Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Options Regulatory Fee, 10591-10593 [2014-03970]
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Federal Register / Vol. 79, No. 37 / Tuesday, February 25, 2014 / Notices
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. The
Exchange believes that the proposed
rule change will facilitate the listing and
trading of an additional type of activelymanaged exchange-traded fund that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission shall: (a) By order
approve or disapprove such proposed
rule change, or (b) institute proceedings
to determine whether the proposed rule
change should be disapproved.
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 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–2014–019 and
should be submitted on or before March
18, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–03972 Filed 2–24–14; 8:45 am]
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–2014–019 on the subject line.
emcdonald on DSK67QTVN1PROD with NOTICES
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:
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Options Regulatory Fee
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2014–019. 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
VerDate Mar<15>2010
17:58 Feb 24, 2014
Jkt 232001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71570; File No. SR–
NASDAQ–2014–018]
February 19, 2014.
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 February
11, 2014, 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, II, and III, below, which Items
have been prepared by NASDAQ. The
29 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
10591
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 the Substance
of the Proposed Rule Change
NASDAQ proposes to modify Chapter
XV, entitled ‘‘Options Pricing,’’ at
Section 5 governing pricing for
NASDAQ members using the NASDAQ
Options Market (‘‘NOM’’), NASDAQ’s
facility for executing and routing
standardized equity and index options.
Specifically, NOM proposes to amend
its fees to specify the frequency with
which the Exchange may change the
Options Regulatory Fee (‘‘ORF’’).
While the changes proposed herein
are effective upon filing, the Exchange
has designated that the amendments be
operative on March 3, 2014.
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, 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. 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
NASDAQ proposes to amend its Rules
at Chapter XV, Section 5 to specify the
frequency with which the Exchange
may change the ORF. The ORF is
assessed by the Exchange on each
member for all options transactions
executed or cleared by the member that
are cleared by The Options Clearing
Corporation (‘‘OCC’’) in the customer
range (i.e., transactions that clear in the
customer account of the member’s
clearing firm at OCC) regardless of the
exchange on which the transaction
occurs.3 The fee is collected indirectly
3 NOM Participants who do not transact an
equities business on the NASDAQ Stock Market
LLC in a calendar year receive a refund of the fees
Continued
E:\FR\FM\25FEN1.SGM
25FEN1
10592
Federal Register / Vol. 79, No. 37 / Tuesday, February 25, 2014 / Notices
from members through their clearing
firms by OCC on behalf of the Exchange.
The dues and fees paid by members go
into the general funds of the Exchange,
a portion of which is used to help pay
the costs of regulation.
In response to feedback from market
participants requesting greater certainty
as to when ORF changes may occur, the
Exchange proposes to specify in the
Pricing Schedule that the Exchange may
only increase or decrease the ORF semiannually, and any such fee change will
be effective on the first business day of
February or August.4 In addition to
submitting a proposed rule change to
the Securities and Exchange
Commission (‘‘Commission’’) as
required by the Act to increase or
decrease the ORF, the Exchange will
notify participants via an Options
Trader Alert of any anticipated change
in the amount of the fee at least 30
calendar days prior to the effective date
of the change. The Exchange believes
that by providing guidance on the
timing of any changes to the ORF, the
Exchange would make it easier for
market participants to ensure their
systems are configured to properly
account for the ORF.
The proposed change is not intended
to address any other issues, and the
Exchange is not aware of any problems
that members would have in complying
with the proposed change.
2. Statutory Basis
emcdonald on DSK67QTVN1PROD with NOTICES
NASDAQ believes that the proposed
rule change is consistent with Section
6(b) of the Act,5 in general, and furthers
the objectives of Sections 6(b)(4) and (5)
of the Act,6 in particular, because it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members, issuers and other
persons using its facilities and does not
unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange believes that the
proposed change to limit changes to the
ORF to twice a year on specific dates
with advance notice is reasonable
because it will give market participants
certainty on the timing of changes, if
specified in Rule 7003(b) upon written notification
to the Exchange along with documentation
evidencing that no equities business was conducted
on the NASDAQ Stock Market for that calendar
year. The Exchange accepts refund requests up until
sixty (60) days after the end of the calendar year.
4 The Exchange monitors the amount of revenue
collected from the ORF so that it, in combination
with its other regulatory fees and fines, does not
exceed regulatory costs. See, e.g., Securities
Exchange Act Release Nos. 65913 (December 8,
2011), 76 FR 77883 (December 14, 2011) (SR–
NASDAQ–2011–163).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4) and (5).
VerDate Mar<15>2010
17:58 Feb 24, 2014
Jkt 232001
any, and better enable them to properly
account for ORF charges among their
customers. The Exchange believes that
the proposed change is equitable and
not unfairly discriminatory because it
will apply in the same manner to all
members that are subject to the ORF and
provide them with additional advance
notice of changes to that fee.
