81 FR 22674 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rules 4702 and 4703
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 74 (April 18, 2016)
Federal Register Volume 81, Issue 74 (April 18, 2016)
| Page Range | 22674-22675 | |
| FR Document | 2016-08823 |
[Federal Register Volume 81, Number 74 (Monday, April 18, 2016)] [Notices] [Pages 22674-22675] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-08823] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77592; File No. SR-NASDAQ-2016-023] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rules 4702 and 4703 April 12, 2016. On February 10, 2016, The NASDAQ Stock Market LLC filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Rules 4702 and 4703. The proposed rule change was published for comment in the Federal Register on March 1, 2016.\3\ The Commission received no comment letters on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 77226 (February 24, 2016), 81 FR 10687. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \4\ provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is April 15, 2016. [[Page 22675]] The Commission is extending this 45-day time period. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates May 30, 2016, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR-NASDAQ-2016-023). --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-08823 Filed 4-15-16; 8:45 am] BILLING CODE 8011-01-P
![22674 Federal Register / Vol. 81, No. 74 / Monday, April 18, 2016 / Notices
securities, and does not place more than due, fee, or other charge imposed by received will be posted without change;
390 orders in listed options per day on ISE. the Commission does not edit personal
average during a calendar month for its At any time within 60 days of the identifying information from
own beneficial account(s). This filing of such proposed rule change, the submissions. You should submit only
limitation does not apply to participants Commission summarily may information that you wish to make
whose behavior is substantially similar temporarily suspend such rule change if available publicly. All submissions
to that of market professionals, it appears to the Commission that such should refer to File Number SR–ISE–
including Professional Customers, who action is necessary or appropriate in the 2016–09 and should be submitted by
will generally submit a higher number public interest, for the protection of May 9, 2016.
of orders (many of which do not result investors, or otherwise in furtherance of
For the Commission, by the Division of
in executions) than Priority Customers. the purposes of the Act. If the Trading and Markets, pursuant to delegated
With respect to Market Maker orders, Commission takes such action, the authority.16
the Exchange believes that it is Commission shall institute proceedings Robert W. Errett,
reasonable and equitable to keep their to determine whether the proposed rule
Deputy Secretary.
fees the same because Market Makers should be approved or disapproved.
[FR Doc. 2016–08824 Filed 4–15–16; 8:45 am]
are subject to additional requirements IV. Solicitation of Comments BILLING CODE 8011–01–P
and obligations (such as quoting
requirements) that other market Interested persons are invited to
participants are not. submit written data, views, and
arguments concerning the foregoing, SECURITIES AND EXCHANGE
B. Self-Regulatory Organization’s including whether the proposed rule COMMISSION
Statement on Burden on Competition change is consistent with the Act.
Comments may be submitted by any of [Release No. 34–77592; File No. SR–
In accordance with Section 6(b)(8) of NASDAQ–2016–023]
the following methods:
the Act,13 the Exchange does not believe
that the proposed rule change will Electronic Comments Self-Regulatory Organizations; The
impose any burden on intermarket or • Use the Commission’s Internet NASDAQ Stock Market LLC; Notice of
intramarket competition that is not comment form (http://www.sec.gov/ Designation of a Longer Period for
necessary or appropriate in furtherance rules/sro.shtml); or Commission Action on a Proposed
of the purposes of the Act. The • Send an email to rule- Rule Change To Amend Rules 4702
Exchange believes that the proposed comments@sec.gov. Please include File and 4703
fees remain competitive with fees No. SR–ISE–2016–09 on the subject April 12, 2016.
charged by other options exchanges as line.
discussed above. The Exchange operates On February 10, 2016, The NASDAQ
in a highly competitive market in which Paper Comments Stock Market LLC filed with the
market participants can readily direct • Send paper comments in triplicate Securities and Exchange Commission
their order flow to competing venues. In to Secretary, Securities and Exchange (‘‘Commission’’), pursuant to Section
such an environment, the Exchange Commission, 100 F Street NE., 19(b)(1) of the Securities Exchange Act
must continually review, and consider Washington, DC 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4
adjusting, its fees and rebates to remain thereunder,2 a proposed rule change to
All submissions should refer to File
competitive with other exchanges. For amend Rules 4702 and 4703. The
Number SR–ISE–2016–09. This file
the reasons described above, the proposed rule change was published for
number should be included on the
Exchange believes that the proposed fee comment in the Federal Register on
subject line if email is used. To help the
changes reflect this competitive March 1, 2016.3 The Commission
Commission process and review your
environment. received no comment letters on the
comments more efficiently, please use
proposed rule change.
