81 FR 73157 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Nasdaq Rule 7046

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 205 (October 24, 2016)

Page Range		73157-73158
FR Document		2016-25616
Federal Register, Volume 81 Issue 205 (Monday, October 24, 2016)
[Federal Register Volume 81, Number 205 (Monday, October 24, 2016)]
[Notices]
[Pages 73157-73158]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-25616]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79119; File No. SR-NASDAQ-2016-138]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Nasdaq Rule 7046

October 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 October 11, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Nasdaq Rule 7046 (Nasdaq Trading 
Insights) to delay the availability of one of the components of that 
product.
    The Exchange is requesting that the Commission waive the five-day 
pre-filing requirement and the 30-day operative delay period contained 
in SEC Rule 19b-4(f)(6)(iii).\3\
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    \3\ 17 CFR 240.19b-4(f)(6)(iii).
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    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.cchwallstreet.com, at the principal office of 
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange recently added Nasdaq Rule 7046 (Nasdaq Trading 
Insights) to the Nasdaq rule book.\4\ Nasdaq Trading Insights is an 
optional market data service available to market participants for a 
corresponding fee \5\ and comprised of four distinct market data 
components. Specifically, as described in greater detail in the filing 
to establish Nasdaq Trading Insights, the market data components 
include: (a) Missed Opportunity--Liquidity; (b) Missed Opportunity--
Latency; (c) Peer Benchmarking; and (d) Liquidity Dynamics Analysis. 
The purpose of this proposed rule change is to announce that Nasdaq is 
delaying the availability of the fourth component, Liquidity Dynamics 
Analysis, while analyzing the possibility of modifying that component 
and/or introducing adding [sic] additional data elements to Nasdaq 
Trading Insights. Nasdaq will submit a proposed rule change in the near 
future to confirm the availability of the Liquidity Dynamics Analysis 
component and/or to effectuate any additional changes to Nasdaq Trading 
Insights.
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    \4\ Securities Exchange Act Release No. 78886 (September 20, 
2016), 81 FR 66113 (September 26, 2016) (SR-NASDAQ-2016-101).
    \5\ SR-NASDAQ-2016-124 (September 23, 2016).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\6\

[[Page 73158]]

in general and with Sections [sic] 6(b)(5) of the Act,\7\ in particular 
in that it is 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 regulating, 
clearing, settling, processing information with respect to, and 
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. 
This proposal is in keeping with those principles in that it is 
designed to ensure that Rule 7046 accurately reflects the components of 
Nasdaq Trading Insights that Nasdaq intends to make available at this 
time.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. 
Specifically, Nasdaq believes that the proposed rule change will not 
affect competition in any respect because designed [sic] to ensure that 
Rule 7046 accurately reflects the components of Nasdaq Trading Insights 
that Nasdaq intends to make available at this time.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and the text of the proposed rule change, 
at least five business days prior to the date of filing of the 
proposed rule change, or such shorter time as designated by the 
Commission. The Commission has waived the five-day prefiling 
requirement in this case.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \10\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay. The 
Exchange stated that although the Nasdaq Trading Insights product has 
been approved and is available to customers, the Exchange intends to 
delay the availability of one of its components in order to allow time 
to analyze the possibility of modifying it. The Exchange believes that 
waiver of the operative delay would ensure that Rule 7046 accurately 
reflects the components of Nasdaq Trading Insights that the Exchange 
intends to make available at this time. The Commission believes that 
waiving the 30-day operative delay is consistent with the protection of 
investors and the public interest. Therefore, the Commission hereby 
waives the operative delay and designates the proposed rule change 
operative upon filing.\12\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change 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-NASDAQ-2016-138 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-2016-138. 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 such 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-2016-138, and should 
be submitted on or before November 14, 2016.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Brent J. Fields,
Secretary.
[FR Doc. 2016-25616 Filed 10-21-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 205 / Monday, October 24, 2016 / Notices 73157

obtain supplemental information about 60-day notice (81 FR 54857 on August Affected public: Private Sector;
service and compensation. 17, 2016) required by 44 U.S.C. Businesses or other for profits.
The RRB utilizes Form UI–41, 3506(c)(2). That request elicited no Abstract: The reports obtain the
Supplemental Report of Service and comments. employee’s service and compensation
Compensation, and Form UI–41a, for a period subsequent to those already
Information Collection Request (ICR)
Supplemental Report of Compensation, on file and the employee’s base year
to obtain the additional information Title: Employer Service and compensation. The information is used
about service and compensation from Compensation Reports. to determine the entitlement to and the
railroad employers. Completion of the OMB Control Number: 3220–0070. amount of benefits payable.
forms is mandatory. One response is Forms submitted: UI–41 and UI–41a. Changes proposed: The RRB proposes
required of each respondent. Type of request: Extension without no changes to Form UI–41 and UI–41a.
Previous Requests for Comments: The change of a currently approved The burden estimate for the ICR is as
RRB has already published the initial collection. follows:

Annual Time Burden
Form No. responses (minutes) (hours)

UI–41 ........................................................................................................................................... 100 8 13
UI–41a ......................................................................................................................................... 50 8 7

Total ...................................................................................................................................... 150 ........................ 20

Additional Information or Comments: have been prepared by the Exchange. A. Self-Regulatory Organization’s
Copies of the forms and supporting The Commission is publishing this Statement of the Purpose of, and
documents can be obtained from Dana notice to solicit comments on the Statutory Basis for, the Proposed Rule
Hickman at (312) 751–4981 or proposed rule change from interested Change
Dana.Hickman@RRB.GOV. persons.
Comments regarding the information 1. Purpose
collection should be addressed to I. Self-Regulatory Organization’s The Exchange recently added Nasdaq
Charles Mierzwa, Railroad Retirement Statement of the Terms of the Substance Rule 7046 (Nasdaq Trading Insights) to
Board, 844 North Rush Street, Chicago, of the Proposed Rule Change the Nasdaq rule book.4 Nasdaq Trading
Illinois 60611–1275 or Insights is an optional market data
Charles.Mierzwa@RRB.GOV and to the The Exchange proposes to amend
Nasdaq Rule 7046 (Nasdaq Trading service available to market participants
OMB Desk Officer for the RRB, Fax: for a corresponding fee 5 and comprised
202–395–6974, Email address: OIRA_ Insights) to delay the availability of one
of four distinct market data components.
Submission@omb.eop.gov. of the components of that product.
Specifically, as described in greater
Charles Mierzwa, The Exchange is requesting that the detail in the filing to establish Nasdaq
Associate Chief Information Officer for Policy Commission waive the five-day pre- Trading Insights, the market data
and Compliance. filing requirement and the 30-day components include: (a) Missed
[FR Doc. 2016–25673 Filed 10–21–16; 8:45 am] operative delay period contained in SEC Opportunity—Liquidity; (b) Missed
BILLING CODE 7905–01–P Rule 19b–4(f)(6)(iii).3 Opportunity—Latency; (c) Peer
The text of the proposed rule change Benchmarking; and (d) Liquidity
is available on the Exchange’s Web site Dynamics Analysis. The purpose of this
SECURITIES AND EXCHANGE at http://nasdaq.cchwallstreet.com, at proposed rule change is to announce
COMMISSION the principal office of the Exchange, and that Nasdaq is delaying the availability
of the fourth component, Liquidity
[Release No. 34–79119; File No. SR– at the Commission’s Public Reference
Dynamics Analysis, while analyzing the
NASDAQ–2016–138] Room.
possibility of modifying that component
Self-Regulatory Organizations; The II. Self-Regulatory Organization’s and/or introducing adding [sic]
NASDAQ Stock Market LLC; Notice of Statement of the Purpose of, and additional data elements to Nasdaq
Filing and Immediate Effectiveness of Statutory Basis for, the Proposed Rule Trading Insights. Nasdaq will submit a
Proposed Rule Change To Amend Change proposed rule change in the near future
Nasdaq Rule 7046 to confirm the availability of the
In its filing with the Commission, the Liquidity Dynamics Analysis
October 19, 2016. Exchange included statements component and/or to effectuate any
Pursuant to Section 19(b)(1) of the concerning the purpose of and basis for additional changes to Nasdaq Trading
Securities Exchange Act of 1934 the proposed rule change and discussed Insights.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 any comments it received on the 2. Statutory Basis
notice is hereby given that on October proposed rule change. The text of these
11, 2016, The NASDAQ Stock Market statements may be examined at the The Exchange believes that the
sradovich on DSK3GMQ082PROD with NOTICES

LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed places specified in Item IV below. The proposed rule change is consistent with
with the Securities and Exchange Exchange has prepared summaries, set the provisions of Section 6 of the Act,6
Commission (‘‘SEC’’ or ‘‘Commission’’) forth in sections A, B, and C below, of
the proposed rule change as described the most significant aspects of such 4 Securities Exchange Act Release No. 78886
in Items I and II below, which Items (September 20, 2016), 81 FR 66113 (September 26,
statements.
2016) (SR–NASDAQ–2016–101).
1 15 U.S.C. 78s(b)(1). 5 SR–NASDAQ–2016–124 (September 23, 2016).
2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6)(iii). 6 15 U.S.C. 78f.

