Joint Industry Plan; Notice of Filing of Amendment No. 35 to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc., 27713-27714 [2015-11622]

Download as PDF Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74910; File No. S7–24–89] Joint Industry Plan; Notice of Filing of Amendment No. 35 to the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc. May 8, 2015. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 608 thereunder,2 notice is hereby given that on April 27, 2015, the operating committee (‘‘Operating Committee’’ or ‘‘Committee’’) 3 of the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis (‘‘Nasdaq/UTP Plan’’ or ‘‘Plan’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposal to amend the Plan.4 This amendment represents the 35th Amendment 1 15 U.S.C. 78k–1. CFR 242.608. 3 The Plan Participants (collectively the ‘‘Participants’’) are the: BATS Exchange, Inc.; BATS Y-Exchange, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Financial Industry Regulatory Authority, Inc.; International Securities Exchange LLC; NASDAQ OMX BX, Inc.; NASDAQ OMX PHLX LLC; Nasdaq Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE MKT LLC; and NYSE Arca, Inc. 4 The Plan governs the collection, processing, and dissemination on a consolidated basis of quotation information and transaction reports in Eligible Securities for each of its Participants. This consolidated information informs investors of the current quotation and recent trade prices of Nasdaq securities. It enables investors to ascertain from one data source the current prices in all the markets trading Nasdaq securities. The Plan serves as the required transaction reporting plan for its Participants, which is a prerequisite for their trading Eligible Securities. See Securities Exchange Act Release No. 55647 (April 19, 2007), 72 FR 20891 (April 26, 2007). tkelley on DSK3SPTVN1PROD with NOTICES 2 17 VerDate Sep<11>2014 17:59 May 13, 2015 Jkt 235001 27713 (‘‘Amendment No. 35’’) to the Plan and proposes to require the Participants to include timestamps in the trade-report and bid-and-offer information that they report to the Plan’s processors. The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendment. FINRA shall convert times that its members report to it in seconds or milliseconds to microseconds and shall furnish such times to the Processor in microseconds. I. Rule 608(a) C. Implementation of Amendments A. Purpose of the Amendment All of the Participants have manifested their approval of the proposed Amendment by means of their execution of the UTP Plan Amendment. The UTP Plan Amendment would become operational upon approval by the Commission. Section VIII of the UTP Plan (Transmission of Information to Processor by Participants) specifies that each Participant shall collect and transmit to the Processor accurate quotation information, including (1) the identification of the security, (2) the price bid and offered, together with size, (3) the FINRA Participant along with the FINRA Participant’s market participant identification or Participant from which the quotation emanates, (4) identification of quotations that are not firm, and (5) through appropriate codes and messages, withdrawals and similar matters. Section VIII also specifies that each Participant shall promptly collect and transmit to the Processor trade reports executed in its market, including (1) identification of the security, (2) the number of shares in the transaction, (3) the price at which the shares were purchased or sold, (4) the buy/sell/cross indicator, (5) the market of execution, and (6) through appropriate codes and messages, late or out-of-sequence trades, corrections and similar matters. Amendment 35 proposes to add to those requirements that Participants shall also include in quotation information and trade reports the time of the trade or the quotation. In the case of a Participant that is a national securities exchange, the time of the transaction or quotation is to be reported in microseconds as identified in the Participant’s matching engine publication timestamp. In the case of FINRA, the time of a transaction shall be the time of execution that a FINRA member reports to a FINRA trade reporting facility and the time of a bid or offer shall be the quotation publication timestamp that the bidding or offering member reports to the FINRA quotation facility, all in accordance with FINRA rules. In addition, if the FINRA trade reporting facility or quotation facility provides a proprietary feed of trades or quotes reported by the facility to the Processor, then the FINRA facility shall also furnish the Processor with the time of the transmission as published on the facility’s proprietary feed. PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 B. Governing or Constituent Documents Not applicable. D. Development and Implementation Phases Not applicable. E. Analysis of Impact on Competition Amendment 35 does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. It will improve transparency regarding the latencies between the UTP Plan’s consolidated data feeds and industry proprietary feeds and will allow investors to monitor the latency of those feeds and to assess whether such feeds meet their trading and other requirements. The Participants do not believe that the proposed UTP Plan Amendment introduces terms that are unreasonably discriminatory for the purposes of Section 11A(c)(1)(D) of the Act.5 F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. G. Approval by Sponsors in Accordance With Plan Section IV(C)(1)(a) of the UTP Plan requires the Participants to unanimously approve the Amendment. They have so approved it. H. Description of Operation of Facility Contemplated by the Proposed Amendment Not applicable. I. Terms and Conditions of Access Not applicable. J. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. 5 15 U.S.C. 78k–1(c)(1)(D). E:\FR\FM\14MYN1.SGM 14MYN1 27714 Federal Register / Vol. 80, No. 93 / Thursday, May 14, 2015 / Notices K. Method and Frequency of Processor Evaluation Not applicable. L. Dispute Resolution Not applicable. II. Rule 601(a) A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan Not applicable. B. Reporting Requirements See Section IA above. C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information See Section IA above. D. Manner of Consolidation Not applicable. E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Amendment 35 proposes to add timestamps to Participant reports of trades and bids and offers. The addition of timestamps should provide investors with a more complete picture of trades, making those reports more complete and more accurate. F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. G. Terms of Access to Transaction Reports For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Robert W. Errett, Deputy Secretary. Not applicable. H. Identification of Marketplace of Execution Not Applicable. [FR Doc. 2015–11622 Filed 5–13–15; 8:45 am] III. Solicitation of Comments BILLING CODE 8011–01–P The Commission seeks general comments on Amendment No. 35. Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: tkelley on DSK3SPTVN1PROD with NOTICES 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 S7– 24–89 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities VerDate Sep<11>2014 17:59 May 13, 2015 Jkt 235001 and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number S7–24–89. 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 Web site (https://www.sec.gov/rules/ sro.shtml). Copies of the submission, all written statements with respect to the proposed Plan Amendment that are filed with the Commission, and all written communications relating to the proposed Plan Amendment between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for Web site viewing and printing at the Office of the Secretary of the Committee, currently located at the Chicago Stock Exchange, Inc., 440 S. LaSalle Street, Chicago, IL 60605. 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 S7–24–89 and should be submitted on or before June 4, 2015. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74906; File Nos. SR–DTC– 2015–801; SR–NSCC–2015–801] Self-Regulatory Organizations; The Depository Trust Company; National Securities Clearing Corporation; Notice of Filing and No Objection to Advance Notices Relating to the Renewal of Existing Line of Credit May 7, 2015. Pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the Payment, Clearing, and Settlement Supervision Act of 2010 1 (‘‘Clearing Supervision Act’’) and Rule 19b–4(n)(1)(i) 2 under the Securities Exchange Act of 1934, notice is hereby given that on April 20, 2015, The Depository Trust Company (‘‘DTC’’) and National Securities Clearing Corporation (‘‘NSCC,’’ together with DTC, ‘‘Clearing Agencies’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the advance notices SR–DTC–2015–801 and SR–NSCC–2015–801 (‘‘Advance Notices’’) as described in Items I and II below, which Items have been prepared primarily by the Clearing Agencies. The Commission is publishing this notice to solicit comments on the Advance Notices from interested persons and provide notice that the Commission does not object to the Advance Notices. I. Clearing Agencies’ Statement of the Terms of Substance of the Advance Notices The Advance Notices are being filed by the Clearing Agencies in connection with the renewal of the Clearing Agencies’ 364-day syndicated revolving credit facility (‘‘Renewal’’), as more fully described below. II. Clearing Agencies’ Statement of the Purpose of, and Statutory Basis for, the Advance Notices In their filings with the Commission, the Clearing Agencies included statements concerning the purpose of and basis for the Advance Notices and discussed any comments they received on the Advance Notices. The text of these statements may be examined at the places specified in Item IV below. The Clearing Agencies have prepared summaries, set forth in sections (A) and (B) below, of the most significant aspects of such statements. (A) Clearing Agencies’ Statement on Comments on the Advance Notices Received From Members, Participants, or Others Written comments on the Advance Notices have not yet been solicited or received. The Clearing Agencies will notify the Commission of any written comments received by the Clearing Agencies. (B) Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and Settlement Supervision Act Description of the Change As part of their liquidity risk management regime, the Clearing Agencies maintain a 364-day committed 1 12 6 17 PO 00000 CFR 200.30–3(a)(27). Frm 00087 Fmt 4703 2 17 Sfmt 4703 U.S.C. 5465(e)(1). CFR 240.19b–4(n)(1)(i). E:\FR\FM\14MYN1.SGM 14MYN1

Agencies

[Federal Register Volume 80, Number 93 (Thursday, May 14, 2015)]
[Notices]
[Pages 27713-27714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11622]



[[Page 27713]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74910; File No. S7-24-89]


Joint Industry Plan; Notice of Filing of Amendment No. 35 to the 
Joint Self-Regulatory Organization Plan Governing the Collection, 
Consolidation and Dissemination of Quotation and Transaction 
Information for Nasdaq-Listed Securities Traded on Exchanges on an 
Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., 
BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, 
Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., International Securities 
Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, Nasdaq Stock 
Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, 
NYSE MKT LLC, and NYSE Arca, Inc.

May 8, 2015.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on April 27, 2015, the operating committee (``Operating Committee'' or 
``Committee'') \3\ of the Joint Self-Regulatory Organization Plan 
Governing the Collection, Consolidation, and Dissemination of Quotation 
and Transaction Information for Nasdaq-Listed Securities Traded on 
Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan'' 
or ``Plan'') filed with the Securities and Exchange Commission 
(``Commission'') a proposal to amend the Plan.\4\ This amendment 
represents the 35th Amendment (``Amendment No. 35'') to the Plan and 
proposes to require the Participants to include timestamps in the 
trade-report and bid-and-offer information that they report to the 
Plan's processors. The Commission is publishing this notice to solicit 
comments from interested persons on the proposed Amendment.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The Plan Participants (collectively the ``Participants'') 
are the: BATS Exchange, Inc.; BATS Y-Exchange, Inc.; Chicago Board 
Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA 
Exchange, Inc.; EDGX Exchange, Inc.; Financial Industry Regulatory 
Authority, Inc.; International Securities Exchange LLC; NASDAQ OMX 
BX, Inc.; NASDAQ OMX PHLX LLC; Nasdaq Stock Market LLC; National 
Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE MKT LLC; and 
NYSE Arca, Inc.
    \4\ The Plan governs the collection, processing, and 
dissemination on a consolidated basis of quotation information and 
transaction reports in Eligible Securities for each of its 
Participants. This consolidated information informs investors of the 
current quotation and recent trade prices of Nasdaq securities. It 
enables investors to ascertain from one data source the current 
prices in all the markets trading Nasdaq securities. The Plan serves 
as the required transaction reporting plan for its Participants, 
which is a prerequisite for their trading Eligible Securities. See 
Securities Exchange Act Release No. 55647 (April 19, 2007), 72 FR 
20891 (April 26, 2007).
---------------------------------------------------------------------------

I. Rule 608(a)

A. Purpose of the Amendment

    Section VIII of the UTP Plan (Transmission of Information to 
Processor by Participants) specifies that each Participant shall 
collect and transmit to the Processor accurate quotation information, 
including (1) the identification of the security, (2) the price bid and 
offered, together with size, (3) the FINRA Participant along with the 
FINRA Participant's market participant identification or Participant 
from which the quotation emanates, (4) identification of quotations 
that are not firm, and (5) through appropriate codes and messages, 
withdrawals and similar matters.
    Section VIII also specifies that each Participant shall promptly 
collect and transmit to the Processor trade reports executed in its 
market, including (1) identification of the security, (2) the number of 
shares in the transaction, (3) the price at which the shares were 
purchased or sold, (4) the buy/sell/cross indicator, (5) the market of 
execution, and (6) through appropriate codes and messages, late or out-
of-sequence trades, corrections and similar matters.
    Amendment 35 proposes to add to those requirements that 
Participants shall also include in quotation information and trade 
reports the time of the trade or the quotation.
    In the case of a Participant that is a national securities 
exchange, the time of the transaction or quotation is to be reported in 
microseconds as identified in the Participant's matching engine 
publication timestamp.
    In the case of FINRA, the time of a transaction shall be the time 
of execution that a FINRA member reports to a FINRA trade reporting 
facility and the time of a bid or offer shall be the quotation 
publication timestamp that the bidding or offering member reports to 
the FINRA quotation facility, all in accordance with FINRA rules.
    In addition, if the FINRA trade reporting facility or quotation 
facility provides a proprietary feed of trades or quotes reported by 
the facility to the Processor, then the FINRA facility shall also 
furnish the Processor with the time of the transmission as published on 
the facility's proprietary feed.
    FINRA shall convert times that its members report to it in seconds 
or milliseconds to microseconds and shall furnish such times to the 
Processor in microseconds.

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of Amendments

    All of the Participants have manifested their approval of the 
proposed Amendment by means of their execution of the UTP Plan 
Amendment. The UTP Plan Amendment would become operational upon 
approval by the Commission.

D. Development and Implementation Phases

    Not applicable.

E. Analysis of Impact on Competition

    Amendment 35 does not impose any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Exchange 
Act. It will improve transparency regarding the latencies between the 
UTP Plan's consolidated data feeds and industry proprietary feeds and 
will allow investors to monitor the latency of those feeds and to 
assess whether such feeds meet their trading and other requirements.
    The Participants do not believe that the proposed UTP Plan 
Amendment introduces terms that are unreasonably discriminatory for the 
purposes of Section 11A(c)(1)(D) of the Act.\5\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78k-1(c)(1)(D).
---------------------------------------------------------------------------

F. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    Not applicable.

G. Approval by Sponsors in Accordance With Plan

    Section IV(C)(1)(a) of the UTP Plan requires the Participants to 
unanimously approve the Amendment. They have so approved it.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendment

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    Not applicable.

[[Page 27714]]

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a)

A. Equity Securities for Which Transaction Reports Shall Be Required by 
the Plan

    Not applicable.

B. Reporting Requirements

    See Section IA above.

C. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    See Section IA above.

D. Manner of Consolidation

    Not applicable.

E. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Amendment 35 proposes to add timestamps to Participant reports of 
trades and bids and offers. The addition of timestamps should provide 
investors with a more complete picture of trades, making those reports 
more complete and more accurate.

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

G. Terms of Access to Transaction Reports

    Not applicable.

H. Identification of Marketplace of Execution

    Not Applicable.

III. Solicitation of Comments

    The Commission seeks general comments on Amendment No. 35. 
Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposal 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 S7-24-89 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 S7-24-89. 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 Web site (https://www.sec.gov/rules/sro.shtml). Copies of 
the submission, all written statements with respect to the proposed 
Plan Amendment that are filed with the Commission, and all written 
communications relating to the proposed Plan Amendment between the 
Commission and any person, other than those that may be withheld from 
the public in accordance with the provisions of 5 U.S.C. 552, will be 
available for Web site viewing and printing in the Commission's Public 
Reference Room, 100 F Street NE., Washington, DC 20549, on official 
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 
the filing also will be available for Web site viewing and printing at 
the Office of the Secretary of the Committee, currently located at the 
Chicago Stock Exchange, Inc., 440 S. LaSalle Street, Chicago, IL 60605. 
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 S7-24-89 and 
should be submitted on or before June 4, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11622 Filed 5-13-15; 8:45 am]
BILLING CODE 8011-01-P
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