Self-Regulatory Organizations; Topaz Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Market Data Offerings, 77545-77547 [2013-30439]

Download as PDF Federal Register / Vol. 78, No. 246 / Monday, December 23, 2013 / Notices 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 investors and the public interest. In the Approval Order, the Commission found that Rule 4626(b)(3) is consistent with the Act because it ‘‘sets forth objective and transparent processes to determine eligible claims and how such claims would be paid to Nasdaq members that elect to participate in the accommodation plan.’’ The Commission further determined that providing compensation pursuant to the rule would be in the public interest and that the rule would encourage members to compensate their customers. Similarly, Nasdaq believes that this proposed rule change is consistent with the Act because it will allow Nasdaq to accomplish the approved objectives of the Rule 4626(b)(3) through final payment of eligible claims. As described above, FINRA, in its role as a neutral third party, has conducted an exhaustive analysis of submitted claims, measuring relevant data against the rule’s objective benchmarks to ascertain the value of each member’s claims, and Nasdaq has reviewed and concurs in FINRA’s analysis. Based on this analysis, and subject to completion by claimants of the remaining conditions to payment, Nasdaq will be able to pay the full amount of valid claims immediately upon the expiration of the 60-day time period during which this filing is subject to suspension by the Commission. tkelley on DSK3SPTVN1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the proposed rule change does not relate to the provision of goods or services, nor does it impose regulatory restrictions on the ability of members to compete. Accordingly, the change does not affect competition in any respect. 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 VerDate Mar<15>2010 18:12 Dec 20, 2013 Jkt 232001 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 18 and subparagraph (f)(6) of Rule 19b–4 thereunder.19 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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–2013–152 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–2013–152. 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 20549–1090, 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– NASDAQ–2013–152, and should be submitted on or before January 13, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–30448 Filed 12–20–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71087; File No. SR–Topaz2013–17] Self-Regulatory Organizations; Topaz Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Market Data Offerings December 17, 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 December 5, 2013, Topaz Exchange LLC (d/b/a ISE Gemini) (the ‘‘Exchange’’ or ‘‘Topaz’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. Topaz has designated the proposed rule change as constituting a ‘‘non-controversial’’ rule change under paragraph (f)(6) of Rule 19b-4 under the Act,3 which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 20 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 1 15 18 15 19 17 PO 00000 U.S.C. 78s(b)(3)(a)(ii). CFR 240.19b–4(f)(6). Frm 00129 Fmt 4703 Sfmt 4703 77545 E:\FR\FM\23DEN1.SGM 23DEN1 77546 Federal Register / Vol. 78, No. 246 / Monday, December 23, 2013 / Notices Order Feed 2. Statutory Basis A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The Order Feed provides real-time updates to subscribers every time a new limit order that is not immediately executable at the BBO is placed on the Topaz order book. The Order Feed also announces the commencement of auctions including Flash, Facilitation, Solicitation, Block Order and Price Improvement Mechanisms, as well as Directed Orders, but does not include Immediate or Cancel (‘‘IOC’’) or Fill or Kill (‘‘FOK’’) orders, quotes, or any nondisplayed interest. The information included on the Order Feed includes auction type, order side (i.e., buy/sell), order price, order size, and a market participant (e.g., priority customer) indicator, as well as details for each instrument series, including the symbols (series and underlying security), put or call indicator, the expiration date, and the strike price of the series. While the Options Price Reporting Authority (‘‘OPRA’’) feed, as well as the Top Quote and Depth Feeds each provide aggregated order and quote information, the Order Feed provides each individual limit order, not including quote traffic, resulting in lower bandwidth usage and less data for subscribers to process. 1. Purpose Top Quote & Depth Feeds The purpose of this proposed rule change is to establish three market data offerings: the Topaz order feed (‘‘Order Feed’’), the Topaz top quote feed (‘‘Top Quote Feed’’), and the Topaz depth of market raw data feed (‘‘Depth Feed’’). The Order Feed provides real-time data on every order that rests on the Topaz order book. The Top Quote Feed provides real-time aggregated volume of all quotes and orders at the top price level on the Exchange, i.e., the Best Bid or Offer (‘‘BBO’’). Finally, the Depth Feed provides real-time aggregated volume of all quotes and orders available at each of the top five price levels on the Exchange. Each of these market data feeds is described in greater detail below. The feeds provide valuable information that can help subscribers make informed investment decisions, and operate in the same manner as feeds offered by the International Securities Exchange, LLC (‘‘ISE’’). Each of these feeds is available to members and nonmembers, and to both professional and non-professional subscribers. The Exchange will submit a separate proposal to establish fees for these market data offerings, which will be provided to market participants for free until such fees are adopted. The Top Quote and Depth Feeds are each real-time market data feeds that aggregate non-marketable, displayed quotes and orders on the Exchange on both the bid and offer side of the market. The Top Quote Feed provides aggregate quotes and orders at the top price level on the Exchange, and provides subscribers with a consolidated view of tradable prices at the BBO or ‘‘top of book.’’ The Depth Feed, on the other hand, provides aggregate quotes and orders at the top five price levels on the Exchange, and provides subscribers with a consolidated view of tradable prices beyond the BBO, showing additional liquidity and enhancing transparency for Topaz traded options. The data provided for each instrument includes the symbols (series and underlying security), put or call indicator, expiration date, the strike price of the series, and trading status. In addition, subscribers are provided with total quantity, customer quantity (if present), price, and side (i.e., bid/ask). This information is provided for the top price level on the Top Quote Feed, and for each of the five indicated price levels on the Depth Feed. The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’),4 in general and with Section 6(b)(5) of the Act,5 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. In adopting Regulation NMS, the Commission granted self-regulatory organizations and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. The Exchange believes that this proposal is in keeping with those principles by promoting increased transparency through the dissemination of more useful proprietary data and also by clarifying its availability to market participants. Additionally, the Exchange is making a voluntary decision to make this data available as it is not required to furnish this data under the Act. The Exchange chooses to make the data available as proposed in order to improve market quality, to attract order flow, and to increase transparency. The Exchange notes that the data provided on each of these feeds is the same as data provided by the ISE with respect to options traded on that exchange. The Exchange believes that is in the public interest to make similar information available with respect to options traded on Topaz. The Order, Top Quote, and Depth Feeds are each designed to promote just and equitable principles of trade by providing all subscribers with data that should enable them to make informed decisions on trading in Topaz options by using the data to assess current market conditions that directly affect such decisions. The market data provided by each of these feeds removes impediments to, and is designed to further perfect, the mechanisms of a free and open market and a national market system by making the Topaz market I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Topaz is proposing is proposing [sic] to establish certain market data offerings. The proposed rule change is available on the Exchange’s Internet Web site at https://www.ise.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 tkelley on DSK3SPTVN1PROD with NOTICES 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 self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. VerDate Mar<15>2010 18:12 Dec 20, 2013 Jkt 232001 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 4 15 5 15 E:\FR\FM\23DEN1.SGM U.S.C. 78f. U.S.C. 78f(b)(5). 23DEN1 Federal Register / Vol. 78, No. 246 / Monday, December 23, 2013 / Notices more transparent and accessible to market participants making routing decisions concerning their options orders. The market data products are also designed to protect investors and the public interest by providing data to subscribers that is already currently available on other exchanges, and will enable Topaz to compete with such other exchanges, thereby offering market participants with additional data in order to seek the market center with the best price and the most liquidity on which to execute their transactions, all to the benefit of investors and the public interest, and to the marketplace as a whole. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes that the proposed market data products will enhance competition in the U.S. options markets by providing similar data to that which is currently provided on other options exchanges. The Exchange believes that each of these market data feeds will help attract new users and new order flow to the Exchange, thereby improving the Exchange’s ability to compete in the market for options order flow and executions. tkelley on DSK3SPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. 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 6 and Rule 19b4(f)(6) thereunder.7 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b-4(f)(6). In addition, Rule 19b4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief 7 17 VerDate Mar<15>2010 18:12 Dec 20, 2013 Jkt 232001 77547 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. 10:00 a.m. and 3:00 p.m. Copies of the 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-Topaz2013–17 and should be submitted on or before January 13, 2014. 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.8 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-Topaz-2013–17 on the subject line. DEPARTMENT OF STATE 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-Topaz-2013–17. 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 description and 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 Exchange has satisfied this requirement. PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 [FR Doc. 2013–30439 Filed 12–20–13; 8:45 am] BILLING CODE 8011–01–P [Public Notice 8565] 30-Day Notice of Proposed Information Collection: Voluntary Disclosures Notice of request for public comment and submission to the Office of Management and Budget of proposed collection of information. ACTION: The Department of State has submitted the information collection described below to the Office of Management and Budget (OMB) for approval. In accordance with the Paperwork Reduction Act of 1995, we are requesting comments on this collection from all interested individuals and organizations. The purpose of this notice is to allow 30 days for public comment. DATES: Submit comments directly to OMB up to January 22, 2014. ADDRESSES: Direct comments to the Department of State Desk Officer in the Office of Information and Regulatory Affairs at OMB. You may submit comments by the following methods: • Email: oira_submission@ omb.eop.gov. You must include the DS form number, information collection title, and OMB control number in the subject line of your message. • Fax: 202–395–5806. Attention: Desk Officer for Department of State. FOR FURTHER INFORMATION CONTACT: Direct requests for additional information to Mr. Nicholas Memos, PM/DDTC, SA–1, 12th Floor, Directorate of Defense Trade Controls, Bureau of Political-Military Affairs, U.S. Department of State, Washington, DC, 20522–0112, who may be reached via SUMMARY: 8 17 E:\FR\FM\23DEN1.SGM CFR 200.30–3(a)(12). 23DEN1

