81_FR_38869 81 FR 38755 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Establish Secondary Contingency Procedures for the Exchange's Closing Cross

81 FR 38755 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Establish Secondary Contingency Procedures for the Exchange's Closing Cross

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 114 (June 14, 2016)

Page Range38755-38758
FR Document2016-13963

Federal Register, Volume 81 Issue 114 (Tuesday, June 14, 2016) 
[Federal Register Volume 81, Number 114 (Tuesday, June 14, 2016)]
[Notices]
[Pages 38755-38758]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-13963]



[[Page 38755]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78014; File No. SR-NASDAQ-2016-035]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing of Amendment No. 1, and Order Granting Accelerated 
Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To 
Establish Secondary Contingency Procedures for the Exchange's Closing 
Cross

June 8, 2016.

I. Introduction

    On March 2, 2016, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') 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 establish Secondary Contingency Procedures for 
its Closing Cross. The proposed rule change was published for comment 
in the Federal Register on March 11, 2016.\3\ The Commission received 
one comment letter on the proposed rule change.\4\ On April 21, 2016, 
the Commission extended the time period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ On June 6, 2016, the Exchange filed Amendment No. 1 to the 
proposed rule change.\6\ The Commission is publishing this notice to 
solicit comments on Amendment No. 1 from interested persons, and is 
approving the proposed rule change, as modified by Amendment No. 1, on 
an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77309 (March 7, 
2016), 81 FR 13007.
    \4\ See Letter from Theodore R. Lazo, Managing Director and 
Associate General Counsel, Securities Industry and Financial Markets 
Association, to Brent J. Fields, Secretary, Commission, dated April 
5, 2016 (``SIFMA Letter''). The Commission notes that this comment 
letter was also submitted in response to a similar filing by New 
York Stock Exchange LLC (``NYSE''). See Securities Exchange Act 
Release No. 77305 (March 7, 2016), 81 FR 12977 (March 11, 2016) (SR-
NYSE-2016-18).
    \5\ See Securities Exchange Act Release No. 77678, 81 FR 24909 
(April 27, 2016).
    \6\ In Amendment No. 1, which replaced the original filing in 
its entirety, the Exchange: (1) Amended Rule 4754(b)(7) to specify 
the situations in which the Exchange would employ the proposed 
Secondary Contingency Procedures; (2) amended Rule 4754(b)(7)(A) to 
specify that the Exchange will publicly announce its determination 
to employ its Primary or Secondary Contingency Procedures and that 
such announcement will be made at or before 3:00 p.m. if the 
Exchange determines to designate an alternate exchange under 
proposed Rule 4754(b)(8)(A); (3) amended proposed Rule 
4754(b)(8)(A)(ii) and (B)(i) to state that the VWAP (as defined 
below) calculation would take into account any trade breaks or 
corrections up to the time the VWAP is processed; (4) amended 
proposed Rule 4754(b)(8)(A) and (B) to provide that the Exchange 
would not publish an Official Closing Price if the Official Closing 
Price cannot be determined under proposed Rule 4754(b)(8)(A)(i)-(iv) 
or (B)(i)-(iii); (5) added proposed Rule 4754(b)(8)(C) to provide 
that under the Secondary Contingency Procedures, the Exchange will 
cancel all open interest designated for the Nasdaq close; (6) 
specified an implementation date for the proposal; (7) responded to 
the SIFMA Letter; and (8) made non-substantive clarifying and 
corrective changes to its proposed rule text. Amendment No. 1 is 
available at: http://nasdaq.cchwallstreet.com/NASDAQ/pdf/nasdaq-filings/2016/SR-NASDAQ-2016-035_Amendment_1.pdf.
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II. Description of the Proposed Rule Change

