Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Postpone Implementation of Changes to Rules 4751(h) and 4754(b) Relating to the Closing Process, 23839-23841 [2015-09917]
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Federal Register / Vol. 80, No. 82 / Wednesday, April 29, 2015 / Notices
purposes of determining the best ranked
displayed order(s) on the Exchange for
dissemination on the public data feeds,
the Exchange handles non-marketable
odd-lot orders that are priced better than
the best-priced round lot interest at the
Exchange.25 Specifically, proposed Rule
7.36(c) would be amended to explain
the current Exchange functionality
where non-marketable odd-lot sized
orders that can be aggregated to equal at
least a round lot are displayed as the
best ranked displayed orders to sell
(buy) at the least aggressive price at
which such odd-lot sized orders can be
aggregated to equal at least a round
lot.26 Proposed Rule 7.37 would be
amended to make conforming and other
non-substantive, technical changes.27
Proposed Rule 7.38(a)(1) would be
amended to specify the order types that
cannot be entered as odd-lots, namely
Reserve Orders, MPL–IOC Orders,
Tracking Orders, and Q Orders.28
mstockstill on DSK4VPTVN1PROD with NOTICES
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.29 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,30 which requires,
among other things, that the rules of a
national securities exchange be
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
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.
The Commission notes that the
proposed rule change reflects the
Exchange’s continued efforts to review
and clarify its rules governing order
types.31 In addition, the Commission
notes that the Exchange believes that the
proposal is consistent with Section
6(b)(5) of the Act because it provides
greater specificity, clarity and
transparency with regard to the
25 See
Notice, 80 FR at 12540–41.
Exchange’s order handling processes
and functionalities, including how
otherwise non-marketable odd-lot sized
orders are aggregated for purposes of
determining the best bid or offer for
display on the public data feeds.32
According to the Exchange, these
amendments, both clarifying and
technical, should remove impediments
to and perfect the mechanism of a free
and open market, and are consistent
with the protection of investors and the
public interest.33 The Exchange believes
that this proposal should help reduce
the potential for investor confusion and
facilitate a better understanding of the
Exchange’s order handling operations
and navigation of its rulebook.34
The Commission notes that the
proposal reduces the number of order
types that will be accepted by the
Exchange. The Commission also notes
that the proposal provides additional
detail regarding certain order type and
modifier functionality that remain
available on the Exchange. The
Commission further notes that the
Exchange has restructured and
reorganized proposed Rule 7.31 such
that order types with similar
functionality are grouped together by
subsection. The Commission believes
that these proposed changes should
provide greater specificity, clarity and
transparency with respect to the order
type and modifier functionality
available on the Exchange, as well as the
Exchange’s methodology for handling
certain order types. Accordingly, the
Commission believes that the proposal
should help 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, in general, protect
investors and the public interest.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,35 that the
proposed rule change (SR–NYSEArca2015–08) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Brent J. Fields,
Secretary.
26 Id.
[FR Doc. 2015–09918 Filed 4–28–15; 8:45 am]
27 See
BILLING CODE 8011–01–P
Notice, 80 FR at 12540.
28 See Notice, 80 FR at 12541.
29 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
30 15 U.S.C. 78f(b)(5).
31 See Notice, 80 FR at 12537.
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32 See
Notice, 80 FR at 12541.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74795; File No. SR–
NASDAQ–2015–038]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Postpone
Implementation of Changes to Rules
4751(h) and 4754(b) Relating to the
Closing Process
April 23, 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 April 13,
2015, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ 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 the Substance
of the Proposed Rule Change
The Exchange proposes to postpone
implementation of changes to Rules
4751(h) and 4754(b) relating to the
closing process.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.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
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.
33 Id.
34 Id.
35 15
36 17
PO 00000
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
Frm 00079
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23839
1 15
2 17
E:\FR\FM\29APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
29APN1
23840
Federal Register / Vol. 80, No. 82 / Wednesday, April 29, 2015 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ is proposing to delay
implementation of changes to Rules
4751(h) and 4754(b) relating to the
closing process, which are effective but
not yet implemented. On December 16,
2014, the Exchange filed an
immediately effective filing 3 to amend
the processing of the Closing Cross
under Rule 4754(b) to adopt a
‘‘Lockdown Period,’’ the point at which
NASDAQ will close the order book for
participation in the Closing Cross. The
Exchange also amended Rule 4751(h) to
harmonize the processing of Market
Hours Day orders 4 and Good-til-market
close orders 5 upon initiation of the
Lockdown Period.
The Exchange had originally
anticipated implementing the changes
in mid-February 2015, after the
expiration of the 30-day operative delay
provided by Rule 19b–4(f)(6)(iii) under
the Act.6 The Exchange subsequently
extended the period for implementation
to Monday, April 13, 2015.7
Based upon the Exchange’s final
internal pre-implementation testing,
however, the Exchange has determined
not to proceed with the scheduled
implementation. Out of an abundance of
caution, the Exchange will instead
conduct an additional industry-wide
User Acceptance Test to ensure the
proper function of the proposed
changes. Upon successful completion of
that test, the Exchange will determine a
new implementation date and provide
notice of the new date to the industry.
