80 FR 38245 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Recent Changes to Rules 4751(h) and 4754(b)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 127 (July 2, 2015)
Federal Register Volume 80, Issue 127 (July 2, 2015)
| Page Range | 38245-38247 | |
| FR Document | 2015-16274 |
[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)] [Notices] [Pages 38245-38247] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16274] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75316; File No. SR-NASDAQ-2015-064] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Recent Changes to Rules 4751(h) and 4754(b) June 26, 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 June 19, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by 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 modify recent changes to Rules 4751(h) and 4754(b), which are effective but not yet implemented. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change 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 NASDAQ is proposing to modify certain recent changes made to Rules 4751(h) and 4754(b), which are effective but not yet implemented. On December 16, 2014, the Exchange filed an immediately effective filing \3\ to amend the processing of the Closing Cross under Rule 4754(b) to adopt a ``Lockdown Period,'' the point at which NASDAQ would close the order book for participation in the Closing Cross and the continuous market, and which would represent the close of the Regular Market Session.\4\ The Exchange also amended Rule 4751(h) to harmonize the processing of Market Hours Day orders \5\ and Good-til-market close orders \6\ upon initiation of the Lockdown Period. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release No. 73943 (December 24, 2014), 80 FR 69 (January 2, 2015) (SR-NASDAQ-2014-123). \4\ As defined by Rule 4120(b)(4)(D). \5\ See Rule 4751(h)(6). \6\ See Rule 4751(h)(8). --------------------------------------------------------------------------- The Exchange had originally anticipated implementing the changes in mid-February 2015, after the expiration of the 30-day operative delay provided by Rule 19b-4(f)(6)(iii) under the Act.\7\ The Exchange subsequently [[Page 38246]] extended the period for implementation to Monday, April 13, 2015,\8\ and then again until successful completion of a User Acceptance Test to ensure the proper function of the proposed changes.\9\ Upon successful completion of that test, the Exchange committed to announce a new implementation date and provide notice of that date to the industry. --------------------------------------------------------------------------- \7\ 17 CFR 240.19b-4(f)(6)(iii). \8\ Securities Exchange Act Release No. 74342 (February 20, 2015), 80 FR 10562 (February 26, 2015) (SR-NASDAQ-2015-014). \9\ Securities Exchange Act Release No. 74795 (April 23, 2015), 80 FR 23839 (April 29, 2015) (SR-NASDAQ-2015-038). --------------------------------------------------------------------------- The Exchange originally proposed to adopt the Lockdown Period so that there would be a time at which no further orders would be accepted for participation in the regular hours market including the Closing Cross.\10\ The Closing Cross is the process by which NASDAQ determines the price at which orders will be executed at market close. Each trading day, NASDAQ accepts orders designated to participate in the Closing Cross.\11\ Beginning at 3:50 p.m. Eastern Time, NASDAQ disseminates an Order Imbalance Indicator \12\ every five seconds until market close, which allows market participants to see the nature of interest in a security and make investment decisions accordingly. The NASDAQ closing process is initiated at 4:00 p.m. Eastern Time, after which individual Closing Crosses are conducted for each security traded on NASDAQ.\13\ During the brief period between the initiation of the closing process and the conclusion of the last Closing Cross,\14\ the continuous order book is open to accept orders and cancellations in a security until the Closing Cross for that security is complete. These orders can affect the ultimate closing price of the security. --------------------------------------------------------------------------- \10\ See Rule 4754. \11\ See Rule 4754(a)(1) for a description of quotes and orders eligible for participation in the Closing Cross. \12\ The Order Imbalance Indicator provides information about orders eligible to participate in the Closing Cross and the price at which those orders would execute at the time of dissemination. \13\ Once the closing process is initiated, the System will execute crosses in each individual security traded on NASDAQ one by one. The order in which each security is processed is random and differs day by day. \14\ This brief period is normally well under one second. --------------------------------------------------------------------------- The Exchange proposed adopting the Lockdown Period in an effort to avoid a potential risk, albeit slight, that the closing price of a security may be significantly altered by an aberrant order in a security due to an error.