Notice2022-19412
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing of Proposed Rule Change To Adopt Rules Related to ISO Functionality
Primary source
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Published
September 8, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 173 (Thursday, September 8, 2022)</title>
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[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Notices]
[Pages 55055-55058]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19412]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95664; File No. SR-MRX-2022-11]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
of Proposed Rule Change To Adopt Rules Related to ISO Functionality
September 2, 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 August 18, 2022, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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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 adopt rules related to Intermarket Sweep
Order (``ISO'') functionality.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rules">https://listingcenter.nasdaq.com/rulebook/mrx/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 Exchange proposes to adopt ISO functionality in Options 3,
Section 11 that permits Members to submit ISOs in the Exchange's
Facilitation Mechanism (``Facilitation ISO''), and Solicited Order
Mechanism (``Solicitation ISO'').\3\
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\3\ This functionality is currently offered on the Exchange, so
the proposed rule change codifies existing functionality in the
Exchange's rules.
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As set forth in Options 3, Section 11(b), the Facilitation
Mechanism is a process wherein the Electronic Access Member seeks to
facilitate a block-size order it represents as agent, and/or a
transaction wherein the Electronic Access Member solicited interest to
execute against a block-size order it represents as agent. Electronic
Access Members must be willing to execute the entire size of orders
entered into the Facilitation Mechanism. As set forth in Options 3,
Section 11(d), the Solicited Order Mechanism is a process by which an
Electronic Access Member can attempt to execute orders of 500 or more
contracts it represents as agent against contra orders it solicited.
Each order entered into the Solicited Order Mechanism shall be
designated as all-or-none.
An ISO is defined in Options 3, Section 7(b)(5) as a limit order
that meets the requirements of Options 5, Section 1(h) and trades at
allowable prices on the Exchange without regard to the ABBO.
Simultaneously with the routing of the ISO to the Exchange, one or more
additional ISOs, as necessary, are routed to execute against the full
displayed size of any Protected Bid, in the case of a limit order to
sell, or any Protected Offer, in the case of a limit order to buy, for
the options series with a price that is superior to the limit price of
the ISO.\4\ A Member may submit an ISO to the Exchange only if it has
simultaneously routed one or more additional ISOs to execute against
the full displayed size of any Protected Bid, in the case of a limit
order to sell, or Protected Offer, in the case of a limit order to buy,
for an options series with a price that is superior to the limit price
of the ISO.
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\4\ ``Protected Bid'' or ``Protected Offer'' means a Bid or
Offer in an options series, respectively, that: (a) is disseminated
pursuant to the Options Order Protection and Locked/Crossed Market
Plan; and (b) is the Best Bid or Best Offer, respectively, displayed
by an Eligible Exchange. See Options 5, Section 1(o).
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As discussed further below, none of the proposed rule changes will
amend current functionality. Rather, these changes are designed to
bring greater transparency around certain order types currently
available on the Exchange. The Exchange notes that the Facilitation ISO
and Solicitation ISO \5\ are functionally similar to the Exchange's
Price Improvement Mechanism \6\ ISO (``PIM ISO'') as set forth in
Supplementary Material .08 to Options 3, Section 13, as further
discussed below.\7\
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\5\ The Exchange notes that it has an ISO trade through
surveillance in place that will identify and capture when a Member
marks a Facilitation or Solicitation ISO and the order possibly
trades through a Protected Bid or Protected Offer price at an away
exchange. The Exchange will monitor the NBBO prior to and after the
order trades on the Exchange to detect potential trade through
violations.
\6\ The Price Improvement Mechanism (``PIM'') is a process that
allows an Electronic Access Member to provide price improvement
opportunities for a transaction wherein the Electronic Access Member
seeks to facilitate an order it represents as agent, and/or a
transaction wherein the Electronic Access Member solicited interest
to execute against an order it represents as agent. See Options 3,
Section 13(a).
