80 FR 22751 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rules 11.6, 11.8, 11.9, 11.10 and 11.11 of EDGA Exchange, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 78 (April 23, 2015)

Page Range		22751-22752
FR Document		2015-09431

Federal Register, Volume 80 Issue 78 (Thursday, April 23, 2015)

[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)]
[Notices]
[Pages 22751-22752]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-09431]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74763; File No. SR-EDGA-2015-10]


Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of 
Designation of Longer Period for Commission Action on a Proposed Rule 
Change, as Modified by Amendment No. 1, To Amend Rules 11.6, 11.8, 
11.9, 11.10 and 11.11 of EDGA Exchange, Inc.

April 17, 2015.
    On February 20, 2015, EDGA Exchange, Inc. (the ``Exchange'' or 
``EDGA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Rules 11.6, 11.8, 11.9, 11.10 and 11.11 
to clarify and to include additional specificity regarding the current 
functionality of the Exchange's System,\3\ including the operation of 
its order types and order instructions. On February 27, 2015, the 
Exchange filed Amendment No. 1 to the proposal.\4\ The proposed rule 
change, as modified by Amendment No. 1, was published for comment in 
the Federal Register on March 10, 2015.\5\ The Commission received no 
comment letters.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The term ``System'' is defined as ``the electronic 
communications and trading facility designated by the Board through 
which securities orders of Users are consolidated for ranking, 
execution and, when applicable, routing away.'' See Exchange Rule 
1.5(cc).
    \4\ Amendment No. 1 replaced SR-EDGA-2015-10 and superseded such 
filing in its entirety.
    \5\ See Securities Exchange Act Release No. 74435 (March 4, 
2015), 80 FR 12655.
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    Section 19(b)(2) of the Act \6\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute

[[Page 22752]]

proceedings to determine whether these proposed rule changes should be 
disapproved. The 45th day for this filing is April 24, 2015.
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    \6\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider and 
take action on the Exchange's proposed rule change.
    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \7\ 
and for the reasons stated above, the Commission designates June 8, 
2015, as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change, as modified by Amendment No. 1 
(File No. SR-EDGA-2015-10).
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    \7\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09431 Filed 4-22-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices 22751