    The Exchange states that it currently has three systems that are 
designed to ensure the orderly execution and dissemination of the 
Nasdaq Official Closing Price: (1) The Nasdaq Closing Cross; (2) the 
Auxiliary Procedures; and (3) the Primary Contingency Procedures.\7\ 
The Exchange now proposes to add Rule 4754(b)(8) to establish Secondary 
Contingency Procedures, and to amend Rule 4754(b)(7) to provide 
additional details regarding the operation of the Primary and Secondary 
Contingency Procedures.\8\
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    \7\ See Nasdaq Rule 4754. See also Amendment No. 1 at 4.
    \8\ The Commission notes that NYSE and NYSE MKT LLC (``NYSE 
MKT'') have also filed similar proposed rule changes with the 
Commission. See Securities Exchange Act Release Nos. 77305 (March 7, 
2016), 81 FR 12977 (March 11, 2016) (SR-NYSE-2016-18); 77306 (March 
7, 2016), 81 FR 12986 (March 11, 2016) (SR-NYSEMKT-2016-31).
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    Under the proposal, if a disruption occurs that prevents the 
execution of the Nasdaq Closing Cross, Nasdaq would use either the 
Primary Contingency Procedures or the Secondary Contingency Procedures 
to determine the Nasdaq Official Closing Price, which would be 
published by the SIP.\9\ The determination to use the Primary or 
Secondary Contingency Procedures would be made by the President of 
Nasdaq or any Senior Executive designated by the President.\10\ Nasdaq 
would publicly announce at the earliest possible time the initiation of 
the Primary or Secondary Contingency Procedures via system status 
alerts, Equity Trader Alerts, and email notification directories.\11\ 
If Nasdaq publicly announces that it will employ its Secondary 
Contingency Procedures, it would cancel all open interest designated 
for the Nasdaq close residing in Nasdaq's systems in order to give 
members the opportunity to route their orders to alternative execution 
venues.\12\
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    \9\ See proposed Rule 4754(b)(7) and (8). See also Amendment No. 
1 at 4-6.
    \10\ The Exchange proposes to specify that it will employ the 
Primary Contingency Procedures if at all possible, and will employ 
the Secondary Contingency Procedures only if it determines that both 
the standard closing procedures and the Primary Contingency 
Procedures are unavailable. See proposed Rule 4754(b)(7). See also 
Amendment No. 1 at 4-5, 30.
    \11\ The proposal would clarify the interaction between the 
Primary Contingency Procedures and the proposed Secondary 
Contingency Procedures, but it would not change the operation of the 
Primary Contingency Procedures.
    \12\ See proposed Rule 4754(b)(8)(C). See also Amendment No. 1 
at 9, 32.
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    Under the proposal, if Nasdaq publicly announces at or before 3:00 
p.m. that it will employ the Secondary Contingency Procedures for one 
or more securities, it would designate an alternate exchange for those 
securities,\13\ and the Nasdaq Official Closing Price for each security 
would be determined based on the following hierarchy:
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    \13\ The Exchange proposes to designate NYSE Arca as its 
official back-up exchange because, according to the Exchange, NYSE 
Arca and Nasdaq membership substantially overlaps and NYSE Arca 
already operates a closing cross that it can use to execute a 
closing cross in Nasdaq-listed securities. See Amendment No. 1 at 5-
6. The Exchange states that Nasdaq members that are also NYSE Arca 
members should be technically prepared to transfer liquidity to NYSE 
Arca in the event Nasdaq is unable to execute a closing cross. See 
id.
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     The Nasdaq Official Closing Price would be the official 
closing price established for the security under the rules of the 
designated alternate exchange.\14\
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    \14\ See proposed Rule 4754(b)(8)(A)(i).
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     If there is no official closing price in the security on 
the designated alternate exchange, the Nasdaq Official Closing Price 
would be the volume-weighted average price (``VWAP'') of the 
consolidated last-sale-eligible prices of the last five minutes of 
trading during regular trading hours as calculated by the SIP, 
including any closing transactions on an exchange and any trade breaks 
or corrections up to the time the VWAP is processed.\15\
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    \15\ See proposed Rule 4754(b)(8)(A)(ii).
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     If there were no consolidated last-sale-eligible trades in 
the last five minutes of trading during regular trading hours, the 
Nasdaq Official Closing Price would be the last consolidated last-sale-
eligible trade for the security during regular trading hours on that 
trading day.\16\
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    \16\ See proposed Rule 4754(b)(8)(A)(iii).
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     If there were no consolidated last-sale-eligible trades 
during regular trading hours on that trading day, the Nasdaq Official 
Closing Price would be the prior day's Nasdaq Official Closing 
Price.\17\
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    \17\ See proposed Rule 4754(b)(8)(A)(iv).
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    If a security's Nasdaq Official Closing Price cannot be determined 
based on

[[Page 38756]]

this hierarchy, Nasdaq would not publish an Official Closing Price for 
the security.\18\
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    \18\ See proposed Rule 4754(b)(8)(A)(v). See also Amendment No. 
1 at 8, 32.
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    Under the proposal, if Nasdaq publicly announces after 3:00 p.m. 
that it will employ the Secondary Contingency Procedures for one or 
more securities, it would not designate an alternate exchange. Rather, 
the Nasdaq Official Closing Price of each security would be determined 
based on the following hierarchy:
     The Nasdaq Official Closing Price would be the VWAP of the 
consolidated last-sale-eligible prices of the last five minutes of 
trading during regular trading hours as calculated by the SIP, 
including any closing transactions on an exchange and any trade breaks 
or corrections up to the time the VWAP is processed.\19\
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    \19\ See proposed Rule 4754(b)(8)(B)(i).
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     If there were no consolidated last-sale-eligible trades in 
the last five minutes of trading during regular trading hours, the 
Nasdaq Official Closing Price would be the last consolidated last-sale-
eligible trade for the security during regular trading hours on that 
trading day.\20\
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    \20\ See proposed Rule 4754(b)(8)(B)(ii).
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     If there were no consolidated last-sale-eligible trades 
during regular trading hours on that trading day, the Nasdaq Official 
Closing Price would be the prior day's Nasdaq Official Closing 
Price.\21\
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    \21\ See proposed Rule 4754(b)(8)(B)(iii)

If a security's Nasdaq Official Closing Price cannot be determined 
based on this hierarchy, Nasdaq would not publish an Official Closing 
Price for the security.\22\
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    \22\ See proposed Rule 4754(b)(8)(B)(iv). See also Amendment No. 
1 at 9, 32.
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    As with the Primary Contingency Procedures, if Nasdaq employs the 
Secondary Contingency Procedures, after hours trading would begin 
either as scheduled at 4:00 p.m. or upon resolution of the disruption 
that triggered Nasdaq to operate the Secondary Contingency 
Procedures.\23\
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    \23\ See proposed Rule 4754(b)(8)(D).
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    The Exchange states that the Operating Committees for the Nasdaq 
UTP Plan and the Consolidated Quote/Consolidate Tape Plan have already 
voted to modify the SIPs to support this proposal.\24\ According to the 
Exchange, the Nasdaq SIP has announced plans to implement a new 
platform in the fourth quarter of 2016, and Nasdaq intends to implement 
the proposed rule change within 120 days of the date of implementation 
of that new SIP platform.\25\ The Exchange states that a delay of 120 
days will permit market participants to test and launch the new SIP 
platform, and then to separately test and launch the new backup closing 
functionality.\26\
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    \24\ See Amendment No. 1 at 6.
    \25\ See id. at 9.
    \26\ See id.
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III. Summary of Comments