C. Self-Regulatory Organization’s only one method. The Commission will
Section 19(b)(2) of the Act 4 provides
Statement on Comments on the post all comments on the Commission’s
that, within 45 days of the publication
Proposed Rule Change Received From Internet Web site (http://www.sec.gov/
of notice of the filing of a proposed rule
Members, Participants or Others rules/sro.shtml). Copies of the
change, or within such longer period up
submission, all subsequent
to 90 days as the Commission may
The Exchange has not solicited, and amendments, all written statements
designate if it finds such longer period
does not intend to solicit, comments on with respect to the proposed rule
to be appropriate and publishes its
this proposed rule change. The change that are filed with the
reasons for so finding or as to which the
Exchange has not received any Commission, and all written
self-regulatory organization consents,
unsolicited written comments from communications relating to the
the Commission shall either approve the
members or other interested parties. proposed rule change between the
proposed rule change, disapprove the
Commission and any person, other than
III. Date of Effectiveness of the proposed rule change, or institute
those that may be withheld from the
Proposed Rule Change and Timing for proceedings to determine whether the
public in accordance with the
Commission Action proposed rule change should be
provisions of 5 U.S.C. 552, will be
disapproved. The 45th day after
The foregoing rule change has become available for Web site viewing and
publication of the notice for this
mstockstill on DSK4VPTVN1PROD with NOTICES
effective pursuant to Section printing in the Commission’s Public
proposed rule change is April 15, 2016.
19(b)(3)(A)(ii) of the Act,14 and Reference Room, 100 F Street NE.,
subparagraph (f)(2) of Rule 19b–4 Washington, DC 20549 on official 16 17 CFR 200.30–3(a)(12).
thereunder,15 because it establishes a business days between the hours of 1 15 U.S.C. 78s(b)(1).
10:00 a.m. and 3:00 p.m. Copies of such 2 17 CFR 240.19b–4.
13 15 U.S.C. 78f(b)(8). filing also will be available for 3 See Securities Exchange Act Release No. 77226
14 15 U.S.C. 78s(b)(3)(A)(ii). inspection and copying at the principal (February 24, 2016), 81 FR 10687.
15 17 CFR 240.19b–4(f)(2). office of the Exchange. All comments 4 15 U.S.C. 78s(b)(2).
VerDate Sep<11>2014 17:54 Apr 15, 2016 Jkt 238001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1](https://thefederalregister.org/doc/81_FR_22748/page/1.svg)
![Federal Register / Vol. 81, No. 74 / Monday, April 18, 2016 / Notices 22675
The Commission is extending this 45- 2016, the OPRA Plan amendment ‘downstream Vendors’) or to one or
day time period. revised the description of OPRA’s more Hosted Solutions.’’ 5
The Commission finds that it is reduced rate Redistribution Fee. The When OPRA implemented the
appropriate to designate a longer period Commission is publishing this notice to ‘‘Internet service only’’ Redistribution
within which to take action on the provide interested persons an Fee, an ‘‘Internet service only’’ was a
proposed rule change so that it has opportunity to submit written service that was not suitable for high-
sufficient time to consider the proposed comments on the OPRA Plan speed/high-reliability data transmission
rule change. Accordingly, the amendment. and high traffic volumes, and was a
Commission, pursuant to Section I. Description and Purpose of the Plan service appropriate for retail customers
19(b)(2) of the Act,5 designates May 30, Amendment interested in querying specific options
2016, as the date by which the quotations and last sale prices.
Commission should either approve or The purpose of the amendment is to OPRA estimates that the revised
disapprove or institute proceedings to amend the OPRA Fee Schedule to revise definition of the reduced rate
determine whether to disapprove the the description of one of OPRA’s Redistribution Fee is likely to affect
proposed rule change (File Number SR– Redistribution Fees. Specifically, the between 35 and 45 of its Vendors, out
NASDAQ–2016–023). purpose of the OPRA Plan amendment of a total population of roughly 200
is to make clear that OPRA’s ‘‘reduced Vendors. Many of the remaining 155 to
For the Commission, by the Division of rate’’ Redistribution Fee of $650/month
Trading and Markets, pursuant to delegated 165 OPRA Vendors also utilize the
is available only to Vendor Services that Internet to disseminate their data
authority.6
are intended for Subscribers that want services, and pay the regular OPRA
Robert W. Errett,
to query specific OPRA data, and that Redistribution Fee. Accordingly OPRA
Deputy Secretary. this fee is not available for any Vendor
[FR Doc. 2016–08823 Filed 4–15–16; 8:45 am]
believes that the OPRA Plan amendment
Service that includes a data streaming will cause all Vendors that are similarly
BILLING CODE 8011–01–P capability. In effect, the OPRA Plan situated in terms of the means of
amendment returns the applicability of dissemination of their data services to
this fee to the scope that it had when it be subject to the same OPRA
SECURITIES AND EXCHANGE was first implemented in 1999.
COMMISSION Redistribution Fee.