\7\ The Exchange also notes that its affiliates, Nasdaq BX
(``BX'') and Nasdaq Phlx (``Phlx''), currently allow ISOs to be
entered into BX's Price Improvement Mechanism (``PRISM'') and Phlx's
Price Improvement XL (``PIXL''), respectively. See BX Options 3,
Section 13(ii)(K) (describing PRISM ISOs) and Phlx Options 3,
Section 13(b)(11) (describing PIXL ISOs). Other options exchanges
similarly allow ISOs to be entered into their auction mechanisms.
See e.g., Cboe Rules 5.37(b)(4)(A) (allowing ISOs to be entered into
Cboe's Automated Improvement Mechanism (``AIM ISOs'') and 5.39(b)(4)
(allowing ISOs to be entered into Cboe's Solicitation Auction
Mechanism (``SAM ISOs'')).
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Facilitation ISO
Today, the Exchange allows the submission of ISOs into its
Facilitation Mechanism as Facilitation ISOs. To promote transparency,
the Exchange proposes to memorialize Facilitation ISOs as an order type
in Supplementary Material .06 to Options 3, Section 11. Specifically,
the Exchange proposes:
A Facilitation ISO order (``Facilitation ISO'') is the
transmission of two orders for crossing pursuant to paragraph (b)
above without regard for better priced Protected Bids or Protected
Offers (as defined in Options 5, Section 1) because the Member
transmitting the Facilitation ISO to the Exchange has,
simultaneously with the routing of the Facilitation ISO, routed one
or more ISOs, as necessary, to execute against the full displayed
size of any Protected Bid or Protected Offer that is superior to the
starting Facilitation auction price. Any execution(s) resulting from
such sweeps shall accrue to the Agency order.
Today, the Exchange will accept a Facilitation ISO provided the
order adheres to the current order entry requirements for the
Facilitation Mechanism as set forth in Options 3, Section 11(b)(1),\8\
but without regard to
[[Page 55056]]
the ABBO (similar to a regular ISO in Options 3, Section 7(b)(5)).
Therefore, Facilitation ISOs must be entered at a price that is equal
to or better than the Exchange best bid or offer on the same side of
the market as the agency order unless there is a Priority Customer
order on the same side Exchange best bid or offer, in which case the
Facilitation ISO must be entered at an improved price. The Exchange
does not check the Exchange best bid or offer on the opposite side of
the Facilitation ISO because the underlying Facilitation Mechanism
similarly does not check the opposite side Exchange best bid or offer.
As discussed above, the Facilitation Mechanism only requires that the
opposite side of the Facilitation order be equal to or better than the
ABBO.\9\ The Facilitation Mechanism does not check the opposite side
Exchange best bid or offer because any interest that is available on
the opposite side of the market would allocate against the Facilitation
agency order and provide price improvement. As an example:
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\8\ Specifically, Options 3, Section 11(b)(1) provides that
orders must be entered into the Facilitation Mechanism at a price
that is (A) equal to or better than the NBBO on the same side of the
market as the agency order unless there is a Priority Customer order
on the same side Exchange best bid or offer, in which case the order
must be entered at an improved price; and (B) equal to or better
than the ABBO on the opposite side. Orders that do not meet these
requirements are not eligible for the Facilitation Mechanism and
will be rejected.
\9\ Id.
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Assume the following market:
Exchange BBO: 1 x 2 (also NBBO)
CBOE: 0.75. x 2.25 (next best exchange quote)
Facilitation order is entered to buy 50 contracts @2.05
No Responses are received.
The Facilitation order executes with resting 50 lot quote @2. In
this instance, the Facilitation order is able to begin crossed with the
contra side Exchange BBO because in execution, the resting 50 lot quote
@2 is able to provide price improvement to the facilitation order.
Given that the Facilitation ISO is accepted so long as it adheres
to the order entry requirements of the underlying Facilitation
Mechanism, but without regard to the ABBO, the Exchange believes that
it is appropriate and logical to align the order entry checks of the
Facilitation ISO in the manner discussed above.
The Exchange processes the Facilitation ISO in the same manner that
it processes any other Facilitation orders, except that it will
initiate a Facilitation auction without protecting prices away.
Instead, the Member entering the Facilitation ISO will bear the
responsibility to clear all better priced interest away simultaneously
with submitting the Facilitation ISO to the Exchange. The Exchange
believes that offering this order type is beneficial for Members as it
provides them with an efficient method to initiate a Facilitation
auction while preventing trade-throughs.
