Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment No. 27 to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc., 19029-19031 [2013-07191]
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<![CDATA[
Federal Register / Vol. 78, No. 60 / Thursday, March 28, 2013 / Notices
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2013–07223 Filed 3–27–13; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL REGULATORY COMMISSION
[Docket No. CP2013–6; Order No. 1680]
Negotiated Service Agreement
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
SUMMARY: The Commission is noticing a
recent Postal Service filing concerning
an amendment to Priority Mail Contract
46. This notice informs the public of the
filing, invites public comment, and
takes other administrative steps.
DATES: Comments are due: March 29,
2013.
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Stephen L. Sharfman, General Counsel,
at 202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Introduction
II. Notice of Filings
III. Ordering Paragraphs
mstockstill on DSK4VPTVN1PROD with NOTICES
I. Introduction
On March 21, 2013, the Postal Service
filed notice that it has agreed to an
amendment to the existing Priority Mail
Contract 46 (Amendment), which was
added to the competitive product list in
this docket.1 In its Notice, the Postal
Service includes Attachment A, a
redacted copy of the Amendment. It also
filed the unredacted Amendment under
seal.
The Postal Service asserts that the
‘‘supporting financial documentation
and financial certification initially
provided in this docket remain
applicable,’’ and that the Amendment
‘‘will not materially affect the cost
coverage’’ of the agreement. Id. at 1. It
also seeks to incorporate by reference
the Application for Non-Public
Treatment originally filed in this docket
for the protection of customer-
identifying information that it has filed
under seal. Id.
The Amendment changes the annual
adjustment mechanism for the second
and third years of the contract. Id.
Attachment A at 1. In particular, it bases
the price increases for the second and
third years of the agreement on the
average increase in prices of general
applicability for ‘‘Priority Mail
Commercial Plus’’ rather than the
average increase in prices of general
applicability for ‘‘Priority Mail Retail.’’
Id. The Postal Service intends for the
Amendment to become effective on the
first business day after the date that the
Commission completes its review of the
Notice. Id.
II. Notice of Filings
Interested persons may submit
comments on whether the changes
presented in the Postal Service’s Notice
are consistent with the policies of 39
U.S.C. 3632, 3633, or 3642, 39 CFR
3015.5, and 39 CFR part 3020, subpart
B. Comments are due no later than
March 29, 2013. The public portions of
these filings can be accessed via the
Commission’s Web site (https://
www.prc.gov).
The Commission appoints Lawrence
Fenster to serve as Public
Representative in this docket.
III. Ordering Paragraphs
It is ordered:
1. The Commission shall reopen
Docket No. CP2013–6 to consider the
amendment to Priority Mail Contract 46.
2. Pursuant to 39 U.S.C. 505,
Lawrence Fenster is appointed to serve
as an officer of the Commission (Public
Representative) to represent the
interests of the general public in these
proceedings.
3. Comments by interested persons in
these proceedings are due no later than
March 29, 2013.
4. The Secretary shall arrange for
publication of this Order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2013–07129 Filed 3–27–13; 8:45 am]
BILLING CODE 7710–FW–P
1 Notice of United States Postal Service of
Amendment to Priority Mail Contract 46, With
Portions Filed Under Seal, March 21, 2013 (Notice).
VerDate Mar<15>2010
20:20 Mar 27, 2013
Jkt 229001
PO 00000
19029
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69215; File No. S7–24–89]
Joint Industry Plan; Notice of Filing
and Immediate Effectiveness of
Amendment No. 27 to the Joint SelfRegulatory Organization Plan
Governing the Collection,
Consolidation and Dissemination of
Quotation and Transaction Information
for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading
Privileges Basis Submitted by the
BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board
Options Exchange, Incorporated,
Chicago Stock Exchange, Inc., EDGA
Exchange, Inc., EDGX Exchange, Inc.,
Financial Industry Regulatory
Authority, Inc., International Securities
Exchange LLC, NASDAQ OMX BX, Inc.,
NASDAQ OMX PHLX LLC, Nasdaq
Stock Market LLC, National Stock
Exchange, Inc., New York Stock
Exchange LLC, NYSE MKT LLC, and
NYSE Arca, Inc.
March 22, 2013.
