80 FR 70030 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Chapter XV, Entitled “Options Pricing,” at Section 2 Governing Pricing for NASDAQ Members
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 218 (November 12, 2015)
Federal Register Volume 80, Issue 218 (November 12, 2015)
| Page Range | 70030-70032 | |
| FR Document | 2015-28685 |
[Federal Register Volume 80, Number 218 (Thursday, November 12, 2015)] [Notices] [Pages 70030-70032] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-28685] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76365; File No. SR-NASDAQ-2015-130] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Chapter XV, Entitled ``Options Pricing,'' at Section 2 Governing Pricing for NASDAQ Members November 5, 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 October 29, 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 Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's transaction fees at Chapter XV, Section 2 entitled ``NASDAQ Options Market--Fees and Rebates,'' which governs pricing for NASDAQ members using the NASDAQ Options Market (``NOM''), NASDAQ's facility for executing and routing standardized equity and index options. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on November 2, 2015. 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 The Exchange proposes the following change to the NOM transaction fees set forth at Chapter XV, Section 2 for executing and routing standardized equity and index options under the Penny Pilot \3\ Options program. --------------------------------------------------------------------------- \3\ The Penny Pilot was established in March 2008 and has since been expanded and extended through June 30, 2016. See Securities Exchange Act Release Nos. 57579 (March 28, 2008), 73 FR 18587 (April 4, 2008) (SR-NASDAQ-2008-026) (notice of filing and immediate effectiveness establishing Penny Pilot); 60874 (October 23, 2009), 74 FR 56682 (November 2, 2009) (SR-NASDAQ-2009-091) (notice of filing and immediate effectiveness expanding and extending Penny Pilot); 60965 (November 9, 2009), 74 FR 59292 (November 17, 2009) (SR-NASDAQ-2009-097) (notice of filing and immediate effectiveness adding seventy-five classes to Penny Pilot); 61455 (February 1, 2010), 75 FR 6239 (February 8, 2010) (SR-NASDAQ-2010-013) (notice of filing and immediate effectiveness adding seventy-five classes to Penny Pilot); 62029 (May 4, 2010), 75 FR 25895 (May 10, 2010) (SR- NASDAQ-2010-053) (notice of filing and immediate effectiveness adding seventy-five classes to Penny Pilot); 65969 (December 15, 2011), 76 FR 79268 (December 21, 2011) (SR-NASDAQ-2011-169) (notice of filing and immediate effectiveness extension and replacement of Penny Pilot); 67325 (June 29, 2012), 77 FR 40127 (July 6, 2012) (SR- NASDAQ-2012-075) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2012); 68519 (December 21, 2012), 78 FR 136 (January 2, 2013) (SR-NASDAQ- 2012-143) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through June 30, 2013); 69787 (June 18, 2013), 78 FR 37858 (June 24, 2013) (SR-NASDAQ-2013- 082) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2013); 71105 (December 17, 2013), 78 FR 77530 (December 23, 2013) (SR-NASDAQ- 2013-154) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through June 30, 2014); 79 FR 31151 (May 23, 2014), 79 FR 31151 (May 30, 2014) (SR-NASDAQ-2014- 056) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2014); 73686 (December 2, 2014), 79 FR 71477 (November 25, 2014) (SR-NASDAQ-2014- 115) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through June 30, 2015) and 75283 (June 24, 2015), 80 FR 37347 (June 30, 2015) (SR-NASDAQ-2015-063) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchange's Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted.) See also NOM Rules, Chapter VI, Section 5. --------------------------------------------------------------------------- The proposed change is as follows: Fees for Removing Liquidity in Penny Pilot Options: the Exchange proposes to: 1. Increase the Non-NOM Market Maker\4\ fee from $0.50 to $0.55 per [[Page 70031]] contract for options overlying iShares MSCI Emerging Markets (``EEM''), SPDR Gold Shares (``GLD''), iShares Russell 2000 ETF (``IWM''), PowerShares QQQ (``QQQ''), and SPDR S&P 500 (``SPY''). --------------------------------------------------------------------------- \4\ The term ``NOM Market Maker'' or (``M'') is a Participant that has registered as a Market Maker on NOM pursuant to Chapter VII, Section 2, and must also remain in good standing pursuant to Chapter VII, Section 4. In order to receive NOM Market Maker pricing in all securities, the Participant must be registered as a NOM Market Maker in at least one security. --------------------------------------------------------------------------- 2. This rule change is based on a rule change by Miami International Securities Exchange LLC (``MIAX'') and is a competitive response to increase fees in similar manner as MIAX only with respect to Non-NOM Market Maker pricing in certain symbols, as described above. This rule change is described in greater detail below. Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options The Exchange proposes, beginning November 2, 2015, to increase the Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options from $0.50 to $0.55 per contract for options overlying EEM, GLD, IWM, QQQ, and SPY. The Exchange notes that the Fees for Removing Liquidity for other Participants in Penny Pilot Options will remain the same.\5\ Also, Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options in all other Penny Pilot Option symbols, except EEM, GLD, IWM, QQQ, and SPY, will remain the same. --------------------------------------------------------------------------- \5\ Customers, Professionals, Firms, NOM Market Makers and Broker-Dealers will continue to be assessed a $0.50 per contract Fee for Removing Liquidity in Penny Pilot Options. --------------------------------------------------------------------------- The Exchange believes that this incentive will encourage Non-NOM Market Makers to transact a greater number of orders on the Exchange. The purpose of the proposed rule change is to increase the Non-NOM Market Maker Fee For Removing Liquidity in Penny Pilot Options for options overlying EEM, GLD, IWM, QQQ, and SPY, so that the transaction fees for NOM Market Makers in options overlying EEM, GLD, IWM, QQQ, and SPY remain lower as compared to Non-NOM Market Makers. The Exchange proposes to add a new note ``2'' to Chapter XV, Section (2)(1) which states, ``The Exchange will assess Non-NOM Market Makers a $0.55 per contract Fee for Removing Liquidity in Penny Pilot Options in the following symbols: EEM, GLD, IWM, QQQ, and SPY.'' The Exchange notes that maintaining this fee differential encourages market participants to become members and register as NOM Market Makers versus otherwise sending orders to the Exchange as a an away market maker. 