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Federal Register / Vol. 86, No. 136 / Tuesday, July 20, 2021 / Notices
certain orders while not physically present on the Trading Floor. This defined term provides the citations to the applicable rules and further makes clear the current regulatory requirements that apply to such remote activity. Today, Floor Brokers must comply with these regulatory requirements provided they are not exempt from those requirements pursuant to Supplementary Material .08
to Options 10, Section 6 or Phlx General 4, Rule 1230. Also, the defined term makes clear that all uses of FBMS
involving open outcry must be conducted while physically present on the Trading Floor. This proposed rule would serve as a guide for Floor Brokers conducting Remote FBMS Transactions.
Options 8, Sections 8 and 12
The Exchanges proposal to update cross citations to Nasdaq General 4
Rules within Options 8, Section 8, Trading Floor Registration and Options 8, Section 12, Clerks is consistent with the Act. These amendments are nonsubstantive and will clarify the rules.
The Exchanges proposal to amend Options 8, Section 12, Clerks at subparagraph c to remove the phrase or assigned to their employers clearing firm is consistent with the Act.
Previously, Clearing Members operated posts on the Trading Floor. Member organizations were able to assign clerks to operate from those posts. Clearing Member posts no longer exist on the Trading Floor and therefore this language is obsolete.

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Options 8, Section 22
The Exchanges proposal to update citations to Options 8, Section 22a3
within Options 8, Section 22a2Ei, Options 8, Section 28e2, and Options 8, Section 39 at C2 is consistent with the Act as the rule text corrects improper citations. Citations to Options 8, Section 22a3 should instead refer to Options 8, Section 22a3. Options 8, Section 22a3 does not exist.
Options 8, Section 28
The Exchanges proposal to amend Options 8, Section 28, Responsibilities of Floor Brokers, to replace the word limit with electronic before the term order book is consistent with the Act. The term electronic order book makes clear that specific order book being described.
The Exchanges proposal to amend Options 8, Section 28 to provide that Floor Brokers may enter limit, market, stop-limit or stop orders into the electronic order book is consistent with the Act. Currently, Options 8, Section 28 only refers to limit orders when it
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should have also noted market, stoplimit and stop orders. With respect to remotely entering limit orders into the electronic order book through FBMS, the Prior Rule Change stated that this capability exists to enable Floor Brokers to access electronic liquidity and/or to clear priority orders on the limit order book prior to transacting an order in the trading crowd through FBMS.20 Placing limit orders on the electronic order book does not require exposure in open outcry and allows Floor Brokers the ability to clear resting Customers orders from the limit order book for their customers in the event that a Customer order had priority on the limit order book that would otherwise prevent a Floor Qualified Contingent Cross Order from being entered in compliance with Options 8, Section 30e.21 Today, Floor Brokers may also utilize market, stoplimit and stop orders to clear resting Customers orders from the electronic order book. Also, placing market, stoplimit and stop orders on the electronic order book does not require exposure in open outcry.
Options 10, Section 20
The Exchange proposes to update a reference to Phx Rule 1049 within Options 10, Section 20, Options Communications, and replace Nasdaq PHLX throughout this rule with Phlx are non-substantive amendments that will clarify the Rulebook.
B. Self-Regulatory Organizations Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.
Options 8, Section 2
The Exchanges proposal to alphabetize the existing definitions within Options 8, Section 2 does not impose an undue burden on competition as the definitions will become easier to locate. Amending the definition of a Presiding Exchange Official at current Options 8, Section 2a4 to add /her next to his in two places is a non-substantive rule change. These amendments are intended to bring greater clarity to the Options 8 Rules.
The proposal to define Floor Transaction as a transaction that is effected in open outcry on the Exchanges Trading Floor does not impose an undue burden on competition. This term is currently
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supra note 5.

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defined within Phlx Options 7, Section 1 for the purposes of pricing. The defined term is consistent with the use of that term in the current rules. This defined term will bring greater clarity to the Options 8 Rules. The Exchanges proposal to define Remote FBMS
Transaction does not impose an undue burden on competition. The proposed term Remote FBMS Transaction would serve to provide members and member organizations a description of the manner in which a Floor Broker may remotely transact certain orders while not physically present on the Trading Floor. This defined term provides the citations to the applicable rules and further makes clear the current regulatory requirements that apply to such remote activity. Today, Floor Brokers must comply with these regulatory requirements. Also, the defined term makes clear that all uses of FBMS involving open outcry must be conducted while physically present on the Trading Floor.
Options 8, Sections 8 and 12
The Exchanges proposal to update cross citations to Nasdaq General 4
Rules within Options 8, Section 8, Trading Floor Registration and Options 8, Section 12, Clerks does not impose an undue burden on competition. These amendments are non-substantive and would clarify the current rules.
The Exchanges proposal to amend Options 8, Section 12, Clerks at subparagraph c to remove the phrase or assigned to their employers clearing firm does not impose an undue burden on competition. Previously, Clearing Members operated posts on the Trading Floor. Member organizations were able to assign clerks to operate from those posts. Clearing Member posts no longer exist on the Trading Floor and therefore this language is obsolete.
Options 8, Section 22
The Exchanges proposal to update citations to Options 8, Section 22a3
within Options 8, Section 22a2Ei, Options 8, Section 28e2, and Options 8, Section 39 at C2 does not impose an undue burden on competition as the rule text corrects improper citations.
Citations to Options 8, Section 22a3
should instead refer to Options 8, Section 22a3. Options 8, Section 22a3 does not exist.
Options 8, Section 28
The Exchanges proposal to amend Options 8, Section 28, Responsibilities of Floor Brokers, at subsection g to replace the word limit with electronic before the term order book does not impose an undue
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