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 608 thereunder,2
notice is hereby given that on March 22,
2013, the operating committee
(‘‘Operating Committee’’ or
‘‘Committee’’) 3 of the Joint SelfRegulatory Organization Plan Governing
the Collection, Consolidation, and
Dissemination of Quotation and
Transaction Information for NasdaqListed Securities Traded on Exchanges
on an Unlisted Trading Privilege Basis
(‘‘Nasdaq/UTP Plan’’ or ‘‘Plan’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) an
amendment to the Plan.4 This
1 15
U.S.C. 78k–1.
CFR 242.608.
3 The Plan Participants (collectively,
‘‘Participants’’) are the: BATS Exchange, Inc.; BATS
Y-Exchange, Inc.; Chicago Board Options Exchange,
Incorporated; Chicago Stock Exchange, Inc.; EDGA
Exchange, Inc.; EDGX Exchange, Inc.; Financial
Industry Regulatory Authority, Inc.; International
Securities Exchange LLC; NASDAQ OMX BX, Inc.;
NASDAQ OMX PHLX LLC; Nasdaq Stock Market
LLC; National Stock Exchange, Inc.; New York
Stock Exchange LLC; NYSE MKT LLC; and NYSE
Arca, Inc.
4 The Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation
information and transaction reports in Eligible
Securities for each of its Participants. This
consolidated information informs investors of the
current quotation and recent trade prices of Nasdaq
securities. It enables investors to ascertain from one
data source the current prices in all the markets
trading Nasdaq securities. The Plan serves as the
required transaction reporting plan for its
Participants, which is a prerequisite for their
trading Eligible Securities. See Securities Exchange
2 17
Continued
Frm 00076
Fmt 4703
Sfmt 4703
E:\FR\FM\28MRN1.SGM
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19030
Federal Register / Vol. 78, No. 60 / Thursday, March 28, 2013 / Notices
amendment represents Amendment No.
27 (‘‘Amendment’’) to the Plan and
proposes to revise the metric by which
the Participants calculate the annual
increase in the Enterprise Maximum.
Pursuant to Rule 608(b)(3)(i) under the
Act, the Participants designated the
Amendment as establishing or changing
a fee or other charge collected on behalf
of all of the Participants in connection
with access to, or use of, the facilities
contemplated by the Amendment. As a
result, the Amendment has been put
into effect upon filing with the
Commission. At any time within 60
days of the filing of the Amendment, the
Commission may summarily abrogate
the Amendment and require that the
Amendment be refiled in accordance
with paragraph (a)(1) of Rule 608 and
reviewed in accordance with paragraph
(b)(2) of Rule 608, if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or the maintenance of fair and orderly
markets, to remove impediments to, and
perfect the mechanisms of, a national
market system or otherwise in
furtherance of the purposes of the Act.
The Commission is publishing this
notice to solicit comments from
interested persons.
mstockstill on DSK4VPTVN1PROD with NOTICES
I. Rule 608(a)
A. Purpose of the Amendments
The Participants propose to revise the
metric by which the Participants
calculate the annual increase in the
Enterprise Maximum.
Paragraph (e) of Exhibit 2 to the Plan
provides that an entity that is registered
as a broker/dealer under the Securities
Exchange Act of 1934 is not required to
pay more than the ‘‘Enterprise
Maximum’’ for any month for each
entitlement system. The ‘‘Enterprise
Maximum’’ equals the aggregate amount
of fees payable for distribution of UTP
Level 1 Service to nonprofessional
subscribers that are brokerage account
customers of the broker/dealer.
Paragraph (e) provides that the
Enterprise Maximum shall increase by
the ‘‘Annual Increase Amount’’ each
year.
Currently, the ‘‘Annual Increase
Amount’’ for any calendar year equals
the percentage increase in the annual
composite share volume for the
preceding calendar year, subject to a
maximum annual increase of five
percent; provided, however, that the
Participants may determine to waive the
‘‘Annual Increase Amount’’ for any
calendar year.
Act Release No. 55647 (April 19, 2007) 72 FR 20891
(April 26, 2007).
VerDate Mar<15>2010
20:20 Mar 27, 2013
Jkt 229001
In this amendment, the Participants
propose to change the methodology for
calculating the ‘‘Annual Increase
Amount.’’ For each calendar year, the
proposed formulation would permit an
increase in the monthly enterprise
maximum provided that no such annual
increase could exceed four percent of
the then current Enterprise Maximum
amount.
This proposed means for determining
the increase in the broker-dealer
Enterprise Maximum would reduce the
amount of any one year’s permissible
increase from five percent to four
percent and would better reflect
inflation than does the current means.
The maximum four percent increase is
consistent with the average cost of
living adjustment (‘‘COLA’’) as
published by the Social Security
Administration for the past 38 years.
The Participants adopted the
Enterprise Maximum in 2010 and set it
at $600,000 for that year. It currently
remains at $600,000. They propose to
increase the amount of the Enterprise
Maximum by four percent to $624,000,
effective April 1, 2013. The number of
firms reaching the enterprise caps is
minimal.
B. Governing or Constituent Documents
Not applicable.
C. Implementation of Amendment
All of the Participants have
manifested their approval of the
proposed Amendment by means of their
execution of the Amendment. The
Participants propose to make the rate
changes effective as of April 1, 2013.
market system plans and would make
market data fees easier to administer.
In the Participants’ view, the
proposed fee schedule would allow
broker-dealers with large numbers of
nonprofessional subscriber brokerage
account customers to contribute an
appropriate amount for their receipt and
use of market data under the Plan. The
proposed fee change would provide for
an equitable allocation of dues, fees, and
other charges among broker-dealers,
vendors, end users and others receiving
and using market data made available
under the Plans.
The Participants would apply the
revised metric uniformly to all brokerdealers qualifying for the Enterprise
Maximum and do not believe that the
proposed change introduces terms that
are unreasonably discriminatory.
F. Written Understanding or Agreements
Relating to Interpretation of, or
Participation in, Plan
The Participants have no written
understandings or agreements relating
to interpretation of the Plan as a result
of the Amendment.
G. Approval by Sponsors in Accordance
With Plan
Each of the Plan’s Participants has
executed a written Amendment to the
Plan.
H. Description of Operation of Facility
Contemplated by the Proposed
Amendment
Not applicable.
D. Development and Implementation
Phases
Not applicable.
I. Terms and Conditions of Access
E. Analysis of Impact on Competition
The proposed Amendment does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the
Exchange Act.
The Participants in the NASDAQ/UTP
Plan have not raised the amount of the
Enterprise Maximum since they first
adopted it in 2010. The change would
affect a very small number of brokerdealers, as few firms take advantage of
the Enterprise Maximum.
In addition, the proposed change to
the metric for calculating the annual
increase in the Enterprise Maximum is
identical to the metric that the
Participants in the CTA and CQ Plans
have adopted for their enterprise
maximums. As a result, this
Amendment promotes consistency in
price structures among the national
J. Method of Determination and
Imposition, and Amount of, Fees and
Charges
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
See Item A(1) above.
The Participants believe that the
proposed change to the metric for
calculating the annual increase in the
Enterprise Maximum provides a fair
basis for taking inflation into account
for the Enterprise Maximum. They
believe it is fair and reasonable and
provides for an equitable allocation of
dues, fees, and other charges among
vendors, data recipients and other
persons using the Participants’ facilities.
K. Method and Frequency of Processor
Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
E:\FR\FM\28MRN1.SGM
28MRN1
Federal Register / Vol. 78, No. 60 / Thursday, March 28, 2013 / Notices
II. Rule 601(a)
A. Equity Securities for Which
Transaction Reports Shall Be Required
by the Plan
Not applicable.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing,
Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring
Promptness, Accuracy and
Completeness of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to
Fraudulent or Manipulative
Dissemination
Not applicable.
G. Terms of Access to Transaction
Reports
Not applicable.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin M. O’Neill,
Deputy Secretary.
H. Identification of Marketplace of
Execution
Not Applicable.
III. Solicitation of Comments
The Commission seeks general
comments on Amendment No. 27.
Interested persons are invited to submit
written data, views, and arguments
concerning the foregoing, including
whether the proposal is consistent with
the Act. Comments may be submitted by
any of the following methods:
mstockstill on DSK4VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number S7–24–89 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number S7–24–89. 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
Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all
VerDate Mar<15>2010
20:20 Mar 27, 2013
Jkt 229001
written statements with respect to the
proposed Plan Amendment that are
filed with the Commission, and all
written communications relating to the
proposed Plan Amendment 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 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 Web site viewing
and printing at the Office of the
Secretary of the Committee, currently
located at the CBOE, 400 S. LaSalle
Street, Chicago, IL 60605. 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 S7–24–89
and should be submitted on or before
April 18, 2013.
