Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12225 

6 15 U.S.C. 78s(b)(2)(C). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 17 CFR 240.17Ad–22(d)(4). 

9 15 U.S.C. 78q–1. 

10 17 CFR 240.17Ad–22(d)(4). 

11 15 U.S.C. 78q–1(b)(3)(F). 

12 15 U.S.C. 78q–1. 

13 15 U.S.C. 78s(b)(2). 

14 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 15 

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

15 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act 6 directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if the Commission finds 

that such proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to such selfregulatory organization. Section 

17A(b)(3)(F) of the Act 7 requires, among 

other things, that the rules of a clearing 

agency are designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and transactions, 

to assure the safeguarding of securities 

and funds which are in the custody or 

control of the clearing agency or for 

which it is responsible and, in general, 

to protect investors and the public 

interest. In addition, Rule 17Ad– 

22(d)(4) 8 requires registered clearing 

agencies, among other things, to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to identify sources 

of operational risk and minimize them 

through the development and 

implementation of appropriate systems, 

controls, and procedures and have 

business continuity plans that allow for 

timely recovery of operations and 

fulfillment of a clearing agency’s 

obligations. 

The Commission finds that the 

proposed rule change is consistent with 

Section 17A of the Act 9 and the rules 

thereunder applicable to ICC. ICC’s 

Operational Risk Management 

Framework establishes clear policies 

and procedures to identify and evaluate 

potential operational risks in each of its 

major clearing processes, and to 

recommend controls to mitigate 

identified risks, each of which are 

reasonably designed to identify, 

monitor, and manage of all plausible 

sources of operational risk. 

Furthermore, the Operational Risk 

Management Framework establishes 

clearly defined operational performance 

objectives that are expected to serve as 

benchmarks for evaluating operational 

efficiency and effectiveness, and to 

evaluate operational performance 

measurements against such objectives, 

each of which are expected to enhance 

ICC’s ability to mitigate operational risk. 

Finally, the Operational Risk 

Management Framework incorporates a 

business continuity plan that is 

expected to allow for timely recovery of 

operations and fulfillment of ICC’s 

obligations upon disruption. The 

Commission therefore believes that the 

proposed rule change is reasonably 

designed to identify sources of 

operational risk and minimize them 

through the development and 

implementation of appropriate systems, 

controls, and procedures and have 

business continuity plans that allow for 

timely recovery of operations and 

fulfillment of a clearing agency’s 

obligations, consistent with the 

requirements of Rule 17Ad–22(d)(4).10

Accordingly, the Commission believes 

that the proposed rule change is 

designed to promote the prompt and 

accurate settlement of securities and 

derivatives transactions, consistent with 

Section 17A(b)(3)(F) of the Act.11

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposal is 

consistent with the requirements of the 

Act and in particular with the 

requirements of Section 17A of the 

Act 12 and the rules and regulations 

thereunder. 

IT IS THEREFORE ORDERED, 

pursuant to Section 19(b)(2) of the 

Act,13 that the proposed rule change 

(File No. SR–ICC–2014–19) be, and 

hereby is, approved.14

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05155 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74408; File No. SR– 

NYSEMKT–2015–11] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Specifying in Exchange 

Rules the Exchange’s Use of Certain 

Data Feeds for Order Handling and 

Execution, Order Routing, and 

Regulatory Compliance 

March 2, 2015. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on February 

24, 2015, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. 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 specify in 

Exchange rules the Exchange’s use of 

certain data feeds for order handling 

and execution, order routing, and 

regulatory compliance. The text of the 

proposed rule change is available on the 

Exchange’s Web site at www.nyse.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 

self-regulatory organization 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 those 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 parts of such 

statements. 

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12226 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 

4See Mary Jo White, Chair, Securities and 

Exchange Commission, Speech at the Sandler, 

O’Neill & Partners, L.P. Global Exchange and 

Brokerage Conference (June 5, 2014) (available at 

www.sec.gov/News/Speech/Detail/Speech/137054

2004312#.U5HI-fmwJiw). 

5See Letter from James Burns, Deputy Director, 

Division of Trading and Markets, Securities and 

Exchange Commission, to Jeffrey C. Sprecher, Chief 

Executive Officer, Intercontinental Exchange, Inc., 

dated June 20, 2014. 

6See Securities Exchange Act Release No. 72709 

(July 29, 2014), 79 FR 45513 (Aug. 5, 2014) (SR– 

NYSEMKT–2014–62) (‘‘July 2014 Data Feed 

Filing’’). 

7The SIP feeds are disseminated pursuant to 

effective joint-industry plans as required by Rule 

603(b) of Regulation NMS. 17 CFR 242.603(b). The 

three joint-industry plans are: (1) The CTA Plan, 

which is operated by the Consolidated Tape 

Association and disseminates transaction 

information for securities with the primary listing 

market on exchanges other than NASDAQ Stock 

Market LLC (‘‘Nasdaq’’): (2) The CQ Plan, which 

disseminates consolidated quotation information 

for securities with their primary listing on 

exchanges other than Nasdaq; and (3) the Nasdaq 

UTP Plan, which disseminates consolidated 

transaction and quotation information for securities 

with their primary listing on Nasdaq. 

8The Exchange notes that because the FINRA 

Alternate Display Facility (‘‘ADF’’) does not 

currently display any quotations, the Exchange does 

not need any data feeds to provide it with ADF 

quotes. 

9The NBBO is defined as the best bid and best 

offer of an NMS security. 17 CFR 242.600(b)(3). The 

Exchange notes that the NBBO may differ from the 

PBBO because the NBBO includes Manual 

Quotations, which are defined as any quotation 

other than an automated quotation. 17 CFR 

242.600(b)(37). By contrast, a protected quotation is 

an automated quotation that is the best bid or offer 

of a national securities exchange. 17 CFR 

242.60)(b)(57)(iii). 

10Rule 440B(b)—Equities requires that Exchange 

systems not execute or display a short sale order 

with respect to a covered security at a price that is 

less than or equal to the current NBB if the price 

of that security decreases by 10% or more, as 

determined by the Exchange, from the security’s 

closing price on the Exchange at the end of regular 

trading hours on the prior day. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On June 5, 2014, in a speech entitled 

‘‘Enhancing Our Market Equity 

Structure,’’ Mary Jo White, Chair of the 

Securities and Exchange Commission 

(‘‘SEC’’ or the ‘‘Commission’’) requested 

the equity exchanges to file with the 

Commission the data feeds used for 

purposes of (1) order handling and 

execution (e.g., with pegged or midpoint 

orders); (2) order routing, and (3) 

regulatory compliance, if applicable.4

Subsequent to the Chair’s speech, the 

Division of Trading and Markets stated 

that it ‘‘believes there is a need for 

clarity regarding whether (1) the SIP 

data feeds, (2) proprietary data feeds, or 

(3) a combination thereof,’’ are used for 

these purposes and requested that 

proposed rule changes be filed that 

disclose such information.5 The stated 

goal of disclosing this information was 

to provide broker-dealers and investors 

with enhanced transparency to better 

assess the quality of an exchange’s 

execution and routing services. 

On July 18, 2014, in response to the 

above request, the Exchange filed a 

proposed rule change that clarified the 

Exchange’s use of certain data feeds for 

order handling and execution, order 

routing, and regulatory compliance.6 As 

noted in that filing, the data feeds 

available for the purposes of order 

handling and execution, order routing, 

and regulatory compliance at the 

Exchange include the exclusive 

securities information processor (‘‘SIP’’) 

data feeds.7

SEC staff has requested that the 

Exchange file a supplemental proposed 

rule change to specify in Exchange rules 

which data feeds the Exchange uses for 

the above-described purposes. 

Accordingly, the Exchange is filing this 

proposed rule change. 

As set forth in its July 2014 Data Feed 

Filing, the Exchange uses only the SIP 

data feeds to determine protected 

quotations on markets other than the 

Exchange 8 for purposes of compliance 

with Rule 611 and Rule 610(d), 

including identifying where to route 

ISOs, to calculate the protected best bid 

or offer (‘‘PBBO’’) for purposes of order 

types that are priced based on the 

PBBO, and to determine the national 

best bid (‘‘NBB’’) 9 for purposes of 

compliance with Rule 201 of Regulation 

SHO and Rule 440B—Equities.10 The 

Exchange notes that when it routes 

interest to a protected quotation, the 

Exchange adjusts the PBBO. 

The Exchange proposes to add new 

Supplementary Material .01 to Rule 

19—Equities, which would state the 

following: 

.01 The Exchange uses the following 

data feeds for the handing, execution, 

and routing of orders, as well as for 

regulatory compliance: 

Market center Primary source Secondary 

source 

BATS Exchange, Inc. ................................................................................................... SIP Data Feed .......................................... n/a 

BATS Y-Exchange, Inc. ............................................................................................... SIP Data Feed .......................................... n/a 

Chicago Stock Exchange, Inc. ..................................................................................... SIP Data Feed .......................................... n/a 

EDGA Exchange, Inc. .................................................................................................. SIP Data Feed .......................................... n/a 

EDGX Exchange, Inc. .................................................................................................. SIP Data Feed .......................................... n/a 

NASDAQ OMX BX LLC ............................................................................................... SIP Data Feed .......................................... n/a 

NASDAQ OMX PHLX LLC ........................................................................................... SIP Data Feed .......................................... n/a 

NASDAQ Stock Market LLC ........................................................................................ SIP Data Feed .......................................... n/a 

NYSE Arca Equities, Inc. ............................................................................................. SIP Data Feed .......................................... n/a 

The Exchange notes that it does not 

trade any securities listed on the New 

York Stock Exchange LLC. 

2. Statutory Basis 

The proposed rule change is 

consistent with section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),11 in general, and furthers the 

objectives of section 6(b)(5),12 in 

particular, because 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 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. The Exchange believes 

that the proposed rule change removes 

impediments to and perfects the 

mechanism of a free and open market 

because it provides enhanced 

transparency to better assess the quality 

of an exchange’s execution and routing 

services. 

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 

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Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12227 

13 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of 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. 

15 17 CFR 240.19b–4(f)(6). 

16 17 CFR 240.19b–4(f)(6)(iii). 

17For 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). 18 17 CFR 200.30–3(a)(12). 

of the purposes of the Act. The 

proposed change is not designed to 

address any competitive issue but rather 

would provide the public and investors 

with information about which data 

feeds the Exchange uses for execution 

and routing decisions. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the 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, the 

proposed rule change has become 

effective pursuant to section 19(b)(3)(A) 

of the Act13 and Rule 19b–4(f)(6) 

thereunder.14

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 15 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 16

permits the Commission to 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 the proposal may 

become operative immediately upon 

filing. The Exchange stated that waiver 

of the operative delay will permit the 

Exchange to immediately provide the 

enhanced transparency in Exchange 

rules. The Commission believes the 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.17

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– 

NYSEMKT–2015–11 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–NYSEMKT–2015–11. 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– 

NYSEMKT–2015–11 and should be 

submitted on or before March 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05162 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Spriza, Inc.; Order of 

Suspension of Trading 

March 4, 2015. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Spriza, Inc. 

because of questions regarding the 

accuracy of assertions by Spriza, Inc., 

including assertions regarding business 

relationships in a company press release 

dated February 6, 2015, a Form 8–K and 

in a video created by the company. 

Spriza, Inc. is a Nevada corporation 

with its principal place of business 

located in El Segundo, California. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

company. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed company is 

suspended for the period commencing 

at 9:30 a.m. EST, on March 4, 2015 and 

terminating at 11:59 p.m. EDT, on 

March 17, 2015. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–05373 Filed 3–4–15; 4:15 pm] 

BILLING CODE 8011–01–P 

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