[Federal Register Volume 90, Number 48 (Thursday, March 13, 2025)]
[Notices]
[Pages 12004-12008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-03964]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102542; File No. SR-FINRA-2022-032]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Partial Amendment No. 1 to
Proposed Rule Change Relating to Alternative Display Facility New
Entrant
March 7, 2025.
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 December 3, 2024, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission
(``Commission'') Partial Amendment No. 1 to the proposed rule change as
described in Item I below, which Item has been prepared by FINRA and is
reproduced below verbatim.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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The proposed rule change seeks to add IntelligentCross ATS
(``IntelligentCross'') as a new entrant to the Alternative Display
Facility. On August 24, 2023, the Division of Trading and Markets
(``Division''), for the Commission pursuant to delegated authority,\3\
approved the proposed rule change.\4\ On August 25, 2023, the Deputy
Secretary of the Commission notified FINRA that, pursuant to Commission
Rule of Practice 431,\5\ the Commission would review the Division's
action pursuant to delegated authority and that the Division's action
pursuant to delegated authority was stayed until the Commission orders
otherwise.\6\ On September 29, 2023, the Commission issued a scheduling
order, pursuant to Commission Rule of Practice 431, providing until
October 29, 2023 for any party or other person to file a statement in
support of, or in opposition to, the action made pursuant to delegated
authority.\7\ In statements filed with the Commission, two parties
raised concerns relating to, among other things, the operation of the
IntelligentCross matching process and its impact on the accessibility
of the IntelligentCross displayed liquidity in certain situations.\8\
IntelligentCross states that it has implemented certain modifications
to its match priority criteria, as described below, to address these
concerns.\9\ FINRA subsequently
[[Page 12005]]
filed Partial Amendment No. 1 to the proposed rule change to amend the
description of the IntelligentCross match priority criteria throughout
its matching process to reflect these modifications to the
IntelligentCross match priority criteria. The Commission is publishing
this notice to solicit comments on the proposed rule change, as
amended, from interested persons.
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\3\ 17 CFR 200.30-3(a)(12).
\4\ See Securities Exchange Act Release No. 98212, 88 FR 59958
(August 30, 2023). Comments on the proposed rule change are
available at: https://www.sec.gov/comments/sr-finra-2022-032/srfinra2022032.htm.
\5\ 17 CFR 201.431.
\6\ See Letter from J. Matthew DeLesDernier, Deputy Secretary,
Commission, to Faisal Sheikh, Assistant General Counsel, FINRA,
dated August 25, 2023, available at https://www.sec.gov/files/rules/sro/finra/2023/34-98212-letter-deputy-secretary-08252023.pdf.
\7\ See Securities Exchange Act Release No. 98642.
\8\ See Statement in Opposition to Order Approving Proposed Rule
Change, Stephen John Berger, Managing Director, Global Head of
Government & Regulatory Policy, Citadel Securities, LLC, dated
October 29, 2023, and Letter from Joanna Mallers, Secretary, FIA
Principal Traders Group, dated October 31, 2023.
\9\ See Letter from Ari Burstein, General Counsel, Imperative
Execution, to Brendan Loonam, Senior Director--Business Services,
Transparency Services Department, FINRA, dated November 12, 2024.
See also IntelligentCross Form ATS-N Material Amendment, dated
September 6, 2024, and Form ATS-N Updating Amendment, dated October
4, 2024 (amendments to change the ADF match priority criteria).
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I. Partial Amendment No. 1 to SR-FINRA-2022-032
On December 16, 2022, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission (the
``Commission'' or ``SEC'') proposed rule change SR-FINRA-2022-032,
pursuant to which FINRA proposed to add IntelligentCross alternative
trading system (``ATS'') (``IntelligentCross'') as a new entrant to the
Alternative Display Facility (``ADF''). The proposed rule change would
not make any changes to the text of FINRA rules.
