[Federal Register Volume 84, Number 98 (Tuesday, May 21, 2019)]
[Notices]
[Pages 23105-23109]
[FR Doc No: 2019-10508]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85861; File No. SR-NASDAQ-2019-036]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Equity 7, Section 118(a)

May 15, 2019.
    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 May 1, 2019, The Nasdaq Stock Market LLC (``Nasdaq'' 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 Exchange's transaction fees at
fees at Equity 7, Section 118(a) to: (1) Adopt two new credits tiers
available to members for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) in securities of all
three Tapes \3\ that provide liquidity; (2) adopt a new credit tier for
midpoint orders (other than Supplemental Orders) that provide
liquidity; (3) amend the qualification criteria required to receive a
credit available to members for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) in securities of all
three Tapes that provide liquidity; and (4) lower a credit available to
members for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) in securities of all three Tapes that provide
liquidity.
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    \3\ Tape C securities are those that are listed on the Exchange,
Tape A securities are those that are listed on NYSE, and Tape B
securities are those that are listed on exchanges other than Nasdaq
or NYSE. Under Nasdaq's rules, Section 118(a)(1) concerns fees for
execution and routing of Tape C securities, Section 118(a)(2)
concerns fees for execution and routing of Tape A securities, and
Section 118(a)(3) concerns fees for execution and routing of Tape B
securities.
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    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.cchwallstreet.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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend the Exchange's
transaction fees at Equity 7, Section 118(a) to: (1) Adopt two new
credit tiers available to members for displayed quotes/orders (other
than Supplemental Orders or Designated Retail Orders) in securities of
all three Tapes \4\ that provide liquidity; (2) adopt a new credit tier
for midpoint orders (other than Supplemental Orders) that provide
liquidity; (3) amend the qualification criteria required to receive a
credit available to members for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) in securities of all
three Tapes that provide liquidity; and (4) lower a credit available to
members for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) in securities of all three Tapes that provide
liquidity.
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    \4\ Tape C securities are those that are listed on the Exchange,
Tape A securities are those that are listed on NYSE, and Tape B
securities are those that are listed on exchanges other than Nasdaq
or NYSE. Under Nasdaq's rules, Section 118(a)(1) concerns fees for
execution and routing of Tape C securities, Section 118(a)(2)
concerns fees for execution and routing of Tape A securities, and
Section 118(a)(3) concerns fees for execution and routing of Tape B
securities.
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First New Credit
    The Exchange is proposing to adopt a new $0.0028 per share executed
credit tier under Sections 118(a)(1), (2) and (3) for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders) in
Tape C, A and B securities, respectively, that provide liquidity
provided to a member: (i) With shares of liquidity accessed in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.60% of Consolidated Volume during the month, and
(ii) with shares of liquidity provided in all securities through one or
more of its Nasdaq Market Center MPIDs that represent more than 0.225%
of Consolidated Volume during the month.
Second New Credit
    The Exchange is proposing to adopt a new $0.0029 per share executed
credit tier under Sections 118(a)(1), (2) and (3) for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders) in
Tape C, A and B securities, respectively, that provide liquidity
provided to a member: (i) With shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.30% of Consolidated Volume during the month and
(ii) member qualifies for the MARS program on The Nasdaq Options Market
(``NOM'') during the month. The Market Access and Routing Subsidy or
``MARS'' program is an NOM incentive program designed to increase
market quality by providing payments to Participants in return for
market-improving behavior.\5\ Nasdaq currently provides a $0.0030 per
share executed credit under Sections 118(a)(1), (2) and (3) to members:
(i) With shares of liquidity provided in all securities through one or
more of its Nasdaq Market Center MPIDs that represent more than 0.50%
of Consolidated Volume during the month and (ii) member qualifies for
Tier 4 \6\ of the MARS program on The Nasdaq Options Market during the
month.
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    \5\ See Options 7, Section 6. To qualify for MARS, the
Participant's routing system (``System'') would be required to: (1)
enable the electronic routing of orders to all of the U.S. options
exchanges, including NOM; (2) provide current consolidated market
data from the U.S. options exchanges; and (3) be capable of
interfacing with NOM's API to access current NOM match engine
functionality. Further, the Participant's System would also need to
cause NOM to be the one of the top three default destination
exchanges for (a) individually executed marketable orders if NOM is
at the national best bid or offer (``NBBO''), regardless of size or
time or (b) orders that establish a new NBBO on NOM's Order Book,
but allow any user to manually override NOM as a default destination
on an order-by-order basis. Any NOM Participant would be permitted
to avail itself of this arrangement, provided that its order routing
functionality incorporates the features described above and
satisfies NOM that it appears to be robust and reliable. The
Participant remains solely responsible for implementing and
operating its System. Id.
