Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized By PSX, 29127-29131 [2015-12146]

Download as PDF Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices differences, such differences are not substantive and are still consistent with the scope of prior self-regulatory organization rulemaking. Finally, the Exchange believes that as Rule 6.7 will now govern the liability of the Exchange for claims arising out of any errors or omissions by agents of the Exchange (which would include Order Book Officials, PAR Officials and their respective assistants or clerks), Rule 7.11 is superfluous and unnecessary to maintain in the rules. Additionally, the Exchange no longer believes it is necessary to single out the errors or omissions of Order Book Officials and PAR Officials in the manner described under Rule 7.11 as compared to other errors and omissions that are subject to Rule 6.7. The Exchange notes that although the Exchange’s reciprocal right to bring a claim against Trading Permit Holders and the arbitration process for disputed claims will be eliminated, such language is no longer necessary.30 As such, the Exchange believes that eliminating Rule 7.11 maintains clarity in the rules and avoids potential confusion, which removes impediments and perfects the mechanism of a free and open market and a national market system, and, in general, protects investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition mstockstill on DSK4VPTVN1PROD with NOTICES The Exchange believes that this proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. As stated above, the Exchange believes that these policies would promote fairness in the national market system. The proposed rule change would allow CBOE to address Trading Permit Holder requests for compensation under various circumstances and would allow CBOE to act in a fashion similar to many of its competitors. In addition, as stated above, several exchanges have substantially similar rules to those proposed here, except as otherwise noted, and the Exchange believes that the proposed rule change would place CBOE in a similar position to address Trading Permit Holder requests.31 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 32 and Rule 19b– 4(f)(6) 33 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. 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 rule-comments@ sec.gov. Please include File Number SR– CBOE–2015–042 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–CBOE–2015–042. This file 32 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). As required under Rule 19b–4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. 33 17 30 In practice, there have not been any disputed claims submitted to the arbitration process under Rule 7.11 for several years. 31 Id. VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 PO 00000 Frm 00199 Fmt 4703 Sfmt 4703 29127 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 Web site (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 Web site viewing and printing in the Commission’s Public Reference Room, 100 F St. NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CBOE– 2015–042, and should be submitted on or before June 10, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.34 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–12148 Filed 5–19–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74967; File No. SR–Phlx– 2015–39] Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update the Public Disclosure of Sources of Data Utilized By PSX May 14, 2015. 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 May 5, 2015, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the 34 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\20MYN1.SGM 20MYN1 29128 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II, 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. handling and execution; (2) order routing; and (3) related compliance processes. The text of the proposed rule change is below. Proposed new language is italicized; proposed deletions are bracketed. * * * * * I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to update the public disclosure of the sources of data that PSX, the PHLX equities facility, utilizes when performing (1) order 3304. Data Feeds Utilized [Phlx shall publicly disclose the proprietary and network processor feeds utilized by the System for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. This information shall be displayed on www.nasdaqtrader.com, and it shall be updated promptly each time Phlx determines to add, subtract, or otherwise modify a data source.] The PSX System utilizes the below proprietary and network processor feeds utilized by the System for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. The Secondary Source of data is utilized only in emergency market conditions and only until those emergency conditions are resolved. Secondary source Market center Primary source A—NYSE MKT (AMEX) .............................................................. B—NASDAQ OMX BX ................................................................ D—FINRA ADF ........................................................................... J—DirectEdge A .......................................................................... K—DirectEdge X ......................................................................... M—CSX ....................................................................................... N—NYSE ..................................................................................... P—NYSE Arca ............................................................................ T/Q—NASDAQ ............................................................................ X—NASDAQ OMX PSX .............................................................. Y—BATS Y-Exchange ................................................................ Z—BATS Exchange .................................................................... CQS/UQDF ................................................................................. BX ITCH 5.0 ................................................................................ CQS/UQDF ................................................................................. EdgeBook .................................................................................... EdgeBook .................................................................................... CQS/UQDF ................................................................................. NYSE OpenBook Ultra ................................................................ ArcaBook Binary uncompacted ................................................... ITCH 5.0 ...................................................................................... PSX ITCH 5.0 ............................................................................. BATS PITCH ............................................................................... BATS PITCH ............................................................................... * * * * * (b) Not applicable. (c) Not applicable. The text of the proposed rule change is available on the Exchange’s Web site at https:// nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission’s Public Reference Room. mstockstill on DSK4VPTVN1PROD with NOTICES II. Self-Regulatory Organization’s 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In her June 5, 2014 market structure speech, the Chair requested that all national securities exchanges review VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 and disclose their policies and procedures governing the market data used when performing important exchange functions.3 In a letter dated June 20, 2014, the Director of the Division of Trading and Markets codified this request: We believe there is a need for clarity regarding whether (1) the SIP data feeds, (2) proprietary data feeds, or (3) a combination thereof, are used by the exchanges for purposes of (1) order handling and execution (e.g., with pegged or midpoint orders), (2) order routing, and (3) regulatory compliance, as applicable. . . . Accordingly, we ask that proposed rule changes be filed that disclose the particular market data feeds that are used for each of these purposes. Consistent with your recent discussions with Commission staff, we ask that each SRO file these proposed rule changes with the Commission by July 15, 2014.4 PHLX fully supports the Commission’s efforts to provide more clarity in this area. Through this proposed rule change, PHLX is publicly clarifying on a market-by-market basis the specific network processor and proprietary data feeds that PHLX 3 See Mary Jo White, Chair, Securities and Exchange Commission, Speech at the Sandler O’Neill & Partners L.P. Global Exchange and Brokerage Conference (June 5, 2014). 4 See Letter from Steven Luparello, Director, SEC Division of Trading and Markets, to Robert Greifeld, Chief Executive Officer, NASDAQ OMX Group, Inc., dated June 20, 2014. PO 00000 Frm 00200 Fmt 4703 Sfmt 4703 n/a CQS/UQDF n/a CQS/UQDF CQS/UQDF n/a CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. These complex practices are governed by a few, simple principles that are designed to ensure that PHLX has the most accurate view of the trading interest available across multiple markets, and to maximize the synchronization of the many exchange functions that depend upon the calculation of an accurate NBBO and top-of-book for each market. These principles are: 1. PHLX uses a proprietary data feed from each exchange that provides a reliable proprietary data feed. Where no reliable proprietary data feed is available, PHLX uses the network processor feed; 2. Where PHLX uses a proprietary data feed for an exchange quote, it also maintains access to the network processor feed as a back-up in the event a specific proprietary feed become [sic] unavailable or unusable for any reason; 3. PHLX uses the same proprietary data feed when performing order handling, routing, and execution functions, and also when the execution and routing system performs internal compliance checks related to those functions; and 4. PHLX acquires and processes all proprietary and network processor feeds via the same technological configuration E:\FR\FM\20MYN1.SGM 20MYN1 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices (i.e., telecommunication circuitry, switches, and feed handlers) to the greatest extent possible. 5. PHLX calculates the National Best Bid and Offer (‘‘NBBO’’) and top-ofbook for each exchange at a single point within the PHLX System, and then distributes that data simultaneously to numerous applications performing order handling, routing, execution, and internal compliance functions throughout the PHLX System. 6. PHLX aggregates odd-lot orders, including those in its own and affiliated markets, when calculating the NBBO based upon a direct feed from an away exchange. PHLX processes odd-lot orders from each exchange direct feed in the same manner that that exchange aggregates odd-lots when reporting its own quotations to the SIP. 7. PHLX utilizes the NBBO and topof-book calculations described above for the handling of orders that use those reference points, including all variations of midpoint orders, pegged orders, and price-to-comply orders described in PHLX Rule 3301(f). 8. When calculating the NBBO, the PHLX System does not utilize feedback from other venues when calculating the NBBO. The PHLX System assumes that a protected quotation to which it has routed an order has been executed and can be removed from the NBBO; it does not await or respond to execution reports from such routing activity. As of the date of this filing, PHLX utilizes the following data feeds for the handling, execution and routing of orders, as well as for performing related compliance checks: Secondary source Primary source A—NYSE MKT (AMEX) .............................................................. B—NASDAQ OMX BX ................................................................ D—FINRA ADF ........................................................................... J—DirectEdge A .......................................................................... K—DirectEdge X ......................................................................... M—CSX ....................................................................................... N—NYSE ..................................................................................... P—NYSE Arca ............................................................................ T/Q—NASDAQ ............................................................................ X—NASDAQ OMX PSX .............................................................. Y—BATS Y-Exchange ................................................................ Z—BATS Exchange .................................................................... mstockstill on DSK4VPTVN1PROD with NOTICES Market center CQS/UQDF ................................................................................. BX ITCH 5.0 ................................................................................ CQS/UQDF ................................................................................. EdgeBook .................................................................................... EdgeBook .................................................................................... CQS/UQDF ................................................................................. NYSE OpenBook Ultra ................................................................ ArcaBook Binary uncompacted ................................................... ITCH 5.0 ...................................................................................... PSX ITCH 5.0 ............................................................................. BATS PITCH ............................................................................... BATS PITCH ............................................................................... PHLX uses these feeds to calculate the NBBO via an application called the ‘‘NMSFeed.’’ The NMSFeed consumes the PHLX Protected Quote Service (‘‘NPQS’’), which provides an internal view of that exchange’s own market data as PHLX ITCH, plus the proprietary and network processor market data feeds listed above. The NMSFeed calculates a Regulation NMS-Compliant ‘‘Best Bid or Offer’’ (‘‘Compliant BBO’’), and then delivers that information throughout the PHLX System, including to the ‘‘OUCH’’ order entry ports,5 the routing system, and various compliance applications described below. Upon receipt of an update to a protected quote for a specific venue, the NMSFeed updates its quote for that venue, recalculates the consolidated BBO based upon the update, and recalculates the Compliant BBO after applying PHLX’s own BBO. Any portion of a quote that crosses PHLX’s BBO is ignored for purposes of calculating the NBBO. PHLX odd lot orders at the same price are aggregated and considered in the NBBO calculation if the sum is greater than or equal to a round lot. Otherwise, they are not considered in the NBBO calculation. Out of the 5 OUCH is a protocol that allows PHLX participants to enter, replace and cancel orders and receive executions. In addition to OUCH, PHLX offers the FLITE protocol as an option for participants. In this document, references to OUCH also include FLITE because they are interchangeable for these purposes. VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 remaining quotes, the most aggressive remaining bid and offer (excluding PHLX 6 and any destination which has been excluded from the NBBO in compliance with the self-help procedures under Regulation NMS) is selected and reported as the best quote. If away markets are crossing the market after applying PHLX’s BBO, orders will be accepted as originally priced and have the potential to execute. Any order sent to PHLX that is not an Intermarket Sweep Order (‘‘ISO’’) will have the Compliant BBO check enforced by the system.7 The PHLX Routing and Special Handling System (‘‘RASH’’) utilizes the Compliant BBO to determine if and when an order with special processing directives is marketable either against one or more orders in either the Core Matching System or a remote trading venue. RASH also receives market data feeds from certain venues not displaying 6 Deletion of PHLX’s quote at this stage of the process is necessary because otherwise the system would prevent valid executions on PHLX in the erroneous belief that such executions would be ‘‘trade throughs’’ in violation of Regulation NMS. 7 In general, any order that is sent to PHLX with an ISO flag is not re-priced and will be processed at its original price. There are a limited number of circumstances in which an order marked as an ISO will be determined not to be executable at its original price and will be re-priced. These include re-pricing under the Plan to Address Extraordinary Market Volatility, re-pricing to comply with Regulation SHO, and the re-pricing of an order with a post-only condition if PHLX has an order at that price at the time the order is accepted. PO 00000 Frm 00201 Fmt 4703 Sfmt 4703 29129 n/a CQS/UQDF n/a CQS/UQDF CQS/UQDF n/a CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF CQS/UQDF protected quotes in the national market system for use in ‘‘XDRK’’ and ‘‘XCST’’ routing strategies set forth in PHLX Rule 3308(a)(1)(A)(xiii) [sic] and (xiv) [sic], respectively. RASH maintains a number of routing processes, or Routers, unique to each venue that the System accesses. These Routers maintain a limited set of details for orders that are configured as routable by the user, while also monitoring the current best bid and best offer prices on each exchange. The PHLX System includes internal compliance applications related to locked and crossed markets, trade throughs, limit-up/limit-down, and Regulation SHO compliance. Each of these applications utilizes the Compliant BBO to ensure compliance with applicable regulations. PHLX operates a separate real-time surveillance system that is external to the execution systems and that monitors the execution system’s compliance with applicable rules and regulations. The real-time surveillance system utilizes a ‘‘mirrored’’ version of the internal NMSFeed in various realtime surveillance patterns, including (1) Lock/Cross, which detects lock/cross events across all markets, regardless of whether or not PHLX is a participant in the event; (2) Trade Through, which detects potential trade through events for all three NASDAQ equity markets; and (3) RegSho, which detects potential RegSho violations, alerting when a trade executes at or below the NBB at the time E:\FR\FM\20MYN1.SGM 20MYN1 29130 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices of order entry while the stock is in a RegSho restricted state. 2. Statutory Basis PHLX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,8 in general and with Sections [sic] 6(b)(5) of the Act,9 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Exchange believes that its proposal to describe the Exchange’s use of data feeds removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional specificity and transparency. The Exchange’s proposal will enable investors to better assess the quality of the Exchange’s execution and routing services. The proposal does not change the operation of the Exchange or its use of data feeds; rather it describes how, and for what purposes, the Exchange uses the quotes disseminated from data feeds to calculate the NBBO for a security for purposes of Regulation NMS, Regulation SHO and various order types that update based on changes to the applicable NBBO. The Exchange believes the additional transparency into the operation of the Exchange as described in the proposal will remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. mstockstill on DSK4VPTVN1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. To the contrary, the Exchange believes the proposal would enhance competition because describing the Exchange’s use of data feeds enhances transparency and enables investors to better assess the quality of the Exchange’s execution and routing services. 8 15 9 15 U.S.C. 78f. U.S.C. 78f(b)(5). VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b–4(f)(6) thereunder.11 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 12 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) 13 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing, noting that waiver of the operative delay would permit the Exchange to immediately enhance transparency. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.14 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the 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: 10 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). As required under Rule 19b–4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. 12 17 CFR 240.19b–4(f)(6). 13 17 CFR 240.19b–4(f)(6)(iii). 14 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 11 17 PO 00000 Frm 00202 Fmt 4703 Sfmt 4703 IV. Solicitation of Comments Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– Phlx–2015–39 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-Phlx–2015–39. 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 Web site (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 Web site 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 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx– 2015–39 and should be submitted on or before June 10, 2015. E:\FR\FM\20MYN1.SGM 20MYN1 29131 Federal Register / Vol. 80, No. 97 / Wednesday, May 20, 2015 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–12146 Filed 5–19–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74963; File No. SR–CBOE– 2015–012] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to Trading Permit Holder Qualifications May 14, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 4, 2015, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘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 Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposed to amend its rules related to Trading Permit Holder requirements and direct access to the Exchange’s Hybrid Trading System (the ‘‘System’’). The text of the proposed rule change is provided below. (Additions Are Italicized; Deletions Are [Bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules mstockstill on DSK4VPTVN1PROD with NOTICES * * * * * Rule 3.4. Foreign Trading Permit Holders [(a) ]A Trading Permit Holder that does not maintain an office in the United States responsible for preparing and maintaining financial and other reports required to be filed with the Securities and Exchange Commission and the Exchange must: ([i]a) prepare all such reports, and maintain a general ledger chart of 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Sep<11>2014 23:50 May 19, 2015 Jkt 235001 account and any description thereof, in English and U.S. dollars; ([ii]b) reimburse the Exchange for any expense incurred in connection with examination of the Trading Permit Holder to the extent that such expenses exceed the cost of examining a Trading Permit Holder located within the continental United States; and ([iii]c) ensure the availability of an individual fluent in English knowledgeable in securities and financial matters to assist the representatives of the Exchange during examinations. Rule 3.4A. Additional Trading Permit Holder Qualifications (a) In addition to the qualifications set forth in Rules 3.2 through 3.4, a Trading Permit Holder applicant: (i) must be domiciled in (with respect to individuals), or organized under the laws of (with respect to organizations), a jurisdiction expressly approved by the Exchange. When determining whether to approve a jurisdiction, the Exchange will consider whether: (A) The applicant will be able to supply the Exchange with such information with respect to its dealings with the Exchange as set forth in the Rules; (B) the Exchange will be able to examine the applicant’s books and records to verify the accuracy of any information so supplied; (C) approval of the applicant as a Trading Permit Holder will comply with all applicable laws, rules and regulations; and (D) other factors that the Exchange reasonably and objectively determines may impact the applicant’s ability to comply with the Rules and the Act or the Exchange’s ability to accept Trading Permit Holders from the applicable jurisdiction. This approval may be limited to one or more specified categories of Trading Permit Holders or Trading Permit Holder activities in a jurisdiction or be contingent upon the satisfaction of specified conditions by all applicants from a jurisdiction to the extent such limits or conditions are necessary to satisfy clauses (A) through (D); (ii) will be subject to the jurisdiction of the federal courts of the United States and the courts of the state of Illinois; and (iii) prior to acting as agent for a customer, must be able to provide information regarding the customer and the customer’s trading activities to the Exchange in response to a regulatory request for information pursuant to the Rules. To the extent an individual or organization is required by an PO 00000 Frm 00203 Fmt 4703 Sfmt 4703 applicable law, rule or regulation to obtain written consent from a customer to permit the provision of this information to the Exchange, the applicant must obtain such consent. (b) The Exchange may at any time determine that a Trading Permit Holder can no longer comply with this Rule 3.4A. In that event, the Trading Permit Holder will have three months following the date of that determination to come into compliance with this Rule 3.4A. If a Trading Permit Holder does not come into compliance during that time period, the Exchange may terminate the Trading Permit Holder’s status as a Trading Permit Holder. * * * * * Rule 6.20A. Sponsored Users (a)–(b) No change. (c) A Sponsoring Trading Permit Holder must ensure that a Sponsored User satisfies the requirements set forth in Rule 3.4A(a) and only directly accesses the System from an approved jurisdiction as set forth in Rule 6.23A(d). . . . Interpretations and Policies: * .01 No change. * * * * Rule 6.23A. Trading Permit Holder Connectivity (a)–(c) No change. (d) The Hybrid Trading System shall be available for entry and execution of orders only to Trading Permit Holders, [and ]persons associated with Trading Permit Holders, and Sponsored Users (pursuant to Rule 6.20A) with authorized access. Such persons may only directly access the System from a jurisdiction expressly approved by the Exchange pursuant to Rule 3.4A(a). The Exchange will require a Trading Permit Holder to enter into a software user or license agreement with the Exchange in such form or forms as the Exchange may prescribe in order to obtain authorized access to the Hybrid Trading System, if the Trading Permit Holder elects to use an API for which the Exchange has determined such an agreement is necessary. (e)–(f) No change. * * * * * The text of the proposed rule change is also available on the Exchange’s Web site (https://www.cboe.com/AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. E:\FR\FM\20MYN1.SGM 20MYN1

