81 FR 14502 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Market Quality Incentive Programs Under Rule 7014

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 52 (March 17, 2016)

[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Notices]
[Pages 14502-14506]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05978]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77354; File No. SR-NASDAQ-2016-032]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Market Quality Incentive Programs Under Rule 7014

March 11, 2016.
    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 March 1, 2016, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to: (i) Change the qualification requirements 
of, and add an additional rebate to, the Qualified Market Maker 
Program; (ii) modify the maximum fee assessed for participation in the 
Exchange Opening and Closing Crosses, and extend the program to include 
participation in the Exchange Halt Cross, under the Lead Market Maker 
Program; and (iii) modify the requirements and rebates provided under 
the NBBO Program.
    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.

[[Page 14503]]

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 the Market 
Quality Incentive Programs under Rule 7014 to: (i) Change the 
qualification requirements of, and add an additional rebate to, the 
Qualified Market Maker Program; (ii) modify the maximum fee assessed 
for participation in the Exchange Opening and Closing Crosses, and 
extend the program to include participation in the Exchange Halt Cross, 
under the Lead Market Maker Program; and (iii) modify the requirements 
and rebates provided under the NBBO Program.
Qualified Market Maker Program Changes
    The Exchange is proposing three changes to the Qualified Market 
Maker (``QMM'') Program: (1) Eliminate the requirement that only a 
Primary Nasdaq Market Center MPID (a ``QMM MPID'' for purposes of the 
QMM Program) \3\ may be used to qualify as a QMM under Rule 7014(d); 
(2) eliminate the restriction that the per share executed rebates and 
fees provided by the program are limited to a QMM MPID under Rule 
7014(e); and (3) offer new rebates under Rule 7014(e) of the program, 
which will be offered in Tape C securities.\4\
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    \3\ See Rule 7014(d).
    \4\ Tape C securities are those that are listed on the Exchange, 
Tape A securities are those that are listed on NYSE, and Tape B 
securities are those that are listed on exchanges other than Nasdaq 
or NYSE.
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    The QMM Program provides incentives to Exchange market makers to 
make a significant contribution to market quality by providing 
liquidity at the NBBO in a large number of stocks for a significant 
portion of the day. Under Rule 7014(d), members must meet certain 
criteria to qualify as a QMM, such as not imposing burdens on the 
Exchange and its market participants that may be associated with 
excessive rates of entry of orders away from the inside and/or order 
cancellation.\5\
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    \5\ See Rule 7014(d)(1)-(3) for the QMM qualification 
requirements.
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    Under Rule 7014(e), the Exchange provides a rebate per share 
executed with respect to all other displayed Orders (other than 
Designated Retail Orders as defined in Rule 7018) in securities priced 
at $1 or more per share that provide liquidity and that are entered 
through a QMM MPID and were for securities listed on NYSE (``Tape A QMM 
Incentive'') or securities listed on exchanges other than the Exchange 
and NYSE (``Tape B QMM Incentive'') (both incentives are collectively 
described as the ``QMM Incentives'').
    The QMM Incentives have two tiers, Tier 1 and Tier 2, with Tier 2 
having higher requirements and rebates than Tier 1. The requirements 
and rebates of the Tiers under both QMM Incentives are identical. To 
qualify under Tier 1, a QMM must execute shares of liquidity provided 
in all securities through one or more of its Nasdaq Market Center MPIDs 
that represent above 0.70% up to, and including, 0.90% of Consolidated 
Volume \6\ during the month. If a QMM qualifies under Tier 1, it will 
receive a $0.0001 per share executed rebate in Tape A and Tape B 
securities, as described above. To qualify under Tier 2, a QMM must 
execute shares of liquidity provided in all securities through one or 