An OPRA Redistribution Fee is
For an OPRA Vendor that is required
[Release No. 34–77586; File No. SR–OPRA–
payable by every OPRA ‘‘Vendor.’’ An
to pay the regular Redistribution Fee
2015–03] OPRA ‘‘Vendor’’ is a recipient of OPRA
instead of the reduced rate as a result of
data that redistributes the data
the change, the change will result in an
Options Price Reporting Authority; ‘‘externally’’—that is, to persons outside
the data recipient itself. OPRA has had increase of $850/month or $10,200/year
Notice of Filing and Immediate in its OPRA Redistribution Fees. If the
Effectiveness of Proposed Amendment a two-tier Redistribution Fee for many
years: the basic OPRA Redistribution maximum estimated number of 45
to the Plan for Reporting of Vendors are affected by the change and
Consolidated Options Last Sale Fee has been $1,500/month for many
years, and a reduced rate of $650/month none cease to be OPRA Vendors,
Reports and Quotation Information To OPRA’s annualized revenues would
Amend the Redistribution Fee Set has been available for many years.4
OPRA has referred to this reduced rate increase by $459,000 as a result of the
Forth in OPRA’s Fee Schedule change, representing approximately a
as the ‘‘Internet Service Only’’ rate.
April 12, 2016. The OPRA Plan amendment changed 0.67% increase in OPRA’s annualized
Pursuant to Section 11A of the the description of the reduced rate of revenues; any lesser number of Vendors
Securities Exchange Act of 1934 $650/month to specify that the reduced being affected by the change would
(‘‘Act’’) 1 and Rule 608 thereunder,2 rate is for ‘‘Query service only,’’ rather result in a smaller increase in OPRA’s
notice is hereby given that on than ‘‘Internet service only,’’ and revenues as a result of the change.
September 22, 2015, the Options Price revised the footnote that accompanies The text of the OPRA Plan
Reporting Authority (‘‘OPRA’’) the reduced rate to state that: ‘‘A amendment is available at OPRA, the
submitted to the Securities and Vendor’s Service qualifies for the ‘Query Commission’s Public Reference Room,
Exchange Commission (‘‘Commission’’) service only’ rate if the Vendor’s Service on OPRA’s Web site at http://
an amendment to the Plan for Reporting provides access to OPRA Data only on opradata.com, and on the Commission’s
of Consolidated Options Last Sale a ‘query’ basis without any auto- Web site at www.sec.gov.
Reports and Quotation Information refreshing capability and does not II. Implementation of the OPRA Plan
(‘‘OPRA Plan’’).3 Effective January 1, redistribute OPRA Data via dedicated Amendment
lines or to the systems of one or more
5 15 U.S.C. 78s(b)(2). other Vendors (sometimes referred to as Pursuant to paragraph (b)(3)(i) of Rule
6 17 CFR 200.30–3(a)(31). 608 of Regulation NMS under the Act,
1 15 U.S.C. 78k–1.
Incorporated, EDGX Exchange, Inc., International OPRA designated this amendment as
2 17 CFR 242.608. Securities Exchange, LLC, ISE Gemini, LLC, ISE establishing or changing fees or other
3 The OPRA Plan is a national market system plan Mercury, LLC, Miami International Securities charges collected on behalf of all of the
approved by the Commission pursuant to Section Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ
OMX PHLX LLC, The NASDAQ Stock Market LLC,
OPRA participants in connection with
11A of the Act and Rule 608 thereunder (formerly
Rule 11Aa3–2). See Securities Exchange Act NYSE MKT LLC, and NYSE Arca, Inc. access to or use of OPRA facilities.
Release No. 17638 (March 18, 1981), 22 S.E.C. 4 OPRA first introduced a reduced rate of $600
mstockstill on DSK4VPTVN1PROD with NOTICES
Docket 484 (March 31, 1981). The full text of the ‘‘payable by those redistributors who utilize the 5 OPRA added the footnote that accompanies the
OPRA Plan is available at http:// Internet as their exclusive means of redistribution’’ reduced rate in File No. SR–OPRA–2011–02. See
www.opradata.com. The OPRA Plan provides for in 1998. See Securities Exchange Act Release No. Securities Exchange Act Release No. 64819 (July 6,
the collection and dissemination of last sale and 40791 (December 15, 1998), 63 FR 70815 (December 2011), 76 FR 40967 (July 12, 2011). OPRA’s
quotation information on options that are traded on 22, 1998) (SR–OPRA–98–03). OPRA subsequently experience has been that some Vendors have
the participant exchanges. The fourteen participants increased the reduced rate to $650 in 2002. See continued to assume, notwithstanding the footnote,
to the OPRA Plan are BATS Exchange, Inc., BOX Securities Exchange Act Release No. 45315 (January that they qualify for the reduced rate even though
Options Exchange, LLC, Chicago Board Options 18, 2002), 67 FR 4477 (January 30, 2002) (SR– they provide high message capacity data streaming
Exchange, Incorporated, C2 Options Exchange, OPRA–2001–05). services.
VerDate Sep<11>2014 17:54 Apr 15, 2016 Jkt 238001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1](https://thefederalregister.org/doc/81_FR_22748/page/2.svg)
Document Created: 2016-04-16 01:45:28
Document Modified: 2016-04-16 01:45:28
| 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 | 81 FR 22674 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR