orders)
satisfies. The purpose of this new
language is to account for the fact that
a non-Displayed incoming Order, in
addition to a Displayed incoming Order,
can lock or cross a resting Order with
Trade Now if it satisfies the Minimum
Quantity condition of the resting Trade
Now Order. The proposed amended
Rule text also accounts for scenarios in
which the Order with Trade Now does
not possess a Minimum Quantity
condition, but instead, the incoming
locking/crossing Order or another
resting locking/crossing Order possesses
the Minimum Quantity Attribute, and
the Minimum Quantity condition is
reduced such that the Order with Trade
Now becomes able to satisfy the
condition. The proposed amendments
8 The existing rule text of Rule 4703(l) expressly
applies Trade Now to Post-Only Orders by virtue
of Trade Now’s applicability to Displayed Orders
(Post-Only Orders are Displayed).
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Federal Register / Vol. 89, No. 91 / Thursday, May 9, 2024 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
would provide for Trade Now to
activate in these scenarios as well.
The Exchange will publish an Equity
Trader Alert at least seven days prior to
implementing the proposed
amendments.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and further the
objectives of Section 6(b)(5) of the Act,10
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.
Specifically, the Exchange believes
that it is consistent with the Act to
amend the Exchange’s Trade Now Rule
to allow for Trade Now to activate, not
only immediately upon receipt of a
locking or crossing contra Displayed
Order, but also at such time when the
Order with Trade Now become
marketable, if it was not marketable
initially due to a Minimum Quantity
Condition. The Exchange believes that
the proposed behavior is consistent with
the underlying intent of Trade Now,
which is to help to clear the Exchange’s
Order Book of locking and crossing
Orders. The Exchange perceives no
logical basis to preclude activation of
Trade Now when two Orders meet the
conditions for activation, but for the fact
that one of them is not marketable, and
thus cannot interact with the other one
immediately upon entry. Provided that
the conditions for Trade Now to activate
remain satisfied as of the time when the
Orders become marketable, the
Exchange believes that these Orders
should execute automatically at that
time. Moreover, the Exchange believes
that the proposed behavior is consistent
with the expectations of market
participants for Trade Now
functionality.
In addition to the above, it is also
consistent with the Act to amend Rule
4703(l), along with Rule 4702(b)(4)(C),
to discontinue the applicability of Trade
Now to Post-Only Orders. As noted
above, the Exchange proposes to
eliminate the applicability of Trade
Now to this Order Type because Trade
Now, which classifies an Order as a
liquidity taker, is incompatible with the
designs of this Order Type as liquidity
maker Orders. Insofar as Trade Now
serves no apparent utility as an
Attribute of this Order Type, it is
reasonable and in the interests of the
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15
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markets and investors to eliminate its
applicability thereto.
Lastly, the Exchange believes it is
consistent with the Act to modify
existing language in the Rule which
states that only an incoming Displayed
Order whose displayed price locks or
crosses a resting Order with Trade Now
at its non-displayed price will trigger
the Trade Now functionality. As stated
above, the proposed Rule amendment
broadens this text to also provide for
another Order (including a Displayed or
a Non-Displayed Order) whose price
locks or crosses a resting Order with
Trade Now to trigger Trade Now where
the resting Order with Trade Now has
a Minimum Quantity condition that the
incoming Order satisfies. This new
language would account for the fact that
a non-Displayed incoming Order, in
addition to a Displayed incoming Order,
can lock or cross a resting Order with
Trade Now if it satisfies the Minimum
Quantity condition. The proposed
amended Rule text also accounts for
scenarios in which the Order with Trade
Now does not possess a Minimum
Quantity condition, but instead, the
incoming locking/crossing Order or
another resting locking/crossing Order
possesses the Minimum Quantity
Attribute, and the Minimum Quantity
condition is reduced such that the Order
with Trade Now becomes able to satisfy
the condition. The proposed
amendments would provide for Trade
Now to activate in these scenarios as
well. Again, no purpose is served by
excluding these scenarios from
triggering Trade Now. To the contrary,
including them would further the
purpose of Trade Now, which is to aid
in the clearing the Exchange’s Order
Book of locked and crossing Orders.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. Although the
proposal will broaden the applicability
of Trade Now, the Exchange neither
intends nor perceives that this rule
change will have any significant impact
on competition other than to make the
Exchange’s Trade Now Attribute more
useful for participants, and thus the
Exchange a more attractive venue in
which to trade. Even as amended, Trade
Now will remain an optional
functionality that the Exchange offers at
no charge, and which may be used
equally by similarly-situated
participants.
