[Federal Register: May 7, 2009 (Volume 74, Number 87)]
[Notices]
[Page 21430-21431]
[DOCID:fr07my09-147]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

Reports, Forms and Record Keeping Requirements Agency Information
Collection Activity Under OMB Review

AGENCY: National Highway Traffic Safety Administration, DOT.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.), this notice announces that the Information
Collection Request (ICR) abstracted below has been forwarded to the
Office of Management and Budget (OMB) for review and comment. The ICR
describes the nature of the information collections and their expected
burden. The Federal Register Notice with a 60-day comment period was
published on November 18, 2008 (73 FR 68495).

DATES: Comments must be submitted on or before June 8, 2009.

FOR FURTHER INFORMATION CONTACT: Carla Rush, the National Highway
Traffic Safety Administration, Office of Rulemaking (NVS-112), (202)
366-4583, 1200 New Jersey Avenue, SE., West Building, Room W43-417,
Washington, DC 20590-0001.

SUPPLEMENTARY INFORMATION:

National Highway Traffic Safety Administration

    Title: Appendix A-1 of FMVSS No. 208 Phase-in Reporting
Requirements.
    OMB Number: 2127-NEW.
    Type of Request: New collection.
    Abstract: 49 U.S.C. 30111 authorizes the issuance of FMVSSs and
regulations. The agency, in prescribing a FMVSS or regulation,
considers available relevant motor vehicle safety data, and consults
with other agencies, as it deems appropriate. Further, the statute
mandates that in issuing any FMVSS or regulation, the agency considers
whether the standard or regulation is ``reasonable, practicable and
appropriate for the particular type of motor vehicle or item of motor
vehicle equipment for which it is prescribed,'' and whether such a
standard will contribute to carrying out the purpose of the Act. The
Secretary is authorized to invoke such rules and regulations as deemed
necessary to carry out these requirements. Using this authority, the
agency issued FMVSS No. 208, ``Occupant crash protection,'' to aid the
agency in achieving many of its safety goals. This notice requests
comments on the collection of information for the phase-in reporting

requirements related to the implementation of Appendix A-1 of this
standard.
    Affected Public: Businesses, individuals, households, federal
government and state, local, or tribal government.
    Estimated Total Annual Burden: 22 hours (22 affected manufacturers
x 1 hour).

ADDRESSES: Send comments, within 30 days, to the Office of Information
and Regulatory Affairs, Office of Management and Budget, 725 17th
Street, NW., Washington, DC 20503, Attention NHTSA Desk Officer.
    Comments are invited on: Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimate of the burden of the
proposed information collection; ways to enhance the quality, utility
and clarity of the information to be collected; and ways to minimize
the burden of the collection of information on respondents, including
the use of automated collection techniques or other forms of
information technology.
    A comment to OMB is most effective if OMB receives it within 30
days of publication.

    Authority:  44 U.S.C. 3506(c); delegation of authority at 49 CFR
1.50.

    Issued on: May 1, 2009.
Stephen R. Kratzke,
Associate Administrator for Rulemaking.
[FR Doc. E9-10598 Filed 5-6-09; 8:45 am]

BILLING CODE 4910-59-P


[Federal Register Volume 82, Number 134 (Friday, July 14, 2017)]
[Notices]
[Pages 32594-32596]
[FR Doc No: 2017-14756]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81109; File No. SR-GEMX-2017-28]

Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Specify an
Exception to the Manner in Which Market Maker Immediate-or-Cancel
Orders Will Be Handled