IV. Solicitation of Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Electronic Comments
NASDAQ does not believe that the
proposed rule change will impose an
undue burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed change is not intended to
address a competitive issue but rather to
provide members with better notice of
any change that the Exchange may make
to the ORF. In any event, because
competitors are free to modify their own
fees and credits in response, and
because market participants may readily
adjust their trading practices, the
Exchange believes that the degree to
which fee or credit changes in this
market may impose any burden on
competition is extremely limited. As a
result of all of these considerations, the
Exchange does not believe that the
proposed change will impair the ability
of members, or competing order
execution venues to maintain their
competitive standing in the financial
markets.
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 foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.7 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.
7 15
PO 00000
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 rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2014–018 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–2014–018. 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
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–2014–018, and should be
submitted on or before March 18, 2014.
U.S.C. 78s(b)(3)(A)(ii).
Frm 00127
Fmt 4703
Sfmt 4703
E:\FR\FM\25FEN1.SGM
25FEN1
Federal Register / Vol. 79, No. 37 / Tuesday, February 25, 2014 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71569; File No. SR–Phlx–
2014–12]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Options Regulatory Fee
February 19, 2014.
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 February
11, 2014, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend its
Pricing Schedule to specify the
frequency with which the Exchange
may change the Options Regulatory Fee
(‘‘ORF’’).
While the changes proposed herein
are effective upon filing, the Exchange
has designated that the amendments be
operative on March 3, 2014.
The text of the proposed rule change
is available on the Exchange’s Web Site
at https://
nasdaqomxphlx.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
emcdonald on DSK67QTVN1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:58 Feb 24, 2014
Jkt 232001
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.
systems are configured to properly
account for the ORF.
The proposed change is not intended
to address any other issues, and the
Exchange is not aware of any problems
that members would have in complying
with the proposed change.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2014–03970 Filed 2–24–14; 8:45 am]
8 17
10593
2. Statutory Basis
1. Purpose
The Exchange proposes to amend its
Pricing Schedule at Section IV, Part D
to specify the frequency with which the
Exchange may change the ORF. The
ORF is assessed by the Exchange on
each member for all options transactions
executed or cleared by the member that
are cleared by The Options Clearing
Corporation (‘‘OCC’’) in the customer
range (i.e., transactions that clear in the
customer account of the member’s
clearing firm at OCC) regardless of the
exchange on which the transaction
occurs. The fee is collected indirectly
from members through their clearing
firms by OCC on behalf of the Exchange.
The dues and fees paid by members go
into the general funds of the Exchange,
a portion of which is used to help pay
the costs of regulation.
In response to feedback from market
participants requesting greater certainty
as to when ORF changes may occur, the
Exchange proposes to specify in the
Pricing Schedule that the Exchange may
only increase or decrease the ORF semiannually, and any such fee change will
be effective on the first business day of
February or August.3 In addition to
submitting a proposed rule change to
the Securities and Exchange
Commission (‘‘Commission’’) as
required by the Act to increase or
decrease the ORF, the Exchange will
notify participants via an Options
Trader Alert of any anticipated change
in the amount of the fee at least 30
calendar days prior to the effective date
of the change. The Exchange believes
that by providing guidance on the
timing of any changes to the ORF, the
Exchange would make it easier for
market participants to ensure their
3 The Exchange monitors the amount of revenue
collected from the ORF so that it, in combination
with its other regulatory fees and fines, does not
exceed regulatory costs. See, e.g.,Securities
Exchange Act Release Nos. 61133 (December 9,
2009), 74 FR 66715 (December 16, 2009) (SR–Phlx–
2009–100); 61529 (February 17, 2010), 75 FR 8421
(February 24, 2010) (SR–Phlx–2010–17), 62619
(July 30, 2010), 75 FR 47874 (August 9, 2010) (SR–
Phlx–2010–100); 63436 (December 6, 2010), 75 FR
77021 (December 10, 2010) (SR–Phlx–2010–166);
65897 (December 6, 2011), 76 FR 77277 (December
12, 2011) (SR–Phlx–2011–163) and 66664 (March
27, 2012), 77 FR 19743 (April 2, 2012).
PO 00000
Frm 00128
Fmt 4703
Sfmt 4703
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,4 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,5 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
The Exchange believes that the
proposed change to limit changes to the
ORF to twice a year on specific dates
with advance notice is reasonable
because it will give market participants
certainty on the timing of changes, if
any, and better enable them to properly
account for ORF charges among their
customers. The Exchange believes that
the proposed change is equitable and
not unfairly discriminatory because it
will apply in the same manner to all
members that are subject to the ORF and
provide them with additional advance
notice of changes to that fee.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange Exchange [sic] does not
believe that the proposed rule change
will impose an undue burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. The proposed
change is not intended to address a
competitive issue but rather to provide
members with better notice of any
change that the Exchange may make to
the ORF. In any event, because
competitors are free to modify their own
fees and credits in response, and
because market participants may readily
adjust their trading practices, the
Exchange believes that the degree to
which fee or credit changes in this
market may impose any burden on
competition is extremely limited. As a
result of all of these considerations, the
Exchange does not believe that the
proposed change will impair the ability
of members, or competing order
execution venues to maintain their
competitive standing in the financial
markets.