19(b)(3)(A) of the Act 8 and Rule 19b– investors, or otherwise in furtherance of For the Commission, by the Division of
4(f)(6) thereunder.9 Because the the purposes of the Act. If the Trading and Markets, pursuant to delegated
proposed rule change does not: (i) Commission takes such action, the authority.16
Significantly affect the protection of Commission shall institute proceedings Brent J. Fields,
investors or the public interest; (ii) to determine whether the proposed rule Secretary.
impose any significant burden on should be approved or disapproved. [FR Doc. 2015–09427 Filed 4–22–15; 8:45 am]
competition; and (iii) become operative BILLING CODE 8011–01–P
prior to 30 days from the date on which IV. Solicitation of Comments
it was filed, or such shorter time as the Interested persons are invited to
Commission may designate, if submit written data, views, and SECURITIES AND EXCHANGE
consistent with the protection of arguments concerning the foregoing, COMMISSION
investors and the public interest, the including whether the proposed rule [Release No. 34–74763; File No. SR–EDGA–
proposed rule change has become change is consistent with the Act. 2015–10]
effective pursuant to Section 19(b)(3)(A) Comments may be submitted by any of
of the Act 10 and Rule 19b–4(f)(6) the following methods: Self-Regulatory Organizations; EDGA
thereunder.11 Exchange, Inc.; Notice of Designation
A proposed rule change filed under Electronic Comments
of Longer Period for Commission
Rule 19b–4(f)(6)12 normally does not • Use the Commission’s Internet Action on a Proposed Rule Change, as
become operative prior to 30 days after comment form (http://www.sec.gov/ Modified by Amendment No. 1, To
the date of the filing. However, pursuant rules/sro.shtml); or Amend Rules 11.6, 11.8, 11.9, 11.10
to Rule 19b–4(f)(6)(iii),13 the • Send an email to rule-comments@ and 11.11 of EDGA Exchange, Inc.
Commission may designate a shorter sec.gov. Please include File Number SR–
time if such action is consistent with the April 17, 2015.
MIAX–2015–28 on the subject line.
protection of investors and the public On February 20, 2015, EDGA
interest. The Exchange has asked the Paper Comments Exchange, Inc. (the ‘‘Exchange’’ or
Commission to waive the 30-day • Send paper comments in triplicate ‘‘EDGA’’) filed with the Securities and
operative delay so that the proposed to Secretary, Securities and Exchange Exchange Commission (‘‘Commission’’),
rule change may become operative Commission, 100 F Street NE., pursuant to Section 19(b)(1) of the
immediately upon filing. The Washington, DC 20549–1090. Securities Exchange Act of 1934
Commission believes that waiver of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
All submissions should refer to File proposed rule change to amend Rules
operative delay is consistent with Number SR–MIAX–2015–28. This file
investor protection and the public 11.6, 11.8, 11.9, 11.10 and 11.11 to
number should be included on the clarify and to include additional
interest because the proposal will subject line if email is used. To help the
provide market participants with specificity regarding the current
Commission process and review your functionality of the Exchange’s System,3
additional data in order to seek the comments more efficiently, please use
market center with the best price and including the operation of its order
only one method. The Commission will types and order instructions. On
most liquidity on which to execute their post all comments on the Commission’s
transactions, and is substantially similar February 27, 2015, the Exchange filed
Internet Web site (http://www.sec.gov/ Amendment No. 1 to the proposal.4 The
to that of another exchange.14 Further, rules/sro.shtml). Copies of the
waiver of the operative delay would proposed rule change, as modified by
submission, all subsequent Amendment No. 1, was published for
provide access to this additional data
amendments, all written statements comment in the Federal Register on
without delay. Accordingly, the
with respect to the proposed rule March 10, 2015.5 The Commission
Commission hereby waives the 30-day
change that are filed with the received no comment letters.
operative delay and designates the
Commission, and all written Section 19(b)(2) of the Act 6 provides
proposal operative upon filing.15
At any time within 60 days of the communications relating to the that within 45 days of the publication of
filing of the proposed rule change, the proposed rule change between the notice of the filing of a proposed rule
Commission summarily may Commission and any person, other than change, or within such longer period up
temporarily suspend such rule change if those that may be withheld from the to 90 days as the Commission may
it appears to the Commission that such public in accordance with the designate if it finds such longer period
action is necessary or appropriate in the provisions of 5 U.S.C. 552, will be to be appropriate and publishes its
public interest, for the protection of available for Web site viewing and reasons for so finding or as to which the
printing in the Commission’s Public self-regulatory organization consents,
8 15 U.S.C. 78s(b)(3)(A). Reference Room, 100 F Street NE., the Commission shall either approve the
9 17 CFR 240.19b–4(f)(6). Washington, DC 20549 on official proposed rule change, disapprove the
10 15 U.S.C. 78s(b)(3)(A). business days between the hours of 10 proposed rule change, or institute
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
a.m. and 3 p.m. Copies of such filing
4(f)(6)(iii) requires the Exchange to give the also will be available for inspection and 16 17
Commission written notice of the Exchange’s intent CFR 200.30–3(a)(12), (59).
to file the proposed rule change, along with a brief copying at the principal offices of the 1 15 U.S.C. 78s(b)(1).
description and text of the proposed rule change, Exchange. All comments received will 2 17 CFR 240.19b–4.

at least five business days prior to the date of filing be posted without change; the 3 The term ‘‘System’’ is defined as ‘‘the electronic

of the proposed rule change, or such shorter time Commission does not edit personal communications and trading facility designated by
mstockstill on DSK4VPTVN1PROD with NOTICES

as designated by the Commission. The Exchange the Board through which securities orders of Users
has satisfied this requirement. identifying information from are consolidated for ranking, execution and, when
12 17 CFR 240.19b–4(f)(6). submissions. You should submit only applicable, routing away.’’ See Exchange Rule
13 17 CFR 240.19b–4(f)(6)(iii). information that you wish to make 1.5(cc).
4 Amendment No. 1 replaced SR–EDGA–2015–10
14 See supra note 3.
available publicly. All submissions
15 For purposes only of waiving the 30-day and superseded such filing in its entirety.
should refer to File Number SR–MIAX– 5 See Securities Exchange Act Release No. 74435
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
2015–28, and should be submitted on or (March 4, 2015), 80 FR 12655.
and capital formation. See 15 U.S.C. 78c(f). before May 14, 2015. 6 15 U.S.C. 78s(b)(2).

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22752 Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices

proceedings to determine whether these SECURITIES AND EXCHANGE has designated the amendments become
proposed rule changes should be COMMISSION operative on May 1, 2015.
disapproved. The 45th day for this filing [Release No. 34–74764; File No. SR– The text of the proposed rule change
is April 24, 2015. NASDAQ–2015–037] is available on the Exchange’s Web site
The Commission is extending the 45- at http://www.nasdaq.
day time period for Commission action Self-Regulatory Organizations; The cchwallstreet.com, at the principal
on the proposed rule change. The NASDAQ Stock Market LLC; Notice of office of the Exchange, and at the
Commission finds that it is appropriate Filing and Immediate Effectiveness of Commission’s Public Reference Room.
to designate a longer period within Proposed Rule Change Relating to
HGX and OSX II. Self-Regulatory Organization’s
which to take action on the proposed Statement of the Purpose of, and
rule change so that it has sufficient time April 17, 2015. Statutory Basis for, the Proposed Rule
to consider and take action on the Pursuant to Section 19(b)(1) of the Change
Exchange’s proposed rule change. Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 In its filing with the Commission, the
Accordingly, pursuant to Section
notice is hereby given that on April 10, Exchange included statements
19(b)(2)(A)(ii)(I) of the Act 7 and for the concerning the purpose of and basis for
2015, The NASDAQ Stock Market LLC
reasons stated above, the Commission the proposed rule change. The text of
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with
designates June 8, 2015, as the date by these statements may be examined at
the Securities and Exchange
which the Commission should either Commission (‘‘SEC’’ or ‘‘Commission’’) the places specified in Item IV below.
approve or disapprove, or institute the proposed rule change as described The Exchange has prepared summaries,
proceedings to determine whether to in Items I, II, and III, below, which Items set forth in sections A, B, and C below,
disapprove, the proposed rule change, have been prepared by NASDAQ. The of the most significant aspects of such
as modified by Amendment No. 1 (File Commission is publishing this notice to statements.
No. SR–EDGA–2015–10). solicit comments on the proposed rule A. Self-Regulatory Organization’s
For the Commission, by the Division of change from interested persons. Statement of the Purpose of, and
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
authority.8 Change
I. Self-Regulatory Organization’s
Brent J. Fields,
Statement of the Terms of Substance of 1. Purpose
Secretary. the Proposed Rule Change
[FR Doc. 2015–09431 Filed 4–22–15; 8:45 am] The Exchange proposes to amend
NASDAQ proposes to amend Chapter
BILLING CODE 8011–01–P Chapter XV, Section 2, ‘‘NASDAQ
XV, entitled ‘‘Options Pricing,’’ at
Options Market—Fees and Rebates’’ to
Section 2, which governs pricing for
remove references to HGX and OSX, as
NASDAQ members using the NASDAQ
these indexes will be delisted on or
Options Market (‘‘NOM’’), NASDAQ’s
facility for executing and routing before May 1, 2015.
standardized equity and index options, Today, the Exchange assesses fees
to remove references to the PHLX related to these NASDAQ OMX PHLX
Housing SectorTM (HGXSM) and PHLX LLC (‘‘Phlx’’) proprietary indexes which
Oil Service SectorSM (OSXSM). are listed on NOM. The Exchange
While the changes proposed herein assesses the following fees for HGX and
are effective upon filing, the Exchange OSX:

Fee for Adding Liquidity ................................................ $0.40 $0.89 $0.89 $0.89 $0.40 $0.89
Fee for Removing Liquidity ............................................ 0.40 0.89 0.89 0.89 0.40 0.89

The Exchange will delist these two other persons using any facility or B. Self-Regulatory Organization’s
proprietary indexes and will no longer system which NASDAQ operates or Statement on Burden on Competition
assess the above-referenced fees for controls, and is not designed to permit
HGX and OSX. The Exchange will unfair discrimination between NASDAQ does not believe that the
continue to assess the above fees for the customers, issuers, brokers, or dealers. proposed rule change will impose any
PHLX Semiconductor SectorSM (SOXSM) The Exchange’s proposal to remove burden on competition not necessary or
index. the references and not assess fees for appropriate in furtherance of the
HGX and OSX is reasonable because the purposes of the Act. The Exchange will
2. Statutory Basis delist HGX and OSX on or before May
Exchange is seeking to delist these
NASDAQ believes that the proposed indexes from NOM as of the delisting. 1, 2015 and no longer offer market
rule change is consistent with the The Exchange’s proposal to remove participants the opportunity to transact
provisions of Section 6 of the Act,3 in the references and not assess fees for options in those indexes, therefore the
removal of the fees does not impose an
mstockstill on DSK4VPTVN1PROD with NOTICES

general, and with Section 6(b)(4) and HGX and OSX is equitable and not
6(b)(5) of the Act,4 in particular, in that unfairly discriminatory because no undue burden on competition. No
it provides for the equitable allocation market participant will be able to market participant will be able to
of reasonable dues, fees and other transact options in HGX or OSX on transact options in HGX or OSX on
charges among members and issuers and NOM as of the delisting. NOM as of the delisting.

7 15 U.S.C. 78s(b)(2)(A)(ii)(I). 1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78f.
8 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4. 4 15 U.S.C. 78f(b)(4) and (5).

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Document Created: 2015-12-16 08:41:15
Document Modified: 2015-12-16 08:41:15

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 22751