Agencies

[Federal Register Volume 80, Number 97 (Wednesday, May 20, 2015)]
[Notices]
[Pages 29127-29131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-12146]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74967; File No. SR-Phlx-2015-39]


Self-Regulatory Organizations; NASDAQ OMX PHLX, LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Update 
the Public Disclosure of Sources of Data Utilized By PSX

May 14, 2015.
    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 May 5, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the

[[Page 29128]]

Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change as described in Items I and II, 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to update the public disclosure of the 
sources of data that PSX, the PHLX equities facility, utilizes when 
performing (1) order handling and execution; (2) order routing; and (3) 
related compliance processes.
    The text of the proposed rule change is below. Proposed new 
language is italicized; proposed deletions are bracketed.
* * * * *
3304. Data Feeds Utilized
    [Phlx shall publicly disclose the proprietary and network processor 
feeds utilized by the System for the handling, routing, and execution 
of orders, as well as for the regulatory compliance processes related 
to those functions. This information shall be displayed on 
www.nasdaqtrader.com, and it shall be updated promptly each time Phlx 
determines to add, subtract, or otherwise modify a data source.]
    The PSX System utilizes the below proprietary and network processor 
feeds utilized by the System for the handling, routing, and execution 
of orders, as well as for the regulatory compliance processes related 
to those functions. The Secondary Source of data is utilized only in 
emergency market conditions and only until those emergency conditions 
are resolved.

------------------------------------------------------------------------
         Market center             Primary source      Secondary source
------------------------------------------------------------------------
A--NYSE MKT (AMEX).............  CQS/UQDF..........  n/a
B--NASDAQ OMX BX...............  BX ITCH 5.0.......  CQS/UQDF
D--FINRA ADF...................  CQS/UQDF..........  n/a
J--DirectEdge A................  EdgeBook..........  CQS/UQDF
K--DirectEdge X................  EdgeBook..........  CQS/UQDF
M--CSX.........................  CQS/UQDF..........  n/a
N--NYSE........................  NYSE OpenBook       CQS/UQDF
                                  Ultra.
P--NYSE Arca...................  ArcaBook Binary     CQS/UQDF
                                  uncompacted.
T/Q--NASDAQ....................  ITCH 5.0..........  CQS/UQDF
X--NASDAQ OMX PSX..............  PSX ITCH 5.0......  CQS/UQDF
Y--BATS Y-Exchange.............  BATS PITCH........  CQS/UQDF
Z--BATS Exchange...............  BATS PITCH........  CQS/UQDF
------------------------------------------------------------------------

* * * * *
    (b) Not applicable.
    (c) Not applicable.
    The text of the proposed rule change is available on the Exchange's 
Web site at https://nasdaqomxphlx.cchwallstreet.com/, at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's 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.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In her June 5, 2014 market structure speech, the Chair requested 
that all national securities exchanges review and disclose their 
policies and procedures governing the market data used when performing 
important exchange functions.\3\ In a letter dated June 20, 2014, the 
Director of the Division of Trading and Markets codified this request:
---------------------------------------------------------------------------

    \3\ See Mary Jo White, Chair, Securities and Exchange 
Commission, Speech at the Sandler O'Neill & Partners L.P. Global 
Exchange and Brokerage Conference (June 5, 2014).

    We believe there is a need for clarity regarding whether (1) the 
SIP data feeds, (2) proprietary data feeds, or (3) a combination 
thereof, are used by the exchanges for purposes of (1) order 
handling and execution (e.g., with pegged or midpoint orders), (2) 
order routing, and (3) regulatory compliance, as applicable. . . . 
Accordingly, we ask that proposed rule changes be filed that 
disclose the particular market data feeds that are used for each of 
these purposes. Consistent with your recent discussions with 
Commission staff, we ask that each SRO file these proposed rule 
changes with the Commission by July 15, 2014.\4\
---------------------------------------------------------------------------

    \4\ See Letter from Steven Luparello, Director, SEC Division of 
Trading and Markets, to Robert Greifeld, Chief Executive Officer, 
NASDAQ OMX Group, Inc., dated June 20, 2014.

    PHLX fully supports the Commission's efforts to provide more 
clarity in this area. Through this proposed rule change, PHLX is 
publicly clarifying on a market-by-market basis the specific network 
processor and proprietary data feeds that PHLX utilizes for the 
handling, routing, and execution of orders, and for performing the 
regulatory compliance checks related to each of those functions. These 
complex practices are governed by a few, simple principles that are 
designed to ensure that PHLX has the most accurate view of the trading 
interest available across multiple markets, and to maximize the 
synchronization of the many exchange functions that depend upon the 
calculation of an accurate NBBO and top-of-book for each market. These 
principles are:
    1. PHLX uses a proprietary data feed from each exchange that 
provides a reliable proprietary data feed. Where no reliable 
proprietary data feed is available, PHLX uses the network processor 
feed;
    2. Where PHLX uses a proprietary data feed for an exchange quote, 
it also maintains access to the network processor feed as a back-up in 
the event a specific proprietary feed become [sic] unavailable or 
unusable for any reason;
    3. PHLX uses the same proprietary data feed when performing order 
handling, routing, and execution functions, and also when the execution 
and routing system performs internal compliance checks related to those 
functions; and
    4. PHLX acquires and processes all proprietary and network 
processor feeds via the same technological configuration

[[Page 29129]]

(i.e., telecommunication circuitry, switches, and feed handlers) to the 
greatest extent possible.
    5. PHLX calculates the National Best Bid and Offer (``NBBO'') and 
top-of-book for each exchange at a single point within the PHLX System, 
and then distributes that data simultaneously to numerous applications 
performing order handling, routing, execution, and internal compliance 
functions throughout the PHLX System.
    6. PHLX aggregates odd-lot orders, including those in its own and 
affiliated markets, when calculating the NBBO based upon a direct feed 
from an away exchange. PHLX processes odd-lot orders from each exchange 
direct feed in the same manner that that exchange aggregates odd-lots 
when reporting its own quotations to the SIP.
    7. PHLX utilizes the NBBO and top-of-book calculations described 
above for the handling of orders that use those reference points, 
including all variations of midpoint orders, pegged orders, and price-
to-comply orders described in PHLX Rule 3301(f).
    8. When calculating the NBBO, the PHLX System does not utilize 
feedback from other venues when calculating the NBBO. The PHLX System 
assumes that a protected quotation to which it has routed an order has 
been executed and can be removed from the NBBO; it does not await or 
respond to execution reports from such routing activity. As of the date 
of this filing, PHLX utilizes the following data feeds for the 
handling, execution and routing of orders, as well as for performing 
related compliance checks:

------------------------------------------------------------------------
         Market center             Primary source      Secondary source
------------------------------------------------------------------------
A--NYSE MKT (AMEX).............  CQS/UQDF..........  n/a
B--NASDAQ OMX BX...............  BX ITCH 5.0.......  CQS/UQDF
D--FINRA ADF...................  CQS/UQDF..........  n/a
J--DirectEdge A................  EdgeBook..........  CQS/UQDF
K--DirectEdge X................  EdgeBook..........  CQS/UQDF
M--CSX.........................  CQS/UQDF..........  n/a
N--NYSE........................  NYSE OpenBook       CQS/UQDF
                                  Ultra.
P--NYSE Arca...................  ArcaBook Binary     CQS/UQDF
                                  uncompacted.
T/Q--NASDAQ....................  ITCH 5.0..........  CQS/UQDF
X--NASDAQ OMX PSX..............  PSX ITCH 5.0......  CQS/UQDF
Y--BATS Y-Exchange.............  BATS PITCH........  CQS/UQDF
Z--BATS Exchange...............  BATS PITCH........  CQS/UQDF
------------------------------------------------------------------------

    PHLX uses these feeds to calculate the NBBO via an application 
called the ``NMSFeed.'' The NMSFeed consumes the PHLX Protected Quote 
Service (``NPQS''), which provides an internal view of that exchange's 
own market data as PHLX ITCH, plus the proprietary and network 
processor market data feeds listed above. The NMSFeed calculates a 
Regulation NMS-Compliant ``Best Bid or Offer'' (``Compliant BBO''), and 
then delivers that information throughout the PHLX System, including to 
the ``OUCH'' order entry ports,\5\ the routing system, and various 
compliance applications described below.
---------------------------------------------------------------------------

    \5\ OUCH is a protocol that allows PHLX participants to enter, 
replace and cancel orders and receive executions. In addition to 
OUCH, PHLX offers the FLITE protocol as an option for participants. 
In this document, references to OUCH also include FLITE because they 
are interchangeable for these purposes.
---------------------------------------------------------------------------

    Upon receipt of an update to a protected quote for a specific 
venue, the NMSFeed updates its quote for that venue, recalculates the 
consolidated BBO based upon the update, and recalculates the Compliant 
BBO after applying PHLX's own BBO. Any portion of a quote that crosses 
PHLX's BBO is ignored for purposes of calculating the NBBO. PHLX odd 
lot orders at the same price are aggregated and considered in the NBBO 
calculation if the sum is greater than or equal to a round lot. 
Otherwise, they are not considered in the NBBO calculation. Out of the 
remaining quotes, the most aggressive remaining bid and offer 
(excluding PHLX \6\ and any destination which has been excluded from 
the NBBO in compliance with the self-help procedures under Regulation 
NMS) is selected and reported as the best quote. If away markets are 
crossing the market after applying PHLX's BBO, orders will be accepted 
as originally priced and have the potential to execute. Any order sent 
to PHLX that is not an Intermarket Sweep Order (``ISO'') will have the 
Compliant BBO check enforced by the system.\7\
---------------------------------------------------------------------------

