80 FR 23312 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 7001, 7003 and 7018
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 80 (April 27, 2015)
Federal Register Volume 80, Issue 80 (April 27, 2015)
| Page Range | 23312-23318 | |
| FR Document | 2015-09628 |
[Federal Register Volume 80, Number 80 (Monday, April 27, 2015)] [Notices] [Pages 23312-23318] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-09628] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74773; File No. SR-BX-2015-022] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 7001, 7003 and 7018 April 21, 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, NASDAQ OMX BX, Inc. (``BX'' 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 amend BX Rule 7001 trading rights fees and to no longer waive certain membership and trading rights fees for BX members seeking to participate solely in the BX Options Market, to eliminate the Equities Regulatory Fee in BX Rule 7003, as well as to amend the fee schedule under Exchange Rule 7018 and to correct a typographical error in the rule. The text of the proposed rule change is also available on the Exchange's Web site at http://nasdaqomxbx.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 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 23313]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend the trading rights fee \3\ and to no longer waive certain membership and trading rights fees for BX members seeking to participate solely in the BX Options Market in BX Rule 7001(a), to eliminate the Equities Regulatory Fee in BX Rule 7003(b), as well as to amend the fee schedule under Exchange Rule 7018. --------------------------------------------------------------------------- \3\ The Trading Rights Fee is assessed on all persons that are Exchange members as of a date determined by the Exchange in each month. This fee is not refundable in the event that a person ceases to be an Exchange member following the date on which the fee is assessed. See Rule 7001. --------------------------------------------------------------------------- Specifically, the Exchange proposes to amend BX Rule 7001(a) to increase the trading rights fee each Exchange member is assessed from $500 per month to $1,000 per month. Additionally, the Exchange will no longer waive the membership fee and the trading rights fee for BX members who solely conduct an options business. These fee changes and elimination of fee waivers reflect that this market is now better established and BX no longer needs to rely on such waivers to attract market participants. The Exchange also proposes to eliminate the Equities Regulatory Fee (``ERF'') set forth in BX Rule 7003(b). The ERF is a tier-based fee assessed annually at the beginning of the calendar year that covers, in part, the regulatory costs of the Exchange. The ERF uses a member firm's historical average daily orders entered on the Exchange over the prior calendar year as a measure of the member's expected current year's Exchange activity. The purpose of the ERF is to more closely allocate the regulatory expenses incurred by the Exchange to the member firms responsible for those expenses. The Exchange now proposes to eliminate this fee because the Exchange believes it is no longer necessary to cover regulatory costs based on historic volume.\4\ --------------------------------------------------------------------------- \4\ Despite eliminating the ERF, the Exchange represents that it will continue to have adequate resources to fund its regulatory program and to fulfill its responsibilities as a self-regulatory organization. --------------------------------------------------------------------------- The Exchange is proposing to amend BX Rule 7018(a) to decrease the credits and charges for orders that access or provide liquidity in the NASDAQ OMX BX Equities System (the ``System''). Specifically, both for orders that receive price improvement and execute against an order with Midpoint pegging and those with Midpoint pegging that remove liquidity, the credit is being reduced from $0.0005 per share executed to $0.0000 per share executed. For orders that access liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that accesses liquidity equal to or exceeding 0.1% of total Consolidated Volume \5\ during a month the credit is being reduced from $0.0015 per share executed to $0.0010 per share executed. --------------------------------------------------------------------------- \5\ Consolidated Volume is defined as the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. For purposes of calculating Consolidated Volume and the extent of a member's trading activity, expressed as a percentage of or ratio to Consolidated Volume, the date of the annual reconstitution of the Russell Investments Indexes shall be excluded from both total Consolidated Volume and the member's trading activitiy. See Rule 7018(a). --------------------------------------------------------------------------- For an order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member with a daily average volume of liquidity provided in all securities during the month of 1 million or more shares, the Exchange proposes to change the parameter that the daily average volume of liquidity provided in all securities during the month of 1 million or more shares entered by a member to a parameter whereby a member must instead add 0.015% of total Consolidated Volume during a month. Additionally, the credit will be reduced from $0.0013 per share executed to $0.0008 per share executed. The Exchange proposes to reduce the credit for orders that access liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that provides an average daily volume of at least 25,000, but less than 1 million, shares of liquidity during the month from $0.0011 per share executed to $0.0006 per share executed. The Exchange also proposes to also remove the ``but less than 1 million'' shares cap parameter. BX proposes to reduce the credit for BSTG,\6\ BSCN,\7\ BMOP,\8\ BTFY,\9\ BCRT,\10\ BDRK \11\ or BCST \12\ orders that access liquidity in the System (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) from $0.0011 per share executed to $0.0006 per share executed. --------------------------------------------------------------------------- \6\ See BX Rule 4758(a)(1)(A)(iii). \7\ See BX Rule 4758(a)(1)(A)(iv). \8\ See BX Rule 4758(a)(1)(A)(vi). \9\ See BX Rule 4758(a)(1)(A)(v). \10\ See BX Rule 4758(a)(1)(A)(vii). \11\ See BX Rule 4758(a)(1)(A)(viii). \12\ See BX Rule 4758(a)(1)(A)(ix). --------------------------------------------------------------------------- The Exchange next proposes to reduce the charges for providing liquidity through the System as well. Specifically, the charge for displayed orders