80 FR 34471 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter VI, Section 18 of the Exchange's Options Rules
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 115 (June 16, 2015)
Federal Register Volume 80, Issue 115 (June 16, 2015)
| Page Range | 34471-34473 | |
| FR Document | 2015-14670 |
[Federal Register Volume 80, Number 115 (Tuesday, June 16, 2015)] [Notices] [Pages 34471-34473] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-14670] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75141; File No. SR-NASDAQ-2015-060] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter VI, Section 18 of the Exchange's Options Rules June 10, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given that, on June 4, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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 Chapter VI, Section 18 of the Exchange's options rules. The text of the proposed rule change is below; proposed new language is italicized; proposed deletions are in brackets. * * * * * NASDAQ Stock Market Rules * * * * * Options Rules * * * * * Chapter VI Trading Systems * * * * * Sec. 18 Order Price Protection Order Price Protection (``OPP'') is a feature of the System that prevents certain day limit, good til cancelled, and immediate or cancel orders at prices outside of pre-set standard limits from being accepted by the System. OPP applies to all options but does not apply to market orders or Intermarket Sweep Orders. (a) OPP is operational each trading day after the opening until the close of trading, except during trading halts. [The Exchange may also temporarily deactivate OPP from time to time on an intraday basis at its discretion if it determines that volatility warrants deactivation. Participants will be notified of intraday OPP deactivation due to volatility and any subsequent intraday reactivation by the Exchange through the issuance of system status messages.] (b) OPP will reject incoming orders that exceed certain parameters according to the following algorithm: (i) If the better of the NBBO or the internal market BBO (the ``Reference BBO'') on the contra-side of an incoming order is greater than $1.00, orders with a limit more than 50% through such contra-side [NBBO] Reference BBO will be rejected by the System upon receipt. For example, if the [NBBO] Reference BBO on the offer side is $1.10, an order to buy options for more than $1.65 would be rejected. Similarly, if the [NBBO] Reference BBO on the bid side is $1.10, an order to sell options for less than $0.55 will be rejected. (ii) If the [NBBO] Reference BBO on the contra-side of an incoming order is less than or equal to $1.00, orders with a limit more than 100% through such contra-side [NBBO] Reference BBO will be rejected by the System upon receipt. For example, if the [NBBO] Reference BBO on the offer side is $1.00, an order to buy options for more than $2.00 would be rejected. However, if the [NBBO] Reference BBO of the bid side of an incoming order to sell is less than or equal to $1.00, the OPP limits set forth above will result in all incoming sell orders being accepted regardless of their limit. * * * * * 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 and correct Chapter VI, Section 18 of the NOM Rulebook which describes Order Price Protection (``OPP''), a feature of the NOM trading system that prevents certain day limit, good till cancelled, and immediate or cancel orders at prices outside of pre-set standard limits from being accepted by the System. The amendments also remove language providing for the temporary deactivation of OPP from time to time on an intraday basis at the Exchange's discretion if the Exchange determines that volatility warrants deactivation. OPP applies to all options but does not apply to market orders or Intermarket Sweep Orders. OPP is operational each trading day after the opening until the close of trading, except during trading halts. Chapter VI, Section 18 also currently provides that the Exchange may temporarily deactivate OPP from time to time on an intraday basis at its discretion if it determines that volatility warrants deactivation. Participants are notified of [[Page 34472]] intraday OPP deactivation due to volatility and any subsequent intraday reactivation by the Exchange through the issuance of system status messages. OPP rejects incoming orders that exceed certain parameters. Currently, Chapter VI, Section 18(b) establishes those parameters with reference to the NBBO. It states that if the NBBO on the contra-side of an incoming order is greater than $1.00, orders with a limit more than 50% through such contraside NBBO will be rejected by the system upon receipt. For example, the rule provides that if the NBBO on the offer side is $1.10, an order to buy options for more than $1.65 would be rejected. Similarly, the rule states that if the NBBO on the bid side is $1.10, an order to sell options for less than $0.55 will be rejected. The rule provides that if the NBBO on the contra-side of an incoming order is less than or equal to $1.00, orders with a limit more than 100% through such contra-side NBBO will be rejected by the system upon receipt. For example, under the rule if the NBBO on the offer side is $1.00, an order to buy options for more than $2.00 would be rejected. However, the rule provides that if the NBBO of the bid side of an incoming order to sell is less than or equal to $1.00, the OPP limits set forth above will result in all incoming sell orders being accepted regardless of their limit. The Exchange has determined that a discrepancy exists between this rule description of how the OPP process works and how the system actually functions in cases where Price Improving Orders are present. Price Improving Orders may be submitted in $0.01 increments on NOM rather than at the minimum price variation (``MPV'').