\15\ The Exchange had balanced the benefits of allowing orders up to the completion of the cross in an individual security against the potential risk of an aberrant order affecting the closing price of a security, and determined that setting a time after which orders for participation in the cross would no longer be accepted was the best approach to minimize risk. As the Exchange prepared to implement the new process, a further review from technological and broader market impact perspectives was conducted. This additional in- depth review raised concerns regarding the challenges with maintaining a lockdown state on the Exchange. In particular, the Exchange reevaluated whether market participants, including other exchanges, would react negatively to the brief Lockdown Period during which the Exchange would not accept orders. Additionally, the Lockdown Period introduced technological challenges that the Exchange believes were addressed successfully. Nonetheless even successful solutions to difficult challenges can create unforeseen risks. As such, the Exchange has determined that the risk associated with making a broad change such as the Lockdown Period outweighs the risk associated with isolated events in which an order may have an undesirable impact on a particular security. As a consequence, the Exchange is eliminating from Rule 4754(b) text stating that, beginning at 4:00 p.m. Eastern Time, no further orders will be accepted for participation in the Closing Cross or the continuous market, and is replacing it with new rule text which makes it clear that the Exchange will accept orders for participation in the Closing Cross or the continuous market after 4:00 p.m. Eastern Time up to the conclusion of the Closing Cross in the individual security. --------------------------------------------------------------------------- \15\ For example, a member firm that enters an order that is erroneous in price and/or size may cause significant order imbalances, which may cause the closing price of the security to be significantly different from what is anticipated. --------------------------------------------------------------------------- As a consequence of the proposed changes to Rule 4754(b), the Exchange is proposing to modify rule text in Rules 4751(h)(6) and (8), which note that the Exchange will not accept MDAY and GTMC Orders, respectively, after 4:00 p.m. Eastern Time. The Exchange is amending this language to make it clear that the System will accept such orders up to the conclusion of the Closing Cross in the individual security, which will occur sometime after 4:00 p.m. Eastern Time. A MDAY or GTMC order entered after completion of the Closing Cross in the security for which the order was designated will not be accepted. The Exchange will begin implementation of the proposed changes the week of August 17, 2015 and will complete the implementation the week of August 31, 2015. The Exchange will issue an Equity Trader Alert notifying Exchange member firms of the changes. 2. Statutory Basis NASDAQ believes that the proposed rule change is consistent with the provisions of section 6 of the Act,\16\ in general, and with section 6(b)(5) of the Act,\17\ in particular, because it 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 is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f. \17\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed changes to Rules 4751(h) and 4754(b) further perfect the NASDAQ market and serve to protect investors because they are designed to minimize risk and promote consistency in the closing process. Although the Exchange had originally adopted the Lockdown Period to address a potential and slight risk that an aberrant trade could affect the closing price of a security, it has since determined that instituting such a change would introduce new risks to the closing process, which would outweigh the benefit of adopting the Lockdown Period. As such, the Exchange believes the proposed changes protect investors and the public interest because they will serve to minimize risk in the closing process while also promoting both consistency in how MDAY and GTMC orders are handled in the closing process and transparency in the process for handling orders at the close. B. Self-Regulatory Organization's Statement on Burden on Competition NASDAQ does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended.\18\ The Exchange believes that the proposal is irrelevant to competition because it is not driven by, and will have no impact on, competition. Specifically, the proposal is [[Page 38247]] representative of the Exchange's efforts to minimize risk in its market during the closing process, and to harmonize and simplify the processing of MDAY and GTMC orders during the closing process. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 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)(iii) of the Act \19\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\20\ 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(a)(iii). \20\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-NASDAQ-2015-064 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-2015-064. 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 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-NASDAQ-2015- 064, and should be submitted on or before July 23, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-16274 Filed 7-1-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices 38245
approval of the extension and expansion Commission, and all written I. Self-Regulatory Organization’s
of the Pilot Program and will allow the communications relating to the Statement of the Terms of the Substance
Exchange and the Commission proposed rule change between the of the Proposed Rule Change
additional time to analyze the impact of Commission and any person, other than The Exchange proposes to modify
the Pilot Program.10 Accordingly, the those that may be withheld from the recent changes to Rules 4751(h) and
Commission designates the proposed public in accordance with the 4754(b), which are effective but not yet
rule change as operative upon filing provisions of 5 U.S.C. 552, will be implemented.