    \6\ Deletion of PHLX's quote at this stage of the process is 
necessary because otherwise the system would prevent valid 
executions on PHLX in the erroneous belief that such executions 
would be ``trade throughs'' in violation of Regulation NMS.
    \7\ In general, any order that is sent to PHLX with an ISO flag 
is not re-priced and will be processed at its original price. There 
are a limited number of circumstances in which an order marked as an 
ISO will be determined not to be executable at its original price 
and will be re-priced. These include re-pricing under the Plan to 
Address Extraordinary Market Volatility, re-pricing to comply with 
Regulation SHO, and the re-pricing of an order with a post-only 
condition if PHLX has an order at that price at the time the order 
is accepted.
---------------------------------------------------------------------------

    The PHLX Routing and Special Handling System (``RASH'') utilizes 
the Compliant BBO to determine if and when an order with special 
processing directives is marketable either against one or more orders 
in either the Core Matching System or a remote trading venue. RASH also 
receives market data feeds from certain venues not displaying protected 
quotes in the national market system for use in ``XDRK'' and ``XCST'' 
routing strategies set forth in PHLX Rule 3308(a)(1)(A)(xiii) [sic] and 
(xiv) [sic], respectively. RASH maintains a number of routing 
processes, or Routers, unique to each venue that the System accesses. 
These Routers maintain a limited set of details for orders that are 
configured as routable by the user, while also monitoring the current 
best bid and best offer prices on each exchange.
    The PHLX System includes internal compliance applications related 
to locked and crossed markets, trade throughs, limit-up/limit-down, and 
Regulation SHO compliance. Each of these applications utilizes the 
Compliant BBO to ensure compliance with applicable regulations.
    PHLX operates a separate real-time surveillance system that is 
external to the execution systems and that monitors the execution 
system's compliance with applicable rules and regulations. The real-
time surveillance system utilizes a ``mirrored'' version of the 
internal NMSFeed in various realtime surveillance patterns, including 
(1) Lock/Cross, which detects lock/cross events across all markets, 
regardless of whether or not PHLX is a participant in the event; (2) 
Trade Through, which detects potential trade through events for all 
three NASDAQ equity markets; and (3) RegSho, which detects potential 
RegSho violations, alerting when a trade executes at or below the NBB 
at the time

[[Page 29130]]

of order entry while the stock is in a RegSho restricted state.
2. Statutory Basis
    PHLX believes that the proposed rule change is consistent with the 
provisions of Section 6 of the Act,\8\ in general and with Sections 
[sic] 6(b)(5) of the Act,\9\ in particular in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that its proposal to describe the Exchange's 
use of data feeds removes impediments to and perfects the mechanism of 
a free and open market and protects investors and the public interest 
because it provides additional specificity and transparency. The 
Exchange's proposal will enable investors to better assess the quality 
of the Exchange's execution and routing services. The proposal does not 
change the operation of the Exchange or its use of data feeds; rather 
it describes how, and for what purposes, the Exchange uses the quotes 
disseminated from data feeds to calculate the NBBO for a security for 
purposes of Regulation NMS, Regulation SHO and various order types that 
update based on changes to the applicable NBBO. The Exchange believes 
the additional transparency into the operation of the Exchange as 
described in the proposal will remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, protect investors and the public interest.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. To 
the contrary, the Exchange believes the proposal would enhance 
competition because describing the Exchange's use of data feeds 
enhances transparency and enables investors to better assess the 
quality of the Exchange's execution and routing services.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change does not (i) significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) 
thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \12\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \13\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing, noting that 
waiver of the operative delay would permit the Exchange to immediately 
enhance transparency. The Commission believes the waiver of the 
operative delay is consistent with the protection of investors and the 
public interest. Therefore, the Commission hereby waives the operative 
delay and designates the proposal operative upon filing.\14\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. 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 rule-comments@sec.gov. Please include 
File Number SR-Phlx-2015-39 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-Phlx-2015-39. 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 Web site (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 Web site 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 
10:00 a.m. and 3:00 p.m. Copies of the filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2015-39 and should be 
submitted on or before June 10, 2015.


[[Page 29131]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12146 Filed 5-19-15; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.