Product Change-Priority Mail Express, Priority Mail, & First-Class Package Service Negotiated Service Agreement, 51885 [2017-24342]
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Federal Register / Vol. 82, No. 215 / Wednesday, November 8, 2017 / Notices
51885
POSTAL SERVICE
solicit comments on the proposed rule
change from interested persons.
other NOM Participants and/or use such
functionalities themselves.3
Product Change—Priority Mail
Express, Priority Mail, & First-Class
Package Service Negotiated Service
Agreement
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Background on MARS
Today, to qualify for MARS, a NOM
Participant’s routing system (hereinafter
‘‘System’’) is required to meet certain
criteria.4
MARS Payments are made to NOM
Participants that have System Eligibility
and have routed the requisite number of
Eligible Contracts daily in a month
(‘‘Average Daily Volume’’), which were
executed on NOM.5 Today, NOM
Participants that have System Eligibility
and have executed the requisite number
of Eligible Contracts in a month will be
paid the following rebates: 6
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of notice required under 39
U.S.C. 3642(d)(1): November 8, 2017.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 3,
2017, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail, &
First-Class Package Service Contract 25
to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2018–20, CP2018–42.
SUMMARY:
Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2017–24342 Filed 11–7–17; 8:45 am]
The Exchange proposes to amend the
Exchange’s pricing at Chapter XV,
Section 2 entitled ‘‘Nasdaq Options
Market—Fees and Rebates,’’ which
governs pricing for Nasdaq Participants
using The Nasdaq Options Market LLC
(‘‘NOM’’), Nasdaq’s facility for
executing and routing standardized
equity and index options. The Exchange
proposes to amend an incentive offered
today related to its subsidy program, the
Market Access and Routing Subsidy or
‘‘MARS.’’
While changes to the Pricing
Schedule pursuant to this proposal are
effective upon filing, the Exchange has
designated these changes to be operative
on November 1, 2017.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.cchwallstreet.com/, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81997; File No. SR–
NASDAQ–2017–116]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to an
Incentive to the Market Access and
Routing Subsidy Program
ethrower on DSK3G9T082PROD with NOTICES
November 2, 2017.
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 October
31, 2017, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘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
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
17:26 Nov 07, 2017
Jkt 244001
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
NOM proposes to amend the
Exchange’s pricing at Chapter XV,
Section 2 entitled ‘‘Nasdaq Options
Market—Fees and Rebates.’’
Specifically, the Exchange proposes to
amend an incentive in note ‘‘d’’ offered
to NOM Participants that qualify for any
MARS Payment Tier in Chapter XV,
Section 2(6) related to the MARS
subsidy program. MARS pays a subsidy
to NOM Participants that provide
certain order routing functionalities to
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3 Generally, under MARS, the Exchange pays
participating NOM Participants to subsidize their
costs of providing routing services to route orders
to NOM. The Exchange believes that the proposed
amendment to MARS will continue to attract higher
volumes of electronic equity and ETF options
volume to the Exchange from non-NOM
Participants as well as NOM Participants. The order
routing functionalities permit NOM Participants to
provide access and connectivity to other
Participants as well as utilize such access for
themselves. The Exchange notes that one NOM
Participant is eligible for payments under MARS,
while another NOM Participant might potentially
be liable for transaction charges associated with the
execution of the order, because those orders were
delivered to the Exchange through a NOM
Participant’s connection to the Exchange and that
Participant qualified for the MARS Payment.
4 Specifically the Participant’s System is required
to: (1) Enable the electronic routing of orders to all
of the U.S. options exchanges, including NOM; (2)
provide current consolidated market data from the
U.S. options exchanges; and (3) be capable of
interfacing with NOM’s API to access current NOM
match engine functionality. The NOM Participant’s
System would also need to cause NOM to be one
of the top three default destination exchanges for
(a) individually executed marketable orders if NOM
is at the national best bid or offer (‘‘NBBO’’),
regardless of size or time, (b) orders that establish
a new NBBO on NOM’s Order Book, but allow any
user to manually override NOM as the default
destination on an order-by-order basis. Any NOM
Participant is permitted to avail itself of this
arrangement, provided that its order routing
functionality incorporates the features described
herein and the Participant satisfies NOM that it
appears to be robust and reliable. Participants
remain solely responsible for implementing and
operating its System.
5 For the purpose of qualifying for the MARS
Payment, Eligible Contracts may include Firm, NonNOM Market Maker, Broker-Dealer, or Joint Back
Office or ‘‘JBO’’ equity option orders that add
liquidity and are electronically delivered and
executed. Eligible Contracts do not include Mini
Option orders.
6 The specified MARS Payments are paid on all
executed Eligible Contracts that add liquidity,
which are routed to NOM through a participating
NOM Participant’s System and meet the requisite
Eligible Contracts ADV. No payments are made
with respect to orders that are routed to NOM, but
not executed. Also, a Participant is not entitled to
receive any other revenue from the Exchange for the
use of its System specifically with respect to orders
routed to NOM. Specifically, the specified MARS
Payments are paid on all executed Eligible
Contracts that add liquidity, which are routed to
NOM through a participating NOM Participant’s
E:\FR\FM\08NON1.SGM
Continued
08NON1
]]>Agencies
[Federal Register Volume 82, Number 215 (Wednesday, November 8, 2017)]
[Notices]
[Page 51885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24342]
[[Page 51885]]
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POSTAL SERVICE
Product Change--Priority Mail Express, Priority Mail, & First-
Class Package Service Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of notice required under 39 U.S.C. 3642(d)(1): November 8,
2017.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
November 3, 2017, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Express, Priority Mail, & First-Class
Package Service Contract 25 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2018-20, CP2018-42.
Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2017-24342 Filed 11-7-17; 8:45 am]
BILLING CODE 7710-12-P
