Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make a Clerical Correction to the Nasdaq Rulebook, 35652-35653 [2013-13998]
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Federal Register / Vol. 78, No. 114 / Thursday, June 13, 2013 / Notices
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
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 SR–CBOE–2013–060 on the
subject line.
[Release No. 34–69712; File No. SR–
NASDAQ–2013–076]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Make a
Clerical Correction to the Nasdaq
Rulebook
June 6, 2013.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
tkelley on DSK3SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–CBOE–2013–060. 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 such
filing also will be available for
inspection and copying at the principal
offices 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–
2013–060, and should be submitted on
or before July 5, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14000 Filed 6–12–13; 8:45 am]
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 28,
2013, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make a
clerical correction to the Nasdaq
rulebook.
The text of the proposed rule change
is below; proposed new language is
italicized; proposed deletions are in
brackets.
*
*
*
*
*
4120. Limit Up-Limit Down Plan and
Trading Halts
(a) No Change
(b) No Change
(c) Procedure for Initiating a Trading
Halt
(1)–(6) No Change
(7)(A) No Change
(B) A trading halt initiated under Rule
4120(a)(7) shall be terminated when
Nasdaq releases the security for trading.
Prior to terminating the halt, there will
be a 15-minute Display Only Period
during which market participants may
enter quotes and orders in that security
in Nasdaq systems. In addition,
beginning at [7]4:00 a.m., market
participants may enter Market Hours
Day Orders in a security that is the
subject of an Initial Public Offering on
Nasdaq and designate such orders to be
held until the beginning of the Display
Only Period, at which time they will be
entered into the system. At the
conclusion of the 15-minute Display
Only Period, the security shall be
released for trading unless Nasdaq
BILLING CODE 8011–01–P
1 15
12 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:58 Jun 12, 2013
2 17
Jkt 229001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00051
Fmt 4703
Sfmt 4703
extends the Display Only Period for up
to six additional 5-minute Display Only
Periods pursuant to subparagraph (C) or
(D) below. At the conclusion of the
Display Only Period(s), there shall be an
additional delay of between zero and 15
seconds (randomly selected) and then
trading shall resume pursuant to Rule
4753.
(C)–(D) No Change
*
*
*
*
*
(b) Not applicable.
(c) Not applicable.
*
*
*
*
*
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
On March 5, 2013, the Exchange filed
a proposed rule change to extend the
pre-market hours of the Exchange to
4:00 a.m. EST, from the current opening
time of 7:00 a.m. EST (the ‘‘4 a.m.
Filing’’).3 The changes proposed in that
filing became operative on March 18,
2013. The change to the text of rule
4120(c)(7)(B) was inadvertently omitted
from that filing. The purpose of this
filing is to change the reference to ‘‘7
a.m.’’ in rule 4120(c)(7)(B) to ‘‘4:00
a.m.’’ in order to make it consistent with
the other changes in the 4 a.m. Filing.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 4 in general, and furthers the
objectives of Section 6(b)(5) of the Act 5
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
3 See Securities Exchange Act Release No. 69151
(March 15, 2013), 78 FR 17464 (March 21, 2013)
(SR–NASDAQ–2013–033).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
E:\FR\FM\13JNN1.SGM
13JNN1
Federal Register / Vol. 78, No. 114 / Thursday, June 13, 2013 / Notices
investors and the public interest. The
original 4 a.m. Filing promoted this goal
by offering additional trading
opportunities to NASDAQ members that
desire them, without imposing burdens
on NASDAQ members that do not. This
proposal merely corrects a rule to make
it consistent with the previous filing.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. As in the
original filing, NASDAQ believes that
offering a competing early trading
session is pro-competitive in that it will
increase competition for order flow, for
execution services and for listings.
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 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)(ii) of the Act 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
A proposed rule change filed under
Rule 19b–4(f)(6) 8 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),9 the Commission
may 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
6 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(6). Pursuant to Rule 19b–
4(f)(6)(iii), the Exchange is required to provide 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. The
Commission has determined to waive the
requirement that NASDAQ provide the Commission
with written notice of its intent to file the proposed
rule change at least five business days prior to the
filing date.
8 17 CFR 240.19b–4(f)(6).
9 Rule 19b–4(f)(6)(iii).
tkelley on DSK3SPTVN1PROD with NOTICES
7 17
VerDate Mar<15>2010
16:58 Jun 12, 2013
Jkt 229001
35653
upon filing. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest
because the proposed rule change will
provide greater clarity and consistency
to NASDAQ’s rules applicable to trading
hours and does not negatively impact
the rights of any of the Exchange’s
members. For this reason, the
Commission designates the proposed
rule change to be operative upon
filing.10
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.
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 such
filing also will be available for
inspection and copying at the principal
offices of NASDAQ. 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–
NASDAQ–2013–076, and should be
submitted on or before July 5, 2013.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
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 SR–NASDAQ–2013–076 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
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 SR–NASDAQ–2013–076. 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
10 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).