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73158 Federal Register / Vol. 81, No. 205 / Monday, October 24, 2016 / Notices

in general and with Sections [sic] 6(b)(5) A proposed rule change filed Paper Comments
of the Act,7 in particular in that it is pursuant to Rule 19b–4(f)(6) under the
designed to prevent fraudulent and Act 10 normally does not become • Send paper comments in triplicate
manipulative acts and practices, to operative for 30 days after the date of its to Brent J. Fields, Secretary, Securities
promote just and equitable principles of filing. However, Rule 19b–4(f)(6)(iii) 11 and Exchange Commission, 100 F Street
trade, to foster cooperation and permits the Commission to designate a NE., Washington, DC 20549–1090.
coordination with persons engaged in shorter time if such action is consistent All submissions should refer to File
regulating, clearing, settling, processing with the protection of investors and the Number SR–NASDAQ–2016–138. This
information with respect to, and public interest. The Exchange has asked file number should be included on the
facilitating transactions in securities, to the Commission to waive the 30-day
subject line if email is used. To help the
remove impediments to and perfect the operative delay. The Exchange stated
Commission process and review your
mechanism of a free and open market that although the Nasdaq Trading
and a national market system, and, in Insights product has been approved and comments more efficiently, please use
general, to protect investors and the is available to customers, the Exchange only one method. The Commission will
public interest. This proposal is in intends to delay the availability of one post all comments on the Commission’s
keeping with those principles in that it of its components in order to allow time Internet Web site (http://www.sec.gov/
is designed to ensure that Rule 7046 to analyze the possibility of modifying rules/sro.shtml). Copies of the
accurately reflects the components of it. The Exchange believes that waiver of submission, all subsequent
Nasdaq Trading Insights that Nasdaq the operative delay would ensure that amendments, all written statements
intends to make available at this time. Rule 7046 accurately reflects the with respect to the proposed rule
components of Nasdaq Trading Insights change that are filed with the
B. Self-Regulatory Organization’s Commission, and all written
that the Exchange intends to make
Statement on Burden on Competition
available at this time. The Commission communications relating to the
The Exchange does not believe that believes that waiving the 30-day proposed rule change between the
the proposed rule change will result in operative delay is consistent with the Commission and any person, other than
any burden on competition that is not protection of investors and the public those that may be withheld from the
necessary or appropriate in furtherance interest. Therefore, the Commission public in accordance with the
of the purposes of the Act, as amended. hereby waives the operative delay and provisions of 5 U.S.C. 552, will be
Specifically, Nasdaq believes that the designates the proposed rule change available for Web site viewing and
proposed rule change will not affect operative upon filing.12 printing in the Commission’s Public
competition in any respect because At any time within 60 days of the Reference Room, 100 F Street NE.,
designed [sic] to ensure that Rule 7046 filing of the proposed rule change, the Washington, DC 20549 on official
accurately reflects the components of Commission summarily may business days between the hours of
Nasdaq Trading Insights that Nasdaq temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such
intends to make available at this time. it appears to the Commission that such filing also will be available for
action is necessary or appropriate in the
C. Self-Regulatory Organization’s inspection and copying at the principal
public interest, for the protection of
Statement on Comments on the office of the Exchange. All comments
investors, or otherwise in furtherance of
Proposed Rule Change Received From received will be posted without change;
the purposes of the Act. If the
Members, Participants, or Others the Commission does not edit personal
Commission takes such action, the
No written comments were either Commission shall institute proceedings identifying information from
solicited or received. to determine whether the proposed rule submissions. You should submit only
change should be approved or information that you wish to make
III. Date of Effectiveness of the available publicly. All submissions
disapproved.
Proposed Rule Change and Timing for should refer to File Number SR–
Commission Action IV. Solicitation of Comments NASDAQ–2016–138, and should be
Because the foregoing proposed rule Interested persons are invited to submitted on or before November 14,
change does not: (i) Significantly affect submit written data, views, and 2016.
the protection of investors or the public arguments concerning the foregoing, For the Commission, by the Division of
interest; (ii) impose any significant including whether the proposed rule Trading and Markets, pursuant to delegated
burden on competition; and (iii) become change is consistent with the Act. authority.13
operative for 30 days from the date on Comments may be submitted by any of
Brent J. Fields,
which it was filed, or such shorter time the following methods:
Secretary.
as the Commission may designate, it has Electronic Comments [FR Doc. 2016–25616 Filed 10–21–16; 8:45 am]
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b– • Use the Commission’s Internet BILLING CODE 8011–01–P
4(f)(6) thereunder.9 comment form (http://www.sec.gov/
rules/sro.shtml); or
7 15 U.S.C. 78f(b)(5). • Send an email to rule-
8 15 U.S.C. 78s(b)(3)(A). comments@sec.gov. Please include File
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Number SR–NASDAQ–2016–138 on the
sradovich on DSK3GMQ082PROD with NOTICES

4(f)(6)(iii) requires a self-regulatory organization to subject line.
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
10 17 CFR 240.19b–4(f)(6).
description and the text of the proposed rule
11 17 CFR 240.19b–4(f)(6)(iii).
change, at least five business days prior to the date
of filing of the proposed rule change, or such 12 For purposes only of waiving the 30-day

shorter time as designated by the Commission. The operative delay, the Commission has considered the
Commission has waived the five-day prefiling proposed rule’s impact on efficiency, competition,
requirement in this case. and capital formation. See 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12).

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Document Created: 2016-10-21 23:46:04
Document Modified: 2016-10-21 23:46:04
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 73157