Federal Register / Vol. 88, No. 168 / Thursday, August 31, 2023 / Notices 60255 

28 17 CFR 240.17Ad–22(e)(7)(ii). For purposes of 

this Rule, ‘‘qualifying liquid resources’’ are defined 

in Rule 17Ad–22(a)(14) as including, in part, cash 

held either at the central bank of issue or at 

creditworthy commercial banks. 17 CFR 240.17Ad– 

22(a)(14). 

29Supra note 13. 

30 17 CFR 240.17Ad–22(a)(14). 

31 17 CFR 240.17Ad–22(e)(7)(i). 

32 17 CFR 240.17Ad–22(e)(7)(i), (ii). 

33 17 CFR 200.30–3(a)(91). 

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

2 17 CFR 240.19b–4. 

3References herein to Nasdaq Rules in the 4000 

Series shall mean Rules in Nasdaq Equity 4. 

17Ad–22(e)(7)(ii) under the Act requires 

that DTC establish, implement, maintain 

and enforce written policies and 

procedures reasonably designed to hold 

qualifying liquid resources sufficient to 

meet the minimum liquidity resource 

requirement under Rule 17Ad– 

22(e)(7)(i) in each relevant currency for 

which DTC has payment obligations 

owed to its Participants.28

As described above, the proposed 

Debt Issuance would provide DTC with 

an additional resource of prefunded 

default liquidity, which it would use to 

complete system-wide settlement every 

business day, including following a 

Participant default. The proceeds of the 

Debt Issuance would be cash held by 

DTC at either its cash deposit account 

at the FRBNY or at a creditworthy 

commercial bank, pursuant to the 

Clearing Agency Investment Policy.29

Therefore, the proceeds of the Debt 

Issuance would be considered a 

qualifying liquid resource, as defined by 

Rule 17Ad–22(a)(14).30 As such, the 

proposed Debt Issuance would support 

DTC’s ability to hold sufficient 

qualifying liquid resources to meet its 

minimum liquidity resource 

requirement under Rule 17Ad– 

22(e)(7)(i).31

For these reasons, DTC believes the 

proposal would support DTC’s 

compliance with Rule 17Ad–22(e)(7)(i) 

and (ii) by providing it with an 

additional qualifying liquid resource.32

III. Date of Effectiveness of the Advance 

Notice, and Timing for Commission 

Action 

The proposed change may be 

implemented if the Commission does 

not object to the proposed change 

within 60 days of the later of (i) the date 

that the proposed change was filed with 

the Commission or (ii) the date that any 

additional information requested by the 

Commission is received. The clearing 

agency shall not implement the 

proposed change if the Commission has 

any objection to the proposed change. 

The Commission may extend the 

period for review by an additional 60 

days if the proposed change raises novel 

or complex issues, subject to the 

Commission providing the clearing 

agency with prompt written notice of 

the extension. A proposed change may 

be implemented in less than 60 days 

from the date the advance notice is 

filed, or the date further information 

requested by the Commission is 

received, if the Commission notifies the 

clearing agency in writing that it does 

not object to the proposed change and 

authorizes the clearing agency to 

implement the proposed change on an 

earlier date, subject to any conditions 

imposed by the Commission. 

The clearing agency shall post notice 

on its website of proposed changes that 

are implemented. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the Advance Notice 

is consistent with the Clearing 

Supervision Act. Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form 

(https://www.sec.gov/rules/sro.shtml); 

or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

DTC–2023–801 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–DTC–2023–801. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the Advance Notice that 

are filed with the Commission, and all 

written communications relating to the 

Advance Notice 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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of DTC 

and on DTCC’s website (http://

dtcc.com/legal/sec-rule-filings.aspx). 

Do not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–DTC–2023–801 and 

should be submitted on or before 

September 21, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–18776 Filed 8–30–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98225; File No. SR– 

NASDAQ–2023–030] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule To Delay 

Implementation of Pending 

Amendments to Equity 4, Rules 4120, 

4702 and 4703 and To Make Further 

Amendments to Rules 4702 and 4703 

August 25, 2023. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on August 

16, 2023, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘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 delay 

implementation of pending 

amendments to Equity 4, Rules 4120, 

4702 and 4703 3 as well as to make 

further amendments to Rules 4702 and 

4703, as described further below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 


ddrumheller on DSK120RN23PROD with NOTICES1
60256 Federal Register / Vol. 88, No. 168 / Thursday, August 31, 2023 / Notices 

4The OUCH Order entry protocol is a proprietary 

protocol that allows subscribers to quickly enter 

orders into the System and receive executions. 

OUCH accepts limit Orders from members, and if 

there are matching Orders, they will execute. Nonmatching Orders are added to the Limit Order Book, 

a database of available limit Orders, where they are 

matched in price-time priority. OUCH only 

provides a method for members to send Orders and 

receive status updates on those Orders. See https:// 

www.nasdaqtrader.com/Trader.aspx?id=OUCH. 

5An ‘‘Order Type’’ is a standardized set of 

instructions associated with an Order that define 

how it will behave with respect to pricing, 

execution, and/or posting to the Exchange Book 

when submitted to Nasdaq. See Equity 1, Section 

1(a)(7). 

6An ‘‘Order Attribute’’ is a further set of variable 

instructions that may be associated with an Order 

to further define how it will behave with respect to 

pricing, execution, and/or posting to the Exchange 

Book when submitted to the Exchange. See id. 

7See Securities Exchange Act Release No. 34– 

95768 (September 14, 2022); 87 FR 57534 

(September 20, 2022) (SR–Nasdaq–2022–051). 

8See Securities Exchange Act Release No. 34– 

96341 (November 17, 2022), 87 FR 71712 

(November 22, 2022) (SR–Nasdaq–2022–065). 

9See Equity Trader Alert 2023–35 (August 2, 

2023) (announcing implementation of Midpoint Peg 

Order functionality), available at http://

www.nasdaqtrader.com/ 

TraderNews.aspx?id=ETA2023-35; Equity Trader 

Alert 2023–28 (June 22, 2023) (announcing 

implementation of Market Peg functionality), 

available at http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=ETA2023-28; Equity Trader 

Alert 2023–20 (May 9, 2023) (announcing 

implementation of Primary Peg order functionality), 

available at http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=ETA2023-20; Equity Trader 

Alert 2023–17 (April 27, 2023) (announcing 

implementation of Reserve Order functionality), 

available at http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=ETA2023-17; Equity Trader 

Alert 2023–6 (January 31, 2023) (announcing 

implementation of Trade Now functionality); Equity 

Trader Alert 2022–96 (October 26, 2022) 

(announcing implementation delay until Q2/Q3 

2023), available at http://www.nasdaqtrader.com/ 

TraderNews.aspx?id=%20ETA2022-96. 

10Pursuant to Rule 4702(b)(7)(A), a ‘‘Market 

Maker Peg Order’’ is an Order Type designed to 

allow a Market Maker to maintain a continuous 

two-sided quotation at a displayed price that is 

compliant with the quotation requirements for 

Market Makers set forth in Equity 2, Section 5(a)(2). 

The displayed price of the Market Maker Peg Order 

is set with reference to a ‘‘Reference Price’’ in order 

to keep the displayed price of the Market Maker Peg 

Order within a bounded price range. The Reference 

Price for a Market Maker Peg Order to buy (sell) is 

the then-current National Best Bid (National Best 

Offer) (including Nasdaq), or if no such National 

Best Bid or National Best Offer, the most recent 

reported last-sale eligible trade from the responsible 

single plan processor for that day, or if none, the 

previous closing price of the security as adjusted to 

reflect any corporate actions (e.g., dividends or 

stock splits) in the security. 

11See Rule 4702(b)(8) (defining a ‘‘Market on 

Open Order’’ or ‘‘MOO’’ as follows: ‘‘an Order Type 

entered without a price that may be executed only 

during the Nasdaq Opening Cross. Subject to the 

qualifications provided below, MOO Orders may be 

entered between 4 a.m. ET and immediately prior 

to 9:28 a.m. ET. An MOO Order may be cancelled 

or modified until immediately prior to 9:25 a.m. ET. 

An MOO Order shall execute only at the price 

determined by the Nasdaq Opening Cross.’’). 

12See Rule 4703(d)(8) (defining ‘‘market pegging’’ 

as pegging ‘‘with reference to the Inside Quotation 

on the opposite side of the market.’’). 

13A Time-in-Force or ‘‘TIF’’ is a period of time 

that the Exchange will hold an Order for potential 

execution. See Rule 4703(a). An Order with a TIF 

of Immediate-or-Cancel or ‘‘IOC’’ is designated to 

deactivate immediately after determining whether it 

is marketable. See id. 

