81 FR 48485 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Adjustments to Its Options Regulatory Fee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 142 (July 25, 2016)

Page Range		48485-48487
FR Document		2016-17448
Federal Register, Volume 81 Issue 142 (Monday, July 25, 2016)
[Federal Register Volume 81, Number 142 (Monday, July 25, 2016)]
[Notices]
[Pages 48485-48487]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-17448]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78361; File No. SR-BX-2016-043]


Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Make Adjustments 
to Its Options Regulatory Fee

July 19, 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 July 6, 2016, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change as described in Items I, II, and III, below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to make adjustments to its Options Regulatory 
Fee (``ORF'') by amending BX Rules at Chapter XV, Section 5.
    While the changes proposed herein are effective upon filing, the 
Exchange has designated the amendments become operative on August 1, 
2016.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqbx.cchwallstreet.com/, at the principal office 
of the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to increase the ORF from $0.0003 to $0.0004 
as of August 1, 2016 to account for a reduction in market volume the 
Exchange has experienced. The Exchange's change to the ORF should 
balance the Exchange's regulatory revenue against the anticipated 
revenue [sic].
Background
    The ORF is assessed to each member for all options transactions 
executed or cleared by the member that are cleared at The Options 
Clearing Corporation (``OCC'') in the Customer range (i.e., that clear 
in the Customer account of the member's clearing firm at OCC). The 
Exchange monitors the amount of revenue collected from the ORF to 
ensure that it, in combination with other regulatory fees and fines, 
does not exceed regulatory costs. The ORF is imposed upon all 
transactions executed by a member, even if such transactions do not 
take place on the Exchange.\3\ The ORF also includes options 
transactions that are not executed by an Exchange member but are 
ultimately cleared by an Exchange member.\4\ The ORF is not charged for 
member proprietary options transactions because members incur the costs 
of owning memberships and through their memberships are charged 
transaction fees, dues and other fees that are not applicable to non-
members. The dues and fees paid by members go into the general funds of 
the Exchange, a portion of which is used to help pay the costs of 
regulation. The ORF is collected indirectly from members through their 
clearing firms by OCC on behalf of the Exchange.
---------------------------------------------------------------------------

    \3\ The ORF applies to all ``C'' account origin code orders 
executed by a members on the Exchange. Exchange Rules require each 
member to record the appropriate account origin code on all orders 
at the time of entry in order to allow the Exchange to properly 
prioritize and route orders and assess transaction fees pursuant to 
the Rules of the Exchange and report resulting transactions to OCC. 
The Exchange represents that it has surveillances in place to verify 
that members mark orders with the correct account origin code.
    \4\ In the case where one member both executes a transaction and 
clears the transaction, the ORF is assessed to the member only once 
on the execution. In the case where one member executes a 
transaction and a different member clears the transaction, the ORF 
is assessed only to the member who executes the transaction and is 
not assessed to the member who clears the transaction. In the case 
where a non-member executes a transaction and a member clears the 
transaction, the ORF is assessed to the member who clears the 
transaction.

---------------------------------------------------------------------------

[[Page 48486]]

    The ORF is designed to recover a portion of the costs to the 
Exchange of the supervision and regulation of its members, including 
performing routine surveillances, investigations, examinations, 
financial monitoring, and policy, rulemaking, interpretive, and 
enforcement activities. The Exchange believes that revenue generated 
from the ORF, when combined with all of the Exchange's other regulatory 
fees, will cover a material portion, but not all, of the Exchange's 
regulatory costs. The Exchange will continue to monitor the amount of 
revenue collected from the ORF to ensure that it, in combination with 
its other regulatory fees and fines, does not exceed regulatory costs. 
If the Exchange determines regulatory revenues exceed regulatory costs, 
the Exchange will adjust the ORF by submitting a fee change filing to 
the Commission.
ORF Adjustments
    The Exchange is proposing to increase the ORF from $0.0003 to 
$0.0004 as of August 1, 2016. In light of recent market volumes, the 
Exchange proposes to change the amount of ORF that will be collected by 
the Exchange. The Exchange regularly reviews its ORF to ensure that the 
ORF, in combination with its other regulatory fees and fines, does not 
exceed regulatory costs. The Exchange believes this adjustment will 
permit the Exchange to cover a material portion of its regulatory 
costs, while not exceeding regulatory costs.
    The Exchange notified members of this ORF adjustment thirty (30) 
calendar days prior to the proposed operative date.\5\
---------------------------------------------------------------------------

