[Federal Register Volume 83, Number 34 (Tuesday, February 20, 2018)]
[Notices]
[Pages 7274-7278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03310]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82701; File No. SR-MRX-2018-04]


Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Memorialize 
Functionality Designed To Assist Members in the Event That They Lose 
Communication

February 13, 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 February 2, 2018, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to a proposal to memorialize functionality 
which is designed to assist Members in the event that they lose 
communication with their assigned Specialized Quote Feed (``SQF''),\3\ 
Financial Information

[[Page 7275]]

eXchange (``FIX''),\4\ or Ouch to Trade Options (``OTTO'') \5\ Ports 
due to a loss of connectivity.
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    \3\ SQF is an interface that allows market makers to connect and 
send quotes, sweeps and auction responses into the Exchange.
    \4\ FIX is an interface that allows market participants to 
connect and send orders and auction orders into the Exchange.
    \5\ OTTO is an interface that allows market participants to 
connect and send orders, auction orders and auction responses into 
the Exchange.
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    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaqmrx.cchwallstreet.com/, 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 memorialize its detection of loss of 
connection risk protection, which is applicable to all Members, at MRX 
Rule 711(e). This automated process is in effect if a Member's SQF, FIX 
or OTTO Port loses communication with a Client Application due to a 
loss of connectivity. This feature is designed to protect MRX Market 
Makers \6\ and other market participants from inadvertent exposure to 
excessive risk.
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    \6\ The term ``market makers'' refers to ``Competitive MRX 
Market Makers'' and ``Primary MRX Market Makers'' collectively.
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    Members currently enter quotes and/or orders utilizing either an 
SQF, FIX or OTTO Port. SQF is utilized by MRX Market Makers and FIX and 
OTTO are utilized by all market participants. These ports are trading 
system components through which a Member communicates its quotes and/or 
orders to the Exchange's match engine through the Member's Client 
Application. The Exchange proposes to define ``Client Application'' as 
the system component of the Member through which the Member 
communicates its quotes and orders to the Exchange at proposed Rule 
711(e)(i)(E). Under the proposed rule change, an SQF Port would be 
defined as the Exchange's proprietary system component through which 
MRX Market Makers communicate their quotes from the Client Application 
at proposed Rule 711(e)(i)(B). A FIX Port would be defined as the 
Exchange's universal system component through which Members communicate 
their orders from the Member's Client Application at proposed Rule 
711(e)(i)(D). An OTTO Port would be defined as the Exchange's 
proprietary system component through which Members communicate their 
orders from the Member's Client Application at proposed Rule 
711(e)(i)(C). MRX Market Makers may submit quotes to the Exchange from 
one or more SQF Ports. Similarly, market participants may submit orders 
to the Exchange from one or more FIX or OTTO Ports. The proposed 
cancellation feature will be mandatory for each MRX Market Maker 
utilizing SQF for the removal of quotes and optional for any market 
participant utilizing FIX or OTTO for the removal of orders.
    When the SQF Port detects the loss of communication with a Member's 
Client Application because the Exchange's server does not receive a 
Heartbeat message \7\ for a certain period of time (a period of ``nn'' 
seconds), the Exchange will automatically logoff the Member's affected 
