Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twentieth Substantive Amendment to the Second Restatement of the CTA Plan and Fourteenth Substantive Amendment to the Restated CQ Plan, 60555-60556 [2014-23849]

Download as PDF Federal Register / Vol. 79, No. 194 / Tuesday, October 7, 2014 / Notices 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 self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. 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–2014–81, and should be submitted on or before October 28, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–23839 Filed 10–6–14; 8:45 am] Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number SR–NYSEMKT–2014–81 on the subject line. asabaliauskas on DSK5VPTVN1PROD 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: Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twentieth Substantive Amendment to the Second Restatement of the CTA Plan and Fourteenth Substantive Amendment to the Restated CQ Plan Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEMKT–2014–81. 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 Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 608 thereunder,2 notice is hereby given that on August 06, 2014, the Chicago Board Options Exchange, Incorporated, on behalf of Participants in the Second Restatement of the Consolidated Tape Association (‘‘CTA’’) Plan and the Restated Consolidated Quotation (‘‘CQ’’) Plan (collectively the ‘‘Participants’’) 3 filed with the Securities and Exchange Commission (‘‘Commission’’) a proposal to amend the Second Restatement of the CTA Plan and Restated CQ Plan (collectively, the ‘‘Plans’’).4 These VerDate Sep<11>2014 17:15 Oct 06, 2014 Jkt 235001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73285; File No. SR–CTA/ CQ–2014–02] October 1, 2014. 11 17 CFR 200.30–3(a)(12). U.S.C. 78k–1. 2 17 CFR 242.608. 3 Each participant executed the proposed amendment. The Participants are: BATS Exchange, Inc., BATS–Y Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc. (‘‘EDGA’’), EDGX Exchange, Inc. (‘‘EDGX’’), Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’), International Securities Exchange, LLC, NASDAQ OMX BX, Inc. (‘‘Nasdaq BX’’), NASDAQ OMX PHLX, Inc. (‘‘Nasdaq PSX’’), Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC (‘‘NYSE’’), NYSE Arca, Inc. and NYSE MKT LLC (formerly NYSE Amex, Inc.). 4 See Securities Exchange Act Release Nos. 10787 (May 10, 1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978) (temporarily authorizing the CQ Plan); and 16518 (January 22, 1980), 45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan). The most recent restatement of both Plans was in 1995. The CTA Plan, pursuant to which markets collect and 1 15 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 60555 amendments represent Substantive Amendment No. 20 to the CTA Plan and Substantive Amendment No. 14 to the CQ Plan (collectively ‘‘the Amendments’’). The Amendments propose to change certain of the voting requirements under the CTA Plan and the CQ Plan. The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendments. I. Rule 608(a) A. Description and Purpose of the Amendments The Amendments propose (a) to change the vote required under both the CTA Plan and the CQ Plan to amend the capacity planning process from a unanimous vote to the affirmative vote of a majority of all Participants entitled to vote, (b) to change the voting requirement needed to reduce a fee under both the CTA Plan and the CQ Plan from unanimity to the affirmative vote of two-thirds of all Participants entitled to vote, and (c) to change the voting requirement needed to establish a new fee or to delete an existing fee under the CQ Plan from unanimity to the affirmative vote of two-thirds of all Participants entitled to vote. In the Participants’ view, a majority vote, rather than unanimity is the appropriate requirement for changes to the capacity plan, as it provides greater flexibility to CTA and the CQ Plan’s Operating Committee to revise the capacity plan when they find it beneficial to do so. The Participants note that the Nasdaq/UTP Plan subjects changes to capacity planning to a majority vote. Similarly, the Participants view a twothirds vote, rather than unanimity, as the appropriate requirement to reduce or eliminate an existing fee or to establish a new fee. Both plans subject raising an existing fee to a two-thirds vote and currently subject reducing an existing fee to a unanimous vote. The CTA Plan currently subjects establishing a new fee or eliminating an existing fee to a two-thirds vote. The CQ Plan currently provides for a two-thirds vote to reduce the Network B interrogation device fee, but requires unanimity to reduce other CQ Plan fees or to eliminate a fee. The Amendments disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction reporting plan’’ under Rule 601 under the Act, 17 CFR 242.601, and a ‘‘national market system plan’’ under Rule 608 under the Act, 17 CFR 242.608. The CQ Plan, pursuant to which markets collect and disseminate bid/ask quotation information for listed securities, is a ‘‘national market system plan’’ under Rule 608 under the Act, 17 CFR 242.608. E:\FR\FM\07OCN1.SGM 07OCN1 60556 Federal Register / Vol. 79, No. 194 / Tuesday, October 7, 2014 / Notices would harmonize the voting requirements under the two plans in respect of fee-setting. As a result of the proposed Amendments, a two-thirds vote would be required under both plans to establish or increase a fee or to eliminate or reduce a fee. These changes would provide the Participants with greater flexibility in respect of the plans’ fee schedule. The Participants understand that the Participants in the Nasdaq/UTP Plan expect to file changes to voting requirements that would subject votes on these same matters to the same requirements as the Participants in the CTA Plan and the CQ Plan are proposing in these Amendments. In addition, subjecting fee reductions to a two-thirds vote would harmonize the CTA Plan and the CQ Plan with the counterpart requirement under the OPRA Plan. B. Governing or Constituent Documents Not applicable. C. Implementation of Amendment All of the Participants have manifested their approval of the proposed Amendments by means of their execution of the Amendments. The Amendments would become operational upon approval by the Commission. D. Development and Implementation Phases Not applicable. E. Analysis of Impact on Competition The proposed Amendments do not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. The Participants do not believe that the proposed plan Amendments introduce terms that are unreasonably discriminatory for the purposes of Section 11A(c)(1)(D) of the Exchange Act. F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. asabaliauskas on DSK5VPTVN1PROD with NOTICES G. Approval by Sponsors in Accordance With Plan See Item I.C above. Not applicable. I. Terms and Conditions of Access See Item I.A above. 17:15 Oct 06, 2014 K. Method and Frequency of Processor Evaluation Not applicable. L. Dispute Resolution Not applicable. II. Rule 601(a) (Solely in Its Application to the Amendments to the CTA Plan) A. Reporting Requirements Not applicable. B. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information Not applicable. C. Manner of Consolidation Not applicable. D. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Not applicable. E. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. F. Terms of Access to Transaction Reports Not applicable. G. Identification of Marketplace of Execution Not Applicable. Jkt 235001 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 Amendments that are filed with the Commission, and all written communications relating to the Amendments 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 Amendments also will be available for inspection and copying at the principal office of the CTA. 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–CTA/CQ–2014–02 and should be submitted on or before October 28, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Jill M. Peterson, Assistant Secretary. [FR Doc. 2014–23849 Filed 10–6–14; 8:45 am] BILLING CODE 8011–01–P III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed amendments are 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– CTA/CQ–2014–02 on the subject line. Paper Comments H. Description of Operation of Facility Contemplated by the Proposed Amendment VerDate Sep<11>2014 J. Method of Determination and Imposition, and Amount of, Fees and Charges See Item I.A above. • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. All submissions should refer to File Number SR–CTA/CQ–2014–02. This file number should be included on the PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73277; File No. SR–FINRA– 2014–028] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change Relating to Revisions to the Definitions of Non-Public Arbitrator and Public Arbitrator October 1, 2014. I. Introduction On June 17, 2014, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act 5 17 E:\FR\FM\07OCN1.SGM CFR 200.30–3(a)(27). 07OCN1