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,8 in
general, and with Section 6(b)(5) of the
Act,9 in particular, because it 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
mstockstill on DSK4VPTVN1PROD with NOTICES
3 Securities
Exchange Act Release No. 73943
(December 24, 2014), 80 FR 69 (January 2, 2015)
(SR–NASDAQ–2014–123).
4 See Rule 4751(h)(6).
5 See Rule 4751(h)(8).
6 17 CFR 240.19b–4(f)(6)(iii).
7 Securities Exchange Act Release No. 74342
(February 20, 2015), 81 FR 10562 (February 26,
2015) (SR–NASDAQ–2015–14 [sic]).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
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17:18 Apr 28, 2015
Jkt 235001
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 is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that the changes
NASDAQ is making to Rules 4751(h)
and 4754(b) promote consistency and
transparency in the process for handling
orders in the closing process. Delaying
implementation of the changes for brief
period so that NASDAQ may implement
the changes to its systems necessary to
ensure that the Lockdown Period and
processing of Market Hours Day and
Good-til-market close orders are
handled in the Closing Cross operate as
planned promotes fair and orderly
markets, the protection of investors and
the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ 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.10 The Exchange believes that
the proposal is irrelevant to competition
because it is not driven by, and will
have no impact on, competition.
Specifically, the proposal is
representative of the Exchange’s efforts
to harmonize and simplify the
processing of orders during the closing
process.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor 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)(iii) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12
10 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(a)(iii).
12 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
11 15
PO 00000
Frm 00080
Fmt 4703
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A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that NASDAQ may
implement the proposed rule change
immediately. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest
because it will allow NASDAQ the
opportunity to conduct further testing to
ensure the proper function of the
proposed changes before implementing
them. Therefore, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change to be operative upon filing with
the Commission.15
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: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
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–
NASDAQ–2015–038 on the subject line.
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange did not satisfy this
requirement. Nonetheless, the Commission has
waived the pre-filing requirement.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 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).
E:\FR\FM\29APN1.SGM
29APN1
Federal Register / Vol. 80, No. 82 / Wednesday, April 29, 2015 / Notices
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–2015–038. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S. C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
offices 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–2015–038, and should be
submitted on or before May 20, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Brent J. Fields,
Secretary.
[FR Doc. 2015–09917 Filed 4–28–15; 8:45 am]
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74801; File No. SR–Phlx–
2015–35]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delete
Outdated Rule Language Contained in
Rule 1019 and Options Floor
Procedures Advices
April 23, 2015.
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 April 16,
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 delete
outdated rule language contained in (i)
Rule 1019, Precedence Accorded To
Orders Entrusted To Specialists, and (ii)
Options Floor Procedures Advices
(‘‘Advices’’) A–2, A–13, D–1, D–2, F–3,
F–7 and F–21, as explained further
below.
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
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.
1 15
16 17
CFR 200.30–3(a)(12).
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17:18 Apr 28, 2015
2 17
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PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00081
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23841
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 update the Exchange’s rules
by deleting eight obsolete rules,
including Rule 1019 as well as and
Advices A–2, A–13, D–1, D–2, F–3, F–
7 and F–21. These rules are now
obsolete for various reasons explained
below.
Historically, Advices replicated the
provisions of the Exchange’s rule that
were most pertinent for the trading floor
community to keep handy, in lieu of the
large, unwieldy rulebook; the Exchange
adopted, for many years, both rules and
Advices that contained nearly identical
language where the Advice was the
subject of a fine schedule under the
Exchange’s minor rule plan 3 in order
for the trading floor to have easy access
to these provisions (which the Exchange
printed and distributed) and in order for
those persons who administered fines to
have easy access to consult the
applicable fine schedules. Most of the
Advices which the Phlx is proposing to
delete contain similar information to
Rule 1019, which, as stated below, is
also obsolete.
Several provisions pertaining to
Specialists 4 are obsolete, because
Specialists no longer manually handle
or execute others’ orders due to the
migration to a new electronic trading
system (‘‘Phlx XL II’’) in 2009.5 Of
3 Many of these Advices contain a fine schedule
which is administered pursuant to the Phlx’s minor
rule violation enforcement and reporting plan
(‘‘Minor Rule Plan’’), and therefore the proposal
necessarily amends the Exchange’s Minor Rule
Plan. The Phlx’s Minor Rule Plan, codified in Phlx
Rule 970, ‘‘Floor Procedure Advices: Violations,
Penalties, and Procedures,’’ contains Advices with
accompanying fine schedules. See Securities
Exchange Act Release No. 23296 (June 4, 1986), 51
FR 21430 (June 12, 1986) (SR–Phlx–86–11).