with the Commission.11 available for Web site viewing and The text of the proposed rule change
At any time within 60 days of the printing in the Commission’s Public is available on the Exchange’s Web site
filing of such proposed rule change, the Reference Room, 100 F Street NE., at http://nasdaq.cchwallstreet.com, at
Commission summarily may Washington, DC 20549–1090 on official the principal office of the Exchange, and
temporarily suspend such rule change if business days between the hours of at the Commission’s Public Reference
it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the Room.
action is necessary or appropriate in the filing will also be available for
public interest, for the protection of inspection and copying at the principal II. Self-Regulatory Organization’s
investors, or otherwise in furtherance of office of the Exchange. All comments Statement of the Purpose of, and
the purposes of the Act. If the received will be posted without change; Statutory Basis for, the Proposed Rule
Commission takes such action, the the Commission does not edit personal Change
Commission shall institute proceedings identifying information from In its filing with the Commission, the
under Section 19(b)(2)(B) 12 of the Act to submissions. You should submit only Exchange included statements
determine whether the proposed rule information that you wish to make concerning the purpose of and basis for
change should be approved or available publicly. All submissions the proposed rule change and discussed
disapproved. should refer to File Number SR–ISE any comments it received on the
IV. Solicitation of Comments Gemini–2015–12 and should be proposed rule change. The text of these
submitted on or before July 23, 2015. statements may be examined at the
Interested persons are invited to
submit written data, views, and For the Commission, by the Division of places specified in Item IV below. The
arguments concerning the foregoing, Trading and Markets, pursuant to delegated Exchange has prepared summaries, set
including whether the proposed rule authority.13 forth in sections A, B, and C below, of
change is consistent with the Act. Robert W. Errett, the most significant aspects of such
Comments may be submitted by any of statements.
Deputy Secretary.
the following methods: [FR Doc. 2015–16273 Filed 7–1–15; 8:45 am] A. Self-Regulatory Organization’s
Electronic Comments BILLING CODE 8011–01–P Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
• Use the Commission’s Internet Change
comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
rules/sro.shtml); or 1. Purpose
COMMISSION
• Send an email to rule-comments@ NASDAQ is proposing to modify
sec.gov. Please include File Number SR– certain recent changes made to Rules
ISE Gemini–2015–12 on the subject line. [Release No. 34–75316; File No. SR–
4751(h) and 4754(b), which are effective
NASDAQ–2015–064]
Paper Comments but not yet implemented. On December
Self-Regulatory Organizations; The 16, 2014, the Exchange filed an
• Send paper comments in triplicate immediately effective filing 3 to amend
to Secretary, Securities and Exchange NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of the processing of the Closing Cross
Commission, 100 F Street NE., under Rule 4754(b) to adopt a
Washington, DC 20549–1090. Proposed Rule Change To Modify
Recent Changes to Rules 4751(h) and ‘‘Lockdown Period,’’ the point at which
All submissions should refer to File NASDAQ would close the order book
Number SR–ISE Gemini–2015–12. This 4754(b)
for participation in the Closing Cross
file number should be included on the June 26, 2015. and the continuous market, and which
subject line if email is used. To help the would represent the close of the Regular
Commission process and review your Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 Market Session.4 The Exchange also
comments more efficiently, please use amended Rule 4751(h) to harmonize the
only one method. The Commission will (‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 19, processing of Market Hours Day orders 5
post all comments on the Commission’s and Good-til-market close orders 6 upon
Internet Web site (http://www.sec.gov/ 2015, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with initiation of the Lockdown Period.