4 15
5 15
E:\FR\FM\25FEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(4) and (5).
25FEN1
]]>Agencies
[Federal Register Volume 79, Number 37 (Tuesday, February 25, 2014)]
[Notices]
[Pages 10591-10593]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03970]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71570; File No. SR-NASDAQ-2014-018]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Options Regulatory Fee
February 19, 2014.
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 February 11, 2014, 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, II, and III, 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 the
Substance of the Proposed Rule Change
NASDAQ proposes to modify Chapter XV, entitled ``Options Pricing,''
at Section 5 governing pricing for NASDAQ members using the NASDAQ
Options Market (``NOM''), NASDAQ's facility for executing and routing
standardized equity and index options. Specifically, NOM proposes to
amend its fees to specify the frequency with which the Exchange may
change the Options Regulatory Fee (``ORF'').
While the changes proposed herein are effective upon filing, the
Exchange has designated that the amendments be operative on March 3,
2014.
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, 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. 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
NASDAQ proposes to amend its Rules at Chapter XV, Section 5 to
specify the frequency with which the Exchange may change the ORF. The
ORF is assessed by the Exchange on each member for all options
transactions executed or cleared by the member that are cleared by The
Options Clearing Corporation (``OCC'') in the customer range (i.e.,
transactions that clear in the customer account of the member's
clearing firm at OCC) regardless of the exchange on which the
transaction occurs.\3\ The fee is collected indirectly
[[Page 10592]]
from members through their clearing firms by OCC on behalf of the
Exchange. The dues and fees paid by members go into the general funds
of the Exchange, a portion of which is used to help pay the costs of
regulation.
---------------------------------------------------------------------------
\3\ NOM Participants who do not transact an equities business on
the NASDAQ Stock Market LLC in a calendar year receive a refund of
the fees specified in Rule 7003(b) upon written notification to the
Exchange along with documentation evidencing that no equities
business was conducted on the NASDAQ Stock Market for that calendar
year. The Exchange accepts refund requests up until sixty (60) days
after the end of the calendar year.
---------------------------------------------------------------------------
In response to feedback from market participants requesting greater
certainty as to when ORF changes may occur, the Exchange proposes to
specify in the Pricing Schedule that the Exchange may only increase or
decrease the ORF semi-annually, and any such fee change will be
effective on the first business day of February or August.\4\ In
addition to submitting a proposed rule change to the Securities and
Exchange Commission (``Commission'') as required by the Act to increase
or decrease the ORF, the Exchange will notify participants via an
Options Trader Alert of any anticipated change in the amount of the fee
at least 30 calendar days prior to the effective date of the change.
The Exchange believes that by providing guidance on the timing of any
changes to the ORF, the Exchange would make it easier for market
participants to ensure their systems are configured to properly account
for the ORF.
---------------------------------------------------------------------------
\4\ The Exchange monitors the amount of revenue collected from
the ORF so that it, in combination with its other regulatory fees
and fines, does not exceed regulatory costs. See, e.g., Securities
Exchange Act Release Nos. 65913 (December 8, 2011), 76 FR 77883
(December 14, 2011) (SR-NASDAQ-2011-163).
---------------------------------------------------------------------------
The proposed change is not intended to address any other issues,
and the Exchange is not aware of any problems that members would have
in complying with the proposed change.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
Section 6(b) of the Act,\5\ in general, and furthers the objectives of
Sections 6(b)(4) and (5) of the Act,\6\ in particular, because it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers or dealers.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that the proposed change to limit changes to
the ORF to twice a year on specific dates with advance notice is
reasonable because it will give market participants certainty on the
timing of changes, if any, and better enable them to properly account
for ORF charges among their customers. The Exchange believes that the
proposed change is equitable and not unfairly discriminatory because it
will apply in the same manner to all members that are subject to the
ORF and provide them with additional advance notice of changes to that
fee.
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ does not believe that the proposed rule change will impose
an undue burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed change is not
intended to address a competitive issue but rather to provide members
with better notice of any change that the Exchange may make to the ORF.
In any event, because competitors are free to modify their own fees and
credits in response, and because market participants may readily adjust
their trading practices, the Exchange believes that the degree to which
fee or credit changes in this market may impose any burden on
competition is extremely limited. As a result of all of these
considerations, the Exchange does not believe that the proposed change
will impair the ability of members, or competing order execution venues
to maintain their competitive standing in the financial markets.
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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\7\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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-2014-018 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-2014-018. 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 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-2014-018, and should
be submitted on or before March 18, 2014.
[[Page 10593]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-03970 Filed 2-24-14; 8:45 am]
BILLING CODE 8011-01-P