\3\ These Price Improving Orders are considered part of the Exchange's internal market BBO at their non-MPV limit and are displayed at the allowable MPV price as part of the NBBO. While Chapter VI, Section 18 states that the NBBO is used for OPP determinations as described above, the system is actually basing OPP determinations on the better of (a) the NBBO, or (b) the Exchange's internal market BBO, which may differ from the NBBO due to the presence of Price Improving Orders. The Exchange is proposing to correct this discrepancy by deleting the term ``NBBO'' in each instance where it appears in Chapter VI, Section 18 and replacing it with the term ``Reference BBO'' which will be defined in the rule as the better of the NBBO or the internal market BBO. --------------------------------------------------------------------------- \3\ See Chapter VI, Section 1, which provides that Price Improving Orders are orders to buy or sell an option at a specified price at an increment smaller than the minimum price variation in the security. Price Improving Orders may be entered in increments as small as one cent. Price Improving Orders that are available for display shall be displayed at the minimum price variation in that security and shall be rounded up for sell orders and rounded down for buy orders. --------------------------------------------------------------------------- Finally, the Exchange is removing from Chapter VI, Section 18 the statements that the Exchange may temporarily deactivate OPP from time to time on an intraday basis at its discretion if it determines that volatility warrants deactivation, and that members will be notified of intraday OPP deactivation due to volatility and any subsequent intraday reactivation by the Exchange through the issuance of system status messages. The Exchange currently lacks the technology to implement intraday OPP deactivation and is deleting the language which suggests that it has such capability. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act in general, and furthers the objectives of Section 6(b)(5) of the Act in particular, in that it is designed to promote just and equitable principles of trade, 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, by amending and correcting the rule text to that it accurately reflects the functioning of the trading system. The amendments concerning the Reference BBO and the elimination of references to intraday deactivation of the OPP are both intended to improve the accuracy of the rule. The Exchange believes that the amendments should promote just and equitable principles of trade as well as protect investors and the public interest by making clear how OPP determinations are actually made on the Exchange and by eliminating the potential for confusion inherent in the statement that the Exchange may temporarily deactivate OPP on an intraday basis when in fact it lacks the technical capacity to do so. Calculating OPP on the basis of the better of the NBBO or the internal market BBO rather than solely on the basis of the NBBO protects investors and the public interest by extending the benefits of OPP to orders received in instances where the internal market BBO is better than the NBBO. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, as the amendments to Chapter VI, Section 18 will apply uniformly to all market participants availing themselves of the OPP feature. Nor will the proposal impose a burden on competition among the options exchanges, because of the vigorous competition for order flow among the options exchanges. To the extent that market participants disagree with the particular approach taken by the Exchange herein, market participants can easily and readily direct order flow to competing venues. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b- 4(f)(6) thereunder.\5\ --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(3)(A). \5\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has determined to waive the five-day pre-filing period in this case. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \6\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6) \7\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it would allow the Exchange to immediately correct the inaccuracy with respect to the NBBO described above, as well as eliminate language suggesting the Exchange possesses the capability to temporarily deactivate OPP on an intraday basis when in fact this is not the case. The Exchange believes that the public interest would not be served by preserving these inaccuracies in its rules during a notice and comment period for [[Page 34473]] this proposed rule change. The Commission believes that waiving the 30- day operative delay \8\ is consistent with the protection of investors and the public interest and designates the proposal operative on filing. --------------------------------------------------------------------------- \6\ 17 CFR 240.19b-4(f)(6). \7\ 17 CFR 240.19b-4(f)(6). \8\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 will institute proceedings to determine whether the proposed rule change should be approved or disapproved. 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-NASDAQ-2015-060 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-NASDAQ-2015-060. 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-060 and should be submitted on or before July 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-14670 Filed 6-15-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices 34471
Commission process and review your rule change as described in Items I and (ii) If the [NBBO] Reference BBO on
comments more efficiently, please use II below, which Items have been the contra-side of an incoming order is
only one method. The Commission will prepared by the Exchange. The less than or equal to $1.00, orders with
post all comments on the Commission’s Commission is publishing this notice to a limit more than 100% through such
Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule contra-side [NBBO] Reference BBO will
rules/sro.shtml). Copies of the change from interested persons. be rejected by the System upon receipt.
