Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Price List To Specify That a Member Organization May Request That the Exchange Aggregate its Eligible Activity With Activity of the Member Organization's Affiliates for Purposes of Charges or Credits Based on Volume, 18873-18875 [2015-07968]

Download as PDF Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices Dated: April 3, 2015. Kim Miller, Management Analyst. [FR Doc. 2015–08061 Filed 4–7–15; 8:45 am] BILLING CODE 7036–01–P POSTAL REGULATORY COMMISSION [Docket No. CP2013–81; Order No. 2424] Amendment to Postal Product Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing a recent Postal Service filing concerning an amendment to Priority Mail Contract 63 negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: April 9, 2015. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: SUMMARY: Table of Contents I. Introduction II. Notice of Filings III. Ordering Paragraphs asabaliauskas on DSK5VPTVN1PROD with NOTICES I. Introduction On April 1, 2015, the Postal Service filed notice that it has agreed to an Amendment to the existing Priority Mail Contract 63 negotiated service agreement approved in this docket.1 In support of its Notice, the Postal Service includes a redacted copy of the Amendment in Attachment A. Id., Attachment A. The Postal Service previously filed a certification of compliance with 39 U.S.C. 3633(a), as required by 39 CFR 3015.5.2 1 Notice of United States Postal Service of Amendment to Priority Mail Contract 63, with Portions Filed Under Seal, April 1, 2015 (Notice). 2 Request of the United States Postal Service to Add Priority Mail Contract 63 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data, September 19, 2013 (Request). Although the Request appears to state that the certification only pertains to paragraphs (1) and (3) of 39 U.S.C. 3633(a), the certification itself contains an assertion that the prices are in compliance with 39 U.S.C. 3633 (a)(1), (2), and (3). Request at 2; Attachment E. VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 18873 The Postal Service also filed the unredacted Amendment under seal. Notice at 1. The Postal Service states this Amendment will not materially affect the cost coverage of Priority Mail Contract 63 and asserts that the supporting financial documentation and financial certification initially provided in this docket remain applicable. Id. The Postal Service seeks to incorporate by reference the Application for NonPublic Treatment originally filed in this docket for the protection of information that it has filed under seal. Id. The Amendment revises the customer’s Priority Mail contract rates, which appear in Terms I.F, I.G, and I.H, and the annual adjustment, which is described in Term I.I. Notice, Attachment A at 1–3. The Postal Service intends for the Amendment to become effective one business day after the date that the Commission completes its review of the Notice. Notice at 1. The Postal Service asserts that the Amendment will not impair the ability of the contract to comply with 39 U.S.C. 3633. Id. Railroad Retirement Board II. Notice of Filings Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Price List To Specify That a Member Organization May Request That the Exchange Aggregate its Eligible Activity With Activity of the Member Organization’s Affiliates for Purposes of Charges or Credits Based on Volume The Commission invites comments on whether the changes presented in the Postal Service’s Notice are consistent with the policies of 39 U.S.C. 3632, 3633, or 3642, 39 CFR 3015.5, and 39 CFR part 3020, subpart B. Comments are due no later than April 9, 2015. The public portions of these filings can be accessed via the Commission’s Web site (https://www.prc.gov). The Commission appoints Kenneth R. Moeller to represent the interests of the general public (Public Representative) in this docket. III. Ordering Paragraphs It is ordered: 1. The Commission reopens Docket No. CP2013–81 for consideration of matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, the Commission appoints Kenneth R. Moeller to serve as an officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 3. Comments are due no later than April 9, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. BILLING CODE 7710–FW–P Frm 00068 Fmt 4703 Notice is hereby given that the Railroad Retirement Board will hold a meeting on April 22, 2015, 10:00 a.m. at the Board’s meeting room on the 8th floor of its headquarters building, 844 North Rush Street, Chicago, Illinois, 60611. The agenda for this meeting follows: Portion open to the public: (1) Executive Committee Reports The person to contact for more information is Martha P. Rico, Secretary to the Board, Phone No. 312–751–4920. Dated: April 6, 2015. Martha P. Rico, Secretary to the Board. [FR Doc. 2015–08143 Filed 4–6–15; 11:15 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74640; File No. SR–NYSE– 2015–13] April 2, 2015. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on March 25, 2015, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 amend its Price List to specify that a member organization may request that the Exchange aggregate its eligible activity 1 15 [FR Doc. 2015–07975 Filed 4–7–15; 8:45 am] PO 00000 Sunshine Act; Notice of Public Meeting Sfmt 4703 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 E:\FR\FM\08APN1.SGM 08APN1 18874 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices with activity of the member organization’s affiliates for purposes of charges or credits based on volume. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.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 self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change asabaliauskas on DSK5VPTVN1PROD with NOTICES 1. Purpose The Exchange proposes to amend its Price List to specify that member organizations may request that the Exchange aggregate their eligible activity with activity of member organization’s affiliates for purposes of charges or credits based on volume. The proposed rule change is based on NASDAQ Stock Market LLC (‘‘NASDAQ’’) Rule 7027, NASDAQ Options Market LLC (‘‘NOM’’) Rules at Chapter XV, and the NASDAQ OMX PHLX LLC (‘‘PHLX’’) Pricing Schedule.4 As proposed, for purposes of applying any provision of the Exchange’s Price List where the charge assessed, or credit provided, by the Exchange depends on the volume of a member organization’s activity, a member organization may request that the Exchange aggregate its eligible activity with activity of such member organization’s affiliates. The Exchange further proposes that a member organization requesting 4 Effective December 1, 2014, NASDAQ amended Rule 7027 to harmonize the treatment of aggregation of affiliate activity of affiliated members to be consistent with the rules governing NOM and PHLX. See Securities Exchange Act Release No. 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014) (SR–NASDAQ–2014–083). NOM and PHLX also amended their respective rules to harmonize the process by which it collects information from its members for purposes of aggregating member activity between its equity and options markets. See Securities Exchange Act Release Nos. 72967 (Sept. 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR– NASDAQ–2014–082) and 72969 (Sept. 3, 2014), 79 FR 53485 (Sept. 9, 2014) (SR–PHLX–2014–56). VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 aggregation of eligible affiliate activity would be required to (1) certify to the Exchange the affiliate status of member organizations whose activity it seeks to aggregate prior to receiving approval for aggregation, and (2) inform the Exchange immediately of any event that causes an entity to cease being an affiliate. The Exchange would review available information regarding the entities and reserves the right to request additional information to verify the affiliate status of an entity. As further proposed, the Exchange would approve a request, unless it determines that the certificate is not accurate.5 The Exchange also proposes that if two or more member organizations become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty-second day of the month, an approval of the request would be deemed to be effective as of the first day of that month. If two or more member organizations become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty second day of the month, an approval of the request would be deemed to be effective as of the first day of the next calendar month.6 The Exchange believes that this requirement, which is also similar to requirements of other exchanges,7 would be a fair and objective way to apply the aggregation rule to fees and streamline the billing process. The Exchange further proposes to provide that for purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the Exchange depends upon the volume of a member organization’s activity, references to an entity would be deemed to include the entity and its affiliates that have been approved for aggregation.8 The Exchange notes that its designated market makers (‘‘DMM’’) are subject to specified pricing on the Price List. For purposes of the Price List, a DMM may not aggregate its volume either with other units within the same member organization or affiliates of the member organization operating the DMM unit. In addition, the Exchange proposes to provide that member organizations may not aggregate volume where the Price List specifies that aggregation is not permitted.9 5 See NASDAQ Rule 7027(a)(1). NASDAQ Rule 7027(a)(2). 7 See supra note 4. 8 See supra note 5. 9 For example, the Price List specifies whether quoting and trading activity relating to Supplemental Liquidity Provider activity may be aggregated. 