80 FR 31087 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Exchange's Pricing Schedule Under Section VIII With Respect to Execution and Routing of Orders in Securities Priced at $1 or More Per Share
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 104 (June 1, 2015)
Federal Register Volume 80, Issue 104 (June 1, 2015)
| Page Range | 31087-31090 | |
| FR Document | 2015-13072 |
[Federal Register Volume 80, Number 104 (Monday, June 1, 2015)] [Notices] [Pages 31087-31090] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-13072] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75041; File No. SR-Phlx-2015-45] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Exchange's Pricing Schedule Under Section VIII With Respect to Execution and Routing of Orders in Securities Priced at $1 or More Per Share May 26, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 18, 2015, NASDAQ OMX PHLX LLC (``Phlx'' 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 the Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's Pricing Schedule under Section VIII, entitled ``NASDAQ OMX PSX FEES,'' with respect to execution and routing of orders in securities priced at $1 or more per share. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.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. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend certain charges and fees for order execution and routing applicable to the use of the order execution and routing services of the NASDAQ OMX PSX System (``PSX'') by member organizations for all securities traded at $1 or more per share. Specifically, the charge to a member organization that executes in PSX will increase to $0.0029 per share executed regardless of where the shares are listed. This means an increase from: (i) $0.0026 to $0.0029 per share executed for shares executed in The NASDAQ Stock Market LLC (``Nasdaq'')-listed securities; (ii) $0.0025 to $0.0029 per share executed for shares executed in New York Stock Exchange (``NYSE'')- listed securities; and (iii) $0.0026 to $0.0029 per share executed for shares in securities listed on exchanges other than Nasdaq or NYSE. The Exchange believes that these increases enable it to balance the need to fund credits and operational costs. The Exchange will also increase certain credits to member organizations that provide liquidity through PSX. Specifically, the credit to a member organization that executes in PSX for a displayed quote/order will increase from $0.0025 to $0.0028 per share executed for quotes/orders entered by a member organization that provides and accesses 0.35% or more of Consolidated Volume during the month-- previously this rate required adding 0.12% of Consolidated Volume. The term ``accesses'' is another way of saying taking liquidity. This change also eliminates the requirements that (i) the quote/order is entered through a PSX Market Participant ID (``MPID'') through which the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours in the security that is the subject of the quote/order, or (ii) the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours in 500 or more securities. The Exchange believes that eliminating these requirements will encourage firms to participate in PSX by allowing their participation in the market to define the credit rate they receive. The Exchange will also increase the credit to a member organization that [[Page 31088]] executes in PSX for a displayed quote/order from $0.0024 to $0.0027 per share executed for quotes/orders entered by a member organization that provides and accesses 0.25% or more of Consolidated Volume during the month--previously this rate required adding 0.04% of Consolidated Volume. The Exchange will similarly increase the credit to a member organization that executes in PSX for a displayed quote/order from $0.0021 to $0.0025 per share executed for quotes/orders entered by a member organization that provides and accesses 0.05% or more of Consolidated Volume during the month--previously this required that the member organization provide an average daily volume of 100,000 or more. The Exchange is also adding a new tier for displayed quotes/orders of $0.0023 per share executed for quotes/orders entered by a member organization that provides and accesses daily volume of 100,000 or more shares during the month. The Exchange will also increase the credit to a member organization that executes in PSX for all other displayed quotes/orders from $0.0015 to $0.0020 per share executed. The Exchange is also adding another new tier for displayed quotes/ orders with an order size of 2,000 or more shares that will receive a $0.0001 credit in addition to the credits discussed above. Orders modified by the PSX participant entering the order or by the PSX System processes so that after such modification the unexecuted order size is below 2,000 shares will no longer qualify as an order of 2,000 or more shares. The Exchange is also adding a new credit tier for non-displayed orders of a $0.0015 per share executed credit for orders with midpoint pegging that provide liquidity entered by a member organization that provides 1,000,000 shares or more average daily volume of non-displayed liquidity during the month. Finally, the Exchange is clarifying that the credit tier for non- displayed orders of $0.0010 per share executed will continue to apply to all other orders with midpoint pegging that provide liquidity. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\3\ in general, and with 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 the Exchange 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 proposed increases to the credits and charges in the fee schedule under the Exchange's Pricing Schedule under Section VIII are reflective of the Exchange's ongoing efforts to use pricing incentive programs to attract order flow to the Exchange and improve market quality. The goal of these pricing incentives is to provide meaningful incentives for members to increase their participation on the Exchange. First, the Exchange is proposing modest increases to the charges that a member organization entering an order that executes in PSX from: (i) $0.0026 to $0.0029 per share executed for shares executed in Nasdaq-listed securities; (ii) $0.0025 to $0.0029 per share executed for shares executed in NYSE-listed securities; and (iii) $0.0026 to $0.0029 per share executed for shares in securities listed on exchanges other than Nasdaq or NYSE. The Exchange believes that these modest increases are reasonable because they reflect the Exchange's need to adjust its credits and fees in response to the costs and benefits provided by the Exchange. Additionally, these modest increases are reasonable because the Exchange is able to balance the need to fund credits and operational costs. The Exchange also believes that the proposed changes are consistent with an equitable allocation of fees and are not unfairly discriminatory because they apply to all member organizations that enter orders that execute in PSX and affects all members equally in the same way. Next, the Exchange proposes to increase the credit to a member organization that executes in PSX for a displayed quote/order from $0.0025 to $0.0028 per share executed for quotes/orders entered by a member organization that provides and accesses 0.35% or more of Consolidated Volume during the month (previously this rate required adding 0.12% of Consolidated Volume) and eliminate the requirements that (i) the quote/order is entered through a PSX MPID through which the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours in the security that is the subject of the quote/order, or (ii) the member organization displays, on average over the course of the month, 100 shares or more at the national best bid and/or national best offer at least 25% of the time during regular market hours in 500 or more securities. The Exchange believes these changes are reasonable because increasing the credit and replacing the qualifying requirements with a single increased ``provides and accesses Consolidated Volume'' requirement provides member organizations with a simpler, less confusing process for determining eligibility for the credit. Additionally, the Exchange believes increasing this pricing incentive will provide meaningful incentives for members to increase their participation on the Exchange. The Exchange believes including ``accesses'' as part of the criteria will increase the quality of the market by allowing firms to decide how to participate most meaningfully on PSX. The requirement to provide and access 0.35% is reasonable because by achieving this activity level firms will be improving the market quality on PSX and thus receive a correspondingly higher credit than those firms that do not participate as actively on PSX. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. The Exchange also proposes to increase the credit to a member organization that executes in PSX for a displayed quote/order from $0.0024 to $0.0027 per share executed for quotes/orders entered by a member organization that provides and accesses 0.25% or more of Consolidated Volume during the month--previously this rate required adding 0.04% of Consolidated Volume. The Exchange believes the proposed change is reasonable because increasing this pricing incentive will provide meaningful incentives for members to increase their participation on the Exchange. The Exchange believes including ``accesses'' as part of the criteria will increase the quality of the market by allowing firms to decide how to participate most meaningfully on PSX. The requirement to provide and access 0.25% is reasonable because by achieving this activity level firms will be improving the market quality on PSX and thus receive a correspondingly higher credit than those firms that do not participate as actively on PSX. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. [[Page 31089]] Additionally, the Exchange proposes to increase the credit to a member organization that executes in PSX for a displayed quote/order from $0.0021 to $0.0025 per share executed for quotes/orders entered by a member organization that provides and accesses 0.05% or more of Consolidated Volume during the month--previously this required that the member organization provide an average daily volume of 100,000 or more. The Exchange believes the proposed rule change is reasonable because increasing this pricing incentive will provide meaningful incentives for members to increase their participation on the Exchange. The Exchange believes including ``accesses'' as part of the criteria will increase the quality of the market by allowing firms to decide how to participate most meaningfully on PSX. The requirement to provide and access 0.05% is reasonable because by achieving this activity level firms will be improving the market quality on PSX and thus receive a correspondingly higher credit than those firms that do not participate as actively on PSX. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. The Exchange also proposes to add a new tier for displayed quotes/ orders. The new credit tier is $0.0023 per share executed for quotes/ orders entered by a member organization that provides and accesses daily volume of 100,000 or more shares during the month. The Exchange believes the proposed rule change is reasonable because this new credit tier will provide an additional meaningful incentive for members to increase their participation on the Exchange. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. The Exchange believes that the proposed rule change to increase the credit to a member organization that executes in PSX for all other displayed quotes/orders from $0.0015 to $0.0020 per share executed is reasonable because increasing this pricing incentive will provide a meaningful incentive for members to increase their participation on the Exchange. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. The Exchange proposes to add another new tier for displayed quotes/ orders size of 2,000 or more shares that will receive a $0.0001 credit in addition to the credits discussed above. Orders modified by the PSX participant entering the order or by the PSX System processes so that after such modification the unexecuted order size is below 2,000 shares will no longer qualify as an order of 2,000 or more shares. The Exchange believes the proposed rule change is reasonable because this new credit tier will provide an additional meaningful incentive for members to increase their participation on the Exchange. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way by allowing members to receive an additional $0.0001 credit per share executed in addition to the credits previously discussed by using relatively large orders of 2,000 or more shares. The Exchange believes that the proposed rule change to add a new credit tier for non-displayed orders of $0.0015 per share executed for orders with midpoint pegging that provide liquidity entered by a member organization that provides 1,000,000 shares or more average daily volume of non-displayed liquidity during the month change is reasonable because this new credit tier will provide an additional meaningful incentive for members to increase their participation on the Exchange. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because the new credit tier is uniformly available to all members and affects all members equally and in the same way. The Exchange also believes that the proposed rule change clarify that the credit tier for non-displayed orders of $0.0010 per share executed will continue to apply to all other orders with midpoint pegging that provide liquidity is reasonable because it clarifies the treatment of all other orders with midpoint pegging that provide liquidity with the addition of the new credit tier discussed in the paragraph immediately above. The Exchange also believes that the proposed rule change is consistent with an equitable allocation of fees and is not unfairly discriminatory because it affects all members equally and in the same way. 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.\5\ Phlx 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 charges at a particular venue to be excessive, or credit opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its charges and credits to remain competitive with other exchanges. Because competitors are free to modify their own charges and credits in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which changes to charges and credits in this market may impose any burden on competition is extremely limited. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- In this instance, the changes to charges and credits do not impose a burden on competition because the Exchange membership is optional and is the subject of competition from other exchanges. The increased 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 the Exchange will lose market share as a result of the changes if they are unattractive to market participants. Accordingly, Phlx 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 rule change has become effective pursuant to Section [[Page 31090]] 19(b)(3)(A)(ii) of the Act.\6\ At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is 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. --------------------------------------------------------------------------- \6\ 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 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-Phlx-2015-45 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-Phlx-2015-45. 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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2015-45, and should be submitted on or before June 22, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-13072 Filed 5-29-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 104 / Monday, June 1, 2015 / Notices 31087
proposed rule change would eliminate SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the requirement for dealers to include COMMISSION Statement of the Purpose of, and
yield on customer trade reports. The Statutory Basis for, the Proposed Rule
Commission believes that this would [Release No. 34–75041; File No. SR–Phlx– Change
remove one aspect of a dealer’s burden 2015–45] 1. Purpose
in reporting customer transactions to the
Self-Regulatory Organizations; The purpose of the proposed rule
MSRB in compliance with MSRB Rule
NASDAQ OMX PHLX LLC; Notice of change is to amend certain charges and
G–14. Furthermore, the MSRB has
fees for order execution and routing
revised its implementation schedule in Filing and Immediate Effectiveness of
applicable to the use of the order
response to comments from BDA and Proposed Rule Change Relating to the
execution and routing services of the
SIFMA, which would likely provide Exchange’s Pricing Schedule Under
NASDAQ OMX PSX System (‘‘PSX’’) by
dealers and subscribers with nearly nine Section VIII With Respect to Execution
member organizations for all securities
months to make necessary system and Routing of Orders in Securities
traded at $1 or more per share.
changes after publication by the MSRB Priced at $1 or More Per Share Specifically, the charge to a member
of the technical specifications. This May 26, 2015. organization that executes in PSX will
accommodation would likely provide increase to $0.0029 per share executed
dealers and subscribers with sufficient Pursuant to Section 19(b)(1) of the regardless of where the shares are listed.
time to make any required changes in Securities Exchange Act of 1934 (the This means an increase from: (i) $0.0026
due course without causing adverse ‘‘Act’’),1 and Rule 19b–4 thereunder,2 to $0.0029 per share executed for shares
notice is hereby given that on May 18, executed in The NASDAQ Stock Market
disruptions. The Commission does not
2015, NASDAQ OMX PHLX LLC LLC (‘‘Nasdaq’’)-listed securities; (ii)
believe that the proposed rule change
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the $0.0025 to $0.0029 per share executed
would impose any burden on
Securities and Exchange Commission for shares executed in New York Stock
competition not necessary or (‘‘SEC’’ or ‘‘Commission’’) the proposed
appropriate in furtherance of the Exchange (‘‘NYSE’’)-listed securities;
rule change as described in Items I, II, and (iii) $0.0026 to $0.0029 per share
purposes of the Act because the and III below, which Items have been executed for shares in securities listed
requirements of the proposed rule prepared by the Exchange. The on exchanges other than Nasdaq or
change would apply equally to all Commission is publishing this notice to NYSE. The Exchange believes that these
dealers who report trade information to solicit comments on the proposed rule increases enable it to balance the need
RTRS. change from interested persons. to fund credits and operational costs.