July 10, 2017.
    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 June 27, 2017, Nasdaq GEMX, LLC (``GEMX'' or the ``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.
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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 GEMX Rule 715(b)(3) to specify an
exception to the manner in which Immediate-or-Cancel Orders are handled
by the System when entered through the Specialized Quote Feed \3\
(``SQF'') protocol.
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    \3\ SQF is an interface that allows Market Makers to connect and
send quotes, Immediate-or-Cancel Orders and auction responses into
GEMX.
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    The text of the proposed rule change is available on the Exchange's
Web site at www.ise.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 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to amend GEMX Rule 715(b)(3) to specify
the manner in which an Immediate-or-Cancel Order interacts with certain
order protections when entered through SQF. An Immediate-or-Cancel
Order is defined as a limit order that is to be executed in whole or in
part upon receipt. Any portion not so executed is to be treated as
cancelled.\4\ SQF is an interface that was introduced with the
technology migration to a Nasdaq, Inc. (``Nasdaq'') supported
architecture.\5\ Prior to the INET migration, Members entered orders
through FIX, DTI or Nasdaq Precise on GEMX. Today, Members may continue
to submit orders through FIX or Nasdaq Precise. OTTO became available
to enter orders and SQF became available for Market Makers \6\ to enter
quotes and also Immediate-or-Cancel Orders. DTI was discontinued.
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    \4\ See GEMX Rule 715(b)(3). Immediate-or Cancel Orders do not
route.
    \5\ See Securities Exchange Act Release No. 80011 (February 10,
2017), 82 FR 10927 (February 16, 2017) (SR-ISEGemini-2016-17). INET
is the proprietary core technology utilized across Nasdaq's global
markets and utilized on The NASDAQ Options Market LLC (``NOM''),
NASDAQ PHLX LLC (``Phlx'') and NASDAQ BX, Inc. (``BX'')
(collectively, ``Nasdaq Exchanges''). The migration of GEMX to the
Nasdaq INET architecture resulted in higher performance,
scalability, and more robust architecture. With the system
migration, the Exchange adopted certain trading functionality
currently utilized at Nasdaq Exchanges.
    \6\ The term ``market makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See GEMX Rule
100(a)(25).
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    The Exchange proposes to amend GEMX Rule 715(b)(3) to clearly
provide that, today, an Immediate-or-Cancel order entered by a Market
Maker through SQF is not subject to the Limit Order Price Protection
and Size Limitation Protection as defined in GEMX Rule 714(b)(2) and
(3). All other Immediate-or-Cancel Orders entered through FIX, OTTO or
Nasdaq Precise continue to be subject to these protections as was the
case prior to the migration.
    GEMX Rule 714, entitled ``Automatic Execution of Orders,'' contains
a section (b)(2) and (3) which applies to order protections that are
automatically enforced by the System. The Limit Order Price Protection
sets a limit on the amount by which incoming limit orders to buy may be
priced above the Exchange's best offer and by which incoming limit
orders to sell may be priced below the Exchange's best bid. Limit
orders that exceed the pricing limit are rejected.\7\ Immediate-or-
Cancel Orders entered through SQF are not subject to the Limit Order
Price Protection provided in GEMX Rule 714(b)(2).
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    \7\ The limit is established by the Exchange from time-to-time
for orders to buy (sell) as the greater of the Exchange's best offer
(bid) plus (minus): (i) An absolute amount not to exceed $2.00, or
(ii) a percentage of the Exchange's best bid/offer not to exceed
10%. See GEMX Rule 714(b)(2).
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    GEMX Rule 714(b)(3) provides a protection for size limitation. The
System limits the number of contracts an incoming order may specify.
Orders that exceed the maximum number of contracts are rejected.\8\
Immediate-or-Cancel Orders entered through SQF are not subject to this
size limitation protection provided in GEMX Rule 714(b)(3).
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    \8\ The maximum number of contracts, which shall not be less
than 10,000, is established by the Exchange from time-to-time. See
GEMX Rule 714(b)(3).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers 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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    With the adoption of the SQF protocol on INET, the Exchange offered
Market Makers the ability to expeditiously submit Immediate-or-Cancel
orders through SQF, without having to involve a different protocol and
method of entry such as FIX, OTTO or Nasdaq Precise. With the ability
for Market Makers to utilize the SQF protocol to enter Immediate-or-
Cancel Orders, in addition to having the ability to enter Immediate-or-
Cancel Orders on FIX, OTTO or Nasdaq Precise, similar to other market
participants, Market Makers are able to submit Immediate-or-Cancel
Orders into SQF allowing them to manage risk utilizing a single
protocol, SQF.
    Unlike other market participants, Market Makers are required to
provide liquidity to the market and are subject to certain obligations,
including a requirement to provide continuous two-sided quotes on a
daily basis.\11\ Market Makers use Immediate-or-Cancel Orders to trade
out of accumulated positions and manage their risk when providing
liquidity on the Exchange. Proper risk management, including using
these

