Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Acceptable Trade Range, 79055-79057 [2013-30939]
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Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices
prerequisite for participation on the
Exchange.
to determine whether the proposed rule
should be approved or disapproved.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. In fact, the
Exchange believes that the proposal will
have a positive effect on competition
because, by providing member
organizations with additional means to
monitor and control risk, the proposal
will increase confidence in the proper
functioning of the markets. The
Exchange believes the risk management
tools will assist member organizations
in managing their financial exposure
which, in turn, could enhance the
integrity of trading on the securities
markets and help to assure the stability
of the financial system. As a result, the
level of competition should increase as
public confidence in the markets is
solidified.
IV. Solicitation of Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
tkelley on DSK3SPTVN1PROD with NOTICES
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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6) 10
thereunder.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
10 17
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23:48 Dec 26, 2013
Jkt 232001
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:
• 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–NYSEMKT–2013–102 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–NYSEMKT–2013–102. 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–
NYSEMKT–2013–102 and should be
submitted on or before January 17, 2014.
Frm 00246
Fmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–30965 Filed 12–26–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 71158; File No. SR–NASDAQ–
2013–158]
Electronic Comments
PO 00000
79055
Sfmt 4703
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Acceptable Trade Range
December 20, 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
16, 2013, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) 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 NASDAQ. 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
NASDAQ proposes to delay the
implementation of a recent proposed
amendment to rule text related to
Acceptable Trade Range.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaq.cchwall
street.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
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\27DEN1.SGM
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79056
Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices
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
tkelley on DSK3SPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to delay the implementation
of a recent proposed amendment to rule
text in Chapter VI, Section 10 entitled
‘‘Book Processing’’ to add additional
rule text regarding Acceptable Trade
Range. The Acceptable Trade Range
enhancements would be implemented
as of December 23, 2013.3 At this time,
the Exchange needs additional time to
implement the applicable technology.
Accordingly, the Exchange seeks to be
able to implement the changes in
January 2014. The Exchange will
announce the specific date in advance
through an Options Trader Alert.
The Acceptable Trade Range is a
mechanism to prevent the system 4 [sic]
from experiencing dramatic price
swings by creating a level of protection
that prevents the market from moving
beyond set thresholds. The thresholds
consist of a Reference Price plus (minus)
set dollar amounts based on the nature
of the option and the premium of the
option.
With the rule amendment, the System
will calculate an Acceptable Trade
Range by taking the reference price, plus
or minus a value to be determined by
the Exchange. (i.e., the reference price—
(x) for sell orders and the reference price
+ (x) for buy orders).5 Upon receipt of
a new order, the reference price is the
National Best Bid (NBB) for sell orders
and the National Best Offer (NBO) for
buy orders or the last price at which the
order is posted whichever is higher for
a buy order or lower for a sell order. If
an order reaches the outer limit of the
Acceptable Trade Range (the
‘‘Threshold Price’’) without being fully
executed, it will be posted at the
Threshold Price for a brief period, not
to exceed one second (‘‘Posting
Period’’), to allow more liquidity to be
collected. Upon posting, either the
current Threshold Price of the order or
an updated NBB for buy orders or the
NBO for sell orders (whichever is higher
for a buy order/lower for a sell order)
3 Securities Exchange Act Release No. 70985
(December 4, 2013), 78 FR 74206, (December 10,
2013) (SR–NASDAQ–2013–145).
4 The term ‘‘System’’ shall mean the automated
System for order execution and trade reporting
owned and operated by The Nasdaq Options Market
LLC. See NOM Rules at Chapter VI, Section 1(a).
5 The Acceptable Trade Range settings are tied to
the option premium.
VerDate Mar<15>2010
23:48 Dec 26, 2013
Jkt 232001
then becomes the reference price for
calculating a new Acceptable Trade
Range. If the order remains unexecuted,
a new Acceptable Trade Range will be
calculated and the order will execute,
route, or post up to the new Acceptable
Trade Range Threshold Price. Today,
this process will repeat until either (i)
the order/quote is executed, cancelled,
or posted at its limit price or (ii) the
order has been subject to a configurable
number of instances of the Acceptable
Trade Range as determined by the
Exchange.6 Once the maximum number
of instances has been reached, the order
is returned.
The Exchange posts a maximum
number of Acceptable Trade Range
iterations, until the order is cancelled
on its Trading System Settings page
located on the NASDAQTrader.com
Web site.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
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 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 by enhancing the ATR
[sic] to make the Exchange’s markets
more efficient, to the benefit of the
investing public. Although the
Exchange needs additional time to
finalize the enhancements, the delay is
expected to be short and will involve
advance notice to the Exchange
membership.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes this proposed
rule change would provide NOM
Participants greater certainty when
transacting orders on the Exchange and
continue to reduce the negative impacts
of sudden, unanticipated volatility in
and enhance the price-discovery
process.
6 NOM Participants may elect to have their orders
cancelled by the System after the first iteration.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00247
Fmt 4703
Sfmt 4703
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6)(iii)
thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 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 immediately upon
filing. The Commission notes that
waiver of the operative delay would
permit the Exchange to delay the
implementation of a recent proposed
amendment to rule text related to
Acceptable Trade Range.
Under the proposal, the Exchange
would delay the implementation of the
Acceptable Trade Range rule text
changes from December 23, 2013, to
January on a specific date to be
announced in advance through an
Options Trader Alert. The Exchange
represents that a waiver of the 30-day
operative delay is necessary and
appropriate to ensure that the
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
11 15 U.S.C. 78s(b)(3)(A)
12 17 CFR 240.19b–4(f)(6)(iii).
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
10 17
E:\FR\FM\27DEN1.SGM
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Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices
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–
NASDAQ–2013–158 and should be
submitted on or before January 17, 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.17
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–2013–158 on the
subject line.
tkelley on DSK3SPTVN1PROD with NOTICES
technology for the changes is ready for
implementation. The Exchange further
represents that the delay will be short
and that it will provide advance notice
of the implementation date to its
membership. Based on the Exchange’s
representations, the Commission waives
the 30-day operative delay requirement
and designates the proposed rule change
as operative upon filing.15
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 16 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
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–NASDAQ–2013–158. 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
15 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
16 15 U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
23:48 Dec 26, 2013
Jkt 232001
[FR Doc. 2013–30939 Filed 12–26–13; 8:45 am]
BILLING CODE 8011–01–P
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that the objects to be
included in the exhibition ‘‘Treasures
from Korea: Arts and Culture of the
Joseon Dynasty, 1392–1910,’’ imported
from abroad for temporary exhibition
within the United States, are of cultural
significance. The objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at the Philadelphia
Museum of Art, Philadelphia, PA, from
SUMMARY:
PO 00000
CFR 200.30–3(a)(12).
Frm 00248
Fmt 4703
on or about March 2, 2014, until on or
about May 26, 2014; the Los Angeles
County Museum of Art, Los Angeles,
CA, from on or about June 29, 2014,
until on or about September 28, 2014;
the Museum of Fine Arts, Houston, TX,
from on or about November 11, 2014,
until on or about January 11, 2015, and
at possible additional exhibitions or
venues yet to be determined, is in the
national interest. I have ordered that
Public Notice of these Determinations
be published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: 202–632–6467). The
mailing address is U.S. Department of
State, SA–5, L/PD, Fifth Floor (Suite
5H03), Washington, DC 20522–0505.
Dated: December 20, 2013.
Evan M. Ryan,
Assistant Secretary, Bureau of Educational
and Cultural Affairs, Department of State.
[FR Doc. 2013–31090 Filed 12–26–13; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
[Public Notice 8575]
Public Notice; Culturally Significant
Objects Imported for Exhibition
Determinations: ‘‘Treasures from
Korea: Arts and Culture of the Joseon
Dynasty, 1392–1910’’
17 17
79057
Sfmt 4703
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Gauguin: Metamorphoses’’
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, and Delegation of
Authority No. 236–3 of August 28, 2000,
I hereby determine that the objects to be
included in the exhibition, ‘‘Gauguin:
Metamorphoses,’’ imported from abroad
for temporary exhibition within the
United States, are of cultural
significance. The objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at the Museum of
Modern Art, New York, New York, from
on or about March 8, 2014, until on or
about June 8, 2014, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. I have ordered that Public
Notice of these Determinations be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
SUMMARY:
E:\FR\FM\27DEN1.SGM
27DEN1
Agencies
[Federal Register Volume 78, Number 249 (Friday, December 27, 2013)]
[Notices]
[Pages 79055-79057]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30939]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 71158; File No. SR-NASDAQ-2013-158]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Acceptable Trade Range
December 20, 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 16, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') 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 NASDAQ. 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
NASDAQ proposes to delay the implementation of a recent proposed
amendment to rule text related to Acceptable Trade Range.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaq.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
[[Page 79056]]
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 the proposed rule change is to delay the
implementation of a recent proposed amendment to rule text in Chapter
VI, Section 10 entitled ``Book Processing'' to add additional rule text
regarding Acceptable Trade Range. The Acceptable Trade Range
enhancements would be implemented as of December 23, 2013.\3\ At this
time, the Exchange needs additional time to implement the applicable
technology. Accordingly, the Exchange seeks to be able to implement the
changes in January 2014. The Exchange will announce the specific date
in advance through an Options Trader Alert.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 70985 (December 4,
2013), 78 FR 74206, (December 10, 2013) (SR-NASDAQ-2013-145).
