Notice2023-10249
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 7, Section 118
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
May 15, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 93 (Monday, May 15, 2023)</title>
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[Federal Register Volume 88, Number 93 (Monday, May 15, 2023)]
[Notices]
[Pages 31083-31087]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-10249]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97466; File No. SR-NASDAQ-2023-013]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Equity 7, Section 118
May 9, 2023.
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 May 2, 2023, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed
[[Page 31084]]
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 (i) eliminate various transaction credits
at Equity 7, Section 118(a); and (ii) amend Equity 7, Section 118(a)
and Section 118(j) to exclude certain days for purposes of calculating
Consolidated Volume and trading activity, 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: (i) eliminate
various transaction credits at Equity 7, Section 118(a); and (ii) amend
Equity 7, Section 118(a) and Section 118(j) to exclude certain days for
purposes of calculating Consolidated Volume and trading activity.\3\
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\3\ The Exchange initially filed the proposed pricing changes on
May 1, 2023 (SR-NASDAQ-2023-012). The instant filing replaces SR-
NASDAQ-2023-012, which was withdrawn on May 2, 2023.
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Elimination of Credits
The Exchange proposes to eliminate 14 credits in its fee schedule
at Equity 7, Section 118(a), including: (i) six credits currently
offered to members for displayed quotes/orders (other than Supplemental
Orders or Designated Retail Orders) that provide liquidity to the
Exchange; (ii) three supplemental credits currently offered to members
for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity to the Exchange; and
(iii) five credits currently offered for non-displayed orders (other
than Supplemental orders) that provide liquidity to the Exchange.
The Exchange proposes to eliminate the following credits currently
offered to members for displayed quotes/orders (other than Supplemental
Orders or Designated Retail Orders) that provide liquidity to the
Exchange:
<bullet> $0.00305 per share executed credit for securities in Tapes
A, B, and C for a member (i) with shares of liquidity provided in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent 1.20% or more of Consolidated Volume; (ii) executes 0.40% or
more of Consolidated Volume through providing midpoint orders and
through M-ELO; and (iii) removes at least 1.45% of Consolidated Volume;
<bullet> $0.0030 per share executed for securities in Tapes A, B,
and C for a member with shares of liquidity provided in all securities
through one or more of its Nasdaq Market Center MPIDs that represent
1.25% or more of Consolidated Volume, which includes shares of
liquidity provided with respect to securities that are listed on
exchanges other than Nasdaq or NYSE that represent 0.40% or more of
Consolidated Volume;
<bullet> $0.00305 per share executed for securities in Tapes A, B,
and C for 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 1.20% of Consolidated Volume, and (ii) with at
least 0.25% of Consolidated Volume that sets the NBBO;
<bullet> $0.0027 per share executed for securities in Tapes A, B,
and C for a member (i) with shares of liquidity accessed in all
securities through one or more of its Nasdaq Market Center MPIDs that
represent more than 0.60% of Consolidated Volume, and (ii) with shares
of liquidity provided in all securities through one or more of its
Nasdaq Market Center MPIDs that represent more than 0.25% of
Consolidated Volume;
<bullet> $0.0029 per share executed for securities in Tapes A, B,
and C for a member with (i) shares of liquidity provided in all
securities during the month representing more than 0.15% of
Consolidated Volume, through one or more of its Nasdaq Market Center
MPIDs, and (ii) Total Volume, as defined in Options 7, Section 2 of The
Nasdaq Options Market rules, of 0.90% or more of total industry ADV in
the Customer clearing range for Equity and ETF option contracts per day
in a month on The Nasdaq Options Market; and
<bullet> $0.0027 per share executed for securities in Tapes A, B,
and C for a member that, through one or more of its Nasdaq Market
Center MPIDs: (i) provides shares of liquidity in all securities that
represent equal to or greater than 0.20% of Consolidated Volume; (ii)
increases the extent to which it provides liquidity in all securities
as a percentage of Consolidated Volume by 35% or more during the month
relative to the month of May 2021; and (iii) has a ratio of at least
60% NBBO liquidity provided (as defined in Equity 7, Section 114(g)) to
liquidity provided by displayed quotes/orders (other than Supplemental
Orders or Designated Retail Orders) during the month.