Pursuant to paragraph (c)(1) of Rule 19d–1 under
the Act, a self-regulatory organization (‘‘SRO’’) is
required to file promptly with the Commission
notice of any ‘‘final’’ disciplinary action taken by
the SRO. Pursuant to paragraph (c)(2) of Rule 19d–
1, any disciplinary action taken by the SRO for
violation of an SRO rule that has been designated
a minor rule violation pursuant to the plan shall not
be considered ‘‘final’’ for purposes of Section
19(d)(1) of the Act if the sanction imposed consists
of a fine not exceeding $2500 and the sanctioned
person has not sought an adjudication, including a
hearing, or otherwise exhausted his or her
administrative remedies. By deeming unadjudicated
minor violations as not final, the Commission
permits the SRO to report violations on a periodic
(quarterly), as opposed to immediate, basis.
4 See Rule 1020.
5 In May 2009, the Exchange enhanced the
options trading system and adopted corresponding
rules referring to it as ‘‘Phlx XL II.’’ See Securities
Exchange Act Release No. 59995 (May 28, 2009), 74
Continued
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29APN1
]]>Agencies
[Federal Register Volume 80, Number 82 (Wednesday, April 29, 2015)]
[Notices]
[Pages 23839-23841]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-09917]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74795; File No. SR-NASDAQ-2015-038]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Postpone Implementation of Changes to Rules 4751(h) and 4754(b)
Relating to the Closing Process
April 23, 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 April 13, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' 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 the
Substance of the Proposed Rule Change
The Exchange proposes to postpone implementation of changes to
Rules 4751(h) and 4754(b) relating to the closing process.
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaq.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 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.
[[Page 23840]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is proposing to delay implementation of changes to Rules
4751(h) and 4754(b) relating to the closing process, which are
effective but not yet implemented. On December 16, 2014, the Exchange
filed an immediately effective filing \3\ to amend the processing of
the Closing Cross under Rule 4754(b) to adopt a ``Lockdown Period,''
the point at which NASDAQ will close the order book for participation
in the Closing Cross. The Exchange also amended Rule 4751(h) to
harmonize the processing of Market Hours Day orders \4\ and Good-til-
market close orders \5\ upon initiation of the Lockdown Period.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 73943 (December 24,
2014), 80 FR 69 (January 2, 2015) (SR-NASDAQ-2014-123).
\4\ See Rule 4751(h)(6).
\5\ See Rule 4751(h)(8).
---------------------------------------------------------------------------
The Exchange had originally anticipated implementing the changes in
mid-February 2015, after the expiration of the 30-day operative delay
provided by Rule 19b-4(f)(6)(iii) under the Act.\6\ The Exchange
subsequently extended the period for implementation to Monday, April
13, 2015.\7\
---------------------------------------------------------------------------
\6\ 17 CFR 240.19b-4(f)(6)(iii).
\7\ Securities Exchange Act Release No. 74342 (February 20,
2015), 81 FR 10562 (February 26, 2015) (SR-NASDAQ-2015-14 [sic]).
---------------------------------------------------------------------------
Based upon the Exchange's final internal pre-implementation
testing, however, the Exchange has determined not to proceed with the
scheduled implementation. Out of an abundance of caution, the Exchange
will instead conduct an additional industry-wide User Acceptance Test
to ensure the proper function of the proposed changes. Upon successful
completion of that test, the Exchange will determine a new
implementation date and provide notice of the new date to the industry.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\8\ in general, and with Section
6(b)(5) of the Act,\9\ in particular, because it 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 is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers. The Exchange believes that the changes NASDAQ is making to
Rules 4751(h) and 4754(b) promote consistency and transparency in the
process for handling orders in the closing process. Delaying
implementation of the changes for brief period so that NASDAQ may
implement the changes to its systems necessary to ensure that the
Lockdown Period and processing of Market Hours Day and Good-til-market
close orders are handled in the Closing Cross operate as planned
promotes fair and orderly markets, the protection of investors and the
public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ 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.\10\ The Exchange
believes that the proposal is irrelevant to competition because it is
not driven by, and will have no impact on, competition. Specifically,
the proposal is representative of the Exchange's efforts to harmonize
and simplify the processing of orders during the closing process.
---------------------------------------------------------------------------
\10\ 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
Written comments were neither solicited nor 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)(iii) of the Act \11\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(a)(iii).
\12\ 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 did not satisfy this requirement. Nonetheless, the
Commission has waived the pre-filing requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that NASDAQ may
implement the proposed rule change immediately. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because it will allow
NASDAQ the opportunity to conduct further testing to ensure the proper
function of the proposed changes before implementing them. Therefore,
the Commission hereby waives the 30-day operative delay and designates
the proposed rule change to be operative upon filing with the
Commission.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ 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).
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule 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-NASDAQ-2015-038 on the subject line.
[[Page 23841]]
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-2015-038. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S. C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal offices 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-2015-
038, and should be submitted on or before May 20, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09917 Filed 4-28-15; 8:45 am]
BILLING CODE 8011-01-P
