80 FR 22752 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to HGX and OSX

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		22752-22753
FR Document		2015-09432

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

[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)]
[Notices]
[Pages 22752-22753]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-09432]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74764; File No. SR-NASDAQ-2015-037]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to HGX and OSX

April 17, 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 April 10, 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.

---------------------------------------------------------------------------

\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

NASDAQ proposes to amend Chapter XV, entitled ``Options Pricing,''
at Section 2, which governs pricing for NASDAQ members using the NASDAQ
Options Market (``NOM''), NASDAQ's facility for executing and routing
standardized equity and index options, to remove references to the PHLX
Housing Sector\TM\ (HGX\SM\) and PHLX Oil Service Sector\SM\ (OSX\SM\).
While the changes proposed herein are effective upon filing, the
Exchange has designated the amendments become operative on May 1, 2015.
The text of the proposed rule change is available on the Exchange's
Web site at http://www.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

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for 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
The Exchange proposes to amend Chapter XV, Section 2, ``NASDAQ
Options Market--Fees and Rebates'' to remove references to HGX and OSX,
as these indexes will be delisted on or before May 1, 2015.
Today, the Exchange assesses fees related to these NASDAQ OMX PHLX
LLC (``Phlx'') proprietary indexes which are listed on NOM. The
Exchange assesses the following fees for HGX and 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 proprietary indexes and will no
longer assess the above-referenced fees for HGX and OSX. The Exchange
will continue to assess the above fees for the PHLX Semiconductor
Sector\SM\ (SOX\SM\) index.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\3\ in general, and with Section
6(b)(4) and 6(b)(5) of the Act,\4\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility or
system which NASDAQ operates or controls, and is not designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

The Exchange's proposal to remove the references and not assess
fees for HGX and OSX is reasonable because the Exchange is seeking to
delist these indexes from NOM as of the delisting.
The Exchange's proposal to remove the references and not assess
fees for HGX and OSX is equitable and not unfairly discriminatory
because no market participant will be able to transact options in HGX
or OSX on NOM as of the delisting.

B. Self-Regulatory Organization's Statement on Burden on Competition

NASDAQ does not believe that the proposed rule change will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. The Exchange will delist HGX and OSX on or
before May 1, 2015 and no longer offer market participants the
opportunity to transact options in those indexes, therefore the removal
of the fees does not impose an undue burden on competition. No market
participant will be able to transact options in HGX or OSX on NOM as of
the delisting.

[[Page 22753]]

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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\5\ 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 necessary or appropriate in the public interest, for the
protection of investors, or 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 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2015-037 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-2015-037. 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 (http://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 a.m. and 3
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-2015-037 and should be submitted
on or before May 14, 2015.

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

\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-09432 Filed 4-22-15; 8:45 am]
BILLING CODE 8011-01-P

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).

VerDate Sep<11>2014 18:53 Apr 22, 2015 Jkt 235001 PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 E:\FR\FM\23APN1.SGM 23APN1

