Notice2021-15549
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Transaction Credits at Equity 7, Section 118(a)
Primary source
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Published
July 22, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 138 (Thursday, July 22, 2021)</title>
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[Federal Register Volume 86, Number 138 (Thursday, July 22, 2021)]
[Notices]
[Pages 38772-38776]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15549]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92433; File No. SR-NASDAQ-2021-058]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Exchange's Transaction Credits at Equity 7, Section 118(a)
July 16, 2021.
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 July 8, 2021, 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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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 credits
at Equity 7, Section 118(a), as described further below. The text of
the proposed rule change is available on the Exchange's website at
<a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules</a>, 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 Exchange's
schedule of credits, at Equity 7, Section 118(a). Specifically, the
Exchange proposes to make the following changes with respect to its
schedule of credits for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity: (1) Add a new credit of $0.0028 per share executed; (2)
amend the criteria for an existing credit of $0.0029 per share
executed; and (3) eliminate an existing credit of $0.0029 per share
executed. The Exchange also proposes to add two new non-cumulative
supplemental credits to members for displayed quotes/orders (other than
Supplemental Orders) that provide liquidity, of $0.0001 and $0.00015
per share executed, respectively.
New Credit for MELO Activity and Adding Liquidity to the Exchange
The Exchange proposes to add a new credit for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders)
that provide liquidity of $0.0028 per share executed to a member: (i)
With shares of liquidity provided in all securities through one or more
of its Nasdaq Market Center MPIDs that represent 0.375% or more of
Consolidated Volume \3\ during the month; (ii) that executes an average
daily volume (``ADV'') of at least 500,000 shares of Midpoint Extended
Life Orders (``M-ELOs'') \4\ during the month; and (iii) that increases
the extent of its ADV of MELO orders in all securities by 100% or more
during the month relative to the month of June 2021.
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\3\ Equity 7, Section 118(a) defines ``Consolidated Volume'' to
mean 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. For purposes of
calculating Consolidated Volume and the extent of a member's trading
activity the date of the annual reconstitution of the Russell
Investments Indexes is excluded from both total Consolidated Volume
and the member's trading activity.
\4\ Pursuant to Equity 4, Rule 4702(b)(14), a ``Midpoint
Extended Life Order'' is an Order Type with a Non-Display Order
Attribute that is priced at the midpoint between the NBBO and that
will not be eligible to execute until a minimum period of 10
milliseconds has passed after acceptance of the Order by the System.
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The purpose of this new credit is to provide a new means to incent
members to provide a substantial amount of liquidity to the Exchange
generally as well as to increase the extent to which they engage in
MELO activity on the Exchange and grow the extent of such activity over
time. An increase in MELO activity and overall liquidity stands to
improve the quality of the market generally, and of MELO, in
particular, to the benefit of all market participants.
Amended Displayed Credit
The Exchange proposes to amend its existing credit of $0.0029 per
share executed to a member: (i) With shares of liquidity provided in
all securities through one or more of its Nasdaq Market Center MPIDs
that represent more than 0.50% of Consolidated Volume during the month,
including shares of liquidity provided with respect to securities that
are listed on exchanges other than Nasdaq or NYSE that represent more
than 0.10% of Consolidated Volume, and (ii) with at least a 15% ratio
of volume that sets the NBBO provided through one or more of its Nasdaq
Market Center MPIDs to all displayed volume that provides liquidity
through one or more of its Nasdaq Market Center MPIDs. The Exchange
first proposes to amend this credit by raising the threshold percentage
of Consolidated Volume needed to qualify for the credit from 0.50% to
0.60%. This proposed amendment will encourage those participants that
already qualify for the credit to increase the extent to which they add
liquidity to the Exchange in order to continue to qualify for it. From
time to time, the Exchange believes it is reasonable to recalibrate the
criteria for credits such as this one to ensure that the credits remain
appropriately challenging for participants to attain in light of
changes to their levels of activity on the Exchange.
