[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3196-3199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01094]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82523; File No. SR-MRX-2018-02]


Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to Market 
Maker Orders

January 17, 2018.
    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 5, 2018, 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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    The text of the proposed rule change is set forth below. Proposed 
new language is italicized; deleted text is in [brackets].

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend MRX Rule 805 to permit Market Makers 
\3\ to enter additional order types in the options classes to which 
they are appointed.
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    \3\ Market Makers refers to ``Competitive Market Makers'' and 
``Primary Market Makers'' collectively. See MRX Rule 100(a)(25).
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* * * * *

Nasdaq MRX Rulebook

* * * * *

Rule 805. Market Maker Orders

    (a) Options Classes to Which Appointed. Market makers may enter all 
order types defined in Rule 715 in the options classes to which they 
are appointed under Rule 802, except Stopped Orders, Reserve Orders and 
Customer Cross Orders.[not place principal orders to buy or sell 
options in the options classes to which they are appointed under Rule 
802, other than opening only orders, immediate-or-cancel orders, market 
orders, fill-or-kill orders, sweep orders, and block-size orders 
executed through the Block Order Mechanism pursuant to Rule 716(c).] 
Competitive Market Makers shall comply with the provisions of Rule 
804(e)(2)(iii) upon the entry of such orders if they were not 
previously quoting in the series.
    (b) Options Classes Other Than Those to Which Appointed.
    (1) A market maker may enter all order types permitted to be 
entered by non-customer participants under the Rules to buy or sell 
options in classes of options listed on the Exchange to which the 
market maker is not appointed under Rule 802, except for Reserve 
Orders, provided that:
    (i) and (ii) No change.
    (2) and (3) No change.
* * * * *

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 this rule change is to permit Market Makers to enter 
principal orders to buy or sell options in the options classes to which 
they are appointed under Rule 802 \4\ for all order types listed in 
Rule 715 except for Stopped Orders,\5\ Reserve Orders \6\ and Customer 
Cross Orders.\7\ This filing is intended to permit Market Makers to 
execute most of the same order types, which today they are permitted to 
enter on other options markets.\8\ In addition, this filing is intended 
to amend MRX Rule 805(b)(1) to indicate that Reserve Orders are not 
permitted to be entered by MRX Market Makers in non-

[[Page 3197]]

