45476 Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices 

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

2 17 CFR 240.19b–4. 

3Rule 4703(e). 

4See Nasdaq Rule 4703(e); see also Securities 

Exchange Act Release No. 73959 (Dec. 30, 2014), 80 

FR 582 (Jan. 6, 2015) (SR–NASDAQ–2014–95). 

5An Order with MQ would satisfy the 

requirements of Regulation NMS Rule 611 and not 

trade through a protected quotation. See 17 CFR 

242.611. 

6Orders post to the Exchange book only if they 

are designated with a time in force that allows for 

posting. For example, an IOC order never posts to 

the book. 

7A Non-Displayed Order is an Order Type that 

is not displayed to other Participants, but 

nevertheless remains available for potential 

execution against incoming Orders until executed 

in full or cancelled. See Rule 4702(b)(3). Orders 

with MQ are always Non-Displayed when posted on 

the Exchange book. 

Rydex ETF Trust [File No. 811–21261] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Invesco 

Exchange Traded Fund Trust (formerly 

PowerShares Exchange Traded Fund 

Trust), Invesco Exchange-Traded Fund 

Trust II (formerly PowerShares 

Exchange-Traded Fund Trust II) and 

Invesco Exchange-Traded Self-Indexed 

Fund Trust (formerly PowerShares 

Exchange-Traded Self-Indexed Fund 

Trust), and on April 6, 2018 made a 

final distribution to its shareholders 

based on net asset value. Expenses of 

approximately $5,200,938 incurred in 

connection with the reorganization were 

paid by the applicant’s investment 

adviser, the acquiring funds’ investment 

adviser, and/or their affiliates. 

Filing Dates: The application was 

filed on June 19, 2018, and amended on 

July 20, 2018 and August 9, 2018. 

Applicant’s Address: 702 King Farm 

Boulevard, Suite 200, Rockville, 

Maryland 20850. 

Winton Diversified Opportunities Fund 

[File No. 811–23028] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 29, 2018, 

applicant made a liquidating 

distribution to its shareholders based on 

net asset value. Expenses of 

approximately $79,227 incurred in 

connection with the liquidation were 

paid by applicant’s investment adviser. 

Filing Dates: The application was 

filed on July 18, 2018, and amended on 

August 10, 2018. 

Applicant’s Address: One Freedom 

Valley Drive, Oaks, Pennsylvania 19456. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–19377 Filed 9–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84012; File No. SR–BX– 

2018–040] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Provide New Optional 

Functionality to Minimum Quantity 

Orders 

August 31, 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 August 

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 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 provide 

new optional functionality to Minimum 

Quantity Orders. 

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 is proposing to provide 

a new optional functionality to the 

Minimum Quantity Order Attribute,3

which is identical to the optional 

functionality provided by The Nasdaq 

Stock Market LLC (‘‘Nasdaq’’).4

Current Functionality 

An Order designated with the 

Minimum Quantity Order Attribute 

(‘‘MQ’’) allows a market participant to 

specify a minimum share amount at 

which it will execute. For example, a 

market participant seeking to buy or sell 

a large position may desire to execute 

only if a large quantity of shares can be 

traded to reduce the price impact of the 

security being bought or sold. An Order 

with MQ will not execute unless the 

volume of contra-side liquidity available 

to execute against the order meets or 

exceeds the designated minimum. When 

an Order with MQ is received by the 

Exchange, it will execute immediately 5

if there is sufficient liquidity available 

on the Exchange within the limit price 

of the Order with MQ. Specifically, the 

Order with MQ will execute if the sum 

of the shares of one or more resting 

Orders is equal to or greater than its 

minimum quantity. In the case of 

multiple resting Orders being aggregated 

to meet the minimum quantity, each 

contra-side order creates a separate 

execution and thus there can be 

multiple executions that, in aggregate, 

equal or exceed the minimum quantity. 

If an Order with MQ does not execute 

immediately due to lack of contra-side 

liquidity that is equal to or greater than 

the designated minimum, the Order will 

post 6 to the Exchange book as a NonDisplayed Order with the characteristics 

of its underlying Order Type.7 Once 

posted, an Order with MQ will execute 

only if an incoming Order is marketable 

against the resting Order with MQ and 

is equal to or greater than the minimum 

quantity set on the resting Order with 

MQ. Multiple potential executions 

cannot be aggregated to meet the 

minimum quantity requirement of the 

posted Order with MQ. If an Order with 

MQ executes partially and the number 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices 45477 

8SEC Rule 610(d) under Regulation NMS restricts 

displayed quotations that lock or cross protected 

quotations in NMS stock, but does not apply to nondisplayed trading interest, like a resting Order with 

MQ. See 17 CFR 242.610(d). 

9The option is available at the port level. 

Accordingly, all Orders entered through a particular 

port will receive the selected functionality. All 

trading ports default to the current functionality. 

10See note 4, supra. 

11The Commission has long recognized this 

concern: ‘‘Another type of implicit transaction cost 

reflected in the price of a security is short-term 

price volatility caused by temporary imbalances in 

trading interest. For example, a significant implicit 

cost for large investors (who often represent the 

consolidated investments of many individuals) is 

the price impact that their large trades can have on 

the market. Indeed, disclosure of these large orders 

can reduce the likelihood of their being filled.’’ See 

Securities Exchange Act Release No. 42450 (Feb. 23, 

2000), 65 FR 10577, 10581 (Feb. 28, 2000) (SR– 

NYSE–99–48) (emphasis added) (internal citation 

omitted). 

12For example, the BIDS Alternative Trading 

System also has functionality that allows its 

subscribers to select a minimum size requirement, 

which prevents a subscriber’s interest from 

interacting with contra-side interest if its size is less 

than the specified minimum. See http://

www.bidstrading.com/solutions/faqs/. 

of shares remaining is less than the 

minimum quantity of the Order, the 

minimum quantity of the Order is 

reduced to the remaining share size. If 

an Order with MQ is received that is 

marketable against a resting contra-side 

Order with size that does not meet the 

minimum quantity requirement, the 

Order with MQ will be posted on the 

Exchange book as a Non-Displayed 

Order with the characteristics of its 

underlying Order Type.8 For example, if 

an Order with MQ is received to buy 

1,000 shares at $10 with a minimum 

quantity restriction of 500 shares and 

there is a resting sell order for 300 

shares at $10, the Order with MQ will 

be posted as a Non-Displayed Order at 

$10. Furthermore, the Exchange notes 

that a subsequent Order without a 

minimum quantity restriction that is 

marketable against the resting contraside interest will result in an execution 

because the market participant entering 

the Order with MQ has expressed its 

intention not to execute against 

liquidity below a certain minimum size, 

and therefore cedes execution priority to 

any new Orders that would otherwise 

have a lower priority. 

Proposed Functionality 

The Exchange is proposing to add a 

new optional functionality to further 

enhance the utility of the Minimum 

Quantity Order Attribute to market 

participants.9 As was noted by Nasdaq 

in proposing the optional functionality 

proposed herein,10 some market 

participants have noted that they avoid 

sending large Orders with MQ to the 

Exchange out of concern that such 

Orders may interact against small 

Orders entered by professional traders. 

These market participants are concerned 

that such interaction may negatively 

impact the execution of their larger 

Orders. Often institutional Orders are 

much larger in size than the average 

Order in the marketplace. Furthermore, 

in order to facilitate the liquidation or 

acquisition of a large position, multiple 

Orders are submitted into the market, 

which although larger than the average 

Order in the market, only represent a 

small proportion of the overall 

institutional position to be executed. 

The various strategies used to execute 

large size are based on a desire to limit 

price movement of the stock the 

institution is pursuing. Executing in 

small sizes, even if in aggregate it meets 

a minimum quantity designation, may 

impact the market such that the 

additional Orders that the institution 

has yet to submit to the market may be 

more costly to execute. If an institution 

is able to execute in larger sizes, the 

contra-party to the execution is less 

likely to be a participant that reacts to 

short term changes in the stock price 

and as such the price impact to the 

stock could be less acute when larger 

individual executions are obtained by 

the institution.11 As a consequence of 

this concern, these Orders are often 

executed away from the Exchange in 

dark pools, at least some of which have 

the functionality proposed herein,12 or 

via broker-dealer internalization. 