more of its Nasdaq Market Center MPIDs that represent above 0.90% of 
Consolidated Volume during the month. If a QMM qualifies under Tier 2, 
it will receive a $0.0002 per share executed rebate in Tape A and Tape 
B securities, as described above.
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    \6\ Consolidated Volume is the total consolidated volume 
reported to all consolidated transaction reporting plans by all 
exchanges and trade reporting facilities during a month in equity 
securities, excluding executed orders with a size of less than one 
round lot. For purposes of calculating Consolidated Volume and the 
extent of a member's trading activity, expressed as a percentage of 
or ratio to Consolidated Volume, the date of the annual 
reconstitution of the Russell Investments Indexes shall be excluded 
from both total Consolidated Volume and the member's trading 
activity. See Rule 7018.
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    Under Rule 7014(d) [sic], the Exchange also charges a fee of 
$0.0030 per share executed for orders in Exchange-listed securities, 
and a fee of $0.00295 per share executed for orders in securities 
listed on exchanges other than the Exchange, priced at $1 or more per 
share that access liquidity on the Exchange and that are entered 
through a QMM MPID. To qualify for these fees, the QMM's volume of 
liquidity added through one or more of its MPIDs during the month (as a 
percentage Consolidated Volume) must not be less than 0.80%.
    First, the Exchange is proposing to eliminate the requirement that 
only a Primary Nasdaq Market Center MPID may be used to qualify as a 
QMM under Rule 7014(d). By eliminating the requirement that a member 
may qualify only with its Primary Nasdaq Market Center MPID and 
allowing any MPID that the member may possesses to qualify under the 
QMM Program, the Exchange is significantly broadening potential 
eligibility for the program among members.
    Second, the Exchange is proposing to eliminate the requirement that 
the rebates and fees applied to a member under the program apply only 
to orders sent through a QMM MPID. Currently, the Exchange limits the 
rebates and fees provided by the program to orders entered through a 
QMM MPID. As noted above, a QMM MPID is defined as a qualifying QMM's 
Primary Nasdaq Market Center MPID. By allowing all MPIDs to receive the 
rebates and fees of the QMM Program that a QMM qualifies for, the 
Exchange is increasing the incentive to members to provide Consolidated 
Volume sufficient to qualify under the tiers of the program.
    Third, the Exchange is proposing to make Tape C securities eligible 
for rebates under the QMM Program. The Exchange is creating a new 
``Tape C QMM Incentive,'' which will have a Tier 1 and Tier 2 that are 
identical to those of the Tape A and Tape B QMM Incentives, as 
described above. The Tape C QMM Incentive, like the other incentives 
under the QMM Program, is designed to reward QMMs, in the form of a 
rebate, for providing significant levels of Consolidated Volume. 
Extending such rewards, to a qualifying QMM's Tape C displayed orders 
(other than a Designated Retail Order, as defined in Rule 7018) in 
securities priced at $1 or more per share that provide liquidity may 
lead to greater participation in the program and, in turn, improve 
market quality for all market participants.
Lead Market Maker Program Changes
    The Exchange is proposing to amend Rule 7014(f)(4): (1) To expand 
applicability under the Lead Market Maker Program (``LMM Program'') of 
a maximum fee on participation in the Exchange Opening Cross \7\ and 
Closing Cross \8\ to include participation in a Halt Cross,\9\ and (2) 
to lower the maximum fee assessed for participation those [sic] 
Crosses.
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    \7\ See Rule 4752.
    \8\ See Rule 4753.
    \9\ See Rule 4754.
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    The LMM Program is designed to provide incentive to market makers 
to make markets in certain exchange-traded products (``ETPs''). To 
achieve this, the Exchange provides credits and reduced fees to a 
designated LMM for execution of a Qualified Security. Under Rule 
7014(f)(1), a security may be designated as a ``Qualified Security'' 
if: (A) it is an ETP listed on the Exchange pursuant to Exchange Rules 
5705, 5710, 5720, 5735, or 5745; and (B) it has at least one LMM.