Immediate-or-Cancel Orders to offload risk, is vital for Market Makers,
and allows them to maintain tight markets and meet their quoting and
other obligations to the market. The Exchange believes that allowing
Market Makers to submit Immediate-or-Cancel Orders though their
preferred protocol will increase their efficiency in submitting such
orders and thereby allow them to maintain quality markets to the
benefit of all market participants that trade on the Exchange.
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    \11\ See GEMX Rule 804(e).
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    Miami International Securities Exchange LLC (``MIAX'') utilizes its
MIAX Express Interface (MEI), a quoting interface, for market makers to
enter immediate-or-cancel orders.\12\ Specifically, MIAX noted in its
Application for Registration as a National Securities Exchange, ``. . .
MIAX would allow market makers to use a variety of quote types, some of
which would have a specific time in force and would be analogous to
orders (MIAX refers to such order types as ``eQuotes,'' and market
makers would be able to enter these orders through their quotation
infrastructure).'' \13\ Furthermore, MIAX's Price Protection on Non-
Market Maker Orders is not available for orders submitted by a Market
Maker.\14\ The Price Protection on Non-Market Maker Orders prevents an
order from being executed at a price beyond the price designated in the
order's price protection instructions, and is a similar protection to
the Exchange's Limit Order Price Protection. The Exchange similarly
believes that it is consistent with the Act to not apply certain
protections to Market Maker Immediate-or-Cancel Orders submitted
through SQF.
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    \12\ MIAX offers an eQuote, which is a quote with a specific
time in force that does not automatically cancel and replace a
previous Standard quote or eQuote. An eQuote can be cancelled by the
Market Maker at any time, or can be replaced by another eQuote that
contains specific instructions to cancel an existing eQuote. See
MIAX Rule 517(a)(2).
    \13\ See Securities Exchange Release Act No. 68341 (December 3,
2012), 77 FR 73065 (December 7, 2012) (File No. 10-207) (In the
Matter of the Application of Miami International Securities
Exchange, LLC for Registration as a National Securities Exchange:
Findings, Opinion, and Order of the Commission).
    \14\ See MIAX Rule 515(c)(1).
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    Market Makers handle a large amount of risk when quoting on GEMX
and in addition to the risk protections required by the Exchange,
Market Makers utilize their own risk management parameters when
entering orders, minimizing the likelihood of a Market Maker order
resulting from an error from [sic] being entered. The Exchange believes
that Market Makers, unlike other market participants, have the ability
to manage their risk when submitting Immediate-or-Cancel Orders through
SQF and should be permitted to elect this method of order entry to
obtain efficiency and speed of order entry, particularly in light of
the continuous quoting obligations the Exchange imposes on these
participants. If Market Makers desire the Limit Order Protections and
the Size Limitation Protections, they may utilize the FIX, OTTO or
Nasdaq Precise protocols for entering their orders. The Exchange notes
that Market Makers on Phlx may enter Immediate-or-Cancel Orders through
SQF and are similarly not subject to certain risk protections
today.\15\ The Exchange represents that it will continue to assess the
risk protections that are applied to orders, including Market Maker
Immediate-or-Cancel Orders submitted through SQF, to ensure that
adequate risk protections are available to members that trade on the
Exchange. The Exchange will file to adopt additional risk protections
in the event that the Exchange determines that such additional
protections are appropriate in the interest of maintaining a fair and
orderly market.
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    \15\ See Securities and Exchange Release No. 76295 (October 29,
2015), 80 FR 68338 at 68339 (November 4, 2015) (SR-Phlx-2015-83)
(Phlx noted in footnote 8 that while SQF permits the receipt of
quotes, sweeps are not included for purposes of the Percentage Based
risk protection in Rule 1095(i)). Phlx Rule 1080(c)(iii)(B) provides
that, ``. . . Market Sweeps are processed on an immediate-or-cancel
basis, may not be routed, may be entered only at a single price, and
may not trade through away markets.''
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change imposes
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. Market Makers handle a large amount of risk
when quoting on GEMX and in addition to the risk protections required
by the Exchange, Market Makers utilize their own risk management
parameters when entering orders, minimizing the likelihood of a Market
Maker order resulting from an error being entered. Market Makers also
transact a large amount of orders on the Exchange and bring liquidity
to the market. Market Makers should be permitted to elect this method
of order entry to obtain efficiency and speed of order entry,
particularly in light of the continuous quoting obligations the
Exchange imposes on these members that are not applicable to other
market participants. The Exchange therefore believes that this rule
change will not impose an undue burden on competition.

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 \16\ and Rule 19b-4(f)(6) thereunder.\17\
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 prior to
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 and Rule 19b-
4(f)(6)(iii) thereunder.
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    \16\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its 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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    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 has stated that it is requesting this waiver to
specify that when Market Makers submit Immediate-or-Cancel Orders
through SQF, the Limit Order Price Protection in GEMX Rule 714(b)(2)
and the Size Limitation Protection in GEMX Rule 714(b)(3) do not apply
to those orders. The Exchange believes that Market Makers should be
permitted to elect this method of order entry to obtain efficiency and
speed of order entry, due to the continuous quoting obligations the
Exchange places on Market Makers, unlike other market participants.
Additionally the Exchange believes that Market Makers have the ability
to manage their own risk when submitting Immediate-or-Cancel Orders
through SQF. The Exchange represents that it will continue to assess
the risk protections that are applied to orders and will file to adopt
additional risk protections if it determines that such additional
protections are appropriate in the interest of maintaining a fair and
orderly market.

    The Commission believes that waiver the 30-day operative delay is
consistent with the protection of investors and the public interest
because this waiver will enable the Exchange to permit Market Makers to
utilize the SQF protocol to submit Immediate-or-Cancel Orders, thereby
allowing Market Makers to manage their risk through a single protocol
for entering orders and quotations and comply with their continuous
quoting requirements. The Commission notes that Market Makers are
sophisticated market participants that have alternative methods to
manage risk and that the Exchange will continue to assess the need for
additional risk protections that may be appropriate, including for
Immediate-or-Cancel Orders submitted through SQF. For this reason, the
Commission hereby waives the 30-day operative delay requirement and
designates the proposed rule change as operative upon filing.\18\
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    \18\ 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 such 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 under
Section 19(b)(2)(B) \19\ of the Act to determine whether the proposed
rule should be approved or disapproved.
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    \19\ 15 U.S.C. 78s(b)(2)(B).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-GEMX-2017-28 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-GEMX-2017-28. 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 Web site (http://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 Web site 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 such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-GEMX-2017-28, and should be
submitted on or before August 4, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14756 Filed 7-13-17; 8:45 am]
 BILLING CODE 8011-01-P