Accordingly, to attract larger Orders 

with MQ to the Exchange, it is 

proposing new optional functionality 

that will allow a market participant to 

designate a minimum individual 

execution size, and thus allow users to 

avoid interaction with such smaller 

Orders resting on the book. As 

discussed above, under the current rule, 

an incoming Order with MQ will 

execute against any number of smaller 

contra-side Orders that, in aggregate, 

meet the minimum quantity set by the 

market participant. For example, if a 

market participant entered an Order 

with MQ to buy with a price of $10, a 

size of 1,000 and a minimum quantity 

of 500, and the order was marketable 

against two resting sell orders for 300 

and 400 shares, the System would 

aggregate both orders for purposes of 

meeting the minimum quantity, thus 

resulting in executions of 300 shares 

and 400 shares respectively with the 

remaining 300 shares of the Order with 

MQ posting to the Exchange book with 

a minimum quantity restriction of 300 

shares. The proposed new optional 

functionality will not allow aggregation 

of smaller executions to satisfy the 

minimum quantity of an incoming 

Order with MQ. Using the same 

scenario as above, but with the 

proposed new functionality and a 

minimum execution size requirement of 

400 shares selected by the market 

participant, the Order with MQ would 

not execute against the two sell orders 

because the order at the top of the 

Exchange book is less than 400 shares. 

The new functionality will reprice the 

Order with MQ to one minimum price 

increment lower than (higher than) the 

lowest price (highest price) of the 

resting contra-side Order, and post the 

Order to the Exchange book as a NonDisplayed Order when the top of the 

Exchange book is of insufficient size to 

satisfy the minimum execution size 

requirement. Applied to the example 

above, the Order would post to the 

Exchange book as a Non-Displayed 

Order to buy 1,000 shares at $9.99. The 

Exchange notes that the market 

participant entering the Order with MQ 

has expressed its intention not to 

execute against liquidity below a certain 

minimum size, and therefore cedes 

execution priority when it would lock 

or cross resting Orders against which it 

would otherwise execute if it were not 

for the minimum execution size 

restriction. 

The Exchange believes that it is 

appropriate to adjust the price one 

minimum price increment lower than 

(higher than) the lowest price (highest 

price) of the resting contra-side Order 

prior to posting on the Exchange book 

because, by using the minimum 

execution size option, the submitter of 

the Order is choosing to reduce the 

number of situations in which the Order 

could potentially execute. Thus, an 

Order without this further restriction 

provides greater contribution to the 

price discovery process of the market. 

All bona fide market participation that 

results in an execution on a data feed 

contributes to the price discovery 

process that is essential to a proper 

functioning market. However, there are 

different degrees to which activity 

within the market contributes to price 

discovery. A displayed Order at the 

NBBO of an Exchange, and the 

subsequent execution thereof, 

contributes significantly to price 

discovery because both the Displayed 

Order prior to execution, and the 

execution itself, provide a reference 

price to the market. Further, a nondisplayed order on an exchange 

contributes to price discovery as it is 

part of the continuous auction on a 

market with publicly displayed orders 

and quotes—albeit the contribution of a 

non-displayed order on an exchange is 


daltland on DSKBBV9HB2PROD with NOTICES
45478 Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices 

13See BZX Rule 11.9(c)(5). 

14 15 U.S.C. 78f(b). 

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

16See, e.g., Rule 4703(c). 