entered by a Qualified Market Maker (``QMM'') (Tier 1) will be reduced from $0.0014 per share executed to $0.0009 per share executed and the charge for displayed orders entered by a QMM (Tier 2) will be eliminated, therefore, the parenthetical with ``Tier 1'' following ``Displayed order entered by a Qualified Market Maker'' will be eliminated as well since there will no longer be a Tier 2. For a displayed order entered by a member that adds liquidity equal to or exceeding 0.25% of total Consolidated Volume during a month the charge will be reduced from $0.00165 per share executed to $0.0012 per share executed. BX next proposes to reduce the charge for a displayed order entered by a member that provides an average daily volume of 2.5 million or more shares of liquidity during the month from $0.0018 per share executed to $0.0014 per share executed, but will change the parameter that a member provide an average daily volume of 2.5 million or more shares of liquidity during the month to the parameter that the member must add liquidity equal to or exceeding 0.04% of total Consolidated Volume during a month. The Exchange proposes to reduce the charge for an order with Midpoint pegging entered by a member that provides an average daily volume of 2 million or more shares of non-displayed liquidity during the month from $0.0005 per share executed to $0.0002 per share executed, but will replace the parameter that a member provide an average daily volume of 2 million or more shares of non-displayed liquidity during the month with the parameter that a member must add 0.03% of total Consolidated Volume of non-displayed liquidity. BX also proposes to reduce the charge for an order with Midpoint pegging entered by a member that provides an average daily volume of 1 million or more, but less than 2 million, shares of non-displayed liquidity from $0.0009 per share executed to $0.0004 per share executed, but will replace the parameter that the member provides an average daily volume of 1 million or more, but less than 2 million, shares of non-displayed liquidity with the parameter that a member must add 0.015% of total [[Page 23314]] Consolidated Volume of non-displayed liquidity. The Exchange proposes to also reduce the charge for an order with Midpoint pegging entered by other member from 0.0015 per share executed to 0.0010 per share executed. The Exchange proposes to reduce the charge for non-displayed orders (other than orders with Midpoint pegging) entered by a member that provides an average daily volume of 5 million or more shares of non- displayed liquidity from $0.0019 per share executed to $0.0014 per share executed, but will replace the parameter that the member provides an average daily volume of 5 million or more shares of non-displayed liquidity with the parameter that a member must add 0.075% of total Consolidated Volume of non-displayed liquidity. The Exchange also proposes to reduce the charge for non-displayed orders (other than orders with Midpoint pegging) entered by a member that provides an average daily volume of 3.5 million or more shares (but less than 5 million shares) of non-displayed liquidity from $0.0024 per share executed to $0.0019 per share executed, but will replace the parameter that the member provides an average daily volume of 3.5 million or more shares (but less than 5 million shares) of non- displayed liquidity with the parameter that a member must add 0.055% of total Consolidated Volume of non-displayed liquidity. BX also proposes to amend how a firm may become a QMM (Tier 1), in part, by eliminating two of these ways. Also, and as a result, the parenthetical with ``Tier 1'' following ``A Firm may become a Qualified Market Maker'' will be eliminated since there will no longer be a Tier 2 as previously stated. The first option eliminated is by being a member with (i) shares of liquidity provided and (ii) total shares of liquidity accessed and provided in all securities through one or more of its System market maker participant identifier (``MPIDs'') that represent more than 0.40% and 0.50%, respectively, of Consolidated Volume. For a member qualifying under this method, the member must have at least one Qualified MPID, that is, an MPID through which, for at least 150 securities, the QMM quotes at the national best bid or offer (``NBBO'') an average of at least 25% of the time during regular market hours (9:30 a.m. through 4:00 p.m.) during the month. The second option eliminated is by being a member with (i) shares of liquidity provided and (ii) total shares of liquidity accessed and provided in all securities through one or more of its System MPIDs that represent more than 0.30% and 0.45%, respectively, of Consolidated Volume during the month. For a member qualifying under this method, the member must have at least one Qualified MPID, that is, an MPID through which, for at least 400 securities, the QMM quotes at the NBBO an average of at least 25% of the time during regular market hours (9:30 a.m. through 4:00 p.m.) during the month. The third option remains, but is being amended. Currently, this option states that a firm may become a QMM (Tier 1) by being a member with (i) shares of liquidity provided and (ii) total shares of liquidity accessed and provided in all securities through one or more of its System MPIDs that represent more than 0.20% and 0.30%, respectively, of Consolidated Volume during the month. For a member qualifying under this method, the member must have at least one Qualified MPID, that is, an MPID through which, for at least 200 securities, the Qualified Market Maker quotes at the NBBO an average of at least 50% of the time during regular market hours (9:30 a.m. through 4:00 p.m.) during the month. The member must also provide an average daily volume of 1.5M shares or more using orders with midpoint pegging during the month. BX proposes to amend the beginning of this requirement to say that a firm qualifies by being a member that provides through one or more of its System MPIDs more than 0.30% of Consolidated Volume during the month (the rest of the requirement remains unchanged). BX proposes to eliminate QMM (Tier 2) altogether. Finally, the Exchange proposes to reduce certain credits for retail orders in BX Rule 7018(e). Specifically, BX proposes to reduce the credit from $0.0005 per share executed to $0.0002 per share executed for a retail order that receives price improvement (when the accepted price of an order is different than the executed price of an order) and accesses a non-Retail Price Improvement order with Midpoint pegging. Also, ``that'' in the parenthetical above has been changed to ``than'' to reflect the correction to a typographical error in the corresponding rule text. Lastly, the Exchange proposes