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]
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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