    As noted above, the Commission received one comment letter on the 
proposed rule change.\27\ The commenter generally supports the proposal 
but suggests certain modifications to the proposal.\28\
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    \27\ See SIFMA Letter, supra note 4.
    \28\ See id. at 1. The commenter also encourages NYSE and Nasdaq 
to continue to work with industry participants on this issue and to 
refine the backup mechanism as a next step. See id. at 3.
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    First, the commenter suggests that the Exchange's rules should 
specify that any designation of an alternate exchange would be publicly 
announced at or before 3:00 p.m. and that the announcement would be 
made through the SIP feed in addition to any other forms of 
communication.\29\ According to the commenter, if a determination is 
made at 3:00 p.m., then the time between 3:00 p.m. and when member 
firms actually receive notice of the designation would cut into the 
time needed to re-direct closing interest to the designated alternate 
exchange.\30\ The Exchange agreed with the commenter's suggestion that 
it should publicly announce any determination to invoke the Secondary 
Contingency Procedures.\31\ As a result, the Exchange amended its 
proposal to specify that any determination to invoke the Secondary 
Contingency Procedures will be publicly announced, and that an 
announcement to designate an alternate exchange would be made at or 
before 3:00 p.m.\32\
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    \29\ See id. at 2-3.
    \30\ See id.
    \31\ The public announcement of an alternate exchange 
designation, however, would not be disseminated through the SIP 
feed.
    \32\ See proposed Rule 4754(b)(8)(A) and (B). See also Amendment 
No. 1 at 5, 13, 31-32.
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    Second, the commenter suggests that if the Exchange determines not 
to carry out its own closing transaction, it should expressly assume 
responsibility for the cancellation of all closing interest that the 
Exchange has already received.\33\ According to the commenter, this 
would allow market participants to treat their closing interest as 
canceled even if they have not received an official notification of the 
cancellation.\34\ The commenter also suggests that the Exchange's rule 
should state that the official closing transaction will be canceled 
once the Exchange determines that it is unable to conduct its own 
closing transaction, so as to avoid uncertainty regarding whether the 
exchange might change course if it determines before 4:00 p.m. that it 
can, in fact, conduct its own closing transaction.\35\ The Exchange 
agreed with the commenter's suggestion that it provide members with 
certainty that their open interest will not be executed if the Exchange 
invokes the Secondary Contingency Procedures. As a result, the Exchange 
amended its proposal to expressly state that it would cancel all open 
interest designated for the Nasdaq close if it determines to employ the 
Secondary Contingency Procedures.\36\ The Commission also notes that, 
under the proposal, once Nasdaq publicly announces that it will employ 
the Secondary Contingency Procedures, it will not revert to its 
ordinary closing procedures, and the Nasdaq Official Closing Price 
would be determined according to the hierarchies discussed above.\37\
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    \33\ See SIFMA Letter, supra note 4, at 3. The commenter also 
asserts that, if the Exchange executes the closing interest despite 
canceling the closing transaction, the Exchange should be 
responsible under its own rules for any resulting losses to the 
member firms. See id. The Exchange has not revised its proposal to 
assume this liability.
    \34\ See SIFMA Letter, supra note 4, at 3.
    \35\ See id.
    \36\ See proposed Rule 4754(b)(8)(C). See also Amendment No. 1 
at 9, 14, 32.
    \37\ See supra notes 14-22 and accompanying text.
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    Third, the commenter suggests that, when using the VWAP 
methodology, the Exchange not include any other exchange's closing 
transaction in the calculation.\38\ According to the commenter, a five-
minute VWAP methodology should result in a price that is largely 
tradable and achievable.\39\ However, according to the commenter, if a 
VWAP used as the official closing price included auction prints from 
other exchanges' closing transactions, the ability to trade and achieve 
the official closing price process would be reduced.\40\ The Exchange 
disagreed with this comment. As the Exchange noted, the VWAP 
calculation should include the maximum liquidity available.\41\ 
Accordingly, the Exchange has not amended the proposal to exclude 
closing transactions from the VWAP calculation.
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    \38\ See SIFMA Letter, supra note 4, at 3.
    \39\ See id.
    \40\ See id.
    \41\ See Amendment No. 1 at 14.
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IV. Discussion and Commission Findings

    After careful review of the proposal, as modified by Amendment No. 
1, and the comment letter, the Commission

[[Page 38757]]

finds that the proposed rule change is consistent with the requirements 
of the Act and the rules and regulations thereunder applicable to a 
national securities exchange.\42\ In particular, the Commission finds 
that the proposed rule change is consistent with section 6(b)(5) of the 
Act,\43\ which requires, among other things, that the rules of a 
national securities exchange be 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 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.
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    \42\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \43\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the proposed rule change would provide 
transparency regarding how the Exchange would determine the Nasdaq 
Official Closing Price in Exchange-listed securities when the Exchange 
is unable to conduct a closing transaction due to a systems or 
technical issue. The Commission notes that the primary listing market's 
closing price for a security is relied upon by market participants for 
a variety of reasons, including, but not limited to, calculation of 
index values, calculation of the net asset value of mutual funds and 
exchange-traded products, and the price of derivatives that are based 
on the security. As the Exchange notes, the proposed Secondary 
Contingency Procedures would provide a pre-determined, consistent 
solution that would result in the SIP disseminating an official closing 
price for listed securities on behalf of the Exchange within a 
reasonable time frame relative to the normal closing time; would 
minimize the need for industry participants to modify their processing 
of data from the SIP; and would provide advance notification of the 
initiation of a closing contingency plan to provide sufficient time for 
industry participants to route any closing interest to an alternate 
venue to participate in that venue's closing auction.\44\ The 
Commission believes that the Exchange's proposal is reasonably designed 
to achieve these important goals and to prevent any issues that may 
result if the Exchange were unable to provide a closing price for its 
listed securities due to a systems or technical issue. For these 
reasons, the Commission finds that the proposed rule change is 
consistent with the Act.
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    \44\ See Amendment No. 1 at 10-11.
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V. Solicitation of Comments on Amendment No. 1

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether Amendment No. 1 
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-2016-035 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-2016-035. 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-2016-035 and should 
be submitted on or before July 5, 2016.