[[Page 14504]]

    An LMM is a registered Exchange market maker for a Qualified 
Security that has committed to maintain minimum performance standards, 
which are based on certain percentages of time that the LMM is quoting 
at the national best bid and offer (``NBBO''). Currently, the Exchange 
has three performance criteria tiers based on the time that an LMM is 
quoting at the NBBO: (1) Above 15% to 20%; (2) above 20% to 50%; and 
(3) above 50%. For each tier, the Exchange provides rebates for 
displayed liquidity and a maximum fee for participation in the Opening 
and Closing Crosses.
    First, the Exchange is proposing to include activity in the 
Exchange Halt Cross in the maximum fee provided by the program. 
Currently, the Exchange provides a maximum fee for participation in the 
Exchange's Opening and Closing Crosses. Under Rule 7018, a 
Participant,\10\ including an LMM, is assessed a per share executed 
charge of $0.0015 to $0.0008 for participation in the Opening and 
Closing Crosses.\11\ Under the LMM Program, the Exchange provides a 
maximum fee an LMM will pay for participation in the Opening and 
Closing Crosses of $0.0010 per executed share if the LMM is at the NBBO 
above 15% to 20% of the time.\12\ If a LMM is at the NBBO in excess of 
20% of the time, it is not assessed any per executed share fee for 
participation in the Opening and Closing Crosses.
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    \10\ As defined by Rule 4701(c).
    \11\ See Rule 7018(d) and (e).
    \12\ An LMM will be assessed the charge under Rules 7018(d) or 
(e) if it is lower than the maximum charge it qualifies for under 
Rule 7014(f)(4). For example, if an LMM was eligible to receive a 
maximum charge of $0.0010 per share executed under the first tier of 
Rule 7014(f)(4), but also qualified for a charge of $0.0008 per 
share executed in the closing cross under Tier A of Rule 7018(d)(2), 
the LMM would receive the lower charge under Rule 7018(d)(2).
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    The Exchange is proposing to extend the fee limits under the this 
[sic] tier to include participation in the Halt Cross, which currently 
has a fee of $0.0010 per executed share.\13\
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    \13\ See Rule 7018(f).
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    Second, the Exchange is proposing to reduce the maximum fee 
provided for participation in the Crosses under Rule 7014(f)(4) if the 
LMM is at the NBBO above 15% to 20% of the time from $0.0010 per 
executed share to $0.0005 per executed share.
NBBO Program Changes
    The Exchange is proposing to make three changes to the NBBO 
Program: (1) Eliminate the $0.0002 per share executed rebate tier 
provided under the program; (2) decrease the $0.0004 per share executed 
rebate tier and modify the criteria required to receive it; (3) modify 
the criteria of the $0.0001 per share executed rebate tier and increase 
the rebate to $0.0002 per share executed.
    The NBBO program provides incentive to members to improve the 
quality of the market by rewarding members that provide significant 
market-improving order flow with a rebate.
    The Exchange provides a $0.0004 per share executed rebate in 
securities listed on NYSE and a $0.0002 per share executed rebate in 
securities listed on exchanges other than the Exchange or NYSE, which 
are available to any member that provides shares of liquidity in all 
securities through one or more of its Nasdaq Market Center MPIDs that 
represent 0.50% or more of Consolidated Volume during the month; or (2) 
add NOM Market Maker liquidity, as defined in Chapter XV, Section 2 of 
the Nasdaq Options Market rules, in Penny Pilot Options and/or Non-
Penny Pilot Options above 0.90% of total industry customer equity and 
ETF option ADV contracts per day in a month.
    The Exchange also provides members that qualify for the NBBO 
Program a $0.0001 per share executed rebate \14\ with respect to all 
other displayed orders (other than Designated Retail Orders, as defined 
in Rule 7018) in securities priced at $1 or more per share that provide 
liquidity if the member qualifies for the $0.0004 or $0.0002 per share 
executed rebate tiers, and has a ratio of at least 25% NBBO liquidity 
provided \15\ to liquidity provided during the month.
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    \14\ The rebate is provided in addition to any rebate or credit 
payable under Rule 7018(a) and the Investor Support, QMM, and NBBO 
Programs under Rule 7014.
    \15\ NBBO liquidity provided means liquidity provided from 
orders (other than Designated Retail Orders, as defined in Rule 
7018) that establish the NBBO, and displayed a quantity of at least 
one round lot at the time of execution.
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    First, the Exchange is proposing to no longer offer the $0.0002 per 
share executed rebate provided under the rule in Tape C securities. 
Second, the Exchange is proposing to reduce the remaining $0.0004 per 
share executed credit provided in Tape A and B securities to $0.0002 
per share executed, delete the NOM Market Maker liquidity-based 
eligibility criteria requirement under the rebate tier, and modify the 
remaining Consolidated Volume-based criteria by increasing the level of 
Consolidated Volume provided during the month from 0.5% to 1.0%.
    Third, the Exchange is proposing to modify the level of rebate 
provided and the qualification criteria of the $0.0001 per share 
executed rebate the Exchange provides to members that qualify for the 
NBBO Program, and have a ratio of at least 25% NBBO liquidity provided 
to liquidity provided during the month. The Exchange is also proposing 
to require that a member execute shares of liquidity provided in all 
securities through one or more of its Nasdaq Market Center MPIDs that 
represents 0.5% or more of Consolidated Volume during the month.
    The Exchange notes that it has incorporated one of the qualifying 
criteria required to receive the $0.0004 and $0.0002 per share executed 
rebates, into this rebate tier. The Exchange is also proposing to 
increase the rebate from $0.0001 per share executed to $0.0002 per 
share executed
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\16\ in general, and furthers the objectives of 
Sections 6(b)(4) and 6(b)(5) of the Act,\17\ in particular, in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among members and issuers and other persons using any 
facility or system which the Exchange operates or controls, and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(4) and (5).
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Qualified Market Maker Program Changes
    The Exchange believes that the proposed changes to the QMM Program 
are reasonable because they increase the incentives provided by the 
program. Eliminating the restriction that only Primary MPIDs be used to 
qualify for the program will provide greater opportunity to members to 
qualify and participate in the program.
    Likewise, eliminating the restriction that the per share executed 
rebates provided by the program are limited to liquidity provided 
through a QMM MPID is reasonable because it will expand the number of 
MPIDs that receive the rebate. In turn, it will provide greater 
opportunity for improvements to market quality. Making Tape C 
securities eligible for rebates under the QMM Program is reasonable 
because it is reflective of the Exchange's desire to improve market 
quality on the Exchange generally through use of rebates. In this case, 
the Exchange is proposing to extend the rebates it provides under the 
program to include the securities of all three Tapes.