The Commission published the proposed rule change for public
comment in the Federal Register on December 27, 2022.\10\ On February
9, 2023, the Commission designated a longer period for action on the
proposed rule change.\11\ The Commission received eight comment letters
on the proposed rule change.\12\ On March 13, 2023, FINRA submitted a
response letter to the comments received.\13\ On March 24, 2023, the
Commission instituted proceedings to determine whether to approve or
disapprove the proposed rule change.\14\ The Commission received four
additional comment letters on the proposed rule change.\15\ On June 21,
2023, the Commission designated a longer period for action on
proceedings to determine whether to approve or disapprove the proposed
rule change.\16\ The Commission subsequently received three comment
letters on the proposed rule change.\17\ On August 22, 2023, FINRA
submitted a second response letter to the additional comments
received.\18\ On August 24, 2023, the SEC's Division of Trading and
Markets, acting pursuant to delegated authority, issued an order
approving the proposed rule change.\19\ On August 25, 2023, the
Commission sent a letter notifying FINRA that, pursuant to Rule 431 of
the Commission's Rules of Practice, the Commission will review the
delegated action and, pursuant to Rule 431(e), the approval order is
stayed until the Commission orders otherwise.\20\ On September 29,
2023, the Commission issued an order scheduling filing of statements on
review of the approval order, with statements due on or before October
29, 2023.\21\ The Commission received eight additional statements on
the proposed rule change.\22\ The proposed rule change is currently
pending Commission review.
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\10\ See Securities Exchange Act Release No. 96550 (December 20,
2022), 87 FR 79401 (December 27, 2022) (Notice of Filing of File No.
SR-FINRA-2022-032) (``Proposal''). As discussed in the Proposal,
IntelligentCross prepared for FINRA a summary of its policies and
procedures regarding access to quotations in an NMS stock displayed
on the ADF, and a summary of its proposed fees for such access. See
Letter from Ari Burstein, General Counsel, Imperative Execution, to
Brendan Loonam, Senior Director--Business Services, Transparency
Services Department, FINRA, dated December 15, 2022
(``IntelligentCross Summary''). The IntelligentCross Summary is
available on FINRA's website as Exhibit 3 to the proposed rule
change, available at https://www.finra.org/sites/default/files/2022-12/sr-finra-2022-032.pdf.
\11\ See Securities Exchange Act Release No. 96864 (February 9,
2023), 88 FR 9945 (February 15, 2023) (Notice of Designation of a
Longer Period for Commission Action on File No. SR-FINRA-2022-032).
\12\ See Letter from Tyler Gellasch, President and CEO, Healthy
Markets Association, to Vanessa A. Countryman, Secretary, SEC, dated
January 13, 2023; Letter from Joanna Mallers, Secretary, FIA
Principal Traders Group, to Vanessa A. Countryman, Secretary, SEC,
dated January 17, 2023; Letter from Brett Kitt, Associate Vice
President & Principal Associate General Counsel, Nasdaq, Inc., to
Vanessa A. Countryman, Secretary, SEC, dated January 17, 2023;
Letter from Nataliya Bershova, MD, Head of Execution Research,
Sanford C. Bernstein & Co., LLC, to Vanessa A. Countryman,
Secretary, SEC, dated January 17, 2023; Letter from Stephen John
Berger, Managing Director, Global Head of Government & Regulatory
Policy, Citadel Securities, to Vanessa A. Countryman, Secretary,
SEC, dated January 23, 2023; Letter from Ellen Greene, Managing
Director, Equities & Options Market Structure, Securities Industry
and Financial Markets Association, to Vanessa A. Countryman,
Secretary, SEC, dated February 8, 2023; Letter from Ari Burstein,
General Counsel, Imperative Execution, to Vanessa A. Countryman,
Secretary, SEC, dated February 16, 2023; and Letter from Joanna
Mallers, Secretary, FIA Principal Traders Group, to Vanessa A.
Countryman, Secretary, SEC, dated March 8, 2023.
\13\ See Letter from Faisal Sheikh, Assistant General Counsel,
FINRA, to Vanessa A. Countryman, Secretary, SEC, dated March 13,
2023.
\14\ See Securities Exchange Act Release No. 97195 (March 24,
2023), 88 FR 19173 (March 30, 2023) (Order Instituting Proceedings
to Determine Whether to Approve or Disapprove File No. SR-FINRA-
2022-032).
