28678 Federal Register / Vol. 83, No. 119 / Wednesday, June 20, 2018 / Notices 

6 15 U.S.C. 78s(b)(3)(A)(ii). 

7 17 CFR 240.19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the proposed increase to the route-out 

fees will apply equally to all market 

participant orders that are routed to 

away exchanges in connection with the 

Plan, and will help offset costs 

associated with routing orders via the 

Plan. Furthermore as noted above, the 

Exchange believes that its proposed fees 

remain competitive with another 

options exchange. 

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 sum, if the changes proposed 

herein are unattractive to market 

participants, it is likely that the 

Exchange will lose market share as a 

result. 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,6 and Rule 

19b–4(f)(2) 7 thereunder. 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– 

MRX–2018–19 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–MRX–2018–19. 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–MRX–2018–19 and should 

be submitted on or before July 11, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13169 Filed 6–19–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83435; File No. SR– 

NASDAQ–2018–042] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Fees at Rule 

7014(j) and Rule 7018(a) 

June 14, 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 May 31, 

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, 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 transaction fees at Rule 

7014(j) and Rule 7018(a), as described 

below. While these amendments are 

effective upon filing, the Exchange has 

designated the proposed amendments to 

be operative on June 1, 2018. 

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 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 119 / Wednesday, June 20, 2018 / Notices 28679 

3As used in Rule 7018(a), the term ‘‘Consolidated 

Volume’’ means the total consolidated volume 

reported to all consolidated transaction reporting 

plans by all exchanges and trade reporting facilities 

during a month in equity securities, excluding 

executed orders with a size of less than one round 

lot. 

4There are three Tapes, which are based on the 

listing venue of the security: Tape C securities are 

Nasdaq-listed; Tape A securities are New York 

Stock Exchange-listed; and Tape B securities are 

listed on exchanges other than Nasdaq and NYSE. 

5See Securities Exchange Act Release No. 78977 

(September 29, 2016), 81 FR 69140 (October 5, 

2016) (SR–NASDAQ–2016–132). 

6The Growth Program originally included only 

the $0.0025 credit. See id. It added the $0.0027 

credit in June 2017. See Securities Exchange Act 

Release No. 34–80997 (June 28, 2017), 82 FR 29348 

(June 22, 2017) (SR–NASDAQ–2017–060). 

7The Growth Baseline was defined as the 

member’s shares of liquidity provided in all 

securities through one or more of its Nasdaq Market 

Center MPIDs as a percent of Consolidated Volume 

during the last month a member qualified for the 

Nasdaq Growth Program under Rule 7014(j)(1)(B)(i) 

(increasing its Consolidated Volume by 20% versus 

its Growth Baseline). If a member had not yet 

qualified for a credit under this program, its August 

2016 share of liquidity provided in all securities 

through one or more of its Nasdaq Market Center 

MPIDs as a percent of Consolidated Volume was 

used to establish a baseline. 8See Securities Exchange Act Release No. 34– 

82062 (Nov. 13, 2017), 82 FR 54457 (Nov. 17, 2017) 

(SR–NASDAQ–2017–119). 

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: (i) 

Eliminate a credit that it provides to 

members for displayed liquidity under 

Rule 7018(a); and (ii) re-establish a tier 

in the Nasdaq Growth Program under 

Rule 7014(j). 

First Change 

Currently, the Exchange provides a 

credit of $ 0.00305 per share executed 

to a member for displayed quotes/orders 

(other than Supplemental Orders or 

Designated Retail Orders) that provide 

liquidity if the member has: (i) Shares 

of liquidity provided in all securities 

during the month representing at least 

0.15% of Consolidated Volume 3 during 

the month, through one or more of its 

Nasdaq Market Center Market 

Participant Identifiers; and (ii) adds 

Nasdaq Options Market (‘‘NOM’’) 

Market Maker liquidity in Penny Pilot 

Options and/or Non- Penny Pilot 

Options of 0.90% or more of total 

industry average daily volume in the 

customer clearing range for Equity and 

Exchange Traded Fund option contracts 

per day in a month on NOM. The 

Exchange provides the credit with the 

same criteria to securities of all three 

Tapes 4 under Rule 7018(a)(1)–(3). 

The Exchange offers these credits as a 

means of improving market quality by 

providing its members with an incentive 

to increase their provision of liquidity 

on both the Exchange and NOM. 

However, the Exchange has observed 

over time that these credits are not 

serving their intended purpose. Indeed, 

no members presently qualify for receipt 

of the credits. Accordingly, the 

Exchange proposes to eliminate them. 