[[Page 14505]]

    As noted above, the QMM Program provides incentives to a member to 
make a significant contribution to market quality by providing 
liquidity at the NBBO in a large number of stocks for a significant 
portion of the day. The Exchange believes that expanding the program to 
include Tape C securities will make the program more attractive to 
members and promote its goal of improving market quality.
    The Exchange also believes that eliminating the restriction that 
only Primary MPIDs be used to qualify for the program is an equitable 
allocation and is not unfairly discriminatory because it will allow 
more members the opportunity to qualify for the program. Furthermore, 
eliminating the restriction that the rebates provided by the QMM 
Program only apply to qualifying orders entered through a QMM MPID is 
an equitable allocation and is not unfairly discriminatory because it 
will apply to all members that qualify as QMMs under the program.
    In addition, including Tape C securities as eligible for rebates 
under the QMM Program is an equitable allocation and is not unfairly 
discriminatory because the Exchange will apply the same fee to all 
similarly situated members. In this regard, the proposed change to the 
rule is an equitable allocation and is not unfairly discriminatory 
because the rebates are provided uniformly to all QMMs that qualify for 
the rebates and all QMMs have an equal opportunity to earn the 
discounted fee for accessing liquidity.
    Moreover, the Exchange believes that providing qualifying QMMs 
rebates in Tape C securities is equitable and not unfairly 
discriminatory because, in return for the rebates, QMMs are providing a 
significant contribution to market quality by providing displayed 
liquidity, to the benefit of all market participants.
Lead Market Maker Program Changes
    The Exchange believes that the proposed changes to the LMM Program 
are reasonable because it is reflective of the Exchange's desire to 
improve market quality through the use of reduced fees. As noted above, 
the LMM Program is designed to provide incentive to LMMs to make 
markets in certain ETPs.
    The Exchange is proposing to provide further incentive to LMMs to 
quote at the NBBO a significant percentage of the time by extending the 
maximum fee for participation in the Opening and Closing Crosses to now 
include the Halt Cross.
    Similarly, the Exchange is providing further incentive to LMMs to 
provide liquidity at the NBBO by decreasing the maximum fee the LMM 
will be assessed for participation in the Crosses under the lowest 
tier. Thus, the proposed changes are reflective of the Exchange's 
efforts to incentivize market participants to improve market quality.
    The Exchange believes that the proposed changes to the LMM Program 
are an equitable allocation and are not unfairly discriminatory because 
the Exchange will apply the same fee to all similarly situated members. 
Specifically, the Exchange will provide the same maximum fee for 
participation in all of the Crosses, to the extent the LMM qualifies 
under one of the tiers. Last, the Exchange believes that providing LMMs 
a maximum fee in the Opening, Closing, and Halt Crosses is equitable 
and not unfairly discriminatory because, in return for the reduced 
fees, LMMs are providing beneficial displayed liquidity to the benefit 
of all market participants.
NBBO Program Changes
    The Exchange believes that proposed changes to the NBBO Program are 
reasonable because they more narrowly focus the program, which the 
Exchange believes may increase participation in the program. As noted 
above, the NBBO program provides incentives to members to improve the 
quality of the market by rewarding members that provide significant 
market-improving order flow with a rebate.
    Currently, to qualify for $0.0004 and $0.0002 per share executed 
NBBO rebates, members must execute shares in of [sic] liquidity through 
one or more of its MPIDs that represents 0.5% or more of Consolidated 
Volume during the month, or add NOM Market Maker liquidity in Penny 
Pilot Options and/or Non-Penny Pilot Options above 0.90% of total 
industry customer equity and ETF option ADV contracts per day in a 
month.
    The Exchange believes it is reasonable to eliminate the Tape C 
rebate, decrease the $0.0004 per share executed rebate provided in Tape 
A and B securities to $0.0002 per share executed, and modify the 
qualification criteria because doing so will allow the Exchange to 
increase the other rebates under the program, which will better align 
the program with improving the NBBO.
    The Exchange also believes that eliminating the NOM Market Maker 
liquidity-based eligibility criteria under the rule and modifying the 
remaining Consolidated Volume-based criteria by increasing the level of 
Consolidated Volume required to receive the rebate from 0.5% to 1.0% is 
reasonable because the Exchange is more narrowly focusing the 
requirement on overall participation in the markets in contrast to 
liquidity provided only on NOM. The NOM Market Maker liquidity-based 
eligibility criteria have not been effective at providing an incentive 
to members to participate in the program.
    The Exchange believes that it is reasonable to include a 
requirement that a member must execute shares in of [sic] liquidity 
through one or more of its MPIDs that represents 0.5% or more of 
Consolidated Volume during the month in order to receive the $0.0002 
per share executed rebate under the amended NBBO Program for all other 
displayed orders is reasonable because it is an existing requirement to 
receive the existing $0.0001 per share executed fee under the program.
    Thus, members qualifying under the program must not only improve 
the NBBO significantly, but also provide improvement to the market 
overall by contributing a significant level of Consolidated Volume, 
which is consistent with the current requirements to receive the rebate 
under the NBBO Program. The Exchange believes that increasing the 
rebate from $0.0001 to $0.0002 per share executed will provide a 
greater incentive to members to participate in the program.
    The Exchange believes the proposed changes to the NBBO Program are 
equitable and not unfairly discriminatory because the NBBO Program 
rebates and their qualification criteria will apply uniformly to all 
similarly situated members. Members that elect to provide the levels of 
Consolidated Volume required by the amended rule, and in the case of 
the proposed $0.0002 per share executed rebate establish the NBBO with 
a ratio of at least 25%, will receive the amended rebates.
    Last, although elimination of the NOM Market Maker based criteria 
may impact members that are also market makers on NOM, the revised 
Consolidated Volume based criteria will apply to all members, not only 
those participating on NOM as market makers.