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Fmt 4703
Sfmt 4703
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)(iii) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.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
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–2024–013 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–2024–013. This file
11 15
U.S.C. 78s(b)(3)(A)(iii).
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.
12 17
E:\FR\FM\09MYN1.SGM
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Federal Register / Vol. 89, No. 91 / Thursday, May 9, 2024 / Notices
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. Do not include
personal identifiable information in
submissions; you should submit only
information that you wish to make
available publicly. We may redact in
part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to file number SR–BX–2024–013, and
should be submitted on or before May
30, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–10080 Filed 5–8–24; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #20288 and #20289;
LOUISIANA Disaster Number LA–20003]
Administrative Declaration of a
Disaster for the State of LOUISIANA
Small Business Administration.
ACTION: Notice.
Physical Loan Application Deadline
Date: 07/02/2024.
Economic Injury (EIDL) Loan
Application Deadline Date: 02/03/2025.
ADDRESSES: Visit the MySBA Loan
Portal at https://lending.sba.gov to
apply for a disaster assistance loan.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Recovery & Resilience, U.S. Small
Business Administration, 409 3rd Street
SW, Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
submitted online using the MySBA
Loan Portal https://lending.sba.gov or
other locally announced locations.
Please contact the SBA disaster
assistance customer service center by
email at disastercustomerservice@
sba.gov or by phone at 1–800–659–2955
for further assistance.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Parishes: St. Tammany
Contiguous Parishes/Counties:
Louisiana: Jefferson, Orleans,
Tangipahoa, Washington
Mississippi: Hancock, Pearl River
The Interest Rates are:
Percent
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Business and Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................
5.375
2.688
8.000
4.000
3.250
3.250
4.000
3.250
AGENCY:
This is a notice of an
Administrative declaration of a disaster
for the State of LOUISIANA dated 05/
03/2024.
Incident: Severe Storm, Flooding,
Straight-line Winds and Tornadoes.
Incident Period: 04/10/2024.
DATES: Issued on 05/03/2024.
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
The number assigned to this disaster
for physical damage is 20288C and for
economic injury is 202890.
The States which received an EIDL
Declaration are Louisiana, Mississippi.
(Catalog of Federal Domestic Assistance
Number 59008)
Isabella Guzman,
Administrator.
[FR Doc. 2024–10088 Filed 5–8–24; 8:45 am]
13 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:17 May 08, 2024
BILLING CODE 8026–09–P
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39677
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #20258; MARYLAND
Disaster Number MD–20001 Declaration of
Economic Injury]
Administrative Declaration of an
Economic Injury Disaster for the State
of MARYLAND; Correction
Small Business Administration.
Correction.
AGENCY:
ACTION:
This is a correction to the
Administrative Economic Injury
Disaster Loan (EIDL) declaration for the
State of MARYLAND dated 03/29/2024.
This catastrophe has far-ranging effects
for businesses throughout the state,
surrounding areas and are of national
scale and significance.
Incident: Francis Scott Key Bridge
Collapse.
Incident Period: 03/26/2024 and
continuing.
SUMMARY:
Issued on 05/03/2024.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/30/2024.
ADDRESSES: Visit the MySBA Loan
Portal at https://lending.sba.gov to
apply for a disaster assistance loan.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Recovery & Resilience, U.S. Small
Business Administration, 409 3rd Street
SW, Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: The notice
of the Administrator’s EIDL disaster
declaration for the State of Maryland,
dated 03/29/2024, published at 89 FR
23616, is hereby corrected to include
King George, Northumberland, Prince
William, Stafford, and Westmoreland
Counties in Virginia as contiguous
counties. Applications for disaster loans
may be submitted online using the
MySBA Loan Portal https://
lending.sba.gov or other locally
announced locations. Please contact the
SBA disaster assistance customer
service center by email at
disastercustomerservice@sba.gov or by
phone at 1–800–659–2955 for further
assistance.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Allegany, Anne
Arundel, Baltimore, Baltimore,
Calvert, Caroline, Carroll, Cecil,
Charles, Dorchester, Frederick,
Garrett, Harford, Howard, Kent,
Montgomery, Prince George’s,
Queen Anne’s, Somerset, St.