Client Application and automatically cancel all of the Member's open 
quotes. Quotes will be cancelled across all Client Applications that 
are associated with the same MRX Market Maker ID and underlying issues.
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    \7\ It is important to note that the Exchange separately sends a 
connectivity message to the Member as evidence of connectivity.
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    The Exchange proposes to define a ``Heartbeat'' message as a 
communication which acts as a virtual pulse between the SQF, FIX or 
OTTO Port and the Client Application at proposed Rule 711(e)(i)(A). The 
Heartbeat message sent by the Member and subsequently received by the 
Exchange allows the SQF, FIX or OTTO Port to continually monitor its 
connection with the Member.
SQF Ports
    The Exchange's system has a default time period, which will trigger 
a disconnect from the Exchange and remove quotes, set to fifteen (15) 
seconds for SQF Ports. A Member may change the default period of ``nn'' 
seconds of no technical connectivity to trigger a disconnect from the 
Exchange and remove quotes to a number between one hundred (100) 
milliseconds and 99,999 milliseconds for SQF Ports prior to each 
Session of Connectivity to the Exchange. This feature is enabled for 
each MRX Market Maker and may not be disabled.
    There are two ways to change the number of ``nn'' seconds: (1) 
Systematically or (2) by contacting the Exchange's operations staff. If 
the Member changes the default number of ``nn'' seconds, that new 
setting shall be in effect throughout the current Session of 
Connectivity and will then default back to fifteen seconds.\8\ The 
Member may change the default setting prior to each Session of 
Connectivity. A Session of Connectivity would be defined to mean each 
time the Member connects to the Exchange's system. If the Member were 
to connect and then disconnect within a trading day several times, each 
time the Member disconnected the next session would be a new Session of 
Connectivity. This definition is proposed at proposed Rule 
711(e)(i)(F). The Member may also communicate the time to the Exchange 
by calling the Exchange's operations staff. If the time period is 
communicated to the Exchange by calling Exchange operations, the number 
of ``nn'' seconds selected by the Member shall persist for each 
subsequent Session of Connectivity until the Member either contacts 
Exchange operations by phone and changes the setting or the Member 
selects another time period in the Client Application prior to the next 
Session of Connectivity.
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    \8\ The Exchange's system would capture the new setting 
information that was changed by the Member and utilize the amended 
setting for that particular session. The setting would not persist 
beyond the current Session of Connectivity and the setting would 
default back to 15 seconds for the next session if the Member did 
not change the setting again.
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FIX and OTTO Ports
    The Exchange's system has a default time period, which will trigger 
a disconnect from the Exchange and remove orders, set to thirty (30) 
seconds for FIX Ports and fifteen (15) seconds for OTTO Ports. The 
Member may disable the removal of orders feature, but not the 
disconnect feature. If the Member elects to have its orders removed, in 
addition to the disconnect for FIX, the Member may determine a time 
period of no technical connectivity to trigger the disconnect and 
removal of orders between one (1) second and thirty (30) seconds. If 
the Member elects to have its orders removed, in addition to the 
disconnect for OTTO, the Member may determine a time period of no 
technical connectivity to trigger the disconnect and removal of orders 
between one hundred (100) milliseconds and 99,999