\15\ See Letter from Tyler Gellasch, President and CEO, Healthy
Markets Association, to Vanessa A. Countryman, Secretary, SEC, dated
March 14, 2023; Letter from John Ramsay, Chief Market Policy
Officer, Investors Exchange LLC, to Vanessa A. Countryman,
Secretary, SEC, dated April 14, 2023; Letter from Stephen John
Berger, Managing Director, Global Head of Government & Regulatory
Policy, Citadel Securities, to Vanessa A. Countryman, Secretary,
SEC, dated May 4, 2023; and Letter from Ari Burstein, General
Counsel, Imperative Execution, to Vanessa A. Countryman, Secretary,
SEC, dated July 14, 2023.
\16\ See Securities Exchange Act Release No. 97784 (June 21,
2023), 88 FR 41710 (June 27, 2023) (Notice of Designation of a
Longer Period for Commission Action on Proceedings to Determine
Whether to Approve or Disapprove File No. SR-FINRA-2022-032).
\17\ See Letter from Stephen John Berger, Managing Director,
Global Head of Government & Regulatory Policy, Citadel Securities,
to Vanessa A. Countryman, Secretary, SEC, dated August 3, 2023;
Letter from John Ramsay, Chief Market Policy Officer, Investors
Exchange LLC, to Vanessa A. Countryman, Secretary, SEC, dated August
4, 2023; and Letter from Ari Burstein, General Counsel, Imperative
Execution, to Vanessa A. Countryman, Secretary, SEC, dated August
18, 2023.
\18\ See Letter from Faisal Sheikh, Assistant General Counsel,
FINRA, to Vanessa A. Countryman, Secretary, SEC, dated August 22,
2023.
\19\ See Securities Exchange Act Release No. 98212 (August 24,
2023), 88 FR 59958 (August 30, 2023) (Order Approving File No. SR-
FINRA-2022-032).
\20\ See Letter from J. Matthew DeLesDernier, Deputy Secretary,
SEC, to Faisal Sheikh, Assistant General Counsel, FINRA, dated
August 25, 2023.
\21\ See Securities Exchange Act Release No. 98642 (September
29, 2023) (In the Matter of Financial Industry Regulatory Authority,
Inc., For an Order Granting the Approval of Proposed Rule Change
Relating to Alternative Display Facility New Entrant (File No. SR-
FINRA-2022-032), Order Scheduling Filing of Statements on Review).
\22\ See Letter from Edgar T. Snodgrass, to Vanessa A.
Countryman, Secretary, SEC, dated September 14, 2023; Letter from
Tyler Gellasch, President and CEO, Healthy Markets Association, to
Gary Gensler, Chair, SEC, dated October 27, 2023; Citadel
Securities, LLC's Statement in Opposition to Order Approving
Proposed Rule Change, dated October 29, 2023; Letter from Ari
Burstein, General Counsel, Imperative Execution, to Vanessa A.
Countryman, Secretary, SEC, dated October 29, 2023; Letter from
Stephen W. Hall, Legal Director and Securities Specialist & Scott
Farnin, Legal Counsel, Better Markets, Inc., to Vanessa A.
Countryman, Secretary, SEC, dated October 30, 2023; Letter from
Joanna Mallers, Secretary, FIA Principal Traders Group, to Vanessa
A. Countryman, Secretary, SEC, dated October 31, 2023; Letter from
Tyler Gellasch, President and CEO, Healthy Markets Association &
Christopher Iacovella, President & CEO, American Securities
Association, to Gary Gensler, Chair, SEC, dated January 5, 2024; and
Letter from R. T. Leuchtkafer, to Vanessa A. Countryman, Secretary,
SEC, dated March 19, 2024.
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On November 12, 2024, IntelligentCross submitted to FINRA a letter
supplementing the IntelligentCross Summary, specifically discussing the
display capabilities of the IntelligentCross ASPEN Fee/Fee matching
model (``ASPEN Fee/Fee'') that would be providing quotes to the ADF
(the ``Supplemental Summary'').\23\ As discussed in the Supplemental
Summary, IntelligentCross has implemented certain changes to the match
priority criteria impacting the ASPEN Fee/Fee matching model to move to
a price/display/time priority regime throughout the matching
[[Page 12006]]
process. IntelligentCross represents that this change simplifies the
matching process, brings it more in line with trading venues with
displayed liquidity and protected quotes, responds to issues raised by
certain commenters relating to, among other things, the
IntelligentCross ``price-sliding mechanism'' and the accessibility of
the IntelligentCross displayed quote, and addresses any uncertainty and
lack of clarity over the IntelligentCross matching priority criteria,
as described in the IntelligentCross Summary and the Proposal.
