Self-Regulatory Organizations;
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
FOOTNOTE 1 15 U.S.C. 78s(b)(1). END FOOTNOTE
FOOTNOTE 2 17 CFR 240.19b-4. END FOOTNOTE
I.
The Exchange proposes to extend the implementation date of its functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging.
There is no rule text for this proposed rule change.
II.
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.
1. Purpose
Nasdaq is filing this proposal to extend the implementation date of its functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging. The functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging was approved by the
FOOTNOTE 3 See Securities Exchange Act Release No. 79290 (
Nasdaq proposed to amend Rule 4702 (Order Types) to change its Midpoint Peg Post-Only Order, so that, if the NBBO is crossed, any existing Midpoint Peg Post-Only Order would be cancelled and any new Midpoint Peg Post-Only Order would be rejected. Similarly, Nasdaq proposed to amend Rule 4703 (Order Attributes) so that, if the Inside Bid and Inside Offer are crossed, any existing Order with Midpoint Pegging would be cancelled and any new Order with Midpoint Pegging would be rejected. /4/
FOOTNOTE 4 See Securities Exchange Act Release No. 79290 (
Nasdaq initially proposed to implement this new functionality on
FOOTNOTE 5 See Equity Trader Alert #2016-291. END FOOTNOTE
FOOTNOTE 6 See Securities Exchange Act Release No. 80045 (
Nasdaq has now determined to delay the implementation of the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging to no later than
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section 6(b) of the Act, /7/ in general, and furthers the objectives of Section 6(b)(5) of the Act, /8/ 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 purpose of this proposal is to inform the
FOOTNOTE 7 15 U.S.C. 78f(b). END FOOTNOTE
FOOTNOTE 8 15 U.S.C. 78f(b)(5). END FOOTNOTE
B.
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. As noted above, the purpose of this proposal is to extend the implementation date for the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging so that Nasdaq may perform additional systems testing prior to implementing this functionality.
C.
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) of the Act and Rule 19b-4(f)(6) thereunder. /9/
FOOTNOTE 9 17 CFR 240.19b-4(f)(6). As required under Rule 19b-4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. END FOOTNOTE
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act /10/ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) /11/ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange previously announced that it would implement the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging no later than
FOOTNOTE 10 17 CFR 240.19b-4(f)(6). END FOOTNOTE
FOOTNOTE 11 17 CFR 240.19b-4(f)(6)(iii). END FOOTNOTE
FOOTNOTE 12 See supra note 6. END FOOTNOTE
FOOTNOTE 13 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). END FOOTNOTE
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
* Send an email to rule-comments@sec.gov. Please include File Number SR-NASDAQ-2017-034 on the subject line.
Paper Comments
* Send paper comments in triplicate to
–This is a summary of a
Citation: “82 FR 17714”
Document Number: “Release No. 34-80391; File No. SR-NASDAQ-2017-034”
Federal Register Page Number: “17714”
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