Agencies

[Federal Register Volume 78, Number 246 (Monday, December 23, 2013)]
[Notices]
[Pages 77545-77547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30439]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71087; File No. SR-Topaz-2013-17]


Self-Regulatory Organizations; Topaz Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Related to 
Market Data Offerings

December 17, 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 December 5, 2013, Topaz Exchange LLC (d/b/a ISE Gemini) (the 
``Exchange'' or ``Topaz'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
Topaz has designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under 
the Act,\3\ which renders the proposal effective upon receipt of this 
filing by the Commission. 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.
    \3\ 17 CFR 240.19b-4(f)(6).

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

[[Page 77546]]

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

    Topaz is proposing is proposing [sic] to establish certain market 
data offerings. The proposed rule change is available on the Exchange's 
Internet Web site at https://www.ise.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 self-regulatory organization 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 purpose of this proposed rule change is to establish three 
market data offerings: the Topaz order feed (``Order Feed''), the Topaz 
top quote feed (``Top Quote Feed''), and the Topaz depth of market raw 
data feed (``Depth Feed'').
    The Order Feed provides real-time data on every order that rests on 
the Topaz order book. The Top Quote Feed provides real-time aggregated 
volume of all quotes and orders at the top price level on the Exchange, 
i.e., the Best Bid or Offer (``BBO''). Finally, the Depth Feed provides 
real-time aggregated volume of all quotes and orders available at each 
of the top five price levels on the Exchange. Each of these market data 
feeds is described in greater detail below. The feeds provide valuable 
information that can help subscribers make informed investment 
decisions, and operate in the same manner as feeds offered by the 
International Securities Exchange, LLC (``ISE''). Each of these feeds 
is available to members and non-members, and to both professional and 
non-professional subscribers. The Exchange will submit a separate 
proposal to establish fees for these market data offerings, which will 
be provided to market participants for free until such fees are 
adopted.
Order Feed
    The Order Feed provides real-time updates to subscribers every time 
a new limit order that is not immediately executable at the BBO is 
placed on the Topaz order book. The Order Feed also announces the 
commencement of auctions including Flash, Facilitation, Solicitation, 
Block Order and Price Improvement Mechanisms, as well as Directed 
Orders, but does not include Immediate or Cancel (``IOC'') or Fill or 
Kill (``FOK'') orders, quotes, or any non-displayed interest. The 
information included on the Order Feed includes auction type, order 
side (i.e., buy/sell), order price, order size, and a market 
participant (e.g., priority customer) indicator, as well as details for 
each instrument series, including the symbols (series and underlying 
security), put or call indicator, the expiration date, and the strike 
price of the series. While the Options Price Reporting Authority 
(``OPRA'') feed, as well as the Top Quote and Depth Feeds each provide 
aggregated order and quote information, the Order Feed provides each 
individual limit order, not including quote traffic, resulting in lower 
bandwidth usage and less data for subscribers to process.
Top Quote & Depth Feeds
    The Top Quote and Depth Feeds are each real-time market data feeds 
that aggregate non-marketable, displayed quotes and orders on the 
Exchange on both the bid and offer side of the market. The Top Quote 
Feed provides aggregate quotes and orders at the top price level on the 
Exchange, and provides subscribers with a consolidated view of tradable 
prices at the BBO or ``top of book.'' The Depth Feed, on the other 
hand, provides aggregate quotes and orders at the top five price levels 
on the Exchange, and provides subscribers with a consolidated view of 
tradable prices beyond the BBO, showing additional liquidity and 
enhancing transparency for Topaz traded options. The data provided for 