    \5\ See Options Trader Alert #2016-16.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Sections 
6(b)(4) and 6(b)(5) of the Act \7\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees and other charges 
among members and issuers and other persons using any facility or 
system which the Exchange operates or controls, and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that increasing the ORF from $0.0003 to 
$0.0004 as of August 1, 2016 is reasonable because the Exchange's 
collection of ORF needs to be balanced against the amount of regulatory 
revenue collected by the Exchange. The Exchange believes that the 
proposed adjustments noted herein will serve to balance the Exchange's 
regulatory revenue against the anticipated regulatory costs. It is 
further reasonable because this adjustment results in a price increase. 
While these adjustments result in an increase, the increase is modest 
and within the range of ORFs assessed by other options exchanges.
    The Exchange proposes to amend the ORF from $0.0003 to $0.0004 as 
of August 1, 2016 is [sic] equitable and not unfairly discriminatory 
because this adjustment would be applicable to all members on all of 
their transactions that clear as Customer at OCC. In addition, the ORF 
seeks to recover the costs of supervising and regulating members, 
including performing routine surveillances, investigations, 
examinations, financial monitoring, and policy, rulemaking, 
interpretive, and enforcement activities.
    The ORF is not charged for member proprietary options transactions 
because members incur the costs of owning memberships and through their 
memberships are charged transaction fees, dues and other fees that are 
not applicable to non-members. Moreover, the Exchange believes the ORF 
ensures fairness by assessing higher fees to those members that require 
more Exchange regulatory services based on the amount of Customer 
options business they conduct.
    Regulating Customer trading activity is more labor intensive and 
requires greater expenditure of human and technical resources than 
regulating non-Customer trading activity. Surveillance, regulation and 
examination of non-Customer trading activity generally tends to be more 
automated and less labor intensive. As a result, the costs associated 
with administering the Customer component of the Exchange's overall 
regulatory program are anticipated to be higher than the costs 
associated with administering the non-Customer component of its 
regulatory program. The Exchange proposes assessing higher fees to 
those members that will require more Exchange regulatory services based 
on the amount of Customer options business they conduct.\8\ 
Additionally, the dues and fees paid by members go into the general 
funds of the Exchange, a portion of which is used to help pay the costs 
of regulation. The Exchange believes that the proposed ORF is a small 
cost for Customer executions. The Exchange has in place a regulatory 
structure to surveil for, examine and monitor the marketplace for 
violations of Exchange Rules. The ORF assists the Exchange to fund the 
cost of this regulation of the marketplace.
---------------------------------------------------------------------------

    \8\ The ORF is not charged for orders that clear in categories 
other than the Customer range at OCC (e.g., BX Options Market Maker 
orders) because members incur the costs of memberships and through 
their memberships are charged transaction fees, dues and other fees 
that go into the general funds of the Exchange, a portion of which 
is used to help pay the costs of regulation.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The 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. 
[sic] 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 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.
    The Exchange does not believe that increasing its ORF creates an 
undue burden on intra-market competition because the adjustment will 
apply to all members on all of their transactions that clear as 
Customer at OCC. The Exchange is obligated to ensure that the amount of 
regulatory revenue collected from the ORF, in combination with its 
other regulatory fees and fines, does not exceed regulatory costs. 
Additionally, the dues and fees paid by members go into the general 
funds of the Exchange, a portion of which is used to help pay the costs 
of regulation. The Exchange's members are subject to ORF on other 
options markets.\9\
---------------------------------------------------------------------------

    \9\ The following options exchanges assess an ORF: Chicago Board 
Options Exchange, Incorporated (``CBOE''), C2 Options Exchange, Inc. 
(``C2''), the International Securities Exchange, LLC (``ISE''), NYSE 
Arca, Inc. (``NYSEArca'') and NYSE AMEX LLC (``NYSEAmex''), BATS 
Exchange, Inc. (``BATS'') and The NASDAQ Options Market LLC 
(``NOM'').