Second Change 

The Exchange is proposing to revive, 

under Rule 7014(j), a portion of the 

Nasdaq Growth Program that it 

previously eliminated. 

Nasdaq introduced the Growth 

Program in 2016.5 The purpose of the 

Growth Program is to provide a credit 

per share executed for members that 

meet certain growth criteria. The credit 

is designed to provide an incentive to 

members that do not qualify for other 

credits under Rule 7018 in excess of the 

Growth Program credit to increase their 

participation on the Exchange. 

Presently, the Growth Program 

provides a member with a $0.0027 per 

share executed credit in securities 

priced $1 or more per share. The credit 

is provided in lieu of other credits 

provided to the member for displayed 

quotes/orders (other than Supplemental 

Orders or Designated Retail Orders) that 

provide liquidity under Rule 7018, if the 

credit under the Growth Program is 

greater than the credit attained under 

Rule 7018. 

Until late 2017, the Growth Program 

also included a second credit tier.6 That 

is, it provided a member with either a 

$0.0027 per share executed credit in 

securities priced $1 or more per share, 

or a $0.0025 per share executed credit 

in securities priced at $1 or more, if the 

member met certain criteria. Again, 

these credit [sic] were provided in lieu 

of other credits provided to the member 

for displayed quotes/orders (other than 

Supplemental Orders or Designated 

Retail Orders) that provide liquidity 

under Rule 7018, if the credit under the 

Growth Program was greater than the 

credit attained under Rule 7018. 

Rule 7014(j) provided three ways in 

which a member could qualify for the 

$0.0025 rebate in a given month. First, 

the member could qualify for this rebate 

by: (i) Adding greater than 750,000 

shares a day on average during the 

month through one or more of its 

Nasdaq Market Center MPIDs; and (ii) 

increasing its shares of liquidity 

provided through one or more of its 

Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume by 20% 

versus the member’s Growth Baseline.7

Second, the member could qualify for 

the $0.0025 rebate by: (i) Adding greater 

than 750,000 shares a day on average 

during the month through one or more 

of its Nasdaq Market Center MPIDs; (ii) 

increasing its shares of liquidity 

provided through one or more of its 

Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume by 20% 

versus the member’s Growth Baseline in 

the preceding month, and (iii) 

maintaining or increasing its shares of 

liquidity provided through one or more 

of its Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume as 

compared to the preceding month. 

Third, a member could qualify for the 

Growth Program by: (i) Adding greater 

than 750,000 shares a day on average 

during the month through one or more 

of its Nasdaq Market Center MPIDs in 

three separate months; (ii) increasing its 

shares of liquidity provided through one 

or more of its Nasdaq Market Center 

MPIDs as a percent of Consolidated 

Volume by 20% versus the member’s 

Growth Baseline in three separate 

months; and (iii) maintaining or 

increasing its shares of liquidity 

provided through one or more of its 

Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume 

compared to the Growth Baseline 

established when the member met the 

criteria for the third month. 

In 2017, the Exchange eliminated the 

$0.0025 rebate tier, stating that it 

wished to simplify the operation of the 

Growth Program.8 However, the $0.0027 

credit remains a part of the Growth 

Program, as set forth in Rule 7014(j). 

Since it eliminated the $0.0025 rebate 

tier, the Exchange has received interest 

in reviving it, and it proposes to do so 

now. However, the Exchange proposes 

modifications to the $0.0025 rebate tier 

that will simplify and update it. In 

particular, the Exchange proposes to 

omit one of the three means that it 

previously provided to qualify for the 

$0.0025 rebate tier—namely, the 

provision that qualified a member that 

(i) adds greater than 750,000 shares a 

day on average during the month 

through one or more of its Nasdaq 

Market Center MPIDs; (ii) increases its 

shares of liquidity provided through one 

or more of its Nasdaq Market Center 

MPIDs as a percent of Consolidated 

Volume by 20% versus the member’s 

Growth Baseline in the preceding 

month, and (iii) maintains or increases 

its shares of liquidity provided through 


sradovich on DSK3GMQ082PROD with NOTICES
28680 Federal Register / Vol. 83, No. 119 / Wednesday, June 20, 2018 / Notices 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4) and (5). 

11Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

12NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 

2010). 

13See NetCoalition, at 534–535. 

14 Id. at 537. 

15 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)). 