[FR Doc. 2013–07191 Filed 3–27–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69218; File No. SR–Phlx–
2013–26]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Exchange Rule 3100
March 22, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on March 11,
2013, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
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.
5 17
CFR 200.30–3(a)(27).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
19031
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing with the
Commission a proposal to amend
Exchange Rule 3100 to establish rules to
comply with the requirements of the
Plan to Address Extraordinary Market
Volatility submitted to the Commission
pursuant to Rule 608 of Regulation
NMS.
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, at
the Commission’s Public Reference
Room, and on the Commission’s Web
site at https://www.sec.gov.
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
The Exchange proposes to amend
Exchange Rule 3100 to establish rules to
comply with the requirements of the
Plan to Address Extraordinary Market
Volatility submitted to the Commission
pursuant to Rule 608 of Regulation NMS
under the Act (the ‘‘Plan’’).3
Background
Since May 6, 2010, when the markets
experienced excessive volatility in an
abbreviated time period, i.e., the ‘‘flash
crash,’’ the equities exchanges and
FINRA have implemented market-wide
measures designed to restore investor
confidence by reducing the potential for
excessive market volatility. Among the
measures adopted include pilot plans
for stock-by-stock trading pauses 4 and
3 See Securities Exchange Act Release No. 68953
(Feb. 20, 2013) (Notice of Filing and Immediate
Effectiveness of the Second Amendment to the
National Market System Plan to Address
Extraordinary Market Volatility, File No. 4–631).
4 See, e.g., PSX Rule 3100.
E:\FR\FM\28MRN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 60 (Thursday, March 28, 2013)]
[Notices]
[Pages 19029-19031]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-07191]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69215; File No. S7-24-89]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment No. 27 to the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS
Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange,
Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX
Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX
PHLX LLC, Nasdaq Stock Market LLC, National Stock Exchange, Inc., New
York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc.
March 22, 2013.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on March 22, 2013, the operating committee (``Operating Committee'' or
``Committee'') \3\ of the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation, and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan''
or ``Plan'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan.\4\ This
[[Page 19030]]
amendment represents Amendment No. 27 (``Amendment'') to the Plan and
proposes to revise the metric by which the Participants calculate the
annual increase in the Enterprise Maximum. Pursuant to Rule
608(b)(3)(i) under the Act, the Participants designated the Amendment
as establishing or changing a fee or other charge collected on behalf
of all of the Participants in connection with access to, or use of, the
facilities contemplated by the Amendment. As a result, the Amendment
has been put into effect upon filing with the Commission. At any time
within 60 days of the filing of the Amendment, the Commission may
summarily abrogate the Amendment and require that the Amendment be
refiled in accordance with paragraph (a)(1) of Rule 608 and reviewed in
accordance with paragraph (b)(2) of Rule 608, if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or the maintenance of fair
and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system or otherwise in furtherance of
the purposes of the Act. The Commission is publishing this notice to
solicit comments from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The Plan Participants (collectively, ``Participants'') are
the: BATS Exchange, Inc.; BATS Y-Exchange, Inc.; Chicago Board
Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA
Exchange, Inc.; EDGX Exchange, Inc.; Financial Industry Regulatory
Authority, Inc.; International Securities Exchange LLC; NASDAQ OMX
BX, Inc.; NASDAQ OMX PHLX LLC; Nasdaq Stock Market LLC; National
Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE MKT LLC; and
NYSE Arca, Inc.
\4\ The Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation information and
transaction reports in Eligible Securities for each of its
Participants. This consolidated information informs investors of the
current quotation and recent trade prices of Nasdaq securities. It
enables investors to ascertain from one data source the current
prices in all the markets trading Nasdaq securities. The Plan serves
as the required transaction reporting plan for its Participants,
which is a prerequisite for their trading Eligible Securities. See
Securities Exchange Act Release No. 55647 (April 19, 2007) 72 FR
20891 (April 26, 2007).
---------------------------------------------------------------------------
I. Rule 608(a)
A. Purpose of the Amendments
The Participants propose to revise the metric by which the
Participants calculate the annual increase in the Enterprise Maximum.
Paragraph (e) of Exhibit 2 to the Plan provides that an entity that
is registered as a broker/dealer under the Securities Exchange Act of
1934 is not required to pay more than the ``Enterprise Maximum'' for
any month for each entitlement system. The ``Enterprise Maximum''
equals the aggregate amount of fees payable for distribution of UTP
Level 1 Service to nonprofessional subscribers that are brokerage
account customers of the broker/dealer. Paragraph (e) provides that the
Enterprise Maximum shall increase by the ``Annual Increase Amount''
each year.
