61672 Federal Register / Vol. 79, No. 198 / Tuesday, October 14, 2014 / Notices 

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

2 17 CFR 240.19b–4. 

3The NASDAQ Testing Facilities provides firms 

with the ability to test their automated systems that 

integrate with Nasdaq services in a virtual trading 

environment. This service supplies firms with 

multiple venues to test upcoming Nasdaq releases 

and product enhancements. In addition, firms may 

use the NTF to test their new software development 

prior to implementation. 

whether the information will have 

practical use; the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the information 

to be collected; and, ways to minimize 

the burden of the collection of 

information on those who are to 

respond, including through the use of 

automated collection techniques, when 

appropriate, and other forms of 

information technology. 

This notice issued in Washington, DC, 

on October 7, 2014. 

Dated: October 7, 2014. 

Denora Miller, 

FOIA/Privacy Act Officer, Management. 

[FR Doc. 2014–24312 Filed 10–10–14; 8:45 am] 

BILLING CODE 6051–01–P 

PEACE CORPS 

Information Collection Request; 

Submission for OMB Review 

AGENCY: Peace Corps. 

ACTION: 30-Day notice and request for 

comments. 

SUMMARY: The Peace Corps will be 

submitting the following information 

collection request to the Office of 

Management and Budget (OMB) for 

review and approval. The purpose of 

this notice is to allow 30 days for public 

comment in the Federal Register 

preceding submission to OMB. We are 

conducting this process in accordance 

with the Paperwork Reduction Act of 

1995 (44 U.S.C. Chapter 35). 

DATES: Submit comments on or before 

November 13, 2014. 

ADDRESSES: Interested persons are 

invited to submit comments regarding 

this proposal. Comments should refer to 

the proposal by name/or OMB approval 

number and should be sent via email to: 

oira_submission@omb.eop.gov or fax to: 

202–395–3086. Attention: Desk Officer 

for Peace Corps. 

FOR FURTHER INFORMATION CONTACT: 

Denora Miller, FOIA/Privacy Act 

Officer, Peace Corps, 1111 20th Street 

NW., Washington, DC 20526, (202) 692– 

1236, or email at pcfr@peacecorps.gov. 

SUPPLEMENTARY INFORMATION: Peace 

Corps uses the confidential reference 

form in order to learn from someone, 

who knows a volunteer applicant and 

his or her background, whether the 

applicant possesses the necessary 

characteristics and skills to serve as a 

Volunteer. 

OMB Control Number: 0420–0547. 

Title: Peace Corps Response Volunteer 

Application Form. 

Type of Review: Extension without 

change of a currently approved 

information collection. 

Affected Public: Individuals. 

Respondents’ Obligation to Reply: 

Voluntary. 

Burden to the Public: 

a. Number of Respondents: 1,700. 

b. Frequency of response: One time. 

c. Completion time: 60 minutes. 

d. Annual burden hours: 1,700. 

General Description Of Collection: 

The information collected in the Peace 

Corps Response Volunteer Application 

is used by Peace Corps Response staff to 

perform initial screening for potential 

candidates for Peace Corps Response 

assignments. Applications contain basic 

information concerning technical skills 

and eligibility for Peace Corps Response 

assignments. 

Request For Comment: Peace Corps 

invites comments on whether the 

proposed collections of information are 

necessary for proper performance of the 

functions of the Peace Corps, including 

whether the information will have 

practical use; the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the information 

to be collected; and, ways to minimize 

the burden of the collection of 

information on those who are to 

respond, including through the use of 

automated collection techniques, when 

appropriate, and other forms of 

information technology. 

This notice issued in Washington, DC 

on October 7, 2014. 

Dated: October 7, 2014. 

Denora Miller, 

FOIA/Privacy Act Officer, Management. 

[FR Doc. 2014–24311 Filed 10–10–14; 8:45 am] 

BILLING CODE 6051–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73315; File No. SR– 

NASDAQ–2014–097] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

Algo Test Facility 

October 7, 2014. 

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 October 

2, 2014, 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 NASDAQ. 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 proposes to offer a new 

testing environment, The NASDAQ 

OMX Algo Test Facility (‘‘Algo Test 

Facility’’). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.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 

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 

NASDAQ is proposing to amend 

NASDAQ Rule 7030 entitled ‘‘Other 

Services’’ to offer NASDAQ Testing 

Facility (NTF) 3 subscribers 

(‘‘Subscriber’’) a new complement to the 

existing NTF. The Algo Test Facility is 

a sophisticated equity market 

simulation environment based on a 

detailed historical database which 

includes NASDAQ display orders and 

trades. During a simulation, Algo Test 

Facility customers are able to use their 

existing trading infrastructure to interact 

and trade against this virtualized 

Nasdaq historical market. By providing 

a historically accurate market 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 198 / Tuesday, October 14, 2014 / Notices 61673 

4The Exchange plans to expand to other order 

entry protocols and order types and include 

latencies and intercolo latencies in future 

enhancements. 

5Nasdaq historical data will be available on a 

rolling T+1 through six months basis. Only OUCH 

order entry will be available in the initial launch. 

6The hand-off fee includes either a 1Gb or 10Gb 

switch port and a cross connect to the NTF. NTF 

Subscribers also pay a one-time installation fee of 

$1,000 per handoff. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(4) and (5). 

simulation, the Algo Test Facility helps 

increase the safety and security of the 

market by mitigating aberrant trading 

behavior. 

The Algo Test Facility provides 

electronic trading customers with: (i) A 

safe environment to rigorously test and 

calibrate their algorithmic strategies by 

replaying and interacting with real 

historical market data; (ii) significantly 

higher accuracy and determinism on the 

outcomes of individual orders versus 

conventional paper-trading systems, 

which are forced to make simple 

probabilistic assumptions about fill 

rates because they do not replicate and 

replay the market microstructure; (iii) a 

re-creation of the actual market’s 

microstructure and real-world trading 

conditions, providing accurate views of 

adverse selection, time priority and fills 

versus misses; (iv) support for order 

entry allowing customers to interact via 

OUCH 4 protocols; and (v) interaction of 

customer activity with the actual 

historic orders of other market 

participants at the microstructure level. 

The Algo Test Facility allows 

customers to prototype, backtest, and 

calibrate their strategies against a variety 

of different kinds of real-world market 

conditions and against real-world 

market participants and competition. 

The Algo Test Facility allows customers 

to observe, correct, and test a large range 

of potential unintended behaviors of 

their algorithmic strategies before 

committing real capital or impacting the 

Exchange and other market participants. 

Also, customers will be able to mitigate 

the risk of aberrant or potentially 

destabilizing behaviors, such as 

inadvertent spamming or other 

repetitive behaviors, or excessive risk in 

open orders. 

Customers would connect via their 

existing trading infrastructure, 

including risk systems, OMS, and feed 

handlers currently housed in the 

NASDAQ OMX Data Center in Carteret, 

New Jersey. The Algo Testing Facility 

will allow up to a certain number of 

simulations to be run for all users to the 

Algo Test Facility per day. While the 

Algo Test Facility will be available to all 

NTF subscribers, the capacity of 

simulations is limited to a certain 

number of simulations per day, which is 

subject to change. The Algo Test Facility 

will be available on a first-come firstserve basis. This limitation will apply 

equally to all users and may increase 

depending on customer interest. The 

Exchange intends to evaluate the 

capacity as the product is utilized. 

Customers consume market data in a 

format that is similar to ITCH from the 

Algo Test Facility and send their orders 

to the Algo Test Facility in response. 

Delays on the customer side are based 

uniquely on the customers’ actual 

production trading infrastructure and its 

ability to keep up with the Algo Test 

Facility. Customer orders interact with 

the actual historical order books. Both 

queue priority and time priority are 

preserved to the microsecond. For 

example, if a customer lifts an offer in 

the order book 100 microseconds before 

a competitor tried to lift that offer, the 

customer will get a fill and the 

competitor will either consume the 

additional liquidity on the book or form 

a new bid. Automated reports will allow 

customers to observe, correct, and test a 

large range of potential unintended 

behaviors of their algorithmic strategies 

before committing real capital or 

impacting the Exchange and other 

market participants. Through new NTF 

hand-offs in Carteret, customers will 

receive market data in a format similar 

to NASDAQ ITCH market data and have 

the ability to execute trades via the 

OUCH protocols.5

Customers desiring to utilize the Algo 

Test Facility would be required to be 

NTF Subscribers to access this 

environment through NTF hand-offs in 

Carteret. Currently, NTF Subscribers 

with connectivity to Carteret are 

assessed a fee of $1,000 per hand-off, 

per month for connection to the NTF.6

The fees related to the NTF in Rule 7030 

will continue to be assessed to current 

NTF Subscribers. The Exchange intends 

to not assess any other fees to NTF 

Subscribers for use of the Algo Test 

Facility at this time. The Exchange will 

file a proposed rule change with the 

Commission prior to commencing any 

additional pricing specifically for this 

product at a later time. 

Currently, the NTF allows users to 

test connectivity to the Exchange. As 

discussed, the Algo Test Facility is a 

complement to the NTF, and will be 

available for testing algorithms, but not 

for purposes of rule compliance or 

validation. 

2. Statutory Basis 

NASDAQ believes that its proposal is 

consistent with Section 6(b) of the Act 7

in general, and furthers the objectives of 

Section 6(b)(5) of the Act 8 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 by offering this product without 

charge at this time, NTF subscribers will 

have the opportunity to test the product 

and utilize the benefits the product 

offers. The product will assist NTF 

subscribers to protect investors and the 

public interest by utilizing the 

simulations to increase the safety and 

security of the market by mitigating 

aberrant trading behavior. Customers 

will be able to mitigate the risk of 

aberrant or potentially destabilizing 

behaviors, such as inadvertent 

spamming or other repetitive behaviors, 

or excessive risk in open orders. The 

Algo Test Facility allows customers to 

observe, correct, and test a large range 

of potential unintended behaviors of 

their algorithmic strategies before 

committing real capital. 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,9 in 

general, and with Sections 6(b)(4) and 

6(b)(5) of the Act,10 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 or 

system which NASDAQ operates or 

controls, and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

This proposal is consistent with an 

equitable allocation of fees and is not 

unfairly discriminatory because it offers 

NTF Subscribers a sophisticated equity 

market simulation environment based 

on a detailed historical database of 

NASDAQ market data. Customers are 

offered a safe environment to rigorously 

test and calibrate their algorithmic 

strategies by replaying and interacting 

with real historical market data. Also, 

the proposal is consistent with an 

equitable allocation of fees and is not 

unfairly discriminatory because the 

Exchange operates in a highly 

competitive market in which exchanges 

offer various connectivity services as a 

means to facilitate the trading activities 

of customers. 

The Exchange intends to offer this 

product free of charge at this time to 

NTF Subscribers at this time, so that 

NTF Subscribers have the opportunity 

mstockstill on DSK4VPTVN1PROD with NOTICES

61674 Federal Register / Vol. 79, No. 198 / Tuesday, October 14, 2014 / Notices 

11 15 U.S.C. 78f(b)(8). 

12 15 U.S.C. 78s(b)(3)(a)(ii). 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

to utilize the Algo Test Facility at no 

cost in addition to the current NTF 

Subscription fees set forth in Rule 

7030(d)(1)(C). Moreover, the Exchange’s 

fees for this service are equitably 

allocated and non-discriminatory in that 

all NTF Subscribers will receive the 

service free of cost. Non-NTF 

Subscribers would be required to 

become NTF Subscribers and incur the 

fees borne by these customers today in 

order to receive the Algo Test Facility 

services at no additional cost. 

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.11 The Exchange does not 

intend to assess fees to NTF Subscribers 

at this time to utilize the Algo Test 

Facility. While non-NTF Subscribers 

would be required to become NTF 

Subscribers in order to receive this 

service, the Exchange does not believe 

this requirement imposes an undue 

burden on competition because NTF 

Subscribers today pay costs for the 

service they receive and the hand-offs 

are necessary for use of the Algo Test 

Facility. All customers are being treated 

in the same manner and the Exchange 

is offering the Algo Test Facility for free 

to those NTF Subscribers incurring costs 

today. Also, while there is a limit on the 

number simulations per day for this 

product, this limitation on the number 

of simulations applies equally to all 

users per day. Therefore, the Exchange 

believes that the proposed rule change 

enhances, rather than burdens, 

competition by providing customers an 

opportunity to utilize the product for 

free. 

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 12 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.13

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. The 

Exchange has provided the Commission 

written notice of its intent to file the 

proposed rule change, along with a brief 

description and text of the proposed 

rule change, at least five business days 

prior to the date of filing of the 

proposed rule change. 

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–2014–097 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–2014–097. 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– 

NASDAQ–2014–097 and should be 

submitted on or before November 4, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24304 Filed 10–10–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73311; File No. SR–Phlx– 

2014–65] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Rule 705 (Fidelity Bonds) 

October 7, 2014. 

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 

September 25, 2014, NASDAQ OMX 

PHLX LLC (‘‘Phlx’’ 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 Substance of 

the Proposed Rule Change 

The Exchange proposes to delete 

certain extraneous language from 

Exchange Rule 705 to amend an 

inadvertent error in the rule text. 

mstockstill on DSK4VPTVN1PROD with NOTICES