Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Clarify the Exchange's Pricing Schedule Under Section VIII With Respect to Execution and Routing of Orders in Securities Priced at $1 or More Per Share, 70605-70607 [2014-27978]
Download as PDF
<![CDATA[
Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices
investors, or otherwise in furtherance of
the purposes of the Act.10
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.
IV. Solicitation of Comments
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(ii) of the Act 6 and Rule 19b–
4(f)(6) 7 thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 8 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay period to allow the Exchange to
immediately implement a change in rule
language that will serve to enhance the
clarity and application of fees assessed
and credits provided under the rule.
The Commission believes that the
proposed rule change will enhance
clarity and avoid possible
misinterpretation of the rule. For these
reasons, the Commission believes that
the proposed rule change presents no
novel issues and that waiver of the 30day operative delay is consistent with
the protection of investors and the
public interest. Therefore, the
Commission designates the proposed
rule change to be operative upon filing.9
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
6 15
U.S.C. 78s(b)(3)(a)(ii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
8 17 CFR 240.19b–4(f)(6)(iii).
9 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
mstockstill on DSK4VPTVN1PROD with NOTICES
7 17
VerDate Sep<11>2014
17:21 Nov 25, 2014
Jkt 235001
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–2014–107 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–NASDAQ–2014–107. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2014–107 and should be
submitted on or before December 17,
2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27979 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73660; File No. SR–Phlx–
2014–74]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Clarify the
Exchange’s Pricing Schedule Under
Section VIII With Respect to Execution
and Routing of Orders in Securities
Priced at $1 or More Per Share
November 20, 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 November
12, 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 and
II 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 make a
minor clarifying change to Section VIII
of the Pricing Schedule entitled
‘‘NASDAQ OMX PSX Fees,’’ with
respect to execution and routing of
orders in securities priced at $1 or more
per share.
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.
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
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
10 15
PO 00000
U.S.C. 78s(b)(3)(C).
Frm 00107
Fmt 4703
Sfmt 4703
70605
E:\FR\FM\26NON1.SGM
26NON1
70606
Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to make a minor clarifying
change to the Pricing Schedule
applicable to shares executed on the
NASDAQ OMX PSX System (‘‘PSX’’).
Specifically, the Exchange proposes to
clarify the definition of Consolidated
Volume under Section VIII(a) of the
Pricing Schedule. The Exchange
recently adopted 3 the definition of
Consolidated Volume, which is used as
a measure in determining market
participant eligibility for certain credits
for participation in PSX. Consolidated
Volume is currently defined as the total
consolidated volume reported to all
consolidated transaction reporting plans
by all exchanges and trade reporting
facilities during a month, excluding
executed orders with a size of less than
one round lot. The Exchange compares
a participant’s equity transactions in
PSX to Consolidated Volume to
determine how impactful its particular
order activity in PSX is in relation to
overall equity market volume. The
Exchange notes that the definition of
Consolidated Volume does not
expressly state that it encompasses
equity securities only. Accordingly, the
Exchange is proposing to add language
to the definition to clarify that the
definition under Section VIII(a) applies
only to equity securities.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act,4 in general, and
furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,5 in
particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility or system which the Exchange
operates or controls, and is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
3 See
SR–Phlx–2014–70, filed with the
Commission on October 24, 2014 (awaiting
publication in the Federal Register).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(4) and (5).
VerDate Sep<11>2014
17:21 Nov 25, 2014
Jkt 235001
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest; and
are not designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers. Specifically,
the proposed change furthers these
objectives because it clarifies the rule
and helps avoid potential investor
confusion on how the credits that use
the definition are applied. The
Exchange notes that it is not changing
how the rule is applied, and therefore
the credits provided continue to be
reasonable and equitably allocated
among market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
Specifically, the change does not alter
the meaning or application of the
Exchange’s Pricing Schedule, and
therefore does not affect competition in
any respect.
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(ii) of the Act 6 and Rule 19b–
4(f)(6) thereunder.7
A proposed rule change filed under
Rule 19b–4(f)(6) 8 normally may not
6 15
U.S.C. 78s(b)(3)(a)(ii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
8 17 CFR 240.19b–4(f)(6).
7 17
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 9 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission to waive the 30-day
operative delay period to allow the
Exchange to immediately implement a
change in rule language that will serve
to enhance the clarity and consistency
of the Exchange’s Pricing Schedule. The
Commission believes that the proposed
rule change will enhance clarity and
avoid possible misinterpretation of the
rule. For these reasons, the Commission
believes that the proposed rule change
presents no novel issues and that waiver
of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Therefore, the Commission hereby
designates the proposed rule change to
be operative upon filing.10
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.
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–
Phlx–2014–74 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–Phlx–2014–74. 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
9 17
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the 30-day
operative delay for this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
10 For
E:\FR\FM\26NON1.SGM
26NON1
Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–Phlx–
2014–74 and should be submitted on or
before December 17, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27978 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73659; File No. SR–
NYSEArca–2014–114]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proposed Rule Change To List and
Trade Shares of the iShares Interest
Rate Hedged 0–5 Year High Yield Bond
ETF, iShares Interest Rate Hedged 10+
Year Credit Bond ETF, and the iShares
Interest Rate Hedged Emerging
Markets Bond ETF Under NYSE Arca
Equities Rule 8.600
mstockstill on DSK4VPTVN1PROD with NOTICES
On September 29, 2014, NYSE Arca,
Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
17:21 Nov 25, 2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27977 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
Jkt 235001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73668; File No. SR–
NYSEArca–2014–110]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
Amending Rule 6.2A To Authorize the
Exchange To Share Any UserDesignated Risk Settings in Exchange
Systems With the Clearing Member
That Clears Transactions on Behalf of
the User
November 21, 2014.
On September 19, 2014, NYSE Arca,
Inc., (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend Rule
6.2A to authorize the Exchange to share
any User-designated risk settings in
Exchange systems with the Clearing
Member 3 that clears transactions on
behalf of the User.4 The proposed rule
change was published for comment in
the Federal Register on October 7,
2014.5 On November 19, 2014, the
Exchange submitted Amendment No. 1
to the proposed rule change. The
Commission received no comments on
the proposed rule change.
Section 19(b)(2) of the Act 6 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Exchange Rule 6.1(b)(3) defining ‘‘Clearing
Member’’ as ‘‘an Exchange OTP Firm or OTP Holder
which has been admitted to membership in the
Options Clearing Corporation pursuant to the
provisions of the Rules of the Options Clearing
Corporation.’’
4 See Exchange Rule 6.1A(a)(19) defining ‘‘User’’
as ‘‘any OTP Holder, OTP Firm or Sponsored
Participant that is authorized to obtain access to OX
pursuant to Rule 6.2A.’’
5 See Securities Exchange Act Release No. 73281
(October 1, 2014), 79 FR 60552.
6 15 U.S.C. 78s(b)(2).
2 17
2 17
CFR 240.19b–4.
Securities Exchange Act Release No. 73342
(Oct. 10, 2014), 79 FR 62492.
4 In Amendment No. 1, the Exchange clarified
certain aspects of the original filing. All comments
on the proposed rule change, including
Amendment No. 1, are available on the
Commission’s Web site at: https://www.sec.gov/
comments/sr-nysearca-2014-114/
nysearca2014114.shtml.
5 15 U.S.C. 78s(b)(2).
6 Id.
7 17 CFR 200.30–3(a)(31).
3 See
November 20, 2014.
1 15
19b–4 thereunder,2 a proposed rule
change to list and trade shares of the
iShares Interest Rate Hedged 0–5 Year
High Yield Bond ETF; iShares Interest
Rate Hedged 10+ Year Credit Bond ETF;
and the iShares Interest Rate Hedged
Emerging Markets Bond ETF. The
proposed rule change was published for
comment in the Federal Register on
October 17, 2014.3 The Commission
received one comment on the proposal,
and, on November 18, 2014, the
Exchange filed Amendment No. 1 to the
proposed rule change, which replaced
and superseded its proposal as
originally filed.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 1,
2014. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider this proposed rule change,
as modified by Amendment No. 1.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates January 15, 2014, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–NYSEArca–2014–114)
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
70607
E:\FR\FM\26NON1.SGM
26NON1
]]>Agencies
[Federal Register Volume 79, Number 228 (Wednesday, November 26, 2014)]
[Notices]
[Pages 70605-70607]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27978]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73660; File No. SR-Phlx-2014-74]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Clarify
the Exchange's Pricing Schedule Under Section VIII With Respect to
Execution and Routing of Orders in Securities Priced at $1 or More Per
Share
November 20, 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 November 12, 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 and II
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to make a minor clarifying change to Section
VIII of the Pricing Schedule entitled ``NASDAQ OMX PSX Fees,'' with
respect to execution and routing of orders in securities priced at $1
or more per share.
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.
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
[[Page 70606]]
any comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to make a minor
clarifying change to the Pricing Schedule applicable to shares executed
on the NASDAQ OMX PSX System (``PSX''). Specifically, the Exchange
proposes to clarify the definition of Consolidated Volume under Section
VIII(a) of the Pricing Schedule. The Exchange recently adopted \3\ the
definition of Consolidated Volume, which is used as a measure in
determining market participant eligibility for certain credits for
participation in PSX. Consolidated Volume is currently defined as the
total consolidated volume reported to all consolidated transaction
reporting plans by all exchanges and trade reporting facilities during
a month, excluding executed orders with a size of less than one round
lot. The Exchange compares a participant's equity transactions in PSX
to Consolidated Volume to determine how impactful its particular order
activity in PSX is in relation to overall equity market volume. The
Exchange notes that the definition of Consolidated Volume does not
expressly state that it encompasses equity securities only.
Accordingly, the Exchange is proposing to add language to the
definition to clarify that the definition under Section VIII(a) applies
only to equity securities.
---------------------------------------------------------------------------
\3\ See SR-Phlx-2014-70, filed with the Commission on October
24, 2014 (awaiting publication in the Federal Register).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act,\4\ in general, and furthers the objectives
of Sections 6(b)(4) and 6(b)(5) of the Act,\5\ in particular, in that
it provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility or system which the Exchange operates or controls, and is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest; and are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. Specifically, the proposed change furthers these
objectives because it clarifies the rule and helps avoid potential
investor confusion on how the credits that use the definition are
applied. The Exchange notes that it is not changing how the rule is
applied, and therefore the credits provided continue to be reasonable
and equitably allocated among market participants.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
Specifically, the change does not alter the meaning or application of
the Exchange's Pricing Schedule, and therefore does not affect
competition in any respect.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(ii) of the Act \6\ and Rule
19b-4(f)(6) thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(a)(ii).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \8\ normally
may not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \9\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission to waive the 30-day operative delay period to allow the
Exchange to immediately implement a change in rule language that will
serve to enhance the clarity and consistency of the Exchange's Pricing
Schedule. The Commission believes that the proposed rule change will
enhance clarity and avoid possible misinterpretation of the rule. For
these reasons, the Commission believes that the proposed rule change
presents no novel issues and that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest.
Therefore, the Commission hereby designates the proposed rule change to
be operative upon filing.\10\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ For purposes only of waiving the 30-day operative delay for
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
---------------------------------------------------------------------------
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.
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-Phlx-2014-74 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-Phlx-2014-74. 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
[[Page 70607]]
only one method. The Commission will post all comments on the
Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2014-74 and should be
submitted on or before December 17, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-27978 Filed 11-25-14; 8:45 am]
BILLING CODE 8011-01-P
