Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update Public Disclosure of Exchange Usage of Market Data, 48586-48588 [2015-19868]
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48586
Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2015–34 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2015–34. 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
office 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–NYSE–
2015–34 and should be submitted on or
before September 3, 2015.
notice is hereby given that on August 5,
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Jill M. Peterson,
Assistant Secretary.
The Exchange proposes to update
Exchange Rule 4759 and to amend the
public disclosure of the sources of data
that the Exchange utilizes when
performing (1) order handling and
execution; (2) order routing; and (3)
related compliance processes.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are
bracketed.
*
*
*
*
*
[FR Doc. 2015–19876 Filed 8–12–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75637; File No. SR–
NASDAQ–2015–093]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Update
Public Disclosure of Exchange Usage
of Market Data
August 7, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
4759. Data Feeds Utilized
The NASDAQ System utilizes the
below proprietary and network
processor feeds [utilized by the System]
for the handling, routing, and execution
of orders, as well as for the regulatory
compliance processes related to those
functions. The Secondary Source of data
is, where applicable, utilized only in
emergency market conditions and only
until those emergency conditions are
resolved.
Market center
Primary source
A—NYSE MKT (AMEX) ..........................................................
B—NASDAQ OMX BX ............................................................
C—NSX ...................................................................................
D—FINRA ADF .......................................................................
J—DirectEdge A ......................................................................
K—DirectEdge X .....................................................................
M—CSX ..................................................................................
N—NYSE ................................................................................
P—NYSE Arca ........................................................................
T/Q—NASDAQ ........................................................................
X—NASDAQ OMX PSX .........................................................
Y—BATS Y-Exchange ............................................................
Z—BATS Exchange ................................................................
[CQS/UQDF] NYSE MKT OpenBook Ultra ............................
BX ITCH [4.1] 5.0 ...................................................................
CQS/UQDF .............................................................................
CQS/UQDF .............................................................................
[EdgeBook] BATS PITCH ......................................................
[EdgeBook] BATS PITCH ......................................................
CQS/UQDF .............................................................................
NYSE OpenBook Ultra ...........................................................
[ArcaBook Binary uncompacted] NYSE ARCA XDP .............
ITCH [4.1] 5.0 .........................................................................
PSX ITCH [4.1] 5.0 ................................................................
BATS PITCH ..........................................................................
BATS PITCH ..........................................................................
tkelley on DSK3SPTVN1PROD with NOTICES
*
*
*
*
*
(b) Not applicable.
(c) Not applicable.
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
21 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
16:56 Aug 12, 2015
1 15
Jkt 235001
PO 00000
U.S.C. 78s(b)(1).
Frm 00111
Fmt 4703
[n/a] CQS/UQDF
CQS/UQDF
n/a
n/a
CQS/UQDF
CQS/UQDF
n/a
CQS/UQDF
CQS/UQDF
CQS/UQDF
CQS/UQDF
CQS/UQDF
CQS/UQDF
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.
2 17
Sfmt 4703
Secondary source
E:\FR\FM\13AUN1.SGM
CFR 240.19b–4.
13AUN1
Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
tkelley on DSK3SPTVN1PROD with NOTICES
1. Purpose
The Exchange proposes to update and
amend the table in Exchange Rule 4759
that sets forth on a market-by-market
basis the specific network processor and
proprietary data feeds that the Exchange
utilizes for the handling, routing, and
execution of orders, and for performing
the regulatory compliance checks
related to each of those functions.
Specifically, the table will be
amended to include National Stock
Exchange (‘‘NSX’’), which has informed
the UTP Securities Information
Processor (‘‘UTP SIP’’) that, subject to
regulatory approval, it is projecting to
reactivate its status as an operating
participant for quotation and trading of
NASDAQ-listed securities under the
Unlisted Trading Privileges (‘‘UTP’’)
Plan on or about August 31, 2015. The
other changes to the table merely reflect
updates to mirror the current network
processor and proprietary data feeds
utilized by the Exchange for the
handling, routing, and execution of
orders, and for performing the
regulatory compliance checks related to
each of those functions.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,3
in general and with Sections 6(b)(5) of
the Act,4 in particular in that 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.
The Exchange believes that its
proposal to update the table in
Exchange Rule 4759 to make certain it
is current, as well as to amend the table
to include NSX, would ensure that
Exchange Rule 4759 correctly identifies
and publicly states on a market-bymarket basis all of the specific network
processor and proprietary data feeds
that the Exchange utilizes for the
handling, routing, and execution of
orders, and for performing the
3 15
4 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
VerDate Sep<11>2014
16:56 Aug 12, 2015
regulatory compliance checks related to
each of those functions, and that the
proposed rule change removes
impediments to and perfects the
mechanism of a free and open market
and protects investors and the public
interest because it provides additional
specificity, clarity and transparency.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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, the Exchange believes
the proposal would enhance
competition because including all of the
exchanges enhances transparency and
enables investors to better assess the
quality of the Exchange’s execution and
routing services.
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
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) 5 of the Act and Rule 19b–
4(f)(6) thereunder.6 The Exchange
believes that this proposed rule change
is properly designated as noncontroversial because it enhances clarity
and operational transparency without
modifying members’ rights or
obligations. The Exchange provided
notice of the proposed rule change on
July 27, 2015.