2. Statutory Basis NASDAQ believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\6\ in general, and with Section 6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which NASDAQ operates or controls, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f. \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options The Exchange's proposal to increase the Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options for options overlying EEM, GLD, IWM, QQQ, and SPY from $0.50 to $0.55 per contract is reasonable to provide lower fees to NOM Market Makers as compared to Non-NOM Market Makers to encourage market participants to become members and register as NOM Market Makers. This rule change is also similar to current MIAX pricing.\8\ --------------------------------------------------------------------------- \8\ See MIAX Options Fee Schedule. --------------------------------------------------------------------------- The Exchange's proposal to increase the Non-NOM Market Maker Fee for Removing Liquidity in Penny Pilot Options for options overlying EEM, GLD, IWM, QQQ, and SPY from $0.50 to $0.55 per contract is equitable and not unfairly discriminatory because the increase applies equally to all Non-NOM Market Makers. In addition, maintaining a higher transaction fee for Non-NOM Market Makers versus NOM Market Markers is equitable and not unfairly discriminatory because NOM Market Markers on the Exchange have enhanced quoting obligations that are not applicable to Non-NOM Market Makers.\9\ --------------------------------------------------------------------------- \9\ See NOM Rules at Chapter VII, Section 6. On a daily basis, a NOM Market Maker must make markets consistent with the applicable quoting requirements on a continuous basis. --------------------------------------------------------------------------- In addition, charging non-members higher transaction fees is a common practice amongst exchanges because members are subject to other fees and dues associated with their membership to the Exchange that do not apply to non-members. The proposed differentiation as between Non- NOM Market Makers, NOM Market Makers, and other market participants recognizes the differing contributions made to the liquidity and trading environment on the Exchange by these market participants. Maintaining a lower transaction fee for NOM Market Makers as compared to Non-NOM Market Makers should incent market participants and market makers on other exchanges to register as NOM Market Makers, which will enhance the quality of quoting and increase the volume of contracts traded in options listed on NOM. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. Enhanced market quality and increased transaction volume that results from the increase in NOM Market Maker activity on the Exchange will benefit all market participants and improve competition on the Exchange. The Exchange believes that establishing different pricing for options overlying EEM, GLD, IWM, QQQ, and SPY options as compared to other Penny Pilot Options is reasonable, equitable, and not unfairly discriminatory because EEM, GLD, IWM, and SPY options are more liquid options as compared to other Penny Pilot Options and the Exchange wants to incentivize market participants to become members and register as NOM Market Makers versus otherwise sending orders to the Exchange as a Non-NOM Market Maker. 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. The proposal is designed to maintain lower NOM Market Maker transaction fees for options overlying EEM, GLD, IWM, QQQ, and SPY as compared to Non-NOM Market Makers. To the extent that there is additional competitive burden on Non-NOM Market Makers, the Exchange believes that this is appropriate because charging non-members higher transaction fees is a common practice amongst exchanges and members are subject to other fees and dues associated with their membership to the Exchange that do not apply to non-members. The proposed differentiation as between Non-NOM Market Makers, NOM Market Makers, and other market participants recognizes the differing contributions made to the liquidity and trading environment on the Exchange by these market participants. Maintaining a lower transaction fee for NOM Market Makers should incent market participants and market makers on other exchanges to register as NOM Market Makers on the Exchange, which will enhance the quality of quoting and [[Page 70032]] increase the volume of contracts traded in options listed on NOM. To the extent that this purpose is achieved, all the Exchange's market participants should benefit from the improved market liquidity. Enhanced market quality and increased transaction volume that results from the anticipated increase in order flow directed to the Exchange will benefit all market participants and improve competition on the Exchange. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow. The Exchange believes that the proposal reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\10\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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. 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-2015-130 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2015-130. 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-2015-130 and should be submitted on or before December 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-28685 Filed 11-10-15; 8:45 am] BILLING CODE 8011-01-P
![70030 Federal Register / Vol. 80, No. 218 / Thursday, November 12, 2015 / Notices
Paper Comments SECURITIES AND EXCHANGE forth in sections A, B, and C below, of
COMMISSION the most significant aspects of such
• Send paper comments in triplicate statements.