appointed options classes. Today, MRX Market Makers may not enter 
Reserve Orders in either appointed or non-appointed options classes. 
Today, while the System prohibits MRX Market Makers from entering 
Reserve Orders, MRX Rule 805(b)(1) does not indicate the restriction.
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    \4\ MRX Rule 802 concerns the appointment of Market Makers.
    \5\ A stopped order is a limit order that meets the requirements 
of Rule 1901(b)(8). To execute stopped orders, Members must enter 
them into the Facilitation Mechanism or Solicited Order Mechanism 
pursuant to Rule 716. See MRX Rule 715(b)(6).
    \6\ A Reserve Order is a limit order that contains both a 
displayed portion and a non-displayed portion. Both the displayed 
and non-displayed portions of a Reserve Order are available for 
potential execution against incoming marketable orders. A non-
marketable Reserve Order will rest on the order book. The displayed 
portion of a Reserve Order shall be ranked at the specified limit 
price and the time of order entry. The displayed portion of a 
Reserve Order will trade in accordance with Rule 713(c) and (d) for 
Priority Customer Orders, and Rule 713(e) and Supplementary Material 
.01, for Professional Orders. When the displayed portion of a 
Reserve Order is decremented, either in full or in part, it shall be 
refreshed from the non-displayed portion of the resting Reserve 
Order. If the displayed portion is refreshed in part, the new 
displayed portion shall include the previously displayed portion. 
Upon any refresh, the entire displayed portion shall be ranked at 
the specified limit price and obtain a new time stamp, i.e., the 
time that the new displayed portion of the order was refreshed. The 
new displayed portion will trade in accordance with Rule 713(c) and 
(d) for Priority Customer Orders, and Rule 713(e) and Supplementary 
Material .01, for Professional Orders. The initial non-displayed 
portion of a Reserve Order rests on the order book and is ranked 
based on the specified limit price and time of order entry. 
Thereafter, non-displayed portions, if any, always obtain the same 
time stamp as that of the new displayed portion in subparagraph 4 
above. The non-displayed portion of any Reserve Order is available 
for execution only after all displayed interest has been executed. 
The non-displayed portion of any Reserve Order will trade in 
accordance with Rule 713(c) and (d) for Priority Customer Orders, 
and Rule 713(e) and Supplementary Material .01, for Professional 
Orders. See MRX Rule 715(g).
    \7\ A Customer Cross Order is comprised of a Priority Customer 
Order to buy and a Priority Customer Order to sell at the same price 
and for the same quantity. See MRX Rule 715(i).
    \8\ NYSE Arca, Inc. (``NYSE Arca'') and NYSE American LLC 
(``NYSE American'') do not limit the types of orders that can be 
entered by market makers. See NYSE Arca Rule 6.37C-O and NYSE 
American Rule 925.2NY.
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Appointed Options Classes
    Today, as noted in MRX Rule 805(a), a Market Maker may not place 
principal orders to buy or sell options in the options classes to which 
they are appointed under Rule 802, other than opening only orders,\9\ 
immediate-or-cancel orders,\10\ market orders, fill-or-kill orders,\11\ 
sweep orders,\12\ and block-size orders \13\ executed through the Block 
Order Mechanism \14\ pursuant to Rule 716(c). At this time, the 
Exchange proposes to expand the order types which Market Makers are 
permitted to enter on MRX.\15\ The Exchange is amending MRX Rule 805(a) 
to make clear which order types a Market Maker in an appointed options 
class may submit. Additionally, ISO Orders, All-Or-None Orders, Stop 
Orders, Qualified Contingent Cross Orders, Attributable Orders, Do-Not-
Route Orders, Opening Sweep Orders, Cancel and Replace Orders,\16\ and 
Add Liquidity Orders are accepted on MRX today from Market Makers as 
principal orders as modifiers of the allowable non-resting order types, 
although they are not specifically detailed in the rule. This rule 
change will further detail and align the rule text with the system 
functionality by making clear that Maker Makers may enter all order 
types defined in Rule 715 in the options classes to which they are 
appointed under Rule 802, except Stopped Orders, Reserve Orders and 
Customer Cross Orders.
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    \9\ An Opening Only order is a limit order that can be entered 
for the opening rotation only. Any portion of the order that is not 
executed during the opening rotation is cancelled. See MRX Rules 
717(o).
    \10\ An immediate-or-cancel order is a limit order that is to be 
executed in whole or in part upon receipt. Any portion not so 
executed is to be treated as cancelled. An immediate-or-cancel order 
entered by a Market Maker through the Specialized Quote Feed 
protocol will not be subject to the Limit Order Price Protection and 
Size Limitation Protection as defined in MRX Rule 714(b)(2) and (3). 
See MRX Rule 715(b)(2).
    \11\ A fill-or-kill order is a limit order that is to be 
executed in its entirety as soon as it is received and, if not so 
executed, treated as cancelled. See MRX Rule 715(b)(2).
    \12\ A Sweep Order is a limit order that is to be executed in 
whole or in part on the Exchange and the portion not so executed 
shall be routed pursuant to Supplementary Material .05 to Rule 1901 
to Eligible Exchange(s) for immediate execution as soon as the order 
is received by the Eligible Exchange(s). Any portion not immediately 
