Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices 40193 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The order routing functionalities permit a 

GEMX Member to provide access and connectivity 

to other Members as well utilize such access for 

themselves. The Exchange notes that under this 

arrangement it will be possible for one GEMX 

Member to be eligible for payments under MARS, 

while another GEMX Member might potentially be 

liable for transaction charges associated with the 

execution of the order, because those orders were 

delivered to the Exchange through a GEMX 

Member’s connection to the Exchange and that 

Member qualified for the MARS Payment. 

Consider the following example: Both Members A 

and B are GEMX Members but A does not utilize 

its own connections to route orders to the 

Exchange, and instead utilizes B’s connections. 

Under this program, B will be eligible for the MARS 

Payment while A is liable for any transaction 

charges resulting from the execution of orders that 

originate from A, arrive at the Exchange via B’s 

connectivity, and subsequently execute and clear at 

The Options Clearing Corporation or ‘‘OCC,’’ where 

A is the valid executing clearing Member or giveup on the transaction. Similarly, where B utilizes 

its own connections to execute transactions, B will 

be eligible for the MARS Payment, but would also 

be liable for any transaction resulting from the 

execution of orders that originate from B, arrive at 

the Exchange via B’s connectivity, and 

subsequently execute and clear at OCC, where B is 

the valid executing clearing Member or give-up on 

the transaction. 

4 If a GEMX Member desires to qualify for MARS, 

that Member must submit an application and certify 

to the System Eligibility requirements for the entire 

time period in which the Member will be eligible 

for MARS Rebates. A GEMX Member may apply 

anytime during the month in which the GEMX 

Member desires to participant in MARS and would 

be eligible for the entire month, provided the GEMX 

Member certified System Eligibility for that entire 

month. For example, a GEMX Member submitting 

an application on the 15th of the month, would 

have to certify System Eligibility for that entire 

month. A form must be submitted no later than the 

last business day of the month in which the GEMX 

Member desires to participate in MARS. The 

application will require the GEMX Member to 

identify the GEMX Member seeking the MARS 

Payment and must list, among other things, the 

connections utilized by the GEMX Member to 

provide Exchange access to other GEMX Members 

and/or itself. MARS Payments would be made one 

month in arrears (i.e., a MARS Payment earned for 

activity in September would be paid to the 

qualifying GEMX Member in October), as is the case 

with all other transactional payments and 

assessments made by the Exchange. 

5A ‘‘Non-Nasdaq GEMX Market Maker’’ is a 

market maker as defined in Section 3(a)(38) of the 

Securities Exchange Act of 1934, as amended, 

registered in the same options class on another 

options exchange. 

6A ‘‘Firm Proprietary’’ order is an order 

submitted by a Member for its own proprietary 

account. 

7A ‘‘Broker-Dealer’’ order is an order submitted 

by a Member for a broker-dealer account that is not 

its own proprietary account. 

8A ‘‘Professional Customer’’ is a person or entity 

that is not a broker/dealer and is not a Priority 

Customer. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–17907 Filed 8–23–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81431; File No. SR–GEMX– 

2017–39] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Create the Market 

Access and Routing Subsidy Program 

August 18, 2017. 

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 9, 

2017, Nasdaq GEMX, LLC (‘‘GEMX’’ 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 create a 

subsidy program, the Market Access and 

Routing Subsidy (‘‘MARS’’), for GEMX 

Members that provide certain order 

routing functionalities 3 to other GEMX 

Members and/or use such 

functionalities themselves. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at www.ise.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 

GEMX proposes a new subsidy 

program, MARS, which would pay a 

subsidy to GEMX Members that provide 

certain order routing functionalities to 

other GEMX Members and/or use such 

functionalities themselves. Generally, 

under MARS, GEMX proposes to make 

payments to participating GEMX 

Members to subsidize their costs of 

providing routing services to route 

orders to GEMX. The Exchange believes 

that MARS will attract higher volumes 

of equity and ETF options volume to the 

Exchange from non-GEMX market 

participants as well as GEMX Members. 

MARS System Eligibility 

To qualify for MARS, a GEMX 

Member’s order routing functionality 

would be required to meet certain 

criteria. Specifically the Member’s 

routing system (hereinafter ‘‘System’’) 

would be required to: (1) Enable the 

electronic routing of orders to all of the 

U.S. options exchanges, including 

GEMX; (2) provide current consolidated 

market data from the U.S. options 

exchanges; and (3) be capable of 

interfacing with GEMX’s API to access 

current GEMX match engine 

functionality. The Member’s System 

would also need to cause GEMX to be 

one of the top four default destination 

exchanges for (a) individually executed 

marketable orders if GEMX is at the 

national best bid or offer (‘‘NBBO’’), 

regardless of size or time or (b) orders 

that establish a new NBBO on GEMX’s 

Order Book, but allow any user to 

manually override GEMX as the default 

destination on an order-by-order basis. 

The Exchange would require GEMX 

Members desiring to participate in 

MARS 4 to complete a form, in a manner 

prescribed by the Exchange, and 

reaffirm their information on a quarterly 

basis to the Exchange. Any GEMX 

Member would be permitted to apply 

for MARS, provided the abovereferenced requirements are met, 

including a robust and reliable System. 

The Member would be solely 

responsible for implementing and 

operating its System. 

MARS Eligible Contracts 

A MARS Payment would be made to 

GEMX Members that have System 

Eligibility and have routed the requisite 

number of Eligible Contracts daily in a 

month, which were executed on GEMX. 

For the purpose of qualifying for the 

MARS Payment, Eligible Contracts 

would include Non-Nasdaq GEMX 

Market Maker (FARMM) 5, Firm 

Proprietary 6/Broker-Dealer 7 and 

Professional Customer 8 Orders that are 

executed. Eligible Contracts do not 


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40194 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices 

9A QCC Order is comprised of an originating 

order to buy or sell at least 1000 contracts that is 

identified as being part of a qualified contingent 

trade, as that term is defined in Supplementary 

Material .01 below, coupled with a contra-side 

order or orders totaling an equal number of 

contracts. See Rule 715(j). 

10Price Improvement Mechanism (‘‘PIM’’) is the 

Exchange’s price improvement mechanism for 

crossing transactions. See Rule 723. 

11 ‘‘Priority Customer’’ is a person or entity that 

is not a broker/dealer in securities, and does not 

place more than 390 orders in listed options per day 

on average during a calendar month for its own 

beneficial account(s), as defined in GEMX Rule 

100(a)(37A). Unless otherwise noted, the term 

‘‘Priority Customer’’ includes ‘‘Retail.’’ A ‘‘Retail’’ 

order is a Priority Customer order that originates 

from a natural person, provided that no change is 

made to the terms of the order with respect to price 

or side of market and the order does not originate 

from a trading algorithm or any other computerized 

methodology. 

12A GEMX Member will not be entitled to receive 

any other revenue for the use of its System 

specifically with respect to orders routed to GEMX. 

13This requirement would not prevent the 

Member from charging fees (for example, a flat 

monthly fee) for the general use of its System. Nor 

would it prevent the Member from charging fees or 

commissions in accordance with its general 

practices with respect to transactions effected 

through its System. 

14See NOM’s Rules at Chapter XV, Section 2(6). 

15See GEMX’s Schedule of Fees in Section I. 

include qualified contingent cross or 

‘‘QCC’’ Orders 9 or Price Improvement 

Mechanism or ‘‘PIM’’ Orders.10

GEMX Members using an order 

routing functionality provided by 

another Member or its own functionality 

will continue to be required to comply 

with best execution obligations. 

Specifically, just as with any Priority 

Customer 11 order and any other routing 

functionality, a GEMX Member will 

continue to have an obligation to 

consider the availability of price 

improvement at various markets and 

whether routing a Priority Customer 

order through a functionality that 

incorporates the features described 

above would allow for access to such 

opportunities if readily available. 

Moreover, a GEMX Member would need 

to conduct best execution evaluations 

on a regular basis, at a minimum 

quarterly, that include its use of any 

router incorporating the features 

described above. 

MARS Payment 

GEMX Members that have System 

Eligibility and have executed the 

requisite number of Eligible Contracts in 

a month would be paid the following 

per contract rebates: 

Tiers Average daily 

volume (‘‘ADV’’) MARS payment 

1 ...... 10,000 $0.07 

2 ...... 15,000 0.10 

3 ...... 20,000 0.13 

The specified MARS Payment will be 

paid on all executed Eligible Contracts 

that add liquidity, which are routed to 

GEMX through a participating GEMX 

Member’s System and meet the requisite 

Eligible Contracts ADV. No payment 

will be made with respect to orders that 

are routed to GEMX, but not executed. 

This three-tiered proposal is intended to 

encourage GEMX Members to execute 

the maximum number of contracts to 

achieve the highest rebate. 

No payment will be made with 

respect to orders that are routed to 

GEMX, but not executed.12 Further, a 

GEMX Member would not be entitled to 

receive any other revenue 13 for the use 

of its System specifically with respect to 

orders routed to GEMX. 

The Exchange proposes to add the 

MARS to Section II as Part B of the Fee 

Schedule, entitled ‘‘Market Access and 

Routing Subsidy (‘‘MARS’’).’’ 

Additionally, the Exchange proposes to 

amend the Table of Content to include 

the new section. 

2. Statutory Basis 

The Exchange believes that the 

proposed MARS program is reasonable 

because it is designed to attract higher 

volumes of equity and ETF options 

volume to the Exchange, which will 

benefit all GEMX Members by offering 

greater price discovery, increased 

transparency, and an increased 

opportunity to trade on the Exchange. 

Moreover, the Exchange believes that 

the proposed subsidy offered by MARS 

is both equitable and not unfairly 

discriminatory because any qualifying 

GEMX Member that offers market access 

and connectivity to the Exchange and/ 

or utilizes such functionality themselves 

may earn the MARS Payment for all 

Eligible Contracts. 

MARS System Eligibility 

The Exchange believes that requiring 

GEMX Members to maintain their 

Systems according to the various 

requirements set forth by the Exchange 

in order to qualify for the proposed 

MARS program is reasonable because 

the Exchange seeks to encourage market 

participants to send higher volumes of 

orders to GEMX, which will contribute 

to the Exchange’s depth of book as well 

as to the top of book liquidity. The 

Exchange also believes that the 

proposed MARS program is reasonable 

because it is designed to enhance the 

competitiveness of the Exchange. The 

Exchange believes that requiring 

Members to maintain their Systems 

according to the various requirements 

set forth by the Exchange in order to 

qualify for MARS is equitable and not 

unfairly discriminatory because these 

requirements will uniformly apply to all 

market participants desiring to qualify 

for MARS. 

The Exchange’s proposal to require a 

Member’s System to cause GEMX to be 

the one of the top four default 

destination exchanges for (a) 

individually executed marketable orders 

if GEMX is at the NBBO, regardless of 

size or time or (b) orders that establish 

a new NBBO on GEMX’s Order Book, 

but allow any user to manually override 

GEMX as the default destination on an 

order-by-order basis is reasonable. 

Offering Members the ability to select 

either of the aforementioned 

requirements to qualify for System 

Eligibility would incentivize GEMX 

Members to quote at the NBBO on 

GEMX to qualify for MARS. Also, the 

Exchange seeks to encourage market 

participants to send higher volumes of 

orders to GEMX, which will contribute 

to the Exchange’s depth of book as well 

as to the top of book liquidity. The 

MARS program is designed to enhance 

the competitiveness of the Exchange 

and the Exchange believes that these 

proposed requirements will cause 

GEMX to be an attractive market to send 

orders. The Exchange also notes that 

The NASDAQ Options Market LLC 

currently offers a MARS program today 

with similar requirements.14

The Exchange’s proposal to require 

Members to cause GEMX to be the one 

of the top four default destination 

exchanges is equitable and not unfairly 

discriminatory because these 

requirements will uniformly apply to all 

Participants desiring to qualify for 

MARS. Any GEMX Member desiring to 

participate in MARS would be required 

to meet the aforementioned System 

Eligibility requirements. 

MARS Eligible Contracts 

The Exchange believes that excluding 

the volumes attributable to QCC and 

PIM Orders is reasonable, equitable, and 

not unfairly discriminatory for the 

reasons below. Today, GEMX reduces 

taker fees for any GEMX Member that 

achieves a certain volume threshold as 

displayed in Table 1 of the Schedule of 

Fees.15 Today, QCC and PIM Order 

volume is counted towards the Total 

Affiliated Member average daily volume 

to meet those tier thresholds and reduce 

taker fees. The Exchange does not desire 

to pay an additional subsidy on top of 

offering discounted taker fees for QCC 

and PIM Orders. Because the Exchange 

would calculate Eligible Contracts in the 

same manner for all GEMX Members 

seeking to qualify for MARS, and the 

calculation would exclude QCC and 


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Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices 40195 

16The term ‘‘Market Makers’’ refers to 

‘‘Competitive Market Makers’’ and ‘‘Primary Market 

Makers’’ collectively. See GEMX Rule 100(a)(25). 

17See GEMX’s Schedule of Fees in Section I. 

18 Id. 

19Market Maker and Priority Customer Orders are 

eligible for higher maker rebates based on achieving 

volume thresholds in Table 1 below. GEMX 

Members who do not achieve a higher Tier under 

Table 1 will receive Tier 1 maker rebates. See 

GEMX’s Schedule of Fees in Section I. 

20The Exchange proposes to pay a $0.07 per 

contract rebate to qualifying GEMX Members who 

transact 10,000 ADV; a rebate of $0.10 per contract 

to qualifying GEMX Members who transact 15,000 

ADV and a $0.13 per contact to qualifying GEMX 

Members who transact 20,000 ADV. 21See note 14 above. 

PIM Order volume, the proposal to 

exclude these volumes from the MARS 

Payment is not inequitable or unfairly 

discriminatory. 

The Exchange further notes that while 

MARS is only being offered to 

qualifying GEMX Members for NonNasdaq GEMX Market Maker (FARMM), 

Firm Proprietary/Broker-Dealer and 

Professional Customer equity option 

Orders and is not including Priority 

Customer or Market Maker 16 Orders 

volume the Exchange believes this is 

reasonable, equitable and not unfairly 

discriminatory for the reasons below. 

With respect to Priority Customer 

orders, the Exchange notes that, today, 

Priority Customer Orders may earn the 

highest Market Maker rebates available 

on GEMX.17 The Exchange believes that 

the availability of these rebates for 

Priority Customer Orders does not 

warrant paying an additional subsidy on 

Priority Customer Orders for MARS. 

With respect to Market Maker Orders, 

today the Exchange offers certain 

rebates on Market Maker Orders.18 The 

Exchange believes that these rebates 

provide ample incentive for attracting 

Market Maker Orders to the Exchange 

and that no further subsidy is warranted 

at this time.19

Further, the proposed MARS Subsidy 

is designed to attract higher margin 

business to the Exchange. To offer the 

proposed subsidy on Priority Customer 

or Market Maker Orders would require 

funding from some other source, such as 

raising fees for other participants. As a 

result, the Exchange believes it is 

appropriate to only count Non-Nasdaq 

GEMX Market Maker (FARMM), Firm 

Proprietary/Broker-Dealer and 

Professional Customer Orders toward 

the Eligible Contracts, which unlike 

Priority Customer and Market Maker 

Orders are not eligible for Market Maker 

rebates today beyond $0.25 per contract 

on GEMX. The Exchange notes that it is 

commonplace within the options 

industry for exchanges to charge 

different rates and/or offer different 

rebates depending upon the capacity in 

which a participant is trading. For these 

reasons, the Exchange believes that the 

proposal to only count certain order 

flow as Eligible Contracts is reasonable, 

equitable and not unfairly 

discriminatory for the reasons 

mentioned herein. 

MARS Payment 

The Exchange’s proposal to pay a 

MARS Payment based on certain 

average daily volumes for Eligible 

Contracts, which add liquidity, is 

reasonable because the Exchange 

believes that the MARS program will 

attract order flow which would be 

beneficial for all GEMX Members in that 

it would generate greater price 

discovery, increased transparency, and 

an increased opportunity to trade on the 

Exchange. The MARS Payments should 

enhance the competitiveness of the 

Exchange. Further, the proposed tier 

structure would allow GEMX Members 

to price their services at a level that will 

enable them to attract order flow from 

market participants who would 

otherwise utilize an existing front-end 

order entry mechanism instead of 

incurring the cost in time and money to 

develop their own internal systems to be 

able to deliver orders directly to the 

Exchange’s System. The Exchange also 

seeks to reward market participants that 

bring a greater amount of order flow to 

the Exchange by paying a higher rebate 

based on the average daily volume that 

qualified as Eligible Contracts.20 The 

Exchange believes that the tiers are 

reasonable because the Exchange is 

incentivizing GEMX Members to 

transact a greater amount of qualifying 

volume to earn the rebate. The 

additional order flow will benefit all 

market participants. 

The Exchange’s proposal to pay a 

MARS Payment based on certain 

average daily volumes for Eligible 

Contracts, which add liquidity, is 

equitable and not unfairly 

discriminatory because the Exchange 

will uniformly pay all GEMX Members 

the proposed rebates specified in the 

proposed MARS Payment tiers provided 

the GEMX Member has executed the 

requisite number of Eligible Contracts. 

Moreover, the Exchange believes that 

the proposed MARS Payments offered 

by the Exchange are equitable and not 

unfairly discriminatory because any 

qualifying GEMX Member that offers 

market access and connectivity to the 

Exchange and/or utilizes such 

functionality themselves may earn the 

MARS Payment for all Eligible 

Contracts. The Exchange believes that 

the tiers are equitable and not unfairly 

discriminatory because the Exchange 

would pay the same rebates to all 

qualifying GEMX Members who transact 

the requisite volume to earn the rebate. 

The Exchange believes that it is 

reasonable, equitable and not unfairly 

discriminatory to pay the proposed 

MARS Payment to GEMX Members that 

have System Eligibility and have 

executed the Eligible Contracts, even 

when a different GEMX Member may be 

liable for transaction charges resulting 

from the execution of the orders upon 

which the subsidy might be paid. The 

Exchange notes that this sort of 

arrangement already exists on The 

NASDAQ Options Market LLC (‘‘NOM’’) 

with its MARS Program.21 The intent of 

the MARS Program is to incentivize 

GEMX Members to offer order routing 

functionalities to other GEMX Members 

and/or use such functionalities 

themselves. By paying the MARS 

Payments to GEMX Members that have 

System Eligibility, the Exchange is 

providing an incentive for GEMX 

Members to offer the order routing 

functionalities described in this 

proposal. Also, all qualifying GEMX 

Members would be uniformly paid the 

subsidy on all qualifying volume that 

was routed by them to the Exchange and 

executed. 

The Exchange believes that 

preventing Members from receiving any 

other revenue for the use of its routing 

system, specifically with respect to 

orders routed to GEMX is reasonable 

because Members could still charge fees 

for the general use of its order routing 

system as well as charging fees or 

commissions in accordance with its 

general practices with respect to 

transactions effected through its system. 

The Exchange believes that preventing 

Members from receiving any other 

revenue for the use of its routing system, 

specifically with respect to orders 

routed to GEMX is equitable and not 

unfairly discriminatory because the 

Exchange would uniformly apply the 

MARS requirements to all qualifying 

GEMX Members. 

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 


rmajette on DSKBCKNHB2PROD with NOTICES
40196 Federal Register / Vol. 82, No. 163 / Thursday, August 24, 2017 / Notices 

22See GEMX’s Schedule of Fees at Section I. 

23 15 U.S.C. 78s(b)(3)(A)(ii). 

24 17 CFR 240.19b–4(f)(2). 25 17 CFR 200.30–3(a)(12). 

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. 

MARS System Eligibility 

The Exchange believes that requiring 

Members to maintain their order routing 

systems according to the various 

requirements set forth by the Exchange 

in order to qualify for MARS does not 

create an undue burden on intra-market 

competition because the proposed 

requirements will uniformly apply to all 

market participants desiring to qualify 

for MARS. 

MARS Eligible Contracts 

The Exchange believes that excluding 

QCC and PIM Orders does not create an 

undue burden on intra-market 

competition because these types of 

orders will uniformly be excluded from 

the volume calculation for all qualifying 

GEMX Members for MARS. 

The Exchange believes that excluding 

Priority Customer and Market Makers 

Orders from the types of orders that 

would be eligible for MARS does not 

create an undue burden on intra-market 

competition because Priority Customer 

and Market Makers Orders are eligible 

for rebates today and reduced fees. 

MARS Payment 

The Exchange believes that paying the 

proposed tiered MARS Payments to 

qualifying GEMX Members that have 

System Eligibility and have executed 

the Eligible Contracts does not create an 

undue burden on intra-market 

competition, even when a different 

GEMX Member, other than the GEMX 

Member receiving the subsidy, may be 

liable for transaction charges, because 

this sort of arrangement should 

encourage GEMX Members to offer 

order routing functionalities to other 

market participants. 

The Exchange believes that paying the 

proposed tiered MARS Payments to 

qualifying GEMX Members that have 

System Eligibility and have executed 

the Eligible Contracts in a month, does 

not create an undue burden on intramarket competition because the 

Exchange would count all Non-Nasdaq 

GEMX Market Maker (FARMM), Firm 

Proprietary/Broker-Dealer and 

Professional Customer Order volume 

toward the Eligible Contracts. Priority 

Customer and Market Maker Orders are 

offered other pricing incentives today in 

the form of enhanced rebates and lower 

fees.22 The MARS Program should 

generate increased order flow which 

should bring increased liquidity to the 

Exchange for the benefit of all market 

participants. To the extent the purpose 

of the proposed MARS program is 

achieved, all market participants should 

benefit from the improved market 

liquidity. 

The Exchange believes that 

preventing Members from receiving any 

other revenue for the use of its routing 

system, specifically with respect to 

orders routed to GEMX does not create 

undue burden on intra-market 

competition because the Exchange 

would continue to uniformly apply its 

MARS requirements to all GEMX 

Members. 

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,23 and Rule 

19b–4(f)(2) 24 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– 

GEMX–2017–39 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–GEMX–2017–39. 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 Web site (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 Web site 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–GEMX– 

2017–39 and should be submitted on or 

before September 14, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–17904 Filed 8–23–17; 8:45 am] 

BILLING CODE 8011–01–P 


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