Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 12503 

13For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90883 

(January 11, 2021), 86 FR 4158. 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

ETF on the Exchange prior to 30 days 

after the date of the filing. The Shares 

of the Fund have not yet commenced 

listing and trading, and the proposed 

changes to the rule governing their 

listing and trading raise no novel or 

regulatory issues. For these reasons, the 

Commission believes that waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest, and the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change to 

be operative upon filing.13

At any time within 60 days of the 

filing of such 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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2021–14 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–NYSEArca–2021–14. 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 website (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 website 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2021–14 and 

should be submitted on or before March 

24, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04308 Filed 3–2–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91212; File No. SR– 

NASDAQ–2020–100] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Modify the Quorum 

Requirement for Non-U.S. Companies 

Under Certain Limited Circumstances 

February 25, 2021. 

On December 31, 2020, the Nasdaq 

Stock Market LLC filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

modify the quorum requirement 

applicable to a non-U.S. company where 

such company’s home country law is in 

direct conflict with Nasdaq’s quorum 

requirement. The proposed rule change 

was published for comment in the 

Federal Register on January 15, 2021.3

The Commission has received no 

comment letters on the proposed rule 

change. 

Section 19(b)(2) of the Act 4 provides 

that, within 45 days of the publication 

of notice of the filing of a propose rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and published its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for the 

proposed rule change is March 1, 2021. 

The Commission is extending this 45- 

day period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change. Accordingly, pursuant to 

Section 19(b)(2) of the Act,5 the 

Commission designates April 15, 2021, 

as the date by which the Commission 

shall either approve or disapprove, or 

institute proceedings to determine 

whether to approve or disapprove, the 

proposed rule change (File No. SR– 

NASDAQ–2020–100). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04310 Filed 3–2–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91208; File No. SR– 

NASDAQ–2021–009] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Amend Rule 4754 Relating to the LimitUp Limit-Down Closing Cross 

February 25, 2021. 

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 February 

11, 2021, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 


jbell on DSKJLSW7X2PROD with NOTICES
12504 Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 

3The LULD Closing Cross is the Exchange’s 

auction process for executing closing trades in 

Nasdaq-listed securities when a Trading Pause 

pursuant to Rule 4120(a)(12) exists at or after 3:50 

p.m. and before 4:00 p.m. ET. See Rule 4754(b)(6). 

4 ‘‘Nasdaq Closing Cross’’ shall mean the process 

for determining the price at which orders shall be 

executed at the close and for executing those orders. 

See Rule 4754(a). 

5A ‘‘Limit On Close Order’’ or ‘‘LOC Order’’ is 

an Order Type entered with a price that may be 

executed only in the Nasdaq Closing Cross, and 

only if the price determined by the Nasdaq Closing 

Cross is equal to or better than the price at which 

the LOC Order was entered. See Rule 4702(b)(12). 

6A ‘‘Market On Close Order’’ or ‘‘MOC Order’’ is 

an Order Type entered without a price that may be 

executed only during the Nasdaq Closing Cross. See 

Rule 4702(b)(11). 

7An ‘‘Imbalance Only Order’’ or ‘‘IO Order’’ is an 

Order entered with a price that may be executed 

only in the Nasdaq Closing Cross and only against 

MOC Orders or LOC Orders. See Rule 4702(b)(13). 

8 ‘‘Close Eligible Interest’’ shall mean any 

quotation or any order that may be entered into the 

system and designated with a time-in-force of 

SDAY, SGTC, MDAY, MGTC, SHEX, or GTMC. See 

Rule 4754(a)(1). 

9See Rule 4754(b)(2)(E). 

10See Rules 4754(b)(2)(A)–(D). 

11These are: MOC, LOC, and IO Orders 

designated to participate in the Closing Cross. Prior 

to the Closing Cross, the Exchange maintains a 

continuous order book and a Closing Cross order 

book. Orders in the Closing Cross order book may 

execute only in the Closing Cross process, while 

Orders in the continuous book may execute in 

regular market hours or in the Closing Cross if the 

Order has a time-in-force that will allow it to 

remain active. 

12See http://www.nasdaqtrader.com/content/ 

ProductsServices/Trading/Crosses/openclose_

faqs.pdf. 

(‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 4754 to introduce price protections 

for the Limit-Up Limit-Down (‘‘LULD’’) 

Closing Cross 3 that are similar to the 

protections currently employed by the 

standard Nasdaq Closing Cross,4 and to 

make other changes related to the LULD 

Closing Cross. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 purpose of the proposed rule 

change is to amend Rule 4754 to 

introduce price protections for the 

LULD Closing Cross that are similar to 

the protections currently employed by 

the standard Nasdaq Closing Cross, and 

to make other changes related to the 

LULD Closing Cross. With the proposed 

changes, the Exchange’s LULD and 

standard Closing Cross processes will be 

more harmonized, which the Exchange 

believes will promote a more consistent 

experience for members and investors 

participating in the close and reduce 

any potential confusion regarding 

Nasdaq’s closing processes. 

Background 

The Nasdaq Closing Cross is a 

transparent auction process that 

determines a single price for the close. 