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.
5 15
6 17
Jkt 235001
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
Frm 00112
Fmt 4703
Sfmt 4703
48587
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–2015–093 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–2015–093. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml).
Copies of the submission, all
subsequent amendments, all written
statements with respect to the proposed
rule change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office 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–2015–093 and
should be submitted on or before
September 3, 2015.
E:\FR\FM\13AUN1.SGM
13AUN1
48588
Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–19868 Filed 8–12–15; 8:45 am]
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75649; File No. SR–
NYSEMKT–2015–60]
Self-Regulatory Organizations; NYSE
MKT, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Modifying the Manner in
Which It Calculates Certain Volume
and Quoting Thresholds Applicable to
Billing on the Exchange in Relation to
a Suspension of Trading on the
Exchange on July 8, 2015
August 7, 2015.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on July 30,
2015, NYSE MKT LLC (Exchange’’ or
‘‘NYSE MKT’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
manner in which it calculates certain
volume and quoting thresholds
applicable to billing on the Exchange in
relation to a suspension of trading on
the Exchange on July 8, 2015. The text
of the proposed rule change is available
on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
tkelley on DSK3SPTVN1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
16:56 Aug 12, 2015
Jkt 235001
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1. Purpose
The Exchange is proposing to modify
the manner in which it calculates
certain volume and quoting thresholds
applicable to billing on the Exchange in
relation to a suspension of trading on
the Exchange on July 8, 2015 (‘‘trading
suspension’’).4
The trading suspension resulted in a
more than 40% decrease in trading
volume on the Exchange on July 8, 2015
for that day as compared to average
daily volume (‘‘ADV’’) on the Exchange
for the prior trading days in July 2015.
The Exchange believes that the trading
suspension prevented member
organizations on the Exchange,
including Designated Market Makers
(‘‘DMMs’’), Supplemental Liquidity
Providers (‘‘SLPs’’) and Retail Liquidity
Providers (‘‘RLPs’’), from engaging in
normal trading and quoting in their
assigned securities, leading to decreased
quoting and trading volume compared
to ADV.
As provided in the Exchange’s Price
List, certain of the Exchange’s
transaction fees and credits are based on
trading and quoting thresholds that
member organizations must satisfy in
order to qualify for the particular rates.
The Exchange believes that the trading
suspension may affect the ability of
member organizations to meet certain of
these thresholds during July 2015.5
Accordingly, the Exchange proposes to
exclude July 8, 2015 from such
calculations, in order to reasonably
ensure that a member organization that
would otherwise qualify for a particular
threshold during July 2015, and the
corresponding transaction rate, would
not be negatively impacted by the
trading suspension.
First, the Exchange proposes to
exclude July 8, 2015 for purposes of
determining transaction fees and credits
that are based on quoting levels of
4 See NYSE MKT Informational Message, ‘‘NYSE/
NYSE MKT—Outage Description’’ July 9, 2015,
available at https://www.nyse.com/market-status/
history. Trading at the Exchange’s affiliate, New
York Stock Exchange LLC, was also suspended.
5 The Exchange notes that it does not perform the
calculations necessary to determine whether these
thresholds have been met until after the particular
billing month has ended.
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
DMMs, SLPs and RLPs. The calculations
of such quoting levels include the
amount of time that the relevant DMM,
SLP or RLP quoted at the National Best
Bid or Offer (‘‘NBBO’’).6 If the Exchange
did not exclude July 8, 2015 when
calculating these quoting levels for July,
the numerator for the calculation (e.g.,
time during which the DMM, SLP or
RLP quoted at the NBBO) would be
lower as a result of the decreased
trading volume on July 8, 2015, but the
denominator (e.g., total time that the
U.S. equity markets quote during regular
trading hours) would not be decreased.
Excluding July 8, 2015 from the
calculation of these quoting levels for
the month of July would reasonably
ensure that a member organization that
would otherwise qualify for a particular
threshold during July 2015, and the
corresponding transaction rate, would
not be negatively impacted by the
trading suspension on July 8, 2015.
Second, the Exchange proposes to
exclude July 8, 2015 for purposes of
determining transaction credits
applicable to executions in the Retail
Liquidity Program that are based on
ADV executed by a non-RLP member
organization during the billing month. If
the Exchange did not exclude July 8,
2015 when calculating ADV for July, the
numerator for the calculation (e.g.,
trading volume) would be lower as a
result of the decreased trading volume
on July 8, 2015, but the denominator for
the threshold calculations (e.g., the
number of trading days) would not be
smaller. Excluding July 8, 2015 from the
calculation of ADV for the month of July
would reasonably ensure that a non-RLP
member organization that would
otherwise qualify for that would
otherwise qualify for the applicable
credit for July 2015, would not be
negatively impacted by the trading
suspension on July 8, 2015. The
Exchange notes that the proposed
exclusions would be similar to the
current provision in the Price List
whereby, for purposes of these non-RLP
member organization credits, the
calculation of the average daily volume
during the month excludes early closing
days. Generally, this applies to certain
days before or after a holiday observed
by the Exchange.7
Finally, the Exchange does not
propose to exclude July 8, 2015 from the
calculation of consolidated average
daily volume (‘‘CADV’’) for purposes of
determining the qualification for certain
6 See
Rules 107B(g) and 107C(f).
example, the Exchange is closed on
Thanksgiving Day and closes early on the Friday
immediately following Thanksgiving Day (e.g.,
Friday, November 28, 2014).