Second, the Exchange proposes to eliminate the criterion that a
member must have at least a 15% ratio of volume that sets the NBBO to
all displayed volume that provides liquidity to the Exchange, and to
replace it with the requirement that a member add at least 0.175% of
Consolidated Volume during the month in non-displayed orders (excluding
midpoint orders) for securities in any tape during the month. The
Exchange proposes to eliminate the existing criterion because it proved
too difficult for members to meet in combination with the other
criterion set forth in the credit, and has hindered the credit in
achieving its intended effect. The Exchange has limited resources at
its disposal to devote to incentives and
[[Page 38773]]
it periodically reassesses the allocation of those resources when they
prove to be ineffective. The proposed replacement criterion will be
more readily attainable for members and will also improve market
quality by incenting members to add substantial volumes of non-
displayed liquidity to the Exchange.
Elimination of MARS Credit
The Exchange proposes to eliminate an existing $0.0029 per share
executed credit that it provides to a member (i) with shares of
liquidity provided in all securities through one or more of its Nasdaq
Market Center MPIDs that represent more than 0.30% of Consolidated
Volume during the month and (ii) which qualifies for the NOM Market
Access and Routing subsidy or ``MARS'' program.\5\
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\5\ Under the MARS program, NOM pays a subsidy to NOM
Participants that provide certain order routing functionalities to
other NOM Participants and/or that use such functionalities
themselves. The specified MARS Payment is paid on all executed
Eligible Contracts that add liquidity, which are routed to NOM
through a participating NOM Participant's System and meet the
requisite Eligible Contracts ADV. See Securities Exchange Act
Release No. 79251 (November 7, 2016), 81 FR 79536 (November 14,
2016) (SR-NASDAQ-2016-149).
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This credit has not been effective in accomplishing its intended
purpose, which is to incent members to increase their liquidity adding
activity on both Nasdaq and NOM. The Exchange has observed that
historically, few members have received this credit, and it has served
to neither meaningfully increase activity on the Exchange or NOM nor
improve the quality of those markets. The Exchange therefore proposes
to eliminate it. The Exchange notes that even after it eliminates this
credit, it will continue to offer a similarly structured credit of
$0.0030 per share executed for members that meet specified volume
requirements and qualify for the Tier 4 of the MARS program.
New Supplemental Credits for MELOs and Midpoint Orders That Execute
Against MELOs
The Exchange proposes to offer two new supplemental credits to a
member that either (i) grows its ADV of MELO and midpoint orders (that
execute against MELO orders) during a month by a threshold amount
relative to a baseline month or (ii) that provides a threshold ADV
through midpoint orders provided and MELO Orders and also grows its ADV
in midpoint orders provided and MELO Orders by a threshold amount
relative to a baseline month. These credits will be in addition to
other credits otherwise available to members for adding displayed
liquidity to the Exchange (other than Supplemental Orders), but a
member's activity will qualify it to receive only one of the two new
supplemental credits at a time, meaning that they are not cumulative.
The first supplemental credit, of $0.0001 per share executed, will
be available to a member that, through one or more of its Nasdaq Market
Center MPIDs, either: (i) Increases the extent to which its ADV of MELO
Orders and/or midpoint orders (that executes against MELO Orders) in
all securities by an ADV of 1 million shares or more during the month
relative to the month of June 2021; or (ii) executes a combined volume
of at least 3 million shares ADV through midpoint orders provided and
MELO Orders during the month and increases the extent of its ADV of
midpoint orders provided and MELO Orders in all securities by 100% or
more during the month relative to the month of June 2021. A second,
higher supplemental credit of $0.00015 per share executed, will be
available to a member that, through one or more of its Nasdaq Market
Center MPIDs, either: (i) increases the extent to which its ADV of MELO
Orders and/or midpoint orders (that executes against MELO Orders) in
all securities by an ADV of 2 million shares or more during the month
relative to the month of June 2021; or (ii) executes a combined volume
of at least 4 million shares ADV through midpoint orders provided and
MELO Orders during the month and increases the extent of its ADV of
midpoint orders provided and MELO Orders in all securities by 150% or
more during the month relative to the month of June 2021.
The purpose of these new credits is to provide extra incentives to
members to be actively involved in MELO on the Exchange, as well as to
grow substantially the extent to which they submit MELO orders to the
Exchange and provide midpoint orders that execute against MELO orders
relative to a recent benchmark month. The Exchange believes that if
such incentives are effective, then any ensuing increase in MELO
activity on the Exchange will once again improve market quality, to the
benefit of all participants.
2. Statutory Basis
The Exchange believes that its proposals are consistent with
Section 6(b) of the Act,\6\ in general, and further the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that they
provide for the equitable allocation of reasonable dues, fees and other
charges among members and issuers and other persons using any facility,
and are not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The proposals are also consistent with
Section 11A of the Act relating to the establishment of the national
market system for securities.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposals Are Reasonable
The Exchange's proposals are reasonable in several respects. As a
threshold matter, the Exchange is subject to significant competitive
forces in the market for equity securities transaction services that
constrain its pricing determinations in that market. The fact that this
market is competitive has long been recognized by the courts. In
NetCoalition v. Securities and Exchange Commission, the D.C. Circuit
stated as follows: ``[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 broker-dealers 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' . . . .'' \8\
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\8\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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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.'' \9\
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\9\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70
FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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Numerous indicia demonstrate the competitive nature of this market.
For example, clear substitutes to the Exchange exist in the market for
equity security transaction services. The Exchange is only one of
several equity
[[Page 38774]]
venues to which market participants may direct their order flow.
Competing equity exchanges offer similar tiered pricing structures to
that of the Exchange, including schedules of rebates and fees that
apply based upon members achieving certain volume thresholds.
Within this environment, market participants can freely and often
do shift their order flow among the Exchange and competing venues in
response to changes in their respective pricing schedules. Within the
foregoing context, the proposals represent reasonable attempts by the
Exchange to increase its liquidity and market share relative to its
competitors.
The Exchange believes that it is reasonable to establish a new
$0.0028 per share executed transaction credit, at Equity 7, Section
118(a), for members that provide liquidity of at least 0.375% of
Consolidated Volume, execute an ADV of at least 500,000 shares of MELO
Orders during the month and increase the extent of their ADV of MELO
Orders in all securities by 100% or more during the month relative to
the month of June 2021. The new credit will encourage substantial
activity on the Exchange as well as substantial activity and growth in
MELO Orders. Any increased activity and growth will improve the quality
of the market for MELOs as well as overall market quality, to the
benefit of both MELO and other market participants.
The Exchange also believes that it is reasonable to amend its
existing credit of $0.0029 per share executed, which applies to members
that add liquidity representing 0.50% or more of Consolidated Volume
during the month, including shares of liquidity in Tape B Securities of
0.10% or more of Consolidated Volume, and which achieve at least a 15%
ratio of volume that sets the NBBO to all displayed liquidity provided.
The proposed amendments will increase the threshold percentage of
Consolidated Volume required to qualify for the credit from 0.50% to
0.60% and replace the NBBO-setting ratio criteria with a minimum non-
displayed volume add requirement (exclusive of midpoint orders) of
0.175% of Consolidated Volume. The proposed increase in the
Consolidated Volume threshold will encourage members that currently
qualify for the credit to further increase the extent of their
liquidity adding activity on the Exchange to continue to do so. From
time to time, the Exchange believes it is reasonable to recalibrate the
criteria for credits such as this one to ensure that the credits remain
appropriately challenging for participants to attain in light of
changes to their levels of activity on the Exchange. Meanwhile, the
elimination of the NBBO-setting ratio requirement is reasonable because
it proved too difficult for members to meet in combination with the
other criterion set forth in the credit, and has hindered the credit in
achieving its intended effect. The Exchange has limited resources at
its disposal to devote to incentives and it periodically reassesses the
allocation of those resources when they prove to be ineffective. The
proposal to replace this criterion with a requirement that a member add
at least 0.175% of Consolidated Volume during the month in non-
displayed orders (excluding midpoint orders) is reasonable because the
proposed replacement criterion will be more readily attainable for
members and will also improve market quality by incenting members to
add substantial volumes of non-displayed liquidity to the Exchange.
It is also reasonable for the Exchange to eliminate its existing
$0.0029 per share executed credit that it provides to a member that
adds liquidity representing more than 0.30% of Consolidated Volume
during the month and which qualifies for the MARS program. This credit
has not been effective in accomplishing its intended purpose, which is
to incent members to increase their liquidity adding activity on both
Nasdaq and NOM. The Exchange has observed that historically, few
members have received this credit, and it has served to neither
meaningfully increase activity on the Exchange or NOM nor improve the
quality of those markets.
Finally, the Exchange believes it is reasonable to establish two
new supplemental credits available to a member that either (i) grows
its ADV of MELO and midpoint orders (that execute against MELO orders)
during a month by a threshold amount relative to a baseline month or
(ii) that executes during a month a threshold ADV through midpoint
orders provided and MELO orders and also grows its ADV in midpoint
orders provided and MELO Orders by a threshold amount relative to a
baseline month. These new supplemental credits will be non-cumulative,
meaning that only one of them is attainable at once. These proposals
are reasonable because they will provide extra incentives to members to
engage in substantial amounts of MELO-related activity on the Exchange
during a month, as well as to grow substantially the extent to which
they do so relative to a recent benchmark month. The Exchange believes
that if such incentives are effective, then any ensuing increase in
MELO Orders and executions on the Exchange will improve the quality of
the MELO market, and the market overall, to the benefit of MELO and all
market participants.
The Exchange notes that those market participants that are
dissatisfied with the proposals are free to shift their order flow to
competing venues that offer more generous pricing or less stringent
qualifying criteria.
The Proposals Are Equitable Allocations of Credits
The Exchange believes that it is an equitable allocation to
establish new transaction credits and otherwise modify the eligibility
requirements for its transaction credits because the proposals will
encourage members to increase the extent to which they add liquidity to
the Exchange. To the extent that the Exchange succeeds in increasing
the levels of liquidity and activity on the Exchange, including in
segments for which there is an observed need or demand, such as non-
displayed, MELO, and Tape B securities, then the Exchange will
experience improvements in its market quality, which stands to benefit
all market participants. The Exchange also believes it is equitable to
recalibrate or revise existing criteria for its credits to ensure that
the credits remain appropriately challenging for participants to attain
in light of changes to their levels of activity on the Exchange.
It is also equitable to eliminate a MARS-related credit that has
not been utilized historically and which has not fulfilled its intended
purpose. The Exchange has limited resources to devote to incentive
programs and periodically reallocates those resources to programs that
are more likely to be utilized and effective.
Any participant that is dissatisfied with the proposals is free to
shift their order flow to competing venues that provide more generous
pricing or less stringent qualifying criteria.
The Proposals Are Not Unfairly Discriminatory
The Exchange believes that its proposals are not unfairly
discriminatory. As an initial matter, the Exchange believes that
nothing about its volume-based tiered pricing model is inherently
unfair; instead, it is a rational pricing model that is well-
established and ubiquitous in today's economy among firms in various
industries--from co-branded credit cards to grocery stores to cellular
telephone data plans--that use it to reward the loyalty of their best
customers that provide high levels of business activity and incent
other
[[Page 38775]]
customers to increase the extent of their business activity. It is also
a pricing model that the Exchange and its competitors have long
employed with the assent of the Commission. It is fair because it
incentivizes customer activity that increases liquidity, enhances price
discovery, and improves the overall quality of the equity markets.
The Exchange believes that its proposals to adopt new credits or
otherwise amend the qualifying criteria for its transaction credits are
not unfairly discriminatory because these credits are available to all
members. Moreover, these proposals stand to improve the overall market
quality of the Exchange, to the benefit of all market participants, by
incentivizing members to increase the extent of their liquidity
provision or activity on the Exchange, including in segments for which
there is an observed need or demand, such as non-displayed, MELO, and
Tape B securities. The Exchange also believes it is not unfairly
discriminatory to recalibrate or revise existing criteria for its
credits to ensure that the credits remain appropriately challenging for
participants to attain in light of changes to their levels of activity
on the Exchange.
Meanwhile, it is not unfairly discriminatory to eliminate a MARS-
related credit that has not been utilized historically and which has
not fulfilled its intended purpose. The Exchange has limited resources
to devote to incentive programs and periodically reallocates those
resources to programs that are more likely to be utilized and
effective. The Exchange notes that it will continue to offer another
similarly-structured credit to members that qualify for Tier 4 of the
MARS program.
Any participant that is dissatisfied with the proposals is free to
shift their order flow to competing venues that provide more generous
pricing or less stringent qualifying criteria.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Intramarket Competition
The Exchange does not believe that its proposals will place any
category of Exchange participant at a competitive disadvantage.
As noted above, Nasdaq's proposals to add and amend transaction
credits are intended to have market-improving effects, to the benefit
of all members. Any member may elect to achieve the levels of liquidity
or activity required in order to qualify for the new or amended
credits.
Likewise, the Exchange's proposal will not duly burden competition
to eliminate its $.0029 per share executed MARS credit as members have
not utilized the credit historically, such that its elimination will
have limited or no impact. The Exchange has limited resources to devote
to incentive programs and periodically reallocates those resources to
programs that are more likely to be utilized and effective. The
Exchange notes that it will continue to offer another similarly-
structured credit to members that qualify for Tier 4 of the MARS
program.
The Exchange notes that its members are free to trade on other
venues to the extent they believe that the proposed qualification
criteria for or amounts of these credits are not attractive. As one can
observe by looking at any market share chart, price competition between
exchanges is fierce, with liquidity and market share moving freely
between exchanges in reaction to credit changes. The Exchange notes
that its pricing tier structure is consistent with broker-dealer fee
practices as well as the other industries, as described above.
Intermarket Competition
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 credit 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 credits 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 credits in response,
and because market participants may readily adjust their order routing
practices, the Exchange believes that the degree to which credit
changes in this market may impose any burden on competition is
extremely limited.
The proposed new and amended credits are reflective of this
competition because, even as one of the largest U.S. equities exchanges
by volume, the Exchange has less than 20% market share, which in most
markets could hardly be categorized as having enough market power to
burden competition. Moreover, as noted above, price competition between
exchanges is fierce, with liquidity and market share moving freely
between exchanges in reaction to credit changes. This is in addition to
free flow of order flow to and among off-exchange venues which
comprises upwards of 44% of industry volume.
The Exchange's proposals to add new and amend its transaction
credits are pro-competitive in that the Exchange intends for the
changes to increase liquidity addition and activity on the Exchange,
thereby rendering the Exchange a more attractive and vibrant venue to
market participants.
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.\10\
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a7d5d2cbc28ac4c8cacac2c9d3d4e7d4c2c489c0c8d1"><span class="__cf_email__" data-cfemail="5c2e293039713f3331313932282f1c2f393f723b332a">[email protected]</span></a>. Please include
File Number SR-NASDAQ-2021-058 on the subject line.
[[Page 38776]]
Paper Comments
<bullet> 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-2021-058. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 makeavailable publicly. All submissions
should refer to File Number SR-NASDAQ-2021-058 and should be submitted
on or before August 12, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-15549 Filed 7-21-21; 8:45 am]
BILLING CODE 8011-01-P
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