[Federal Register Volume 80, Number 106 (Wednesday, June 3, 2015)]
[Notices]
[Pages 31628-31632]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-13616]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75072; File No. SR-NASDAQ-2015-057]
Self-Regulatory Organizations; The NASDAQ Stock Market, LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend Rule 4626(b)(3)
May 29, 2015.
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 May 19, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a 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.
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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 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
Introduction
On March 22, 2013, the Commission approved a proposal by Nasdaq to
establish a one-time voluntary accommodation policy for claims arising
from system difficulties that Nasdaq experienced during the initial
public offering (``IPO'') of Facebook, Inc. (``Facebook'' or ``FB'') on
May 18, 2012.\3\ Rule 4626 limits the liability of Nasdaq and its
affiliates with respect to any losses, damages, or other claims arising
out of the Nasdaq Market Center or its use and provides for limited
accommodations under the conditions specified in the rule.\4\ Rule
4626(b)(1) provides that for the aggregate of all claims made by market
participants related to the use of the Nasdaq Market Center during a
single calendar month, Nasdaq's payments under Rule 4626 shall not
exceed the larger of $500,000 or the amount of the recovery obtained by
Nasdaq under any applicable insurance policy. Rule 4626(b)(2) states
that for the aggregate of all claims made by market participants
related to systems malfunctions or errors of the Nasdaq Market Center
concerning locked/crossed compliance, trade through protection, market
maker quoting, order protection, or firm quote compliance, during a
single calendar month Nasdaq's payments under Rule 4626 shall not
exceed the larger of $3,000,000 or the amount of the recovery obtained
by Nasdaq under any applicable insurance policy. Rule 4626(b)(3)
established a methodology for submission, evaluation, and payment of
claims associated with the Facebook IPO. The purpose of this proposed
rule change is to amend Rule 4626(b)(3) to permit a limited reopening
of the process for submitting, evaluating, and paying such claims, in
accordance with the terms and conditions described herein.
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\3\ Securities Exchange Act Release No. 69216 (March 22, 2013),
78 FR 19040 (March 28, 2013) (SR-NASDAQ-2012-090) (``Approval
Order''). See also Securities Exchange Act Release No. 67507 (July
26, 2012), 77 FR 45706 (August 1, 2012) (SR-NASDAQ-2012-090)
(``Proposing Release'').
\4\ Rule 4626(a) provides that except as set forth in the
accommodation portion of the rule, ``Nasdaq and its affiliates shall
not be liable for any losses, damages, or other claims arising out
of the Nasdaq Market Center or its use. Any losses, damages, or
other claims, related to a failure of the Nasdaq Market Center to
deliver, display, transmit, execute, compare, submit for clearance
and settlement, adjust, retain priority for, or otherwise correctly
process an order, Quote/Order, message, or other data entered into,
or created by, the Nasdaq Market Center shall be absorbed by the
member, or the member sponsoring the customer, that entered the
order, Quote/Order, message, or other data into the Nasdaq Market
Center.''
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On May 18, 2012, Nasdaq experienced system difficulties during the
Nasdaq Halt and Imbalance Cross Process (the ``Cross'') for the FB IPO.
These difficulties delayed the completion of the Cross from 11:05 a.m.
until 11:30 a.m.\5\ Based on its assessment of the information
available at the time, Nasdaq concluded that the system issues would
not have any effects beyond the delay itself. In an exercise of its
regulatory authority, Nasdaq determined to proceed with the IPO at
11:30 a.m. rather than postpone it.
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\5\ All times in this filing are Eastern Time.
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As a result of the system difficulties, however, certain orders for
FB stock that were entered between 11:11:00 a.m. and 11:30:09 a.m. in
the expectation of participating in the Cross--and that were not
cancelled prior to 11:30:09 a.m.--either did not execute or executed
after 1:50 p.m. at prices other than the $42.00 price established by
the Cross. (Other orders entered between 11:11:00 a.m. and 11:30:09
a.m., including cancellations, buy orders below $42.00, and sell orders
above $42.00, were handled without incident.) System issues also
delayed the dissemination of Cross transaction reports from 11:30 a.m.
until 1:50 p.m. At 1:50 p.m., Nasdaq system difficulties were
completely resolved.
