Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Rule 7015(b) and (g) to Modify Port Fees, 25745-25747 [2015-10399]

Download as PDF 25745 Federal Register / Vol. 80, No. 86 / Tuesday, May 5, 2015 / Notices SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. asabaliauskas on DSK5VPTVN1PROD with NOTICES Extension: Rule 15c2–8; SEC File No. 270–421, OMB Control No. 3235–0481. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 15c2–8 (17 CFR 240.15c2–8). The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 15c2–8 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) requires broker-dealers to deliver preliminary and/or final prospectuses to certain people under certain circumstances. In connection with securities offerings generally, including initial public offerings (IPOs), the rule requires broker-dealers to take reasonable steps to distribute copies of the preliminary or final prospectus to anyone who makes a written request, as well as any broker-dealer who is expected to solicit purchases of the security and who makes a request. In connection with IPOs, the rule requires a broker-dealer to send a copy of the preliminary prospectus to any person who is expected to receive a confirmation of sale (generally, this means any person who is expected to actually purchase the security in the offering) at least 48 hours prior to the sending of such confirmation. This requirement is sometimes referred to as the ‘‘48 hour rule.’’ Additionally, managing underwriters are required to take reasonable steps to ensure that all broker-dealers participating in the distribution of or trading in the security have sufficient copies of the preliminary or final prospectus, as requested by them, to enable such broker-dealer to satisfy their respective prospectus delivery obligations pursuant to Rule 15c2–8, as well as Section 5 of the Securities Act of 1933. Rule 15c2–8 implicitly requires that broker-dealers collect information, as such collection facilitates compliance with the rule. There is no requirement to submit collected information to the Commission. In order to comply with the rule, broker-dealers participating in a securities offering must keep accurate records of persons who have indicated interest in an IPO or requested a prospectus, so that they know to whom they must send a prospectus. The Commission estimates that the time broker-dealers will spend complying with the collection of information required by the rule is 11,900 hours for equity IPOs and 86,460 hours for other offerings. The Commission estimates that the total annualized cost burden (copying and postage costs) is $23,800,000 for IPOs and $3,458,400 for other offerings. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549, or send an email to: PRA_Mailbox@sec.gov. Dated: April 29, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–10397 Filed 5–4–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74829; File No. SR– NASDAQ–2015–042] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Rule 7015(b) and (g) to Modify Port Fees April 29, 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 22, 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, 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 amend NASDAQ Rule 7015(b) and (g) to modify the port fees charged to members and non-members for ports used to enter orders into Nasdaq systems, in connection with the use of the FIX and OUCH trading telecommunication protocols. The text of the proposed rule change is below; proposed new language is italicized; proposed deletions are in brackets. * * * * * 7015. Access Services (a) No change. (b) Financial Information Exchange (FIX). Ports FIX Trading Port ....... FIX Port for Services Other than Trading. Installation fee MITCH Wave Port at Secaucus, NJ ........................................................................................................................ U.S.C. 78s(b)(1). VerDate Sep<11>2014 17:18 May 04, 2015 2 17 Jkt 235001 PO 00000 CFR 240.19b–4. Frm 00086 $575[50]/port/month. $500/port/month. (c)–(f) No change. (g) Other Port Fees. Remote Multi-cast ITCH Wave Ports. Description 1 15 Price Fmt 4703 Sfmt 4703 E:\FR\FM\05MYN1.SGM 05MYN1 $2,500 Recurring monthly fee $7,500 25746 Federal Register / Vol. 80, No. 86 / Tuesday, May 5, 2015 / Notices Installation fee Description MITCH Wave Port at Weehawken, NJ .................................................................................................................... MITCH Wave Port at Mahwah, NJ .......................................................................................................................... The following port fees shall apply in connection with the use of other trading telecommunication protocols: • $575[50] per month for each port pair, other than Multicast ITCH® data feed pairs, for which the fee is $1,000 per month for software-based TotalView-ITCH or $2,500 per month for combined software- and hardwarebased TotalView-ITCH, and TCP ITCH data feed pairs, for which the fee is $750 per month. • An additional $200 per month for each port used for entering orders or quotes over the Internet. • An additional $600 per month for each port used for market data delivery over the Internet. Dedicated OUCH Port Infrastructure The Dedicated OUCH Port Infrastructure subscription allows a member firm to assign up to 30 of its OUCH ports to a dedicated server infrastructure for its exclusive use. A Dedicated OUCH Port Infrastructure subscription is available to a member firm for a fee of $5,000 per month, which is in addition to the standard fees assessed for each OUCH port. A onetime installation fee of $5,000 is assessed subscribers for each Dedicated OUCH Port Server subscription. (h)–(i) No change. * * * * * II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change asabaliauskas on DSK5VPTVN1PROD with NOTICES 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq is proposing to amend Nasdaq Rule 7015(b) and (g) to modify the monthly fee it charges for ports used to VerDate Sep<11>2014 17:18 May 04, 2015 Jkt 235001 2,500 5,000 Recurring monthly fee 7,500 12,500 enter orders in the Nasdaq Market Center for the trading of equities, in connection with the use of FIX and OUCH trading telecommunication