In addition, the Exchange proposes to eliminate the following
supplemental credits currently offered to members for displayed quotes/
orders (other than Supplemental Orders or Designated Retail Orders)
that provide liquidity to the Exchange:
<bullet> $0.00005 per share executed for securities in Tape B for a
member with shares of liquidity provided in all securities through one
or more of its Nasdaq Market Center MPIDs that represent at least 1.75%
of Consolidated Volume, including shares of liquidity provided with
respect to securities that are listed on exchanges other than Nasdaq or
NYSE that represent at least 0.60% of Consolidated Volume;
<bullet> $0.00005 per share executed for securities in Tape A for a
member with (i) shares of liquidity provided in Tape A securities
through one or more of its Nasdaq Market Center MPIDs that represent at
least 0.75% of Consolidated Volume, and (ii) shares of liquidity
provided in Tape B securities through one or more of its Nasdaq Market
Center MPIDs that represent at least 0.60% of Consolidated Volume; and
<bullet> $0.000025 per share executed for securities in Tapes A and
C for a member with (i) shares of liquidity provided in Tape A
securities during the month representing at least 1.40% of Consolidated
Volume, and (ii) shares of liquidity provided in Tape C representing at
least 1.40% of Consolidated Volume.
Finally, the Exchange proposes to eliminate the following credits
currently offered for non-displayed orders (other than Supplemental
orders) that provide liquidity to the Exchange:
<bullet> $0.00175 per share executed for securities in Tapes A and
B and
[[Page 31085]]
$0.00125 per share executed for securities in Tape C for other non-
displayed orders if the member (i) provides 0.225% or more of
Consolidated Volume through non-displayed orders (other than midpoint
orders) and (ii) provides 0.165% or more of Consolidated Volume through
midpoint orders;
<bullet> $0.0020 per share executed for securities in Tapes A and B
and $0.0015 per share executed for securities in Tape C for other non-
displayed orders if the member (i) provides 0.275% or more of
Consolidated Volume through non-displayed orders (other than midpoint
orders) and (ii) provides 0.175% or more of Consolidated Volume through
midpoint orders;
<bullet> $0.00125 per share executed for securities in Tapes A and
B and $0.00075 per share executed for securities in Tape C for other
non-displayed orders if the member, during the month (i) provides 0.30%
or more of Consolidated Volume through non-displayed orders (other than
midpoint orders); and (ii) increases providing liquidity through non-
displayed orders (including midpoint orders) by 10% or more relative to
the member's February 2021 ADV provided through non-displayed orders
(including midpoint orders);
<bullet> $0.00075 per share executed for securities in Tape C for
other non-displayed orders if the member, during the month (i) provides
0.90% or more of Consolidated Volume; (ii) increases providing
liquidity through non-displayed orders (other than midpoint orders) by
10% or more relative to the member's July 2020 Consolidated Volume
provided through non-displayed orders (other than midpoint orders) and;
(iii) provides 0.20% or more of Consolidated Volume through non-
displayed orders (other than midpoint orders); and
<bullet> $0.0001 per share executed for securities in Tapes A, B,
and C if the member, during the month (i) provides at least 10 million
shares of midpoint liquidity per day during the month; and (ii)
increases providing liquidity through midpoint orders by 50% or more
relative to the member's July 2022 Consolidated Volume provided through
midpoint orders.
The Exchange proposes to eliminate these credits in order to
simplify its fee schedule. In its effort to simplify its fee schedule,
the Exchange proposes to eliminate credits that are not being heavily
utilized and have not been successful in accomplishing their
objectives, including the objective to induce members to increase
liquidity on the Exchange. The Exchange has limited resources to
allocate to incentives and it must, from time to time, reallocate those
resources to maximize their net impact on the Exchange, market quality,
and participants. Going forward, the Exchange plans to reallocate the
resources to other incentives that it hopes will be more impactful.
Furthermore, several of the credits that the Exchange proposes to
eliminate reference baseline months for the growth elements of the
tiers that are no longer relevant benchmarks. As such, these credits no
longer provide growth incentives that are aligned with the Exchange's
needs. Again, the Exchange has limited resources to devote to incentive
programs, and it is appropriate for the Exchange to reallocate these
incentives periodically in a manner that best achieves the Exchange's
overall mix of objectives.
