Joint Industry Plan; Order Approving Amendment No. 32 to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE Arca, Inc., and NYSE MKT, LLC, 65262-65263 [2014-26008]

Download as PDF 65262 Federal Register / Vol. 79, No. 212 / Monday, November 3, 2014 / Notices III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket Nos. MC2015–5 and CP2015–6 to consider the matters raised in each docket. 2. Pursuant to 39 U.S.C. 505, Lyudmila Y. Bzhilyanskaya is appointed to serve as an officer of the Commission to represent the interests of the general public in these proceedings (Public Representative). 3. Comments are due no later than November 4, 2014. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. 3. Approval of Minutes of Previous Meetings. 4. Committee Reports. 5. FY2014 10K and Financial Statements. 6. FY2015 IFP and Financing Resolution. 7. FY2016 Appropriations Request. 8. Quarterly Service Performance Report. 9. Approval of Annual Report and Comprehensive Statement. 10. Tentative Agenda for the January 7, 2015, via teleconference. 11. Election of Chairman and Vice Chairman of the Board of Governors. Friday, November 14, at 10:00 a.m. (Closed—if needed) 1. Continuation of Thursday’s closed session agenda. CONTACT PERSON FOR FURTHER INFORMATION: Julie S. Moore, Secretary [FR Doc. 2014–25981 Filed 10–31–14; 8:45 am] BILLING CODE 7710–FW–P POSTAL SERVICE of the Board, U.S. Postal Service, 475 L’Enfant Plaza SW., Washington, DC 20260–1000. Telephone: (202) 268– 4800. Board of Governors; Sunshine Act Meeting Julie S. Moore, Secretary. Wednesday, November 12, 2014, at 9:30 a.m.; Thursday, November 13, 2014, at 9:30 a.m.; and Friday, November 14, at 8:30 a.m. and 10:00 a.m. PLACE: Washington, DC, at U.S. Postal Service Headquarters, 475 L’Enfant Plaza, SW., in the Benjamin Franklin Room. STATUS: Wednesday, November 12, at 9:30 a.m.—Closed, Thursday, November 13, at 9:30 a.m.—Closed; Friday, November 14, at 8:30 a.m.—Open; and at 10:00 a.m.—Closed. MATTERS TO BE CONSIDERED: DATES AND TIMES: mstockstill on DSK4VPTVN1PROD with NOTICES Wednesday, November 12, at 9:30 a.m. (Closed) 1. Financial Matters. 2. Personnel Matters and Compensation Issues. Thursday, November 13, at 9:30 a.m. (Closed) 1. Strategic Issues. 2. Financial Matters. 3. Pricing. 4. Personnel Matters and Compensation Issues. 5. Governors’ Executive Session— Discussion of prior agenda items and Board Governance. 17:37 Oct 31, 2014 Jkt 235001 BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73448; File No. S7–24–89] Joint Industry Plan; Order Approving Amendment No. 32 to the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE Arca, Inc., and NYSE MKT, LLC October 28, 2014. Friday, November 14, at 8:30 a.m. (Open) 1. Remarks of the Chairman of the Board. 2. Remarks of the Postmaster General and CEO. VerDate Sep<11>2014 [FR Doc. 2014–26109 Filed 10–30–14; 11:15 am] I. Introduction On September 12, 2014, the Chicago Board Options Exchange, Incorporated, on behalf of the Participants 1 in the 1 The Plan Participants (collectively, ‘‘Participants’’) are the: BATS Exchange, Inc. PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis (‘‘Nasdaq/UTP Plan’’ or ‘‘Plan’’) filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Rule 608 2 under the Securities Exchange Act of 1934 (‘‘Act’’) 3 a proposal to amend the Plan 4 to change certain of the voting requirements under the Plan. The proposed amendment was published for comment in the Federal Register on October 6, 2014.5 No comment letters were received in response to the Notice. This order approves the proposal. II. Description of the Proposal The amendment proposes to change certain of the voting requirements under the Plan to harmonize the voting requirements under the Plan with the voting requirements under the CTA Plan and the CQ Plan.6 This amendment revises the following voting requirements: 7 • The voting requirement to eliminate an existing fee or to reduce an existing (‘‘BATS’’); BATS Y-Exchange, Inc. (‘‘BATS Y’’); Chicago Board Options Exchange, Incorporated (‘‘CBOE’’); Chicago Stock Exchange, Inc. (‘‘CHX’’); EDGA Exchange, Inc. (‘‘EDGA’’); EDGX Exchange, Inc. (‘‘EDGX’’); Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’); International Securities Exchange LLC (‘‘ISE’’); NASDAQ OMX BX, Inc. (‘‘BX’’); NASDAQ OMX PHLX, Inc. (‘‘PHLX’’); Nasdaq Stock Market LLC (‘‘Nasdaq’’); National Stock Exchange, Inc. (‘‘NSX’’); New York Stock Exchange LLC (‘‘NYSE’’); NYSE Amex, Inc. (‘‘NYSEAmex’’); and NYSE Arca, Inc. (‘‘NYSEArca’’). 2 17 CFR 240.608. 3 15 U.S.C. 78k–1. 4 The Plan governs the collection, processing, and dissemination on a consolidated basis of quotation information and transaction reports in Eligible Securities for each of its Participants. This consolidated information informs investors of the current quotation and recent trade prices of Nasdaq securities. It enables investors to ascertain from one data source the current prices in all the markets trading Nasdaq securities. The Plan serves as the required transaction reporting plan for its Participants, which is a prerequisite for their trading Eligible Securities. See Securities Exchange Act Release No. 55647 (April 19, 2007) 72 FR 20891 (April 26, 2007). 5 See Securities Exchange Act Release No. 73239 (September 26, 2014), 79 FR 60203 (‘‘Notice’’). 6 See Securities Exchange Act Release No. 73285 (October 1, 2014), 79 FR 60555 (October 7, 2014), Notice of SR–CTA/CQ–2014–02, proposing to amend the voting requirements to: Raise, lower, add and eliminate fees, and amend the capacity planning process. 7 The Notice stated that the amendment changed the vote requirement for establishing procedures to select a new processor from unanimity to a twothirds majority vote. However, the Commission has been informed by the attorney for the UTP Plan that the Participants did not vote on this change, therefore, the change is not included in this order. Email from Steven J. Abrams to Katherine A. England, SEC, dated October 28, 2014. E:\FR\FM\03NON1.SGM 03NON1 65263 Federal Register / Vol. 79, No. 212 / Monday, November 3, 2014 / Notices fee, from unanimity to the affirmative vote of two-thirds of all Participants entitled to vote; • the voting requirement to request system changes other than those related to the processor function from a unanimous vote to the affirmative vote of a majority of all Participants entitled to vote; • establishes as the voting requirement to select a new processor— the affirmative vote of two-thirds of all Participants entitled to vote; • the default voting requirement from unanimity to the affirmative vote of a majority of all Participants entitled to vote. III. Discussion After careful review, the Commission finds that the proposed amendment to the Plan is consistent with the requirements of the Act and the rules and regulations thereunder,8 and, in particular, Section 11A(a)(1) of the Act 9 and Rule 608 thereunder 10 in that they are necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system. A. Fee Setting Amending the voting requirements, as proposed by the Participants, should provide the Participants with greater flexibility to accomplish the goals of the Plan. The change with respect to eliminating a fee and reducing a fee would harmonize the voting requirement with the counterpart voting requirements under the CTA Plan and the CQ Plan. Changes with respect to reducing a fee would also harmonize the Plan with counterpart voting requirement under the OPRA Plan. These changes to the voting requirements should provide the Participants with greater flexibility when amending the Plan’s fee schedule. mstockstill on DSK4VPTVN1PROD with NOTICES B. System Changes The change with respect to system changes subjects all system changes to the same voting requirement, thereby providing Participants greater flexibility and making it easier for the Participants to arrive at decisions regarding necessary system upgrades and changes. The Commission notes that the CTA Plan, the CQ Plan, and the OPRA Plan 8 The Commission has considered the proposed amendment’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 9 15 U.S.C. 78k–1(a)(1). 10 17 CFR 240.608. VerDate Sep<11>2014 17:37 Oct 31, 2014 Jkt 235001 all require a majority vote for decisions relating to system changes. C. Processor Selection The Commission believes that a twothirds majority vote, rather than unanimity, should facilitate decisionmaking regarding the selection of a processor. D. Default Voting Requirement Changing the default voting requirement to the affirmative vote of a majority of Participants, from a unanimous vote should provide greater flexibility and facilitate the Participants’ ability to take action under the Plan. The Commission notes that the CTA Plan, the CQ Plan, and the OPRA Plan require majority votes to act on matters for which those plans do not specify a voting requirement. Thus, the change harmonizes requirements under the Plan with corresponding requirements under the CTA Plan, the CQ Plan, and the OPRA Plan. IV. Conclusion It is therefore ordered, pursuant to Section 11A of the Act,11 and Rule 608 thereunder,12 that the proposed amendment to Nasdaq/UTP Plan (File No. S7–24–89) is approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26008 Filed 10–31–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73450; File No. SR–CBOE– 2014–081] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Functionality of Public Automated Routing System October 28, 2014. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 15, 2014, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the 11 15 U.S.C. 78k–1. CFR 240.608. 13 17 CFR 200.30–3(a)(27). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 12 17 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 ‘‘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 Substance of the Proposed Rule Change The Exchange proposes to adopt Rule 6.12A (Public Automated Routing System (PAR)) to describe the functionality of the PAR workstation. The text of the proposed rule change is below and in Exhibit 1 (additions are italicized; deletions are [bracketed]). * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * * Rule 6.12. Reserved * * * * * 6.12A. Public Automated Routing System (PAR) Rule 6.12A. The PAR workstation (PAR) is an Exchange-provided order management tool for use on the Exchange’s trading floor by Trading Permit Holders or Exchange PAR Officials (see Rule 7.12 for a description of the responsibilities of PAR Officials). The Exchange’s Order Handling System allows for orders to be routed to and from PAR in accordance with TPH and Exchange order routing parameters and the Rules including, but not limited to, this Rule 6.12A and Chapters VI, VII, and VIII of the Rules and Rules 6.2B, 6.13, 6.14B, 6.53, 6.53C, 6.74, 7.12, and 8.51 thereunder. (a) Order Routing. Eligible orders will be routed to PAR in accordance with TPH and Exchange order routing parameters and the order’s terms. (b) Order Handling. Once an order is on PAR, the order shall be processed in accordance with the manual or automatic settings established by the user and the order’s terms. Subject to the forgoing, once an order is on PAR, the user may: (i) Submit the order into the Hybrid Trading System (including for execution against quotes and orders resting in the electronic book and exposure to appropriate electronic auctions pursuant to Rules 6.13A, 6.14A, 6.53C, 6.74B, and 24B.5B); (ii) Execute the order in open outcry, including against other orders on PAR and with other TPHs or PAR Officials in accordance with Rules 6.74 and 7.12; (iii) Route the order to an Order Management Terminal (OMT) E:\FR\FM\03NON1.SGM 03NON1

