67504 Federal Register / Vol. 79, No. 219 / Thursday, November 13, 2014 / Notices 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Customer’’ applies to any transaction 

that is identified by a Participant for clearing in the 

Customer range at The Options Clearing 

Corporation (‘‘OCC’’) which is not for the account 

of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Rule 

1000(b)(14)). Section V of Pricing Schedule. 

4This includes BATS Exchange, Inc. (‘‘BATS’’), 

BOX Options Exchange LLC (‘‘BOX’’), the Chicago 

Board Options Exchange, Incorporated (‘‘CBOE’’), 

C2 Options Exchange, Incorporated (‘‘C2’’), 

International Securities Exchange, LLC (‘‘ISE’’), the 

Miami International Securities Exchange, LLC 

(‘‘MIAX’’), NYSE Arca, Inc. (‘‘NYSE Arca’’), NYSE 

MKT LLC (‘‘NYSE Amex’’) and ISE Gemini, LLC 

(‘‘Gemini’’). 

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–2014–099 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. 

All submissions should refer to File 

Number SR–NASDAQ–2014–099. 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 

office of NASDAQ. 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–2014–099 and should be 

submitted on or before December 4, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26807 Filed 11–12–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73548; File No. SR–Phlx– 

2014–68] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Routing Fees 

November 6, 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 

30, 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, 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 modify 

Section V entitled ‘‘Routing Fees’’ of the 

NASDAQ OMX Phlx LLC Pricing 

Schedule (‘‘Pricing Schedule’’). 

Specifically, the Exchange proposes to 

modify Section V entitled ‘‘Routing 

Fees’’ of the Phlx Pricing Schedule 

(‘‘Pricing Schedule’’). Specifically, the 

Exchange proposes to amend its Routing 

Fees, and to allow aggregation of 

Customer 3 volume for calculating 

discount thresholds and receiving 

discounted routing fees. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated that the amendments be 

operative on November 3, 2014. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://

nasdaqomxphlx.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 

The purpose of this filing is to amend 

the Routing Fees in Section V of the 

Pricing Schedule in order to recoup 

costs incurred by the Exchange to route 

orders to away markets, and to allow 

members and member organizations to 

aggregate their Customer volume for 

calculating discount thresholds and 

receiving discounted routing fees. 

Today, the Exchange assesses a NonCustomer a $0.97 per contract Routing 

Fee to any options exchange for routing 

an order. The Customer Routing Fee for 

option orders routed to The NASDAQ 

Options Market, LLC (‘‘NOM’’) is a 

$0.12 per contract Fixed Fee (‘‘Fixed 

Fee’’) in addition to the actual 

transaction fee assessed. The Customer 

Routing Fee for option orders routed to 

NASDAQ OMX BX, Inc. (‘‘BX Options’’) 

is $0.12 per contract. The Customer 

Routing Fee for option orders routed to 

all other options exchanges 4 (excluding 

NOM and BX Options) is a fixed fee of 

$0.22 per contract in addition to the 

actual transaction fee assessed. If the 

away market pays a rebate, the Routing 

Fee is $0.12 per contract. 

With respect to the fixed costs, the 

Exchange incurs a fee when it utilizes 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 219 / Thursday, November 13, 2014 / Notices 67505 

5See Securities Exchange Act Release No. 71416 

(January 28, 2014), 79 FR 6244 (February 3, 2014) 

(SR–Phlx–2014–05) (notice of filing and immediate 

effectiveness regarding utilization of NES for 

outbound order routing from Phlx). 

6The Options Clearing Corporation (‘‘OCC’’) 

assesses $0.01 per contract side. 

7When the Exchange recently added the 5,000 

Customer contracts criterion, it did so to provide a 

credit to member organizations that qualify for a 

Customer rebate and route away a certain amount 

of volume. See Securities Exchange Act Release No. 

71258 (January 8, 2014), 79 FR 2948 (January 14, 

2014) (SR-Phlx-2013–125) (notice of filing and 

immediate effectiveness). 

8The term ‘‘Common Ownership’’ shall mean 

members or member organizations under 75% 

common ownership or control. Section V of Pricing 

Schedule. 

9A member or member organization may, for 

example, route away more than 5,000 Customer 

contracts per day in a given month to an away 

market. 