The price determined by the Closing 

Cross is also the Nasdaq Official Closing 

Price (‘‘NOCP’’) for securities that 

participate in the cross. Members can 

submit Limit on Close (‘‘LOC’’) Orders,5

Market on Close (‘‘MOC’’) Orders,6 and 

Imbalance Only (‘‘IO’’) Orders 7 that are 

available to participate in the Closing 

Cross along with other Close Eligible 

Interest.8 At 4:00 p.m. ET, the Exchange 

will execute the Nasdaq Closing Cross at 

a price determined in accordance with 

Rule 4754(b)(2). 

When the Closing Cross price is 

calculated as described in Rule 

4754(b)(2), the Exchange applies a 

boundary within which the cross must 

execute to ensure that the closing price 

derived does not exceed a price 

reasonably tied to the prevailing market 

at the time. Specifically, the Exchange 

applies a threshold amount to a 

benchmark value that, when applied to 

an individual security, determines the 

threshold price range that a security 

may cross, outside of which the closing 

price of a security may not occur.9 If the 

Closing Cross price of a security would 

otherwise be outside of this threshold 

range, the Exchange will adjust the 

Closing Cross price of the security to a 

price within the threshold range that 

best satisfies the normal process for 

determining the Closing Cross price.10

This adjustment happens automatically 

prior to execution of the Closing Cross. 

All unexecuted shares designated to 

expire upon the conclusion of the 

Closing Cross,11 including those that fall 

outside of the calculated threshold price 

range, are cancelled. 

The threshold amounts and 

benchmarks are set by Nasdaq 

management in advance and 

communicated to market participants. 

Nasdaq may adjust the threshold 

amounts and benchmarks from time to 

time based on Nasdaq’s experience with 

the Closing Cross. Nasdaq publishes this 

information publicly on its website, and 

sets the threshold amount so that 

repricing of a security is rare.12

Currently, Nasdaq applies a threshold 

amount that is the greater of $0.50 or 

10%, which is applied to the Nasdaq 

Best Bid and Offer (‘‘QBBO’’) midpoint 

and is added to the Nasdaq Offer and 

subtracted from the Nasdaq Bid to 

establish the threshold range. For 

example, if the QBBO is $10.00 × 

$11.00, then the midpoint is $10.50 and 

the threshold amount is 10%, resulting 

in a threshold value of $1.05 (10% of 

10.50 = 1.05). This value is then added 

to the offer and subtracted from the bid 

to obtain the Closing Cross’s threshold 

price range. In this example, it would 

result in a lower threshold of $8.95 

(10.00¥1.05 = 8.95) and an upper 

threshold of $12.05 (11.00 + 1.05 = 

12.05), thus creating a range between 

$8.95 to $12.05, within which the 

Closing Cross can occur. This means 

$8.95 is the lowest price at which the 

cross can occur, and $12.05 is the 

highest price at which it can occur. The 

threshold range is dynamic; as the 

QBBO changes, the threshold price 

range changes. The Exchange believes 

that the foregoing price thresholds for 

the standard Closing Cross has been 

effective at facilitating price discovery 

and ensuring that the closing price of a 

security is reasonably based on current 

market conditions in the security, and 

therefore proposes to adopt similar 

thresholds for its LULD Closing Cross. 

Today, in addition to the standard 

Nasdaq Closing Cross described above, 

the Exchange operates a LULD Closing 

Cross that provides an alternative 

process for executing closing trades on 

Nasdaq. The Exchange conducts this 

process (instead of the standard Closing 

Cross) for Nasdaq-listed securities when 

a Trading Pause pursuant to Rule 

4120(a)(12) exists at or after 3:50 p.m. 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 12505 

13See Rule 4754(b)(6). While the current language 

indicates that the ‘‘stock’’ will resume trading via 

the LULD Closing Cross, the Exchange will amend 

this Rule to make clear that the LULD Closing Cross 

will apply only for Nasdaq-listed securities. 

14Specifically, if the expected cross price moves 

the greater of 5% or 50 cents, or if all market orders 

will not be executed in the cross, Nasdaq will delay 

the execution of the LULD Closing Cross pursuant 

to Rule 4754(b)(6)(A)(iii). These volatility checks 

are governed by Rule 4120(c)(7)(C). 

15With the proposed change, current paragraphs 

(C) and (D) will be renumbered as paragraphs (F) 

and (G). 

16This would occur if, for example, a security 

entered a Trading Pause between 3:45 and 3:50 p.m. 

ET, and the LULD Auction Collar had not yet been 

updated. 

and before 4:00 p.m. ET.13 The LULD 

Closing Cross price will be the NOCP for 

Nasdaq-listed securities that participate 

in the LULD Closing Cross. Unlike the 

standard Closing Cross, the LULD 

Closing Cross currently occurs at 4:00 

p.m. ET, with no price thresholds, and 

may be extended pursuant to Rule 

4754(b)(6)(A)(iii) if there is an order 

imbalance. In this case, the Exchange 

would extend the time of the LULD 

Closing Cross in one minute increments 

until the order imbalance no longer 

exists.14 If this condition persists until 

5:00 p.m., Nasdaq would not conduct a 

cross in that security and would instead 

use the last-sale on Nasdaq as the NOCP 

in that security for that trading day. 