executed by the Eligible Exchange(s) shall be canceled. If a Sweep 
Order is not marketable when it is submitted to the Exchange, it 
shall be canceled. See MRX Rule 715(s).
    \13\ Block-size orders are orders for fifty (50) contracts or 
more. See MRX Rule 716(a).
    \14\ The Block Order Mechanism is a process by which a Member 
can obtain liquidity for the execution of block-size orders. See MRX 
Rule 716(c).
    \15\ This expansion would include Good-Till-Date Orders, GTC 
Orders, Limit Orders, and Stop Limit Orders as new acceptable order 
types.
    \16\ Cancel and Replace Orders shall mean a single message for 
the immediate cancellation of a previously received order and the 
replacement of that order with a new order. If the previously placed 
order is already filled partially or in its entirety, the 
replacement order is automatically canceled or reduced by the number 
of contracts that were executed. The replacement order will retain 
the priority of the cancelled order, if the order posts to the Order 
Book, provided the price is not amended, size is not increased, or 
in the case of Reserve Orders, size is not changed. If the 
replacement portion of a Cancel and Replace order does not satisfy 
the system's price or other reasonability checks (e.g., MRX Rule 
710; MRX Rule 711(c); MRX Rule 714(b)(2); and MRX Rule 722(b)(1) and 
Supplementary Material .07 (b), (c) and (d) to Rule 722) the 
existing order shall be cancelled and not replaced. See 
Supplementary Material .02 to MRX Rule 715.
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    Today, MRX Market Makers, who are appointed and non-appointed in a 
particular options class, may submit orders without limitation, unless 
otherwise restricted by the order type as discussed herein. The 
Exchange proposes to permit Market Makers to enter all order types, 
which are listed in MRX Rule 715, except for Stopped Orders, Reserve 
Orders and Customer Cross Orders. The Exchange notes that today Market 
Makers are not eligible to execute either Customer Cross Orders, which 
are Customer orders, or Stopped Orders, which are intended for the 
account of a customer.\17\ With respect to Reserve Orders, the Exchange 
proposes to continue to restrict Market Makers from entering Reserve 
Orders in their appointed options class. The Exchange believes that 
Market Maker liquidity should be displayed liquidity. For these 
reasons, and to remain competitive with other markets, the Exchange 
proposes to permit Market Makers to enter all orders they are eligible 
to submit in their appointed class with the exception of Reserve Orders 
and also restrict Reserve Orders in the non-appointed classes.
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    \17\ MRX Rule 1901(b)(8) states, ``The transaction that 
constituted the Trade-Through was the execution of an order for 
which, at the time of receipt of the order, a Member had guaranteed 
an execution at no worse than a specified price (a ``stopped 
order''), where: (i) The stopped order was for the account of a 
Customer; (ii) the Customer agreed to the specified price on an 
order-by-order basis; and (iii) the price of the Trade-Through was, 
for a stopped buy order, lower than the national Best Bid in the 
options series at the time of execution, or, for a stopped sell 
order, higher than the national Best Offer in the options series at 
the time of execution . . .''
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Non-Appointed Options Classes
    Today, for the reasons noted above, the Exchange does not permit 
Market Makers to enter Reserve Orders in non-appointed options classes. 
However, the current rule text does not provide this limitation. The 
Exchange proposes to amend the current rule text at MRX Rule 805(b)(1) 
to codify this limitation.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\18\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\19\ 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, by providing Market Makers access to trade order types which 
are currently permissible to be traded in on other options exchanges 
today.\20\ The Exchange believes that permitting Market Makers to enter 
all eligible order types, except Reserve Orders, in both appointed and 
non-appointed options classes offers no advantage to Market Makers 
under the Exchange's market structure, including, but not limited to, 
under the priority and trade allocation rules in MRX Rule 713 and 
various risk protection mechanism rules applicable to Market Makers in 
MRX Rule 804.\21\ Today, other non-Market Maker participants may submit 
these order types on MRX.
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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ See note 8 above.
    \21\ Today, Market Makers are not eligible to execute either 
Customer Cross Orders, which are Customer orders, or Stopped Orders, 
which are intended for the account of a customer.
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    The Exchange notes that previously, Nasdaq ISE, LLC prohibited non-
customer trading by Electronic Access Members (``EAMs'') for principal 
or agent transactions.\22\ At that time, ISE represented that, in an 
electronic market, non-customer market orders have the potential to 
create market volatility by trading at different price levels until 
their order is fully executed. ISE further noted that, without this 
restriction, non-customers would be able to use large-size orders to 
quickly take out ISE's entire order book without giving other market 
participants an