protocols. The enhanced ports will use fieldprogrammable gate array (‘‘FPGA’’) technology, which is a hardware-based delivery mechanism and an upgrade to the existing software and software-andhardware based mechanisms. By taking advantage of hardware parallelism, FPGA technology is capable of processing more data packets during peak market conditions without the introduction of variable queuing latency. In other words, the upgrade to FPGA will improve the predictability of the telecommunications ports and thereby add value to the user experience. The Exchange is offering new technology and pricing in order to keep pace with changes in the industry and evolving customer needs as new technologies emerge and products continue to develop and change. The costs associated with the hardwarebased delivery system cover creating, shipping, installing and maintaining the new equipment and codebase. From a messaging perspective, the data content and sequencing on the new hardware version of the OUCH ports will be the same as on the legacy software-based versions of NASDAQ ports that are being replaced. their trading experience and thereby enhance the national market system. Incremental enhancements such as the advent of FPGA technology has helped make the U.S. markets the deepest, most liquid markets in the world. The Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act 5 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 it does not unfairly discriminate between customers, issuers, brokers or dealers. The Exchange believes that the proposed fees are reasonable in that they are based on the costs associated with purchasing hardware (capital expenditures) and supporting and maintaining the infrastructure (operating expenditures) for the FPGA enhancement for member firms. In addition, the FPGA enhancements will provide value to members far exceeding the incremental costs imposed. The Exchange also believes that the proposed fees are equitable and not unfairly discriminatory because the fees apply equally to all users of the FPGAenhanced ports. Moreover, the fees apply in direct proportion to the number of ports used by each member. 2. Statutory Basis NASDAQ believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,3 in general, and with Section 6(b)(5) of the Act 4 in particular, in that the proposal 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. The Exchange continuously strives to offer members state of the art technology to enhance 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. To the contrary, NASDAQ believes that the proposed rule change is procompetitive in that the enhancements improve the competitiveness of the NASDAQ Market Center and the overall quality of the national market system. If, as NASDAQ believes, the FPGA enhancement provides NASDAQ a competitive advantage, other exchanges will quickly respond by enhancing their own markets in the same way. Such innovation and imitation is the very essence of the competition the Exchange Act is designed to promote.6 3 15 4 15 PO 00000 U.S.C. 78f. U.S.C. 78f(b)(5). Frm 00087 Fmt 4703 Sfmt 4703 B. Self-Regulatory Organization’s Statement on Burden on Competition 5 15 U.S.C. 78f(b)(4). Chicago Mercantile Exchange is already using FPGA technology in order entry ports for the trading of futures. See https://www.cmegroup.com/ globex/files/NewiLinkArchitecture2014.pdf. 6 The E:\FR\FM\05MYN1.SGM 05MYN1 Federal Register / Vol. 80, No. 86 / Tuesday, May 5, 2015 / Notices 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.7 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. 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–2015–042, and should be submitted on or before May 26, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Brent J. Fields, Secretary. [FR Doc. 2015–10399 Filed 5–4–15; 8:45 am] 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–2015–042 on the subject line. asabaliauskas on DSK5VPTVN1PROD with NOTICES 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: Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a closed meeting on Thursday, May 7, 2015 at 12 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matter at the closed meeting. Commissioner Gallagher, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the closed meeting will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Adjudicatory matters; and 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–2015–042. 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 7 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Sep<11>2014 17:18 May 04, 2015 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting 8 17 Jkt 235001 PO 00000 CFR 200.30–3(a)(12). Frm 00088 Fmt 4703 Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted, or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: April 30, 2015. Brent J. Fields, Secretary. [FR Doc. 2015–10538 Filed 5–1–15; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request Copies Available From: U.S. Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. New Information Collection: Contract Standard for Contractor Workforce Inclusion; SEC File No. S7– 02–15, OMB Control No. 3235–XXXX. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (the Commission) has submitted to the Office of Management and Budget a request to approve the collection of information discussed below. Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) provided that certain agencies, including the Commission, establish an Office of Minority and Women Inclusion (OMWI).1 Section 342(c)(2) of the Dodd-Frank Act requires the OMWI Director to include in the Commission’s procedures for evaluating contract proposals and hiring service providers a written statement that the contractor shall ensure, to the maximum extent possible, the fair inclusion of women and minorities in the workforce of the contractor and, as applicable, subcontractors. In addition, section 342(c)(3)(A) requires the OMWI Director to establish standards and procedures for determining whether an agency contractor or subcontractor ‘‘has failed to make a good faith effort to include minorities and women’’ in its workforce. Section 342(c)(3)(B)(i) provides that if the OMWI Director 1 12 Sfmt 4703 25747 U.S.C. 5452. E:\FR\FM\05MYN1.SGM 05MYN1