Rule 4626(b)(3) provides that, as a result of these unique
circumstances, Nasdaq would accommodate members for losses attributable
to the system difficulties on May 18, 2012 in an amount not to exceed
$62 million. Rule 4626(b)(3)(A) provides that all claims for such
accommodation must arise solely from realized or unrealized direct
[[Page 31629]]
trading losses arising from the following specific Cross orders:
(i) SELL Cross orders that were submitted between 11:11 a.m. and
11:30 a.m. on May 18, 2012, that were priced at $42.00 or less, and
that did not execute;
(ii) SELL Cross orders that were submitted between 11:11 a.m. and
11:30 a.m. on May 18, 2012, that were priced at $42.00 or less, and
that executed at a price below $42.00;
(iii) BUY Cross orders priced at exactly $42.00 and that were
executed in the Cross but not immediately confirmed; and
(iv) BUY Cross orders priced above $42.00 and that were executed in
the Cross but not immediately confirmed, but only to the extent entered
with respect to a customer that was permitted by the member to cancel
its order prior to 1:50 p.m. and for which a request to cancel the
order was submitted to Nasdaq by the member, also prior to 1:50 p.m.
As originally approved, Rule 4626(b)(3)(D) provided that all claims
related to the FB IPO must be submitted in writing not later than 7
days after formal approval of the FB accommodation proposal by the
Commission, which occurred on March 22, 2013. In recognition of the
fact that the Passover and Good Friday holidays occurred during the
week when claim submissions would otherwise be due, Nasdaq submitted an
immediately effective proposed rule change to extend the deadline for
claim submission until 11:59 p.m. on April 8, 2013.\6\ Nasdaq received
claims with respect to 75 market participant identifiers (``MPIDs'')
within the deadline (the ``2013 Claims''). Nasdaq did not receive any
claims after the deadline.
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\6\ Securities Exchange Act Release No. 69250 (March 28, 2013),
78 FR 20160 (April 3, 2013) (SR-NASDAQ-2013-055).
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Rule 4626(d)(3)(D) further provides that all claims shall be
processed and evaluated by the Financial Industry Regulation Authority
(``FINRA''), applying the standards set forth in Rule 4626. FINRA is
authorized to request such supplemental information as it deems
necessary to assist its evaluation of claims.
Rule 4626(b)(3)(E) required FINRA to provide to the Nasdaq Board of
Directors and the Board of Directors of NASDAQ OMX an analysis of the
total value of eligible 2013 Claims, and further provided that Nasdaq
would file with the Commission a rule proposal setting forth the amount
of eligible 2013 Claims under the standards set forth in Rule 4626 and
the amount proposed to be paid to members by Nasdaq. This process was
completed in 2013,\7\ and all valid 2013 Claims were paid on December
31, 2013.
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\7\ See Securities Exchange Act Release No. 71098 (December 17,
2013), 78 FR 77540 (December 23, 2013) (SR-NASDAQ-2013-152) (the
``Results Filing'').
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Basis for Reopening the Claim Process Under Rule 4626(b)(3)
On March 15, 2013, UBS Securities LLC (``UBS''), a member of Nasdaq
within the meaning of Rule 4626, filed a demand for arbitration against
NASDAQ with the American Arbitration Association (``AAA''). In its
demand, UBS sought to recover damages alleged to have been caused by
Nasdaq in connection with the Facebook IPO. UBS cited provisions of the
Services Agreement between Nasdaq and UBS as the basis for pursuing a
claim in arbitration.\8\ UBS did not file a claim under Rule
4626(b)(3).
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\8\ The Services Agreement is a contract that users of certain
NASDAQ OMX systems (including, but not limited to, the Nasdaq Market
Center) are required to enter into as a condition of using such
systems.
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On April 4, 2013, Nasdaq filed an action in the Southern District
of New York against UBS seeking declaratory and injunctive relief with
respect to UBS's demand for arbitration. On April 16, 2013, NASDAQ
moved preliminarily to enjoin UBS from proceeding with arbitration,
arguing, inter alia, that the Services Agreement did not reflect an
agreement by Nasdaq to arbitrate claims covered by Rule 4626. UBS
cross-moved to dismiss NASDAQ's complaint and opposed the preliminary
injunction motion. On June 18, 2013, the district court granted
NASDAQ's motion for a preliminary injunction and denied UBS's cross-
motion to dismiss.\9\ UBS appealed this decision to the United States
Court of Appeals for the Second Circuit (the ``Court of Appeals'').
