[Federal Register Volume 78, Number 98 (Tuesday, May 21, 2013)]
[Notices]
[Pages 29793-29795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-12041]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69587; File No. S7-24-89]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment No. 29 to the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS
Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange,
Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX
Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX
PHLX LLC, Nasdaq Stock Market LLC, National Stock Exchange, Inc., New
York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc.
May 15, 2013.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on May 10, 2013, the operating committee (``Operating Committee'' or
``Committee'') \3\ of the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation, and Dissemination of Quotation
and Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan''
or ``Plan'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan.\4\ This
[[Page 29794]]
amendment represents Amendment No. 29 (``Amendment No. 29'') to the
Plan and proposes to reverse the changes (the ``Fee Changes'') that the
Participants made in Amendment No. 27 \5\ to the Nasdaq/UTP Plan and
Amendment No. 28 \6\ to the Nasdaq/UTP Plan (the ``Fee Change
Filings''). Under the Fee Change Filings, the Fee Changes became
effective on April 1, 2013. Amendment No. 29 would cause the Fee
Changes not to have become effective as of April 1, 2013. Pursuant to
Rule 608(b)(3)(i) under the Act, the Participants designated the
Amendment No. 29 as establishing or changing a fee or other charge
collected on behalf of all of the Participants in connection with
access to, or use of, the facilities contemplated by the Amendment. As
a result, Amendment No. 29 has been put into effect upon filing with
the Commission. Accordingly, the Participants would not implement the
Fee Changes for the month of April 2013 or otherwise.
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\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The Plan Participants (collectively, ``Participants'') are
the: BATS Exchange, Inc.; BATS Y-Exchange, Inc.; Chicago Board
Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA
Exchange, Inc.; EDGX Exchange, Inc.; Financial Industry Regulatory
Authority, Inc.; International Securities Exchange LLC; NASDAQ OMX
BX, Inc.; NASDAQ OMX PHLX LLC; Nasdaq Stock Market LLC; National
Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE MKT LLC; and
NYSE Arca, Inc.
\4\ The Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation information and
transaction reports in Eligible Securities for each of its
Participants. This consolidated information informs investors of the
current quotation and recent trade prices of Nasdaq securities. It
enables investors to ascertain from one data source the current
prices in all the markets trading Nasdaq securities. The Plan serves
as the required transaction reporting plan for its Participants,
which is a prerequisite for their trading Eligible Securities. See
Securities Exchange Act Release No. 55647 (April 19, 2007), 72 FR
20891 (April 26, 2007).
\5\ See Securities Exchange Act Release No. 69215 (March 22,
2013), 78 FR 19029 (March 28, 2013) (``Amendment No. 27'').
\6\ See Securities Exchange Act Release No. 69361 (April 10,
2013), 78 FR 22588 (April 16, 2013) (``Amendment No. 28'').
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At any time within 60 days of the filing of Amendment No. 29, the
Commission may summarily abrogate Amendment No. 29 and require that the
Amendment be refiled in accordance with paragraph (a)(1) of Rule 608
and reviewed in accordance with paragraph (b)(2) of Rule 608, if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or the
maintenance of fair and orderly markets, to remove impediments to, and
perfect the mechanisms of, a national market system or otherwise in
furtherance of the purposes of the Act. The Commission is publishing
this notice to solicit comments from interested persons.
I. Rule 608(a)
A. Purpose of the Amendments
On March 22, 2013, the Participants filed with the Commission
Amendment No. 27. That amendment revised the metric by which the
Participants calculate the annual increase in the Enterprise Maximum.
On March 27, 2013, the Participants filed with the Commission
Amendment No. 28. That amendment increased the professional subscriber
device fee from $20 to $25, introduced a new redistribution fee and
established a net reporting program.
Amendment No. 27 and Amendment No. 28 made the Fee Changes
effective as of April 1, 2013.
After consultation with Commission staff,\7\ the Participants
propose to reverse all of the Fee Changes. As a result of the reversal,
the Fee Changes would not be deemed to have taken effect on April 1,
2013, meaning that the Participants would not implement the Fee Changes
for the month of April 2013 or otherwise. The Participants anticipate
re-examining the Fee Change Filings and re-filing them at a later date
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\7\ See also Letter to John Ramsay, Acting Director, Division of
Trading and Markets, Commission, et al. from Ira D. Hammerman,
Senior Managing Director & General Counsel, Securities Industry and
Financial Markets Association, dated March 28, 2013 (``SIFMA
Letter''); Letter to Chairperson White and Commissioners,
Commission, from Gene L. Finn, Ph.D., dated April 24, 2013 (``Finn
Letter 1''); Letter to the Commission, from Gene L. Finn, Ph.D.,
dated April 25, 2013 (``Finn Letter 2''); and Letter to Elizabeth M.
Murphy, Secretary, Commission from Peter Moss, Managing Director,
Thomson Reuters, dated May 7, 2013 (``Thomson Reuters Letter'').
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B. Governing or Constituent Documents
Not applicable.
C. Implementation of Amendment
All of the Participants have manifested their approval of the
proposed amendment by means of their execution of Amendment No. 29.
Amendment No. 29 shall be effective when this Agreement has been
executed on behalf of each Participant and the amendment has been filed
with the Commission. Once effective, Amendment No. 29 would cause the
changes set forth in the Fee Change Filings not to have become
effective on April 1, 2013. This means that the Participants would not
implement the Fee Changes for the month of April 2013 or otherwise,
although the Participants may elect to re-file the Fee Changes at a
later date.
D. Development and Implementation Phases
Not applicable.
E. Analysis of Impact on Competition
The proposed amendment does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
The Participants do not believe that the proposed plan amendment
introduces terms that are unreasonably discriminatory for the purposes
of Section 11A(c)(1)(D) of the Act.\8\
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\8\ 15 U.S.C. 78k-1(c)(1)(D).
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F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
The Participants have no written understandings or agreements
relating to interpretation of the Plan as a result of the amendment.
G. Approval by Sponsors in Accordance With Plan
Each of the Plan's Participants has approved the changes and has
executed a written amendment to the Plan.
H. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
I. Terms and Conditions of Access
See Item I(A) above.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
See Item I(A) above.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Equity Securities for Which Transaction Reports Shall Be Required by
the Plan
Not applicable.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
Not applicable.
G. Terms of Access to Transaction Reports
Not applicable.
[[Page 29795]]
H. Identification of Marketplace of Execution
Not Applicable.
III. Solicitation of Comments
The Commission seeks general comments on Amendment No. 29.
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal 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 S7-24-89 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number S7-24-89. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of
the submission, all written statements with respect to the proposed
Plan Amendment that are filed with the Commission, and all written
communications relating to the proposed Plan Amendment 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 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 Web
site viewing and printing at the Office of the Secretary of the
Committee, currently located at the CBOE, 400 S. LaSalle Street,
Chicago, IL 60605. 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 S7-24-
89 and should be submitted on or before June 11, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(27).
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12041 Filed 5-20-13; 8:45 am]
BILLING CODE 8011-01-P