to reduce the credit from $0.0017 per share executed to $0.0012 per share executed for a retail order that accesses other liquidity on the Exchange book. 2. Statutory Basis BX believes that the proposed rule changes are consistent with the provisions of Section 6 of the Act,\13\ in general, and with Sections 6(b)(4) and 6(b)(5) of the Act,\14\ 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 the Exchange operates or controls, and 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; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed change to amend BX Rule 7001(a) to increase the trading rights fee each Exchange member is assessed from $500 per month to $1,000 per month is reasonable because the Exchange desires to continue to cover the ongoing costs of operating the platform for the benefit of its members. BX also believes that the proposed change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally in the same way. The Exchange believes that the proposed change to eliminate the waiver of the membership fee and the trading rights fee for BX members who solely conduct an options business is reasonable because the Exchange no longer believes it is necessary to waive these fees to attract market participants to the BX Options Market since this market is now better established and BX no longer needs to rely on such waivers to attract market participants. The Exchange believes that the proposed changes are equitable and not unfairly discriminatory because the elimination of the membership fee and trading rights fee waivers will uniformly apply to BX Options Participants that transact business solely on the BX Options Market. The Exchange believes that the proposed change to eliminate the ERF set forth in BX Rule 7003(b) is reasonable because it is no longer necessary to cover regulatory costs based on historic volume plus not all members pay this fee. The Exchange believes that the proposed change is [[Page 23315]] equitable and not unfairly discriminatory because the elimination of the ERF applies uniformly and it affects similarly situated members in the same way. The proposed reduction to the credits and charges in the fee schedule under Exchange Rule 7018 are reflective of BX's ongoing efforts to use pricing incentive programs to attract order flow to BX and improve market quality. The goal of these pricing incentives is to provide meaningful incentives for members to increase their participation on BX. Specifically, the Exchange believes that the reduction to the credits from $0.0005 per share executed to $0.0000 per share executed for both orders that receive price improvement and execute either against an order with Midpoint pegging or those with Midpoint pegging that remove liquidity, are reasonable because these reduced credits are aligned with the reduced charges BX is also putting in place through this filing. The Exchange also believes that the proposed changes are equitably allocated and not unfairly discriminatory because the credit reductions apply uniformly to all members that previously had qualified to receive such a credit. The Exchange believes that the reduction to the credit from $0.0015 per share executed to $0.0010 per share executed for orders that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that accesses liquidity equal to or exceeding 0.1% of total Consolidated Volume during a month is reasonable because the reduced credit aligns it more closely with the reduced charges BX is also putting in place through this filing. The Exchange also believes that the proposed change is equitably allocated and not unfairly discriminatory because the credit reduction applies uniformly to all members that qualify to receive such a credit. The Exchange believes that the reduction to the credit from $0.0013 per share executed to $0.0008 per share executed for an order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member with a daily average volume of liquidity provided in all securities during the month of 1 million or more shares, and the change to the daily average volume of liquidity provided in all securities during the month of 1 million or more shares parameter, to a parameter that the member that [sic] must add 0.015% of total Consolidated Volume during a month is reasonable because the reduced credit aligns it more closely with the reduced charges BX is also putting in place through this filing. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because the credit applies uniformly to all members that qualify to receive such a credit. The Exchange believes that the reduction to the credit from $0.0011 per share executed to $0.0006 per share executed for orders that access liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that provides an average daily volume of at least 25,000, but less than 1 million, shares of liquidity during the month and the removal of the ``but less than 1 million'' shares cap parameter is reasonable because it reduces confusion as to when the rate applies since the next tier is tied to the percent of total Consolidated Volume. The elimination of the 1 million share cap removes a restriction that allows more members to qualify for this credit. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because the credit applies uniformly to all members that qualify to receive such a credit. The Exchange believes that the reduction to the credit from $0.0011 per share executed to $0.0006 per share executed for BSTG, BSCN, BMOP, BTFY, BCRT, BDRK or BCST orders that access liquidity in the System (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) is reasonable because the reduced credit aligns it more closely with the reduced charges BX is also putting in place through this filing. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because the credit applies uniformly to all members that qualify to receive such a credit. BX also believes that the reduction to the charges from $0.0014 per share executed to $0.0009 per share executed for displayed orders entered by a QMM (Tier 1) and the elimination of the $0.0017 per share executed charge for displayed orders entered by a QMM (Tier 2) are reasonable because the reduced charge and elimination of another charge align them more closely with the reduced credits BX is also putting in place through this filing. Also, since the behavior required to qualify to become a QMM (Tier 2) has not been met by firms recently, and in light of the lack of interest by firms in meeting these requirements, the Exchange proposes to eliminate it and the associated rate from the fee schedule. Additionally, the Exchange further believes that the proposed changes are equitably allocated and not unfairly discriminatory because the reduced QMM (Tier 1) charge and eliminated QMM (Tier 2) charge apply uniformly to all members that display an order entered by a QMM (Tier 1) or previously displayed and order entered by a QMM (Tier 2). The parenthetical with ``Tier 1'' following ``Displayed order entered by a Qualified Market Maker'' also will be eliminated since there will no longer be a Tier 2 and the Exchange believes that this change clarifies and eliminates the potential for confusion to the benefit of market participants. The Exchange believes that this clarification will promote market participants' understanding of the rule and its administration. The Exchange believes that the reduction to the charge from $0.00165 per share executed to $0.0012 per share executed for a displayed order entered by a member that adds liquidity equal to or exceeding 0.25% of total Consolidated Volume during a month is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will enable the Exchange to provide a more liquid marketplace and attract contra order flow. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. BX believes that the reduction to the charge from $0.0018 per share executed to $0.0014 per share executed coupled with the change to the parameter that a member provide an average daily [[Page 23316]] volume of 2.5 million or more shares of liquidity during the month to a parameter that the member add liquidity equal to or exceeding 0.04% of total Consolidated Volume during a month is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will increase the liquidity of the market and attract contra order flow. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. The Exchange believes that the reduction to the charge from $0.0005 per share executed to $0.0002 per share executed coupled with a change to the requirement for an order with Midpoint pegging entered by a member that provides an average daily volume of 2 million or more shares of non-displayed liquidity during the month to the requirement that a member adds 0.03% of total Consolidated Volume of non-displayed liquidity is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will enable the Exchange to increase liquidity posted at the midpoint and provide additional price improvement opportunity for contra orders. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. The Exchange believes that the reduction to the charge from $0.0009 per share executed to $0.0004 per share executed coupled with a change to the requirement that for an order with Midpoint pegging entered by a member that provides an average daily volume of 1 million or more, but less than 2 million, shares of non-displayed liquidity to that a member adds 0.015% of total Consolidated Volume of non-displayed liquidity is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will increase midpoint liquidity and increase the chance of incoming orders to receive price improvement and thereby attract contra order flow. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. BX also believes that the reduction to the charges from $0.0015 per share executed to $0.0010 per share executed for an order with Midpoint pegging entered by other member is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will increase midpoint liquidity and increase the chance of incoming orders to receive price improvement and thereby attract contra order flow. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. The Exchange believes that the reduction to the charges from $0.0019 per share executed to $0.0014 per share executed for a non- displayed order (other than orders with Midpoint pegging) entered by a member that provides an average daily volume of 5 million or more shares of non-displayed liquidity coupled with a change to the requirement that the member provides an average daily volume of 5 million or more shares of non-displayed liquidity to a requirement that a member adds 0.075% of total Consolidated Volume of non-displayed liquidity is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will enable the Exchange to collect additional fees to provide rebates and thereby attract contra order flow. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. The Exchange also believes that the reduction to the charges from $0.0024 per share executed to $0.0019 per share executed for non- displayed orders (other than orders with Midpoint pegging) entered by a member that provides an average daily volume of 3.5 million or more shares (but less than 5 million shares) of non-displayed liquidity coupled with a change to the requirement that the member adds 0.055% of total Consolidated Volume of non-displayed liquidity is reasonable because the reduced charge is designed to encourage additional posted liquidity that, in turn, will enable the Exchange to collect additional fees to provide rebates and thereby attract contra order flow. Also, the amended parameter switching to total Consolidated Volume will allow a member's target activity levels to adjust with overall market volumes making such targets easier to reach during low share volume months and more difficult to reach during higher share volume months. However, the percent of total Consolidated Volume requirement approximately represents a similar level of volume on average as the previous parameter did [[Page 23317]] given the current Consolidated Volume requirement. Additionally, the Exchange further believes that the proposed change is equitably allocated and not unfairly discriminatory because all members can add liquidity to BX and the more liquidity a member adds the lower the charge because the member is improving the quality of the market by providing this additional liquidity. The Exchange believes that the proposed change as to how a firm may become a QMM (Tier 1) by eliminating two of the ways to qualify as such, amending the third option to qualify as a QMM (Tier 1), and eliminating the QMM (Tier 2), are reasonable because the amending of the QMM program refines the incentive to BX member firms to enhance the quality of the market by providing meaningful improvement, to the benefit of all market participants. The Exchange also believes that the proposed amended criteria of the qualification standard to become a QMM (Tier 1) and the elimination of the QMM (Tier 2) qualification standard are reasonable and an equitable allocation because the proposed changes help to clearly define how a firm can become a QMM and eliminates requirements that firms were not reaching. Additionally, the Exchange believes that the proposed change further perfects the mechanism of a free and open market by refining and making more effective the means by which a member firm may qualify for this beneficial, market improving program. Accordingly, to the extent that the amended standard increases the number of member