73064 Federal Register / Vol. 88, No. 204 / Tuesday, October 24, 2023 / Notices 

34See supra, notes 8–10 and 12. 

35For 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). 36 17 CFR 200.30–3(a)(12), (59). 

new or novel issues.34 Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.35

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. 

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– 

NYSEAMER–2023–50 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–NYSEAMER–2023–50. 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–NYSEAMER–2023–50 and should 

be submitted on or before November 14, 

2023 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23400 Filed 10–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–420, OMB Control No. 

3235–0479] 

Proposed Collection; Comment 

Request; Extension Rule: 15c2–7 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15c2–7 (17 CFR 

240.15c2–7) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15c2–7 places disclosure 

requirements on broker-dealers who 

have correspondent relationships, or 

agreements identified in the Rule, with 

other broker-dealers. Whenever any 

such broker-dealer enters a quotation for 

a security through an inter-dealer 

quotation system, Rule 15c2–7 requires 

the broker-dealer to disclose these 

relationships and agreements in the 

manner required by the Rule. The interdealer quotation system must also be 

able to make these disclosures public in 

association with the quotation the 

broker-dealer is making. 

When Rule 15c2–7 was adopted in 

1964, the information it requires was 

necessary for execution of the 

Commission’s mandate under the 

Securities Exchange Act of 1934 to 

prevent fraudulent, manipulative, and 

deceptive acts by broker-dealers. In the 

absence of the information collection 

required under Rule 15c2–7, investors 

and broker-dealers would have been 

unable to accurately determine the 

market depth of, and demand for, 

securities in an inter-dealer quotation 

system. 

There are approximately 3,493 brokerdealers registered with the Commission. 

Any of these broker-dealers could be 

potential respondents for Rule 15c2–7, 

so the Commission is using that figure 

to represent the number of respondents. 

Rule 15c2–7 applies only to quotations 

entered into an inter-dealer quotation 

system, such as OTC Link, operated by 

OTC Markets Group Inc. (‘‘OTC Link’’). 

According to a representative of OTC 

Link, it has not received any Rule 15c2– 

7 notices since the previous PRA 

extension for Rule 15c2–7 in 2020; nor 

does OTC Link anticipate receiving any 

Rule 15c2–7 notices. However, because 

such notices could be made, the 

Commission estimates that one filing is 

made annually pursuant to Rule 15c2– 

7. 

Based on prior industry reports, the 

Commission estimates that the average 

time required to enter a disclosure 

pursuant to the Rule is .75 minutes, or 

45 seconds. The Commission sees no 

reason to change this estimate. We 

estimate that impacted respondents 

spend a total of .0125 hours per year to 

comply with the requirements of Rule 

15c2–7 (1 notice (x) 45 seconds/notice). 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

December 26, 2023. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 204 / Tuesday, October 24, 2023 / Notices 73065 

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

2 17 CFR 240.19b–4. 

3Purge Ports will be available for RASH, FIX and 

OUCH protocols. 

4See Securities Exchange Act Release No. 34– 

97825 (June 30, 2023); 88 FR 43405 (July 7, 2023) 

(SR–Phlx–2023–28). 

5Members seeking to become registered as an 

Exchange Market Maker must comply with the 

applicable requirements of General 3, Section 1. See 

Equity 2, Section 4. 

6The Exchange expects the purging functionality 

to remain substantially similar to Purge Ports, as 

described above, and would offer the purging 

functionality as long as it offers Purge Ports. 

7The RASH Order entry protocol is a proprietary 

protocol that allows members to enter Orders, 

cancel existing Orders and receive executions. 

RASH allows participants to use advanced 

functionality, including discretion, random reserve, 

pegging and routing. 

8Financial Information eXchange (FIX) is a 

vendor-neutral standard message protocol that 

defines an electronic message exchange for 

communicating securities transactions between two 

parties. 

9The 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. 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: October 19, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23416 Filed 10–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98770; File No. SR–BX– 

2023–026] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Establish Purge Ports 

for Equities Trading 

October 18, 2023. 

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 October 

10, 2023, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 establish 

Purge Ports for equities trading, as 

described 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 

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 proposing to 

establish a new port type, ‘‘Purge Port,’’ 

which is a function enabling Exchange 

Participants (the ‘‘Participants’’) to 

cancel all open orders or a subset of 

open orders (per MPID, buy or sell side 

of the order, or ticker symbol) across 

multiple protocols through a single 

cancel message.3 The Exchange also 

proposes to amend the Pricing Schedule 

in Equity 7, Section 115 to set fees for 

Purge Ports and to waive the fees for the 

Purge Ports in the Exchange’s Test 

Facility for the first two months a 

Participant uses them in the Test 

Facility. Finally, the Exchange proposes 

to make functional enhancements to its 

Order entry protocols to include a 

function enabling Participants to cancel, 

through a single cancel message, all 

open orders or a subset of open orders 

(per MPID, buy or sell side of the order, 

or ticker symbol) entered through that 

port (the ‘‘purging functionality’’). The 

Exchange notes that its sister exchange, 

Nasdaq PHLX, LLC, recently filed with 

the SEC a proposal to adopt similar 

functionality and pricing.4

A logical port represents a port 

established by the Exchange within the 

Exchange’s system for trading and 

billing purposes. Each logical port 

grants a Participant the ability to 

accomplish a specific function, such as 

order entry, order cancellation, access to 

execution reports, and other 

administrative information. 

The proposed Purge Ports are 

designed to assist Participants, 

including Market Makers 5 in the 

management of, and risk control over, 

their orders, particularly if the firm is 

dealing with a large number of 

securities. For example, if a Participant 

detects market indications that may 

influence the execution potential of 

their orders, the Participant may use the 

proposed Purge Ports to reduce 

uncertainty and to manage risk by 

purging all orders in a number of 

securities. This would allow the 

Participant to seamlessly avoid 

unintended executions, while 

continuing to evaluate the market, their 

positions, and their risk levels. While 

Purge Ports will be available to all 

Participants, the Exchange anticipates 

they will be used primarily by firms that 

conduct business activity that exposes 

them to a large amount of risk across a 

number of securities. The proposed 

purging functionality will operate 

similar to a Purge Port, by allowing a 

Participant to purge all orders or a 

subset of open orders (per MPID, buy or 

sell side of the order, or ticker symbol) 

open on that port. The only material 

difference for a Participant, between 

relying on the purging functionality as 

opposed to using a Purge Port, is that 

Purge Port requires a Participant to send 

one message to accomplish desired 

cancellation of orders or a subset thereof 

as described above, while the purging 

functionality requires a Participant to 

send multiple messages (which could be 

sent simultaneously) to accomplish the 

same task.6

Participants may currently cancel 

individual orders through the existing 

functionality of the RASH Order entry 

protocol,7 FIX Order entry protocol 8

and the OUCH Order entry protocol.9 In 

addition to the current functionality, 

which is being retained, the Exchange 

now proposes to expand the ability of 

Participants to cancel orders through the 

new purge functionality, which would 

enable them to cancel all open orders or 

a subset of open orders (per MPID, buy 

or sell side of the order, or ticker 

symbol) entered through a single port; 

and through the proposed Purge Ports, 

which would enable them to cancel all 

open orders, or a subset of open orders 

(per MPID, buy or sell side of the order, 

or ticker symbol) across multiple 


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