VI. Accelerated Approval of Proposed Rule Change, as Modified by 
Amendment No. 1

    The Commission finds good cause to approve the proposed rule 
change, as modified by Amendment No. 1, prior to the 30th day after the 
date of publication of the notice of Amendment No. 1 in the Federal 
Register. As noted above, in Amendment No. 1, the Exchange specified 
the situations in which it would employ the proposed Secondary 
Contingency Procedures.\45\ The Commission believes that this change 
would provide market participants with transparency regarding the 
Exchange's process for determining whether to employ its Primary or 
Secondary Contingency Procedures. In Amendment No. 1, the Exchange also 
specified that it will publicly announce its determination to use its 
Primary or Secondary Contingency Procedures; that such announcement 
will be made at or before 3:00 p.m. if the Exchange determines to 
designate an alternate exchange under proposed Rule 4754(b)(8)(A); and 
that under the Secondary Contingency Procedures, the Exchange would 
cancel all open interest designated for the Nasdaq close.\46\ As noted 
above, the Exchange made these amendments in response to comments 
received on the proposal. In addition, in Amendment No.1, the Exchange 
stated that the VWAP calculation would take into account any trade 
breaks or corrections up to the time the VWAP is processed, and that it 
would not publish an Official Closing Price if the Official Closing 
Price cannot be determined under the proposed process.\47\ The 
Commission notes that these changes would harmonize Nasdaq's proposal 
with NYSE's and NYSE MKT's proposals. Finally, in Amendment No. 1, the 
Exchange specified an implementation date for the proposal, responded 
to the SIFMA Letter, and made non-substantive clarifying and corrective 
changes to its proposed rule text.\48\
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    \45\ See proposed Rule 4754(b)(7). See also Amendment No. 1 at 
4-5, 30.
    \46\ See proposed Rule 4754(b)(8). See also Amendment No. 1 at 
5, 9, 13-14, 31-32.
    \47\ See proposed Rule 4754(b)(8)(A)(ii) and (v); proposed Rule 
4754(b)(8)(B)(i) and (iv). See also Amendment No. 1 at 7-8, 31-32.
    \48\ See Amendment No. 1 at 9, 13-14, 30-33.
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    Because Amendment No. 1 provided additional transparency to the 
operation of the Secondary Contingency Procedures, harmonized Nasdaq's 
proposal to NYSE's and NYSE MKT's proposals, and responded to the 
comments received on the original proposal, the Commission finds good

[[Page 38758]]