Agencies

[Federal Register Volume 79, Number 194 (Tuesday, October 7, 2014)]
[Notices]
[Pages 60555-60556]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23849]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73285; File No. SR-CTA/CQ-2014-02]


Consolidated Tape Association; Notice of Filing and Immediate 
Effectiveness of the Twentieth Substantive Amendment to the Second 
Restatement of the CTA Plan and Fourteenth Substantive Amendment to the 
Restated CQ Plan

October 1, 2014.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on August 06, 2014, the Chicago Board Options Exchange, Incorporated, 
on behalf of Participants in the Second Restatement of the Consolidated 
Tape Association (``CTA'') Plan and the Restated Consolidated Quotation 
(``CQ'') Plan (collectively the ``Participants'') \3\ filed with the 
Securities and Exchange Commission (``Commission'') a proposal to amend 
the Second Restatement of the CTA Plan and Restated CQ Plan 
(collectively, the ``Plans'').\4\ These amendments represent 
Substantive Amendment No. 20 to the CTA Plan and Substantive Amendment 
No. 14 to the CQ Plan (collectively ``the Amendments''). The Amendments 
propose to change certain of the voting requirements under the CTA Plan 
and the CQ Plan.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ Each participant executed the proposed amendment. The 
Participants are: BATS Exchange, Inc., BATS-Y Exchange, Inc., 
Chicago Board Options Exchange, Incorporated, Chicago Stock 
Exchange, Inc., EDGA Exchange, Inc. (``EDGA''), EDGX Exchange, Inc. 
(``EDGX''), Financial Industry Regulatory Authority, Inc. 
(``FINRA''), International Securities Exchange, LLC, NASDAQ OMX BX, 
Inc. (``Nasdaq BX''), NASDAQ OMX PHLX, Inc. (``Nasdaq PSX''), Nasdaq 
Stock Market LLC, National Stock Exchange, Inc., New York Stock 
Exchange LLC (``NYSE''), NYSE Arca, Inc. and NYSE MKT LLC (formerly 
NYSE Amex, Inc.).
    \4\ See Securities Exchange Act Release Nos. 10787 (May 10, 
1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan 
effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978) 
(temporarily authorizing the CQ Plan); and 16518 (January 22, 1980), 
45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan). 
The most recent restatement of both Plans was in 1995. The CTA Plan, 
pursuant to which markets collect and disseminate last sale price 
information for non-NASDAQ listed securities, is a ``transaction 
reporting plan'' under Rule 601 under the Act, 17 CFR 242.601, and a 
``national market system plan'' under Rule 608 under the Act, 17 CFR 
242.608. The CQ Plan, pursuant to which markets collect and 
disseminate bid/ask quotation information for listed securities, is 
a ``national market system plan'' under Rule 608 under the Act, 17 
CFR 242.608.
---------------------------------------------------------------------------