firms that qualify under the tier, market quality will increase. Also, the parenthetical with ``Tier 1'' following ``A Firm may become a Qualified Market Maker'' also will be eliminated since there will no longer be a Tier 2 and the Exchange believes that this change clarifies and eliminates the potential for confusion to the benefit of market participants. The Exchange believes that this clarification will promote market participants' understanding of the rule and its administration. The Exchange also believes that the reduction to the credit from $0.0005 per share executed to $0.0002 per share executed for a retail order that receives price improvement (when the accepted price of an order is different than the executed price of an order) \15\ and accesses non-Retail Price Improvement order with Midpoint pegging, as well as the reduction to the credit from $0.0017 per share executed to $0.0012 per share executed for a retail order that accesses other liquidity on the Exchange book, are reasonable because these reduced credits align them with the reduced charges collected from non-retail price improvement orders BX is also putting in place through this filing. The Exchange also believes that the proposed changes are equitably allocated and not unfairly discriminatory because the credit reductions apply uniformly to all members that previously had qualified to receive such a credit. Lastly, the Exchange believes that the correction of the non-substantive typographical error in Rule 7018(e) (changing ``that'' to ``than'') clarifies and eliminates the potential for confusion to the benefit of market participants. The Exchange believes that this clarification will promote market participants' understanding of the rule and its administration. --------------------------------------------------------------------------- \15\ As noted previously, the word ``that'' in the parenthetical has been changed to ``than'' to reflect the correction to a typographical error in the corresponding rule text. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule changes will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended.\16\ BX notes that it operates in a highly competitive market in which market participants can readily favor dozens of different competing exchanges and alternative trading systems if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, BX must continually adjust its fees to remain competitive with other exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, BX believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- In this instance, the changes to fees and credits, as well as changes to membership and trading rights fees and the ERF, do not impose a burden on competition because the Exchange membership is optional and is the subject of competition from other exchanges. The reduced credits and charges are reflective of the intent to increase the order flow on the Exchange. For these reasons, the Exchange does not believe that any of the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. Moreover, because there are numerous competitive alternatives to the use of the Exchange, it is likely that BX will lose market share as a result of the changes if they are unattractive to market participants. Accordingly, BX does not believe that the proposed rule changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. 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 change has become effective pursuant to Section 19(b)(3)(A) of the Act \17\ and paragraph (f) of Rule 19b-4 \18\ thereunder. 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. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BX-2015-022 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-BX-2015-022. 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 [[Page 23318]] 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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices 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-BX-2015-022, and should be submitted on or before May 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-09628 Filed 4-24-15; 8:45 am] BILLING CODE 8011-01-P
![23312 Federal Register / Vol. 80, No. 80 / Monday, April 27, 2015 / Notices
A proposed rule change filed arguments concerning the foregoing, SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the including whether the proposed rule COMMISSION
Act 10 normally does not become change is consistent with the Act.
operative for 30 days after the date of Comments may be submitted by any of [Release No. 34–74773; File No. SR–BX–
the filing. However, pursuant to Rule the following methods: 2015–022]
19b–4(f)(6)(iii),11 the Commission may
designate a shorter time if such action Electronic Comments Self-Regulatory Organizations;
is consistent with the protection of • Use the Commission’s Internet NASDAQ OMX BX, Inc.; Notice of Filing
investors and the public interest. The comment form (http://www.sec.gov/ and Immediate Effectiveness of a
Exchange has asked the Commission to rules/sro.shtml); or Proposed Rule Change To Amend
waive the 30-day operative delay so that Exchange Rules 7001, 7003 and 7018
• Send an email to rule-comments@
the proposal may become operative sec.gov. Please include File Number SR– April 21, 2015.
immediately upon filing. The NYSEArca–2015–31 on the subject line. Pursuant to Section 19(b)(1) of the
Commission believes that waiving the
Paper Comments Securities Exchange Act of 1934
30-day operative delay is consistent
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
with the protection of investors and the
• Send paper comments in triplicate notice is hereby given that on April 10,
public interest. As represented by the
to Brent J. Fields, Secretary, Securities 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or
Exchange, excluding March 31, 2015
and Exchange Commission, 100 F Street ‘‘Exchange’’) filed with the Securities
from any CADV or ADV calculation
NE., Washington, DC 20549–1090. and Exchange Commission (‘‘SEC’’ or
described in the Equities Fee Schedule
All submissions should refer to File ‘‘Commission’’) the proposed rule
would reasonably ensure that any
Number SR–NYSEArca-2015–31. This change as described in Items I, II, and
market participant on the Exchange
file number should be included on the III below, which Items have been
would not be negatively impacted by
subject line if email is used. To help the prepared by the Exchange. The
the issues that occurred on March 31,
Commission process and review your Commission is publishing this notice to
2015 with respect to billing on the
comments more efficiently, please use solicit comments on the proposed rule
Exchange. Accordingly, waiving the 30-
only one method. The Commission will change from interested persons.