---------------------------------------------------------------------------

[[Page 48487]]

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\10\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic 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-BX-2016-043 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-BX-2016-043. 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-BX-2016-043, and should be 
submitted on or before August 15, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17448 Filed 7-22-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 142 / Monday, July 25, 2016 / Notices 48485

(ii) Consistency With Rule 17Ad– SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
22(d)(7) COMMISSION Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Rule 17Ad–22(d)(7) under the Act 23 Change
[Release No. 34–78361; File No. SR–BX–
requires a clearing agency, such as DTC,
2016–043] 1. Purpose
to establish, implement, maintain and
enforce written policies and procedures Self-Regulatory Organizations; The Exchange proposes to increase
reasonably designed to evaluate the NASDAQ BX, Inc.; Notice of Filing and the ORF from $0.0003 to $0.0004 as of
potential sources of risks that can arise Immediate Effectiveness of Proposed August 1, 2016 to account for a
when the clearing agency establishes Rule Change To Make Adjustments to reduction in market volume the
links either cross-border or domestically Its Options Regulatory Fee Exchange has experienced. The
to clear or settle trades, and ensure that Exchange’s change to the ORF should
the risks are managed prudently on an July 19, 2016. balance the Exchange’s regulatory
ongoing basis.24 In developing the Pursuant to Section 19(b)(1) of the revenue against the anticipated revenue
proposed EB Link, DTC stated that it Securities Exchange Act of 1934 [sic].
evaluated the risks that could arise by (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Background
establishing a link with EB, a foreign notice is hereby given that on July 6,
central securities depository. DTC stated The ORF is assessed to each member
2016, NASDAQ BX, Inc. (‘‘BX’’ or
that it determined that all Deliveries for all options transactions executed or
‘‘Exchange’’) filed with the Securities
between CP Sub-Accounts and the EB cleared by the member that are cleared
and Exchange Commission (‘‘SEC’’ or
Account will be subject to DTC risk at The Options Clearing Corporation
‘‘Commission’’) the proposed rule (‘‘OCC’’) in the Customer range (i.e., that
management controls and will be change as described in Items I, II, and
limited to Free Deliveries. Therefore, clear in the Customer account of the
III, below, which Items have been member’s clearing firm at OCC). The
there should be minimum risk, in prepared by the Exchange. The
particular, no funds settlement risk, Exchange monitors the amount of
Commission is publishing this notice to revenue collected from the ORF to
associated with EB Link. solicit comments on the proposed rule ensure that it, in combination with other
III. Conclusion change from interested persons. regulatory fees and fines, does not
I. Self-Regulatory Organization’s exceed regulatory costs. The ORF is
On the basis of the foregoing, the imposed upon all transactions executed
Commission finds that the proposal is Statement of the Terms of Substance of
by a member, even if such transactions
consistent with the requirements of the the Proposed Rule Change
do not take place on the Exchange.3 The
Act and in particular with the The Exchange proposes to make ORF also includes options transactions
requirements of Section 17A of the adjustments to its Options Regulatory that are not executed by an Exchange
Act 25 and the rules and regulations Fee (‘‘ORF’’) by amending BX Rules at member but are ultimately cleared by an
thereunder. Chapter XV, Section 5. Exchange member.4 The ORF is not
It is therefore ordered, pursuant to charged for member proprietary options
While the changes proposed herein transactions because members incur the
Section 19(b)(2) of the Act, that are effective upon filing, the Exchange
proposed rule change SR–DTC–2016– costs of owning memberships and
has designated the amendments become through their memberships are charged
004 be, and hereby is, approved.26 operative on August 1, 2016. transaction fees, dues and other fees that
For the Commission, by the Division of The text of the proposed rule change are not applicable to non-members. The
Trading and Markets, pursuant to delegated is available on the Exchange’s Web site dues and fees paid by members go into
authority.27 the general funds of the Exchange, a
at http://nasdaqbx.cchwallstreet.com/,
Robert W. Errett, at the principal office of the Exchange, portion of which is used to help pay the
Deputy Secretary. and at the Commission’s Public costs of regulation. The ORF is collected
[FR Doc. 2016–17445 Filed 7–22–16; 8:45 am] Reference Room. indirectly from members through their
BILLING CODE 8011–01–P
clearing firms by OCC on behalf of the
II. Self-Regulatory Organization’s Exchange.
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule 3 The ORF applies to all ‘‘C’’ account origin code

Change orders executed by a members on the Exchange.
Exchange Rules require each member to record the
In its filing with the Commission, the appropriate account origin code on all orders at the
time of entry in order to allow the Exchange to
Exchange included statements properly prioritize and route orders and assess
concerning the purpose of and basis for transaction fees pursuant to the Rules of the
the proposed rule change and discussed Exchange and report resulting transactions to OCC.
any comments it received on the The Exchange represents that it has surveillances in
place to verify that members mark orders with the
proposed rule change. The text of these correct account origin code.
statements may be examined at the 4 In the case where one member both executes a

places specified in Item IV below. The transaction and clears the transaction, the ORF is
mstockstill on DSK3G9T082PROD with NOTICES

23 17 CFR 240.17Ad–22(d)(7).
Exchange has prepared summaries, set assessed to the member only once on the execution.
24 17 CFR 240.17Ad–22(d)(7). In the case where one member executes a
25 15 U.S.C. 78q–1.
forth in sections A, B, and C below, of transaction and a different member clears the
26 In approving the proposed rule change, the the most significant aspects of such transaction, the ORF is assessed only to the member
statements. who executes the transaction and is not assessed to
Commission considered the proposal’s impact on the member who clears the transaction. In the case
efficiency, competition, and capital formation. 15 where a non-member executes a transaction and a
U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1). member clears the transaction, the ORF is assessed
27 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. to the member who clears the transaction.

VerDate Sep<11>2014 18:27 Jul 22, 2016 Jkt 238001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\25JYN1.SGM 25JYN1
Federal Register / Vol. 81, No. 142 / Monday, July 25, 2016 / Notices 48487

C. Self-Regulatory Organization’s proposed rule change between the (‘‘Consolidated Volume’’) requirement
Statement on Comments on the Commission and any person, other than for a credit tier for providing liquidity
Proposed Rule Change Received From those that may be withheld from the in securities of all three Tapes; (ii)
Members, Participants, or Others public in accordance with the delete a credit tier for providing
No written comments were either provisions of 5 U.S.C. 552, will be liquidity in securities of all three Tapes;
solicited or received. available for Web site viewing and and (iii) provide a new credit for
printing in the Commission’s Public providing liquidity in securities of all
III. Date of Effectiveness of the Reference Room, 100 F Street NE., three Tapes.
Proposed Rule Change and Timing for Washington, DC 20549, on official The text of the proposed rule change
Commission Action business days between the hours of is available at
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the nasdaq.cchwallstreet.com, at Nasdaq’s
effective pursuant to Section filing also will be available for principal office, and at the
19(b)(3)(A)(ii) of the Act.10 inspection and copying at the principal Commission’s Public Reference Room.
At any time within 60 days of the office of the Exchange. All comments II. Self-Regulatory Organization’s
filing of the proposed rule change, the received will be posted without change; Statement of the Purpose of, and
Commission summarily may the Commission does not edit personal Statutory Basis for, the Proposed Rule
temporarily suspend such rule change if identifying information from Change
it appears to the Commission that such submissions. You should submit only
information that you wish to make In its filing with the Commission,
action is: (i) Necessary or appropriate in
available publicly. All submissions Nasdaq included statements concerning
the public interest; (ii) for the protection
should refer to File Number SR–BX– the purpose of, and basis for, the
of investors; or (iii) otherwise in
2016–043, and should be submitted on proposed rule change and discussed any
furtherance of the purposes of the Act.
or before August 15, 2016. comments it received on the proposed
If the Commission takes such action, the
rule change. The text of those
Commission shall institute proceedings For the Commission, by the Division of
Trading and Markets, pursuant to delegated
statements may be examined at the
to determine whether the proposed rule
authority.11 places specified in Item IV below. The
should be approved or disapproved. Exchange has prepared summaries, set
Robert W. Errett,
IV. Solicitation of Comments forth in sections A, B, and C below, of
Deputy Secretary.
Interested persons are invited to the most significant parts of such
[FR Doc. 2016–17448 Filed 7–22–16; 8:45 am]
submit written data, views, and statements.
BILLING CODE 8011–01–P
arguments concerning the foregoing, A. Self-Regulatory Organization’s
including whether the proposed rule Statement of the Purpose of, and
change is consistent with the Act. SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
Comments may be submitted by any of COMMISSION Change
the following methods:
[Release No. 34–78354; File No. SR– 1. Purpose
Electronic Comments NASDAQ–2016–102]
The purpose of the proposed rule
• Use the Commission’s Internet Self-Regulatory Organizations; The change is to amend certain credits for
comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of the use of the order execution and
rules/sro.shtml); or Filing and Immediate Effectiveness of routing services of the Nasdaq Market
• Send an email to rule-comments@ Proposed Rule Change To Amend Center by members for all securities
sec.gov. Please include File Number SR– Nasdaq Rule 7018 priced at $1 or more that it trades.
BX–2016–043 on the subject line. Specifically, the Exchange proposes to
July 19, 2016. amend Nasdaq Rule 7018(a)(1), (2), and
Paper Comments
Pursuant to Section 19(b)(1) of the (3) to: (i) Amend the Consolidated
• Send paper comments in triplicate Securities Exchange Act of 1934 Volume requirement for a credit tier for
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2 providing liquidity in securities of all
Commission, 100 F Street NE., notice is hereby given that on July 13, three Tapes; 3 (ii) delete a credit tier for
Washington, DC 20549–1090. 2016, The NASDAQ Stock Market LLC providing liquidity in securities of all
All submissions should refer to File (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the three Tapes; and (iii) provide a new
Number SR–BX–2016–043. This file Securities and Exchange Commission credit for providing liquidity in
number should be included on the (‘‘SEC’’ or ‘‘Commission’’) a proposed securities of all three Tapes.
subject line if email is used. To help the rule change as described in Items I, II First Change
Commission process and review your and III below, which Items have been
comments more efficiently, please use prepared by the Exchange. The The purpose of the first change is to
only one method. The Commission will Commission is publishing this notice to increase the Consolidated Volume
post all comments on the Commission’s solicit comments on the proposed rule requirement for accessing liquidity in an
Internet Web site (http://www.sec.gov/ change from interested persons. existing credit tier. Currently, the credit
rules/sro.shtml). Copies of the tier requires a member to access more
submission, all subsequent I. Self-Regulatory Organization’s than 0.65% of Consolidated Volume
amendments, all written statements Statement of the Terms of the Substance through one or more of its Nasdaq
of the Proposed Rule Change Market Center MPIDs, provided that the
mstockstill on DSK3G9T082PROD with NOTICES

with respect to the proposed rule
change that are filed with the Nasdaq is proposing changes to member also provides a daily average of
Commission, and all written amend Nasdaq Rule 7018(a) to: (i)
3 There are three Tapes, which are based on the
communications relating to the Amend the consolidated volume
listing venue of the security: Tape C securities are
Nasdaq-listed; Tape A securities are New York
11 17 CFR 200.30–3(a)(12).
(‘‘BATS’’) and The NASDAQ Options Market LLC Stock Exchange (‘‘NYSE’’)-listed; and Tape B
(‘‘NOM’’). 1 15 U.S.C. 78s(b)(1). securities are listed on exchanges other than Nasdaq
10 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. and NYSE.

VerDate Sep<11>2014 18:27 Jul 22, 2016 Jkt 238001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\25JYN1.SGM 25JYN1
Document Created: 2016-07-23 02:00:27
Document Modified: 2016-07-23 02:00:27
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 48485