[[Page 7276]]

milliseconds. All orders will be automatically cancelled.
    There are two ways to change the number of ``nn'' seconds: (1) 
Systematically or (2) by contacting the Exchange's operations staff. If 
the Member changes the default number of ``nn'' seconds, that new 
setting shall be in effect throughout that Session of Connectivity and 
will then default back to thirty seconds for FIX Ports or fifteen 
seconds for OTTO Ports at the end of that session. The Member may 
change the default setting prior to each Session of Connectivity. The 
Member may also communicate the time to the Exchange by calling the 
Exchange's operations staff. If the time period is communicated to the 
Exchange by calling Exchange operations, the number of ``nn'' seconds 
selected by the Member shall persist for each subsequent Session of 
Connectivity until the Member either contacts Exchange operations by 
phone and changes the setting or the Member selects another time period 
through the Client Application prior to the next Session of 
Connectivity.
    Similar to SQF Ports, when a FIX or OTTO Port detects the loss of 
communication with a Member's Client Application for a certain time 
period (a period of ``nn'' seconds), the Exchange will automatically 
logoff the Member's affected Client Application and if elected, 
automatically cancel all orders. The Member may have an order which has 
routed away prior to the cancellation, in the event that the order 
returns to the Order Book, because it was either not filled or 
partially filled, that order will be cancelled.
    The disconnect feature is mandatory for FIX and OTTO users however 
the user has the ability to elect to also enable a removal feature, 
which will cancel all orders submitted through that FIX or OTTO Port. 
If the removal of orders feature is not enabled, the system will simply 
disconnect the FIX and/or OTTO user and not cancel any orders. The FIX 
and/or OTTO user would have to commence a new Session of Connectivity 
to add, modify or cancel its orders once disconnected.
    The trigger for the SQF, FIX and OTTO Ports is Client Application 
specific. The automatic cancellation of the MRX Market Maker's quotes 
for SQF Ports and open orders, if elected by the Member for FIX or OTTO 
Ports, entered into the respective SQF, FIX or OTTO Ports via a 
particular Client Application will neither impact nor determine the 
treatment of the quotes of other MRX Market Makers (not associated with 
the same Market Maker ID) entered into SQF Ports or orders of the same 
or other Members entered into the FIX or OTTO Ports via a separate and 
distinct Client Application.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \9\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \10\ 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 imposing this mandatory removal functionality on MRX 
Market Makers to prevent disruption in the marketplace and also 
offering this removal feature to other market participants. Requiring 
MRX Market Makers to utilize the disconnect feature will avoid risks 
associated with inadvertent executions in the event of a loss of 
connectivity. Other market participants will have the option to either 
enable or disable the cancellation feature, thereby offering the same 
risk protections throughout the market.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    MRX Market Makers will be required to utilize this disconnect and 
removal functionality with respect to SQF Ports. This feature will 
remove impediments to and improve the mechanism of a free and open 
market and a national market system aimed at protecting investors and 
the public interest by requiring MRX Market Makers quotes to be removed 
in the event of a loss of connectivity with the Exchange's system. MRX 
Market Makers provide liquidity to the market place and have 
obligations unlike other market participants.\11\ This risk feature is 
important because it will enable MRX Market Makers to avoid risks 
associated with inadvertent executions in the event of a loss of 
connectivity with the Exchange. The proposed rule change is designed to 
not permit unfair discrimination among market participants, as it would 
apply uniformly to all MRX Market Makers utilizing SQF Ports.
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    \11\ See MRX Rule 804(e).
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    The disconnect feature of FIX and OTTO is mandatory, however market 
participants will have the option to either enable or disable the 
cancellation feature, which would result in the cancellation of all 
orders submitted over the applicable FIX or OTTO Port when such port 
disconnect [sic]. It is appropriate to offer this removal feature as 
optional to all market participants utilizing FIX or OTTO, because 
unlike MRX Market Makers who are required to provide quotes in all 
products in which they are registered, market participants utilizing 
FIX or OTTO do not bear the same magnitude of risk of potential 
erroneous or unintended executions. In addition, market participants 
utilizing FIX or OTTO may desire their orders to remain on the order 
book despite a technical disconnect, so as not to miss any 
opportunities for execution of such orders while the FIX and/or OTTO 
port is disconnected.
    Utilizing a time period for SQF and OTTO Ports of fifteen (15) 
seconds and permitting MRX Market Makers and Members to modify the 
setting to between 100 milliseconds and 99,999 milliseconds is 
consistent with the Act because the Exchange does not desire to trigger 
unwarranted logoffs of Members and therefore allows Members the ability 
to set their time in order to enable the Exchange the authority to 
disconnect the Member with this feature. Both SQF and OTTO are 
proprietary system components offered by MRX. The Exchange believes 
that the proposed settings for SQF and OTTO are appropriate timeframes. 
Each MRX Market Maker and Member has different levels of sensitivity 
with respect to this disconnect setting and each MRX Market Maker and 
Member has their own system safeguards as well. A default setting of 
fifteen (15) seconds is appropriate to capture the needs of all MRX 
Market Makers and Members and high enough not to trigger unwarranted 
removal of quotes and orders.
    Further, MRX Market Makers and Members are able to customize their 
settings. The Exchange's proposal to permit a timeframe for SQF and 
OTTO Ports between 100 milliseconds and 99,999 milliseconds is 
consistent with the Act and the protection of investors because the 
purpose of this feature is to mitigate the risk of potential erroneous 
or unintended executions associated with a loss in communication with a 
Client Application. Members are able to better anticipate the 
appropriate time within which they may require prior to a logoff as 
compared to the Exchange. The Member is being offered a timeframe by 
the Exchange within which to select the appropriate time. The Exchange 
does not desire to trigger unwarranted logoffs of Members and therefore 
permits Members to provide an alternative time to the Exchange, within 
the Exchange's prescribed timeframe, which authorizes the Exchange to 
disconnect the Member. The ``nn'' seconds serve as the Member's 
instruction to the Exchange to act upon the loss of connection and

[[Page 7277]]

remove quotes from the system, and if elected, orders from the System. 
This range will accommodate Members in selecting their appropriate 
times within the prescribed timeframes.
    With respect to SQF, the Exchange's proposal is further consistent 
with the Act because it will mitigate the risk of potential erroneous 
or unintended executions associated with a loss in communication with a 
Client Application which protects investors and the public interest. 
Also, any interest that is executable against a MRX Market Maker's 
quotes that is received \12\ by the Exchange prior to the trigger of 
the disconnect to the Client Application, which is processed by the 
system, automatically executes at the price up to the MRX Market 
Maker's size. In other words, the system will process the request for 
cancellation in the order it was received by the system.
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    \12\ The time of receipt for an order or quote is the time such 
message is processed by the Exchange book.
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    With respect to FIX, a universal system component, the Exchange's 
proposal would set a default timeframe of thirty (30) seconds and 
permit a FIX user to modify the timeframe for FIX Ports to between 1 
second and 30 seconds for the removal of orders. This proposal is 
consistent with the Act and the protection of investors because this 
feature, which is optional, will mitigate the risk of potential 
erroneous or unintended executions associated with a loss in 
communication with a Client Application. With respect to the longer 
timeframe for FIX, as compared to SQF and OTTO, the Exchange notes that 
unlike SQF and OTTO which are proprietary system components, FIX is a 
universal component. The settings on FIX remain different given FIX is 
not a proprietary system component. MRX Market Makers require a quicker 
timeframe (15 seconds as compared to 30 seconds). MRX Market Makers 
have quoting obligations \13\ and are more sensitive to price movements 
as compared to other market participants. It is consistent with the Act 
to provide a longer timeframe within which to customize settings for 
FIX as compared to SQF Ports because MRX Market Makers need to remain 
vigilant of market conditions and react more quickly to market 
movements as compared to other Members entering orders into the system. 
The proposal acknowledges this sensitivity borne by MRX Market Makers 
and reflects the reaction time of MRX Market Makers as compared to 
Members entering orders. Of note, the proposed customized timeframe for 
FIX might be too long for MRX Market Makers given their quoting 
requirements and sensitivity to price movements. MRX Market Makers 
would be severely impacted by a loss of connectivity of more than 
several seconds. The MRX Market Maker would have exposure during the 
time period in which they are unable to manage their quote and update 
that quote. The Member is best positioned to determine their setting. 
With respect to other market participants that enter orders, they have 
the option of selecting either OTTO or FIX and therefore are able to 
obtain a shortened timeframe with OTTO if they desire.
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    \13\ See note 11 above.
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    The system operates consistently with the firm quote obligations of 
a broker-dealer pursuant to Rule 602 of Regulation NMS. Specifically, 
with respect to MRX Market Makers, their obligation to provide 
continuous two-sided quotes on a daily basis is not diminished by the 
automatic removal of such quotes triggered by the disconnect. MRX 
Market Makers are required to provide continuous two-sided quotes on a 
daily basis.\14\ MRX Market Makers will not be relieved of the 
obligation to provide continuous two-sided quotes on a daily basis, nor 
will it prohibit the Exchange from taking disciplinary action against a 
MRX Market Maker for failing to meet the continuous quoting obligation 
each trading day as a result of disconnects.
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    \14\ See note 11 above.
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    With respect to FIX and OTTO Ports, the Exchange will offer this 
optional removal functionality to all market participants. Offering the 
removal feature on a voluntary basis to all other market participants 
is consistent with the Act because it permits them an opportunity to 
utilize this risk feature, if desired, and avoid risks associated with 
inadvertent executions in the event of a loss of connectivity with the 
Exchange. The removal feature is designed to mitigate the risk of 
missed and/or unintended executions associated with a loss in 
communication with a Client Application. The proposed rule change is 
designed to not permit unfair discrimination among market participants, 
as this optional removal feature will be offered uniformly to all 
Members utilizing FIX and/or OTTO.
    The Exchange will disconnect Members from the Exchange and not 
cancel a Member's orders if the removal feature is disabled. The 
disconnect feature is mandatory and will cause the Member to be 
disconnected within the default timeframe or the timeframe otherwise 
specified by the Member. This feature is consistent with the Act 
because it enables FIX and OTTO users the ability to disconnect from 
the Exchange, assess the situation and make a determination concerning 
their risk exposure. The Exchange notes that in the event that orders 
need to be removed, the Member may elect to utilize the Kill Switch 
\15\ feature. The Exchange believes that it is consistent with the Act 
to require other market participants to be disconnected because the 
participant is otherwise not connected to the Exchange's system and the 
Member simply needs to reconnect to commence submitting and cancelling 
orders. The Exchange believes requiring a disconnect when a loss of 
communication is detected is a rational course of action for the 
Exchange to alert the Member of the technical connectivity issue.
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    \15\ See MRX Rule 711(d).
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    The proposed rule change will help maintain a fair and orderly 
market which promotes efficiency and protects investors. This mandatory 
removal feature for MRX Market Makers and optional removal for all 
other market participants will mitigate the risk of potential erroneous 
or unintended executions associated with a loss in communication with a 
Client Application.