day operative delay would eliminate the
potential for confusion among ETP post all comments on the Commission’s I. Self-Regulatory Organization’s
Holders and the public regarding how Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of
the Exchange will calculate volume, rules/sro.shtml). Copies of the the Proposed Rule Change
liquidity, and quoting thresholds related submission, all subsequent
amendments, all written statements The Exchange proposes to amend BX
to billing for activity on the Exchange Rule 7001 trading rights fees and to no
during March 2015 and, more with respect to the proposed rule
change that are filed with the longer waive certain membership and
specifically, on March 31, 2015, and trading rights fees for BX members
permit the Exchange to determine Commission, and all written
communications relating to the seeking to participate solely in the BX
transaction fees and credits for ETP Options Market, to eliminate the
Holders in a timely manner after the end proposed rule change between the
Commission and any person, other than Equities Regulatory Fee in BX Rule
of the billing month of March 2015. 7003, as well as to amend the fee
Therefore, the Commission hereby those that may be withheld from the
public in accordance with the schedule under Exchange Rule 7018 and
designates the proposed rule change to correct a typographical error in the
operative upon filing.12 provisions of 5 U.S.C. 552, will be
available for Web site viewing and rule.
At any time within 60 days of the The text of the proposed rule change
filing of the proposed rule change, the printing in the Commission’s Public
Reference Room, 100 F Street NE., is also available on the Exchange’s Web
Commission summarily may site at http://
temporarily suspend such rule change if Washington, DC 20549 on official
business days between the hours of nasdaqomxbx.cchwallstreet.com, at the
it appears to the Commission that such principal office of the Exchange, and at
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for the Commission’s Public Reference
public interest, for the protection of Room.
investors, or otherwise in furtherance of inspection and copying at the principal
the purposes of the Act. If the office of the Exchange. All comments II. Self-Regulatory Organization’s
Commission takes such action, the received will be posted without change; Statement of the Purpose of, and
Commission shall institute proceedings the Commission does not edit personal Statutory Basis for, the Proposed Rule
under Section 19(b)(2)(B) of the Act 13 to identifying information from Change
determine whether the proposed rule submissions. You should submit only
information that you wish to make In its filing with the Commission, the
should be approved or disapproved. Exchange included statements
available publicly. All submissions
IV. Solicitation of Comments should refer to File Number SR– concerning the purpose of and basis for
NYSEArca–2015–31, and should be the proposed rule change and discussed
Interested persons are invited to
submitted on or before May 18, 2015. any comments it received on the
submit written data, views, and
proposed rule change. The text of these
For the Commission, by the Division of statements may be examined at the
change, at least five business days prior to the date Trading and Markets, pursuant to delegated places specified in Item IV below. The
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of filing of the proposed rule change, or such authority.14
shorter time as designated by the Commission. Exchange has prepared summaries, set
10 17 CFR 240.19b–4(f)(6). Jill M. Peterson, forth in sections A, B, and C below, of
11 17 CFR 240.19b–4(f)(6)(iii). Assistant Secretary. the most significant aspects of such
12 For purposes only of waiving the 30-day
[FR Doc. 2015–09627 Filed 4–24–15; 8:45 am] statements.
operative delay, the Commission has considered the
BILLING CODE 8011–01–P
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 80 / Monday, April 27, 2015 / Notices 23315
equitable and not unfairly member that [sic] must add 0.015% of the credit applies uniformly to all
discriminatory because the elimination total Consolidated Volume during a members that qualify to receive such a
of the ERF applies uniformly and it month is reasonable because the credit.
affects similarly situated members in the reduced credit aligns it more closely BX also believes that the reduction to
same way. with the reduced charges BX is also the charges from $0.0014 per share
The proposed reduction to the credits putting in place through this filing. executed to $0.0009 per share executed
and charges in the fee schedule under Also, the amended parameter switching for displayed orders entered by a QMM
Exchange Rule 7018 are reflective of to total Consolidated Volume will allow (Tier 1) and the elimination of the
BX’s ongoing efforts to use pricing a member’s target activity levels to $0.0017 per share executed charge for
incentive programs to attract order flow adjust with overall market volumes displayed orders entered by a QMM
to BX and improve market quality. The making such targets easier to reach (Tier 2) are reasonable because the
goal of these pricing incentives is to during low share volume months and reduced charge and elimination of
provide meaningful incentives for more difficult to reach during higher another charge align them more closely
members to increase their participation share volume months. However, the with the reduced credits BX is also
on BX. Specifically, the Exchange percent of total Consolidated Volume putting in place through this filing.