17See, for example, the Exchange’s Post-Only 

Order. See Rule 4702(b)(4). 

less than the contribution of a displayed 

order on an exchange. Furthermore, a 

non-displayed order on a dark pool 

contributes less to price discovery 

because it is resting in a less transparent 

trading venue that is not part of the 

continuous auction of a lit exchange. If 

one were to rank the contribution to 

price discovery that different market 

activity provides, it would include the 

following (listed from least price 

discovery contribution to most): 

D Order resting in dark pool (no 

contribution) 

D Non-displayed order on exchange (no 

or very little contribution) 

D Order execution in dark pool (some 

contribution, execution reported 

publicly via TRF) 

D Non-displayed order execution on 

exchange (contribution as part of 

continuous auction, execution 

reported publicly, and priority is 

behind displayed—i.e., priority is 

ceded to orders that contribute more 

to price discovery) 

D Displayed order on exchange 

(significant contribution) 

D Displayed order execution on 

exchange (significant contribution, 

publicly displayed order + execution 

reported publicly) 

In this sense, the proposed change 

continues to contribute more 

meaningfully to price discovery than an 

order in a dark pool because it is part 

of the continuous auction market on the 

exchange but, similar to a regular NonDisplayed Order ceding priority to 

Displayed Orders on the Exchange, the 

Order with MQ that uses the proposed 

functionality will cede price priority to 

Orders that do not contain the minimum 

execution size restriction. Also unlike 

the current process, the proposed new 

functionality will cancel the remainder 

of a marketable Order with MQ that is 

partially filled upon entry if the 

partially-executed Order with MQ 

would lock or cross resting contra-side 

liquidity that does not meet the 

minimum execution size requirement. 

Under the current process, an Order 

with MQ that receives a partial 

execution has the remainder of the 

Order posted to the Exchange book as a 

Non-Displayed Order. The proposed 

new functionality will, instead, cancel 

any shares not executed after a partial 

execution of an Order with MQ if there 

are more shares that remain resting on 

the Exchange book at a price that would 

satisfy the limit price of the Order with 

MQ but that are not executable against 

the incoming Order with MQ due to the 

minimum execution size set on the 

Order. For example, an Order with MQ 

to buy priced at $10 with a size of 1,000 

and a minimum quantity of 500, that is 

marketable against two sell orders on 

the Exchange book, one for 500 shares 

and one for 400 shares, would result in 

the execution of 500 shares and the 

cancellation of the remaining 500 

shares. Under the current process, the 

Order would receive two partial 

executions of 500 and 400 shares, and 

the remaining 100 shares would be 

posted to the Exchange book as a NonDisplayed Order to buy priced at $10. 

The Exchange notes that when a nonIOC Order with MQ is partially 

executed and cancelled in this situation, 

the contra-side liquidity that is not 

executed may be Non-Displayed. If an 

Order with MQ is cancelled due to NonDisplayed contra-side liquidity, the 

submitter of the Order will know that 

there may be a resting Order or Orders 

at the price of the Order with MQ and 

also that the resting Order or Orders are 

for fewer shares than the minimum 

execution size required by the Order. 

The Exchange believes this is acceptable 

because the Order with MQ has already 

partially executed for a size of at least 

one round lot and thus the Order 

submitter has taken on risk due to the 

execution and therefore contributed to 

price discovery in the market place. 

Under the proposed change, a resting 

Order with MQ will operate the same 

way as it does currently. When an Order 

with MQ is posted on the book, it will 

only execute against incoming Orders if 

the individual incoming Order is equal 

to or greater than the minimum 

designated on the Order. The primary 

difference between the current 

functionality and the proposed new 

functionality is that upon receipt, an 

incoming Order with MQ will only 

execute against individual resting 

Orders if the order at the top of the 

Exchange book meets or exceeds the 

minimum on the Order. The Exchange 

notes that this is no different than 

Nasdaq’s Minimum Quantity Order 

Attribute, on which the proposed 

change is based, and is also similar to 

Cboe BZX Exchange, Inc.’s (‘‘BZX’’) 

Minimum Quantity Order,13 which 

allows BZX Users to specify that such 

an order will not execute against 

multiple aggregated orders 

simultaneously and that the minimum 

quantity condition be satisfied by each 

individual order resting on the BZX 

book. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,14 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,15

in particular, in that it is 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. The 

proposal will provide market 

participants, including institutional 

firms that ultimately represent 

individual retail investors in many 

cases, with better control over their 

Orders, thereby providing them with 

greater potential to improve the quality 

of their Order executions. Currently, the 

rule allows the market participant to 

designate a minimum quantity on an 

Order that, upon entry, may aggregate 

multiple executions to meet the 

minimum quantity requirement. Once 

posted to the Exchange book, however, 

the minimum quantity requirement is 

equivalent to a minimum execution size 

requirement. The Exchange is now 

proposing to provide a market 

participant with control over the 

execution of their Order with MQ by 

allowing them an option to designate 

the minimum individual execution size 

upon entry. The control offered by the 

proposed change is consistent with the 

various types of control currently 

provided by exchange order types. For 

example, the Exchange, Nasdaq and 

other exchanges offer limit orders, 

which allow a market participant 

control over the price it will pay or 

receive for a stock.16 Similarly, 

exchanges offer order types that allow 

market participants to structure their 

trading activity in a manner that is more 

likely avoid certain transaction cost 

related economic outcomes.17 Moreover, 

and as discussed above, other trading 

venues provide the very functionality 

that the Exchange is proposing, with the 

proposed rule text and operation of the 

functionality identical to that of Nasdaq. 

As discussed above, some market 

participants have requested the 

functionality proposed herein so they 

may avoid transacting with smaller 

Orders that they believe ultimately 

increase the cost of the transaction. 

Market participants, such as large 

institutions that transact a large number 

of orders on behalf of retail investors, 

have noted that because the Exchange 

does not have this functionality, they 

avoid sending large orders to the 

Exchange to avoid potentially more 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 174 / Friday, September 7, 2018 / Notices 45479 

18As noted, the proposal is designed to attract 

liquidity to the Exchange by allowing market 

participants to designate a minimum size of contraside Order with which to interact, thus providing 

market participants with functionality that is 

otherwise available to them on another exchange 

(i.e., Nasdaq). The designation of a minimum size 

may reduce the interaction that such new Order 

flow would have with smaller contra-side Orders on 

the Exchange, some of which may be retail Order 

flow. The Exchange notes that since the Order flow 

attracted by this functionality may also represent 

retail investors and is in addition to the existing 

Order flow currently on the Exchange, market 

quality for retail investors ultimately should not be 

negatively impacted. Accordingly, the Exchange 

does not believe that retail Orders will be 

disadvantaged by the proposed change. 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) 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. 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

expensive transactions.18 In this regard, 

the Exchange notes that proposed new 

optional functionality may improve the 

Exchange market by attracting more 

Order flow, which is currently trading 

on less transparent venues that 

contribute less to price discovery and 

price competition than executions and 

quotes that occur on lit exchanges. Such 

new Order flow will further enhance the 

depth and liquidity on the Exchange, 

which supports just and equitable 

principles of trade. Furthermore, the 

proposed modification to the Minimum 

Quantity Order Attribute is consistent 

with providing market participants with 

greater control over the nature of their 

executions so that they may achieve 

their trading goals and improve the 

quality of their executions. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

Specifically, the proposed change 

allows market participants to condition 

the processing of their Orders based on 

a minimum execution size. The changes 

to the Minimum Quantity Order 

Attribute will enhance the functionality 

offered by the Exchange to its members, 

thereby promoting its competitiveness 

with other exchanges and non-exchange 

trading venues that already offer the 

same or similar functionality. As a 

consequence, the proposed change will 

promote competition among exchanges 

and their peers, which, in turn, will 

decrease the burden on competition 

rather than place an unnecessary burden 

thereon. 

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 

Because the foregoing 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 for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 19 and Rule 19b– 

4(f)(6) thereunder.20

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–2018–040 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–2018–040. 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–2018–040 and should 

be submitted on or before September 28, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–19376 Filed 9–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84013; File No. SR–BX– 

2018–025] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change To Make 

Permanent the Exchange’s Retail Price 

Improvement Program, Which is Set To 

Expire on December 31, 2018 

August 31, 2018. 

On July 9, 2018, Nasdaq BX, Inc. 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to make permanent the 

Exchange’s Retail Price Improvement 

Program. The proposed rule change was 


daltland on DSKBBV9HB2PROD with NOTICES