Agencies

[Federal Register Volume 80, Number 86 (Tuesday, May 5, 2015)]
[Notices]
[Pages 25745-25747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-10399]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74829; File No. SR-NASDAQ-2015-042]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend NASDAQ Rule 7015(b) and (g) to Modify Port Fees

April 29, 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 22, 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, 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.
---------------------------------------------------------------------------

    \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 amend NASDAQ Rule 7015(b) and (g) to 
modify the port fees charged to members and non-members for ports used 
to enter orders into Nasdaq systems, in connection with the use of the 
FIX and OUCH trading telecommunication protocols.
    The text of the proposed rule change is below; proposed new 
language is italicized; proposed deletions are in brackets.
* * * * *

7015. Access Services

    (a) No change.
    (b) Financial Information Exchange (FIX).

------------------------------------------------------------------------
                Ports                                Price
------------------------------------------------------------------------
FIX Trading Port....................  $575[50]/port/month.
FIX Port for Services Other than      $500/port/month.
 Trading.
------------------------------------------------------------------------

    (c)-(f) No change.
    (g) Other Port Fees.
    Remote Multi-cast ITCH Wave Ports.

------------------------------------------------------------------------
                                           Installation      Recurring
               Description                      fee         monthly fee
------------------------------------------------------------------------
MITCH Wave Port at Secaucus, NJ.........          $2,500          $7,500

[[Page 25746]]

 
MITCH Wave Port at Weehawken, NJ........           2,500           7,500
MITCH Wave Port at Mahwah, NJ...........           5,000          12,500
------------------------------------------------------------------------