    \6\ There are five MARS payment tiers, each with increasing
Average Daily Volume requirements and payments. Id.
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Third New Credit
    The Exchange is proposing to adopt a new $0.0013 per share executed
credit tier under Section 118(a)(1) for midpoint orders in Tape C
securities that provide liquidity and adopt a new $0.0019 per share
executed credit tier under Sections 118(a)(2) and (3) for midpoint
orders in Tape A and B securities, respectively, that provide
liquidity. The new credits would be provided to a member that (i)
executes a combined volume of 1 million or more shares in midpoint
orders provided and Midpoint Extended Life Orders executed during the
month through one or more of its Nasdaq Market Center MPIDs and (ii)
has a 10% or greater increase in midpoint orders provided and Midpoint
Extended Life Orders executed through one or more of its Nasdaq Market
Center MPIDs during the month over the month of April 2019. A Midpoint
Extended Life Order is an Order Type with a Non-Display Order Attribute
that is priced at the midpoint between the NBBO and that will not be
eligible to execute until a minimum period of one half of a second has
passed after acceptance of the Order by the System.\7\
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    \7\ See Rule 4702(b)(14).
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Amended Credit Tier Criteria
    The Exchange is proposing to amend the qualification criteria
required to receive a $0.0027 per share executed credit under Sections
118(a)(1), (2) and (3) provided to members for displayed quotes/orders
(other than Supplemental Orders or Designated Retail Orders) in Tape C,
A and B securities, respectively, that provide liquidity. Currently,
the credit is provided to a member (i) with shares of liquidity
accessed in all securities through one or more of its Nasdaq Market
Center MPIDs that represent more than 0.65% of Consolidated Volume
during the month, and (ii) with shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.10% of Consolidated Volume during the month. The
Exchange is proposing to decrease the level of Consolidated Volume
under (i) of the tier from more than 0.65% to more than 0.50% and
increase the level of Consolidated Volume under (ii) of the tier from
more than 0.10% to more than 0.175%.
Decreased Credit
    The Exchange is proposing to decrease a credit under Sections
118(a)(1), (2) and (3) available to members for displayed quotes/orders
(other than Supplemental Orders or Designated Retail Orders) in Tape C,
A and B securities, respectively, that provide liquidity. Currently,
the

Exchange provides a $0.0028 per share executed credit to a member with
shares of liquidity provided in the Opening and Closing Crosses,
excluding Market-on-Close, Limit-on-Close (other than an Limit-on-Close
Order entered between 3:50 p.m. ET and immediately prior to 3:55 p.m.
ET), Market-on-Open, Limit-on-Open, Good-til-Cancelled, and Immediate-
or-Cancel orders, through one or more of its Nasdaq Market Center MPIDs
that represent more than 0.01% of Consolidated Volume during the month.
The Exchange is proposing to reduce the credit available from $0.0028
per share executed to $0.0027 per share executed.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4) and (5).
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    The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the current market
model, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \10\
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    \10\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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    Likewise, in NetCoalition v. Securities and Exchange Commission
\11\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\12\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \13\
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    \11\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
    \12\ See NetCoalition, at 534-535.
    \13\ Id. at 537.
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    Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \14\
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    \14\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008)
(SR-NYSEArca-2006-21)).
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    As a general principle, the Exchange chooses to offer credits to
members in return for market improving behavior. Equity 7, Section
118(a) sets forth the various credits available to members, which
require a member to significantly contribute to market quality by
providing certain levels of Consolidated Volume through one or more of
its Nasdaq Market Center MPIDs, volume on NOM, as well as other market-
improving activity. The three new credit tiers are reflective of the
Exchange's efforts to improve market quality in all three Tapes by
providing members with differing levels of incentive in return for
market-improving activity. The proposed increase to the qualification
requirements of the amended credit tier is similarly reflective of the
Exchange's desire to provide incentives to improve market quality,
while also balancing the need to keep the incentives provided in-line
with the market-improving activity required. From time to time, the
Exchange must evaluate the effectiveness of its fee and credit tiers in
relation to the criteria required to qualify for them, and to make
adjustments to them when appropriate. In this case, the Exchange has
determined that the credit tier qualification criteria may be increased
without a material impact on the number of members that would qualify
for the credit. Similarly, the decrease in the credit available is
reflective of the Exchange's determination that the level of credit
available may be decreased without a significant impact to the number
of members that qualify for the credit.