[[Page 3198]]

opportunity to react.\23\ Today, EAMs on ISE may submit non-customer 
limit orders regardless of the size of the order where previously EAMs 
were prohibited from submitting orders for non-customers that caused 
ISE's best bid and offer to be for less than 10 contracts.\24\
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    \22\ See Securities Exchange Act Release No. 42455 (February 24, 
2000), 65 FR 11388 (March 2, 2000) (File No. 10-127) (In the Matter 
of the Application of The International Securities Exchange LLC for 
Registration as a National Securities Exchange; Findings and Opinion 
of the Commission).
    \23\ Id. When the restriction was adopted, there were various 
limitations imposed on non-customer trading. For example, displayed 
quotes were firm only for public customer orders. Since that time, 
electronic options trading has evolved. With the adoption of trade-
through protection under the intermarket linkage, every order must 
be executed at the best quoted price. Further, ISE has also removed 
restrictions on non-customer trading.
    \24\ See Securities Exchange Act Release No. 49602 (April 22, 
2004), 69 FR 23841 (April 30, 2004) (SR-ISE-2003-26).
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    The Exchange notes that these restrictions never existed on MRX. 
MRX believes that these restrictions should not exist today because 
there is no reason to restrict Market Makers in entering order types, 
except for the restriction related to Reserve Orders, in options 
classes in which they are appointed. Unlike other order types, the 
Reserve Order is a limit order that contains both a displayed portion 
and a non-displayed portion.\25\ Both the displayed and non-displayed 
portions of a Reserve Order are available for potential execution 
against incoming marketable orders. When the displayed portion of a 
Reserve Order is decremented, either in full or in part, it shall be 
refreshed from the non-displayed portion of the resting Reserve Order. 
The Exchange believes that because a Reserve Order contains a non-
displayed portion, Market Makers should not be permitted to enter this 
order. Market Makers are required to make markets that, absent changed 
market conditions, will be honored for the number of contracts entered 
into the Exchange's System in all series of options classes to which 
the market maker is appointed.\26\ The Exchange believes that these 
markets should be transparent. Today, MRX Market Makers are not 
permitted to enter Reserve Orders in either appointed or non-appointed 
options classes. The Exchange proposes to specifically note this 
limitation in both Rule 805(a) and (b) as an exception. The Exchange 
notes that this limitation is specifically not noted in Rule 805(b) 
today despite the fact that the limitation exists in the System today.
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    \25\ See MRX Rule 715(g).
    \26\ See MRX Rule 803(b)(2).
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    The Exchange is also amending MRX Rule 805(a) to detail the types 
of non-resting order types and their modifiers with respect to ISO 
Orders, All-Or-None Orders, Stop Orders, Qualified Contingent Cross 
Orders, Attributable Orders, Do-Not-Route Orders, Opening Sweep Orders, 
Cancel and Replace Orders, and Add Liquidity Orders. This rule change 
will detail and align the rule text with the system functionality and 
make clear which order types a Market Maker may submit in appointed 
options classes.
    MRX Market Makers continue to be obligated to add liquidity on MRX. 
The Exchange also notes that MRX Rule 805(b)(2) and (3) restricts the 
number of contracts that a Market Maker may enter in an options class 
to which the Market Maker is not appointed.\27\ The Exchange notes that 
it also requires Market Makers to abide by certain quoting 
requirements, in the options classes in which they are appointed 
pursuant to MRX Rule 802, in order to maintain the status of a Market 
Maker.\28\ The Exchange believes that permitting a Market Maker to 
enter additional order types, except Reserve Orders, in their appointed 
options class will permit Market Makers additional latitude to conduct 
business on MRX and effectively compete with other market makers on 
other options exchanges. Quotes and orders entered by a Market Maker 
may not interact against quotes and orders entered on the opposite side 
of the market by the same Market Maker.\29\
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    \27\ The total number of contracts executed during a quarter by 
a Competitive Market Maker in options classes to which it is not 
appointed may not exceed twenty-five percent (25%) of the total 
number of contracts traded by such Competitive Market Maker in 
classes to which it is appointed and with respect to which it was 