PO 00000
Frm 00052
Fmt 4703
Sfmt 4703
[FR Doc. 2013–13998 Filed 6–12–13; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–69718; File No. SR–
NASDAQ–2012–117]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Withdrawal of Proposed Rule Change
With Respect to INAV Pegged Orders
for ETFs
June 7, 2013.
On October 2, 2012, The NASDAQ
Stock Market LLC (‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend NASDAQ Rule
4751(f)(4) to include a new Intraday Net
Asset Value (‘‘INAV’’) Pegged Order for
Exchange-Traded Funds (‘‘ETFs’’) where
the component stocks underlying the
ETFs are U.S. Component Stocks as
defined by Rule 5705(a)(1)(C) and
5705(b)(1)(D). The proposed rule change
was published for comment in the
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\13JNN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 114 (Thursday, June 13, 2013)]
[Notices]
[Pages 35652-35653]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-13998]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69712; File No. SR-NASDAQ-2013-076]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make a Clerical Correction to the Nasdaq Rulebook
June 6, 2013.
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 28, 2013, The NASDAQ Stock Market LLC (``Nasdaq'' 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.
---------------------------------------------------------------------------
\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 make a clerical correction to the Nasdaq
rulebook.
The text of the proposed rule change is below; proposed new
language is italicized; proposed deletions are in brackets.
* * * * *
4120. Limit Up-Limit Down Plan and Trading Halts
(a) No Change
(b) No Change
(c) Procedure for Initiating a Trading Halt
(1)-(6) No Change
(7)(A) No Change
(B) A trading halt initiated under Rule 4120(a)(7) shall be
terminated when Nasdaq releases the security for trading. Prior to
terminating the halt, there will be a 15-minute Display Only Period
during which market participants may enter quotes and orders in that
security in Nasdaq systems. In addition, beginning at [7]4:00 a.m.,
market participants may enter Market Hours Day Orders in a security
that is the subject of an Initial Public Offering on Nasdaq and
designate such orders to be held until the beginning of the Display
Only Period, at which time they will be entered into the system. At the
conclusion of the 15-minute Display Only Period, the security shall be
released for trading unless Nasdaq extends the Display Only Period for
up to six additional 5-minute Display Only Periods pursuant to
subparagraph (C) or (D) below. At the conclusion of the Display Only
Period(s), there shall be an additional delay of between zero and 15
seconds (randomly selected) and then trading shall resume pursuant to
Rule 4753.
(C)-(D) No Change
* * * * *
(b) Not applicable.
(c) Not applicable.
* * * * *
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
On March 5, 2013, the Exchange filed a proposed rule change to
extend the pre-market hours of the Exchange to 4:00 a.m. EST, from the
current opening time of 7:00 a.m. EST (the ``4 a.m. Filing'').\3\ The
changes proposed in that filing became operative on March 18, 2013. The
change to the text of rule 4120(c)(7)(B) was inadvertently omitted from
that filing. The purpose of this filing is to change the reference to
``7 a.m.'' in rule 4120(c)(7)(B) to ``4:00 a.m.'' in order to make it
consistent with the other changes in the 4 a.m. Filing.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 69151 (March 15,
2013), 78 FR 17464 (March 21, 2013) (SR-NASDAQ-2013-033).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \4\ in general, and furthers the objectives of Section
6(b)(5) of the Act \5\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect
[[Page 35653]]
investors and the public interest. The original 4 a.m. Filing promoted
this goal by offering additional trading opportunities to NASDAQ
members that desire them, without imposing burdens on NASDAQ members
that do not. This proposal merely corrects a rule to make it consistent
with the previous filing.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As in the original filing,
NASDAQ believes that offering a competing early trading session is pro-
competitive in that it will increase competition for order flow, for
execution services and for listings.
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 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)(ii) of the Act \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
\7\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii),
the Exchange is required to provide 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. The
Commission has determined to waive the requirement that NASDAQ
provide the Commission with written notice of its intent to file the
proposed rule change at least five business days prior to the filing
date.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \8\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\9\ the Commission may
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 upon filing. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest because the proposed rule change will
provide greater clarity and consistency to NASDAQ's rules applicable to
trading hours and does not negatively impact the rights of any of the
Exchange's members. For this reason, the Commission designates the
proposed rule change to be operative upon filing.\10\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6).
\9\ Rule 19b-4(f)(6)(iii).
\10\ 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-NASDAQ-2013-076 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 SR-NASDAQ-2013-076. 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 such filing also will be
available for inspection and copying at the principal offices of
NASDAQ. 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-
NASDAQ-2013-076, and should be submitted on or before July 5, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. 2013-13998 Filed 6-12-13; 8:45 am]
BILLING CODE 8011-01-P