to Secretary, Securities and Exchange [Release No. 34–76365; File No. SR–
Commission, 100 F Street NE., NASDAQ–2015–130] A. Self-Regulatory Organization's
Washington, DC 20549–1090. Statement of the Purpose of, and
Self-Regulatory Organizations; The Statutory Basis for, the Proposed Rule
All submissions should refer to File No. NASDAQ Stock Market LLC; Notice of Change
SR–NYSE–2015–54. This file number Filing and Immediate Effectiveness of
Proposed Rule Change To Modify 1. Purpose
should be included on the subject line
if email is used. To help the Chapter XV, Entitled ‘‘Options The Exchange proposes the following
Commission process and review your Pricing,’’ at Section 2 Governing change to the NOM transaction fees set
comments more efficiently, please use Pricing for NASDAQ Members forth at Chapter XV, Section 2 for
only one method. The Commission will executing and routing standardized
November 5, 2015. equity and index options under the
post all comments on the Commission’s Pursuant to Section 19(b)(1) of the Penny Pilot 3 Options program.
Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934 The proposed change is as follows:
rules/sro.shtml). Copies of the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Fees for Removing Liquidity in Penny
submission, all subsequent notice is hereby given that on October Pilot Options: the Exchange proposes to:
amendments, all written statements 29, 2015, The NASDAQ Stock Market 1. Increase the Non-NOM Market
with respect to the proposed rule LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed Maker4 fee from $0.50 to $0.55 per
change that are filed with the with the Securities and Exchange
Commission, and all written Commission (‘‘SEC’’ or ‘‘Commission’’) 3 The Penny Pilot was established in March 2008
communications relating to the the proposed rule change as described and has since been expanded and extended through
June 30, 2016. See Securities Exchange Act Release
proposed rule change between the in Items I, II, and III, below, which Items Nos. 57579 (March 28, 2008), 73 FR 18587 (April
Commission and any person, other than have been prepared by the Exchange. 4, 2008) (SR–NASDAQ–2008–026) (notice of filing
those that may be withheld from the The Commission is publishing this and immediate effectiveness establishing Penny
notice to solicit comments on the Pilot); 60874 (October 23, 2009), 74 FR 56682
public in accordance with the (November 2, 2009) (SR–NASDAQ–2009–091)
provisions of 5 U.S.C. 552, will be proposed rule change from interested (notice of filing and immediate effectiveness
available for Web site viewing and persons. expanding and extending Penny Pilot); 60965
(November 9, 2009), 74 FR 59292 (November 17,
printing in the Commission’s Public I. Self-Regulatory Organization’s 2009) (SR–NASDAQ–2009–097) (notice of filing
Reference Room, 100 F Street NE., Statement of the Terms of Substance of and immediate effectiveness adding seventy-five
Washington, DC 20549 on official the Proposed Rule Change classes to Penny Pilot); 61455 (February 1, 2010),
75 FR 6239 (February 8, 2010) (SR–NASDAQ–
business days between the hours of The Exchange proposes to amend the 2010–013) (notice of filing and immediate
10:00 a.m. and 3:00 p.m. Copies of such Exchange’s transaction fees at Chapter effectiveness adding seventy-five classes to Penny
filing also will be available for Pilot); 62029 (May 4, 2010), 75 FR 25895 (May 10,
XV, Section 2 entitled ‘‘NASDAQ 2010) (SR–NASDAQ–2010–053) (notice of filing
inspection and copying at the principal Options Market—Fees and Rebates,’’ and immediate effectiveness adding seventy-five
office of the Exchange. All comments which governs pricing for NASDAQ classes to Penny Pilot); 65969 (December 15, 2011),
received will be posted without change; members using the NASDAQ Options 76 FR 79268 (December 21, 2011) (SR–NASDAQ–
the Commission does not edit personal 2011–169) (notice of filing and immediate
Market (‘‘NOM’’), NASDAQ’s facility for effectiveness extension and replacement of Penny
identifying information from executing and routing standardized Pilot); 67325 (June 29, 2012), 77 FR 40127 (July 6,
submissions. You should submit only equity and index options. 2012) (SR–NASDAQ–2012–075) (notice of filing