    The following port fees shall apply in connection with the use of 
other trading telecommunication protocols:
     $575[50] per month for each port pair, other than 
Multicast ITCH[supreg] data feed pairs, for which the fee is $1,000 per 
month for software-based TotalView-ITCH or $2,500 per month for 
combined software- and hardware-based TotalView-ITCH, and TCP ITCH data 
feed pairs, for which the fee is $750 per month.
     An additional $200 per month for each port used for 
entering orders or quotes over the Internet.
     An additional $600 per month for each port used for market 
data delivery over the Internet.
Dedicated OUCH Port Infrastructure
    The Dedicated OUCH Port Infrastructure subscription allows a member 
firm to assign up to 30 of its OUCH ports to a dedicated server 
infrastructure for its exclusive use. A Dedicated OUCH Port 
Infrastructure subscription is available to a member firm for a fee of 
$5,000 per month, which is in addition to the standard fees assessed 
for each OUCH port. A one-time installation fee of $5,000 is assessed 
subscribers for each Dedicated OUCH Port Server subscription.
    (h)-(i) No change.
* * * * *

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.

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

1. Purpose
    Nasdaq is proposing to amend Nasdaq Rule 7015(b) and (g) to modify 
the monthly fee it charges for ports used to enter orders in the Nasdaq 
Market Center for the trading of equities, in connection with the use 
of FIX and OUCH trading telecommunication protocols.
    The enhanced ports will use field-programmable gate array 
(``FPGA'') technology, which is a hardware-based delivery mechanism and 
an upgrade to the existing software and software-and-hardware based 
mechanisms. By taking advantage of hardware parallelism, FPGA 
technology is capable of processing more data packets during peak 
market conditions without the introduction of variable queuing latency. 
In other words, the upgrade to FPGA will improve the predictability of 
the telecommunications ports and thereby add value to the user 
experience.
    The Exchange is offering new technology and pricing in order to 
keep pace with changes in the industry and evolving customer needs as 
new technologies emerge and products continue to develop and change. 
The costs associated with the hardware-based delivery system cover 
creating, shipping, installing and maintaining the new equipment and 
codebase. From a messaging perspective, the data content and sequencing 
on the new hardware version of the OUCH ports will be the same as on 
the legacy software-based versions of NASDAQ ports that are being 
replaced.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\3\ in general, and with Section 
6(b)(5) of the Act \4\ in particular, in that the proposal 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. The Exchange continuously 
strives to offer members state of the art technology to enhance their 
trading experience and thereby enhance the national market system. 
Incremental enhancements such as the advent of FPGA technology has 
helped make the U.S. markets the deepest, most liquid markets in the 
world.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f.
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes the proposed rule change is consistent with 
Section 6(b)(4) of the Act \5\ 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 it does not unfairly discriminate 
between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

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

    The Exchange believes that the proposed fees are reasonable in that 
they are based on the costs associated with purchasing hardware 
(capital expenditures) and supporting and maintaining the 
infrastructure (operating expenditures) for the FPGA enhancement for 
member firms. In addition, the FPGA enhancements will provide value to 
members far exceeding the incremental costs imposed. The Exchange also 
believes that the proposed fees are equitable and not unfairly 
discriminatory because the fees apply equally to all users of the FPGA-
enhanced ports. Moreover, the fees apply in direct proportion to the 
number of ports used by each member.

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. To the contrary, 
NASDAQ believes that the proposed rule change is pro-competitive in 
that the enhancements improve the competitiveness of the NASDAQ Market 
Center and the overall quality of the national market system. If, as 
NASDAQ believes, the FPGA enhancement provides NASDAQ a competitive 
advantage, other exchanges will quickly respond by enhancing their own 
markets in the same way. Such innovation and imitation is the very 
essence of the competition the Exchange Act is designed to promote.\6\
---------------------------------------------------------------------------

    \6\ The Chicago Mercantile Exchange is already using FPGA 
technology in order entry ports for the trading of futures. See 
https://www.cmegroup.com/globex/files/NewiLinkArchitecture2014.pdf.

---------------------------------------------------------------------------

[[Page 25747]]

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\7\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    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-2015-042 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-2015-042. 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-
042, and should be submitted on or before May 26, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-10399 Filed 5-4-15; 8:45 am]
 BILLING CODE 8011-01-P
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