16See Securities Exchange Act Release No. 78977 

(September 29, 2016), 81 FR 69140 (October 5, 

2016) (SR–NASDAQ–2016–132). 17See id. 

one or more of its Nasdaq Market Center 

MPIDs as a percent of Consolidated 

Volume as compared to the preceding 

month. The Exchange also proposes to 

reset the Growth Baseline as a member’s 

May 2018 share of liquidity provided in 

all securities through one or more of its 

Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,9 in general, and furthers the 

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

of the Act,10 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 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.’’11

Likewise, in NetCoalition v. Securities 

and Exchange Commission 12

(‘‘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 costbased approach.13 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.’’14

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 brokerdealers 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’. . . .’’ 15 Although the court 

and the SEC were discussing the cash 

equities markets, the Exchange believes 

that these views apply with equal force 

to the options markets. 

First Change 

The proposal to eliminate the 

$0.00305 per share executed credits for 

all three Tapes is reasonable because 

these credits have not been effective in 

achieving their intended objective of 

incentivizing members to provide 

liquidity to the Exchange and to NOM. 

The Exchange has limited resources 

available to it to devote to the operation 

of special pricing programs and as such, 

it is reasonable and equitable for the 

Exchange to allocate those resources to 

those programs that are effective and 

away from those programs that are 

ineffective. The proposals are also 

equitable and not unfairly 

discriminatory because the proposed 

changes to the credits will apply 

uniformly to all similarly situated 

members. 

Second Change 

The Exchange believes that reestablishing a $0.0025 per share 

executed credit as part of the Nasdaq 

Growth Program is reasonable for the 

reasons that the Exchange set forth in its 

original proposal to establish that 

credit.16 In addition, the Exchange 

believes that it is reasonable to reestablish the credit tier notwithstanding 

the fact that it previously eliminated the 

tier, because the Exchange believes that 

the program is more likely to be 

successful now than it was previously 

in achieving its objective of increasing 

participation on the Exchange. In 

particular, the Exchange notes that it 

has recently received member interest in 

re-establishing the tier and has 

determined that it is worthwhile to 

respond to such interest if doing so will 

promote increased Exchange 

participation. The Exchange notes that it 

intends to monitor the Growth Program 

closely to determine whether it does, in 

fact, attract qualifying interest and 

incentivize greater participation. If it 

does not do so, the Exchange will either 

further modify or once again move to 

eliminate the $0.0025 rebate tier. 

The Exchange also believes that it is 

reasonable to modify the rebate tier from 

its prior formulation as a means of 

streamlining the qualifications for the 

tier and rendering it easier for the 

Exchange to administer and members to 

understand. The Exchange furthermore 

believes that it is reasonable to reset the 

Growth Baseline to May 2018 as that is 

the last month of activity prior to the 

restart of the program. 

Again, the Exchange believes that the 

proposal to re-establish the $0.0025 

rebate tier is an equitable allocation and 

is not unfairly discriminatory for the 

reasons that the Exchange set forth in its 

original proposal to establish that 

credit.17 The Exchange also believes that 

its proposed changes to the prior 

iteration of the rebate tier are equitable 

and non-discriminatory because they 

will apply uniformly to members and 

will simplify the Growth Program. The 

Exchange further notes that reviving this 

tier will benefit members and the 

markets by providing additional means 

by which members may obtain credits 

in exchange for increasing their 

participation in the markets. 

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 proposed 

elimination of the $0.00305 per share 

executed credit and the revival of the 

$0.0025 credit will not impose a burden 

on competition because the Exchange’s 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 119 / Wednesday, June 20, 2018 / Notices 28681 

18 15 U.S.C. 78s(b)(3)(A)(ii). 19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

execution services are completely 

voluntary and subject to extensive 

competition both from other exchanges 

and from off-exchange venues. 

The proposed changes to the credits 

are reflective of a robust and 

competitive securities market, where 

trading venues must provide incentives 

to participants in the form of credits to 

attract order flow and adjust those 

incentives to make them more 

competitive or to allow the Exchange to 

provide other market-improving 

incentives elsewhere. 

Moreover, trading venues are free to 

adjust their fees and credits in response 

to any changes that the Exchange makes 

to its fees and credits. If any of the 

changes proposed herein are 

unattractive to market participants, it is 

likely that the Exchange will lose 

market share as a result. 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.18

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– 

NASDAQ–2018–042 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–2018–042. 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–2018–042, and 

should be submitted on or before July 

11, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13163 Filed 6–19–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83431; File No. SR–ISE– 

2018–51] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Schedule 

of Fees Related to Complex Orders 

June 14, 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 June 1, 

2018, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 the 

Schedule of Fees related to Complex 

Orders traded on the Exchange. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://ise.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 Schedule of Fees 

related to Complex Orders traded on the 

Exchange. Specifically, the Exchange 


sradovich on DSK3GMQ082PROD with NOTICES