    The Commission is publishing this notice to solicit comments from 
interested persons on the proposed Amendments.

I. Rule 608(a)

A. Description and Purpose of the Amendments

    The Amendments propose (a) to change the vote required under both 
the CTA Plan and the CQ Plan to amend the capacity planning process 
from a unanimous vote to the affirmative vote of a majority of all 
Participants entitled to vote, (b) to change the voting requirement 
needed to reduce a fee under both the CTA Plan and the CQ Plan from 
unanimity to the affirmative vote of two-thirds of all Participants 
entitled to vote, and (c) to change the voting requirement needed to 
establish a new fee or to delete an existing fee under the CQ Plan from 
unanimity to the affirmative vote of two-thirds of all Participants 
entitled to vote.
    In the Participants' view, a majority vote, rather than unanimity 
is the appropriate requirement for changes to the capacity plan, as it 
provides greater flexibility to CTA and the CQ Plan's Operating 
Committee to revise the capacity plan when they find it beneficial to 
do so. The Participants note that the Nasdaq/UTP Plan subjects changes 
to capacity planning to a majority vote.
    Similarly, the Participants view a two-thirds vote, rather than 
unanimity, as the appropriate requirement to reduce or eliminate an 
existing fee or to establish a new fee. Both plans subject raising an 
existing fee to a two-thirds vote and currently subject reducing an 
existing fee to a unanimous vote. The CTA Plan currently subjects 
establishing a new fee or eliminating an existing fee to a two-thirds 
vote. The CQ Plan currently provides for a two-thirds vote to reduce 
the Network B interrogation device fee, but requires unanimity to 
reduce other CQ Plan fees or to eliminate a fee. The Amendments

[[Page 60556]]

would harmonize the voting requirements under the two plans in respect 
of fee-setting. As a result of the proposed Amendments, a two-thirds 
vote would be required under both plans to establish or increase a fee 
or to eliminate or reduce a fee. These changes would provide the 
Participants with greater flexibility in respect of the plans' fee 
schedule.
    The Participants understand that the Participants in the Nasdaq/UTP 
Plan expect to file changes to voting requirements that would subject 
votes on these same matters to the same requirements as the 
Participants in the CTA Plan and the CQ Plan are proposing in these 
Amendments. In addition, subjecting fee reductions to a two-thirds vote 
would harmonize the CTA Plan and the CQ Plan with the counterpart 
requirement under the OPRA Plan.

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of Amendment

    All of the Participants have manifested their approval of the 
proposed Amendments by means of their execution of the Amendments. The 
Amendments would become operational upon approval by the Commission.

D. Development and Implementation Phases

    Not applicable.

E. Analysis of Impact on Competition

    The proposed Amendments do not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Exchange Act. The Participants do not believe that the proposed 
plan Amendments introduce terms that are unreasonably discriminatory 
for the purposes of Section 11A(c)(1)(D) of the Exchange Act.

F. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    Not applicable.

G. Approval by Sponsors in Accordance With Plan

    See Item I.C above.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendment

    Not applicable.

I. Terms and Conditions of Access

    See Item I.A above.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    See Item I.A above.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a) (Solely in Its Application to the Amendments to the CTA 
Plan)

A. Reporting Requirements

    Not applicable.

B. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

C. Manner of Consolidation

    Not applicable.

D. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable.

E. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

F. Terms of Access to Transaction Reports

    Not applicable.

G. Identification of Marketplace of Execution

    Not Applicable.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
amendments are 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-CTA/CQ-2014-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CTA/CQ-2014-02. 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 Amendments that are filed with 
the Commission, and all written communications relating to the 
Amendments 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 Amendments also will be available for 
inspection and copying at the principal office of the CTA. 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-CTA/CQ-2014-02 and should be 
submitted on or before October 28, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-23849 Filed 10-6-14; 8:45 am]
BILLING CODE 8011-01-P
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