submission, all subsequent For example, if the [NBBO] Reference
amendments, all written statements I. Self-Regulatory Organization’s
BBO on the offer side is $1.00, an order
with respect to the proposed rule Statement of the Terms of Substance of
to buy options for more than $2.00
change that are filed with the the Proposed Rule Change
would be rejected. However, if the
Commission, and all written The Exchange proposes to amend [NBBO] Reference BBO of the bid side
communications relating to the Chapter VI, Section 18 of the Exchange’s of an incoming order to sell is less than
proposed rule change between the options rules. or equal to $1.00, the OPP limits set
Commission and any person, other than The text of the proposed rule change forth above will result in all incoming
those that may be withheld from the is below; proposed new language is sell orders being accepted regardless of
public in accordance with the italicized; proposed deletions are in their limit.
provisions of 5 U.S.C. 552, will be brackets. * * * * *
available for Web site viewing and * * * * *
printing in the Commission’s Public II. Self-Regulatory Organization’s
Reference Room, 100 F Street NE., NASDAQ Stock Market Rules Statement of the Purpose of, and
Washington, DC 20549 on official Statutory Basis for, the Proposed Rule
* * * * *
business days between the hours of Change
10:00 a.m. and 3:00 p.m. Copies of the Options Rules In its filing with the Commission, the
filing also will be available for * * * * * Exchange included statements
inspection and copying at the principal concerning the purpose of and basis for
office of the Exchange. All comments Chapter VI Trading Systems the proposed rule change and discussed
received will be posted without change; * * * * * any comments it received on the
the Commission does not edit personal proposed rule change. The text of these
identifying information from Sec. 18 Order Price Protection
statements may be examined at the
submissions. You should submit only Order Price Protection (‘‘OPP’’) is a places specified in Item IV below. The
information that you wish to make feature of the System that prevents Exchange has prepared summaries, set
available publicly. All submissions certain day limit, good til cancelled, and forth in sections A, B, and C below, of
should refer to File Number SR–C2– immediate or cancel orders at prices the most significant aspects of such
2015–013 and should be submitted on outside of pre-set standard limits from statements.
or before July 7, 2015. being accepted by the System. OPP
A. Self-Regulatory Organization’s
For the Commission, by the Division of applies to all options but does not apply
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
to market orders or Intermarket Sweep
authority.20 Statutory Basis for, the Proposed Rule
Orders.