IntelligentCross has represented in the Supplemental Summary that ASPEN
Fee/Fee will continue to operate as described in the IntelligentCross
Summary and the Proposal, except for the modifications to the match
priority criteria described in the Supplemental Summary.
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\23\ See Letter from Ari Burstein, General Counsel, Imperative
Execution, to Brendan Loonam, Senior Director--Business Services,
Transparency Services Department, FINRA, dated November 12, 2024. As
discussed in the Proposal, IntelligentCross ASPEN operates three
separate limit order books with optional display capability
distinguished by different fee structures. The ASPEN Fee/Fee limit
order book would be the only order book displaying orders on the
ADF.
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A copy of the Supplemental Summary is attached as Exhibit 3 to this
Partial Amendment No. 1. With this Partial Amendment No. 1, FINRA is
amending the description of IntelligentCross' operations in the
Proposal to reflect the changes described in the Supplemental Summary
provided by IntelligentCross.\24\
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\24\ In the Proposal, FINRA addressed the application of
Regulation NMS requirements for protected quotations to ASPEN Fee/
Fee, as well as the level of cost and access to ASPEN Fee/Fee
quotations. See Proposal, 87 FR 79401, 79402-04. As noted above,
IntelligentCross has represented that all other aspects of ASPEN
Fee/Fee remain the same as described in the Proposal, other than the
modified match priority criteria described in the Supplemental
Summary. As such, FINRA believes that the modifications to
IntelligentCross' operations described in the Supplemental Summary
do not affect FINRA's analysis of these issues as discussed in the
Proposal.
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19b-4 and Exhibit 1 Changes
1. FINRA proposes to add the following new paragraphs to the
purpose section of the Proposal immediately prior to the Regulation NMS
Requirements for Protected Quotations section beginning on page 11 of
the 19b-4 and page 31 of the Exhibit 1.
On November 12, 2024, IntelligentCross submitted to FINRA a letter
supplementing its original summary of its policies and procedures
regarding access to quotations in an NMS stock displayed on the ADF,
attached as Exhibit 3, specifically discussing the display capabilities
of ASPEN Fee/Fee that would be providing quotes to the ADF (the
``Supplemental Summary'').\25\ As set forth in its Supplemental
Summary, IntelligentCross represented that it has modified the match
priority criteria impacting the ASPEN Fee/Fee matching model to
implement a price/display/time priority regime throughout the matching
process, i.e., before and after the ASPEN Fee/Fee book enters into a
matchable state. FINRA understands that these changes were effective
for all symbols quoted on ASPEN Fee/Fee as of October 30, 2024.
IntelligentCross has represented in the Supplemental Summary that ASPEN
Fee/Fee will continue to operate as otherwise described herein, except
for the modifications to the match priority criteria described in the
Supplemental Summary.
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\25\ See Letter from Ari Burstein, General Counsel, Imperative
Execution, to Brendan Loonam, Senior Director--Business Services,
Transparency Services Department, FINRA, dated November 12, 2024. As
discussed above, IntelligentCross ASPEN operates three separate
limit order books with optional display capability distinguished by
different fee structures. The ASPEN Fee/Fee limit order book would
be the only order book displaying orders on the ADF.
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Specifically, IntelligentCross represents that, under the previous
match priority criteria for ASPEN Fee/Fee, prior to entering into a
matchable state, ASPEN Fee/Fee gathered orders in its system and such
orders' match priority was based on price, display type, and the time
at which such orders were received relative to other orders. However,
after ASPEN Fee/Fee entered into a matchable state, the match priority
for any orders that arrived between that time and before the match
event was based on the time of their receipt by ASPEN Fee/Fee, i.e.,
sequentially in order of arrival, regardless of whether an order that
arrived later was priced more aggressively. Under the revised match
priority criteria, orders eligible for matching are matched based on
price, display type (i.e., with respect to ASPEN Fee/Fee, at each price
level, displayed orders will have priority over non-displayed orders),
and the time at which such orders are received relative to other orders
throughout the matching process, i.e., both before and after ASPEN Fee/
Fee enters into a matchable state.