Currently, the ``Annual Increase Amount'' for any calendar year
equals the percentage increase in the annual composite share volume for
the preceding calendar year, subject to a maximum annual increase of
five percent; provided, however, that the Participants may determine to
waive the ``Annual Increase Amount'' for any calendar year.
In this amendment, the Participants propose to change the
methodology for calculating the ``Annual Increase Amount.'' For each
calendar year, the proposed formulation would permit an increase in the
monthly enterprise maximum provided that no such annual increase could
exceed four percent of the then current Enterprise Maximum amount.
This proposed means for determining the increase in the broker-
dealer Enterprise Maximum would reduce the amount of any one year's
permissible increase from five percent to four percent and would better
reflect inflation than does the current means. The maximum four percent
increase is consistent with the average cost of living adjustment
(``COLA'') as published by the Social Security Administration for the
past 38 years.
The Participants adopted the Enterprise Maximum in 2010 and set it
at $600,000 for that year. It currently remains at $600,000. They
propose to increase the amount of the Enterprise Maximum by four
percent to $624,000, effective April 1, 2013. The number of firms
reaching the enterprise caps is minimal.
B. Governing or Constituent Documents
Not applicable.
C. Implementation of Amendment
All of the Participants have manifested their approval of the
proposed Amendment by means of their execution of the Amendment. The
Participants propose to make the rate changes effective as of April 1,
2013.
D. Development and Implementation Phases
Not applicable.
E. Analysis of Impact on Competition
The proposed Amendment does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Exchange Act.
The Participants in the NASDAQ/UTP Plan have not raised the amount
of the Enterprise Maximum since they first adopted it in 2010. The
change would affect a very small number of broker-dealers, as few firms
take advantage of the Enterprise Maximum.
In addition, the proposed change to the metric for calculating the
annual increase in the Enterprise Maximum is identical to the metric
that the Participants in the CTA and CQ Plans have adopted for their
enterprise maximums. As a result, this Amendment promotes consistency
in price structures among the national market system plans and would
make market data fees easier to administer.
In the Participants' view, the proposed fee schedule would allow
broker-dealers with large numbers of nonprofessional subscriber
brokerage account customers to contribute an appropriate amount for
their receipt and use of market data under the Plan. The proposed fee
change would provide for an equitable allocation of dues, fees, and
other charges among broker-dealers, vendors, end users and others
receiving and using market data made available under the Plans.
The Participants would apply the revised metric uniformly to all
broker-dealers qualifying for the Enterprise Maximum and do not believe
that the proposed change introduces terms that are unreasonably
discriminatory.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
The Participants have no written understandings or agreements
relating to interpretation of the Plan as a result of the Amendment.
G. Approval by Sponsors in Accordance With Plan
Each of the Plan's Participants has executed a written Amendment to
the Plan.
H. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
I. Terms and Conditions of Access
See Item A(1) above.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
The Participants believe that the proposed change to the metric for
calculating the annual increase in the Enterprise Maximum provides a
fair basis for taking inflation into account for the Enterprise
Maximum. They believe it is fair and reasonable and provides for an
equitable allocation of dues, fees, and other charges among vendors,
data recipients and other persons using the Participants' facilities.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
[[Page 19031]]
II. Rule 601(a)
A. Equity Securities for Which Transaction Reports Shall Be Required by
the Plan
Not applicable.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
Not applicable.
G. Terms of Access to Transaction Reports
Not applicable.
H. Identification of Marketplace of Execution
Not Applicable.
III. Solicitation of Comments
The Commission seeks general comments on Amendment No. 27.
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal 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 S7-24-89 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number S7-24-89. 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 Web site (https://www.sec.gov/rules/sro.shtml). Copies of
the submission, all written statements with respect to the proposed
Plan Amendment that are filed with the Commission, and all written
communications relating to the proposed Plan Amendment 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 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 Web
site viewing and printing at the Office of the Secretary of the
Committee, currently located at the CBOE, 400 S. LaSalle Street,
Chicago, IL 60605. 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 S7-24-
89 and should be submitted on or before April 18, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(27).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-07191 Filed 3-27-13; 8:45 am]
BILLING CODE 8011-01-P