Robert W. Errett, Change
(a) OPP is operational each trading
Deputy Secretary. day after the opening until the close of 1. Purpose
[FR Doc. 2015–14672 Filed 6–15–15; 8:45 am] trading, except during trading halts. The purpose of the proposed rule
BILLING CODE 8011–01–P [The Exchange may also temporarily change is to amend and correct Chapter
deactivate OPP from time to time on an VI, Section 18 of the NOM Rulebook
intraday basis at its discretion if it which describes Order Price Protection
SECURITIES AND EXCHANGE determines that volatility warrants (‘‘OPP’’), a feature of the NOM trading
COMMISSION deactivation. Participants will be system that prevents certain day limit,
[Release No. 34–75141; File No. SR– notified of intraday OPP deactivation good till cancelled, and immediate or
NASDAQ–2015–060] due to volatility and any subsequent cancel orders at prices outside of pre-set
intraday reactivation by the Exchange standard limits from being accepted by
Self-Regulatory Organizations; The through the issuance of system status the System. The amendments also
NASDAQ Stock Market LLC; Notice of messages.] remove language providing for the
Filing and Immediate Effectiveness of (b) OPP will reject incoming orders temporary deactivation of OPP from
Proposed Rule Change To Amend that exceed certain parameters time to time on an intraday basis at the
Chapter VI, Section 18 of the according to the following algorithm: Exchange’s discretion if the Exchange
Exchange’s Options Rules (i) If the better of the NBBO or the determines that volatility warrants
June 10, 2015. internal market BBO (the ‘‘Reference deactivation.
Pursuant to Section 19(b)(1) of the BBO’’) on the contra-side of an incoming OPP applies to all options but does
Securities Exchange Act of 1934 order is greater than $1.00, orders with not apply to market orders or
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder, a limit more than 50% through such Intermarket Sweep Orders. OPP is
contra-side [NBBO] Reference BBO will operational each trading day after the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
notice is hereby given that, on June 4,
2015, The NASDAQ Stock Market LLC be rejected by the System upon receipt. opening until the close of trading,
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the For example, if the [NBBO] Reference except during trading halts. Chapter VI,
Securities and Exchange Commission BBO on the offer side is $1.10, an order Section 18 also currently provides that
(‘‘SEC’’ or ‘‘Commission’’) the proposed to buy options for more than $1.65 the Exchange may temporarily
would be rejected. Similarly, if the deactivate OPP from time to time on an
20 17 CFR 200.30–3(a)(12). [NBBO] Reference BBO on the bid side intraday basis at its discretion if it
1 15 U.S.C. 78s(b)(1). is $1.10, an order to sell options for less determines that volatility warrants
2 17 CFR 240.19b–4. than $0.55 will be rejected. deactivation. Participants are notified of
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![Federal Register / Vol. 80, No. 115 / Tuesday, June 16, 2015 / Notices 34473
this proposed rule change. The available for Web site viewing and and routing of orders in securities
Commission believes that waiving the printing in the Commission’s Public priced at $1 or more per share.
30-day operative delay 8 is consistent Reference Room, 100 F Street NE., The text of the proposed rule change
with the protection of investors and the Washington, DC 20549, on official is available on the Exchange’s Web site
public interest and designates the business days between the hours of at http://
proposal operative on filing. 10:00 a.m. and 3:00 p.m. Copies of the nasdaqomxphlx.cchwallstreet.com/, at
At any time within 60 days of the filing also will be available for the principal office of the Exchange, and
filing of the proposed rule change, the inspection and copying at the principal at the Commission’s Public Reference
Commission summarily may office of the Exchange. All comments Room.
temporarily suspend such rule change if received will be posted without change; II. Self-Regulatory Organization’s
it appears to the Commission that such the Commission does not edit personal Statement of the Purpose of, and
action is necessary or appropriate in the identifying information from Statutory Basis for, the Proposed Rule
public interest, for the protection of submissions. You should submit only Change
investors, or otherwise in furtherance of information that you wish to make
the purposes of the Act. If the available publicly. All submissions In its filing with the Commission, the
Commission takes such action, the should refer to File Number SR– Exchange included statements
Commission will institute proceedings NASDAQ–060 and should be submitted concerning the purpose of and basis for
to determine whether the proposed rule on or before July 7, 2015. the proposed rule change and discussed
change should be approved or any comments it received on the
For the Commission, by the Division of proposed rule change. The text of these
disapproved. Trading and Markets, pursuant to delegated statements may be examined at the
IV. Solicitation of Comments authority.9
places specified in Item IV below. The
Robert W. Errett, Exchange has prepared summaries, set
Interested persons are invited to Deputy Secretary.