First New Credit
    The Exchange believes that the proposed $0.0028 per share executed
credit is reasonable because it is similar to existing credits
available on the Exchange for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity. As described above, the Exchange currently provides a
$0.0028 per share executed credit tier under Sections 118(a)(1), (2)
and (3).\15\ The Exchange also has a $0.0027 per share executed credit
tier, which requires a member to have (i) shares of liquidity accessed
in all securities through one or more of its Nasdaq Market Center MPIDs
that represent more than 0.65% of Consolidated Volume during the month,
and (ii) with shares of liquidity provided in all securities through
one or more of its Nasdaq Market Center MPIDs that represent more than
0.10% of Consolidated Volume during the month. Thus, the amount of the
proposed credit is the same as other credits currently available to
members, and there are other similar credit opportunities available to
members with different qualification criteria should a member choose
not to qualify for the proposed credit.
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    \15\ To qualify for the credit, a member must have shares of
liquidity provided in the Opening and Closing Crosses, excluding
Market-on-Close, Limit-on-Close (other than an Limit-on-Close Order
entered between 3:50 p.m. ET and immediately prior to 3:55 p.m. ET),
Market-on-Open, Limit-on-Open, Good-til-Cancelled, and Immediate-or-
Cancel orders, through one or more of its Nasdaq Market Center MPIDs
that represent more than 0.01% of Consolidated Volume during the
month. See Equity 7, Section 118(a)(1), (2) and (3).
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    The Exchange believes that the proposed $0.0028 per share executed
credit is an equitable allocation and is not unfairly discriminatory
because the Exchange will apply the same credit to all similarly
situated members. The qualification criteria of the proposed credit is
set at a sufficiently high level to reflect the significant credit a
member would receive if it qualified. Any member may elect to provide
the levels of market activity required by the proposed credit's
qualification criteria in order to receive the credit. If the member
determines that the level of Consolidated Volume is too high, it has
other opportunities to receive credits, which have different
qualification criteria, as described above.
Second New Credit
    The Exchange believes that the proposed $0.0029 per share executed
credit is reasonable because it is similar to existing credits
available on the Exchange for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity. For example, the Exchange currently provides a $0.0029 per
share executed credit tier under Sections 118(a)(1), (2) and (3)
provided to a

member with shares of liquidity provided in all securities through one
or more of its Nasdaq Market Center MPIDs that represent more than
0.60% of Consolidated Volume during the month. As described above, the
Exchange also has a $0.0028 per share executed credit tier under
Sections 118(a)(1), (2) and (3) with different qualification
criteria.\16\ Thus, the amount of the proposed credit is the same as
other credits currently available to members, and there are other
similar credit opportunities available to members with different
qualification criteria should a member choose not to qualify for the
proposed credit.
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    \16\ Id.
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    The Exchange believes that the proposed $0.0029 per share executed
credit is an equitable allocation and is not unfairly discriminatory
because the Exchange will apply the same credit to all similarly
situated members. The qualification criteria of the proposed credit is
set at a sufficiently high level to reflect the significant credit a
member would receive if it qualified. Any member may elect to provide
the levels of market activity required by the proposed credit's
qualification criteria in order to receive the credit. If the member
determines that the level of Consolidated Volume is too high, or if it
does not participate on NOM, it has other opportunities to receive
similar credits, which require less Consolidated Volume as described
above.
Third New Credit
    The Exchange believes that the proposed $0.0013 and $0.0019 per
share executed credits are reasonable because they are similar to
existing credits available on the Exchange for midpoint orders that
provide liquidity. The Exchange currently provides a midpoint order
credit of $0.0017 per share executed under Section 118(a)(1) and
$0.0020 per share executed Sections 118(a)(2) and (3). To be eligible
for these existing midpoint order credits, a member must provide an
average daily volume of 3 million or more shares through midpoint
orders during the month. The proposed new midpoint order credits are
lower than the current credits described above because of the lower
qualification criteria of the proposed credits.
    The Exchange believes that the proposed $0.0013 and $0.0019 per
share executed credits are an equitable allocation and are not unfairly
discriminatory because the Exchange will apply the same credit to all
similarly situated members. The proposed criteria for the new midpoint
credits requires members to execute a combined minimum volume of 1
million shares comprising of midpoint orders provided and Midpoint
Extended Life Orders executed, and to demonstrate an increase of 10% or
more in midpoint orders provided and Midpoint Extended Life Orders
executed through one or more of its Nasdaq Market Center MPIDs during
the month over the month of April 2019. Thus, members are provided
incentive to increase the overall level of midpoint orders and Midpoint
Extended Life Orders transacted over its trading in April 2019, in turn
improving liquidity in midpoint orders and Midpoint Extended Life
Orders. The Exchange chose April 2019 because it is reflective of a
member's most recent trading in midpoint orders and Midpoint Extended
Life Orders, thereby setting a baseline for a member's midpoint order
and Midpoint Extended Life Order trading prior to the credit's
effectiveness. The Exchange believes that the qualification criteria of
the proposed credit tiers is set at a sufficiently high level to
reflect the significant credits a member would receive if it qualified.