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. Specifically, the Exchange does 
not believe the proposed rule change will cause an undue burden on 
intra-market competition because MRX Market Makers, unlike other market 
participants, have greater risks in the market place. Quoting across 
many series in an option creates large principal positions that expose 
MRX Market Makers, who are required to continuously quote in assigned 
options, to potentially significant market risk. Providing a broader 
timeframe for the disconnect and removal of orders for FIX as compared 
to the removal of quotes for SQF Ports and OTTO orders does not create 
an undue burden on competition because MRX Market Makers have quoting 
obligations \16\ and are more sensitive to price movements as compared 
to other market participants. MRX Market Makers need to remain vigilant 
of market conditions and react more quickly to market movements as 
compared to other Members entering multiple orders into

[[Page 7278]]

the system. The proposal reflects this sensitivity borne by MRX Market 
Makers and reflects the reaction time of MRX Market Makers as compared 
to other Members entering orders. With respect to other market 
participants that enter orders, they have the option of selecting 
either OTTO or FIX and therefore are able to obtain a shortened 
timeframe with OTTO if they desire.
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    \16\ See note 11 above.
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    Offering the removal feature to other market participants on an 
optional basis does not create an undue burden on intra-market 
competition because unlike MRX Market Makers, other market participants 
do not bear the same risks of potential erroneous or unintended 
executions. FIX and OTTO users have the opportunity to disable the 
cancellation feature and simply disconnect from the Exchange. FIX and 
OTTO users may also set a timeframe that is appropriate for their 
business. It is appropriate to offer this optional cancellation 
functionality to other market participants for open orders, because 
those orders are subject to risks of missed and/or unintended 
executions due to a lack of connectivity which the participants needs 
to weigh. Finally, the Exchange does not believe that such change will 
impose any burden on inter-market competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. Other options 
exchanges offer similar functionality.\17\
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    \17\ See Phlx Rule 1019(c), NOM Rules at Chapter VI, Section 
6(e) and BX Rules at Chapter VI, Section 6(e).
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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 \18\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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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    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-2018-04 on the subject line.

Paper Comments

     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-2018-04. 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-2018-04, and should be submitted on 
or before March 13, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-03310 Filed 2-16-18; 8:45 am]
 BILLING CODE 8011-01-P