quoting pursuant to Rule 804(e)(2). See MRX Rule 805(b)(2).
    The total number of contracts executed during a quarter by a 
Primary Market Maker in options classes to which it is not appointed 
may not exceed ten percent (10%) of the total number of contracts 
traded per each Primary Market Maker Membership. See MRX Rule 
805(b)(3).
    \28\ See MRX Rule 804(e) and Supplementary Material .01 to Rule 
804. Orders do not count toward meeting continuous quoting 
obligations.
    \29\ See MRX Rule 804(b).
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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. Today, NYSE Arca and NYSE 
American place no limitation on the types of orders that can be entered 
by market makers in their appointed class.\30\ Accordingly, the 
Exchange believes that this proposal does not impose an undue burden on 
inter-market competition because each options exchange generally 
determines permissible order types for market makers in its trading 
environment based on the exchange's individual business policy, 
objectives, and trading system. The Exchange's proposal reflects its 
policy and objectives, and does not impose an undue burden on intra-
market competition because it treats all market makers uniformly with 
respect to permissible order types. Further, this rule change will 
align the system functionality with the rule text to reflect the types 
of orders a Market Maker in both appointed and non-appointed options 
class may submit. The current rule text is not accurate. This rule 
filing is intended to detail and align the rule text with the system 
functionality in the current text of Rule 805(a) and (b). This proposal 
will make clear which order types a Market Maker may submit in both 
appointed and non-appointed options classes.
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    \30\ See note 8 above.
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    Further, Market Makers, unlike other market participants, are 
required to abide by certain quoting requirements, in the options 
classes in which they are appointed pursuant to MRX Rule 802, in order 
to maintain the status of a Market Maker.\31\ The Exchange also notes 
that MRX Rule 805(b)(2) and (3) restricts the number of orders that a 
Market Maker may enter in an options class to which the Market Maker is 
not appointed.\32\ The Exchange believes that permitting a Market Maker 
to enter additional order types, except Reserve Orders, in their 
appointed options class will permit Market Makers additional latitude 
to conduct business on MRX and effectively compete with other market 
makers on other options exchanges.
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    \31\ See note 28 above.
    \32\ See note 27 above.
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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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \33\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\34\
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    \33\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \34\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and the text of the proposed rule change, 
at least five business days prior to the date of filing of the 
proposed rule change, or such shorter time as designated by the 
Commission. The Exchange has satisfied this requirement.

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[[Page 3199]]

    A proposed rule change filed under Rule 19b-4(f)(6) \35\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, Rule 19b-4(f)(6)(iii) \36\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange states that 
the proposed rule change will permit Market Makers additional latitude 
to conduct business on MRX and effectively compete with other market 
makers on other options exchanges. The Exchange further states that the 
proposed rule will detail and align the rule text with the system 
functionality. The Commission believes that waiver of the 30-day 
operative delay is consistent with the protection of investors and the 
public interest. Accordingly, the Commission hereby waives the 
operative delay and designates the proposed rule change as operative 
upon filing.\37\
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    \35\ 17 CFR 240.19b-4(f)(6).
    \36\ 17 CFR 240.19b-4(f)(6)(iii).
    \37\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-MRX-2018-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-MRX-2018-02. 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 (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for 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-2018-02 and should be submitted on 
or before February 13, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01094 Filed 1-22-18; 8:45 am]
 BILLING CODE 8011-01-P