rules/sro.shtml). Copies of the The Exchange had originally
submission, all subsequent the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’) anticipated implementing the changes
amendments, all written statements in mid-February 2015, after the
with respect to the proposed rule the proposed rule change as described
in Items I, II, and III, below, which Items expiration of the 30-day operative delay
change that are filed with the provided by Rule 19b–4(f)(6)(iii) under
asabaliauskas on DSK5VPTVN1PROD with NOTICES
have been prepared by the Exchange.
The Commission is publishing this the Act.7 The Exchange subsequently
10 See Securities Exchange Act Release No. 61061
(November 24, 2009), 74 FR 62857 (December 1, notice to solicit comments on the
3 Securities Exchange Act Release No. 73943
2009) (SR–NYSEArca–2009–44). proposed rule change from interested
11 For purposes only of waiving the operative (December 24, 2014), 80 FR 69 (January 2, 2015)
persons. (SR–NASDAQ–2014–123).
delay for this proposal, the Commission has
4 As defined by Rule 4120(b)(4)(D).
considered the proposed rule’s impact on
13 17 CFR 200.30–3(a)(12). 5 See Rule 4751(h)(6).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1). 6 See Rule 4751(h)(8).
12 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. 7 17 CFR 240.19b–4(f)(6)(iii).
VerDate Sep<11>2014 21:16 Jul 01, 2015 Jkt 235001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\02JYN1.SGM 02JYN1](https://thefederalregister.org/doc/80_FR_38372/page/1.svg)
![Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices 38247
representative of the Exchange’s efforts file number should be included on the (‘‘Commission’’) the proposed rule
to minimize risk in its market during the subject line if email is used. To help the change as described in Items I and II
closing process, and to harmonize and Commission process and review your below, which Items have been prepared
simplify the processing of MDAY and comments more efficiently, please use by the Exchange. The Exchange has
GTMC orders during the closing only one method. The Commission will designated the proposed rule change as
process. post all comments on the Commission’s one establishing or changing a member
Internet Web site (http://www.sec.gov/ due, fee, or other charge imposed by the
C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the Exchange under section 19(b)(3)(A)(ii)
Statement on Comments on the submission, all subsequent of the Act 3 and Rule 19b–4(f)(2)
Proposed Rule Change Received From amendments, all written statements thereunder,4 which renders the
Members, Participants, or Others with respect to the proposed rule proposed rule change effective upon
No written comments were either change that are filed with the filing with the Commission. The
solicited or received. Commission, and all written Commission is publishing this notice to
communications relating to the solicit comments on the proposed rule
III. Date of Effectiveness of the
proposed rule change between the change from interested persons.
Proposed Rule Change and Timing for
Commission and any person, other than
Commission Action I. Self-Regulatory Organization’s
those that may be withheld from the
Because the foregoing proposed rule Statement of the Terms of Substance of
public in accordance with the
change does not: (i) Significantly affect the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
the protection of investors or the public available for Web site viewing and The Exchange filed a proposal to
interest; (ii) impose any significant printing in the Commission’s Public amend its fee schedule applicable to its
burden on competition; and (iii) become Reference Room, 100 F Street NE., equity options platform to: (i) Establish
operative for 30 days from the date on Washington, DC 20549 on official fees for the Multicast PITCH market data
which it was filed, or such shorter time business days between the hours of feed; and (ii) add definitions for terms
as the Commission may designate, it has 10:00 a.m. and 3:00 p.m. Copies of such that apply to market data fees.
become effective pursuant to section filing also will be available for The text of the proposed rule change
19(b)(3)(A)(iii) of the Act 19 and inspection and copying at the principal is available at the Exchange’s Web site
subparagraph (f)(6) of Rule 19b–4 offices of the Exchange. All comments at www.batstrading.com, at the
thereunder.20 At any time within 60 received will be posted without change; principal office of the Exchange, and at
days of the filing of the proposed rule the Commission does not edit personal the Commission’s Public Reference
change, the Commission summarily may identifying information from Room.
temporarily suspend such rule change if submissions. You should submit only II. Self-Regulatory Organization’s
it appears to the Commission that such information that you wish to make Statement of the Purpose of, and
action is: (i) Necessary or appropriate in available publicly. All submissions Statutory Basis for, the Proposed Rule
the public interest; (ii) for the protection should refer to File Number SR– Change
of investors; or (iii) otherwise in NASDAQ–2015–064, and should be
furtherance of the purposes of the Act. submitted on or before July 23, 2015. In its filing with the Commission, the
If the Commission takes such action, the Exchange included statements
For the Commission, by the Division of concerning the purpose of and basis for
Commission shall institute proceedings Trading and Markets, pursuant to delegated
to determine whether the proposed rule authority.21
the proposed rule change and discussed
should be approved or disapproved. any comments it received on the
Robert W. Errett,
proposed rule change. The text of these
IV. Solicitation of Comments Deputy Secretary.
statements may be examined at the
[FR Doc. 2015–16274 Filed 7–1–15; 8:45 am] places specified in Item IV below. The
Interested persons are invited to
BILLING CODE 8011–01–P Exchange has prepared summaries, set
submit written data, views, and
arguments concerning the foregoing, forth in sections A, B, and C below, of
including whether the proposed rule the most significant parts of such
SECURITIES AND EXCHANGE statements.
change is consistent with the Act. COMMISSION
Comments may be submitted by any of A. Self-Regulatory Organization’s
the following methods: [Release No. 34–75313; File No. SR–BATS–
2015–46] Statement of the Purpose of, and
Electronic Comments Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; BATS Change
• Use the Commission’s Internet
Exchange, Inc.; Notice of Filing and 1. Purpose
comment form (http://www.sec.gov/
Immediate Effectiveness of a Proposed
rules/sro.shtml); or The Exchange proposes to amend its
Rule Change Related to Fees for Use
• Send an email to rule-comments@ fee schedule applicable to its equity
of BATS Exchange, Inc.
sec.gov. Please include File Number SR– options platform to: (i) Establish fees for
NASDAQ–2015–064 on the subject line. June 26, 2015. the Multicast PITCH market data feed;
Paper Comments Pursuant to section 19(b)(1) of the and (ii) add definitions for terms that
Securities Exchange Act of 1934 (the apply to market data fees.
• Send paper comments in triplicate
asabaliauskas on DSK5VPTVN1PROD with NOTICES
‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Secretary, Securities and Exchange notice is hereby given that on June 19, Definitions Applicable to Market Data
Commission, 100 F Street NE., 2015, BATS Exchange, Inc. (the Fees
Washington, DC 20549–1090. ‘‘Exchange’’ or ‘‘BATS’’) filed with the The Exchange proposes to include in
All submissions should refer to File Securities and Exchange Commission its fee schedule the following defined
Number SR–NASDAQ–2015–064. This terms that relate to the Exchange’s
21 17 CFR 200.30–3(a)(12).
19 15 U.S.C. 78s(b)(3)(a)(iii). 1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(ii).
20 17 CFR 240.19b–4(f)(6). 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(2).
VerDate Sep<11>2014 21:16 Jul 01, 2015 Jkt 235001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\02JYN1.SGM 02JYN1](https://thefederalregister.org/doc/80_FR_38372/page/3.svg)
Document Created: 2015-12-15 13:16:06
Document Modified: 2015-12-15 13:16:06
| 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 38245 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR