RegAlert2016-04-04
Added · Updated
SEC Exemption Under Rule 608(e) from Tick Size Pilot Plan Provisions for Nasdaq OMX PHLX LLC
The Commission grants Nasdaq OMX PHLX LLC a limited exemption from specific data collection and reporting requirements of the Tick Size Pilot Plan under Rule 608(c) of Regulation NMS. PHLX members must identify Retail Investor Orders using a "Y" flag only for those relying on exceptions in Test Groups Two and Three, and report "N" for all others. The exemption allows data regarding order execution times and market maker profitability to be calculated and reported based on order receipt time and alternative methodologies consistent with PHLX Rule 3317(b) commentaries. Additionally, PHLX is required to submit its initial data collection for April through July 2016 on August 30, 2016, rather than within 30 calendar days following month-end.
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DIVISION OF
TRADING AND MARKETS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON , DC 20549
April 4, 2016
Mr. T. Sean Bennett
Associate General Counsel
Nasdaq, Inc.
805 King Farm Boulevard
Rockville, MD 20850
Re: Exemption Under Rule 608(e) of Regulation NMS under the Securities Exchange Act of 1934 from Certain Provisions of the "Plan to Implement a Tick Size Pilot Program" Dear Mr. Bennett:
In its letter dated December 9, 2015, 1 the Financial Industry Regulatory Authority, Inc. ("FINRA"), on behalf of itself and BATS Exchange, Inc., BA TS YExchange, Inc., Chicago Stock Exchange, Inc., EDGA Exchange Inc., EDGX Exchange, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC (the "Exchange" or "PHLX"), the Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca Inc. (collectively, "Participants") requests an exemption from certain data collection requirements set forth in the Plan to Implement a Tick Size Pilot Program ("Tick Size Pilot Plan").2 Specifically, the Participants request that the Commission, pursuant to Rule 608( e) of Regulation NMS under the Securities Exchange Act of 1934 ("Exchange Act"), exempt the Exchange and the other Participants from the requirements of Rule 608( c) of Regulation NMS that they comply with, and enforce compliance by its members with: (I) Appendix B.Il.n, which requires the identification of Retail Investor Orders;3 (II) certain time reporting requirements of Appendix B.1.a(15) and (22); (III) the time used for performing certain calculations set forth in Appendix B.I.a(31) through B.1.a(3 3 ); (IV) the methodology for calculating Market Maker 2 3 See Letter from Marcia E. Asquith, Senior Vice President and Corporate Secretary, Financial Industry Regulatory Authority, to Robert W. Errett, Deputy Secretary, Securities and Exchange Commission ("Commission") dated December 9, 2015 ("Exemption Request"). See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015). Capitalized terms not otherwise defined herein shall have the same meaning as they are defined in the Tick Size Pilot Plan. 1
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.