88464 Federal Register / Vol. 88, No. 244 / Thursday, December 21, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed 

pricing changes on November 28, 2023 (SR– 

NASDAQ–2023–050). On December 5, 2023, the 

Exchange withdrew that filing and submitted this 

filing. 

4 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an 

interface that allows Market Makers to connect, 

send, and receive messages related to quotes and 

Immediate-or-Cancel Orders into and from the 

Exchange. Features include the following: (1) 

options symbol directory messages (e.g., underlying 

instruments); (2) system event messages (e.g., start 

of trading hours messages and start of opening); (3) 

trading action messages (e.g., halts and resumes); (4) 

execution messages; (5) quote messages; (6) 

Immediate-or-Cancel Order messages; (7) risk 

protection triggers and purge notifications; and (8) 

opening imbalance messages. The SQF Purge 

Interface only receives and notifies of purge 

requests from the Market Maker. Market Makers 

may only enter interest into SQF in their assigned 

options series. Immediate-or-Cancel Orders entered 

into SQF are not subject to the Order Price 

Protection, Market Order Spread Protection, or Size 

Limitation in Options 3, Section 15(a)(1) and (a)(2), 

and (b)(2), respectively. See Options 3, Section 

7(e)(1)(B). 

5SQF Purge is a specific port for the SQF 

interface that only receives and notifies of purge 

requests from the NOM Market Maker. 

6The Exchange also proposes a technical 

amendment to remove an extraneous period in 

Options 7, Section 3 in the second paragraph. 

7See NOM Options 2, Sections 4 and 5. 

8For example, a NOM Market Maker may desire 

to utilize multiple SQF Ports for accounting 

purposes, to measure performance, for regulatory 

reasons or other determinations that are specific to 

that NOM Participant. 

9NOM Market Makers have various regulatory 

requirements as provided for in Options 2, Section 

4. Additionally, NOM Market Makers have certain 

quoting requirements with respect to their assigned 

options series as provided in Options 2, Section 5. 

The Exchange notes that SQF Ports are the only 

quoting protocol available on NOM and only NOM 

Market Makers may utilize SQF Ports. The same is 

true for SQF Purge Ports. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 

12NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

Dated: December 18, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–28116 Filed 12–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99187; File No. SR– 

NASDAQ–2023–054] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Options 7, Section 3 

December 15, 2023. 

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 December 

5, 2023, The Nasdaq Stock Market LLC 

(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend The 

Nasdaq Options Market LLC’s (‘‘NOM’’) 

Rules at Options 7, Section 3, Nasdaq 

Options Market—Ports and Other 

Services.3

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 Exchange proposes to amend 

Options 7, Section 3, Nasdaq Options 

Market—Ports and Other Services. 

Specifically, the Exchange proposes to 

amend Options 7, Section 3(i) to 

increase the per port, per month SQF 

Port 4 and SQF Purge 5 Port Fees for all 

ports over 20 ports (21 and above) from 

$500 to $750.6

Today, NOM assesses SQF Ports and 

SQF Purge Ports a per port, per month 

fee based on a tiered fee schedule. 

Specifically, NOM assesses an SQF Port 

and an SQF Purge Port fee of $1,500 per 

port, per month for the first 5 ports (1– 

5), a $1,000 per port, per month fee for 

the next 15 ports (6–20), and a $750 per 

port, per month fee for all ports over 20 

ports (21 and above). 

The Exchange proposes to amend the 

per port, per month fee for SQF Ports 

and SQF Ports above 20 ports (21 and 

above) from $500 to $750 per port, per 

month. The Exchange is not amending 

the SQF Port and SQF Purge Port fees 

for ports below 20 ports. SQF Ports and 

SQF Purge Ports over 20 ports are 

unnecessary for a NOM Market Maker to 

fulfill its regulatory requirements.7 A 

NOM Market Maker requires only one 

SQF Port to submit quotes in its 

assigned options series into NOM. A 

NOM Market Maker may submit all 

quotes through one SQF Port and utilize 

one SQF Purge Port to view its purge 

requests. While a NOM Market Maker 

may elect to obtain multiple SQF Ports 

and SQF Purge Ports to organize its 

business,8 only one SQF Port and SQF 

Purge Port is necessary for a NOM 

Market Maker to fulfill its regulatory 

quoting obligations.9

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,11 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange’s proposed pricing 

change to increase fees for certain SQF 

Ports and SQF Purge Ports is reasonable 

in several respects. As a threshold 

matter, the Exchange is subject to 

significant competitive forces in the 

market for options securities transaction 

services that constrain its pricing 

determinations in that market. The fact 

that this market is competitive has long 

been recognized by the courts. In 

NetCoalition v. Securities and Exchange 

Commission, the D.C. Circuit stated as 

follows: ‘‘[n]o one disputes that 

competition for order flow is ‘fierce.’ 

. . . As the SEC explained, ‘[i]n the U.S. 

national market system, buyers and 

sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’ 12

The Commission and the courts have 

repeatedly expressed their preference 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 244 / Thursday, December 21, 2023 / Notices 88465 

13Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

14See NOM Options 2, Sections 4 and 5. 

15For example, a NOM Market Maker may desire 

to utilize multiple SQF Ports for accounting 

purposes, to measure performance, for regulatory 

reasons or other determinations that are specific to 

that Participant. 16 15 U.S.C. 78s(b)(3)(A)(ii). 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 13

Numerous indicia demonstrate the 

competitive nature of this market. 

Within this environment, market 

participants can freely and often do shift 

their order flow among the Exchange 

and competing venues in response to 

changes in their respective pricing 

schedules. 

The Exchange believes that increasing 

the fee for SQF Ports and SQF Purge 

Ports over 20 ports (21 and above) from 

$500 to $750 per port, per month is 

reasonable because SQF Ports and SQF 

Purge Ports over 20 ports are 

unnecessary for a NOM Market Maker to 

fulfill its regulatory requirements.14 A 

NOM Market Maker requires only one 

SQF Port to submit quotes in its 

assigned options series into NOM. A 

NOM Market Maker may submit all 

quotes through one SQF Port and utilize 

one SQF Purge Port to view its purge 

requests. While a NOM Market Maker 

may elect to obtain multiple SQF Ports 

and SQF Purge Ports to organize its 

business,15 only one SQF Port and SQF 

Purge Port is necessary for a NOM 

Market Maker to fulfill its regulatory 

quoting obligations. 

The Exchange believes that increasing 

the fee for SQF Ports and SQF Purge 

Ports over 20 ports (21 and above) from 

$500 to $750 per port, per month is 

equitable and not unfairly 

discriminatory because all NOM Market 

Makers would be assessed the same fees 

for SQF Ports and SQF Purge Ports to 

the extent that these NOM Market 

Makers have subscribed to more than 20 

SQF Ports or SQF Purge Ports. NOM 

Market Makers are the only market 

participants that are assessed SQF Port 

and SQF Purge Port fees because they 

are the only market participants that are 

permitted to quote on the Exchange. 

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. 

Intermarket Competition 

The proposal does not impose an 

undue burden on intermarket 

competition. The Exchange believes its 

proposal remains competitive with 

other options markets who also offer 

order entry protocols. The Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive. In such 

an environment, the Exchange must 

continually adjust its fees to remain 

competitive with other exchanges. 

Because competitors are free to modify 

their own fees in response, and because 

market participants may readily adjust 

their order routing practices, the 

Exchange believes that the degree to 

which fee changes in this market may 

impose any burden on competition is 

extremely limited. 

Intramarket Competition 

The Exchange believes that increasing 

the fee for SQF Ports and SQF Purge 

Ports over 20 ports (21 and above) from 

$500 to $750 per port, per month does 

not impose an undue burden on 

competition because all NOM Market 

Makers would be assessed the same fees 

for SQF Ports and SQF Purge Ports to 

the extent that these NOM Market 

Makers have subscribed to more than 20 

SQF Ports or SQF Purge Ports. NOM 

Market Makers are the only market 

participants that are assessed SQF Port 

and SQF Purge Port fees because they 

are the only market participants that are 

permitted to quote on the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.16

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–054 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–2023–054. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 


khammond on DSKJM1Z7X2PROD with NOTICES
88466 Federal Register / Vol. 88, No. 244 / Thursday, December 21, 2023 / Notices 

17 17 CFR 200.30–3(a)(12). 

submissions should refer to file number 

SR–NASDAQ–2023–054 and should be 

submitted on or before January 11, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–28039 Filed 12–20–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20131 and #20132; 

Tennessee Disaster Number TN–20009] 

Presidential Declaration of a Major 

Disaster for the State of Tennessee 

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 Tennessee 

(FEMA–4751–DR), dated 12/13/2023. 

Incident: Severe Storms and 

Tornadoes. 

Incident Period: 12/09/2023. 

DATES: Issued on 12/13/2023. 

Physical Loan Application Deadline 

Date: 02/12/2024. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 09/13/2024. 

ADDRESSES: Visit the MySBA Loan 

Portal at https://lending.sba.gov to 

apply for a disaster assistance loan. 

FOR FURTHER INFORMATION CONTACT: 

Alan Escobar, Office of Disaster 

Recovery & Resilience, 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 

12/13/2023, applications for disaster 

loans may be submitted online using the 

MySBA Loan Portal https://

lending.sba.gov or other locally 

announced locations. Please contact the 

SBA disaster assistance customer 

service center by email at 

disastercustomerservice@sba.gov or by 

phone at 1–800–659–2955 for further 

assistance. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): Davidson, 

Dickson, Montgomery, Sumner. 

Contiguous Counties (Economic Injury 

Loans Only): 

Tennessee: Cheatham, Hickman, 

Houston, Humphreys, Macon, 

Robertson, Rutherford, Stewart, 

Trousdale, Williamson, Wilson 

Kentucky: Christian, Simpson, Allen, 

Todd 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ...................... 5.375 

Homeowners without Credit 

Available Elsewhere .............. 2.688 

Businesses with Credit Available Elsewhere ...................... 8.000 

Businesses without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations with 

Credit Available Elsewhere ... 3.250 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 3.250 

For Economic Injury: 

Business and Small Agricultural 

Cooperatives without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 3.250 

The number assigned to this disaster 

for physical damage is 20131C and for 

economic injury is 201320. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Francisco Sa ́nchez, Jr., 

Associate Administrator, Office of Disaster 

Recovery & Resilience. 

[FR Doc. 2023–28150 Filed 12–20–23; 8:45 am] 

BILLING CODE 8026–09–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2023–0046] 

Privacy Act of 1974; Matching Program 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of a new matching 

program. 

SUMMARY: In accordance with the 

provisions of the Privacy Act, as 

amended, this notice announces a new 

matching program with Office of 

Personnel Management (OPM). This 

matching program sets forth the terms, 

conditions, and safeguards under which 

SSA uses identifying information (e.g., 

name, Social Security number (SSN), 

and date of birth) concerning United 

States Postal Service (Postal Service) 

annuitants and their family members as 

part of a process to verify eligibility to 

enroll in Medicare Part B during the 

Postal Service Reform Act of 2022 

(PSRA) Medicare special enrollment 

period (SEP). 

DATES: Submit comments on the 

proposed matching program no later 

than January 22, 2024. 

The matching program will be 

applicable on January 20, 2024, or once 

a minimum of 30 days after publication 

of this notice has elapsed, whichever is 

later. The matching program will be in 

effect for a period of 9 months. 

ADDRESSES: You may submit comments 

by any one of three methods—internet, 

fax, or mail. Do not submit the same 

comments multiple times or by more 

than one method. Regardless of which 

method you choose, please state that 

your comments refer to Docket No. 

SSA–2023–0046 so that we may 

associate your comments with the 

correct regulation. CAUTION: You 

should be careful to include in your 

comments only information that you 

wish to make publicly available. We 

strongly urge you not to include in your 

comments any personal information, 

such as Social Security numbers or 

medical information. 

1. Internet: We strongly recommend 

that you submit your comments via the 

internet. Please visit the Federal 

eRulemaking portal at http://

www.regulations.gov. Use the Search 

function to find docket number SSA– 

2023–0046 and then submit your 

comments. The system will issue you a 

tracking number to confirm your 

submission. You will not be able to 

view your comment immediately 

because we must post each submission 

manually. It may take up to a week for 

your comments to be viewable. 

2. Fax: Fax comments to (410) 966– 

0869. 

3. Mail: Matthew Ramsey, Executive 

Director, Office of Privacy and 

Disclosure, Office of the General 

Counsel, Social Security 

Administration, 6401 Security 

Boulevard, Baltimore, MD 21235–6401, 

or emailing Matthew.Ramsey@ssa.gov. 

Comments are also available for public 

viewing on the Federal eRulemaking 

portal at http://www.regulations.gov or 

in person, during regular business 

hours, by arranging with the contact 

person identified below. 

FOR FURTHER INFORMATION CONTACT: 

Interested parties may submit general 

questions about the matching program 

to Cynthia Scott, Division Director, 

Office of Privacy and Disclosure, Office 

of the General Counsel, Social Security 

Administration, 6401 Security 

Boulevard, Baltimore, MD 21235–6401, 

at telephone: (410) 965–1416, or send an 

email to Cynthia.Scott@ssa.gov. 


khammond on DSKJM1Z7X2PROD with NOTICES