The Exchange notes that the Facilitation ISO is similar to the PIM
ISO that is currently described in Supplementary Material .08 to
Options 3, Section 13.\10\ Similar to the Facilitation ISO, the PIM ISO
must meet the order entry requirements for PIM in Options 3, Section
13(b) but does not consider the ABBO.\11\ Further, the Exchange
processes a PIM ISO order the same way as any other PIM order except
the Exchange will initiate a PIM auction without protecting away
prices. As with Facilitation ISOs, the Member entering the PIM ISO
bears responsibility to clear all better priced interest away
simultaneously with submitting the PIM ISO to the Exchange.
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\10\ Supplementary Material .08 to Options 3, Section 13 defines
PIM ISO as the transmission of two orders for crossing pursuant to
this Rule without regard for better priced Protected Bids or
Protected Offers (as defined in Options 5, Section 1) because the
Member transmitting the PIM ISO to the Exchange has, simultaneously
with the routing of the PIM ISO, routed one or more ISOs, as
necessary, to execute against the full displayed size of any
Protected Bid or Protected Offer that is superior to the starting
PIM auction price and has swept all interest in the Exchange's book
priced better than the proposed auction starting price. Any
execution(s) resulting from such sweeps shall accrue to the PIM
order.
\11\ Unlike the Facilitation Mechanism, PIM requires an opposite
side NBBO check, which would include the Exchange best bid or offer.
As discussed above, the Facilitation order entry checks only require
that the opposite side of the Facilitation order be equal to or
better than the ABBO (i.e., there is no opposite side local book
check). For PIM, the order must be entered at one minimum price
improvement increment better than the NBBO on the opposite side of
the market if the Agency Order is for less than 50 option contracts
and if the difference between the NBBO is $0.01. If the Agency Order
is for 50 option contracts or more, or if the difference between the
NBBO is greater than $0.01, the PIM order must be entered at a price
that is equal to or better than the NBBO on the opposite side. See
Options 3, Section 13(b)(1) and (2). As such, PIM ISOs additionally
require the entering Member to sweep all interest in the Exchange's
book priced better than the proposed auction starting price (unlike
Facilitation ISO which does not have a similar sweep requirement).
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The following example illustrates how Facilitation ISO operates:
Assume:
ABBO: 1 x 1.20
MRX BBO: 0.90 x 1.30
Member enters Facilitation ISO with Agency side to buy 50 @1.25
Facilitation ISO auction period concludes with no responses arriving
Facilitation ISO executes with contra side 50 @1.25
Solicitation ISO
Today, the Exchange allows the submission of ISOs into its
Solicited Order Mechanism as Solicitation ISOs. To promote
transparency, the Exchange proposes to memorialize Solicitation ISOs as
an order type in Supplementary Material .07 to Options 3, Section 11.
Specifically, the Exchange proposes:
A Solicitation ISO order (``Solicitation ISO'') is the
transmission of two orders for crossing pursuant to paragraph (d)
above without regard for better priced Protected Bids or Protected
Offers (as defined in Options 5, Section 1) because the Member
transmitting the Solicitation ISO to the Exchange has,
simultaneously with the routing of the Solicitation ISO, routed one
or more ISOs, as necessary, to execute against the full displayed
size of any Protected Bid or Protected Offer that is superior to the
starting Solicitation auction price and has swept all interest in
the Exchange's book priced better than the proposed auction starting
price. Any execution(s) resulting from such sweeps shall accrue to
the Agency order.
Today, the Exchange will accept a Solicitation ISO provided the
order adheres to the current order entry requirements for the Solicited
Order Mechanism as set forth in Options 3, Section 11(d)(1),\12\ but
without regard to the ABBO (similar to a regular ISO in Options 3,
Section 7(b)(5)). Therefore, Solicitation ISOs must be entered at a
price that is equal to or better than the Exchange best bid or offer on
both sides of the market; provided that, if there is a Priority
Customer order on the Exchange best bid or offer, the Solicitation ISO
must be entered at an improved price.
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\12\ Specifically, Options 3, Section 11(d)(1) provides that
orders must be entered into the Solicited Order Mechanism at a price
that is equal to or better than the NBBO on both sides of the
market; provided that, if there is a Priority Customer order on the
Exchange best bid or offer, the order must be entered at an improved
price. Orders that do not meet these requirements are not eligible
for the Solicited Order Mechanism and will be rejected.
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The Exchange processes the Solicitation ISO in the same manner that
it processes other orders entered in the Solicited Order Mechanism,
except that it will initiate a Solicited Order auction without
protecting away prices. Instead, the Member entering the Solicitation
ISO will bear the responsibility to clear all better priced interest
away simultaneously with submitting the Solicitation ISO to the
Exchange. Similar to the Facilitation ISO discussed above, the Exchange
believes that offering this order type is beneficial for Members as it
provides them with an efficient method to initiate an auction in the
Solicited Order Mechanism while preventing trade-throughs. Furthermore,
Solicitation ISOs are similar to PIM ISOs in the manner described above
for Facilitation ISOs.\13\ In addition, another options
[[Page 55057]]
exchange currently offers a substantially similar order type as the
Exchange's Solicitation ISO.\14\
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\13\ The Exchange notes that similar to the PIM ISO, but unlike
Facilitation ISO, the Solicitation ISO requires entering Members to
sweep all interest in the Exchange's book priced better than the
proposed auction starting price. The order entry checks for the
Solicited Order Mechanism, similar to PIM, requires an opposite side
NBBO check, which would include the Exchange best bid or offer. See
supra notes 11-12.
\14\ In addition, Cboe currently offers a SAM ISO order type,
which is defined as the submission of two orders for crossing in a
SAM Auction without regard for better-priced Protected Quotes (as
defined in Cboe Rule 5.65) because the Initiating TPH routed an
ISO(s) simultaneously with the routing of the SAM ISO to execute
against the full displayed size of any Protected Quote that is
better than the stop price and has swept all interest in the Book
with a price better than the stop price. Any execution(s) resulting
from these sweeps accrue to the SAM Agency Order. See Cboe Rule
5.39(b)(4). See also Securities Exchange Act Release No. 87192
(October 1, 2019), 84 FR 53525 (October 7, 2019) (SR-CBOE-2019-063)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change related to the SAM Auction, including to adopt the SAM ISO).
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The following example illustrates how the Solicitation ISO
operates:
Assume:
ABBO: 1 x 1.20
MRX BBO: 0.90 x 1.30
Member enters Solicitation ISO with Agency side to buy 500 @1.25
Solicitation ISO auction period concludes with no responses arriving
Solicitation ISO executes with contra side 500 @1.25
Intermarket Sweep Orders
In light of the changes proposed above to adopt the Facilitation
ISO and Solicitation ISO into its Rulebook, the Exchange proposes to
make related amendments to the ISO rule in Options 3, Section 7(b)(5)
to add that ``ISOs may be entered on the single leg order book or into
the Facilitation Mechanism, Solicited Order Mechanism, or Price
Improvement Mechanism, pursuant to Supplementary Material .06 and .07
to Options 3, Section 11, and Supplementary Material .08 to Options 3,
Section 13.''
The proposed rule text will be similar to BX's current ISO rule in
BX Options 3, Section 7(a)(6), except the Exchange's ISO rule will
refer to Exchange functionality that BX does not have today.
Specifically, BX does not currently offer Facilitation ISOs or
Solicitation ISOs. PIM ISOs are currently codified in Supplementary
Material .08 to Options 3, Section 13, so the proposed rule text herein
is a non-substantive amendment to add a cross-reference to the PIM ISO
rule. The proposed language does not amend the current ISO
functionality but rather is intended to add more granularity and more
closely align the ISO rule with BX's ISO rule.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\15\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\16\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
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Facilitation and Solicitation ISOs
The Exchange believes that the proposal to adopt Facilitation ISOs
and Solicitation ISOs in Supplementary Material .06 and .07 to Options
3, Section 11 is consistent with the Act. The proposal will codify
current functionality, thereby promoting transparency in the Exchange's
rules and reducing any potential confusion. As it relates to
Solicitation ISOs, the Exchange believes that the proposed rule change
promotes fair competition. Specifically, the proposal allows the
Exchange to offer Members an order type that is already offered by
another options exchange.\17\
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\17\ See supra note 14.
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In addition, offering the Facilitation ISO and Solicitation ISO
benefits market participants and investors because this functionality
provides an additional and efficient method to initiate a Facilitation
or Solicited Order auction while preventing trade-throughs. As
discussed above, the Exchange processes the Facilitation and
Solicitation ISO in the same manner as it processes any other order
entered into the Facilitation and Solicited Order Mechanism, except the
Exchange will initiate a Facilitation auction or Solicited Order
auction without protecting away prices (similar to a regular ISO in
Options 3, Section 7(b)(5)). Instead, the entering Member, simultaneous
with the routing of the Facilitation ISO or Solicitation ISO to the
Exchange, remains responsible for routing one or more ISOs, as
necessary, to execute against the full displayed size of any Protected
Bid or Protected Offer that is superior to the starting Facilitation or
Solicitation auction price, and for Solicitation ISO, has swept all
interest in the Exchange's book priced better than the proposed auction
starting price.\18\ As discussed above, these order types operate in a
similar manner to the PIM ISO that is currently described in
Supplementary Material .08 to Options 3, Section 13.\19\
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\18\ See supra note 13.
\19\ See supra notes 11 and 13.
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Intermarket Sweep Orders
The Exchange believes that the proposed changes to the definition
of ISOs in Options 3, Section 7(b)(5) are consistent with the Act. As
discussed above, the proposed changes are intended to add more
granularity and more closely align the level of detail in the ISO rule
with BX's ISO rule in BX Options 3, Section 7(a)(6) by specifying how
ISOs may be submitted. As such, the Exchange believes that its proposal
will promote transparency in the Exchange's rules and consistency
across the rules of the Nasdaq affiliated options exchanges. While the
proposed changes to the Exchange's ISO rule generally track BX's ISO
rule, the proposed language will refer to certain Exchange
functionality that BX does not have today (i.e., Facilitation ISOs or
Solicitation ISOs).
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. Offering Facilitation and
Solicitation ISOs does not impose an undue burden on competition
because it enables the Exchange to provide market participants with an
additional and efficient method to initiate a Facilitation or Solicited
Order auction while preventing trade-throughs, as discussed above. In
addition, all Members may submit a Facilitation ISO or Solicitation
ISO. As it relates to the Solicitation ISO, the Exchange believes that
the proposed rule change will promote fair competition among options
exchanges as it will allow the Exchange to compete with other markets
that already allow ISOs in their solicitation auction mechanisms.\20\
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\20\ See supra note 14.
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The Exchange further believes that the proposed changes to its ISO
rule do not impose an undue burden on competition. As discussed above,
the proposed changes are intended to add more granularity and more
closely align the level of detail in the ISO rule with BX's ISO rule in
BX Options 3, Section 7(a)(6) by specifying how ISOs may be submitted,
except the Exchange's ISO rule will refer to Exchange functionality
that BX does not have today (i.e., Facilitation and Solicitation ISOs).
With the proposed changes, the Exchange believes that its proposal will
promote
[[Page 55058]]
transparency in the Exchange's rules and consistency across the rules
of the Nasdaq affiliated options exchanges.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days of such
date (i) as the Commission may designate if it finds such longer period
to be appropriate and publishes its reasons for so finding or (ii) as
to which the Exchange consents, the Commission shall: (a) by order
approve or disapprove such proposed rule change, or (b) institute
proceedings to determine whether the proposed rule change should be
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#4b393e272e66282426262e253f380b382e28652c243d"><span class="__cf_email__" data-cfemail="cdbfb8a1a8e0aea2a0a0a8a3b9be8dbea8aee3aaa2bb">[email protected]</span></a>. Please include
File Number SR-MRX-2022-11 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-MRX-2022-11. 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 make available publicly. All submissions
should refer to File Number SR-MRX-2022-11 and should be submitted on
or before September 29, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19412 Filed 9-7-22; 8:45 am]
BILLING CODE 8011-01-P
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