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Federal Register / Vol. 86, No. 129 / Friday, July 9, 2021 / Notices Market Order is displayed, which may be different from the limit price or working price of the order. This proposed definition is based on Rule 7.36Ea1. The Exchange proposes a non-substantive difference to refer to order or quote ranked Priority 2
Display Orders, versus referring to Limit Order, as set forth in Rule 7.36
Ea1. The term Priority 2Display Orders is described in more detail below. The Exchange also proposes a second difference compared to the Exchanges cash equity rules to include Market Orders as interest that may have a display price for example, as described below and consistent with current functionality, a Market Order could be displayed at its Trading Collar.
Proposed Rule 6.76POa2 would define the term limit price to mean the highest lowest specified price at which a Limit Order or quote to buy sell is eligible to trade. The limit price is designated by the User. As noted in the proposed definitions of display price and working price, the limit price designated by the User may differ from the price at which the order would be displayed or eligible to trade. This proposed definition is based on Rule 7.36Ea2 without any substantive differences. The Exchange proposes one non-substantive difference to refer to the specified price of a Limit Order or quote, versus referring to Limit Order, as set forth in Rule 7.36Ea2.
Proposed Rule 6.76POa3 would define the term working price to mean the price at which an order or quote is eligible to trade at any given time, which may be different from the limit price or display price of an order.
This proposed definition is based on Rule 7.36Ea3 without any substantive differences. The Exchange proposes one non-substantive difference to refer to order or quote for purposes of determining ranking priority. The Exchange believes that the term working price would provide clarity regarding the price at which an order may be executed at any given time.
Specifically, the Exchange believes that use of the term working denotes that this is a price that is subject to change, depending on the circumstances. The Exchange will be using this term in connection with orders and modifiers, as described in more detail below.
Proposed Rule 6.76POa4 would define the term working time to mean the effective time sequence assigned to an order or quote for purposes of determining its priority ranking. The Exchange proposes to use the term working time in its rules for trading on the Pillar trading platform instead of
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terms such as time sequence or time priority, which are used in rules governing trading on the Exchanges current system. The Exchange believes that use of the term working denotes that this is a time assigned to an order for purposes of ranking and is subject to change, depending on circumstances.
This proposed definition is based on Rule 7.36Ea4 without any substantive differences. The Exchange proposes one non-substantive difference to refer to an order or quote, versus referring solely to an order, as set forth in Rule 7.36Ea4.
Proposed Rule 6.76POa5 would define an Aggressing Order or Aggressing Quote to mean a buy sell order or quote that is or becomes marketable against sell buy interest on the Consolidated Book. The proposed terms would therefore refer to orders or quotes that are marketable against other orders or quotes on the Consolidated Book, such as incoming orders or quotes as well as orders that have returned unexecuted after routing. These terms would also be applicable to resting orders or quotes that become marketable due to one or more events. For the most part, resting orders or quotes will have already traded with contra-side interest against which they are marketable. To maximize the potential for orders or quotes to trade, the Exchange continually evaluates whether resting interest may become marketable. Events that could trigger a resting order to become marketable include updates to the working price of such order or quote, updates to the NBBO, changes to other interest resting on the Consolidated Book, or processing of inbound messages. To address such circumstances, the Exchange proposes to include in proposed Rule 6.76P
Oa5 that a resting order or quote may become an Aggressing Order or Aggressing Quote if its working price changes, if the NBBO is updated, because of changes to other orders or quotes on the Consolidated Book, or when processing inbound messages.
The proposed definition of an Aggressing Order is based on Rule 7.36Ea5 without any substantive differences. The proposed rule includes non-substantive differences to account for options trading, such as including the defined term Aggressing Quote;
referring to an order or quote versus an order; referring to the Consolidated Book rather than NYSE Arca Book; and referring to the NBBO instead of the PBBO, which is not a term used in options trading. The Exchange believes that these proposed definitions would promote transparency in Exchange rules by providing detail regarding
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circumstances when a resting order or quote may become marketable, and thus would be an Aggressing Order or Aggressing Quote.
Proposed Rule 6.76POb would govern the display of non-marketable Limit Orders and quotes. The proposed Pillar functionality would operate as described in current preamble of Rule 6.76O and the Display Order Process set forth in Rule 6.76Oa1, without any substantive differences, but will not use the terms Display Order Process, Working Order Process, or OX, because the Exchange is not proposing to use that terminology in Pillar.
Throughout proposed paragraph b of Rule 6.76PO, the Exchange proposes to use the term will in instead of shall. As proposed, the Exchange would display all non-marketable Limit Orders or quotes ranked Priority 2Display Orders unless the order or modifier instruction specifies that all or a portion of the order is not to be displayed, which rule text is substantially identical to the first sentence of the preamble to current Rule 6.76O except that Pillar ranking terminology would be used.
Rule 6.76POb1, which is substantially identical to current Rule 6.76Ob, would provide that except as otherwise permitted in proposed new Rule 6.76APO discussed below, all non-marketable displayed interest would be displayed on an anonymous basis.
Proposed Rule 6.76POb2 is substantially identical to the second sentence of the preamble to current Rule 6.76O, and would provide that the Exchange would disseminate current consolidated quotations/last sale information, and such other market information as may be made available from time to time pursuant to agreement between the Exchange and other Market Centers, consistent with the OPRA Plan.
Finally, proposed Rule 6.76POb3
would provide that if an Away Market locks or crosses the Exchange BBO, the Exchange will not change the display price of any Limit Orders or quotes ranked Priority 2Display Orders and any such orders will be eligible to be displayed as the Exchanges BBO. This proposed concept, which is based on Rule 7.36Eb4 but omits the cash equity-related information regarding regulatory halts, ensures that resting displayed interest that did not cause a locked or crossed market condition can stand their ground and maintain priority at the price at which they were originally displayed. This provision is consistent with the treatment of displayed orders on the Exchanges cash
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