IntelligentCross represents that this change brings the ASPEN Fee/
Fee matching process more in line with other price-time trading venues
with displayed liquidity and protected quotes. IntelligentCross states
that this modification also addresses concerns raised by commenters
relating to the IntelligentCross ``price-sliding mechanism'' and the
resulting executions that may occur; specifically, concerns regarding a
scenario where an IntelligentCross displayed order would lock displayed
contra-side interest on the ATS and be displayed one minimum price
variation less aggressive than the price of the displayed contra-side
interest on the ATS.\26\ IntelligentCross states that these commenters
claimed that, due to the operation of the previous ASPEN Fee/Fee match
priority criteria, the resulting IntelligentCross displayed quote (that
was slid) ``would be inaccessible to incoming orders.'' \27\
IntelligentCross represents that the change to the matching process
eliminates such concerns. Specifically, IntelligentCross represents
that under the revised match priority criteria, a more aggressively
priced order will now receive an execution against the IntelligentCross
displayed quote and will be price improved (whereas prior to the match
priority criteria change, that order would not have matched due to its
later time of arrival). IntelligentCross further states that the
revised ASPEN Fee/Fee match priority criteria also further rewards
displayed liquidity (and provides priority to such liquidity)
throughout the matching process.
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\26\ See Supplemental Summary at 2; see also Letter from Stephen
John Berger, Managing Director, Global Head of Government &
Regulatory Policy, Citadel Securities, LLC, to Vanessa A.
Countryman, Secretary, SEC, dated October 29, 2023; and Letter from
Joanna Mallers, Secretary, FIA Principal Traders Group, to Vanessa
A. Countryman, Secretary, SEC, dated October 31, 2023.
\27\ See Supplemental Summary at 2; see also Letter from Stephen
John Berger, Managing Director, Global Head of Government &
Regulatory Policy, Citadel Securities, LLC, to Vanessa A.
Countryman, Secretary, SEC, dated October 29, 2023.
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Finally, IntelligentCross states that the change clarifies the
matching priority criteria described in its original summary, as
summarized above, which did not clearly distinguish between the two
steps in the previous match priority process (i.e., what happens before
and after the ASPEN Fee/Fee book enters into a matchable state).
Specifically, the prior description further above stated that ``for
each match event time, the ASPEN Fee/Fee book retrieves the NBBO and
processes all the orders that have arrived and have not been cancelled
in price-time priority.'' However, as discussed above, prior to the
change, price-time priority was in fact only applied before the
IntelligentCross book entered into a matchable state.
The Supplemental Summary includes several examples that illustrate
the application of the modified match priority criteria to the ASPEN
Fee/Fee matching process. These examples are summarized below.
In example 1, assume ASPEN Fee/Fee receives a displayable
100 share day order from Subscriber A to sell XYZ
[[Page 12007]]
stock with a limit price of $10.00. ASPEN Fee/Fee subsequently receives
a displayable 100 share day order from Subscriber B to buy XYZ stock
with a limit price of $10.00. Given that Subscriber B's limit order
would lock Subscriber A's displayed buy order in ASPEN Fee/Fee,
Subscriber B's order will be displayed at $9.99 or one minimum price
variation less aggressive than the price of the displayed contra-side
interest inside ASPEN Fee/Fee.\28\ Following the receipt of these
orders, the ASPEN Fee/Fee book enters into a matchable state, with a
match event scheduled to occur in 180 microseconds. While in a
matchable state and before the match event, ASPEN Fee/Fee receives a
non-displayable 100 share day order from Subscriber C to sell XYZ with
a limit price of $9.99. During the next scheduled match event for
Security XYZ, the ASPEN Fee/Fee matching engine determines that the
NBBO is $9.99 by $10.00.
