8742 Federal Register / Vol. 80, No. 32 / Wednesday, February 18, 2015 / Notices 

10 15 U.S.C. 78o–3(b)(11). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(6). 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. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA also believes that 

the proposed rule change is consistent 

with the provisions of Section 

15A(b)(11) of the Act.10 Section 

15A(b)(11) requires that FINRA rules 

include provisions governing the form 

and content of quotations relating to 

securities sold otherwise than on a 

national securities exchange which may 

be distributed or published by any 

member or person associated with a 

member, and the persons to whom such 

quotations may be supplied. 

FINRA believes that the extension of 

the Tier Size Pilot for an additional 

three months is consistent with the Act 

in that it would provide the 

Commission and FINRA with additional 

time to determine whether the pilot tiers 

should be made permanent. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA 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. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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) of the Act 11 and Rule 19b– 

4(f)(6) thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) 13 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),14 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. 

FINRA has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The 

Commission believes that waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest because such waiver will allow 

the pilot program to continue without 

interruption. Therefore, the Commission 

designates the proposal operative upon 

filing.15

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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml ); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

FINRA–2015–002 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–FINRA–2015–002. 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 St. NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of FINRA. 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–FINRA– 

2015–002, and should be submitted on 

or before March 11, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03224 Filed 2–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74253; File No. SR–CBOE– 

2015–014) 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fees 

Schedule 

February 11, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

2, 2015, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘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 


emcdonald on DSK67QTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 32 / Wednesday, February 18, 2015 / Notices 8743 

3See Securities Exchange Act Release No. 73832 

(December 12, 2014), 79 FR 243 (December 18, 

2014) (SR–CBOE–2014–092). 

4 15 U.S.C. 78f(b). 

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

6 15 U.S.C. 78f(b)(4). 

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 its 

Fees Schedule. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http://

www.cboe.com/AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 make a 

number of changes to its Fees Schedule, 

effective February 2, 2015. 

Removal of Outdated References 

First, the Exchange notes that it no 

longer lists Credit Default Options or 

Credit Default Basket Options. As such, 

the Exchange proposes to delete from 

the Fees Schedule all references to these 

options, as such references are no longer 

necessary and are obsolete. 

The Exchange also proposes to 

eliminate outdated references to 

‘‘CBSX.’’ On April 30, 2014, the CBOE 

Stock Exchange (‘‘CBSX’’), formerly a 

stock trading facility of CBOE, ceased 

trading operations. On August 7, 2014, 

the status of any remaining CBSX 

Trading Permit Holders was terminated. 

Accordingly, references to ‘‘CBSX’’ are 

now obsolete and therefore unnecessary 

to maintain in the Fees Schedule. The 

Exchange proposes to remove all such 

references to maintain clarity in the 

Fees Schedule and avoid potential 

confusion. 

References to ‘‘Underlying Symbol List 

A’’ 

On December 1, 2014, the Exchange 

revised its Fees Schedule to define a list 

of certain proprietary products that is 

often collectively excluded or included 

in various fees and fee programs.3

Specifically, the Exchange adopted the 

term ‘‘Underlying Symbol List A’’ to 

refer the following products: OEX, XEO, 

SPX (including SPXw), SPXpm, SRO, 

VIX, VXST, VOLATILITY INDEXES and 

binary options. Although a number of 

references to these options were 

replaced by the new term when first 

adopted, the Exchange inadvertently did 

not replace all references to this list 

with ‘‘Underlying Symbol List A.’’ In 

order to maintain consistency through 

the Fees Schedule, the Exchange now 

seeks to replace all remaining references 

to the abovementioned list of products 

with the term ‘‘Underlying Symbol List 

A.’’ 

PULSe Workstation 

The Exchange proposes to make 

certain amendments to the PULSe 

Workstation (‘‘PULSe’’) fees. By way of 

background, the Exchange charges a fee 

of $400 per month per Trading Permit 

Holder (‘‘TPH’’) workstation for the first 

10 users and $100 per month for all 

subsequent users. TPHs may also make 

the functionality available to their 

customers, which may include nonbroker dealer public customers and nonTPH broker dealers (referred to herein as 

‘‘non-TPHs’’). For such non-TPH 

workstations, the Exchange charges a fee 

of $400 per month per workstation. 

The Exchange first proposes to clarify 

and make explicit that the PULSe fees 

are assessed on a ‘‘per login ID’’ basis. 

Currently, the Fees Schedule states that 

the monthly fee for PULSe TPH 

workstations is ‘‘$400/month (per TPH 

workstation for the first 10)’’ and ‘‘$100/ 

month (per each additional TPH 

workstation)’’ and for PULSe non-TPH 

workstations ‘‘$400/month (per nonTPH workstation).’’ The Exchange 

believes the current language, and the 

use of the term ‘‘workstation’’, may be 

confusing to market participants. As 

such, the Exchange seeks to make clear 

in the Fees Schedule that the PULSe 

fees are assessed per login Id [sic]. The 

Exchange notes that this proposed 

change is merely a clarification and that 

no substantive changes are being made 

to how PULSe fees are assessed. 

Next, the Exchange proposes to 

provide that the $400 per month, per 

login ID fee will be applicable to the 

first 15 login IDs (instead of the first 10). 

The Exchange expended significant 

resources developing PULSe, and seeks 

to recoup more of those costs. 

Finally, the Exchange seeks to remove 

outdate [sic] language from the Notes 

section of the PULSe fees table. 

Currently, the Notes section for both the 

TPH and non-TPH workstations fees 

states that the fee is waived for the first 

month for the first new user of a TPH 

and non-TPH, respectively. 

Additionally, the Notes section provides 

that the fee is waived for the first two 

months for all new users between 

August 1, 2014 and December 31, 2014, 

and that the fee is waived for the month 

of August 2014 for all users that became 

new users in July 2014. As the above 

referenced waiver periods have since 

passed, the Exchange no longer believes 

this language is necessary to maintain in 

the Fees Schedule. The Exchange notes 

that the fee will continue to be waived 

for the first month of the first new user 

of a TPH or non-TPH. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.4 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 5 requirements that the rules of 

an exchange be 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 facilitation 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,6 which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Trading Permit Holders and other 

persons using its facilities. 

In particular, the Exchange always 

strives for clarity in its rules and Fees 

Schedule, so that market participants 

may best understand how rules and fees 

apply. The Exchange believes that the 

proposed clarifications and removal of 


emcdonald on DSK67QTVN1PROD with NOTICES
8744 Federal Register / Vol. 80, No. 32 / Wednesday, February 18, 2015 / Notices 

7 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

outdated language in the Fees Schedule 

will make the Fees Schedule easier to 

read and alleviate potential confusion. 

The alleviation of potential confusion 

will remove impediments to and perfect 

the mechanism of a free and open 

market and a national market system, 

and, in general, protect investors and 

the public interest. 

The Exchange believes assessing the 

$400 per month, per login ID fee to the 

first 15 login IDs (instead of the first 10) 

is reasonable because the Exchange 

expended significant resources 

developing PULSe and desires to recoup 

more of those costs. The Exchange 

believes this proposed rule change is 

equitable and not unfairly 

discriminatory because all TPHs who 

desire to use PULSe will be subject to 

this change. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed changes to alleviate confusion 

are not intended for competitive reasons 

and only apply to CBOE. Additionally, 

the Exchange does not believe the 

proposed change to assess the PULSe 

login Id [sic] fee to the first 15 login Ids 

[sic] of a TPH will impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because the 

proposed change applies to all Trading 

Permit Holders. The Exchange believes 

this proposal will not cause an 

unnecessary burden on intermarket 

competition because the proposed 

change was not motivated by 

intermarket competition. To the extent 

that the proposed changes make CBOE 

a more attractive marketplace for market 

participants at other exchanges, such 

market participants are welcome to 

become CBOE market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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) 

of the Act 7 and paragraph (f) of Rule 

19b–4 8 thereunder. 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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml ); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2015–014 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–CBOE-2015–014. 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 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; 

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–CBOE– 

2015–014 and should be submitted on 

or before March 11, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03226 Filed 2–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74258; File No. SR– 

NASDAQ–2015–008] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

NASDAQ Rule 7018 Fees 

February 11, 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 February 

2, 2015, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NASDAQ is proposing to modify 

NASDAQ Rule 7018 fees assessed for 

execution and routing securities listed 

on NASDAQ, the New York Stock 

Exchange (‘‘NYSE’’) and on exchanges 

other than NASDAQ and NYSE. 

The text of the proposed rule change 

is available at nasdaq.cchwallstreet.com 

at NASDAQ’s principal office, and at 

the Commission’s Public Reference 

Room. 


emcdonald on DSK67QTVN1PROD with NOTICES