6 See PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 Finally, the Exchange proposes that for purposes of the Price List, the term ‘‘affiliate’’ would mean any member organization under 75% common ownership or control of that member organization.10 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,11 in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,12 in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among member organizations and issuers and other persons using any facility or system with [sic] the Exchange operates or controls and because it is designed to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. The Exchange further believes that the proposed rule change is reasonable because it establishes a manner for the Exchange to treat affiliated member organizations for purposes of assessing charges or credits that are based on volume. The provision is equitable because all member organizations seeking to aggregate their activity are subject to the same parameters, in accordance with a standard that recognizes an affiliation as of the month’s beginning or close in time to when the affiliation occurs, provided the member organization submits a timely request. Moreover, the proposed billing aggregation language, which would lower the Exchange’s administrative burden, is substantially similar to aggregation language adopted by other exchanges.13 The Exchange further notes that the proposal would serve to reduce disparity of treatment between member organizations with regard to the pricing of different services and reduce any potential for confusion on how activity can be aggregated. The Exchange believes that the proposed rule change avoids disparate treatment of member organizations that have divided their various business activities between separate corporate entities as compared to member organizations that operate those business activities within a single corporate entity. The Exchange further notes that the proposed rule change is 10 See NASDAQ Rule 7027(c). U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(4) and (5). 13 See supra note 4. 11 15 E:\FR\FM\08APN1.SGM 08APN1 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices reasonable and is designed to remove impediments to and perfect the mechanism of a free and open market by harmonizing the manner by which the Exchanges permits member organizations to aggregate volume with other exchanges. In particular, the Exchange notes that NASDAQ, PHLX and BX all have the same standard that the Exchange is proposing to adopt. B. Self-Regulatory Organization’s Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,14 the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As stated above, the proposed rule change, which applies equally to all member organizations, is intended to reduce the Exchange’s administrative burden in applying volume price discounts for firms which have requested aggregation with that of an affiliate member organization, and is substantially similar to rules adopted by other exchanges. Because the market for order execution and routing is extremely competitive, member organizations may readily opt to disfavor the Exchange if they believe that alternatives offer them better value. The Exchange does not believe the proposed changes will impair the ability of member organizations or competing order execution venues to maintain their competitive standing in the financial markets. asabaliauskas on DSK5VPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule 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 if consistent with the protection of investors and the public interest, provided that the selfregulatory organization has given 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,15 the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 16 and Rule 19b–4(f)(6) thereunder.17 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. 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– NYSE–2015–13 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–NYSE–2015–13. 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 will also be available for inspection and copying at the NYSE’s principal office and on its Internet Web site at www.nyse.com. 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–NYSE– 2015–13 and should be submitted on or before April 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Brent J. Fields, Secretary. [FR Doc. 2015–07968 Filed 4–7–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74631; File No. SR–PHLX– 2015–31] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Move the Rule Text of Current Rule 1070, Customer Complaints, Into Rule 1028, Confirmations, To Accommodate an Upcoming Rulebook Reorganization April 2, 2015. 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 March 24, 2015, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to move the rule text of current Rule 1070, Customer Complaints, into Rule 1028, Confirmations, to accommodate an upcoming rulebook reorganization. No U.S.C. 78f(b)(8). VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 15 The 18 17 16 15 14 15 Exchange has fulfilled this requirement. U.S.C. 78s(b)(3)(A). 17 17 CFR 240.19b–4(f)(6). 1 15 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 18875 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. E:\FR\FM\08APN1.SGM 08APN1

Agencies

[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)]
[Notices]
[Pages 18873-18875]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07968]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74640; File No. SR-NYSE-2015-13]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending its Price List To Specify That a Member Organization May 
Request That the Exchange Aggregate its Eligible Activity With Activity 
of the Member Organization's Affiliates for Purposes of Charges or 
Credits Based on Volume

April 2, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on March 25, 2015, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. 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\ 15 U.S.C. 78a.
    \3\ 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 amend its Price List to specify that a 
member organization may request that the Exchange aggregate its 
eligible activity

[[Page 18874]]

with activity of the member organization's affiliates for purposes of 
charges or credits based on volume. The text of the proposed rule 
change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Price List to specify that 
member organizations may request that the Exchange aggregate their 
eligible activity with activity of member organization's affiliates for 
purposes of charges or credits based on volume. The proposed rule 
change is based on NASDAQ Stock Market LLC (``NASDAQ'') Rule 7027, 
NASDAQ Options Market LLC (``NOM'') Rules at Chapter XV, and the NASDAQ 
OMX PHLX LLC (``PHLX'') Pricing Schedule.\4\
---------------------------------------------------------------------------

    \4\ Effective December 1, 2014, NASDAQ amended Rule 7027 to 
harmonize the treatment of aggregation of affiliate activity of 
affiliated members to be consistent with the rules governing NOM and 
PHLX. See Securities Exchange Act Release No. 72966 (Sept. 3, 2014), 
79 FR 53473 (Sept. 9, 2014) (SR-NASDAQ-2014-083). NOM and PHLX also 
amended their respective rules to harmonize the process by which it 
collects information from its members for purposes of aggregating 
member activity between its equity and options markets. See 
Securities Exchange Act Release Nos. 72967 (Sept. 2, 2014), 79 FR 
53471 (Sept. 9, 2014) (SR-NASDAQ-2014-082) and 72969 (Sept. 3, 
2014), 79 FR 53485 (Sept. 9, 2014) (SR-PHLX-2014-56).
---------------------------------------------------------------------------

    As proposed, for purposes of applying any provision of the 
Exchange's Price List where the charge assessed, or credit provided, by 
the Exchange depends on the volume of a member organization's activity, 
a member organization may request that the Exchange aggregate its 
eligible activity with activity of such member organization's 
affiliates. The Exchange further proposes that a member organization 
requesting aggregation of eligible affiliate activity would be required 
to (1) certify to the Exchange the affiliate status of member 
organizations whose activity it seeks to aggregate prior to receiving 
approval for aggregation, and (2) inform the Exchange immediately of 
any event that causes an entity to cease being an affiliate. The 
Exchange would review available information regarding the entities and 
reserves the right to request additional information to verify the 
affiliate status of an entity. As further proposed, the Exchange would 
approve a request, unless it determines that the certificate is not 
accurate.\5\
---------------------------------------------------------------------------

    \5\ See NASDAQ Rule 7027(a)(1).
---------------------------------------------------------------------------

    The Exchange also proposes that if two or more member organizations 
become affiliated on or prior to the sixteenth day of a month, and 
submit the required request for aggregation on or prior to the twenty-
second day of the month, an approval of the request would be deemed to 
be effective as of the first day of that month. If two or more member 
organizations become affiliated after the sixteenth day of a month, or 
submit a request for aggregation after the twenty second day of the 
month, an approval of the request would be deemed to be effective as of 
the first day of the next calendar month.\6\ The Exchange believes that 
this requirement, which is also similar to requirements of other 
exchanges,\7\ would be a fair and objective way to apply the 
aggregation rule to fees and streamline the billing process.
---------------------------------------------------------------------------

    \6\ See NASDAQ Rule 7027(a)(2).
    \7\ See supra note 4.
---------------------------------------------------------------------------

    The Exchange further proposes to provide that for purposes of 
applying any provision of the Price List where the charge assessed, or 
credit provided, by the Exchange depends upon the volume of a member 
organization's activity, references to an entity would be deemed to 
include the entity and its affiliates that have been approved for 
aggregation.\8\ The Exchange notes that its designated market makers 
(``DMM'') are subject to specified pricing on the Price List. For 
purposes of the Price List, a DMM may not aggregate its volume either 
with other units within the same member organization or affiliates of 
the member organization operating the DMM unit. In addition, the 
Exchange proposes to provide that member organizations may not 
aggregate volume where the Price List specifies that aggregation is not 
permitted.\9\
---------------------------------------------------------------------------