Agencies

[Federal Register Volume 79, Number 212 (Monday, November 3, 2014)]
[Notices]
[Pages 65262-65263]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26008]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73448; File No. S7-24-89]


Joint Industry Plan; Order Approving Amendment No. 32 to the 
Joint Self-Regulatory Organization Plan Governing the Collection, 
Consolidation and Dissemination of Quotation and Transaction 
Information for Nasdaq-Listed Securities Traded on Exchanges on an 
Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., 
BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, 
Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., International Securities 
Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock 
Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, 
NYSE Arca, Inc., and NYSE MKT, LLC

October 28, 2014.

I. Introduction

    On September 12, 2014, the Chicago Board Options Exchange, 
Incorporated, on behalf of the Participants \1\ in the Joint Self-
Regulatory Organization Plan Governing the Collection, Consolidation, 
and Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading Privileges 
Basis (``Nasdaq/UTP Plan'' or ``Plan'') filed with the Securities and 
Exchange Commission (``Commission'') pursuant to Rule 608 \2\ under the 
Securities Exchange Act of 1934 (``Act'') \3\ a proposal to amend the 
Plan \4\ to change certain of the voting requirements under the Plan. 
The proposed amendment was published for comment in the Federal 
Register on October 6, 2014.\5\ No comment letters were received in 
response to the Notice. This order approves the proposal.
---------------------------------------------------------------------------

    \1\ The Plan Participants (collectively, ``Participants'') are 
the: BATS Exchange, Inc. (``BATS''); BATS Y-Exchange, Inc. (``BATS 
Y''); Chicago Board Options Exchange, Incorporated (``CBOE''); 
Chicago Stock Exchange, Inc. (``CHX''); EDGA Exchange, Inc. 
(``EDGA''); EDGX Exchange, Inc. (``EDGX''); Financial Industry 
Regulatory Authority, Inc. (``FINRA''); International Securities 
Exchange LLC (``ISE''); NASDAQ OMX BX, Inc. (``BX''); NASDAQ OMX 
PHLX, Inc. (``PHLX''); Nasdaq Stock Market LLC (``Nasdaq''); 
National Stock Exchange, Inc. (``NSX''); New York Stock Exchange LLC 
(``NYSE''); NYSE Amex, Inc. (``NYSEAmex''); and NYSE Arca, Inc. 
(``NYSEArca'').
    \2\ 17 CFR 240.608.
    \3\ 15 U.S.C. 78k-1.
    \4\ The Plan governs the collection, processing, and 
dissemination on a consolidated basis of quotation information and 
transaction reports in Eligible Securities for each of its 
Participants. This consolidated information informs investors of the 
current quotation and recent trade prices of Nasdaq securities. It 
enables investors to ascertain from one data source the current 
prices in all the markets trading Nasdaq securities. The Plan serves 
as the required transaction reporting plan for its Participants, 
which is a prerequisite for their trading Eligible Securities. See 
Securities Exchange Act Release No. 55647 (April 19, 2007) 72 FR 
20891 (April 26, 2007).
    \5\ See Securities Exchange Act Release No. 73239 (September 26, 
2014), 79 FR 60203 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    The amendment proposes to change certain of the voting requirements 
under the Plan to harmonize the voting requirements under the Plan with 
the voting requirements under the CTA Plan and the CQ Plan.\6\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 73285 (October 1, 
2014), 79 FR 60555 (October 7, 2014), Notice of SR-CTA/CQ-2014-02, 
proposing to amend the voting requirements to: Raise, lower, add and 
eliminate fees, and amend the capacity planning process.
---------------------------------------------------------------------------