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\9\ See NASDAQ OMX Grp., Inc. v. UBS Sec. LLC, 957 F. Supp. 2d
388 (S.D.N.Y. 2013).
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On October 31, 2014, the Court of Appeals issued a decision
affirming the district court's decision.\10\ In doing so, the Court of
Appeals found that the district court had not erred in (i) exercising
federal question jurisdiction over the case; (2) determining that the
arbitrability of UBS's claims is a question for decision by the court,
rather than an arbitrator; and (3) concluding that UBS's claims are not
subject to arbitration given the applicability of Rule 4626.\11\ The
ruling by the Court of Appeals does not, however, foreclose the
possibility of further judicial proceedings by UBS against Nasdaq.
Nevertheless, UBS has agreed to forego further proceedings in
consideration of Nasdaq's agreement to submit a proposed rule change to
amend Rule 4626(b)(3) for the purpose of allowing UBS to submit a claim
thereunder. In the interest of ensuring that the administration of Rule
4626 continues to be as fair as possible to all members, Nasdaq is
proposing a limited reopening of the claims process not only for UBS,
but for all other members that did not file 2013 Claims.\12\
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\10\ See NASDAQ OMX Grp., Inc. v. UBS Sec. LLC, Docket No. 13-
2657-cv (2d Cir. 2014).
\11\ On December 29, 2014, the Second Circuit denied a petition
for panel rehearing, or in the alternative, rehearing en banc.
\12\ Members that did file 2013 Claims would not be entitled to
file again or to seek reconsideration of their claims. Similarly,
any member affiliated with a member that executed and delivered a
release of claims under Rule 4626(b)(3)(H) would be barred from
filing. See Rule 4626(b)(3)(H) (requiring ``the execution and
delivery to Nasdaq of a release by the member of all claims by it or
its affiliates against Nasdaq or its affiliates for losses that
arise out of, are associated with, or relate in any way to the
Facebook, Inc. IPO Cross or to any actions or omissions related in
any way to that Cross, including but not limited to the execution or
confirmation of orders in Facebook, Inc. on May 18, 2012'').
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Structure of the Proposed Claim Process
Under the proposed process for submission of new claims, a member
that did not submit a claim prior to 11:59 p.m. ET on April 8, 2013 and
that is not subject to a release executed and delivered to Nasdaq under
Rule 4626(b)(3)(H) may submit a claim under Rule 4626(b)(3) prior to
11:59 p.m. ET on June 19, 2015 (each, a ``2015 Claim'' and
collectively, the ``2015 Claims''). All 2015 Claims shall be processed
and evaluated by FINRA applying the accommodation standards set forth
in paragraphs (b)(3)(A), (B), and (C) of Rule 4626 and as fully
described in the Proposing Release, the Approval Order, and the Results
Filing.\13\ FINRA may request such supplemental information as FINRA
deems necessary to assist FINRA's evaluation of 2015 Claims.
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\13\ Nasdaq notes that the Results Filing describes the
application of Rule 4626 to several questions that arose during
FINRA's review of 2013 Claims, particularly with respect to claims
for orders entered under a sponsored access arrangement and claims
for BUY Cross Orders priced at exactly $42.00.
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As was the case with 2013 Claims, FINRA will establish a working
group consisting of FINRA Market Regulation Department analysts and
managers (``FB Claims Team''). During the review process, the FB Claims
Team will not perform any regulatory services for any Nasdaq market and
will not own or have owned FB stock during the period since its IPO. A
Steering Committee, composed of members of senior management of FINRA's
Market Regulation Department, may provide
[[Page 31630]]
guidance to the FB Claims Team on the resolution of procedural and
substantive issues arising during the course of the FB claim evaluation
process, review the form and content of the review summary forms for
each claim, and monitor the overall progress of the claim review
effort. However, members of the Steering Committee will not participate
in the FB Claim Team's assessment of and decisions to recommend the
approval or disapproval of individual claims.