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. In terms of inter-market 
competition, 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, or rebate opportunities available at other venues to be more 
favorable. In such an

[[Page 14506]]

environment, the Exchange must continually adjust its fees to remain 
competitive with other exchanges and with alternative trading systems 
that have been exempted from compliance with the statutory standards 
applicable to exchanges. Because competitors are free to modify their 
own fees in response, and because market participants may readily 
adjust their order routing practices, the Exchange believes that the 
degree to which fee changes in this market may impose any burden on 
competition is extremely limited.
    In this instance, the proposed changes to the fees and rebates 
provided to member firms under the market quality incentive programs of 
Rule 7014 do not impose a burden on competition because the Exchange's 
execution services are completely voluntary and subject to extensive 
competition both from other exchanges and from off-exchange venues.
    Rather than placing a burden on competition, the proposed fees and 
rebates are reflective of the fierce competition among market venues to 
attract order flow, including displayed liquidity, to the benefit of 
all market participants. All of the proposed changes to the incentive 
programs under Rule 7014 are designed to improve their effectiveness in 
achieving their stated purposes. If any of the changes proposed herein 
are unattractive to market participants, it is likely that the Exchange 
will lose market share as a result.
    Accordingly, the Exchange does not believe that the proposed 
changes will impair the ability of members or competing order execution 
venues to maintain their competitive standing in the financial markets.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At 
any time within 60 days of the filing of the proposed rule change, the 
Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

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 Comments

     Use 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-2016-032 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-2016-032. 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-2016-032 and should 
be submitted on or before April 7, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-05978 Filed 3-16-16; 8:45 am]
BILLING CODE 8011-01-P