7052 Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices 

18See supra note 3. 

19Section 19(b)(2) of the Act, as amended by the 

Securities Act Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Act Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 

20 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

submissions of their views, data, and 

arguments with respect to the proposal 

summarized above and information 

described in the Notice,18 as well as any 

other concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with Section 

6(b)(5) or any other provision of the Act, 

or the rules and regulations thereunder. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.19

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposal should be approved or 

disapproved by March 2, 2015. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by March 16, 2015. 

The Commission asks that 

commenters address the sufficiency and 

merit of the Exchange’s and 

commenter’s statements in support of 

the proposal, in addition to any other 

comments they may wish to submit 

about the proposed rule change. In 

particular, the Commission seeks 

comment on the following: 

1. Does the Notice contain sufficient 

information about the Fund’s proposed 

investments in ABS for commenters to 

evaluate the liquidity and transparency 

of the underlying markets for those 

ABS? 

2. What are commenters’ views on the 

liquidity of the Fund’s proposed 

holdings in ABS? What are commenters’ 

views on pricing transparency in the 

market for these ABS? Does the pricing 

transparency vary for investors, market 

makers, and other market participants? 

If so, how and why? 

3. The Exchange states that, because 

the preponderance of the Fund’s 

investments in ABS will be in 

investment-grade instruments, ‘‘the 

Adviser does not expect that the 

proposed additional investments in ABS 

that are not mortgage-related will 

expose the Fund to additional liquidity 

risk.’’ Do commenters agree? Why or 

why not? 

4. Do commenters believe that the 

proposal to increase the Fund’s holdings 

in ABS would have any effect on the 

arbitrage mechanism with respect to the 

Fund? If so, what effect and why? If not, 

why not? Do commenters believe that 

the proposed change in the Fund’s 

investments would have any effect on 

market pricing of the Fund relative to its 

net asset value? Why or why not? 

5. What are commenters’ views on 

whether the Fund’s proposal to increase 

its ABS holdings would affect the ability 

of market makers to make markets in the 

Shares of the Fund? 

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–2014–107 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 

Numbers SR–NYSEArca–2014–107. 

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 these 

filings 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– 

NYSEArca–2014–107 and should be 

submitted on or before March 2, 2015. 

Rebuttal comments should be submitted 

by March 16, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–02512 Filed 2–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74190; File No. SR– 

NASDAQ–2015–006] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify the 

List of Securities Eligible for the Select 

Symbol Program Under Rule 7018(a)(4) 

February 3, 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 January 

27, 2015, The NASDAQ Stock Market 

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

with the Securities and Exchange 

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

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to modify the 

list of securities eligible for the Select 

Symbol program under Rule 7018(a)(4). 

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 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices 7053 

3Securities Exchange Act Release No. 73967 

(December 30, 2014), 80 FR 594 (January 6, 2015) 

(SR–NASDAQ–2014–128) 

4 15 U.S.C. 78f. 

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

6 15 U.S.C. 78s(b)(3)(a)(ii). 

7 17 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. 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). 

10For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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 replace the security of a 

company that is eligible for reduced fees 

under the Select Symbol program under 

Rule 7018(a)(4). NASDAQ recently 

adopted the Select Symbol program,3

which provides lower execution fees for 

a select group of securities where access 

fees may be discouraging the use of 

public markets. NASDAQ is 

implementing the program on February 

2, 2015. Since filing the program with 

the Commission, one symbol included 

in the program no longer exists because 

the company was acquired by another 

company. Specifically, Avanir 

Pharmaceuticals, Inc. (AVNR) was 

recently acquired by Otsuka 

Pharmaceutical Co., Ltd., and was 

suspended from trading on NASDAQ on 

January 14, 2015. Accordingly, 

NASDAQ is proposing to replace AVNR 

with Micron Technology, Inc. (MU), 

which has similar off-exchange trading 

and other attributes as other Select 

Symbol securities in the program. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6 of the Act,4 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,5 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest; and is not designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

Specifically, the proposed change 

furthers these objectives because it 

replaces a Select Symbol security that 

no longer exists with another security 

that has similar attributes. Removal of 

the Select Symbol security from the 

program will serve to avoid any investor 

confusion concerning trading in a 

security that no longer exists. Adding a 

replacement security to the list of 

symbols eligible for the reduced 

transaction fees of the program ensures 

that the program has an adequate 

number of securities on which the 

Exchange may gather data as part of its 

analysis of the impact of reducing fees 

on exchange trading. The Exchange 

notes that, in selecting the replacement 

security, it applied the same eligibility 

criteria as it did in selecting the current 

symbols eligible for the program. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

Specifically, the change does not alter 

the meaning or application of the fees 

and credits provided under Rule 

7018(a)(4), but rather affects only which 

securities are included in the Select 

Symbol program. The Select Symbol 

program is designed to benefit market 

quality and ultimately, price 

competition among market participants 

on the Exchange, and the proposed 

change to the program furthers those 

goals. Accordingly, the proposed change 

does not place any burden on 

competition. 

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)(ii) of the Act 6 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.7

A proposed rule change filed under 

Rule 19b–4(f)(6) 8 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),9 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

NASDAQ may remove AVNR from the 

list of Select Symbols and add MU 

immediately. The Commission believes 

that waiving the 30-day operative delay 

is consistent with the protection of 

investors and the public interest 

because it will allow NASDAQ to 

remove a company that no longer exists 

from the Select Symbols immediately, 

and add another company that meets 

the same criteria as the other companies 

in the Select Symbols, enabling 

NASDAQ to implement the program 

with a full complement of securities. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change to 

be operative upon filing with the 

Commission.10

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 

mstockstill on DSK4VPTVN1PROD with NOTICES

7054 Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4)(ii). 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2015–006 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2015–006. 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 

offices 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–2015–006, and should be 

submitted on or before March 2, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–02498 Filed 2–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74191; File No. SR–CME– 

2015–003] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Change to 

CME Rule 814 To Clarify Certain 

Operational Details Regarding Current 

CME Settlement Cycles 

February 3, 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 January 

21, 2015, Chicago Mercantile Exchange 

Inc. (‘‘CME’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II and III, 

below, which Items have been prepared 

primarily by CME. CME filed the 

proposal pursuant to Section 19(b)(3)(A) 

of the Act,3 and Rule 19b–4(f)(4)(ii) 4

thereunder, so that the proposal was 

effective upon filing with the 

Commission. 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 

CME is filing a proposed rule change 

that is limited to its business as a 

derivatives clearing organization 

(‘‘DCO’’). More specifically, the 

proposed change would amend the text 

of current CME Rule 814 to clarify 

certain operational details regarding 

current CME settlement cycles. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

CME included statements concerning 

the purpose 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. CME 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 

CME is registered as a derivatives 

clearing organization with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) and currently 

offers clearing services for many 

different futures and swaps products. 

With this filing, CME proposes to make 

rulebook changes that are limited to its 

business clearing futures and swaps 

under the exclusive jurisdiction of the 

CFTC. More specifically, the proposed 

changes would amend the text of 

current CME Rule 814 to clarify certain 

operational details regarding current 

CME settlement cycles. 

The first proposed change to CME 

Rule 814 would add further detail 

regarding the settlement cycle for 

commodity contracts that are options. 

The current version of Rule 814 is silent 

on the settlement cycle for commodity 

contracts that are options, and so 

additional language is proposed to 

ensure that the market is aware that 

settlement of option value operates 

differently than settlement for nonoption commodity contracts. The 

proposed rule change is consistent with 

the current settlement process so no 

operational changes are needed to 

implement the proposed rules. The 

second proposed change is to amend 

Rule 814 so that it explicitly reflects the 

fact that the current CME settlement 

process results in outstanding exposures 

being settled to zero fair value during 

each settlement cycle. The third 

proposed change is to add further clarity 

regarding settlement finality at the CME 

clearing house. Lastly, certain terms in 

the Rule 814 text are being modified in 

order to provide additional clarity to the 

marketplace and regulators. As 

described above, none of these revisions 

would change any aspect of current 

operations but, rather, would merely 

clarify certain operational details of the 

clearing cycle currently in place in the 

text of Rule 814. 

The proposed rule change that is 

described in this filing is limited to 

CME’s business as a derivatives clearing 

organization clearing products under 

the exclusive jurisdiction of the CFTC. 

CME has not cleared security based 

swaps and does not plan to and 

therefore the proposed rule change does 

not impact CME’s security-based swap 

clearing business in any way. The 

proposed rule change will become 

effective immediately. CME notes that it 

has also submitted the proposed rule 

change that is the subject of this filing 

mstockstill on DSK4VPTVN1PROD with NOTICES