Notice2022-02183
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 7, Section 114 and Section 118 of the Fee Schedule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 23 (Thursday, February 3, 2022)</title>
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[Federal Register Volume 87, Number 23 (Thursday, February 3, 2022)]
[Notices]
[Pages 6218-6223]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-02183]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94097; File No. SR-NASDAQ-2022-011]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Equity 7, Section 114 and Section 118 of the Fee Schedule
January 28, 2022.
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 January 27, 2022, 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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[[Page 6219]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's pricing schedule at
Equity 7, Section 114 and Section 118, 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 114 and Section 118(a).
Specifically, the Exchange proposes to (1) amend the Exchange's Tier 1
rebate to Qualified Market Maker (``QMM'') at Equity 7, Section 114(e);
(2) amend a supplemental credit in Tapes A, B and C for displayed
quotes/orders (other than Supplemental Orders or Designated Retail
Orders); (3) amend certain supplemental credits for displayed quotes/
orders (other than Supplemental Orders) in Tapes A, B and C and (4)
allow members to receive the higher rebate when the member's non-
Designated Retail Order rebate is greater than its Designated Retail
Order rebate.
Changes to Section 114
The Exchange proposes to amend its pricing schedule, at Equity 7,
Section 114(e), to make a change to its Qualified Market Maker
(``QMM'') Program. The QMM Program provides supplemental incentives to
member organizations that meet certain quality standards in acting as
market makers for securities on the Exchange.
Specifically, the Exchange proposes to adjust the threshold to also
allow a QMM to qualify for the Tier 1 incentive if the QMM executes
shares of liquidity provided in all securities through one or more of
its Nasdaq Market Center MPIDs that represent 70 million shares of
average daily volume during the month (inclusive of volume and
Consolidated Volume \3\ that consists of securities priced less than
$1). Therefore, the amended Tier 1 incentive would provide a $0.0001
supplemental credit if a QMM executes shares of liquidity provided in
all securities through one or more of its Nasdaq Market Center MPIDs
that represent above 0.70% up to, and including, 0.90% of Consolidated
Volume or 70 million shares of average daily volume during the month
(inclusive of volume and Consolidated Volume that consists of
securities priced less than $1). The Exchange intends for the
additional threshold to provide greater incentives to members during
times when the market is trading at a higher than usual daily
volume.\4\
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\3\ Pursuant to Equity 7, Section 114(h), the term
``Consolidated Volume'' shares the meaning of that term set forth in
Equity 7, Section 118(a). (For purposes of calculating a member's
qualifications for Tiers 1 and 2 of the QMM Program credits set
forth in paragraph (e) of this Section, the Exchange will calculate
a member's volume and total Consolidated Volume twice. First, the
Exchange will calculate a member's volume and total Consolidated
Volume inclusive of volume that consists of executions in securities
priced less than $1. Second, the Exchange will calculate a member's
volume and total Consolidated Volume exclusive of volume that
consists of executions in securities priced less than $1, while also
applying distinct qualifying volume thresholds to each Tier, as set
forth above in paragraph (e). The Exchange will then assess which of
these two calculations would qualify the member for the most
advantageous credits for the month and then it will apply those
credits to the member.)
\4\ The proposal provides a third alternative for members to
qualify for the Tier 1 rebate.
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Changes to Section 118
The Exchange currently provides a $0.0001 per share supplemental
credit to members for displayed quotes/orders that provide liquidity
(other than Supplemental Orders or Designated Retail Orders) where the
members, through one or more of its Nasdaq Market Center MPIDs, (i)
increases its shares of liquidity provided in all securities by at
least 30% as a percentage of Consolidated Volume \5\ during the month
relative to the month of October 2021 and (ii) has shares of liquidity
provided of least 15 million ADV during the month. The Exchange now
proposes to amend the threshold to allow a member to qualify if the
member increases its shares of liquidity provided in all securities by
at least 30% relative to the month of October 2021 or November 2021.
The Exchange hopes that it will incentivize members to increase their
liquidity providing activity on the Exchange by giving members the
option of an additional month of Consolidated Volume to measure their
liquidity against, which the Exchange hopes will improve market
quality.