Any member may elect to provide the levels of market activity required
by the proposed credit's qualification criteria in order to receive the
credit. If the member determines that the level of shares of midpoint
orders and Midpoint Extended Life Orders is too high, it has other
opportunities to receive credits for midpoint orders, including the
$0.0010 per share executed credit for all other midpoint orders under
Section 118(a)(1) and the $0.0014 per share executed credit for all
other midpoint orders under Sections 118(a)(2) and (3).
Amended Credit Tier Criteria
    The Exchange believes that the amount of the proposed amended
credit tier is reasonable because the amount of the credit is remaining
unchanged. The proposed changes to the qualification criteria are
reasonable because the Exchange believes that an increase in the
criteria should not decrease the number of members that will qualify
for the credit. As described above, the Exchange must evaluate the
effectiveness of its fee and credit tiers in relation to the criteria
required to qualify for them, and to make adjustments to them when
appropriate.
    The Exchange believes that the proposed amended credit
qualification criteria is an equitable allocation and is not unfairly
discriminatory because the Exchange will apply the same credit criteria
to all members and provide the credit to all members that meet the
qualification criteria, unless that member qualifies for a larger
credit. The proposed qualification criteria of the credit is set at a
sufficiently high level to reflect the significant credits a member
would receive if it qualified. Any member may elect to provide the
levels of market activity required by the proposed credit's
qualification criteria in order to receive the credit. If the member
determines that the level of Consolidated Volume is too high, it has
other opportunities to receive credits, which require less Consolidated
Volume.
Decreased Credit
    The Exchange believes that the proposed amended credit is
reasonable because the amount of the credit given is the same as
existing credits available on the Exchange for displayed quotes/orders
(other than Supplemental Orders or Designated Retail Orders) that
provide liquidity. For example, the Exchange provides a $0.0027 per
share executed credit tier under Sections 118(a)(1), (2) and (3)
available to a member with shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.30% of Consolidated Volume during the month.
    The Exchange believes that the proposed amended credit is an
equitable allocation and is not unfairly discriminatory because the
Exchange will apply the same credit to all similarly situated members.
The proposed qualification criteria of the proposed credit is set at a
sufficiently high level to reflect the significant credits a member
would receive if it qualified. Any member may elect to provide the
levels of market activity required by the proposed credit's
qualification criteria in order to receive the credit. If the member
determines that the level of Consolidated Volume is too high, it has
other opportunities to receive credits, which require less Consolidated
Volume.

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. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain

competitive with other exchanges and with alternative trading systems
that have been exempted from compliance with the statutory standards
applicable to exchanges. Because competitors are free to modify their
own fees in response, and because market participants may readily
adjust their order routing practices, the Exchange believes that the
degree to which fee changes in this market may impose any burden on
competition is extremely limited.
    In this instance, the Exchange is adopting new credit opportunities
for members. Thus, the proposed change provides another opportunity for
members to receive a credit based on their market-improving behavior
and is reflective of the highly competitive market in which the
Exchange operates. The new credit tiers may attract greater order flow
to the Exchange, which would benefit all market participants on Nasdaq.
The proposed amended criteria for an existing credit and proposed
reduced credit are reflective of the need to periodically calibrate the
criteria required to receive credits. The Exchange has limited
resources with which to apply to credits. Given the competitive
environment among exchanges and other trading venues, the Exchange must
ensure that it is requiring the most beneficial market activity for a
credit that is permitted in the competitive landscape for order flow.
In this regard, the Exchange notes that other market venues are free to
adopt the same or similar credits and incentives as a competitive
response to this proposed change. Moreover, if the changes proposed
herein are unattractive to market participants, it is likely that the
Exchange will lose market share as a result and, conversely, if the
proposal is successful at attracting greater volume to the Exchange
other market venues are free to make similar changes as a competitive
response. Accordingly, the Exchange does not believe that the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.

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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\17\
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    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2019-036 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-NASDAQ-2019-036. 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 (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 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-NASDAQ-2019-036 and should be submitted
on or before June 11, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-10508 Filed 5-20-19; 8:45 am]
 BILLING CODE 8011-01-P