submit written data, views and forth in sections A, B, and C below, of
arguments concerning the foregoing,
[FR Doc. 2015–14670 Filed 6–15–15; 8:45 am] the most significant aspects of such
including whether the proposed rule BILLING CODE 8011–01–P statements.
change is consistent with the Act. A. Self-Regulatory Organization’s
Comments may be submitted by any of SECURITIES AND EXCHANGE Statement of the Purpose of, and
the following methods: COMMISSION Statutory Basis for, the Proposed Rule
Electronic Comments Change
[Release No. 34–75142; File No. SR–Phlx–
• Use the Commission’s Internet 1. Purpose
2015–48]
comment form (http://www.sec.gov/ The purpose of the proposed rule
rules/sro.shtml); or Self-Regulatory Organizations; change is to amend the charges assessed
• Send an email to rule-comments@ NASDAQ OMX PHLX LLC; Notice of and credits provided for the execution
sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of of securities priced at $1 or more.
NASDAQ–2015–060 on the subject line. Proposed Rule Change Relating to the Specifically, the Exchange is amending
Exchange’s Pricing Schedule Under what it assesses a member organization
Paper Comments Section VIII With Respect to Execution entering order that executes in
• Send paper comments in triplicate and Routing of Orders in Securities NASDAQ OMX PSX System (‘‘PSX’’),
to Secretary, Securities and Exchange Priced at $1 or More Per Share and it is eliminating the additional
Commission, 100 F Street NE., credit provided to a member firm with
Washington, DC 20549–1090. June 10, 2015.
a displayed quotes/order with a size of
Pursuant to Section 19(b)(1) of the 2,000 or more shares.
All submissions should refer to File
Securities Exchange Act of 1934 The Exchange currently assesses a
Number SR–NASDAQ–2015–060. This
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder, member organization a charge of
file number should be included on the
notice is hereby given that, on June 1, $0.0029 per share executed for an order
subject line if email is used. To help the
2015, NASDAQ OMX PHLX LLC entered by a member organization that
Commission process and review your
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the executes on PSX, regardless of the
comments more efficiently, please use
Securities and Exchange Commission exchange that the security is listed on.
only one method. The Commission will
(‘‘SEC’’ or ‘‘Commission’’) the proposed The Exchange had previously applied
post all comments on the Commission’s
rule change as described in Items I, II, different charges for execution of an
Internet Web site (http://www.sec.gov/
and III below, which Items have been order based on listing venue, but
rules/sro.shtml). Copies of the
prepared by the Exchange. The recently harmonized the charge for all
submission, all subsequent
Commission is publishing this notice to orders that execute on PSX.3 The
amendments, all written statements
solicit comments on the proposed rule Exchange is now proposing to reduce
with respect to the proposed rule
change from interested persons. the charge assessed a member
change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s organization for receiving an execution
communications relating to the Statement of the Terms of Substance of on PSX in a Nasdaq-listed security from
proposed rule change between the the Proposed Rule Change $0.0029 per share executed to $0.0028
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Commission and any person, other than per share executed. The Exchange is
The Exchange proposes to amend the also proposing to reduce the charge for
those that may be withheld from the Exchange’s Pricing Schedule under
public in accordance with the receiving an execution on PSX in New
Section VIII, entitled ‘‘NASDAQ OMX York Stock Exchange (‘‘NYSE’’)-listed
provisions of 5 U.S.C. 552, will be PSX FEES,’’ with respect to execution securities and securities listed on
8 For purposes only of waiving the 30-day
9 17 CFR 200.30–3(a)(12).
operative delay, the Commission has considered the 3 See Securities Exchange Act Release No. 74880
1 15 U.S.C. 78s(b)(1).
proposed rule’s impact on efficiency, competition, (May 6, 2015), 80 FR 27207 (May 12, 2015) (SR–
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. NASDAQ–2015–45).
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Document Created: 2018-02-22 10:23:15
Document Modified: 2018-02-22 10:23:15
| Category | Regulatory Information | |
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| FR Citation | 80 FR 34471 |
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