As noted above, the Commission The Exchange will also increase
I. Self-Regulatory Organization’s
received three comment letters on the certain credits to member organizations
Statement of the Terms of the Substance
filing. The Commission believes that the that provide liquidity through PSX.
of the Proposed Rule Change
MSRB considered carefully and Specifically, the credit to a member
responded adequately to comments and The Exchange proposes to amend the organization that executes in PSX for a
concerns regarding the proposed rule Exchange’s Pricing Schedule under displayed quote/order will increase
change. Although one commenter Section VIII, entitled ‘‘NASDAQ OMX from $0.0025 to $0.0028 per share
suggested changes and opposed certain PSX FEES,’’ with respect to execution executed for quotes/orders entered by a
and routing of orders in securities member organization that provides and
aspects of the proposed rule change, the
priced at $1 or more per share. accesses 0.35% or more of Consolidated
Commission notes that no commenters
Volume during the month—previously
argued that the proposed rule change The text of the proposed rule change this rate required adding 0.12% of
was inconsistent with the applicable is available on the Exchange’s Web site Consolidated Volume. The term
provisions of the Act. at http:// ‘‘accesses’’ is another way of saying
For the reasons noted above, nasdaqomxphlx.cchwallstreet.com/, at taking liquidity. This change also
including those discussed in the MSRB the principal office of the Exchange, and eliminates the requirements that (i) the
Response Letter, the Commission at the Commission’s Public Reference quote/order is entered through a PSX
Room. Market Participant ID (‘‘MPID’’) through
believes that the proposed rule change
is consistent with the Act. II. Self-Regulatory Organization’s which the member organization
Statement of the Purpose of, and displays, on average over the course of
V. Conclusion the month, 100 shares or more at the
Statutory Basis for, the Proposed Rule
It is therefore ordered, pursuant to Change national best bid and/or national best
offer at least 25% of the time during
Section 19(b)(2) of the Act,70 that the In its filing with the Commission, the regular market hours in the security that
proposed rule change (SR–MSRB–2015– Exchange included statements is the subject of the quote/order, or (ii)
02) be, and hereby is, approved. concerning the purpose of and basis for the member organization displays, on
For the Commission, pursuant to delegated the proposed rule change and discussed average over the course of the month,
authority.71 any comments it received on the 100 shares or more at the national best
Robert W. Errett, proposed rule change. The text of these bid and/or national best offer at least
Deputy Secretary. statements may be examined at the 25% of the time during regular market
[FR Doc. 2015–13082 Filed 5–29–15; 8:45 am]
places specified in Item IV below. The hours in 500 or more securities. The
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Exchange has prepared summaries, set Exchange believes that eliminating these
BILLING CODE 8011–01–P
forth in sections A, B, and C below, of requirements will encourage firms to
the most significant aspects of such participate in PSX by allowing their
statements. participation in the market to define the
credit rate they receive.
70 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). The Exchange will also increase the
71 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. credit to a member organization that
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![31090 Federal Register / Vol. 80, No. 104 / Monday, June 1, 2015 / Notices
19(b)(3)(A)(ii) of the Act.6 At any time received will be posted without change; disapproved. The Commission is
within 60 days of the filing of the the Commission does not edit personal extending this 45-day time period. The
proposed rule change, the Commission identifying information from Commission finds that it is appropriate
summarily may temporarily suspend submissions. You should submit only to designate a longer period within
such rule change if it appears to the information that you wish to make which to take action on the proposed
Commission that such action is available publicly. All submissions rule change so that it has sufficient time
necessary or appropriate in the public should refer to File Number SR–Phlx– to consider the proposed rule change.
interest, for the protection of investors, 2015–45, and should be submitted on or Accordingly, the Commission,
or otherwise in furtherance of the before June 22, 2015. pursuant to Section 19(b)(2) of the Act,5
purposes of the Act. If the Commission For the Commission, by the Division of designates July 15, 2015, as the date by
takes such action, the Commission shall Trading and Markets, pursuant to delegated which the Commission shall either
institute proceedings to determine authority.7 approve or disapprove or institute
whether the proposed rule should be Robert W. Errett, proceedings to determine whether to
approved or disapproved. Deputy Secretary. disapprove the proposed rule change
IV. Solicitation of Comments [FR Doc. 2015–13072 Filed 5–29–15; 8:45 am] (File Number SR–NYSEArca–2015–18).
Interested persons are invited to BILLING CODE 8011–01–P
For the Commission, by the Division of
submit written data, views, and Trading and Markets, pursuant to delegated
arguments concerning the foregoing, authority.6
including whether the proposed rule SECURITIES AND EXCHANGE
Robert W. Errett,
change is consistent with the Act. COMMISSION
Deputy Secretary.
