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Federal Register / Vol. 86, No. 41 / Thursday, March 4, 2021 / Notices
provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commissions 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 SRNYSENAT202104, and should be submitted on or before March 25, 2021.

https listingcenter.nasdaq.com/
rulebook/ise/rules, at the principal office of the Exchange, and at the Commissions Public Reference Room.

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22
J. Matthew DeLesDernier, Assistant Secretary.

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
FR Doc. 202104422 Filed 3321; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3491223; File No. SRISE
202101

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various Rules in Options 3 and Options 5
February 26, 2021.

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Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on February 18, 2021, Nasdaq ISE, LLC ISE or Exchange filed with the Securities and Exchange Commission SEC or 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.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend various rules in Options 3 and Options 5.
The text of the proposed rule change is available on the Exchanges website at 22 17

CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.
1 15

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II. Self-Regulatory Organizations 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.

1. Purpose The purpose of the proposed rule change is to amend various rules in Options 3 and Options 5. The proposed changes consist of conforming existing rules to current System technology, amending rule text to add greater detail on how certain Exchange functionality operate today, and conforming language within the Exchanges rules to the rules of other exchanges. As such, no System changes to existing functionality are being made pursuant to this proposal.
Rather, this proposal is designed to reduce any potential investor confusion as to the features and applicability of certain functionality presently available on the Exchange. These changes are described in detail below, and include amending Exchange rules governing: 1
The Block Order Mechanism Block,3
2 the Facilitation Mechanism Facilitation,4 3 the Solicited Order Mechanism Solicitation,5 4 the Price Improvement Mechanism PIM,6 5 Trade Value Allowance TVA,7 6 Anti-Internalization,8 and 7 the exposure mechanism Exposure.9
Universal Changes In September 2019, the Exchange amended its regular allocation rule in Options 7, Section 10 Priority of Quotes 3 See
Options 3, Section 11a.
Options 3, Section 11b.
5 See Options 3, Section 11d.
6 See Options 3, Section 13.
7 See Supplementary Material .03 to Options 3, Section 14.
8 See Options 3, Section 15a3A.
9 See Supplementary Material .02 to Options 5, Section 2.
4 See
PO 00000

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and Orders to make non-substantive changes, among other changes, to replace references to Professional interest with non-Priority Customer interest.10 The Exchange now proposes to make similar changes to replace all instances of Professional interest with non-Priority Customer interest throughout its auction allocation rules in Options 3, Section 11 and Section 13
to align with the changes made in SR
ISE201921.11 While the term Professional Orders is defined within Options 1, Section 1a39 as an order that is for the account of a person or entity that is not a Priority Customer, the Exchange believes that using the term non-Priority Customer is more clear in describing the types of market participant to which the allocation applies, and also reduces confusion regarding any reference to Professional Orders or Professional Customer orders.
In addition, the Exchange proposes to make universal changes in its Facilitation and Solicitation rules 12 to clearly delineate between orders and Responses 13 of the same capacity. For example, where the existing rule text currently states Priority Customer bids offers, the Exchange proposes instead to state Priority Customer Orders and Priority Customer Responses to buy sell. The Exchange notes that this is merely a non-substantive change as auction orders and Responses of the same capacity do not get treated differently for allocation purposes today. The rules for complex Facilitation and Solicitation already distinguish between orders and Responses, so the Exchange is simply amending those complex rules to clearly state how, for example, Priority Customer Complex Orders and Priority Customer Responses get allocated today 14 With the proposed changes, the Exchange seeks to include a similar level of detail within its simple and complex Facilitation and Solicitation rules in order to bring transparency 10 See Securities Exchange Act Release No. 86947
September 12, 2019, 84 FR 49165 September 18, 2019 SRISE201921.
11 Specifically in Options 3, Section 11, the Exchange will amend current subsections a2B, b3AC renumbered to b4AC under this proposal, c7AC, d2C renumbered to d3C under this proposal, and e4D. In Options 3, Section 13, the Exchange will amend current subsections d13 and e5iiii.
12 Specifically in Options 3, Section 11, subsections b3AC renumbered to b4A
C, and d2A and C renumbered to d3A
and C will be updated.
13 A Response is an electronic message that is sent by Members in response to a broadcast message. See Options 3, Section 11.
14 See Options 3, Section 11c7 and e4.

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