Amendments to Calculation of Consolidated Volume and Trading Activity
The Exchange also proposes to amend Equity 7, Section 118(a) and
Section 118(j) to exclude the following from calculations of total
Consolidated Volume and the member's trading activity for purposes of
volume calculations for equity pricing tiers/incentives: (1) the dates
on which stock options, stock index options, and stock index futures
expire (i.e., the third Friday of March, June, September, and December)
(``Triple Witch Dates''); (2) the dates on which the MSCI Equity
Indexes are rebalanced (i.e., on a quarterly basis) (``MSCI Rebalance
Dates''); (3) the dates on which the S&P 400, S&P 500, and S&P 600
Indexes are rebalanced (i.e., on a quarterly basis) (``S&P Rebalance
Dates''); and (4) the date of the annual reconstitution of the Nasdaq-
100 and Nasdaq Biotechnology Indexes (``Nasdaq Reconstitution Date'').
Currently, the Exchange excludes the date of the annual reconstitution
of the Russell Investments Indexes from calculations of total
Consolidated Volume and the member's trading activity for purposes of
volume calculations for equity pricing tiers/incentives.
For the same reasons that the Exchange currently excludes the date
of the annual reconstitution of the Russell Investments Indexes from
these calculations, the Exchange believes it is appropriate to exclude
Triple Witch Dates, MSCI Rebalance Dates, S&P Rebalance Dates, and the
Nasdaq Reconstitution Date from these calculations in the same manner,
as trading volumes on such days are generally far in excess of volumes
on other days during the month, and market participants that are not
otherwise active on the Exchange to a great extent often participate on
the Exchange on such dates to rebalance holdings, or in the case of
Triple Witch Dates, to close out or roll over positions prior to
expiration. The Exchange believes this change to normal activity may
affect a member's ability to meet the applicable volume thresholds
under its volume-based tiers. The Exchange notes that the proposed
exclusion of Triple Witch Dates, MSCI Rebalance Dates, S&P Rebalance
Dates, and the Nasdaq Reconstitution Date from the relevant
calculations would be applied in the same manner that the Exchange
currently excludes the date of the annual reconstitution of the Russell
Investments Indexes from such calculations.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\4\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\5\ 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.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange's proposed changes to its schedule of credits 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'. . . .'' \6\
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\6\ 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
[[Page 31086]]
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.'' \7\
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\7\ 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.
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. As such, the
proposal represents a reasonable attempt by the Exchange to increase
its liquidity and market share relative to its competitors.
The Exchange believes it is reasonable, equitable, and not unfairly
discriminatory to eliminate various of the Exchange's transaction
credits. As described above, the Exchange seeks to simplify and
streamline its schedule of credits by eliminating 14 credits in its fee
schedule at Equity 7, Section 118(a), including: (i) six credits
currently offered to members for displayed quotes/orders (other than
Supplemental Orders or Designated Retail Orders) that provide liquidity
to the Exchange; (ii) three supplemental credits currently offered to
members for displayed quotes/orders (other than Supplemental Orders or
Designated Retail Orders) that provide liquidity to the Exchange; and
(iii) five credits currently offered for non-displayed orders (other
than Supplemental orders) that provide liquidity to the Exchange.
The Exchange proposes to eliminate various credits in order to
simplify its fee schedule. In doing so, the Exchange proposes to
eliminate credits that have not been successful in accomplishing their
objectives as well as eliminate several credits that reference baseline
months for the growth elements of tiers that are no longer relevant
benchmarks. The proposed changes are designed to better align with the
Exchange's needs. The Exchange has limited resources to devote to
incentive programs, and it is appropriate for the Exchange to
reallocate these incentives periodically in a manner that best achieves
the Exchange's overall mix of objectives.
Those participants that are dissatisfied with the eliminations from
the Exchange's schedule of credits are free to shift their order flow
to competing venues that provide more generous incentives or less
stringent qualifying criteria.
The Exchange also believes it is reasonable, equitable, and not
unfairly discriminatory to exclude Triple Witch Dates, MSCI Rebalance
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date from
calculations of total Consolidated Volume and the member's trading
activity for purposes of volume calculations for equity pricing tiers/
incentives. As described above, Triple Witch Dates, MSCI Rebalance
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date
typically have extraordinarily high and/or abnormally distributed
trading volumes which, in turn, may affect a member's ability to meet
the applicable volume thresholds under its transaction pricing tiers/
incentives, and the Exchange believes that excluding such days from the
relevant calculations for purposes of determining a member's
qualification for such tiers/incentives would help to avoid penalizing
members that might otherwise have met the requirements to qualify for
such tiers/incentives. The proposal would diminish the likelihood of a
de facto price increase occurring because a member is not able to reach
a volume percentage on that date that it reaches on other trading days
during the month. Because trading activity on Triple Witch Dates, MSCI
Rebalance Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution
Date will be excluded from determinations of a member's percentage of
Consolidated Volume, the Exchange believes it will be easier for
members to determine the volume required to meet a certain percentage
of participation than would otherwise be the case. To the extent that a
member has been active on the Exchange at a significant level
throughout the month, excluding the Triple Witch Dates, MSCI Rebalance
Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution Date, on
which its percentage of Consolidated Volume is likely to be lower than
on other days, will increase its overall percentage for the month.
Conversely, even if a member was more active on Triple Witch Dates,
MSCI Rebalance Dates, S&P Rebalance Dates, and the Nasdaq
Reconstitution Date than on other dates, it is unlikely that its
activity on one day would be able to increase its overall monthly
percentage to a meaningful extent. Thus, the Exchange believes that the
change will benefit members that are in a position to achieve volume
levels required by the Exchange's pricing schedule but without harming
the ability of any members to reach such levels. This proposal would
help to preserve or improve the pricing status that would apply to
members' trading activity in the absence of Triple Witch Dates, MSCI
Rebalance Dates, S&P Rebalance Dates, and the Nasdaq Reconstitution
Date, and therefore will not impact the ability of such members to
compete. The proposed rule change would apply to all members uniformly,
in that each member's volume activities for purposes of pricing tiers/
incentives would continue to be calculated in a uniform manner and
would now exclude Triple Witch Dates, MSCI Rebalance Dates, S&P
Rebalance Dates, and the Nasdaq Reconstitution Date.
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.
The Exchange intends for its proposed changes to eliminate credits
at Equity 7, Section 118(a) to simplify its fee schedule, eliminate
unsuccessful rebates, preserve its limited resources for optimized
effect, and better align the schedule of credits with the Exchange's
overall mix of objectives. The Exchange intends for its proposed
changes to amend the calculation of Consolidated Volume and trading
activity at Equity 7, Section 118(a) and Section 118(j) to avoid
penalizing members that might otherwise have met the applicable volume
thresholds to qualify for the Exchange's transaction pricing tiers/
incentives if not for the abnormal trading volumes and market
conditions typically experienced in the equities markets on the Triple
Witch Dates, MSCI Rebalance Dates, S&P Rebalance Dates, and the Nasdaq
Reconstitution Date. The proposed exclusion of such
[[Page 31087]]
dates from the relevant calculations would apply to all members
uniformly and in the same manner that the Exchange currently excludes
the date of the annual reconstitution of the Russell Investments
Indexes from such calculations.
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 proposal is reflective of this
competition.
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.
Additionally, the Exchange believes the proposal to exclude certain
dates from calculating Consolidated Volume and trading activity is not
concerned with competitive issues, but rather relates to calculation
methodologies applicable to its pricing tiers/incentives.
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.\8\
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\8\ 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet<ls-thn-eq> Send an email to <a href="/cdn-cgi/l/email-protection#6012150c054d030f0d0d050e1413201305034e070f16"><span class="__cf_email__" data-cfemail="186a6d747d357b7775757d766c6b586b7d7b367f776e">[email protected]</span></a>. Please
include File Number SR-NASDAQ-2023-013 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-2023-013. 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="https://www.sec.gov/rules/sro.shtml">https://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. Do
not include personal identifiable information in submissions; you
should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
You should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NASDAQ-2023-
013 and should be submitted on or before June 5, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-10249 Filed 5-12-23; 8:45 am]
BILLING CODE 8011-01-P
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