    \8\ See supra note 5.
    \9\ For example, the Price List specifies whether quoting and 
trading activity relating to Supplemental Liquidity Provider 
activity may be aggregated.
---------------------------------------------------------------------------

    Finally, the Exchange proposes that for purposes of the Price List, 
the term ``affiliate'' would mean any member organization under 75% 
common ownership or control of that member organization.\10\
---------------------------------------------------------------------------

    \10\ See NASDAQ Rule 7027(c).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\11\ in general, and furthers the 
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in 
particular, because it provides for the equitable allocation of 
reasonable dues, fees, and other charges among member organizations and 
issuers and other persons using any facility or system with [sic] the 
Exchange operates or controls and because it is designed to prevent 
fraudulent and manipulative acts and practices, promote just and 
equitable principles of trade, remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and 
protect investors and the public interest.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange further believes that the proposed rule change is 
reasonable because it establishes a manner for the Exchange to treat 
affiliated member organizations for purposes of assessing charges or 
credits that are based on volume. The provision is equitable because 
all member organizations seeking to aggregate their activity are 
subject to the same parameters, in accordance with a standard that 
recognizes an affiliation as of the month's beginning or close in time 
to when the affiliation occurs, provided the member organization 
submits a timely request. Moreover, the proposed billing aggregation 
language, which would lower the Exchange's administrative burden, is 
substantially similar to aggregation language adopted by other 
exchanges.\13\
---------------------------------------------------------------------------

    \13\ See supra note 4.
---------------------------------------------------------------------------

    The Exchange further notes that the proposal would serve to reduce 
disparity of treatment between member organizations with regard to the 
pricing of different services and reduce any potential for confusion on 
how activity can be aggregated. The Exchange believes that the proposed 
rule change avoids disparate treatment of member organizations that 
have divided their various business activities between separate 
corporate entities as compared to member organizations that operate 
those business activities within a single corporate entity. The 
Exchange further notes that the proposed rule change is

[[Page 18875]]

reasonable and is designed to remove impediments to and perfect the 
mechanism of a free and open market by harmonizing the manner by which 
the Exchanges permits member organizations to aggregate volume with 
other exchanges. In particular, the Exchange notes that NASDAQ, PHLX 
and BX all have the same standard that the Exchange is proposing to 
adopt.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\14\ the Exchange 
does not believe that the proposed rule change will impose any burden 
on intermarket or intramarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. As stated above, 
the proposed rule change, which applies equally to all member 
organizations, is intended to reduce the Exchange's administrative 
burden in applying volume price discounts for firms which have 
requested aggregation with that of an affiliate member organization, 
and is substantially similar to rules adopted by other exchanges. 
Because the market for order execution and routing is extremely 
competitive, member organizations may readily opt to disfavor the 
Exchange if they believe that alternatives offer them better value. The 
Exchange does not believe the proposed changes will impair the ability 
of member organizations or competing order execution venues to maintain 
their competitive standing in the financial markets.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule 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 if consistent with the protection of investors 
and the public interest, provided that the self-regulatory organization 
has given 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,\15\ the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) 
thereunder.\17\
---------------------------------------------------------------------------

    \15\ The Exchange has fulfilled this requirement.
    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

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-NYSE-2015-13 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-NYSE-2015-13. 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 will also be available 
for inspection and copying at the NYSE's principal office and on its 
Internet Web site at www.nyse.com. 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-NYSE-2015-13 and should be submitted on or before April 
29, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-07968 Filed 4-7-15; 8:45 am]
 BILLING CODE 8011-01-P
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