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Federal Register / Vol. 86, No. 129 / Friday, July 9, 2021 / Notices display quantity of a Reserve Order is replenished from reserve interest, a new working time would be assigned to the replenished quantity. This proposed rule text is based in part on Rule 7.31
Ed1B with differences to reflect that for options traded on Pillar, there would never be more than one display quantity of a Reserve Order, and therefore the Exchange would not have different child display quantities of a Reserve Order with different working times, as could occur for a Reserve Order on the Exchanges cash equity trading platform.
Proposed Rule 6.62POd1C
would provide that a Reserve Order may be designated as a Non-Routable Limit Order and if so designated, the reserve interest that replenishes the display quantity would be assigned a display price and working price consistent with the instructions for the order. This proposed rule text is based on Rule 7.31Ed1Bii without any substantive differences.
Proposed Rule 6.62POd1D
would provide that a routable Reserve Order would be evaluated for routing both on arrival and each time the display quantity is replenished.
Proposed Rule 6.62POd1Di would provide that if routing is required, the Exchange would route from reserve interest before publishing the display quantity. And proposed Rule 6.62POd1Dii would provide that any quantity of a Reserve Order that is returned unexecuted would join the working time of the reserve interest and that if there is no reserve interest to join, the returned quantity would be assigned a new working time. This proposed rule text is based on Rule 7.31Ed1D
and subparagraphs i and ii with differences to reflect that there is no concept of round lots or multiple child display orders for options trading.
Proposed Rule 6.62POd1E
would provide that a request to reduce the size of a Reserve Order would cancel the reserve interest before cancelling the display quantity. This proposed rule text is based on Rule 7.31Ed1E
with differences only to reflect that there would not be more than one child display order for options trading of Reserve Orders on Pillar.
Proposed Rule 6.62POd1F
would provide that a Reserve Order may be designated Day or GTC, but it may not be designated as an ALO Order. This proposed rule text is based in part on Rule 7.31Ed1C, with differences to reflect that the GTC Modifier would be available for Reserve Orders trading on the Pillar options trading platform and that Primary Pegged Orders would not be available for options traded on Pillar.

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Non-Displayed Limit Order. The Exchange proposes to offer the NonDisplayed Limit Order for options trading on Pillar, which would be new for options trading and is based on the existing Non-Displayed Limit Order as described in Rule 7.31Ed2.29
Proposed Rule 6.62POd2 would define a Non-Displayed Limit Order as a Limit Order that is not displayed, does not route, and is ranked Priority 3
Non-Display Orders; and that a NonDisplayed Limit Order may be designated Day or GTC and would not participate in any Auctions. This proposed rule text is based on Rule 7.31Ed2 with differences to reflect that the GTC Time-in-Force Modifier is available for options trading on Pillar.
Proposed Rule 6.62POd2A
would provide that the working price of a Non-Displayed Limit Order would be assigned on arrival and adjusted when resting on the Consolidated Book and that the working price of a NonDisplayed Limit Order to buy sell would be the lower higher of the limit price or the NBO NBB. This proposed rule text is based on Rule 7.31
Ed2A with non-substantive differences to reference the Consolidated Book instead of the NYSE
Arca Book and to streamline the rule text without any substantive differences.
Proposed Rule 6.62POd2B
would provide that a Non-Displayed Limit Order may be designated with a Non-Display Remove Modifier and if so designated, a resting Non-Displayed Limit Order to buy sell with a working price equal to the working price of an ALO Order or Day ISO ALO to sell buy would trade as the liquidity taker against such order. This functionality would be new for options trading and is based on the Non-Display Remove Modifier functionality available on the cash equity market as described in Rule 7.31Ed2B, without any substantive differences.
All-or-None AON Order. AON
Orders are currently defined in Rule 6.62Od4. AON Orders are not available on the Exchanges cash equity market, and for options trading on Pillar, would function similarly to how AON Orders currently function because such orders would only execute if they can be satisfied in their entirety.
However, unlike the OX system, where AON Orders are not integrated in the 29 The Exchange notes that a Non-Displayed Limit Order would function similarly to a PNP Blind Order that locks or crosses the contra-side NBBO.
In such case, a PNP Blind Order would not be displayed, as described in Rule 6.62Ou if the PNP Blind Order would lock or cross the NBBO, the price and size of the order will not be disseminated.

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Consolidated Book, on Pillar, the Exchange proposes that AON Orders would be ranked in the Consolidated Book and function as conditional orders that would trade only if their condition could be met, similar to how orders with a Minimum Trade Size MTS
Modifier function on Pillar on the Exchanges cash equity market. Because of the new functionality that would be available for AON Orders on Pillar, the Exchange proposes to use Pillar terminology to describe this order type.
Proposed Rule 6.62POd3 would provide that an AON Order is a Limit Order that is to be traded in whole on the Exchange at the same time or not at all, which represents current functionality as described in the first sentence of Rule 6.62Od4. Proposed Rule 6.62POd3 would further provide that an AON Order that does not trade on arrival would be ranked Priority 3Non-Display Orders and that an AON Order may be designated Day or GTC, does not route, and would not participate in any Auctions. This proposed rule text uses Pillar terminology to describe the proposed new functionality that such orders would be ranked on the Consolidated Book.
Proposed Rule 6.62POd3A
would provide that the working price of an AON Order would be assigned on arrival and adjusted when resting on the Consolidated Book and that the working price of an AON Order to buy sell would be the lower higher of the limit price or NBO NBB. Because an AON
Order is non-displayed, the Exchange proposes that its working price should be adjusted in the same manner as the proposed Non-Displayed Limit Order.
Proposed Rule 6.62POd3B
would provide that an Aggressing AON
Order to buy sell would trade with sell buy orders and quotes that in the aggregate can satisfy the AON Order in its entirety. This proposed rule text is new and promotes clarity in Exchange rules that an Aggressing AON Order whether on arrival or as a resting order that becomes an Aggressing Order would be eligible to trade with more than one contra-side order or quote, provided that multiple orders and quotes in the aggregate would satisfy the AON Order in its entirety.
Proposed Rule 6.62POd3C
would provide that a resting AON Order to buy sell would trade with an Aggressing Order or Aggressing Quote to sell buy that individually can satisfy the whole AON Order. This is proposed new functionality, because currently, an AON Order can trade only against resting interest in the Consolidated Book. The Exchange believes this
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