each instrument includes the symbols (series and underlying security), 
put or call indicator, expiration date, the strike price of the series, 
and trading status. In addition, subscribers are provided with total 
quantity, customer quantity (if present), price, and side (i.e., bid/
ask). This information is provided for the top price level on the Top 
Quote Feed, and for each of the five indicated price levels on the 
Depth Feed.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Securities Exchange Act of 1934 
(the ``Act''),\4\ in general and with Section 6(b)(5) of the Act,\5\ 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.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In adopting Regulation NMS, the Commission granted self-regulatory 
organizations and broker-dealers increased authority and flexibility to 
offer new and unique market data to the public. It was believed that 
this authority would expand the amount of data available to consumers, 
and also spur innovation and competition for the provision of market 
data. The Exchange believes that this proposal is in keeping with those 
principles by promoting increased transparency through the 
dissemination of more useful proprietary data and also by clarifying 
its availability to market participants.
    Additionally, the Exchange is making a voluntary decision to make 
this data available as it is not required to furnish this data under 
the Act. The Exchange chooses to make the data available as proposed in 
order to improve market quality, to attract order flow, and to increase 
transparency. The Exchange notes that the data provided on each of 
these feeds is the same as data provided by the ISE with respect to 
options traded on that exchange. The Exchange believes that is in the 
public interest to make similar information available with respect to 
options traded on Topaz.
    The Order, Top Quote, and Depth Feeds are each designed to promote 
just and equitable principles of trade by providing all subscribers 
with data that should enable them to make informed decisions on trading 
in Topaz options by using the data to assess current market conditions 
that directly affect such decisions. The market data provided by each 
of these feeds removes impediments to, and is designed to further 
perfect, the mechanisms of a free and open market and a national market 
system by making the Topaz market

[[Page 77547]]

more transparent and accessible to market participants making routing 
decisions concerning their options orders.
    The market data products are also designed to protect investors and 
the public interest by providing data to subscribers that is already 
currently available on other exchanges, and will enable Topaz to 
compete with such other exchanges, thereby offering market participants 
with additional data in order to seek the market center with the best 
price and the most liquidity on which to execute their transactions, 
all to the benefit of investors and the public interest, and to the 
marketplace as a whole.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. On the contrary, the 
Exchange believes that the proposed market data products will enhance 
competition in the U.S. options markets by providing similar data to 
that which is currently provided on other options exchanges. The 
Exchange believes that each of these market data feeds will help 
attract new users and new order flow to the Exchange, thereby improving 
the Exchange's ability to compete in the market for options order flow 
and executions.

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

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

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 \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and 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 Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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-Topaz-2013-17 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-Topaz-2013-17. 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 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-Topaz-2013-17 and should be 
submitted on or before January 13, 2014.
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-30439 Filed 12-20-13; 8:45 am]
BILLING CODE 8011-01-P
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