believes that the reduction to the credits requirement approximately represents a Also, since the behavior required to
from $0.0005 per share executed to similar level of volume on average as qualify to become a QMM (Tier 2) has
$0.0000 per share executed for both the previous parameter did given the not been met by firms recently, and in
orders that receive price improvement current Consolidated Volume light of the lack of interest by firms in
and execute either against an order with requirement. Additionally, the meeting these requirements, the
Midpoint pegging or those with Exchange further believes that the Exchange proposes to eliminate it and
Midpoint pegging that remove liquidity, proposed change is equitably allocated the associated rate from the fee
are reasonable because these reduced and not unfairly discriminatory because schedule. Additionally, the Exchange
credits are aligned with the reduced the credit applies uniformly to all further believes that the proposed
charges BX is also putting in place members that qualify to receive such a changes are equitably allocated and not
through this filing. The Exchange also credit. unfairly discriminatory because the
believes that the proposed changes are The Exchange believes that the reduced QMM (Tier 1) charge and
equitably allocated and not unfairly reduction to the credit from $0.0011 per eliminated QMM (Tier 2) charge apply
discriminatory because the credit share executed to $0.0006 per share uniformly to all members that display
reductions apply uniformly to all executed for orders that access liquidity an order entered by a QMM (Tier 1) or
members that previously had qualified (excluding orders with Midpoint previously displayed and order entered
to receive such a credit. pegging and excluding orders that by a QMM (Tier 2). The parenthetical
The Exchange believes that the receive price improvement and execute with ‘‘Tier 1’’ following ‘‘Displayed
reduction to the credit from $0.0015 per against an order with Midpoint pegging) order entered by a Qualified Market
share executed to $0.0010 per share entered by a member that provides an Maker’’ also will be eliminated since
executed for orders that accesses average daily volume of at least 25,000, there will no longer be a Tier 2 and the
liquidity (excluding orders with but less than 1 million, shares of Exchange believes that this change
Midpoint pegging and excluding orders liquidity during the month and the clarifies and eliminates the potential for
that receive price improvement and removal of the ‘‘but less than 1 million’’ confusion to the benefit of market
execute against an order with Midpoint shares cap parameter is reasonable participants. The Exchange believes that
pegging) entered by a member that because it reduces confusion as to when this clarification will promote market
accesses liquidity equal to or exceeding the rate applies since the next tier is tied participants’ understanding of the rule
0.1% of total Consolidated Volume to the percent of total Consolidated and its administration.
during a month is reasonable because Volume. The elimination of the 1 The Exchange believes that the
the reduced credit aligns it more closely million share cap removes a restriction reduction to the charge from $0.00165
with the reduced charges BX is also that allows more members to qualify for per share executed to $0.0012 per share
putting in place through this filing. The this credit. Additionally, the Exchange executed for a displayed order entered
Exchange also believes that the further believes that the proposed by a member that adds liquidity equal
proposed change is equitably allocated change is equitably allocated and not to or exceeding 0.25% of total
and not unfairly discriminatory because unfairly discriminatory because the Consolidated Volume during a month is
the credit reduction applies uniformly credit applies uniformly to all members reasonable because the reduced charge
to all members that qualify to receive that qualify to receive such a credit. is designed to encourage additional
such a credit. The Exchange believes that the posted liquidity that, in turn, will
The Exchange believes that the reduction to the credit from $0.0011 per enable the Exchange to provide a more
reduction to the credit from $0.0013 per share executed to $0.0006 per share liquid marketplace and attract contra
share executed to $0.0008 per share executed for BSTG, BSCN, BMOP, order flow. Additionally, the Exchange
executed for an order that accesses BTFY, BCRT, BDRK or BCST orders that further believes that the proposed
liquidity (excluding orders with access liquidity in the System change is equitably allocated and not
Midpoint pegging and excluding orders (excluding orders with Midpoint unfairly discriminatory because all
that receive price improvement and pegging and excluding orders that members can add liquidity to BX and
execute against an order with Midpoint receive price improvement and execute the more liquidity a member adds the
pegging) entered by a member with a against an order with Midpoint pegging) lower the charge because the member is
Rmajette on DSK2VPTVN1PROD with NOTICES
daily average volume of liquidity is reasonable because the reduced credit improving the quality of the market by
provided in all securities during the aligns it more closely with the reduced providing this additional liquidity.
month of 1 million or more shares, and charges BX is also putting in place BX believes that the reduction to the
the change to the daily average volume through this filing. Additionally, the charge from $0.0018 per share executed
of liquidity provided in all securities Exchange further believes that the to $0.0014 per share executed coupled
during the month of 1 million or more proposed change is equitably allocated with the change to the parameter that a
shares parameter, to a parameter that the and not unfairly discriminatory because member provide an average daily
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![23318 Federal Register / Vol. 80, No. 80 / Monday, April 27, 2015 / Notices
only one method. The Commission will DEPARTMENT OF TRANSPORTATION released by an instrument of release
post all comments on the Commission’s dated June 11, 2013. Physical
Internet Web site (http://www.sec.gov/ Federal Aviation Administration constraints of the airport site required
rules/sro.shtml). Copies of the the construction and opening of the
submission, all subsequent Notice of Intent To Rule on Request To Replacement Airport in 2011,
amendments, all written statements Release Airport Property at the St. approximately 15 miles to the east. The
with respect to the proposed rule George Airport, St. George, Utah former St. George Airport was
change that are filed with the AGENCY: Federal Aviation decommissioned on January 15, 2011.
Commission, and all written Administration (FAA), DOT. The former airport is no longer needed
communications relating to the for aviation purposes and the release is
ACTION: Notice of request to release
proposed rule change between the to allow for the sale of the property so
airport property.
Commission and any person, other than the proceeds from the sale can be used
those that may be withheld from the SUMMARY: The FAA proposes to rule and towards payment of the City’s share of
public in accordance with the invite public comment on the release of the costs associated with the
provisions of 5 U.S.C. 552, will be land at St. George Airport under the Replacement Airport. The property will
available for Web site viewing and provisions of Section 125 of the be sold as the market improves, at fair
printing in the Commission’s Public Wendell H. Ford Aviation Investment market value. Any person may inspect,
Reference Room, 100 F Street NE., Reform Act for the 21st Century (AIR by appointment, the request in person at
Washington, DC 20549 on official 21), now 49 U.S.C. 47107(h)(2). the FAA office listed above under FOR
business days between the hours of DATES: Comments must be received on
FURTHER INFORMATION CONTACT.
10:00 a.m. and 3:00 p.m. Copies of such or before May 27, 2015. In addition, any person may, upon
filing also will be available for appointment and request, inspect the
ADDRESSES: Comments on this
inspection and copying at the principal application, notice and other documents
offices of the Exchange. All comments application may be mailed or delivered germane to the application in person at
received will be posted without change; to the FAA at the following address: Mr. the St George Airport.
the Commission does not edit personal John P. Bauer, Manager, Federal
Aviation Administration, Northwest Issued in Denver, Colorado on April 20,
identifying information from 2015.
submissions. You should submit only Mountain Region, Airports Division,
Denver Airports District Office, 26805 E. John P. Bauer,
information that you wish to make Manager, Denver Airports District Office .
available publicly. All submissions 68th Avenue, Suite 224, Denver,
should refer to File Number SR–BX– Colorado 80249–6361. [FR Doc. 2015–09759 Filed 4–24–15; 8:45 am]
2015–022, and should be submitted on In addition, one copy of any BILLING CODE 4910–13–P
or before May 18, 2015. comments submitted to the FAA must
be mailed or delivered to Mr. Gary
For the Commission, by the Division of Esplin, City Manager, City of St. George, DEPARTMENT OF TRANSPORTATION
Trading and Markets, pursuant to delegated Utah, at the following address: Mr. Gary
authority.19 Esplin, City Manager, City of St. George, Federal Railroad Administration
Jill M. Peterson, 175 East 200 North, St. George, Utah [Safety Advisory 2015–01]
Assistant Secretary. 84770.
[FR Doc. 2015–09628 Filed 4–24–15; 8:45 am] FOR FURTHER INFORMATION CONTACT: Mr. Mechanical Inspections and Wheel
BILLING CODE 8011–01–P Marc Miller, Colorado Engineer/ Impact Load Detector Standards for
Compliance Specialist, Federal Aviation Trains Transporting Large Amounts of
Administration, Northwest Mountain Class 3 Flammable Liquids
Region, Denver Airports District Office, AGENCY: Federal Railroad
SMALL BUSINESS ADMINISTRATION 26805 E. 68th Avenue, Suite 224, Administration (FRA), Department of
Denver, Colorado 80249–6361. Transportation (DOT).
Military Reservist Economic Injury The request to release property may
Disaster Loans; Interest Rate for Third ACTION: Notice of Safety Advisory.
be reviewed, by appointment, in person
Quarter FY 2015 at this same location. SUMMARY: Recent derailments have
SUPPLEMENTARY INFORMATION: The FAA occurred involving trains transporting
In accordance with the Code of invites public comment on the request large quantities of petroleum crude oil
Federal Regulations 13—Business Credit to release property at the St. George and ethanol. Preliminary investigation
and Assistance § 123.512, the following Airport under the provisions of the AIR of one of these recent derailments
interest rate is effective for Military 21 (49 U.S.C. 47107(h)(2)). involving a crude oil train indicates that
Reservist Economic Injury Disaster On April 20, 2015, the FAA a mechanical defect involving a broken
Loans approved on or after April 20, determined that the request to release tank car wheel may have caused or
2015. property at the St. George Airport contributed to the incident. FRA is
Military Reservist Loan Program— submitted by the City of St. George issuing this Safety Advisory to make
4.000% meets the procedural requirements of recommendations to enhance the
the Federal Aviation Administration. mechanical safety of the cars in trains
Dated: April 16, 2015.
The following is a brief overview of transporting large quantities of
Rmajette on DSK2VPTVN1PROD with NOTICES
Joseph P. Loddo, the request: flammable liquids. This Safety Advisory
Acting Associate Administrator for Disaster The City of St. George is proposing recommends that railroads use highly
Assistance. the release from the terms, conditions, qualified individuals to conduct the
[FR Doc. 2015–09637 Filed 4–24–15; 8:45 am] reservations, and restrictions on the brake and mechanical inspections and
BILLING CODE P remaining approximate 223 acres of the recommends a reduction to the impact
former airport. A 40 acre parcel of threshold levels the industry currently
19 17 CFR 200.30–3(a)(12). airport property had previously been uses for wayside detectors that measure
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Document Created: 2015-12-16 08:29:53
Document Modified: 2015-12-16 08:29:53
| 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 23312 |
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