cause for approving the proposed rule change, as modified by Amendment 
No. 1, on an accelerated basis, pursuant to section 19(b)(2) of the 
Act.\49\
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    \49\ 15 U.S.C. 78s(b)(2).
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VII. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\50\ that the proposed rule change (SR-NASDAQ-2016-035), as 
modified by Amendment No. 1, be, and it hereby is, approved on an 
accelerated basis.
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    \50\ 15 U.S.C. 78s(b)(2).
    \51\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\51\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13963 Filed 6-13-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Notices 38755 SECURITIES AND EXCHANGE is publishing this notice to solicit notification directories.11 If Nasdaq COMMISSION comments on Amendment No. 1 from publicly announces that it will employ interested persons, and is approving the its Secondary Contingency Procedures, [Release No. 34–78014; File No. SR– NASDAQ–2016–035] proposed rule change, as modified by it would cancel all open interest Amendment No. 1, on an accelerated designated for the Nasdaq close residing Self-Regulatory Organizations; The basis. in Nasdaq’s systems in order to give Nasdaq Stock Market LLC; Notice of members the opportunity to route their II. Description of the Proposed Rule Filing of Amendment No. 1, and Order orders to alternative execution venues.12 Change Under the proposal, if Nasdaq Granting Accelerated Approval of a Proposed Rule Change, as Modified by The Exchange states that it currently publicly announces at or before 3:00 Amendment No. 1, To Establish has three systems that are designed to p.m. that it will employ the Secondary Secondary Contingency Procedures ensure the orderly execution and Contingency Procedures for one or more for the Exchange’s Closing Cross dissemination of the Nasdaq Official securities, it would designate an Closing Price: (1) The Nasdaq Closing alternate exchange for those securities,13 June 8, 2016. Cross; (2) the Auxiliary Procedures; and and the Nasdaq Official Closing Price (3) the Primary Contingency for each security would be determined I. Introduction Procedures.7 The Exchange now based on the following hierarchy: On March 2, 2016, The Nasdaq Stock proposes to add Rule 4754(b)(8) to • The Nasdaq Official Closing Price Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) establish Secondary Contingency would be the official closing price filed with the Securities and Exchange Procedures, and to amend Rule established for the security under the Commission (‘‘Commission’’), pursuant 4754(b)(7) to provide additional details rules of the designated alternate to section 19(b)(1) of the Securities regarding the operation of the Primary exchange.14 Exchange Act of 1934 (‘‘Act’’) 1 and Rule and Secondary Contingency • If there is no official closing price 19b–4 thereunder,2 a proposed rule Procedures.8 in the security on the designated change to establish Secondary Under the proposal, if a disruption alternate exchange, the Nasdaq Official Contingency Procedures for its Closing occurs that prevents the execution of the Closing Price would be the volume- Cross. The proposed rule change was Nasdaq Closing Cross, Nasdaq would weighted average price (‘‘VWAP’’) of the published for comment in the Federal use either the Primary Contingency consolidated last-sale-eligible prices of Register on March 11, 2016.3 The Procedures or the Secondary the last five minutes of trading during Commission received one comment Contingency Procedures to determine regular trading hours as calculated by letter on the proposed rule change.4 On the Nasdaq Official Closing Price, which the SIP, including any closing April 21, 2016, the Commission would be published by the SIP.9 The transactions on an exchange and any extended the time period within which determination to use the Primary or trade breaks or corrections up to the to approve the proposed rule change, Secondary Contingency Procedures time the VWAP is processed.15 disapprove the proposed rule change, or would be made by the President of • If there were no consolidated last- institute proceedings to determine Nasdaq or any Senior Executive sale-eligible trades in the last five whether to disapprove the proposed designated by the President.10 Nasdaq minutes of trading during regular rule change.5 On June 6, 2016, the would publicly announce at the earliest trading hours, the Nasdaq Official Exchange filed Amendment No. 1 to the possible time the initiation of the Closing Price would be the last proposed rule change.6 The Commission Primary or Secondary Contingency consolidated last-sale-eligible trade for Procedures via system status alerts, the security during regular trading hours 1 15 U.S.C. 78s(b)(1). Equity Trader Alerts, and email on that trading day.16 2 17 CFR 240.19b–4. • If there were no consolidated last- 3 See Securities Exchange Act Release No. 77309 Price if the Official Closing Price cannot be sale-eligible trades during regular (March 7, 2016), 81 FR 13007. determined under proposed Rule 4754(b)(8)(A)(i)– trading hours on that trading day, the 4 See Letter from Theodore R. Lazo, Managing (iv) or (B)(i)–(iii); (5) added proposed Rule Nasdaq Official Closing Price would be Director and Associate General Counsel, Securities 4754(b)(8)(C) to provide that under the Secondary Industry and Financial Markets Association, to Contingency Procedures, the Exchange will cancel the prior day’s Nasdaq Official Closing Brent J. Fields, Secretary, Commission, dated April all open interest designated for the Nasdaq close; Price.17 5, 2016 (‘‘SIFMA Letter’’). The Commission notes (6) specified an implementation date for the If a security’s Nasdaq Official Closing that this comment letter was also submitted in proposal; (7) responded to the SIFMA Letter; and Price cannot be determined based on response to a similar filing by New York Stock (8) made non-substantive clarifying and corrective Exchange LLC (‘‘NYSE’’). See Securities Exchange changes to its proposed rule text. Amendment No. 11 The proposal would clarify the interaction Act Release No. 77305 (March 7, 2016), 81 FR 1 is available at: http://nasdaq.cchwallstreet.com/ 12977 (March 11, 2016) (SR–NYSE–2016–18). NASDAQ/pdf/nasdaq-filings/2016/SR-NASDAQ- between the Primary Contingency Procedures and 5 See Securities Exchange Act Release No. 77678, 2016-035_Amendment_1.pdf. the proposed Secondary Contingency Procedures, 81 FR 24909 (April 27, 2016). 7 See Nasdaq Rule 4754. See also Amendment No. but it would not change the operation of the 6 In Amendment No. 1, which replaced the 1 at 4. Primary Contingency Procedures. 12 See proposed Rule 4754(b)(8)(C). See also 8 The Commission notes that NYSE and NYSE original filing in its entirety, the Exchange: (1) Amended Rule 4754(b)(7) to specify the situations MKT LLC (‘‘NYSE MKT’’) have also filed similar Amendment No. 1 at 9, 32. 13 The Exchange proposes to designate NYSE in which the Exchange would employ the proposed proposed rule changes with the Commission. See Secondary Contingency Procedures; (2) amended Securities Exchange Act Release Nos. 77305 (March Arca as its official back-up exchange because, Rule 4754(b)(7)(A) to specify that the Exchange will 7, 2016), 81 FR 12977 (March 11, 2016) (SR–NYSE– according to the Exchange, NYSE Arca and Nasdaq publicly announce its determination to employ its 2016–18); 77306 (March 7, 2016), 81 FR 12986 membership substantially overlaps and NYSE Arca Primary or Secondary Contingency Procedures and (March 11, 2016) (SR–NYSEMKT–2016–31). already operates a closing cross that it can use to that such announcement will be made at or before 9 See proposed Rule 4754(b)(7) and (8). See also execute a closing cross in Nasdaq-listed securities. srobinson on DSK5SPTVN1PROD with NOTICES 3:00 p.m. if the Exchange determines to designate Amendment No. 1 at 4–6. See Amendment No. 1 at 5–6. The Exchange states an alternate exchange under proposed Rule 10 The Exchange proposes to specify that it will that Nasdaq members that are also NYSE Arca 4754(b)(8)(A); (3) amended proposed Rule members should be technically prepared to transfer employ the Primary Contingency Procedures if at 4754(b)(8)(A)(ii) and (B)(i) to state that the VWAP liquidity to NYSE Arca in the event Nasdaq is all possible, and will employ the Secondary unable to execute a closing cross. See id. (as defined below) calculation would take into Contingency Procedures only if it determines that 14 See proposed Rule 4754(b)(8)(A)(i). account any trade breaks or corrections up to the both the standard closing procedures and the 15 See proposed Rule 4754(b)(8)(A)(ii). time the VWAP is processed; (4) amended proposed Primary Contingency Procedures are unavailable. 16 See proposed Rule 4754(b)(8)(A)(iii). Rule 4754(b)(8)(A) and (B) to provide that the See proposed Rule 4754(b)(7). See also Amendment Exchange would not publish an Official Closing No. 1 at 4–5, 30. 17 See proposed Rule 4754(b)(8)(A)(iv). VerDate Sep<11>2014 19:36 Jun 13, 2016 Jkt 238001 PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 E:\FR\FM\14JNN1.SGM 14JNN1

38756 Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Notices this hierarchy, Nasdaq would not platform.25 The Exchange states that a interest as canceled even if they have publish an Official Closing Price for the delay of 120 days will permit market not received an official notification of security.18 participants to test and launch the new the cancellation.34 The commenter also Under the proposal, if Nasdaq SIP platform, and then to separately test suggests that the Exchange’s rule should publicly announces after 3:00 p.m. that and launch the new backup closing state that the official closing transaction it will employ the Secondary functionality.26 will be canceled once the Exchange Contingency Procedures for one or more determines that it is unable to conduct securities, it would not designate an III. Summary of Comments its own closing transaction, so as to alternate exchange. Rather, the Nasdaq As noted above, the Commission avoid uncertainty regarding whether the Official Closing Price of each security received one comment letter on the exchange might change course if it would be determined based on the proposed rule change.27 The commenter determines before 4:00 p.m. that it can, following hierarchy: generally supports the proposal but in fact, conduct its own closing • The Nasdaq Official Closing Price suggests certain modifications to the transaction.35 The Exchange agreed with would be the VWAP of the consolidated proposal.28 the commenter’s suggestion that it last-sale-eligible prices of the last five First, the commenter suggests that the provide members with certainty that minutes of trading during regular Exchange’s rules should specify that any their open interest will not be executed trading hours as calculated by the SIP, designation of an alternate exchange if the Exchange invokes the Secondary including any closing transactions on an would be publicly announced at or Contingency Procedures. As a result, the exchange and any trade breaks or before 3:00 p.m. and that the Exchange amended its proposal to corrections up to the time the VWAP is announcement would be made through expressly state that it would cancel all processed.19 the SIP feed in addition to any other open interest designated for the Nasdaq • If there were no consolidated last- forms of communication.29 According to close if it determines to employ the sale-eligible trades in the last five the commenter, if a determination is Secondary Contingency Procedures.36 minutes of trading during regular made at 3:00 p.m., then the time The Commission also notes that, under trading hours, the Nasdaq Official between 3:00 p.m. and when member the proposal, once Nasdaq publicly Closing Price would be the last firms actually receive notice of the announces that it will employ the consolidated last-sale-eligible trade for designation would cut into the time Secondary Contingency Procedures, it the security during regular trading hours needed to re-direct closing interest to will not revert to its ordinary closing on that trading day.20 the designated alternate exchange.30 procedures, and the Nasdaq Official • If there were no consolidated last- The Exchange agreed with the Closing Price would be determined sale-eligible trades during regular commenter’s suggestion that it should according to the hierarchies discussed trading hours on that trading day, the publicly announce any determination to above.37 Nasdaq Official Closing Price would be invoke the Secondary Contingency Third, the commenter suggests that, the prior day’s Nasdaq Official Closing Procedures.31 As a result, the Exchange when using the VWAP methodology, Price.21 amended its proposal to specify that any the Exchange not include any other If a security’s Nasdaq Official Closing determination to invoke the Secondary exchange’s closing transaction in the Price cannot be determined based on Contingency Procedures will be calculation.38 According to the this hierarchy, Nasdaq would not publicly announced, and that an commenter, a five-minute VWAP publish an Official Closing Price for the announcement to designate an alternate methodology should result in a price security.22 exchange would be made at or before that is largely tradable and achievable.39 As with the Primary Contingency 3:00 p.m.32 However, according to the commenter, Procedures, if Nasdaq employs the Second, the commenter suggests that if a VWAP used as the official closing Secondary Contingency Procedures, if the Exchange determines not to carry price included auction prints from other after hours trading would begin either as out its own closing transaction, it exchanges’ closing transactions, the scheduled at 4:00 p.m. or upon should expressly assume responsibility ability to trade and achieve the official resolution of the disruption that for the cancellation of all closing closing price process would be triggered Nasdaq to operate the interest that the Exchange has already reduced.40 The Exchange disagreed with Secondary Contingency Procedures.23 received.33 According to the this comment. As the Exchange noted, The Exchange states that the commenter, this would allow market the VWAP calculation should include Operating Committees for the Nasdaq participants to treat their closing the maximum liquidity available.41 UTP Plan and the Consolidated Quote/ Accordingly, the Exchange has not Consolidate Tape Plan have already 25 See id. at 9. amended the proposal to exclude voted to modify the SIPs to support this 26 See id. closing transactions from the VWAP proposal.24 According to the Exchange, 27 See SIFMA Letter, supra note 4. calculation. 28 See id. at 1. The commenter also encourages the Nasdaq SIP has announced plans to implement a new platform in the fourth NYSE and Nasdaq to continue to work with IV. Discussion and Commission industry participants on this issue and to refine the Findings quarter of 2016, and Nasdaq intends to backup mechanism as a next step. See id. at 3. implement the proposed rule change 29 See id. at 2–3. After careful review of the proposal, within 120 days of the date of 30 See id. as modified by Amendment No. 1, and implementation of that new SIP 31 The public announcement of an alternate the comment letter, the Commission exchange designation, however, would not be disseminated through the SIP feed. 34 SeeSIFMA Letter, supra note 4, at 3. srobinson on DSK5SPTVN1PROD with NOTICES 18 See proposed Rule 4754(b)(8)(A)(v). See also 32 See proposed Rule 4754(b)(8)(A) and (B). See Amendment No. 1 at 8, 32. 35 Seeid. 19 See proposed Rule 4754(b)(8)(B)(i). also Amendment No. 1 at 5, 13, 31–32. 36 See proposed Rule 4754(b)(8)(C). See also 33 See SIFMA Letter, supra note 4, at 3. The 20 See proposed Rule 4754(b)(8)(B)(ii). Amendment No. 1 at 9, 14, 32. 21 See proposed Rule 4754(b)(8)(B)(iii) commenter also asserts that, if the Exchange 37 See supra notes 14–22 and accompanying text. executes the closing interest despite canceling the 38 See SIFMA Letter, supra note 4, at 3. 22 See proposed Rule 4754(b)(8)(B)(iv). See also closing transaction, the Exchange should be Amendment No. 1 at 9, 32. responsible under its own rules for any resulting 39 See id. 23 See proposed Rule 4754(b)(8)(D). 40 See id. losses to the member firms. See id. The Exchange 24 See Amendment No. 1 at 6. has not revised its proposal to assume this liability. 41 See Amendment No. 1 at 14. VerDate Sep<11>2014 19:36 Jun 13, 2016 Jkt 238001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\14JNN1.SGM 14JNN1

Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Notices 38757 finds that the proposed rule change is securities due to a systems or technical VI. Accelerated Approval of Proposed consistent with the requirements of the issue. For these reasons, the Rule Change, as Modified by Act and the rules and regulations Commission finds that the proposed Amendment No. 1 thereunder applicable to a national rule change is consistent with the Act. The Commission finds good cause to securities exchange.42 In particular, the approve the proposed rule change, as V. Solicitation of Comments on Commission finds that the proposed modified by Amendment No. 1, prior to Amendment No. 1 rule change is consistent with section the 30th day after the date of 6(b)(5) of the Act,43 which requires, Interested persons are invited to publication of the notice of Amendment among other things, that the rules of a submit written data, views, and No. 1 in the Federal Register. As noted national securities exchange be arguments concerning the foregoing, above, in Amendment No. 1, the designed to prevent fraudulent and including whether Amendment No. 1 is Exchange specified the situations in manipulative acts and practices, to consistent with the Act. Comments may which it would employ the proposed promote just and equitable principles of be submitted by any of the following Secondary Contingency Procedures.45 trade, to foster cooperation and methods: The Commission believes that this coordination with persons engaged in change would provide market facilitating transactions in securities, to Electronic Comments participants with transparency remove impediments to and perfect the • Use the Commission’s Internet regarding the Exchange’s process for mechanism of a free and open market comment form (http://www.sec.gov/ determining whether to employ its and a national market system, and, in rules/sro.shtml); or Primary or Secondary Contingency general, to protect investors and the public interest. • Send an email to rule-comments@ Procedures. In Amendment No. 1, the sec.gov. Please include File Number SR– Exchange also specified that it will The Commission believes that the publicly announce its determination to proposed rule change would provide NASDAQ–2016–035 on the subject line. use its Primary or Secondary transparency regarding how the Paper Comments Contingency Procedures; that such Exchange would determine the Nasdaq announcement will be made at or before Official Closing Price in Exchange-listed • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities 3:00 p.m. if the Exchange determines to securities when the Exchange is unable designate an alternate exchange under to conduct a closing transaction due to and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. proposed Rule 4754(b)(8)(A); and that a systems or technical issue. The under the Secondary Contingency Commission notes that the primary All submissions should refer to File Procedures, the Exchange would cancel listing market’s closing price for a Number SR–NASDAQ–2016–035. This all open interest designated for the security is relied upon by market file number should be included on the Nasdaq close.46 As noted above, the participants for a variety of reasons, subject line if email is used. To help the Exchange made these amendments in including, but not limited to, Commission process and review your response to comments received on the calculation of index values, calculation comments more efficiently, please use proposal. In addition, in Amendment of the net asset value of mutual funds only one method. The Commission will No.1, the Exchange stated that the and exchange-traded products, and the post all comments on the Commission’s VWAP calculation would take into price of derivatives that are based on the Internet Web site (http://www.sec.gov/ account any trade breaks or corrections security. As the Exchange notes, the rules/sro.shtml). Copies of the up to the time the VWAP is processed, proposed Secondary Contingency submission, all subsequent and that it would not publish an Official Procedures would provide a pre- amendments, all written statements Closing Price if the Official Closing determined, consistent solution that with respect to the proposed rule Price cannot be determined under the would result in the SIP disseminating change that are filed with the proposed process.47 The Commission an official closing price for listed Commission, and all written notes that these changes would securities on behalf of the Exchange communications relating to the harmonize Nasdaq’s proposal with within a reasonable time frame relative proposed rule change between the NYSE’s and NYSE MKT’s proposals. to the normal closing time; would Commission and any person, other than Finally, in Amendment No. 1, the minimize the need for industry those that may be withheld from the Exchange specified an implementation participants to modify their processing public in accordance with the date for the proposal, responded to the of data from the SIP; and would provide provisions of 5 U.S.C. 552, will be SIFMA Letter, and made non- advance notification of the initiation of available for Web site viewing and substantive clarifying and corrective a closing contingency plan to provide printing in the Commission’s Public changes to its proposed rule text.48 sufficient time for industry participants Reference Room, 100 F Street NE., Because Amendment No. 1 provided to route any closing interest to an Washington, DC 20549, on official additional transparency to the operation alternate venue to participate in that business days between the hours of of the Secondary Contingency venue’s closing auction.44 The 10:00 a.m. and 3:00 p.m. Copies of the Procedures, harmonized Nasdaq’s Commission believes that the filing also will be available for proposal to NYSE’s and NYSE MKT’s Exchange’s proposal is reasonably inspection and copying at the principal proposals, and responded to the designed to achieve these important office of the Exchange. All comments comments received on the original goals and to prevent any issues that may received will be posted without change; proposal, the Commission finds good result if the Exchange were unable to the Commission does not edit personal srobinson on DSK5SPTVN1PROD with NOTICES provide a closing price for its listed identifying information from 45 See proposed Rule 4754(b)(7). See also submissions. You should submit only Amendment No. 1 at 4–5, 30. 42 In approving this proposed rule change, the 46 See proposed Rule 4754(b)(8). See also information that you wish to make Commission has considered the proposed rule’s Amendment No. 1 at 5, 9, 13–14, 31–32. impact on efficiency, competition, and capital available publicly. All submissions 47 See proposed Rule 4754(b)(8)(A)(ii) and (v); formation. See 15 U.S.C. 78c(f). should refer to File Number SR– proposed Rule 4754(b)(8)(B)(i) and (iv). See also 43 15 U.S.C. 78f(b)(5). NASDAQ–2016–035 and should be Amendment No. 1 at 7–8, 31–32. 44 See Amendment No. 1 at 10–11. submitted on or before July 5, 2016. 48 See Amendment No. 1 at 9, 13–14, 30–33. VerDate Sep<11>2014 19:36 Jun 13, 2016 Jkt 238001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\14JNN1.SGM 14JNN1