information that you wish to make While these amendments are effective and immediate effectiveness and extension and
upon filing, the Exchange has replacement of Penny Pilot through December 31,
available publicly. All submissions 2012); 68519 (December 21, 2012), 78 FR 136
should refer to File No. SR–NYSE– designated the proposed amendments to (January 2, 2013) (SR–NASDAQ–2012–143) (notice
2015–54, and should be submitted on or be operative on November 2, 2015. of filing and immediate effectiveness and extension
before December 3, 2015. The text of the proposed rule change and replacement of Penny Pilot through June 30,
is available on the Exchange’s Web site 2013); 69787 (June 18, 2013), 78 FR 37858 (June 24,
For the Commission, by the Division of 2013) (SR–NASDAQ–2013–082) (notice of filing
at http://nasdaq.cchwallstreet.com, at and immediate effectiveness and extension and
Trading and Markets, pursuant to delegated the principal office of the Exchange, and replacement of Penny Pilot through December 31,
authority.20 at the Commission’s Public Reference 2013); 71105 (December 17, 2013), 78 FR 77530
Robert W. Errett, Room. (December 23, 2013) (SR–NASDAQ–2013–154)
(notice of filing and immediate effectiveness and
Deputy Secretary.
II. Self-Regulatory Organization’s extension and replacement of Penny Pilot through
[FR Doc. 2015–28693 Filed 11–10–15; 8:45 am] Statement of the Purpose of, and June 30, 2014); 79 FR 31151 (May 23, 2014), 79 FR
31151 (May 30, 2014) (SR–NASDAQ–2014–056)
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule (notice of filing and immediate effectiveness and
Change extension and replacement of Penny Pilot through
December 31, 2014); 73686 (December 2, 2014), 79
In its filing with the Commission, the FR 71477 (November 25, 2014) (SR–NASDAQ–
Exchange included statements 2014–115) (notice of filing and immediate
concerning the purpose of and basis for effectiveness and extension and replacement of
the proposed rule change and discussed Penny Pilot through June 30, 2015) and 75283 (June
24, 2015), 80 FR 37347 (June 30, 2015) (SR–
mstockstill on DSK4VPTVN1PROD with NOTICES
any comments it received on the NASDAQ–2015–063) (Notice of Filing and
proposed rule change. The text of these Immediate Effectiveness of a Proposed Rule Change
statements may be examined at the Relating to Extension of the Exchange’s Penny Pilot
places specified in Item IV below. The Program and Replacement of Penny Pilot Issues
That Have Been Delisted.) See also NOM Rules,
Exchange has prepared summaries, set Chapter VI, Section 5.
4 The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a
1 15 U.S.C. 78s(b)(1). Participant that has registered as a Market Maker on
20 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. NOM pursuant to Chapter VII, Section 2, and must
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![70032 Federal Register / Vol. 80, No. 218 / Thursday, November 12, 2015 / Notices
increase the volume of contracts traded Paper Comments SECURITIES AND EXCHANGE
in options listed on NOM. To the extent COMMISSION
that this purpose is achieved, all the • Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities [Release No. 34–76363; File No. SR–
Exchange’s market participants should NASDAQ–2015–127]
benefit from the improved market and Exchange Commission, 100 F Street
liquidity. Enhanced market quality and NE., Washington, DC 20549–1090. Self-Regulatory Organizations; The
increased transaction volume that All submissions should refer to File NASDAQ Stock Market LLC; Notice of
results from the anticipated increase in Number SR±NASDAQ±2015±130. This Filing and Immediate Effectiveness of
order flow directed to the Exchange will file number should be included on the Proposed Rule Change To Modify
benefit all market participants and Chapter XV, Entitled ‘‘Options
subject line if email is used. To help the
improve competition on the Exchange. Pricing,’’ at Section 2 Governing
Commission process and review your
The Exchange notes that it operates in Pricing for NASDAQ Members
comments more efficiently, please use
a highly competitive market in which
only one method. The Commission will November 5, 2015.