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 is in the process of 

introducing a new upgraded version of 

the OUCH Order entry protocol 4 that 

will, when fully implemented, enable 

the Exchange to make functional 

improvements to specific Order Types 5

and Order Attributes.6 The Exchange 

filed its initial proposal (the ‘‘Proposal’’) 

for these enhancements with the SEC on 

September 14, 2022, and in the Proposal 

the Exchange stated that its operative 

date would be November 14, 2022.7 The 

Exchange subsequently informed the 

Commission that it intended to delay 

implementation of the migration due to 

ongoing development work.8 The 

Exchange now wishes to inform 

participants that while it has 

commenced and systematically affected 

migration on a feature-by-feature basis, 

as described in a series of Equity Trader 

Alerts,9 the migration will not be 

complete until Q1 2024—again, due to 

ongoing development work. Until the 

migration is complete, the Exchange 

will continue to announce the 

implementation dates for the remaining 

new OUCH functionalities, in Equity 

Trader Alerts at least 30 days prior to 

implementation. 

Additionally, the Exchange also 

proposes amendments to its Rules to 

address inconsistencies between the 

Rule Text and observed System 

behavior as well as behavior 

unaccounted for in the existing and 

pending Rule text, as follows. 

First Rule Change 

The first proposed rule change 

addresses an edge case of inconsistency 

between the Rule text and System 

behavior, this time regarding Market 

Maker Peg Orders.10 Rule 4702(b)(7)(A) 

states that, if after entry of a Market 

Maker Peg Order that has a displayed 

price based on the NBBO, and the 

NBBO subsequently shifts such that the 

displayed price of the Market Maker Peg 

Order to buy (sell) is equal to or greater 

(less) than the National Best Bid (or 

National Best Offer), the Market Maker 

Peg Order will not be subsequently 

repriced until a new reference price is 

established that is more aggressive than 

the displayed price of the Market Maker 

Peg Order. System testing revealed that 

the System does not reprice Market 

Maker Peg Orders in this scenario, but 

only if such Orders are in round lot 

sizes, whereas it does reprice such 

Orders when they are in odd lot sizes. 

After evaluation, the Exchange 

determined to maintain this System 

behavior and amend the Rule to 

conform to it. The Exchange proposes to 

do so because the existing language 

proscribing repricing only makes sense 

within the context of round lot Market 

Maker Peg Orders, which this scenario 

would set a new NBBO and when they 

do so, cannot reprice with respect to the 

reference price they just set. By contrast, 

odd lot Market Maker Peg Orders are 

ineligible to set the NBBO, and do not 

have this same problem. Accordingly, 

the Exchange proposes to amend Rule 

4702(b)(7)(A) to clarify that the 

prohibition against repricing only 

applies to Market Maker Peg Orders in 

odd lot sizes. 

Second Rule Change 

The second proposed amendment 

addresses how the System prices a 

Market on Open Order 11 with the 

Market Pegging Attribute 12 and an offset 

assigned to it that a participant enters 

after the Nasdaq Opening Cross occurs. 

Rule 4702(b)(8)(B) currently provides as 

follows with respect to this scenario: 

An MOO Order entered through 

RASH or FIX with a Time-in-Force of 

IOC and flagged to participate in the 

Nasdaq Opening Cross that is entered 

after the time of the Nasdaq Opening 

Cross will be accepted but will be 

converted into a Non-Displayed Order 

with a Time-in-Force of IOC and a price 

established using the Market Pegging 

Order Attribute with no offset.13

In testing System behavior, the 

Exchange observed that the System does 

not, in fact, operate in this manner 

Instead, the System determines the price 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 168 / Thursday, August 31, 2023 / Notices 60257 

14A ‘‘Peg Managed Order’’ is a Primary Pegged, 

Market Pegged, or Managed Midpoint Order. See 

4703(d) (as amended by SR–Nasdaq–2022–051). A 

‘‘Managed Midpoint Order,’’ in turn, is a Midpoint 

Pegging Order which the System may update in 

response to changes to the Midpoint. See id. 15A ‘‘Fixed Midpoint Order’’ is a Midpoint 

Pegging Order which the System will cancel in 

response to changes to the Midpoint. See id. 

16 ‘‘Reserve Size’’ is, in part, an Order Attribute 

that ‘‘permits a Participant to stipulate that an 

Order Type that is displayed may have its displayed 

size replenished from additional non-displayed 

size.’’ Rule 4703(h). The Rule also states that 

Reserve ‘‘is not available for Orders that are not 

displayed; provided, however, that if a Participant 

enters Reserve Size for a Non-Displayed Order with 

a Time-in-Force of IOC, the full size of the Order, 

including Reserve Size, will be processed as a NonDisplayed Order.’’ Id. In addition to the change 

proposed above, the Exchange proposes to 

eliminate from the immediately preceding language 

‘‘with a Time-in-Force of IOC’’ because the 

Exchange does not assess a reason to include this 

qualifier. The statement that a Non-Displayed Order 

with Reserve will be entirely non-displayed is true 

even as to Non-Displayed Orders with other TIFs. 

17Whenever a participant enters an Order with 

Reserve Size, the full size of the Order will be 

presented for potential execution in compliance 

with Regulation NMS; thereafter, unexecuted 

portions of the Order will be processed as two 

Orders: a Displayed Order (with the characteristics 

of its selected Order Type) and a Non-Displayed 

Order. See id. When an Order with Reserve Size is 

posted, if there is an execution against the 

Displayed Order that causes its size to decrease 

below a normal unit of trading, another Displayed 

Order will be entered at the limit price and size 

stipulated by the Participant while the size of the 

Non-Displayed Order will be reduced by the same 

amount. See id. 

18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

of the Order in this scenario using the 

offset. In evaluating whether to modify 

System behavior to match the Rule, the 

Exchange determined to retain the 

current System behavior because it did 

not see any reasonable basis to ignore 

the offset in this scenario. The Exchange 

proposes to amend the Rule 

accordingly. 

Third Rule Change 

The third proposed rule change 

regards an Order with the Pegging 

Attribute that a participant: (1) enters 

before the Nasdaq Closing Cross occurs 

at 4:00 p.m.; and (2) assigns a TIF which 

designates the Order for extended hours 

trading if it remains unexecuted after 

the Cross concludes (while bypassing 

the Extended Trading Close). Under the 

Rule, as amended by SR–Nasdaq–2022– 

051, such an Order would be booked 

into the System, but if it remains 

unexecuted after the Nasdaq Closing 

Cross concludes, the Order would 

remain booked and commence extended 

hours trading, but the System would 

deactivate its Pegging Attribute when 

doing so. In other words, the Order 

would cease managing the pegged price 

of the Order after 4 p.m. This practice 

is consistent with Equity 4, Rule 

4703(d), which states that ‘‘Pegging is 

available only during Market Hours.’’ 

The Exchange now proposes to amend 

Rule 4703(d) to state that if a participant 

enters a Peg Managed Order 14 prior to 

the Nasdaq Closing Cross with a TIF 

that allows for extend hours trading 

(other than in the Extended Trading 

Close), the System will cancel that 

Order if unexecuted after the Nasdaq 

Closing Cross concludes. By contrast, if 

a participant enters a Fixed Midpoint 

Order 15 in the same scenario, the 

System will act as it does now—it will 

deactivate the Pegging Attribute for the 

Order once extend hours trading 

commences. 

In time, the proposed treatment of Peg 

Managed Orders during extended hours 

trading is that which the Exchange 

intends to apply to all Midpoint Pegging 

Orders. However, this functionality is 

not yet ready to make it available for 

Fixed Midpoint Orders. Thus, in the 

interim, existing practice will continue. 

Fourth Rule Change 

The fourth proposal would amend 

Equity 4, Rule 4703(h), to correct its 

description of behavior of the NonDisplayed portion of Orders with the 

Reserve Attribute.16 As amended by SR– 

Nasdaq–2022–051, Rule 4703(h) 

provides as follows, in pertinent part: 

In all cases, if the remaining size of 

the Non-Displayed Order is less than the 

fixed or random amount stipulated by 

the Participant, the full remaining size 

of the Non-Displayed Order will be 

displayed and the Non-Displayed Order 

will be removed. 

As stated, this Rule requires that the 

entire Non-Displayed portion of a 

Reserve Order will become Displayed 

the moment the size of the NonDisplayed portion 17 drops below an 

amount that a participant designates or 

has directed the System to randomly 

designate (the ‘‘Max Floor’’). In 

conducting a test of System behavior, 

however, the Exchange observed that 

the System does not, in fact, operate in 

this manner. Instead, the System 

maintains the Non-Displayed portion of 

a Reserve Order as such when the size 

of that Non-Displayed Portion drops 

below the Max Floor. Rather than 

correct the current System behavior to 

match the Rule, the Exchange 

determined that users of Reserve Orders 

prefer the current System behavior 

because it is true to the underlying 

intent of Reserve functionality, which is 

to help limit the price impacts of trading 

large quantities of shares by displaying 

only small portions of such shares at a 

given time, while hiding the rest in 

reserve. Thus, the Exchange proposes to 

address the inconsistency between the 

Rule text and the behavior of the System 

by deleting the aforementioned language 

from Rule 4703(d) [sic]. Going forward, 

the System will not convert to a 

Displayed Order the Non-Displayed 

remainder of a Reserve Order that falls 

below the Max Floor, and the System 

will not remove it. 

2. Statutory Basis 

The Exchange believes that its 

proposals are consistent with Section 

6(b) of the Act,18 in general, and further 

the objectives of Section 6(b)(5) of the 

Act,19 in particular, in that they are 

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. 

It is consistent with the Act and in the 

best interests of investors and the public 

to announce a delay in its completion of 

implementing the amendments to the 

Exchange’s Rulebook set forth in SR– 

Nasdaq–2022–051. Doing so will avoid 

confusion as to which rules and 

functionality will apply during the 

interim period. As noted earlier, the 

Exchange has and will continue to 

notify market participants through 

Equity Trader Alerts in advance of 

implementing any new functionality set 

forth in SR–Nasdaq–2022–051. 

It is also consistent with the Act to 

amend the Exchange’s Rules to address 

inconsistencies between the Rule text 

and observed System behavior, 

including by adapting the Rule text to 

codify observed System behavior, where 

the observed behavior is more 

consistent with the underlying purpose 

of an Order Attribute than is the Rule 

text (maintaining the Non-Displayed 

status of a reserve portion of a Reserve 

Order that drops below the Max Floor), 

where the Exchange discerns no logical 

reason to maintain the existing Rule text 

(ignoring an offset assigned to MOOs 

with Market Pegging entered after the 

Nasdaq Opening Cross occurs), and 

where System behavior reflects a 

nuance not contemplated by the existing 

Rules (clarifying that the prohibition 

against repricing Market Maker Peg 

Orders that have prices equal to or 

better than the NBBO only applies to 

round lot Market Maker Peg Orders, and 

not to odd lots). 

Likewise, it is consistent with the Act 

to amend the Exchange’s Rules to 

provide for the System to cancel 

Managed Peg Orders designated for 

extended hours trading, when such 

Orders remain unexecuted in the 


ddrumheller on DSK120RN23PROD with NOTICES1
60258 Federal Register / Vol. 88, No. 168 / Thursday, August 31, 2023 / Notices 

20 15 U.S.C. 78s(b)(3)(A)(iii). 

21 17 CFR 240.19b–4(f)(6). 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

24 15 U.S.C. 78s(b)(2)(B). 25 17 CFR 200.30–3(a)(12). 

Nasdaq Closing Cross, due to the fact 

that the Rule text provides that pegging 

is only available during market hours. It 

is also consistent with the Act to 

maintain its existing practice for Fixed 

Midpoint Orders, in the same scenario, 

of deactivating the Pegging Attribute 

during extended hours trading. 

Although the proposal will create 

disparate treatment of Managed Peg 

Orders and Fixed Midpoint Orders, the 

Exchange intends to eliminate this 

disparity over time by providing for 

Fixed Midpoint Orders to behave in the 

same way as Managed Peg Orders. Until 

that occurs, maintaining existing 

practice for Fixed Midpoint Orders is 

consistent with the Rule. 

Finally, it is consistent with the Act 

to amend Rule 4703(h) to delete 

qualifying language which erroneously 

suggests that Non-Displayed Orders 

with Reserve are only non-displayed 

when such Orders have a TIF of IOC. 

Investors and the public have an interest 

in the Exchange maintaining a Rulebook 

that is accurate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposals merely delay completion of 

its implementation of SR–Nasdaq– 

2022–051 as well as address 

inconsistencies between Rule text and 

System behavior that became apparent 

during the course of this 

implementation. The Exchange neither 

intends nor perceives that these rule 

changes will have any impact 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 20 and Rule 

19b–4(f)(6) thereunder.21 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 22 and Rule 19b–4(f)(6)(iii) 

thereunder.23

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) 24 of the Act 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 internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–030 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–2023–030. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2023–030 and should be 

submitted on or before September 21, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–18777 Filed 8–30–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #18022 and #18023; 

Oklahoma Disaster Number OK–00171] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Oklahoma 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Oklahoma (FEMA–4721– 

DR), dated 07/19/2023. 

Incident: Severe Storms, Straight-line 

Winds, and Tornadoes. 

Incident Period: 06/14/2023 through 

06/18/2023. 

DATES: Issued on 08/15/2023. 

Physical Loan Application Deadline 

Date: 09/18/2023. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/19/2024. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 


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