842 Federal Register / Vol. 84, No. 21 / Thursday, January 31, 2019 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 It also includes ports for which the exchange 

charges no fee—Data Retransmission Ports and 

other disaster recover ports. The Exchange proposes 

to add a parenthetical with the word ‘‘Glimpse’’ 

next to Data Retransmission Ports to clarify that that 

such Ports include access to the ‘‘Glimpse’’ product, 

which allows a subscriber to replay market data 

from the current trading day. 

4The Exchange proposes to correct a 

typographical error in the existing Rule text. 

Presently, the Rule contains the following footnote: 

‘‘†Fees are assessed in full month increments under 

this section, and thus are not prorated.’’ However, 

the footnote is not associated with anything in the 

main section of the Rule. This is an unintended 

error. The Exchange proposes to correct this error 

by placing the symbol ‘‘†’’ immediately after the 

heading of Section 115. 

5 15 U.S.C. 78f(b). 

6 15 U.S.C. 78f(b)(4) and (5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84965; File No. SR–BX– 

2018–066] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Equity 7, 

Section 115 

December 26, 2018. 

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 December 

20, 2018, 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 

Exchange’s port fee schedule at Equity 

7, Section 115, as described further 

below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqbx.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 Exchange proposes to amend its 

fee schedule, at Equity 7, Section 115, 

to clarify its existing practice for 

assessing port fees. 

Presently, the Exchange assigns ports 

to customers that request them using the 

customers’ Market Participant 

Identifiers or ‘‘MPIDs.’’ The Exchange 

assesses ports fees in two ways. 

First, for certain port types—i.e., 

Multicast TotalView-ITCH, TCP ITCH 

data feed, DROP, and their 

corresponding disaster recovery ports— 

the Exchange assigns a port only to the 

MPID of the customer that requested it. 

Even if, as a practical matter, others also 

utilize the port, the Exchange will only 

bill the MPID of the customer that 

requested the port. The requesting 

customer may then, at its discretion, 

subsequently bill any other users for 

their shared usage of the port. 

Second, for other port types—i.e., 

OUCH, FIX Trading Ports (FIX and FIX 

Lite), RASH, and their corresponding 

disaster recovery ports—the Exchange 

assigns the port to the MPID of the 

customer that requested it as well as to 

any other MPIDs that the requester had 

specified. In these instances, the 

Exchange does not only bill the portrequesting MPID. Instead, the Exchange 

assesses a separate monthly fee to each 

of the MPIDs it assigned to the port. 

The existing port fee schedule, at 

Section 115, does not explain these 

nuances of Exchange’s port billing 

practices. Instead, Section 115 states 

simply, for all port types, that the 

Exchange will assess fees of certain 

stated amounts on a per port, per month 

basis. Although this existing language is 

accurate, the Exchange believes that it 

should be more descriptive so as to 

avoid confusion as to the circumstances 

in which a customer will incur port 

fees. The Exchange now proposes to 

amend Section 115 to provide a more 

fulsome explanation of its billing 

practices. 

To accomplish this, the Exchange 

proposes to reorganize its chart of ports 

and associated fees in the second 

paragraph of Section 115. Specifically, 

the Exchange proposes to split this chart 

into two parts. 

The first part of the proposed 

amended chart will comprise port types 

for which the Exchange will charge a 

separate monthly fee to each MPID that 

it has assigned to a port, i.e., OUCH, FIX 

Trading Port (FIX and FIX Lite (FLITE), 

RASH, and disaster recovery ports for 

OUCH, FIX Trading Port, and RASH. 

The first part of the chart will include 

the following preface to explain the 

Exchange’s pertinent billing practice: 

For the port types listed immediately 

below, where a customer has requested 

that the Exchange assign more than one 

MPID to a particular port, then the 

Exchange will assess a separate monthly 

fee to each MPID assigned to the port. 

The Exchange also proposes to revise its 

description of the price formula for each 

port type therein from ‘‘$X/port/month’’ 

to ‘‘$X/each MPID assigned to port/ 

month.’’ 

The second part of the proposed 

amended chart will comprise port types 

for which the Exchange will charge a 

monthly fee only to the MPID that 

requested the port, i.e., Multicast 

TotalView-ITCH (software based), TCP 

ITCH data feed, DROP, Trading Ports 

used in Test Mode, and the disaster 

recover port for DROP.3 This part will 

include the following preface describing 

the applicable billing practice: 

For the port types listed immediately 

below, the Exchange will assess the 

monthly fee to the single MPID that 

requested that particular port. For the 

ports in this part, the Exchange will 

maintain its existing price formula: ‘‘$X/ 

port/month.’’ 

The Exchange emphasizes that the 

foregoing proposal does not make any 

change to the Exchange’s existing port 

fees other than to clarify its existing 

practices for assessing them.4

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,5 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,6 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. 

The Exchange believes that the 

proposal is reasonable because it 

clarifies the Exchange’s port fee 

schedule, at Section 115. Although 

existing Section 115 is an accurate 

description of the fees that the Exchange 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 84, No. 21 / Thursday, January 31, 2019 / Notices 843 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3References herein to Chapter and Series refer to 

rules of the NASDAQ Options Market (‘‘NOM’’), 

unless otherwise noted. 

charges for ports, it does not describe 

the nuances of the Exchange’s existing 

practices for assessing port fees in 

different situations. The proposal will 

convey these nuances in order to avoid 

potential confusion among customers as 

to the circumstances in which they will 

incur port fees. In particular, the 

proposal will amend Section 115 to 

state that, for certain enumerated port 

types, the Exchange will assess a 

monthly fee only on the MPID that 

requested the port, whereas in other 

enumerated port types, the Exchange 

will assess a separate fee to the 

requesting MPID as well as to each 

additional MPID that the requester 

asked the Exchange to assign to the 

same port. 

The Exchange believes that this 

proposal is also equitable in that a more 

fulsome description of the Exchange’s 

port fee practices will help to avoid any 

potential confusion as to when and 

under what circumstances the Exchange 

will assess a monthly port fee to a 

customer. The Exchange notes that the 

proposal merely codifies the existing 

practices of the Exchange with respect 

to port fees and will not involve any 

substantive changes to the fees that the 

Exchange’s customers are paying now. 

Finally, the Exchange believes that its 

proposal is not unfairly discriminatory 

because, again, the proposal will merely 

make non-substantive clarifications to 

Section 115 that will codify the 

Exchange’s existing practices for 

assessing port fees in different 

situations. The proposal will not make 

any changes to the fees that port users 

pay presently. 

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. Insofar as the 

proposal merely codifies existing 

practice and makes no changes to the 

fees that the Exchange charges 

presently, the Exchange does not expect 

that the proposal will have any impact 

on competition whatsoever. 

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.7

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 rule-comments@

sec.gov. Please include File Number SR– 

BX–2018–066 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–2018–066. 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–BX–2018–066, and should 

be submitted on or before February 21, 

2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2019–00475 Filed 1–30–19; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84960; File No. SR– 

NASDAQ–2018–107] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Chapter VI, Section 5 of the Rules of 

The Nasdaq Options Market 

December 26, 2018. 

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 December 

21, 2018, 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 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Chapter VI, Section 5 (Minimum 

Increments) 3 of the rules of The Nasdaq 

Options Market (‘‘NOM’’) to extend 

through June 30, 2019 or the date of 


amozie on DSK3GDR082PROD with NOTICES1