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\5\ Pursuant to Equity 7, Section 118(a), the term
``Consolidated Volume'' shall 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 shall be excluded
from both total Consolidated Volume and the member's trading
activity. For the purposes of calculating the extent of a member's
trading activity during the month on Nasdaq and determining the
charges and credits applicable to such member's activity, all M-ELO
Orders that a member executes on Nasdaq during the month will count
as liquidity-adding activity on Nasdaq.
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Additionally, the Exchange proposes to amend in two respects, its
schedule of credits, which it provides to members for displayed quotes/
orders that provide liquidity. First, the Exchange is proposing to
remove the $0.0001 per share executed and the $0.00015 per share
executed supplemental credits in Tapes A, B and C that are provided to
members for displayed quotes/orders (other than Supplemental Orders)
that provide liquidity. Second, the Exchange is proposing to add these
two supplemental credits to the current credits in Tapes A, B and C
that are provided to members for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity.
Specifically, one of the two supplemental credits is a $0.0001 per
share executed credit provided when a member, through one or more of
its Nasdaq Market Center MPIDs, either: (i) Increases the extent of its
ADV of MELO Orders and/or midpoint orders (that execute 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. The other supplemental credit is a $0.00015 per share
executed credit provided when a member, through one or more of its
Nasdaq Market Center MPIDs, either: (i) Increases the extent of its ADV
of MELO Orders and/or midpoint orders (that execute against MELO
Orders) in all securities by an ADV of 2 million shares
[[Page 6220]]
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. These two credits may not be combined with each other.
Although the Exchange did not exclude retail orders when it
proposed these two supplemental credits in Tapes A, B and C,\6\ the
Exchange did not intend to include Designated Retail Orders in the
payment of these supplemental credits. Currently, Designated Retail
Orders receive their own separate credits on the Exchange's fee
schedule and those orders generally receive higher rebates. The
Exchange does not commonly provide additional rebates to Designated
Retail Orders and therefore, is proposing to update its fee schedule to
accurately reflect the manner in which it will pay these supplemental
credits going forward.\7\
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\6\ Securities Exchange Act Release No. 92433 (July 6, 2021), 86
FR 38772 (July 22, 2021).
\7\ Since the $0.0001 per share executed and the $0.00015 per
share executed credits were established in July 2021, the Exchange
has not been applying the credit to Designated Retail Orders when
calculating a firm's credits. Therefore, the Exchange is working to
retroactively provide credits to firms that would have received
credits if their Designated Retail Orders were not excluded. Under
the proposal, there will be three ways for firm [sic].
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Lastly, the Exchange is proposing to allow a member to receive the
higher rebate for its Designated Retail Orders if the member's total
rebate for non-Designated Retail Orders (including any supplemental
credits provided in Section 114 and Section 118, except the NBBO
Program credit provided in Section 114(g)) is greater than its rebate
for Designated Retail Orders (including supplemental credits provided
in Section 114 and Section 118). For example, a member that provides
liquidity for Designated Retail Orders could qualify for a credit of
$0.00325 per share executed. However, if the member provides liquidity
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders), the member could qualify for a credit of
$0.00305 per share executed and could also qualify for an additional
$0.0002 per share executed through the QMM Program, as well as an
additional supplemental credit of $0.0001 per share executed, making
the member's total possible credit for displayed non-Designated Retail
Orders $0.00335 per share. In this case, the member would also receive
a credit of $0.00335 per share for its Designated Retail Orders. The
Exchange is excluding the NBBO Program when calculating a member's
highest rebate because the NBBO Program only applies to displayed
orders in securities priced at $1 or more per share that provide
liquidity, establish the national best bid or best offer (``NBBO''),
and display a quantity of at least one round lot at the time of
execution. Consistent with the proposed rule, the NBBO Program
explicitly excludes Designated Retail Orders.
The Exchange is proposing this change to ensure that none of its
members are disadvantaged and that all members can obtain the maximum
possible rebate.
The Exchange notes that those participants that are dissatisfied
with this new proposal are free to shift their order flow to competing
venues.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The proposal is also consistent with
Section 11A of the Act relating to the establishment of the national
market system for securities.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposal is Reasonable
The Exchange's proposal is 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'. . . .'' \10\
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\10\ 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.'' \11\
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\11\ 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 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.
The Exchange believes it is reasonable to amend the Tier 1
threshold of its QMM Program to provide the option for a QMM to qualify
if the QMM executes shares of liquidity provided that represent 70
million shares of average daily volume during the month (inclusive of
volume that consists of securities priced less than $1). The Exchange
also believes that the additional threshold option of 70 million shares
of average daily volume will provide an increased incentive to members
during times when the market is trading at a higher than usual daily
volume. An increase in liquidity adding activity on the Exchange will,
in turn, improve the quality of the Nasdaq market and increase its
attractiveness to existing and prospective participants.
The Exchange notes that those participants that are dissatisfied
with the new threshold option are free to shift their order flow to
competing venues.
Additionally, the Exchange believes that it is reasonable to
include the option of an additional baseline month to measure whether a
member increases its shares of liquidity provided in all
[[Page 6221]]
securities by at least 30%. The Exchange believes that the additional
month will encourage members who had a lower baseline in November than
October to increase their liquidity adding activity on the Exchange to
receive the credit, which will improve the overall market quality to
the benefit of all market participants.
The Exchange's fee schedule is intended to reflect the Exchange's
current assessment of its fees and credits. The Exchange does not
currently pay Designated Retail Orders the $0.0001 and $0.00015
supplemental credits discussed above. As discussed above, Designated
Retail Orders receive their own separate credits on the Exchange's fee
schedule and those orders generally receive higher rebates. The
Exchange does not commonly provide additional rebates to Designated
Retail Orders. Therefore, the Exchange believes it is reasonable to
amend its supplemental credits on Tapes A, B and C to accurately
reflect that Designated Retail Orders are excluded from the Exchange's
payment of these two supplemental credits.
Lastly, the Exchange believes that it is reasonable to provide a
member's Designated Retail Orders with the highest rebate that a member
qualifies for because the Exchange is always seeking ways to attract
more retail order flow. Therefore, if a member's rebate for non-
Designated Retail Orders (including any supplemental credits provided
in Section 114 and Section 118, except the NBBO Program credit provided
in Section 114(g)) is greater than its rebate for Designated Retail
Orders (including supplemental credits provided in Section 114 and
Section 118), the Exchange is proposing to provide the member with the
higher rebate for its Designated Retail Orders. Additionally, the
Exchange believes that it is reasonable to exclude the NBBO Program
when calculating a member's highest rebate because, as discussed above,
the NBBO Program only applies to displayed orders in securities priced
at $1 or more per share that provide liquidity, establish the national
best bid or best offer (``NBBO''), and display a quantity of at least
one round lot at the time of execution. Consistent with the proposed
rule, the NBBO Program explicitly excludes Designated Retail Orders.
The Exchange is proposing this change to ensure that none of its
members are disadvantaged and that all members can obtain the maximum
possible rebate.
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 Proposal Is an Equitable Allocation of Credits
The Exchange believes its proposal will allocate its charges and
credits fairly among its market participants.
The Exchange believes that it is an equitable allocation to
establish an additional threshold for its QMM Program's Tier 1
supplemental credit and to include the option of an additional baseline
month to measure whether a member qualifies for the $0.0001 per share
executed supplemental credit for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide
liquidity. 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, then the Exchange will experience improvements in its
market quality, which stands to benefit all market participants.
The Exchange also believes that it is equitable to amend the
$0.0001 per share executed and the $0.00015 per share executed
supplemental credits for displayed quotes/orders (other than
Supplemental Orders) by applying the credits to members for displayed
quotes/orders [sic], which accurately reflect the most current
application of these two supplemental credits. The Exchange believes
that it is equitable to exclude Designated Retail Orders from these
supplemental credits because Designated Retail Orders receive their own
separate credits on the Exchange's fee schedule and those orders
generally receive higher rebates. The Exchange does not commonly
provide additional rebates to Designated Retail Orders.
Lastly, the Exchange also believes it is equitable to allow a
member to receive the higher credit if the member's total credits for
non-Designated Retail Orders (including any supplemental credits
provided in Section 114 and Section 118, except the NBBO Program credit
provided in Section 114(g)) is greater than its credit for Designated
Retail Orders (including supplemental credits provided in Section 114
and Section 118) in order to encourage firms to continue to provide
retail order flow even if the firms expect to receive a higher rebate
from their non-Designated Retail Orders. Moreover, the Exchange also
believes it is equitable to exclude the NBBO Program from the
calculation to ensure that the Exchange does not inadvertently
disadvantage any member and that all members are treated equitably by
obtaining the maximum rebate possible. Moreover, the Exchange believes
that it is equitable to exclude the NBBO Program from this proposal as
it remains consistent with the current rules of the program.