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

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

12BX Options pays a Customer Rebate to Remove 

Liquidity as follows: Customers are paid $0.35 per 

contract in All Other Penny Pilot Options 

(excluding BAC, IWM, QQQ, SPY and VXX) and 

$0.70 per contract in Non-Penny Pilot Options. See 

BX Options Rules at Chapter XV, Section 2(1). 

NASDAQ Execution Services LLC 

(‘‘NES’’), a member of the Exchange and 

the Exchange’s affiliated broker-dealer 

exclusive order router.5 Each time NES 

routes an order to an away market, NES 

is charged a clearing fee 6 and, in the 

case of certain exchanges, a transaction 

fee is also charged in certain symbols, 

which fees are passed through to the 

Exchange. The Exchange currently 

recoups clearing and transaction charges 

incurred by the Exchange as well as 

certain other costs incurred by the 

Exchange when routing to away 

markets, such as administrative and 

technical costs associated with 

operating NES, membership fees at 

away markets, Options Regulatory Fees 

(‘‘ORFs’’), staffing and technical costs 

associated with routing options. The 

Exchange assesses the actual away 

market fee at the time that the order was 

entered into the Exchange’s trading 

system. This transaction fee is 

calculated on an order-by-order basis 

since different away markets charge 

different amounts. 

The Exchange is proposing to increase 

its Non-Customer Routing Fees from 

$0.97 to $0.99 per contract to any 

options exchange. The Exchange is 

proposing to increase its Customer 

Routing Fixed Fees to NOM from $0.12 

to $0.13 per contract, in addition to the 

actual transaction fee assessed to recoup 

an additional portion of the costs 

incurred by the Exchange for routing 

these orders. The Exchange is proposing 

to increase its Customer Routing Fixed 

Fees to BX Options from $0.12 to $0.13 

per contract. The Exchange is proposing 

to increase its Customer Routing Fixed 

Fees to all other options exchanges 

(excluding NOM and BX Options) from 

$0.22 to $0.23 per contract, in addition 

to actual transaction fees assessed. The 

Exchange would also increase the 

Customer Routing Fee to all other 

options exchanges if the away market 

pays a rebate from a fee of $0.12 to $0.13 

per contract, because the Exchange 

would continue to retain the rebate to 

offset the cost to route orders to offset 

the cost to route orders to these away 

markets. The Exchange desires to 

recoup additional costs at this time. 

Today, a member organization that: 

(1) Qualifies for a Tier 2, 3, 4 or 5 rebate 

in the Customer Rebate Program in 

Section B of the Pricing Schedule; and 

(2) routes away more than 5,000 

Customer contracts per day in a given 

month to an away market (together the 

‘‘Customer Rebate requirements’’) 7 is 

entitled to receive a credit equal to the 

applicable Fixed Fee plus $0.05 per 

contract, unless the away market 

transaction fee is $0.00 or the away 

market pays a rebate, in which case the 

member organization is entitled to 

receive a credit equal to the applicable 

Fixed Fee. Customer rebates are paid on 

Customer Rebate Tiers in Section B of 

the Pricing Schedule according to 

applicable categories (A or B). The 

Customer Rebate Tiers are calculated by 

totaling Customer volume in Multiply 

Listed Options (including SPY) that are 

electronically-delivered and executed, 

except volume associated with 

electronic Qualified Contingent Cross 

(‘‘QCC’’) Orders, as defined in Rule 

1080(o), in a month. 

The Exchange is proposing to add 

language to Section V stating that 

members and member organizations 

under Common Ownership 8 may 

aggregate their Customer volume routed 

away for purposes of calculating 

discount thresholds 9 and receiving 

discounted routing fees. The Customer 

Rebate requirements regarding Tier and 

volume remain in place. However, with 

the added language if members and 

member organizations are under 

Common Ownership they will be able to 

aggregate their Customer volume for the 

purpose of calculating discount 

thresholds and receiving discounted 

routing fees. 