Comments may be submitted by any of [Release No. 34–75042; File No. SR–
[FR Doc. 2015–13073 Filed 5–29–15; 8:45 am]
the following methods: NYSEArca–2015–18]
BILLING CODE 8011–01–P
Electronic Comments Self-Regulatory Organizations; NYSE
• Use the Commission’s Internet Arca, Inc.; Notice of Designation of a
comment form (http://www.sec.gov/ Longer Period for Commission Action SECURITIES AND EXCHANGE
rules/sro.shtml); or on Proposed Rule Change Relating to COMMISSION
• Send an email to rule-comments@ Listing and Trading Under NYSE Arca
sec.gov. Please include File Number SR– Equities Rule 5.2(j)(3), Commentary .02 Sunshine Act Meeting
Phlx–2015–45 on the subject line. of Shares of the Vanguard Tax-Exempt
Bond Index Fund Notice is hereby given, pursuant to
Paper Comments the provisions of the Government in the
• Send paper comments in triplicate May 26, 2015. Sunshine Act, Public Law 94–409, that
to Brent J. Fields, Secretary, Securities On April 6, 2015, NYSE Arca, Inc. the Securities and Exchange
and Exchange Commission, 100 F Street filed with the Securities and Exchange Commission Advisory Committee on
NE., Washington, DC 20549–1090. Commission (‘‘Commission’’), pursuant Small and Emerging Companies will
All submissions should refer to File to Section 19(b)(1) of the Securities hold a public meeting on Wednesday,
Number SR–Phlx–2015–45. This file Exchange Act of 1934 (‘‘Act’’) 1 and Rule June 3, in Multi-Purpose Room LL–006
number should be included on the 19b–4 thereunder,2 a proposed rule at the Commission’s headquarters, 100 F
subject line if email is used. To help the change to list and trade under NYSE Street NE., Washington, DC.
Commission process and review your Arca Equities Rule 5.2(j)(3), The meeting will begin at 9:30 a.m.
comments more efficiently, please use Commentary .02, the shares of the (EDT) and will be open to the public.
only one method. The Commission will Vanguard Tax-Exempt Bond Index Seating will be on a first-come, first-
post all comments on the Commission’s Fund. The proposed rule change was served basis. Doors will open at 9:00
Internet Web site (http://www.sec.gov/ published for comment in the Federal a.m. Visitors will be subject to security
rules/sro.shtml). Copies of the Register on April 16, 2015.3 The checks. The meeting will be webcast on
submission, all subsequent Commission has received no comment the Commission’s Web site at
amendments, all written statements letters on the proposed rule change. www.sec.gov.
with respect to the proposed rule Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication On May 18, 2015, the Commission
change that are filed with the published notice of the Committee
Commission, and all written of notice of the filing of a proposed rule
change, or within such longer period up meeting (Release No. 33–9774),
communications relating to the indicating that the meeting is open to
proposed rule change between the to 90 days as the Commission may
designate if it finds such longer period the public and inviting the public to
Commission and any person, other than submit written comments to the
those that may be withheld from the to be appropriate and publishes its
reasons for so finding or as to which the Committee. This Sunshine Act notice is
public in accordance with the being issued because a majority of the
provisions of 5 U.S.C. 552, will be self-regulatory organization consents,
the Commission shall either approve the Commission may attend the meeting.
available for Web site viewing and
printing in the Commission’s Public proposed rule change, disapprove the The agenda for the meeting includes
Reference Room, 100 F Street NE., proposed rule change, or institute matters relating to rules and regulations
Washington, DC 20549 on official proceedings to determine whether the affecting small and emerging companies
proposed rule change should be under the federal securities laws.
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business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such 7 17
For further information, please
CFR 200.30–3(a)(12).
filing also will be available for 1 15
contact the Office of the Secretary at
U.S.C. 78s(b)(1).
inspection and copying at the principal 2 17 CFR 240.19b–4. (202) 551–5400.
office of the Exchange. All comments 3 See Securities Exchange Act Release No. 74701
(April 10, 2015), 80 FR 20529. 5 Id.
6 15 U.S.C. 78s(b)(3)(A)(ii). 4 15 U.S.C. 78s(b)(2). 6 17 CFR 200.30–3(a)(31).
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Document Created: 2015-12-15 15:18:31
Document Modified: 2015-12-15 15:18:31
| 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 31087 |
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