Following the completion of its analysis of 2015 Claims, FINRA
shall provide to the Nasdaq Board of Directors and the Board of
Directors of The NASDAQ OMX Group, Inc. an analysis of the total value
of eligible 2015 Claims.\14\ Nasdaq will review FINRA's determinations
and determine whether it concurs in them or believes that any changes
are required. Nasdaq will thereafter notify members of the value of
2015 Claims and pay valid 2015 Claims in accordance with the following
parameters (which are functionally identical to the conditions
associated with the payment of 2013 Claims):
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\14\ In contrast to the process for 2013 Claims, Nasdaq is not
proposing to submit a follow-on proposed rule change to report on
the results of the 2015 Claim process. Nasdaq believes that such a
proposed rule change is unnecessary because the 2015 Claim process
will follow the parameters described herein and in the Proposing
Release, the Approval Order, and the Report Filing.
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All payments of 2015 Claims will be contingent upon the
submission to Nasdaq, not later than 7 days after the member's
receiving notice of the value its 2015 Claim, of an attestation
detailing:
[cir] The amount of compensation, accommodation, or other economic
benefit provided or to be provided by the member to its customers
(other than customers that were brokers or dealers trading for their
own account) in respect of trading in Facebook Inc. on May 18, 2012
(``Customer Compensation''), and
[cir] the extent to which the losses reflected in the ``Member's
Share'' \15\ with respect to the 2015 Claim were incurred by the member
trading for its own account or for the account of a customer that was a
broker or dealer trading for its own account (``Covered Proprietary
Losses'').
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\15\ As defined in Rule 4626(b)(3)(B), each member's direct
trading losses calculated in accordance with Rule 4626(b)(3)(A) and
(B) is referred to in Rule 4626 and herein as the ``Member's
Share''.
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Failure to provide the required attestation within the specified
time limit will void the member's eligibility to receive an
accommodation with respect to a 2015 Claim. Each member shall be
required to maintain books and records that detail the nature and
amount Customer Compensation and Covered Proprietary Losses with
respect to 2015 Claims.
All payments of 2015 Claims will be contingent upon the
execution and delivery to Nasdaq of a release by the member of all
claims by it or its affiliates against Nasdaq or its affiliates for
losses that arise out of, are associated with, or relate in any way to
the Facebook, Inc. IPO Cross or to any actions or omissions related in
any way to that Cross, including but not limited to the execution or
confirmation of orders in Facebook, Inc. on May 18, 2012. The member's
failure to provide the required release within 14 days after receiving
notice of the value its 2015 Claim will void the member's eligibility
to receive an accommodation with respect to its 2015 Claim.
Nasdaq is requiring the submission of the attestation with respect
to Customer Compensation because, as was the case with respect to 2013
Claims, Nasdaq believes that it is reasonable to make accommodation
payments with respect to orders submitted on behalf of a member's
customers only if the member has compensated or will compensate its
customers in an amount that is at least equal to the amount of the
accommodation payment. In addition, Nasdaq will prioritize the payment
of accommodation funds used to compensate a member's customers above
the payment of funds with respect to proprietary trading losses.
However, Nasdaq notes that with respect to 2013 Claims, Nasdaq was able
to pay the full amount the 2013 Claims, including proprietary trading
losses. Moreover, based on Nasdaq's records with respect to the
disposition of shares in the Cross, Nasdaq believes that it will likely
be able to pay the full amount of 2015 Claims, including claims with
respect to Covered Proprietary Losses. Nevertheless, because Rule 4626
includes an absolute limit of $62 million on the total value of
accommodation payments with respect to the FB IPO, and because Nasdaq
is not proposing to increase this limit, Nasdaq is proposing a
proration mechanism that would be used in the event that the total
value of 2015 Claims and 2013 Claims exceeds $62 million.\16\
Specifically, accommodation payments for 2015 Claims will be made in
two tranches of priority:
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\16\ As reported in the Results Filing, the total value of 2013
Claims was $44,029,901.61. Accordingly, the maximum amount available
for the payment of 2015 Claims would be $17,970,098.39.
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First, if the member has provided Customer Compensation,
the member will receive an amount equal to the lesser of the Member's
Share or the amount of Customer Compensation (``Tranche A'');
Second, the member will receive an amount with respect to
Covered Proprietary Losses; provided, however, that the sum of payments
to a member with respect to 2015 Claims shall not exceed the Member's
Share (``Tranche B'').
In the event that the amounts calculated under Tranche A, together
with the amounts previously paid with respect to 2013 Claims, exceed
$62 million, the accommodation will be prorated among members eligible
to receive accommodation under Tranche A based on the size of the
amounts payable under Tranche A. In the event that Tranche A is paid in
full and the amounts calculated under Tranche B, together with the
amounts paid under Tranche A and the amounts previously paid with
respect to 2013 Claims, exceed $62 million, the accommodation will be
prorated among members eligible to receive accommodation under Tranche
B based on the size of the amounts payable under Tranche B. If a
member's eligibility to receive funds is voided for any reason under
this rule, and the funds payable to other members must be prorated
hereunder, the funds available to pay other members will be increased
accordingly.
Thus, if the portion of 2015 Claims with respect to Customer
Compensation, plus the total amount paid with respect to 2013 Claims,
exceeds $62 million, the funds remaining under Rule 4626 will be
prorated among members with 2015 Claims with respect to Customer
Compensation. Similarly, if the portion of 2015 Claims with respect to
Customer Compensation, plus the total amount paid with respect to 2013
Claims does not exceed $62 million, but such amount, together with the
portion of 2015 Claims with respect to Covered Proprietary Losses
exceeds $62 million, the funds remaining under Rule 4626 after payments
with respect to Customer Compensation will be prorated among members
with 2015 Claims with respect to Covered Proprietary Losses. Nasdaq
believes that this proration mechanism is reasonable because members
with 2013 Claims submitted timely claims under the terms of Rule
4626(b)(3) as originally proposed, while members with 2015 Claims are
receiving the benefit of a subsequent amendment. Accordingly, to the
extent that any proration is required to keep the overall cost of the
program under the $62 million limit originally proposed and approved by
the Commission, the effects of the proration should be borne solely
[[Page 31631]]
by members with 2015 Claims. As discussed above, however, Nasdaq
believes that it is unlikely that any such proration will be required.
All payments of 2015 Claims shall be made in cash. Payments to a
member shall be made as soon as practicable following the completion of
all analysis and documents required under the rule.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
Section 6(b) of the Act \17\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \18\ in particular, because the proposal is
designed to promote just and equitable principles of trade, 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. In the Approval Order, the Commission found that Rule
4626(b)(3) is consistent with the Act because it ``sets forth objective
and transparent processes to determine eligible claims and how such
claims would be paid to Nasdaq members that elect to participate in the
accommodation plan.'' The Commission further determined that providing
compensation pursuant to the rule would be in the public interest and
that the rule would encourage members to compensate their customers.
Similarly, Nasdaq believes that this proposed rule change is consistent
with the Act because it will allow additional members to benefit from
the accommodation plan. As originally adopted, Rule 4626(b)(3) contains
time limits that bar claims submitted after April 8, 2013. These time
limits were intended to, and were successful in, encouraging members to
submit claims promptly after Commission approval of the proposal,
thereby allowing for the efficient administration of the claim process.
Although UBS opted to pursue arbitration rather than filing a claim
under the rule, Nasdaq believes that it is reasonable to allow it to
file a claim under the rule now to resolve the litigation between
Nasdaq and UBS. In addition, by reopening the claim process to all
members that did not file a 2013 Claim (or that are not otherwise
covered by a release executed in connection with the 2013 Claim
process), Nasdaq will ensure that the benefits of the proposal are
available not only to UBS, but to also to other members that decided
not to participate in the 2013 Claim process but that wish to do so
now.
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\17\ 15 U.S.C. 78f(b).
\18\ 115 U.S.C. 78f(b)(5).
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Nevertheless, although Nasdaq believes it is unlikely that
proration of 2015 Claims in order to keep the total value of all claims
within the $62 million limit authorized under the rule will be
required, it is reasonable that members making claims under the 2015
Claim process would be required to incur the burden of any such
proration that would be required, since such members opted not to file
claims within the period originally contemplated by the rule.
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq believes that the proposed rule change will not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the proposed rule
change does not relate to the provision of goods or services, nor does
it impose regulatory restrictions on the ability of members to compete.
Accordingly, the change does not affect competition in any respect.
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)(iii) of the Act \19\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\20\
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\19\ 115 U.S.C. 78s(b)(3)(A)(iii).
\20\ 117 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 Exchange has satisfied this requirement.
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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: (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-NASDAQ-2015-057 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-NASDAQ-2015-057. 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-2015-057, and should
be submitted on or before June 24, 2015.
[[Page 31632]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Brent J. Fields,
Secretary.
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\21\ 117 CFR 200.30-3(a)(12).
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[FR Doc. 2015-13616 Filed 6-2-15; 8:45 am]
BILLING CODE 8011-01-P