Mary’s, Talbot, Washington,
Wicomico, Worcester.
Contiguous Counties:
Delaware: Kent, New Castle, Sussex
DATES:
E:\FR\FM\09MYN1.SGM
09MYN1
]]>Agencies
[Federal Register Volume 89, Number 91 (Thursday, May 9, 2024)]
[Notices]
[Pages 39674-39677]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10080]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100059; File No. SR-BX-2024-013]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the Trade
Now Order Attribute at Equity 4, Rule 4702 and Make Conforming Changes
to Rule 4703
May 3, 2024.
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 April 26, 2024, 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Trade Now Order Attribute, at
Equity 4, Rule 4702,\3\ as well as to make conforming changes to Rule
4703, as described further below.
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\3\ References herein to BX Rules in the 4000 Series shall mean
Rules in BX Equity 4.
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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
The Exchange proposes to amend Rule 4703(l), which governs the
Trade Now Order Attribute.\4\ Under the Exchange's rules, as amended by
SR-BX-2022-015,\5\ Trade Now is an Attribute that allows a resting
Order ``that becomes locked or crossed, as applicable, at its non-
displayed price by the posted price of an incoming Displayed Order to
execute against a
[[Page 39675]]
locking or crossing Orders as a liquidity taker automatically.'' The
Exchange proposes to amend this rule text to state instead that Trade
Now allows ``a resting Order that is locked or crossed, as applicable,
at its non-displayed price by the posted price of an incoming Displayed
Order or another Order or Orders (where such locking or crossing
Order(s) or the order with Trade Now satisfies a Minimum Quantity
condition) to execute against a locking or crossing Order(s) as a
liquidity taker automatically, when such Orders become marketable.''
These proposed amendments serve several purposes.
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\4\ An ``Order Attribute'' is a further set of variable
instructions that may be associated with an Order to further define
how it will behave with respect to pricing, execution, and/or
posting to the Exchange Book when submitted to the Exchange. See id.
\5\ See Securities Exchange Act Release No. 34-95695 (September
7, 2022); 87 FR 56122 (September 13, 2022) (SR-BX-2022-015).
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First, the proposed amended text broadens the scope of the Rule so
that it provides for Trade Now to also activate in circumstances where
Orders possessing the Trade Now Order Attribute cannot execute at the
point of initial interaction due to a Minimum Quantity condition \6\ on
the resting Order. The existing rule text suggests that Trade Now will
activate only where it can do so immediately upon interaction with an
incoming Displayed Order, rather than after waiting for any conditions
that preclude immediate execution from occurring. Under the proposed
amendment, Trade Now would activate and execute against the locking or
crossing Orders when the Minimum Quantity condition that prevented the
immediate execution is satisfied, provided that the other requirements
for activation of Trade Now functionality remain satisfied at that
time.\7\
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\6\ Pursuant to Rule 4703(e), ``Minimum Quantity'' is an Order
Attribute that allows a Participant to provide that an Order will
not execute unless a specified minimum quantity of shares can be
obtained. The Rule provides for two types of Minimum Quantity
Attributes: one in which a participant specifies that the condition
may be satisfied by execution against one or more orders with an
aggregate size of at least the minimum quantity; and another in
which the condition must be satisfied by execution against one or
more Orders, each of which must have a size of at least the minimum
quantity. Id. This proposed rule change concerns the first of these
two alternatives.
\7\ The Proposal also replaces the word ``becomes'' with ``is''
in the existing phrase ``resting Order that becomes locked or
crossed, as applicable, at its non-displayed price'' to accommodate
the fact that, with the proposed amendment, Trade Now could activate
after an Order with Trade Now becomes locked if it is not marketable
at that initial point in time.
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This proposed amendment enables Trade Now to better achieve its
underlying purpose--which is to help clear the Exchange Book of locking
or crossing orders. The Exchange perceives no logical basis to preclude
activation of Trade Now when two (or more) Orders meet the conditions
for activation, but for the fact that one of them has a Minimum
Quantity condition that precluded it from executing (immediately upon
entry and/or against subsequent incoming contra-side orders). Provided
that the conditions for Trade Now to activate remain satisfied as of
the time when the Orders become marketable, the Exchange believes that
it is logical and consistent with the purpose of Trade Now for this
Order to execute such locking or crossing orders when the Minimum
Quantity condition can be satisfied because doing so will help clear
the Order Book of locked and crossed orders.
An example of a scenario in which the proposed amendment would
apply is when an Order with Trade Now has a Minimum Quantity condition
that a locking or crossing Order cannot initially satisfy. By way of
illustration, assume that Participant A enters Order 1, which is a
Displayed Order to sell 100 shares of XYZ at $10.00. Participant B then
enters Order 2, which is a Non-Displayed Trade Now order to buy 200
shares of XYZ at $10.00, with a Minimum Quantity requirement of 200
shares. Order 2 will not automatically remove Order 1 due to the
Minimum Quantity requirement. Participant C thereafter enters Order 3,
which is a Non-Displayed Order to sell 100 shares of XYZ at $10.00.
Under the existing Rule, Order 2 would not remove Order 3 using Trade
Now due to the Minimum Quantity requirement of Order 2. Under the
proposed amended Rule text, however, Trade Now would be activated for
Order 2, and it would remove both Orders 1 and 3.
Similarly, the amendment would apply when it is an incoming locking
Order, or a resting locking Order, that has a Minimum Quantity
condition which the Order with Trade Now cannot satisfy immediately. In
this scenario, assume that Participant A enters Order 1, which is a
Non-Displayed Order to sell 300 shares of XYZ at $10.00, with a Minimum
Quantity requirement of 200 shares. Participant B then enters Order 2,
which is a Non-Displayed Order with Trade Now to buy 100 shares of XYZ
at $10.00. Under the existing Rule, Order 2 will lock Order 1 but not
execute due to the Minimum Quantity requirement associated with Order
1. If Participant C thereafter enters Order 3, which is another
Displayed Order to buy 200 shares of XYZ at $10.00, then under the
existing Rule, Order 3 will execute against Order 1 upon receipt, but
Order 2 will not use Trade Now to trade against the remaining shares of
Order 1. Under the proposal, however, once Order 3 is entered, it will
execute against Order 1, satisfying the Minimum Quantity requirement of
Order 1 and reducing the remaining size of Order 1 to 100 shares. At
this point, Order 2 is capable of executing against the reduced size of
Order 1. Order 2 will activate Trade Now, execute against Order 1, and
clear the locked book.
In addition to the above, the proposed amendments to Rule 4703(l),
along with corresponding amendments to Rule 4702(b)(4)(C), would
discontinue the applicability of Trade Now to Post-Only Orders.\8\ The
Exchange proposes to eliminate the applicability of Trade Now to this
Order Type because Trade Now is incompatible with the designs of this
Order Type. In other words, Post-Only Orders are liquidity-adding Order
Type, whereas Orders with Trade Now are designed to be liquidity taking
Orders. Because of this incompatibility, the Exchange finds that market
participants rarely, as a practical matter, select Trade Now for their
Post-Only Orders. Insofar as Trade Now serves no apparent utility as an
Attribute of this Order Type, the Exchange proposes to eliminate its
applicability thereto.
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\8\ The existing rule text of Rule 4703(l) expressly applies
Trade Now to Post-Only Orders by virtue of Trade Now's applicability
to Displayed Orders (Post-Only Orders are Displayed).
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Lastly, the Exchange proposes to modify existing language in the
Rule which states that only an incoming Displayed Order whose displayed
price locks or crosses a resting Order with Trade Now at its non-
displayed price will trigger the Trade Now functionality. The proposed
Rule amendment broadens this text to also provide for another Order
(including a Displayed or a Non-Displayed Order) whose price locks or
crosses a resting Order with Trade Now to trigger Trade Now where the
resting Order with Trade Now has a Minimum Quantity condition that the
incoming Order (either itself, or in aggregate with other resting
Orders) satisfies. The purpose of this new language is to account for
the fact that a non-Displayed incoming Order, in addition to a
Displayed incoming Order, can lock or cross a resting Order with Trade
Now if it satisfies the Minimum Quantity condition of the resting Trade
Now Order. The proposed amended Rule text also accounts for scenarios
in which the Order with Trade Now does not possess a Minimum Quantity
condition, but instead, the incoming locking/crossing Order or another
resting locking/crossing Order possesses the Minimum Quantity
Attribute, and the Minimum Quantity condition is reduced such that the
Order with Trade Now becomes able to satisfy the condition. The
proposed amendments
[[Page 39676]]
would provide for Trade Now to activate in these scenarios as well.
The Exchange will publish an Equity Trader Alert at least seven
days prior to implementing the proposed amendments.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and further the objectives of Section
6(b)(5) of the Act,\10\ 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.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that it is consistent with the
Act to amend the Exchange's Trade Now Rule to allow for Trade Now to
activate, not only immediately upon receipt of a locking or crossing
contra Displayed Order, but also at such time when the Order with Trade
Now become marketable, if it was not marketable initially due to a
Minimum Quantity Condition. The Exchange believes that the proposed
behavior is consistent with the underlying intent of Trade Now, which
is to help to clear the Exchange's Order Book of locking and crossing
Orders. The Exchange perceives no logical basis to preclude activation
of Trade Now when two Orders meet the conditions for activation, but
for the fact that one of them is not marketable, and thus cannot
interact with the other one immediately upon entry. Provided that the
conditions for Trade Now to activate remain satisfied as of the time
when the Orders become marketable, the Exchange believes that these
Orders should execute automatically at that time. Moreover, the
Exchange believes that the proposed behavior is consistent with the
expectations of market participants for Trade Now functionality.
In addition to the above, it is also consistent with the Act to
amend Rule 4703(l), along with Rule 4702(b)(4)(C), to discontinue the
applicability of Trade Now to Post-Only Orders. As noted above, the
Exchange proposes to eliminate the applicability of Trade Now to this
Order Type because Trade Now, which classifies an Order as a liquidity
taker, is incompatible with the designs of this Order Type as liquidity
maker Orders. Insofar as Trade Now serves no apparent utility as an
Attribute of this Order Type, it is reasonable and in the interests of
the markets and investors to eliminate its applicability thereto.
Lastly, the Exchange believes it is consistent with the Act to
modify existing language in the Rule which states that only an incoming
Displayed Order whose displayed price locks or crosses a resting Order
with Trade Now at its non-displayed price will trigger the Trade Now
functionality. As stated above, the proposed Rule amendment broadens
this text to also provide for another Order (including a Displayed or a
Non-Displayed Order) whose price locks or crosses a resting Order with
Trade Now to trigger Trade Now where the resting Order with Trade Now
has a Minimum Quantity condition that the incoming Order satisfies.
This new language would account for the fact that a non-Displayed
incoming Order, in addition to a Displayed incoming Order, can lock or
cross a resting Order with Trade Now if it satisfies the Minimum
Quantity condition. The proposed amended Rule text also accounts for
scenarios in which the Order with Trade Now does not possess a Minimum
Quantity condition, but instead, the incoming locking/crossing Order or
another resting locking/crossing Order possesses the Minimum Quantity
Attribute, and the Minimum Quantity condition is reduced such that the
Order with Trade Now becomes able to satisfy the condition. The
proposed amendments would provide for Trade Now to activate in these
scenarios as well. Again, no purpose is served by excluding these
scenarios from triggering Trade Now. To the contrary, including them
would further the purpose of Trade Now, which is to aid in the clearing
the Exchange's Order Book of locked and crossing Orders.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Although the proposal will
broaden the applicability of Trade Now, the Exchange neither intends
nor perceives that this rule change will have any significant impact on
competition other than to make the Exchange's Trade Now Attribute more
useful for participants, and thus the Exchange a more attractive venue
in which to trade. Even as amended, Trade Now will remain an optional
functionality that the Exchange offers at no charge, and which may be
used equally by similarly-situated participants.
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)(iii) of the Act \11\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 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.
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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 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-2024-013 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-2024-013. This file
[[Page 39677]]
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. Do
not include personal identifiable information in submissions; you
should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to file number SR-BX-2024-013, and should
be submitted on or before May 30, 2024.
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).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-10080 Filed 5-8-24; 8:45 am]
BILLING CODE 8011-01-P