Price Thresholds 

The Exchange now proposes to 

introduce price protections to the LULD 

Closing Cross that will be similar to the 

protections used today for the standard 

Closing Cross, and will ensure that the 

LULD Closing Cross price is reasonably 

related to current market conditions. 

The proposed price thresholds will be 

calculated by applying a threshold 

amount set by Nasdaq management in 

advance and communicated to market 

participants (‘‘LULD Price Thresholds’’). 

The LULD Price Thresholds, like the 

thresholds presently used for the 

standard Closing Cross, will be 

published on Nasdaq’s public website. 

The LULD Price Thresholds will be 

applied to a benchmark associated with 

the LULD Band that triggered the 

Trading Pause to calculate the 

benchmark price range within which 

the LULD Closing Cross price must fall 

(‘‘Benchmark Prices’’). The Benchmark 

Prices will be published via the SIP and 

Exchange proprietary data feeds. Nasdaq 

will initially set the LULD Price 

Thresholds at the greater of $1.00 or 

10% for securities with a reference price 

greater than $1.00 (or $0.50 for 

securities with a benchmark equal to or 

less than $1.00), which will be applied 

to the last disseminated LULD Auction 

Collar, or the LULD Band that triggered 

the Trading Pause in the direction of the 

trading that invoked the Trading Pause. 

To effect these changes, the Exchange 

proposes in new paragraph (E) of Rule 

4754(b)(6) 15 to provide that the 

Benchmark Prices within which the 

LULD Closing Cross price must fall is 

established by adding (or subtracting) a 

threshold amount from the: 

(i) Upper (or lower) Auction Collar 

that was last updated for any security 

that enters a Trading Pause that was 

extended prior to 3:50 p.m. ET, rounded 

to the nearest minimum price 

increment; 

(ii) Upper Auction Collar for a Limit 

Up triggered pause (or lower Auction 

Collar for a Limit Down triggered pause) 

for any security that entered a Trading 

Pause that was not extended prior to 

3:50 p.m. ET, rounded to the nearest 

minimum price increment; or 

(ii) [sic] Upper Band for a Limit Up 

triggered pause (or Lower Band for a 

Limit Down triggered pause) for any 

security that entered a Trading Pause at 

or after 3:50 p.m. ET, rounded to the 

nearest minimum price increment. 

Nasdaq management shall set and 

modify such thresholds from time to 

time upon prior notice to market 

participants. 

As applied, for securities that entered 

a Trading Pause prior to 3:50 p.m. ET 

and for which the Trading Pause was 

subsequently extended, the Exchange 

will calculate the lower and upper 

Benchmark Prices as follows: 

• If the lower Auction Collar was the 

collar that was last widened for the 

security subject to the Trading Pause, 

the lower Benchmark Price will be 

calculated by subtracting 10% of the last 

updated lower Auction Collar price (or 

$1.00 (or $0.50 if the lower Auction 

Collar price is equal to or below $1.00), 

whichever is greater) from the last 

updated lower Auction Collar price 

(rounded to the nearest minimum price 

increment). The upper Benchmark Price 

will be equal to the last updated upper 

Auction Collar price that was updated 

with the lower Auction Collar price 

used to calculate the lower Benchmark 

Price. 

• If the upper Auction Collar was the 

collar that was last widened for the 

security subject to the Trading Pause, 

the upper Benchmark Price will be 

calculated by adding 10% of the last 

updated upper Auction Collar price (or 

$1.00 (or $0.50 if the upper Auction 

Collar price is equal to or below $1.00), 

whichever is greater) to the last updated 

upper Auction Collar price (rounded to 

the nearest minimum price increment). 

The lower Benchmark Price will be 

equal to the last updated lower Auction 

Collar price that was updated with the 

upper Auction Collar price used to 

calculate the upper Benchmark Price. 

For securities that entered a Trading 

Pause that was not extended prior to 

3:50 p.m. ET,16 the Exchange will 

calculate the lower and upper 

Benchmark Prices as follows: 

• For a Limit Down triggered pause, 

the lower Benchmark Price will be 

calculated by subtracting 10% of the 

lower Auction Collar price (or $1.00 (or 

$0.50 if the lower Auction Collar price 

is equal to or below $1.00), whichever 

is greater) from the lower Auction Collar 

price (rounded to the nearest minimum 

price increment). The upper Benchmark 

Price will be equal to the upper Auction 

Collar price that was disseminated with 

the lower Auction Collar price used to 

calculate the lower Benchmark Price. 

• For a Limit Up triggered pause, the 

upper Benchmark Price will be 

calculated by adding 10% of the upper 

Auction Collar price (or $1.00 (or $0.50 

if the upper Auction Collar price is 

equal to or below $1.00), whichever is 

greater) to the upper Auction Collar 

price (rounded to the nearest minimum 

price increment). The lower Benchmark 

Price will be equal to the lower Auction 

Collar price that was disseminated with 

the upper Auction Collar price used to 

calculate the upper Benchmark Price. 

For securities that entered a Trading 

Pause at or after 3:50 p.m. ET, the 

Exchange will calculate the lower and 

upper Benchmark Prices as follows: 

• For a Limit Down triggered pause, 

the lower Benchmark Price will be 

calculated by subtracting 10% of the 

Lower LULD Band (or $1.00 (or $0.50 if 

the Lower LULD Band is equal to or 

below $1.00), whichever is greater) from 

the Lower LULD Band (rounded to the 

nearest minimum price increment). The 

upper Benchmark Price will be equal to 

Upper LULD Band in place at the time 

the Trading Pause was triggered. 

• For a Limit Up triggered pause, the 

upper Benchmark Price will be 

calculated by adding 10% of the Upper 

LULD Band (or $1.00 (or $0.50 if the 

Upper LULD Band is equal to or below 

$1.00), whichever is greater) to the 

Upper LULD Band (rounded to the 

nearest minimum price increment). The 

lower Benchmark Price will be equal to 

Lower LULD Band in place at the time 

the Trading Pause was triggered. 

At 4:00 p.m. ET, Nasdaq will conduct 

the LULD Closing Cross, and if the cross 

price would fall outside of the 

Benchmark Prices as calculated above, 

the LULD Closing Cross will execute all 


jbell on DSKJLSW7X2PROD with NOTICES
12506 Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 

17See Rule 4754(b)(2)(A)–(D). 

18Rule 4754(b)(2)(A) currently provides that the 

Nasdaq Closing Cross will occur at the price that 

maximizes the number of shares of Eligible Interest 

in the Nasdaq Market Center to be executed. 

19Rule 4754(b)(2)(B) currently provides that if 

more than one price exists under subparagraph (A), 

the Nasdaq Closing Cross shall occur at the price 

that minimizes the number of shares of buy or sell 

MOC or LOC orders that cannot be matched with 

other MOC or LOC, Close Eligible interest, or IO 

order shares. 

available orders at a price within or 

equal to the Benchmark Prices. Any 

unexecuted orders intended for the 

Closing Cross (i.e., MOC, LOC, and IO 

Orders), including those that fall outside 

of the Benchmark Prices, will be 

cancelled. This will be similar to the 

current standard Closing Cross 

functionality as described above. All 

other orders not executed in the LULD 

Closing Cross will be processed 

according to the entering firm’s 

instructions, consistent with the current 

LULD Closing Cross rule. 

The following illustrate how the 

proposed Benchmark Prices will be 

calculated: 

Example 1: Security Enters Trading 

Pause Prior to 3:50 p.m. 

Assume: 

Symbol ABC is a Tier 1 security 

Last sale/reference price: $100 

LULD price bands: $95 × $105 

NBBO updates to $94.50 × $95 

At 3:38 p.m., Symbol ABC enters a 

Trading Pause 

LULD Auction Collars calculated: 

Upper Collar: $105 

Lower Collar: $90.25 

At 3:43 p.m., due to a market order 

imbalance, the LULD halt cross will 

not occur and the LULD Auction 

Collars (1st extension) are 

calculated: 

Upper Collar: $105 

Lower Collar: $85.50 

At 3:48 p.m., due to a market order 

imbalance, the LULD halt cross will 

not occur and the LULD Auction 

Collars (2nd extension) are 

calculated: 

Upper Collar: $105 

Lower Collar: $80.75 

At 3:50 p.m., the security enters a LULD 

Closing Cross and the Benchmark 

Prices will be calculated: 

Upper Benchmark Price: $105 

Lower Benchmark Price: $72.68 

Here, the lower Auction Collar is the 

collar that was widened in the last 

dissemination of the LULD Auction 

Collars message, so the Benchmark 

Prices will be calculated from the last 

updated lower Auction Collar ($80.75). 

The threshold amount is 8.075 (10% of 

80.75 = 8.075), which is subtracted from 

the last updated Auction Collar 

(rounded to the nearest price increment) 

to calculate the lower Benchmark Price 

of 72.68 (80.75¥8.075 = 72.675) (i.e., 

72.68 when rounded to the nearest price 

increment). The upper Benchmark Price 

of $105 is equal to the last updated 

upper Auction Collar price that was 

disseminated with the lower Auction 

Collar price used to calculate the lower 

Benchmark Price. Thus, $72.68 is the 

lowest price at which the LULD Closing 

Cross can occur, and $105 is the highest 

price at which the cross can occur. 

Example 2: Security Enters Trading 

Pause After 3:50 p.m. 

Assume: 

Symbol ABC is a Tier 1 security 

Last sale/reference price: $100 

LULD price bands: $95 × $105 

NBBO updates to $94.50 × $95 

At 3:53 p.m., Symbol ABC enters a 

Trading Pause and will go through 

a LULD Closing Cross. 

The Benchmark Prices will be 

calculated: 

Upper Benchmark Price: $105 

Lower Benchmark Price: $85.50 

Here, the security entered a Limit Down 

triggered pause, so the Benchmark 

Prices will be calculated from the Lower 

LULD Band ($95). The threshold 

amount is 9.50 (10% of 95 = 9.50), 

which is subtracted from the Lower 

LULD Band to calculate the lower 

Benchmark Price of 85.50 (95 × 9.50 = 

85.50). The upper Benchmark Price of 

$105 is equal to the Upper LULD Band 

in place at the time the Trading Pause 

was triggered. Thus, $85.50 is the lowest 

price at which the LULD Closing Cross 

can occur, and $105 is the highest price 

at which the cross can occur. 

Execution Processing 

In connection with the changes 

proposed above to introduce price 

protections for the LULD Closing Cross, 

the Exchange proposes to amend the 

methodology for determining the LULD 

cross price. Specifically, the Exchange 

proposes the following in new 

paragraph (D) of Rule 4754(b)(6): 

(D)(i) The LULD Closing Cross will 

occur at the price within the benchmark 

prices established pursuant to paragraph 

(E) below (‘‘Benchmark Prices’’) that 

maximizes the number of shares of 

Eligible Interest in the Nasdaq Market 

Center to be executed. 

(ii) If more than one price exists under 

subparagraph (i), the LULD Closing 

Cross shall occur at the price within the 

Benchmark Prices that minimizes any 

Imbalance. 

(iii) If more than one price exists 

under subparagraph (ii), the LULD 

Closing Cross shall occur at the entered 

price within the Benchmark Prices at 

which shares will remain unexecuted in 

the cross. 

(iv) If there is no price within the 

Benchmark Prices that satisfies the 

above conditions, then the LULD 

Closing Cross shall occur at: 

(a) If an Imbalance exists, a price 

equal to the upper (lower) Benchmark 

Price for a buy (sell) Imbalance; or 

(b) if no Imbalance exists, a price that 

minimizes the distance from the last 

published Upper Band (Lower Band) for 

a Limit Up (Limit Down) Trading Pause. 

Today, the LULD Closing Cross price 

is determined by the same execution 

algorithm as currently used by the 

standard Closing Cross.17 As discussed 

below, the proposed execution 

algorithm retains many aspects of the 

standard cross methodology with 

certain intended differences. 

The first tiebreaker in new paragraph 

(D)(i) will be substantially similar to the 

existing tiebreaker in Rule 

4754(b)(2)(A),18 except that the 

proposed language will specify the 

LULD cross price must also fall within 

the proposed Benchmark Prices 

established pursuant to new paragraph 

(E) of Rule 4754(b)(6). In connection 

with this change, the Exchange also 

proposes to add a definition for 

‘‘Eligible Interest,’’ which is currently 

undefined in this Rule. Specifically, the 

Exchange proposes to add in new 

paragraph (A)(i) of Rule 4754(b)(6) that 

for purposes of the LULD Closing Cross 

rule, Eligible Interest shall have the 

same meaning as ‘‘Close Eligible 

Interest’’ in Rule 4754(a), with the 

addition of any new orders, with an 

eligible underlying Order Type and 

Attribute, entered during the Trading 

Pause. The proposed change reflects 

current system behavior, and indicates 

that there is an additional category of 

orders that may participate in the LULD 

Closing Cross (i.e., new incoming 

orders, with an eligible underlying 

Order Type and Attribute, entered 

during the Trading Pause), which are 

not fully applicable in the context of the 

standard close. The Exchange therefore 

believes that using the proposed 

definition throughout the LULD Closing 

Cross rule (instead of ‘‘Close Eligible 

Interest’’ as currently used in the 

standard Closing Cross) will better align 

the rule to the current operation of the 

system. 

The second tiebreaker in new 

paragraph (D)(ii) will be based on the 

same principle as the existing tiebreaker 

in Rule 4754(b)(2)(B) (i.e., to minimize 

the number of shares that cannot be 

matched in the cross).19 However, the 

new tiebreaker will specify that the 

LULD Closing Cross price must be 

within the proposed Benchmark Prices 


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20Rule 4754(b)(2)(C) currently provides that if 

more than one price exists under subparagraph (B), 

the Nasdaq Closing Cross shall occur at the entered 

price at which shares will remain unexecuted in the 

cross. 

21Rule 4754(b)(2)(D) currently provides that if 

more than one price exists under subparagraph (C), 

the Nasdaq Closing Cross shall occur at: A price 

that minimizes the distance from the System bidask midpoint at the time of the Nasdaq Closing 

Cross. 

22 ‘‘Early Order Imbalance Indicator’’ shall mean 

a message disseminated by electronic means 

containing the same information as the Order 

Imbalance Indicator, except that it will exclude 

information about indicative prices, as set forth in 

subparagraph (a)(7)(E) of Rule 4754. See Rule 

4754(a)(10). 23See Securities Exchange Act Release No. 85292 

(March 12, 2019), 84 FR 9848 (March 18, 2019) (SR– 

NASDAQ–2019–010). 

and at the price that minimizes any 

Imbalance, which will be defined in 

new paragraph (A)(ii) of Rule 4754(b)(6) 

as the number of shares of buy or sell 

MOC or LOC orders or Eligible Interest 

that cannot be matched with other 

MOC, LOC, or IO order shares or 

Eligible Interest at a particular price at 

any given time. The Exchange notes that 

the proposed change to state that the 

LULD cross price must minimize any 

Imbalance within the second tiebreaker 

is a corrective change to more accurately 

reflect how the system in the LULD 

Closing Cross currently behaves. 

Specifically, the change addresses that 

during a LULD Closing Cross, the 

Exchange considers all orders when 

calculating the Imbalance, whereas the 

standard Closing Cross considers orders 

specifically designated for participation 

in the Closing Cross (i.e., MOC, LOC, or 

IO orders). This reflects current system 

behavior, which automatically 

designates all orders (whether resting on 

the book, or new incoming orders 

entered during the cross) for 

participation in LULD Closing Cross. 

The third tiebreaker in new paragraph 

(D)(iii) will be substantially similar to 

the existing tiebreaker in Rule 

4754(b)(2)(C),20 except that the 

proposed language will specify the 

LULD cross price must also fall within 

the proposed Benchmark Prices. 

The fourth and final tiebreaker in new 

paragraph (D)(iv) will be used if there is 

no price within the proposed 

Benchmark Prices that satisfies the 

conditions described above in (D)(i)– 

(iii), and speaks to two possible 

outcomes. The first outcome is reached 

when an Imbalance exists, in which 

case the LULD cross price would be the 

upper (lower) Benchmark Price for a 

buy (sell) Imbalance. The Exchange 

believes that this outcome is the 

appropriate result in the presence of an 

Imbalance as it best reflects current 

market forces while also making it clear 

to market participants that the 

imbalance exists. The second outcome 

is reached when there is no Imbalance, 

in which case the LULD Closing Cross 

would occur at a price that minimizes 

the distance from the last published 

Upper Band (Lower Band) for a Limit 

Up (Limit Down) Trading Pause. This 

tiebreaker is similar to the existing 

tiebreaker in Rule 4754(b)(2)(D) 21 in 

that the price that minimizes the 

distance from the last published Upper 

or Lower Band is effectively considered 

the midpoint price for the LULD Closing 

Cross. Unlike the existing tiebreaker, 

which uses the price that minimizes the 

distance from the System bid-ask 

midpoint, the proposed tiebreaker will 

use the relevant LULD Band. The 

Exchange believes this is the more 

appropriate result because unlike a 

standard Closing Cross, there is no 

continuous market just prior to the 

execution of the LULD Closing Cross, so 

using the relevant LULD Band more 

accurately reflects current market 

conditions as opposed to the System 

bid-ask midpoint. 

Timing of LULD Closing Cross 

The Exchange also proposes to amend 

the LULD Closing Cross Rule to remove 

all provisions relating to extending the 

cross past 4:00 p.m. ET as this language 

will no longer be necessary with the 

changes proposed herein. In particular, 

the Exchange proposes to delete Rule 

4754(b)(6)(A)(iii) as this provision 

relates to how the Exchange would 

extend the time of the LULD Closing 

Cross. Further, the Exchange proposes 

to amend current Rule 4754(b)(6)(C)(iii) 

(renumbered to Rule 4754(b)(6)(D)(iii) 

[sic] under this proposal) to delete the 

last two sentences, which provide how 

certain new orders may be entered or 

modified after 4:00 p.m. ET. 

MOC/LOC/IO Order Handling 

The Exchange also proposes other 

aligning changes to the LULD Closing 

Cross that would more closely 

harmonize this process with the current 

standard Closing Cross. In Rule 

4754(b)(6)(C)(iii) (renumbered to Rule 

4754(b)(6)(D)(iii) [sic]), the Exchange 

proposes to remove the parenthetical 

that excludes MOC and LOC orders 

from being entered, modified, and 

cancelled in the LULD Closing Cross. 

The Exchange proposes to allow MOC 

and LOC orders to participate in the 

LULD Closing Cross in order to align 

with the regular Closing Cross where 

such orders may participate pursuant to 

Rules 4702(b)(11) and 4702(b)(12). The 

Exchange similarly proposes to allow IO 

orders to participate in the LULD 

Closing Cross in the same manner as in 

the regular Closing Cross (i.e., pursuant 

to Rule 4702(b)(13)). Accordingly, the 

Exchange will add that MOC, LOC and 

IO orders may be entered, modified, and 

cancelled pursuant to Rules 4702(b)(11), 

4702(b)(12) and 4702(b)(13). The 

Exchange will also delete current Rule 

4754(b)(6)(C)(i), which sets forth special 

handling instructions for MOC, LOC, 

and IO orders in an LULD Closing Cross. 

In particular, this Rule stipulates that in 

the event of an LULD Closing Cross, 

MOC, LOC and IO orders intended for 

the closing cross entered into the system 

and placed on the book prior to the 

Trading Pause will remain on the book 

to participate in the LULD Closing 

Cross, and that such orders may not be 

modified or cancelled. With the 

proposed changes to allow MOC, LOC, 

and IO orders to participate in the LULD 

Closing Cross in the same way as a 

standard Closing Cross, this provision is 

no longer necessary. 

Net Order Imbalance Indicator 

The Exchange proposes to amend 

Rule 4754(b)(6)(B), which governs the 

Net Order Imbalance Indicator (‘‘NOII’’) 

message for the LULD Closing Cross and 

disseminates information about MOC, 

LOC, IO, and Close Eligible Interest and 

the price at which those orders would 

execute at the time of dissemination. 

The Rule currently provides that Nasdaq 

shall continue disseminating the NOII 

every second until After Hours Trading 

begins. The Exchange notes, however, 

that it recently updated its Closing Cross 

to allow for the dissemination of 

abbreviated NOII data (i.e., Early Order 

Imbalance Indicator) 22 every 10 seconds 

between 3:50 p.m. ET and 3:55 p.m. ET, 

which would be followed by the 

dissemination of regular NOII data 

between 3:55 and market close.23 This 

change should have been reflected in 

the LULD Closing Cross rule in Rule 

4754(b)(6)(B) as well. Accordingly, the 

Exchange proposes to amend the Rule to 

more accurately reflect current System 

behavior, and provide that Nasdaq shall 

continue disseminating the NOII 

pursuant to Rule 4754(b)(1) until After 

Hours Trading begins. 

The Rule also indicates that the NOII 

message displays the Near Price, Far 

Price, and Reference Prices, which all 

currently represent the price at which 

the LULD Closing Cross would execute 

should the cross conclude at that time. 

With the proposed changes to 

implement the new Benchmark Prices, 

the Near Price and Reference Price will 

both represent the price at which the 

LULD Closing Cross would execute, 

bounded by the Benchmark Prices, at 


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12508 Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 

24See Securities Exchange Act Release No. 79876 

(January 25, 2017), 82 FR 8888 (January 31, 2017) 

(SR–NASDAQ–2016–131). 

25See Securities Exchange Act Release No. 75252 

(June 22, 2015), 80 FR 36865 (June 26, 2015) (SR– 

NASDAQ–2015–024). 

26 15 U.S.C. 78f(b). 

27 15 U.S.C. 78f(b)(5). 

the time of dissemination. The Far Price 

will represent the price at which the 

LULD Closing Cross would execute if 

the cross were not bounded by the 

Benchmark Prices. The Far Price will be 

different from the Near Price and 

Reference Price to indicate that not all 

marketable orders can be filled within 

the Benchmark Prices. To effect this 

change, Rule 4754(b)(6)(B) will be 

amended to provide that the Near Price 

and Reference Prices contained in the 

NOII will represent the price at which 

the LULD Closing Cross would execute 

should the cross conclude at that time, 

and the Far Price will represent the 

price at which Eligible Interest would 

execute. 

Corrective Changes 

The Exchange proposes a corrective 

change in Rule 4754(b)(6)(A)(i), which 

currently contains language relating to 

Trading Pauses ‘‘triggered’’ at or after 

3:50 and before 4:00 p.m. The Exchange 

previously amended paragraph (b)(6) of 

Rule 4754 in 2017 to provide that the 

cross is employed when a Trading Pause 

exists at or after 3:50 and before 4:00 

p.m., but inadvertently did not make a 

similar change in paragraph (b)(6)(A)(i) 

of this Rule.24 The Exchange now 

proposes to amend this provision 

accordingly. 

Lastly, the Exchange proposes to 

update obsolete cross-cites to Rule 4751 

within Rules 4756(c)(3)(B) and 4763(b). 

Rule 4751 was previously relocated as 

part of a prior rule filing, so the 

proposed changes will update the 

obsolete references to their current 

locations in the Rulebook.25

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,26 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,27

in particular, in that it 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. 

The Exchange believes that its 

proposal will promote just and equitable 

principles of trade because it will 

implement price protections for the 

LULD Closing Cross that are similar to 

the protections used today for the 

standard Closing Cross. As explained 

above, the Exchange currently calculates 

and applies a price threshold range 

within which the standard Closing 

Cross must execute. The Exchange 

believes that this mechanism has been 

effective in facilitating a fair and orderly 

price discovery process at the close, and 

ensuring that the cross price derived 

does not exceed a price reasonably tied 

to the prevailing market at the time. The 

Exchange has therefore determined to 

apply similar protections for the LULD 

Closing Cross. The Exchange believes 

that its proposal will benefit members 

and investors by facilitating price 

discovery. Additionally, introducing 

price protections to the LULD Closing 

Cross in the manner discussed above 

will further harmonize the Exchange’s 

LULD and standard Closing Cross 

processes, thereby promoting a more 

consistent experience for members and 

investors, and reducing any potential 

confusion regarding Nasdaq’s closing 

processes. The Exchange believes that 

calculating price thresholds associated 

with the LULD band that triggered the 

Trading Pause as discussed above will 

ensure that the LULD Closing Cross 

executes at a reasonable level relative to 

the last disseminated LULD Auction 

Collar, or the LULD band itself, thereby 

mitigating price dislocations in the 

cross. The Exchange also believes that 

allowing members to enter, modify and 

cancel new MOC, LOC and IO orders 

pursuant to Rules 4702(b)(11), 

4702(b)(12), and 4702(b)(13) in the 

LULD Closing Cross will keep these 

close order type functionality consistent 

with the standard close behavior, and 

will facilitate a more efficient closing 

auction by allowing additional interest 

to participate in the close. 

The Exchange believes that the 

amended execution algorithm for the 

LULD Closing Cross is consistent with 

the Act because it is substantially 

similar to the execution logic that is 

used for the cross today, with certain 

intended differences. The proposed 

tiebreakers in new paragraphs (D)(i)–(iii) 

of Rule 4754(b)(6) are designed to 

preserve to the extent possible the 

current tiebreakers in paragraphs 

(B)(2)(A)–(C) of Rule 4754(b)(2) while 

accommodating the proposed 

Benchmark Prices. The proposed 

changes to add the definitions of 

Eligible Interest and Imbalance as used 

in the proposed first and second 

tiebreakers are consistent with the 

protection of investors and the public 

interest because these changes will more 

accurately describe how the LULD 

Closing Cross price will be determined 

pursuant to the tiebreakers in proposed 

Rule 4754(b)(6)(A) and (B). As it relates 

to the fourth tiebreaker proposed in new 

paragraph (D)(iv) of Rule 4754(b)(6), the 

Exchange believes that using the 

Benchmark Price in the presence of an 

Imbalance is appropriate and best 

reflects current market forces while also 

making it clear to market participants 

that the Imbalance exists. The Exchange 

also believes that using the price that 

minimizes the distance from the last 

published LULD Band more accurately 

reflects current market conditions as 

opposed to using the existing tiebreaker 

based on the System bid-ask midpoint 

as there is no continuous market just 

prior to the execution of the LULD 

Closing Cross. 

With respect to not extending a LULD 

Closing Cross past 4:00 p.m. ET, the 

Exchange believes that the clarity that 

comes from requiring that the LULD 

Closing Cross occur at 4:00 p.m. ET will 

help reduce uncertainty for members 

participating in the cross. While the 

Exchange recognizes the reasons for 

extending the LULD Closing Cross may 

exist where there are unmatched market 

orders or dramatic price movements 

during the cross, the Exchange believes 

based on its experience with the cross 

that these concerns are outweighed by 

the importance of providing members 

and the investing public with a 

definitive market close and a NOCP at 

4:00 p.m. ET. Taken together with the 

proposed price thresholds, the Exchange 

believes that the LULD Closing Cross 

process, as amended, will reduce 

unnecessary confusion by providing 

certainty that the LULD Closing Cross 

will occur at a specified time, and will 

occur at a price that is reasonably based 

on current market conditions. 

The Exchange also believes that it is 

appropriate to amend Rule 4754(b)(6)(B) 

to specify the contents of the NOII 

message for LULD Closing Cross. The 

proposed changes will bring greater 

transparency around what information 

is disseminated for the LULD Closing 

Cross, and is therefore consistent with 

the public interest and the protection of 

investors. 

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. Today, the 

standard Nasdaq Closing Cross provides 

a transparent auction process for 

executing member interest at the close. 

The proposed rule change is designed to 

further align the Exchange’s LULD 

Closing Cross with the standard Closing 

Cross to promote a more consistent 


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Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices 12509 

28 17 CFR 200.30–3(a)(12). 

experience for members and investors, 

and reducing any potential confusion 

regarding Nasdaq’s closing processes. 

Further, the proposed changes will 

allow additional interest (i.e., new 

MOC, LOC, and IO orders) to participate 

in the LULD Closing Cross, and thereby 

provide a more efficient process for 

executing closing interest, and 

enhancing price discovery during the 

close. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2021–009 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–2021–009. 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 website (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 website 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2021–009 and 

should be submitted on or before March 

24, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04307 Filed 3–2–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16882 and #16883; 

Oklahoma Disaster Number OK–00145] 

Presidential Declaration of a Major 

Disaster for the State of Oklahoma 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of Oklahoma 

(FEMA–4587–DR), dated 02/24/2021. 

Incident: Severe Winter Storms. 

Incident Period: 02/08/2021 through 

02/20/2021. 

DATES: Issued on 02/24/2021. 

Physical Loan Application Deadline 

Date: 04/26/2021. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 11/24/2021. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

02/24/2021, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): Canadian, 

Carter, Cherokee, Comanche, 

Cotton, Hughes, Jefferson, Le Flore, 

Mcintosh, Oklahoma, Okmulgee, 

Osage, Pittsburg, Stephens, Tulsa, 

Wagoner. 

Contiguous Counties (Economic Injury 

Loans Only): 

Oklahoma: Adair, Atoka, Blaine, 

Caddo, Cleveland, Coal, Creek, 

Delaware, Garvin, Grady, Haskell, 

Johnston, Kay, Kingfisher, Kiowa, 

Latimer, Lincoln, Logan, Love, 

Marshall, Mayes, McClain, 

McCurtain, Murray, Muskogee, 

Noble, Okfuskee, Pawnee, Pontotoc, 

Pottawatomie, Pushmataha, Rogers, 

Seminole, Sequoyah, Tillman, 

Washington. 

Arkansas: Polk, Scott, Sebastian. 

Kansas: Chautauqua, Cowley. 

Texas: Clay, Montague, Wichita. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ...................... 2.500 

Homeowners without Credit 

Available Elsewhere .............. 1.250 

Businesses with Credit Available Elsewhere ...................... 6.000 

Businesses without Credit 

Available Elsewhere .............. 3.000 

Non-Profit Organizations with 

Credit Available Elsewhere ... 2.000 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.000 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives without Credit 

Available Elsewhere 3.000 

Non-Profit Organizations without 

Credit Available Elsewhere 2.000 

The number assigned to this disaster 

for physical damage is 16882 7 and for 

economic injury is 16883 0. 


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