Additionally, the Exchange expects any impact from this exclusion to be
de minimis because Designated Retail Orders do not frequently set the
NBBO.
Any participant that is dissatisfied with the proposal is free to
shift their order flow to competing venues that provide more generous
pricing or less stringent qualifying criteria.
The Proposal is Not Unfairly Discriminatory
The Exchange believes that its proposal is 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 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
enhances price discovery and improves the overall quality of the equity
markets.
The Exchange also believes that its proposal to add an additional
threshold for its QMM Program's Tier 1 supplemental credit is not
unfairly discriminatory because the additional qualifications will be
available to all members. Similarly, the Exchange believes that it is
not unfairly discriminatory to include the option of an additional
baseline month to measure whether a member qualifies for the $0.0001
per share executed supplemental credit for displayed quotes/orders
(other than Supplemental Orders or Designated Retail Orders) that
provide liquidity because the additional qualifications will be
available to all members.
Additionally, the Exchange believes that it is not unfairly
discriminatory to amend its fee schedule to align with the way the
Exchange pays its supplemental credits. Moreover, all non-retail market
participants will continue to be entitled to the credits and the
amendment will provide market participants with clarity on how certain
supplemental credits are paid. Additionally, Designated Retail Orders
receive their own separate
[[Page 6222]]
credits on the Exchange's fee schedule and those orders generally
receive higher rebates.
Lastly, the Exchange believes that its proposals to provide a
member with the higher rebate for its Designated Retail Orders if the
member's rebate for non-Designated Retail Orders (including any
supplemental credits provided in Section 114 and Section 118, except
the NBBO Program credit provided in Section 114(g)) is greater than its
credit for Designated Retail Orders (including supplemental credits
provided in Section 114 and Section 118) is not unfairly discriminatory
because the higher rebate option will be available to all members.
Moreover, providing members with the higher rebate will ensure that
firms are not disincentivized from increasing their retail order flow
due to the higher rebate they may receive from their non-Designated
Retail Orders. Additionally, exclusion of the NBBO Program credit from
the calculation of the higher rebate is also not discriminatory because
the exclusion will also apply to all members.
Overall, the 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. Any participant that is
dissatisfied with the proposal 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 change 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 proposal will place any
category of Exchange participant at a competitive disadvantage.
As noted above, the Exchange's proposals are intended to have
market-improving effects, to the benefit of all members. The Exchange
notes that its members are free to trade on other venues to the extent
they believe that these proposals 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 fee and credit changes.
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 fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its credits and 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 credits and
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which credit or fee changes in this market may impose any burden on
competition is extremely limited.
The additional proposed thresholds for the Exchange's QMM Program's
Tier 1 supplemental credit and the $0.0001 per share executed
supplemental credit for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders), as well as the
allowance for members to receive the better of their Designated Retail
Order credit or its non-Designated Retail Order credit, is reflective
of this competition. Moreover, aligning the Exchange's fee schedule
with the Exchange's application of its rebates does not burden
competition. 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.
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 fee and credit changes. This is in
addition to free flow of order flow to and among off-exchange venues
which comprises upwards of 50% of industry volume.
In sum, if the change proposed herein is 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
change 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
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\12\ the Exchange
has designated this proposal as establishing or changing a due, fee, or
other charge imposed by the self-regulatory organization on any person,
whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing.
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\12\ 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#3a484f565f17595557575f544e497a495f59145d554c"><span class="__cf_email__" data-cfemail="1163647d743c727e7c7c747f6562516274723f767e67">[email protected]</span></a>. Please include
File Number SR-NASDAQ-2022-011 on the subject line.
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-2022-011. 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
[[Page 6223]]
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 make available publicly. All submissions
should refer to File Number SR-NASDAQ-2022-011 and should be submitted
on or before February 24, 2022.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02183 Filed 2-2-22; 8:45 am]
BILLING CODE 8011-01-P
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