The proposal allows the Exchange to 

continue attracting liquidity to Phlx 

while recouping costs incurred by the 

Exchange to route orders to away 

markets. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend the Pricing Schedule 

is consistent with Section 6(b) of the 

Act 10 in general, and furthers the 

objectives of Section 6(b)(4) and (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 or system 

which Phlx operates or controls, and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes that amending 

the Non-Customer Routing Fee for 

orders routed to any options exchange 

from a fee of $0.97 to $0.99 per contract, 

is reasonable because the Exchange 

desires to recoup an additional portion 

of the cost it incurs when routing NonCustomer orders. The Exchange is 

proposing to increase the Fixed Fee to 

recoup additional costs that are incurred 

by the Exchange in connection with 

routing these orders on behalf of its 

members. 

The Exchange believes that amending 

the Customer Routing Fee for orders 

routed to NOM from a Fixed Fee of 

$0.12 to $0.13 per contract, in addition 

to the actual transaction fee, is 

reasonable because the Exchange desires 

to recoup an additional portion of the 

cost it incurs when routing Customer 

orders to NOM. Today, the Exchange 

assesses orders routed to NOM a lower 

Fixed Fee for routing Customer orders 

as compared to the Fixed Fee assessed 

to other options exchanges. The 

Exchange is proposing to increase the 

Fixed Fee to recoup additional costs 

that are incurred by the Exchange in 

connection with routing these orders on 

behalf of its members. 

The Exchange believes that amending 

the Customer Routing Fee for orders 

routed to BX Options from a Fixed Fee 

of $0.12 to $0.13 per contract is 

reasonable because the Exchange desires 

to recoup an additional portion of the 

cost it incurs when routing Customer 

orders to BX Options, similar to the 

amount of Fixed Fee it proposes to 

assess for orders routed to NOM. The 

Exchange is proposing to assess a Fixed 

Fee to recoup additional costs that are 

incurred by the Exchange in connection 

with routing these orders on behalf of its 

members. While the Exchange would 

continue to retain any rebate paid by BX 

Options,12 the Exchange does not assess 

the actual transaction fee that is charged 

by BX Options for Customer orders. 

The Exchange believes that 

continuing to assess lower Fixed Fees to 

route Customer orders to NOM and BX 

Options, as compared to other options 

exchanges, is reasonable as the 

Exchange is able to leverage certain 

infrastructure to offer those markets 


tkelley on DSK3SPTVN1PROD with NOTICES
67506 Federal Register / Vol. 79, No. 219 / Thursday, November 13, 2014 / Notices 

13See Rule 1080(m). 

14See Phlx Rule 1080(m)(iii)(A). See also Chapter 

VI, Section 11 of BX Options Rules and NOM Rules. 

15See Rule 1080(m)(iv). 

16See Rule 1080(m). See also Chapter VI, Section 

11 of the BX Options Rules and NOM Rules. 

lower fees as explained further below. 

Similarly, the Exchange believes that 

amending the Customer Routing Fee to 

other away markets, other than NOM 

and BX Options, in the instance the 

away market does not pay a rebate from 

a Fixed Fee of $0.22 to $0.23 per 

contract is reasonable because the 

Exchange desires to recoup an 

additional portion of the cost it incurs 

when routing orders to these away 

markets. While the Exchange would 

continue to retain any rebate paid by 

these [sic] away markets, the Exchange 

does not assess the actual transaction 

fee that is charged by the away market 

for Customer orders. The Fixed Fee for 

Customer orders is an approximation of 

the costs the Exchange will be charged 

for routing orders to away markets. As 

a general matter, the Exchange believes 

that the proposed fees for Customer 

orders routed to markets which pay a 

rebate, such as BX Options and other 

away markets, would allow it to recoup 

and cover a portion of the costs of 

providing optional routing services for 

Customer orders because it better 

approximates the costs incurred by the 

Exchange for routing such orders. While 

each destination market’s transaction 

charge varies and there is a cost 

incurred by the Exchange when routing 

orders to away markets, including, OCC 

clearing costs, administrative and 

technical costs associated with 

operating NES, membership fees at 

away markets, ORFs and technical costs 

associated with routing options, the 

Exchange believes that the proposed 

Routing Fees will enable it to recover 

the costs it incurs to route Customer 

orders to away markets. 

Moreover, the Exchange believes that 

amending the Customer Routing Fee to 

other away markets, other than NOM 

and BX Options, if the away market 

pays a rebate, from $0.12 to $0.13 per 

contract is reasonable because the 

Exchange desires to recoup an 

additional portion of the cost it incurs 

when routing Customer orders to away 

markets, similar to the amount of Fixed 

Fee it proposes to assess for orders 

routed to NOM and BX Options. The 

Exchange is proposing to assess a Fixed 

Fee to recoup additional costs that are 

incurred by the Exchange in connection 

with routing these orders on behalf of its 

members. While the Exchange would 

continue to retain any rebate paid by 

away markets, the Exchange does not 

assess the actual transaction fee that is 

charged by away markets for Customer 

orders. 

The Exchange believes that amending 

the Non-Customer Routing Fee for 

orders routed to any options exchange 

from a fee of $0.97 to $0.99 per contract, 

is equitable and not unfairly 

discriminatory because the Exchange 

would assess the same $0.99 per 

contract fee to all market participants 

utilizing routing for Non-Customer 

orders. 

The Exchange believes that amending 

the Customer Routing Fee for orders 

routed to NOM from a Fixed Fee of 

$0.12 to $0.13 per contract, in addition 

to the actual transaction fee, is equitable 

and not unfairly discriminatory because 

the Exchange would assess the same 

Fixed Fee to all orders routed to NOM 

in addition to the transaction fee 

assessed by that market. 

The Exchange believes that increasing 

the Customer Routing Fee for orders 

routed to BX Options from a Fixed Fee 

from $0.12 to $0.13 per contract is 

equitable and not unfairly 

discriminatory because the Exchange 

would uniformly increase the Fixed Fee, 

similar to NOM, for all orders routed to 

BX Options and would continue to 

uniformly not assess the actual 

transaction fee, as is the case today. 

The Exchange would uniformly assess 

a $0.13 per contract Fixed Fee to orders 

routed to NASDAQ OMX exchanges 

because the Exchange is passing along 

the saving realized by leveraging 

NASDAQ OMX’s infrastructure and 

scale to market participants when those 

orders are routed to NOM or BX Options 

and is providing those saving to all 

market participants. Furthermore, it is 

important to note that when orders are 

routed to an away market they are 

routed based on price first.13 The 

Exchange believes that it is equitable 

and not unfairly discriminatory to 

assess a fixed cost of $0.13 per contract 

to route orders to NOM and BX Options 

because the cost, in terms of actual cash 

outlays, to the Exchange to route to 

those markets is lower. For example, 

costs related to routing to NOM and BX 

Options are lower as compared to other 

away markets because NES is utilized 

by all three exchanges to route orders.14

NES and the three NASDAQ OMX 

options markets have a common data 

center and staff that are responsible for 

the day-to-day operations of NES. 

Because the three exchanges are in a 

common data center, Routing Fees are 

reduced because costly expenses related 

to, for example, telecommunication 

lines to obtain connectivity are avoided 

when routing orders in this instance. 

The costs related to connectivity to 

route orders to other NASDAQ OMX 

exchanges are lower than the costs to 

route to a non-NASDAQ OMX 

exchange. When routing orders to nonNASDAQ OMX exchanges, the 

Exchange incurs costly connectivity 

charges related to telecommunication 

lines, membership and access fees, and 

other related costs when routing orders. 

The Exchange believes that amending 

the Customer Routing Fee to other away 

markets, other than NOM and BX 

Options, in the instance the away 

market does not pay a rebate from a 

Fixed Fee of $0.22 to $0.23 per contract 

is equitable and not unfairly 

discriminatory because the Exchange 

would assess the same Fixed Fee to all 

orders routed to away markets other 

than NOM and BX Options in addition 

to the transaction fee. The Exchange’s 

proposal to increase the Customer 

Routing Fee to all other options 

exchanges that pay a rebate, other than 

NOM and BX Options, from $0.12 to 

$0.13 per contract is equitable and not 

unfairly discriminatory because the 

Exchange would assess the same Fixed 

Fee that is proposed when routing 

Customer orders to a NASDAQ OMX 

exchange. All market participants that 

route an order to an away market, other 

than NOM or BX Options, would be 

assessed a uniform fee of $0.13 per 

contract if the away market (nonNASDAQ OMX exchange) pays a rebate. 

These proposals would apply uniformly 

to all market participants when routing 

to an away market that pays a rebate, 

other than NOM and BX Options. 

In addition, market participants may 

submit orders to the Exchange as 

ineligible for routing or ‘‘DNR’’ to avoid 

Routing Fees.15 Also, orders are routed 

to an away market based on price first.16

Finally, the Exchange believes that 

the added aggregation language 

regarding members and member 

organizations under Common 

Ownership is reasonable because the 

Exchange desires to attract liquidity. 

The added language is equitable and not 

unfairly discriminatory because it 

would apply to all members and 

member organizations uniformly. The 

Customer Rebate requirements regarding 

Tier and volume remain in place. 

However, all members and member 

organizations that are under Common 

Ownership will have the ability to 

aggregate their Customer volume for the 

purpose of calculating discount 

thresholds and receiving discounted 

routing fees. The Exchange will apply 

the aggregation language to all members 

and member organizations in a uniform 

manner. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 219 / Thursday, November 13, 2014 / Notices 67507 

17BATS assesses lower customer routing fees as 

compared to non-customer routing fees per the 

away market. For example BATS assesses ISE 

customer routing fees of $0.52 per contract and an 

ISE non-customer routing fee of $ 0.65 per contract. 

See BATS BZX Exchange Fee Schedule. 

18See CBOE’s Fees Schedule and ISE’s Fee 

Schedule. 19 15 U.S.C. 78s(b)(3)(A)(ii). 20 17 CFR 200.30–3(a)(12). 

The proposal allows the Exchange to 

continue attracting liquidity to Phlx 

while recouping costs incurred by the 

Exchange to route orders to away 

markets. 

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. The 

Exchange does not believe that the 

proposal creates a burden on intramarket competition because the 

Exchange is applying the same Routing 

Fees to all market participants in the 

same manner dependent on the routing 

venue, with the exception of Customers. 

The Exchange will continue to assess 

separate Customer Routing Fees. 

Customers will continue to receive the 

lowest fees as compared to nonCustomers when routing orders, as is 

the case today. Other options exchanges 

also assess lower Routing Fees for 

customer orders as compared to noncustomer orders.17

The Exchange’s proposal would allow 

the Exchange to continue to recoup its 

costs when routing Customer orders to 

NOM or BX Options as well as away 

markets that pay a rebate when such 

orders are designated as available for 

routing by the market participant. The 

Exchange continues to pass along 

savings realized by leveraging NASDAQ 

OMX’s infrastructure and scale to 

market participants when Customer 

orders are routed to NOM and BX 

Options and is providing those savings 

to all market participants. Today, other 

options exchanges also assess fixed 

routing fees to recoup costs incurred by 

the exchange to route orders to away 

markets.18 Market participants may 

submit orders to the Exchange as 

ineligible for routing or ‘‘DNR’’ to avoid 

Routing Fees. It is important to note that 

when orders are routed to an away 

market they are routed based on price 

first. Today, other options exchanges 

also assess similar fees to recoup costs 

incurred when routing orders to away 

markets. 

The Exchange is seeking to encourage 

market participants to transact a greater 

number of Customer orders on Phlx, 

which liquidity benefits all market 

participants. Customer liquidity benefits 

all market participants by providing 

more trading opportunities, which 

attracts specialists and other market 

makers. An increase in the activity of 

these market participants in turn 

facilitates tighter spreads, which may 

cause an additional corresponding 

increase in order flow from other market 

participants. In addition, the credit 

toward Customer Routing Fees is in 

addition to the Customer rebate received 

for the qualifying Customer Rebate Tier. 

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 

Pursuant to Section 19(b)(3)(A)(ii) of 

the Act,19 the Exchange has designated 

this proposal as establishing or changing 

a due, fee, or other charge imposed by 

the self-regulatory organization on any 

person, whether or not the person is a 

member of the self-regulatory 

organization, which renders the 

proposed rule change effective upon 

filing. 

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– 

Phlx–2014–68 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–Phlx–2014–68. 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–Phlx– 

2014–68 and should be submitted on or 

before December 4, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26840 Filed 11–12–14; 8:45 am] 

BILLING CODE 8011–01–P 


tkelley on DSK3SPTVN1PROD with NOTICES