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\28\ ASPEN Fee/Fee applies a price-sliding mechanism when a
displayable order received by ASPEN Fee/Fee would lock displayed
contra-side interest inside ASPEN Fee/Fee. ASPEN Fee/Fee will
reprice the order and display the order one minimum price variation
less aggressive than the price of the displayed contra-side interest
inside ASPEN Fee/Fee. This mechanism, as described in the
IntelligentCross Summary and herein, has not changed.
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Prior to the change to the matching criteria described in the
Supplemental Summary, in example 1 Subscriber A would have matched 100
shares with Subscriber B at $10.00, and Subscriber C's order would not
have matched with Subscriber B because the match priority criteria
provided priority to Subscriber A and Subscriber B due to their earlier
time of arrival (even though Subscriber C had a more aggressively
priced order, because orders received after entering a matchable state
were matched based on only time priority). However, after the change to
the matching criteria described in the Supplemental Summary, Subscriber
B will instead match 100 shares with Subscriber C at $10.00, as
Subscriber C has the more aggressively priced order, and Subscriber C
will be price improved (because under the modified matching criteria,
all orders will be matched based on price/display/time priority).
Subscriber A's order will be eligible for the next match event.
In example 2, assume the same facts as example 1, except
that instead the order from Subscriber B was to buy 200 shares (rather
than 100 shares).
Prior to the change to the matching criteria described in the
Supplemental Summary, in example 2 Subscriber A would have first
matched 100 shares with Subscriber B at $10.00 for 100 shares, and
Subscriber C's order would then match with Subscriber B for 100 shares
because the match priority criteria provided priority to Subscriber A
due to its earlier time of arrival. Under the modified match priority
criteria, in the match event, Subscriber C will first match 100 shares
with Subscriber B at $10.00 and Subscriber A will then match 100 shares
with Subscriber B at $10.00.
In example 3, assume the same facts as example 1, except
that Subscriber C cancels its order prior to the match event. Under
both the previous and the modified match priority criteria, in the
match event, Subscriber A will match 100 shares with Subscriber B at
$10.00 (i.e., the modifications to the match priority criteria would
not affect the outcome in this example).
In example 4, assume the same facts as example 1, except
that (i) Subscriber A's order is non-displayed, rather than
displayable, and (ii) Subscriber C sell limit order is displayed,
rather than non-displayed and has a limit price of $10.00, rather than
$9.99.
Prior to the change to the matching criteria described in the
Supplemental Summary, in example 4 Subscriber A would have matched 100
shares with Subscriber B at $10.00 for 100 shares, and Subscriber C's
order would not have matched with Subscriber B because the previous
match priority criteria did not provide priority to displayed orders
over non-displayed orders after entering a matchable state and before
the match event. Under the modified match priority criteria, in the
match event, Subscriber C will match 100 shares with Subscriber B at
$10.00, and Subscriber A will not match (as displayed orders have
priority over non-displayed orders throughout the matching process,
including while in a matchable state and before the match event).
In example 5, assume the same facts as example 1, except
that (i) Subscriber A's order is non-displayed, rather than
displayable, (ii) Subscriber B's displayed limit order for 100 shares
at $10.00 is to sell, rather than buy, and (iii) Subscriber C's non-
displayed limit order is to buy with a limit price of $10.00, rather
than to sell at a limit price of $9.99.
Prior to the change to the matching criteria described in the
Supplemental Summary, in example 5 Subscriber C would have matched 100
shares with Subscriber B at $10.00, as the previous match priority was
based on price, display type, and the order arrival time, and
Subscriber B's displayed order had priority over Subscriber A's non-
displayed order. Similarly, under the modified match priority criteria,
in the match event, Subscriber C will match 100 shares with Subscriber
B at $10.00, and Subscriber A will not match, as displayed orders will
have priority over non-displayed orders throughout the matching process
(i.e., the modifications to the match priority criteria would not
affect the outcome in this example).
II. 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-FINRA-2022-032 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-FINRA-2022-032. 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 (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of FINRA. 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
[[Page 12008]]
subject to copyright protection. All submissions should refer to file
number SR-FINRA-2022-032 and should be submitted on or before April 3,
2025.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-03964 Filed 3-12-25; 8:45 am]
BILLING CODE 8011-01-P