Federal Register / Vol. 80, No. 78 / Thursday, April 23, 2015 / Notices 22753

C. Self-Regulatory Organization’s Commission and any person, other than Amendment No. 1 to the proposal.4 The
Statement on Comments on the those that may be withheld from the proposed rule change, as modified by
Proposed Rule Change Received From public in accordance with the Amendment No. 1, was published for
Members, Participants, or Others provisions of 5 U.S.C. 552, will be comment in the Federal Register on
No written comments were either available for Web site viewing and March 10, 2015.5 The Commission
solicited or received. printing in the Commission’s Public received no comment letters.
Reference Room, 100 F Street NE.,
III. Date of Effectiveness of the Washington, DC 20549, on official Section 19(b)(2) of the Act 6 provides
Proposed Rule Change and Timing for business days between the hours of 10 that within 45 days of the publication of
Commission Action a.m. and 3 p.m. Copies of the filing also notice of the filing of a proposed rule
will be available for inspection and change, or within such longer period up
The foregoing rule change has become to 90 days as the Commission may
effective pursuant to Section copying at the principal office of the
Exchange. All comments received will designate if it finds such longer period
19(b)(3)(A)(ii) of the Act.5 At any time
be posted without change; the to be appropriate and publishes its
within 60 days of the filing of the
Commission does not edit personal reasons for so finding or as to which the
proposed rule change, the Commission
summarily may temporarily suspend identifying information from self-regulatory organization consents,
such rule change if it appears to the submissions. You should submit only the Commission shall either approve the
Commission that such action is information that you wish to make proposed rule change, disapprove the
necessary or appropriate in the public available publicly. All submissions proposed rule change, or institute
interest, for the protection of investors, should refer to File Number SR– proceedings to determine whether these
NASDAQ–2015–037 and should be proposed rule changes should be
or otherwise in furtherance of the
submitted on or before May 14, 2015. disapproved. The 45th day for this filing
purposes of the Act. If the Commission
takes such action, the Commission shall For the Commission, by the Division of is April 24, 2015.
institute proceedings to determine Trading and Markets, pursuant to delegated
authority.6 The Commission is extending the 45-
whether the proposed rule should be day time period for Commission action
approved or disapproved. Brent J. Fields,
on the proposed rule change. The
Secretary.
IV. Solicitation of Comments Commission finds that it is appropriate
[FR Doc. 2015–09432 Filed 4–22–15; 8:45 am]
to designate a longer period within
Interested persons are invited to BILLING CODE 8011–01–P
which to take action on the proposed
submit written data, views, and
rule change so that it has sufficient time
arguments concerning the foregoing,
including whether the proposed rule SECURITIES AND EXCHANGE to consider and take action on the
change is consistent with the Act. COMMISSION Exchange’s proposed rule change.
Comments may be submitted by any of [Release No. 34–74762; File No. SR–EDGX– Accordingly, pursuant to Section
the following methods: 2015–08] 19(b)(2)(A)(ii)(I) of the Act 7 and for the
reasons stated above, the Commission
Electronic Comments Self-Regulatory Organizations; EDGX designates June 8, 2015, as the date by
• Use the Commission’s Internet Exchange, Inc.; Notice of Designation which the Commission should either
comment form (http://www.sec.gov/ of Longer Period for Commission approve or disapprove, or institute
rules/sro.shtml); or Action on a Proposed Rule Change, as proceedings to determine whether to
• Send an email to rule-comments@ Modified by Amendment No. 1, To disapprove, the proposed rule change,
sec.gov. Please include File Number SR– Amend Rules 11.6, 11.8, 11.9, 11.10 as modified by Amendment No. 1 (File
NASDAQ–2015–037 on the subject line. and 11.11 of EDGX Exchange, Inc. No. SR–EDGX–2015–08).
Paper Comments April 17, 2015. For the Commission, by the Division of
• Send paper comments in triplicate On February 20, 2015, EDGX Trading and Markets, pursuant to delegated
to Brent J. Fields, Secretary, Securities Exchange, Inc. (the ‘‘Exchange’’ or authority.8
and Exchange Commission, 100 F Street ‘‘EDGX’’) filed with the Securities and Brent J. Fields,
NE., Washington, DC 20549–1090. Exchange Commission (‘‘Commission’’),
Secretary.
pursuant to Section 19(b)(1) of the
All submissions should refer to File Securities Exchange Act of 1934 [FR Doc. 2015–09430 Filed 4–22–15; 8:45 am]
Number SR–NASDAQ–2015–037. This (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a BILLING CODE 8011–01–P
file number should be included on the proposed rule change to amend Rules
subject line if email is used. To help the 11.6, 11.8, 11.9, 11.10 and 11.11 to
Commission process and review your clarify and to include additional
comments more efficiently, please use specificity regarding the current
only one method. The Commission will functionality of the Exchange’s System,3
post all comments on the Commission’s including the operation of its order
Internet Web site (http://www.sec.gov/ types and order instructions. On
rules/sro.shtml ). Copies of the February 27, 2015, the Exchange filed
submission, all subsequent
mstockstill on DSK4VPTVN1PROD with NOTICES

amendments, all written statements 6 17 CFR 200.30–3(a)(12).
with respect to the proposed rule 1 15 U.S.C. 78s(b)(1). 4 Amendment No. 1 replaced SR–EDGX–2015–08

change that are filed with the 2 17 CFR 240.19b–4.
and superseded such filing in its entirety.
Commission, and all written 3 The term ‘‘System’’ is defined as ‘‘the electronic 5 See Securities Exchange Act Release No. 74439

communications relating to the communications and trading facility designated by (March 4, 2015), 80 FR 12666.
the Board through which securities orders of Users
proposed rule change between the are consolidated for ranking, execution and, when
6 15 U.S.C. 78s(b)(2).

7 15 U.S.C. 78s(b)(2)(A)(ii)(I).
applicable, routing away.’’ See Exchange Rule
5 15 U.S.C. 78s(b)(3)(A)(ii). 1.5(cc). 8 17 CFR 200.30–3(a)(31).

VerDate Sep<11>2014 18:53 Apr 22, 2015 Jkt 235001 PO 00000 Frm 00053 Fmt 4703 Sfmt 9990 E:\FR\FM\23APN1.SGM 23APN1

Document Created: 2015-12-16 08:41:02
Document Modified: 2015-12-16 08:41:02

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 22752