market participants can readily favor
competing venues if they deem fee post all comments on the Commission’s Pursuant to Section 19(b)(1) of the
levels at a particular venue to be Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934
excessive. In such an environment, the rules/sro.shtml). Copies of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Exchange must continually adjust its submission, all subsequent notice is hereby given that on October
fees to remain competitive with other amendments, all written statements 23, 2015, The NASDAQ Stock Market
exchanges and to attract order flow. The with respect to the proposed rule LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
Exchange believes that the proposal change that are filed with the with the Securities and Exchange
reflects this competitive environment. Commission, and all written Commission (‘‘SEC’’ or ‘‘Commission’’)
communications relating to the the proposed rule change as described
C. Self-Regulatory Organization's proposed rule change between the in Items I, II, and III below, which Items
Statement on Comments on the have been prepared by the Exchange.
Commission and any person, other than
Proposed Rule Change Received From The Commission is publishing this
those that may be withheld from the
Members, Participants, or Others notice to solicit comments on the
public in accordance with the
No written comments were either provisions of 5 U.S.C. 552, will be proposed rule change from interested
solicited or received. available for Web site viewing and persons.
III. Date of Effectiveness of the printing in the Commission’s Public I. Self-Regulatory Organization’s
Proposed Rule Change and Timing for Reference Room, 100 F Street, NE., Statement of the Terms of Substance of
Commission Action Washington, DC 20549, on official the Proposed Rule Change
business days between the hours of The Exchange proposes to amend the
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
effective pursuant to Section Exchange’s transaction fees at Chapter
filing also will be available for XV, Section 2 entitled ‘‘NASDAQ
19(b)(3)(A)(ii) of the Act.10
inspection and copying at the principal Options Market—Fees and Rebates,’’
At any time within 60 days of the office of the Exchange. All comments
filing of the proposed rule change, the which governs pricing for NASDAQ
received will be posted without change; members using the NASDAQ Options
Commission summarily may
the Commission does not edit personal Market (‘‘NOM’’), NASDAQ’s facility for
temporarily suspend such rule change if
it appears to the Commission that such identifying information from executing and routing standardized
action is: (i) Necessary or appropriate in submissions. You should submit only equity and index options.
information that you wish to make While these amendments are effective
the public interest; (ii) for the protection
available publicly. All submissions upon filing, the Exchange has
of investors; or (iii) otherwise in
should refer to File Number SR± designated the proposed amendments to
furtherance of the purposes of the Act.
NASDAQ±2015±130 and should be be operative on November 2, 2015.
If the Commission takes such action, the The text of the proposed rule change
Commission shall institute proceedings submitted on or before December 3,
2015. is available on the Exchange’s Web site
to determine whether the proposed rule at http://nasdaq.cchwallstreet.com, at
should be approved or disapproved. For the Commission, by the Division of the principal office of the Exchange, and
IV. Solicitation of Comments Trading and Markets, pursuant to delegated at the Commission’s Public Reference
authority.11 Room.
Interested persons are invited to Robert W. Errett,
submit written data, views, and II. Self-Regulatory Organization’s
Deputy Secretary. Statement of the Purpose of, and
arguments concerning the foregoing,
including whether the proposed rule [FR Doc. 2015–28685 Filed 11–10–15; 8:45 am] Statutory Basis for, the Proposed Rule
change is consistent with the Act. BILLING CODE 8011–01–P Change
Comments may be submitted by any of In its filing with the Commission, the
the following methods: Exchange included statements
Electronic Comments concerning the purpose of and basis for
the proposed rule change and discussed
• Use the Commission’s Internet
mstockstill on DSK4VPTVN1PROD with NOTICES
any comments it received on the
comment form (http://www.sec.gov/ proposed rule change. The text of these
rules/sro.shtml); or statements may be examined at the
• Send an email to rule-comments@ places specified in Item IV below. The
sec.gov. Please include File Number SR– Exchange has prepared summaries, set
NASDAQ–2015–130 on the subject line.
1 15 U.S.C. 78s(b)(1).
10 15 U.S.C. 78s(b)(3)(A)(ii). 11 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-14 14:53:32
Document Modified: 2015-12-14 14:53:32
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 70030 |
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