7 For
E:\FR\FM\13AUN1.SGM
13AUN1
]]>Agencies
[Federal Register Volume 80, Number 156 (Thursday, August 13, 2015)]
[Notices]
[Pages 48586-48588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19868]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75637; File No. SR-NASDAQ-2015-093]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Update Public Disclosure of Exchange Usage of Market Data
August 7, 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 August 5, 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 Substance
of the Proposed Rule Change
The Exchange proposes to update Exchange Rule 4759 and to amend the
public disclosure of the sources of data that the Exchange utilizes
when performing (1) order handling and execution; (2) order routing;
and (3) related compliance processes.
The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are bracketed.
* * * * *
4759. Data Feeds Utilized
The NASDAQ System utilizes the below proprietary and network
processor feeds [utilized by the System] for the handling, routing, and
execution of orders, as well as for the regulatory compliance processes
related to those functions. The Secondary Source of data is, where
applicable, utilized only in emergency market conditions and only until
those emergency conditions are resolved.
----------------------------------------------------------------------------------------------------------------
Market center Primary source Secondary source
----------------------------------------------------------------------------------------------------------------
A--NYSE MKT (AMEX)....................... [CQS/UQDF] NYSE MKT OpenBook [n/a] CQS/UQDF
Ultra.
B--NASDAQ OMX BX......................... BX ITCH [4.1] 5.0............... CQS/UQDF
C--NSX................................... CQS/UQDF........................ n/a
D--FINRA ADF............................. CQS/UQDF........................ n/a
J--DirectEdge A.......................... [EdgeBook] BATS PITCH........... CQS/UQDF
K--DirectEdge X.......................... [EdgeBook] BATS PITCH........... CQS/UQDF
M--CSX................................... CQS/UQDF........................ n/a
N--NYSE.................................. NYSE OpenBook Ultra............. CQS/UQDF
P--NYSE Arca............................. [ArcaBook Binary uncompacted] CQS/UQDF
NYSE ARCA XDP.
T/Q--NASDAQ.............................. ITCH [4.1] 5.0.................. CQS/UQDF
X--NASDAQ OMX PSX........................ PSX ITCH [4.1] 5.0.............. CQS/UQDF
Y--BATS Y-Exchange....................... BATS PITCH...................... CQS/UQDF
Z--BATS Exchange......................... BATS PITCH...................... CQS/UQDF
----------------------------------------------------------------------------------------------------------------
* * * * *
(b) Not applicable.
(c) Not applicable.
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 48587]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to update and amend the table in Exchange
Rule 4759 that sets forth on a market-by-market basis the specific
network processor and proprietary data feeds that the Exchange utilizes
for the handling, routing, and execution of orders, and for performing
the regulatory compliance checks related to each of those functions.
Specifically, the table will be amended to include National Stock
Exchange (``NSX''), which has informed the UTP Securities Information
Processor (``UTP SIP'') that, subject to regulatory approval, it is
projecting to reactivate its status as an operating participant for
quotation and trading of NASDAQ-listed securities under the Unlisted
Trading Privileges (``UTP'') Plan on or about August 31, 2015. The
other changes to the table merely reflect updates to mirror the current
network processor and proprietary data feeds utilized by the Exchange
for the handling, routing, and execution of orders, and for performing
the regulatory compliance checks related to each of those functions.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\3\ in general and with
Sections 6(b)(5) of the Act,\4\ in particular in that 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.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to update the table in
Exchange Rule 4759 to make certain it is current, as well as to amend
the table to include NSX, would ensure that Exchange Rule 4759
correctly identifies and publicly states on a market-by-market basis
all of the specific network processor and proprietary data feeds that
the Exchange utilizes for the handling, routing, and execution of
orders, and for performing the regulatory compliance checks related to
each of those functions, and that the proposed rule change removes
impediments to and perfects the mechanism of a free and open market and
protects investors and the public interest because it provides
additional specificity, clarity and transparency.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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, the Exchange believes the proposal would enhance
competition because including all of the exchanges enhances
transparency and enables investors to better assess the quality of the
Exchange's execution and routing services.
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
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) \5\ of the Act and Rule 19b-
4(f)(6) thereunder.\6\ The Exchange believes that this proposed rule
change is properly designated as non-controversial because it enhances
clarity and operational transparency without modifying members' rights
or obligations. The Exchange provided notice of the proposed rule
change on July 27, 2015.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (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-2015-093 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-2015-093. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office 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-2015-093 and
should be submitted on or before September 3, 2015.
[[Page 48588]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Jill M. Peterson,
Assistant Secretary.
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\7\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2015-19868 Filed 8-12-15; 8:45 am]
BILLING CODE 8011-01-P