---------------------------------------------------------------------------
The Acceptable Trade Range is a mechanism to prevent the system \4\
[sic] from experiencing dramatic price swings by creating a level of
protection that prevents the market from moving beyond set thresholds.
The thresholds consist of a Reference Price plus (minus) set dollar
amounts based on the nature of the option and the premium of the
option.
---------------------------------------------------------------------------
\4\ The term ``System'' shall mean the automated System for
order execution and trade reporting owned and operated by The Nasdaq
Options Market LLC. See NOM Rules at Chapter VI, Section 1(a).
---------------------------------------------------------------------------
With the rule amendment, the System will calculate an Acceptable
Trade Range by taking the reference price, plus or minus a value to be
determined by the Exchange. (i.e., the reference price--(x) for sell
orders and the reference price + (x) for buy orders).\5\ Upon receipt
of a new order, the reference price is the National Best Bid (NBB) for
sell orders and the National Best Offer (NBO) for buy orders or the
last price at which the order is posted whichever is higher for a buy
order or lower for a sell order. If an order reaches the outer limit of
the Acceptable Trade Range (the ``Threshold Price'') without being
fully executed, it will be posted at the Threshold Price for a brief
period, not to exceed one second (``Posting Period''), to allow more
liquidity to be collected. Upon posting, either the current Threshold
Price of the order or an updated NBB for buy orders or the NBO for sell
orders (whichever is higher for a buy order/lower for a sell order)
then becomes the reference price for calculating a new Acceptable Trade
Range. If the order remains unexecuted, a new Acceptable Trade Range
will be calculated and the order will execute, route, or post up to the
new Acceptable Trade Range Threshold Price. Today, this process will
repeat until either (i) the order/quote is executed, cancelled, or
posted at its limit price or (ii) the order has been subject to a
configurable number of instances of the Acceptable Trade Range as
determined by the Exchange.\6\ Once the maximum number of instances has
been reached, the order is returned.
---------------------------------------------------------------------------
\5\ The Acceptable Trade Range settings are tied to the option
premium.
\6\ NOM Participants may elect to have their orders cancelled by
the System after the first iteration.
---------------------------------------------------------------------------
The Exchange posts a maximum number of Acceptable Trade Range
iterations, until the order is cancelled on its Trading System Settings
page located on the NASDAQTrader.com Web site.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ 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 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 by enhancing the ATR [sic] to make
the Exchange's markets more efficient, to the benefit of the investing
public. Although the Exchange needs additional time to finalize the
enhancements, the delay is expected to be short and will involve
advance notice to the Exchange membership.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. The Exchange believes this proposed rule change would provide
NOM Participants greater certainty when transacting orders on the
Exchange and continue to reduce the negative impacts of sudden,
unanticipated volatility in and enhance the price-discovery process.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
\11\ 15 U.S.C. 78s(b)(3)(A)
\12\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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 immediately upon filing. The Commission notes that
waiver of the operative delay would permit the Exchange to delay the
implementation of a recent proposed amendment to rule text related to
Acceptable Trade Range.
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
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Under the proposal, the Exchange would delay the implementation of
the Acceptable Trade Range rule text changes from December 23, 2013, to
January on a specific date to be announced in advance through an
Options Trader Alert. The Exchange represents that a waiver of the 30-
day operative delay is necessary and appropriate to ensure that the
[[Page 79057]]
technology for the changes is ready for implementation. The Exchange
further represents that the delay will be short and that it will
provide advance notice of the implementation date to its membership.
Based on the Exchange's representations, the Commission waives the 30-
day operative delay requirement and designates the proposed rule change
as operative upon filing.\15\
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\15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\16\ 15 U.S.C. 78s(b)(2)(B).
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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-2013-158 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-2013-158. 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-NASDAQ-2013-158 and should
be submitted on or before January 17, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-30939 Filed 12-26-13; 8:45 am]
BILLING CODE 8011-01-P