Sunshine Act; Notice of Public Meeting, 41100 [2015-17321]
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Federal Register / Vol. 80, No. 134 / Tuesday, July 14, 2015 / Notices
Charles.Mierzwa@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Chief of Information Resources Management.
[FR Doc. 2015–17244 Filed 7–13–15; 8:45 am]
BILLING CODE 7905–01–P
RAILROAD RETIREMENT BOARD
Sunshine Act; Notice of Public Meeting
Notice is hereby given that the
Railroad Retirement Board will hold a
meeting on July 29, 2015, 10 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
(2) Labor Member’s Comments on
Changes to the Disability Program
The person to contact for more
information is Martha P. Rico, Secretary
to the Board, Phone No. 312–751–4920.
Dated: July 10, 2015.
Martha P. Rico,
Secretary to the Board.
[FR Doc. 2015–17321 Filed 7–10–15; 11:15 am]
BILLING CODE 7905–01–P
[Release No. 34–75391; File No. SR–
NASDAQ–2015–061]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Volume-Based and Multi-Trigger
Thresholds
asabaliauskas on DSK5VPTVN1PROD with NOTICES
July 8, 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 June 23,
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 NASDAQ. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
19:09 Jul 13, 2015
Jkt 235001
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
SECURITIES AND EXCHANGE
COMMISSION
1 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NASDAQ proposes to amend Chapter
VII, Section 6, entitled ‘‘Market Maker
Quotations,’’ of the rules governing the
NASDAQ Options Market (‘‘NOM’’ or
‘‘Exchange’’). The Exchange proposes to
adopt two new NOM Market Maker 3
optional risk protections, a volumebased threshold and a multi-trigger
threshold.4
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1. Purpose
The purpose of the filing is to adopt
two new risk protections for NOM
Market Maker’s to monitor marketplace
risk. These protections are intended to
assist NOM Market Makers to control
their trading risks.5 Quoting across
many series in an option creates the
possibility of ‘‘rapid fire’’ executions
3 The term ‘‘NOM Market Maker’’ means a
Participant that has registered as a Market Maker on
NOM pursuant to Chapter VII, Section 2, and must
also remain in good standing pursuant to Chapter
VII, Section 4.
4 Market Makers will be required to continue to
utilize the Risk Monitor Mechanism in Chapter VI,
Section 19, as is the case today.
5 Pursuant to NOM Rules at Chapter VII, Section
5, entitled ‘‘Obligations of Market Makers’’, in
registering as a market maker, an Options
Participant commits himself to various obligations.
Transactions of a NOM Market Maker must
constitute a course of dealings reasonably
calculated to contribute to the maintenance of a fair
and orderly market, and Market Makers should not
make bids or offers or enter into transactions that
are inconsistent with such course of dealings.
Further, all Market Makers are designated as
specialists on NOM for all purposes under the Act
or rules thereunder. See Chapter VII, Section 2.
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
that can create large, unintended
principal positions that expose NOM
Market Makers, who are required to
continuously quote in assigned options,
to potentially significant market risk.
Today, the Exchange’s rules permit
NOM Market Makers to monitor risk
arising from multiple executions across
multiple options series of a single
underlying security.6
The Exchange is proposing to offer a
new volume-based and multi-trigger
threshold protection to NOM Market
Makers. The Exchange proposes to
amend NOM’s Rules at Chapter VII,
Section 6(f) to establish: (1) A threshold
used to calculate each NOM Market
Maker’s total volume executed in all
series of a given underlying security
within a specified time period and
compares that to a pre-determined
threshold (‘‘Volume-Based Threshold’’),
and (2) a threshold which measures the
number of times the System has
triggered 7 based on the Risk Monitor
Mechanism (‘‘Percentage-Based
Threshold’’) pursuant to Chapter VI,
Section 19 and Volume-Based
Thresholds within a specified time
period and compares that total to a predetermined threshold (‘‘Multi-Trigger
Threshold’’).
Volume-Based Threshold
In connection with offering these two
new threshold protections, a NOM
Market Maker would provide a specified
time period and volume threshold by
which the Exchange’s System would
automatically remove the NOM Market
Maker’s quotes and orders in an options
class, depending on the threshold
utilized, submitted through designated
NOM protocols, as specified by the
Exchange. The Exchange counts
Specialized Quote Feed (‘‘SQF’’) 8
quotes and OTTO 9 orders only in
determining the number of contracts
traded and removed by the System.10
The Volume-Based Threshold will
determine, during a specified time
period established by the NOM Market
6 See NOM Chapter VI, Section 19, ‘‘Risk Monitor
Mechanism.’’
7 A trigger is defined as the event which causes
the System to automatically remove all quotes and
orders in all options series in an underlying issue.
8 SQF permits the receipt of quotes. SQF Auction
Responses and market sweeps are also not
included.
9 OTTO immediate or cancel orders will not be
included. OTTO provides a method for subscribers
to send orders and receive status updates on those
orders. OTTO accepts limit orders from System
subscribers, and if there is a matching order, the
orders will execute. Non-matching orders are added
to the limit order book, a database of available limit
orders, where they are matched.
10 Financial Information Exchange (‘‘FIX’’) Orders
are not counted in determining the number of
contracts traded and removed by the System.
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[Federal Register Volume 80, Number 134 (Tuesday, July 14, 2015)]
[Notices]
[Page 41100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-17321]
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RAILROAD RETIREMENT BOARD
Sunshine Act; Notice of Public Meeting
Notice is hereby given that the Railroad Retirement Board will hold
a meeting on July 29, 2015, 10 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
(2) Labor Member's Comments on Changes to the Disability Program
The person to contact for more information is Martha P. Rico,
Secretary to the Board, Phone No. 312-751-4920.
Dated: July 10, 2015.
Martha P. Rico,
Secretary to the Board.
[FR Doc. 2015-17321 Filed 7-10-15; 11:15 am]
BILLING CODE 7905-01-P
