[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Notices]
[Pages 19369-19370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09263]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83118; File No. SR-GEMX-2018-09]


Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change To Introduce the ATR Protection for Orders That Are Routed to 
Away Markets

April 26, 2018.

    On February 26, 2018, Nasdaq GEMX, LLC (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Exchange 
Rule 714 regarding the Acceptable Trade Range protection for orders and 
quotes. The proposed rule

[[Page 19370]]

change was published for comment in the Federal Register on March 14, 
2018.\3\ On April 23, 2018, the Exchange submitted Amendment No. 1 to 
the proposed rule change.\4\ The Commission received no comments on the 
proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 82847 (March 9, 
2018), 83 FR 11259 (``Notice'').
    \4\ See Letter to Brent J. Fields, Secretary, Commission, from 
Adrian Griffiths, Senior Associate General Counsel, Nasdaq, Inc., 
dated April 23, 2018. Amendment No. 1 revises the proposed rule 
change to: (i) Provide further discussion of the current application 
of the ATR to orders routed away; (ii) modify the proposed rule text 
regarding the recalculation of the ATR for orders routed away 
pursuant to Supplementary Material to Exchange Rule 1901, if the 
applicable National Best Bid or the National Best Offer price is 
improved at the time of routing; (iii) expand the discussion and 
justification for recalculating the ATR for such orders; and (iv) 
make other amendments to the proposed rule text to improve the 
understandability of the current ATR calculation. Amendment No. 1 is 
available at: https://www.sec.gov/comments/sr-gemx-2018-09/gemx201809-3490578-162256.pdf.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether these proposed rule changes should be disapproved. 
The 45th day for this filing is April 28, 2018.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider and 
take action on the Exchange's proposed rule change.
    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \6\ 
and for the reasons stated above, the Commission designates June 12, 
2018 as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-GEMX-2018-09).
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    \6\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09263 Filed 5-1-18; 8:45 am]
 BILLING CODE 8011-01-P