    This amendment revises the following voting requirements: \7\
---------------------------------------------------------------------------

    \7\ The Notice stated that the amendment changed the vote 
requirement for establishing procedures to select a new processor 
from unanimity to a two-thirds majority vote. However, the 
Commission has been informed by the attorney for the UTP Plan that 
the Participants did not vote on this change, therefore, the change 
is not included in this order. Email from Steven J. Abrams to 
Katherine A. England, SEC, dated October 28, 2014.
---------------------------------------------------------------------------

     The voting requirement to eliminate an existing fee or to 
reduce an existing

[[Page 65263]]

fee, from unanimity to the affirmative vote of two-thirds of all 
Participants entitled to vote;
     the voting requirement to request system changes other 
than those related to the processor function from a unanimous vote to 
the affirmative vote of a majority of all Participants entitled to 
vote;
     establishes as the voting requirement to select a new 
processor--the affirmative vote of two-thirds of all Participants 
entitled to vote;
     the default voting requirement from unanimity to the 
affirmative vote of a majority of all Participants entitled to vote.

III. Discussion

    After careful review, the Commission finds that the proposed 
amendment to the Plan is consistent with the requirements of the Act 
and the rules and regulations thereunder,\8\ and, in particular, 
Section 11A(a)(1) of the Act \9\ and Rule 608 thereunder \10\ in that 
they are necessary or appropriate in the public interest, for the 
protection of investors and the maintenance of fair and orderly 
markets, to remove impediments to, and perfect the mechanisms of, a 
national market system.
---------------------------------------------------------------------------

    \8\ The Commission has considered the proposed amendment's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
    \9\ 15 U.S.C. 78k-1(a)(1).
    \10\ 17 CFR 240.608.
---------------------------------------------------------------------------

A. Fee Setting

    Amending the voting requirements, as proposed by the Participants, 
should provide the Participants with greater flexibility to accomplish 
the goals of the Plan. The change with respect to eliminating a fee and 
reducing a fee would harmonize the voting requirement with the 
counterpart voting requirements under the CTA Plan and the CQ Plan. 
Changes with respect to reducing a fee would also harmonize the Plan 
with counterpart voting requirement under the OPRA Plan. These changes 
to the voting requirements should provide the Participants with greater 
flexibility when amending the Plan's fee schedule.

B. System Changes

    The change with respect to system changes subjects all system 
changes to the same voting requirement, thereby providing Participants 
greater flexibility and making it easier for the Participants to arrive 
at decisions regarding necessary system upgrades and changes. The 
Commission notes that the CTA Plan, the CQ Plan, and the OPRA Plan all 
require a majority vote for decisions relating to system changes.

C. Processor Selection

    The Commission believes that a two-thirds majority vote, rather 
than unanimity, should facilitate decision-making regarding the 
selection of a processor.

 D. Default Voting Requirement

    Changing the default voting requirement to the affirmative vote of 
a majority of Participants, from a unanimous vote should provide 
greater flexibility and facilitate the Participants' ability to take 
action under the Plan. The Commission notes that the CTA Plan, the CQ 
Plan, and the OPRA Plan require majority votes to act on matters for 
which those plans do not specify a voting requirement. Thus, the change 
harmonizes requirements under the Plan with corresponding requirements 
under the CTA Plan, the CQ Plan, and the OPRA Plan.

IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act,\11\ 
and Rule 608 thereunder,\12\ that the proposed amendment to Nasdaq/UTP 
Plan (File No. S7-24-89) is approved.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78k-1.
    \12\ 17 CFR 240.608.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26008 Filed 10-31-14; 8:45 am]
BILLING CODE 8011-01-P