38758 Federal Register / Vol. 81, No. 114 / Tuesday, June 14, 2016 / Notices cause for approving the proposed rule below. (additions are in italics; II. Self-Regulatory Organization’s change, as modified by Amendment No. deletions are [bracketed]) Statement of the Purpose of, and 1, on an accelerated basis, pursuant to * * * * * Statutory Basis for, the Proposed Rule section 19(b)(2) of the Act.49 Change Chicago Board Options Exchange, In its filing with the Commission, the VII. Conclusion Incorporated Rules Exchange included statements It is therefore ordered, pursuant to concerning the purpose of and basis for section 19(b)(2) of the Act,50 that the * * * * * the proposed rule change and discussed proposed rule change (SR–NASDAQ– Rule 6.42. Minimum Increments for any comments it received on the 2016–035), as modified by Amendment Bids and Offers proposed rule change. The text of these No. 1, be, and it hereby is, approved on statements may be examined at the an accelerated basis. The Board of Directors may establish places specified in Item IV below. The For the Commission, by the Division of minimum increments for options traded Exchange has prepared summaries, set Trading and Markets, pursuant to delegated on the Exchange. When the Board of forth in sections A, B, and C below, of authority.51 Directors determines to change the the most significant aspects of such Robert W. Errett, minimum increments, the Exchange statements. Deputy Secretary. will designate such change as a stated policy, practice, or interpretation with A. Self-Regulatory Organization’s [FR Doc. 2016–13963 Filed 6–13–16; 8:45 am] respect to the administration of Rule Statement of the Purpose of, and BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule 6.42 within the meaning of Change subparagraph (3)(A) of subsection 19(b) SECURITIES AND EXCHANGE of the Exchange Act and will file a rule 1. Purpose COMMISSION change for effectiveness upon filing The Penny Pilot Program (the ‘‘Pilot [Release No. 34–78013; File No. SR–CBOE– with the Commission. Until such time Program’’) is scheduled to expire on 2016–048] as the Board of Directors makes a June 30, 2016. CBOE proposes to extend change to the minimum increments, the the Pilot Program until December 31, Self-Regulatory Organizations; following minimum increments shall 2016. CBOE believes that extending the Chicago Board Options Exchange, apply to options traded on the Pilot Program will allow for further Incorporated; Notice of Filing and Exchange: analysis of the Pilot Program and a Immediate Effectiveness of a Proposed (1) No change. determination of how the Pilot Program Rule Change Relating to the Penny should be structured in the future. Pilot Program (2) No change. During this extension of the Pilot (3) The decimal increments for bids Program, CBOE proposes that it may June 8, 2016. replace any option class that is currently and offers for all series of the option Pursuant to Section 19(b)(1) of the included in the Pilot Program and that classes participating in the Penny Pilot Securities Exchange Act of 1934 (the has been delisted with the next most Program are: $0.01 for all option series ‘‘Act’’),1 and Rule 19b–4 thereunder,2 actively traded, multiply listed option notice is hereby given that on June 1, quoted below $3 (including LEAPS), and $0.05 for all option series $3 and class that is not yet participating in the 2016, Chicago Board Options Exchange, Pilot Program (‘‘replacement class’’). Incorporated (the ‘‘Exchange’’ or above (including LEAPS). For QQQQs, IWM, and SPY, the minimum increment Any replacement class would be ‘‘CBOE’’) filed with the Securities and determined based on national average Exchange Commission (the is $0.01 for all option series. The daily volume in the preceding six ‘‘Commission’’) the proposed rule Exchange may replace any option class months,5 and would be added on the change as described in Items I and II participating in the Penny Pilot Program second trading day following July 1, below, which Items have been prepared that has been delisted with the next 2016. CBOE will employ the same by the Exchange. The Exchange filed the most actively-traded, multiply-listed parameters to prospective replacement proposal as a ‘‘non-controversial’’ option class, based on national average classes as approved and applicable in proposed rule change pursuant to daily volume in the preceding six determining the existing classes in the Section 19(b)(3)(A)(iii) of the Act 3 and calendar months, that is not yet Pilot Program, including excluding Rule 19b–4(f)(6) thereunder.4 The included in the Pilot Program. Any high-priced underlying securities.6 Commission is publishing this notice to replacement class would be added on CBOE will announce to its Trading solicit comments on the proposed rule the second trading day following [July 1, Permit Holders by circular any change from interested persons. 2015 and January 1, 2016]July 1, 2016. replacement classes in the Pilot I. Self-Regulatory Organization’s The Penny Pilot shall expire on [June Program. Statement of the Terms of Substance of 30, 2016]December 31, 2016. CBOE is specifically authorized to act the Proposed Rule Change (4) No change. jointly with the other options exchanges participating in the Pilot Program in The Exchange proposes to extend the . . . Interpretations and Policies: identifying any replacement class. operation of Penny Pilot Program .01–.04 No change. through December 31, 2016. The text of 5 The month immediately preceding a the proposed rule change is provided * * * * * replacement class’s addition to the Pilot Program srobinson on DSK5SPTVN1PROD with NOTICES The text of the proposed rule change (i.e., June) would not be used for purposes of the six-month analysis. Thus, a replacement class to be 49 15 U.S.C. 78s(b)(2). is also available on the Exchange’s Web added on the second trading day following July 1, 50 15 U.S.C. 78s(b)(2). site (http://www.cboe.com/AboutCBOE/ 2016 would be identified based on The Option 51 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). CBOELegalRegulatoryHome.aspx), at Clearing Corporation’s trading volume data from the Exchange’s Office of the Secretary, December 1, 2015 through May 31, 2016. 2 17 CFR 240.19b–4. 6 See Securities Exchange Act Release No. 60864 3 15 U.S.C. 78s(b)(3)(A)(iii). and at the Commission’s Public (October 22, 2009), 74 FR 55876 (October 29, 2009) 4 17 CFR 240.19b–4(f)(6). Reference Room. (SR–CBOE–2009–76). VerDate Sep<11>2014 19:36 Jun 13, 2016 Jkt 238001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 E:\FR\FM\14JNN1.SGM 14JNN1


Document Created: 2016-06-14 02:59:03
Document Modified: 2016-06-14 02:59:03
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 38755 
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