Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 69961 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

24 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. 

4See Securities Exchange Act Release No. 72020 

(September 9, 2014), 79 FR 55040 (September 15, 

2014) (SR–NYSEMKT–2014–72) (‘‘2014 Filing’’). 

not: (1) significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) 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 22 and Rule 19b– 

4(f)(6) 23 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–2014–085 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–CBOE–2014–085. 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– 

2014–085 and should be submitted on 

or before December 15, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27706 Filed 11–21–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73620; File No. SR– 

NYSEMKT–2014–96] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to the NYSE MKT LLC 

Equities Proprietary Market Data Fee 

Schedule (‘‘Market Data Fee 

Schedule’’) Regarding Non-Display 

Use Fees 

November 18, 2014. 

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 November 

7, 2014, 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, II, and III below, which Items 

have been prepared by the selfregulatory 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 Change to the 

NYSE MKT LLC Equities Proprietary 

Market Data Fee Schedule (‘‘Market 

Data Fee Schedule’’) regarding nondisplay use fees. 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes a change to 

the Market Data Fee Schedule regarding 

non-display use fees for NYSE MKT 

OpenBook, NYSE MKT Trades, NYSE 

MKT BBO and NYSE MKT Order 

Imbalances, the market data products to 

which non-display use fees apply. 

Specifically, with respect to the three 

categories of, and fees applicable to, 

market data recipients for non-display 

use, the Exchange proposes to describe 

the three categories in the Market Data 

Fee Schedule. 

In September 2014, the Exchange 

revised the fees for non-display use of 

NYSE MKT OpenBook, NYSE MKT 

Trades, and NYSE MKT BBO and added 

fees for non-display use of NYSE MKT 

Order Imbalances.4 In the 2014 Filing, 

the Exchange proposed certain changes 

to the categories of, and fees applicable 

to, data recipients for non-display use. 

As set forth in the 2014 Filing: (i) 

Category 1 Fees apply when a data 

recipient’s non-display use of real-time 

market data is on its own behalf as 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
69962 Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 

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

6 15 U.S.C. 78f(b)(5). 

7See supra n. 4. 

8See supra n. 4. 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). 

11The Exchange has satisfied this requirement. 

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

13 17 CFR 240.19b–4(f)(6). 

14 Id. 

15 17 CFR 240.19b–4(f)(6)(iii). 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(6). 

18For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

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

19 15 U.S.C. 78s(b)(2)(B). 

opposed to use on behalf of its clients; 

(ii) Category 2 Fees apply when a data 

recipient’s non-display use of real-time 

market data is on behalf of its clients as 

opposed to use on its own behalf; and 

(iii) Category 3 Fees apply when a data 

recipient’s non-display use of real-time 

market data is for the purpose of 

internally matching buy and sell orders 

within an organization, including 

matching customer orders on a data 

recipient’s own behalf and/or on behalf 

of its clients. The Market Data Fee 

Schedule currently lists each category as 

Category 1, Category 2, and Category 3, 

without further description. 

The Exchange is proposing to amend 

the Market Data Fee Schedule to add the 

descriptions of the three categories, as 

set forth above, as a footnote to the 

Market Data Fee Schedule. Because 

there will now be multiple footnotes to 

the Market Data Fee Schedule, the 

Exchange proposes non-substantive 

edits to change the existing footnote 

references from asterisks to numbers. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 5 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5) 6 of the Act, in particular, 

in that it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in facilitating transactions in securities, 

to remove impediments to and perfect 

the mechanism of a free and open 

market and a national market system 

and, in general, to protect investors and 

the public interest, and it is not 

designed to permit unfair 

discrimination among customers, 

brokers, or dealers. 

The Exchange believes that adding the 

description of the three categories of 

data recipients for non-display use to 

the Market Data Fee Schedule will 

remove impediments to and help perfect 

a free and open market by providing 

greater transparency for the Exchange’s 

customers regarding the category 

descriptions that have been previously 

filed with the Commission and are 

applicable to the existing Market Data 

Fee Schedule.7

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 because the 

Exchange is merely adding to the 

Market Data Fee Schedule information 

that has been previously filed with the 

Commission.8

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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10 Because the 

foregoing proposed rule 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 if consistent 

with the protection of investors and the 

public interest, provided that the selfregulatory organization has given 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,11 the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 12 and 

Rule 19b–4(f)(6) thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),15 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day delayed 

operative date so that the proposed rule 

change may become effective and 

operative upon filing with the 

Commission pursuant to Section 

19(b)(3)(A) of the Act 16 and Rule 19b– 

4(f)(6) 17 thereunder. The Commission 

believes that the proposal raises no 

novel issues and that adding the 

description of the categories of market 

data recipients for non-display use to 

the Market Data Fee Schedule is 

consistent with the protection of 

investors and the public interest 

because it will provide more 

transparency in the Exchange’s Market 

Data Fee Schedule regarding the 

existing definitions in that schedule. 

Based on the foregoing, the Commission 

has determined to waive the 30-day 

operative date so that the proposal may 

take effect upon filing.18

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 19 of the Act 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– 

NYSEMKT–2014–96 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–NYSEMKT–2014–96. 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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 69963 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 will also be available for 

inspection and copying at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. 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–2014–96 and should be 

submitted on or before December 15, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27698 Filed 11–21–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73629; File No. SR–Phlx– 

2014–75] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

Pricing Schedule 

November 18, 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 

November 14, 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 amend its 

Pricing Schedule to conform certain 

terminology to Rule 507, Application for 

Approval as an SQT, RSQT, RSQTO and 

Assignment in Options’’ as it relates to 

Remote Market Makers or ‘‘RMMs.’’ The 

Exchange also proposes to make other 

clarifying and corrective amendments to 

various sections of the Pricing Schedule. 

The text of the proposed rule change 

is set forth below. Proposed new 

language is italicized; deleted text is in 

brackets. 

NASDAQ OMX PHLX LLC1 PRICING 

SCHEDULE 

ALL BILLING DISPUTES MUST BE 

SUBMITTED TO THE EXCHANGE IN 

WRITING AND MUST BE 

ACCOMPANIED BY SUPPORTING 

DOCUMENTATION. ALL DISPUTES 

MUST BE SUBMITTED NO LATER 

THAN SIXTY (60) DAYS AFTER 

RECEIPT OF A BILLING INVOICE, 

EXCEPT FOR DISPUTES CONCERNING 

NASDAQ OMX PSX FEES, 

PROPRIETARY DATA FEED FEES AND 

CO-LOCATION SERVICES FEES. AS OF 

JANUARY 3, 2011, THE EXCHANGE 

WILL CALCULATE FEES ON A TRADE 

DATE BASIS. 

—————— 1PHLX® is a registered trademark of The 

NASDAQ OMX Group, Inc. 

* * * * * 

PREFACE 

For purposes of assessing fees, the 

following references should serve as 

guidance. 

The term ‘‘Customer’’ applies to any 

transaction that is identified by a 

member or member organization for 

clearing in the Customer range at The 

Options Clearing Corporation (‘‘OCC’’) 

which is not for the account of a broker 

or dealer or for the account of a 

‘‘Professional’’ (as that term is defined 

in Rule 1000(b)(14)). 2

The term ‘‘Specialist’’ applies to 

transactions for the account of a 

Specialist 3 (as defined in Exchange 

Rule 1020(a)). 

The term ‘‘ROT, SQT and RSQT’’ 

applies to transactions for the accounts 

of Registered Option Traders4 (‘‘ROTs’’), 

Streaming Quote Traders (‘‘SQTs’’),5

and Remote Streaming Quote Traders 

(‘‘RSQTs’’). 6 For purposes of the Pricing 

Schedule, the term ‘‘Market Maker’’ will 

be utilized to describe fees and rebates 

applicable to ROTs, SQTs and RSQTs. 

RSQTs may also be referred to as 

Remote Market Markers (‘‘RMMs’’). 

The term ‘‘Firm’’ applies to any 

transaction that is identified by a 

member or member organization for 

clearing in the Firm range at OCC. 

The term ‘‘Professional’’ applies to 

transactions for the accounts of 

Professionals (as defined in Exchange 

Rule 1000(b)(14)). 

The term ‘‘Broker-Dealer’’ applies to 

any transaction which is not subject to 

any of the other transaction fees 

applicable within a particular category. 

The term ‘‘Joint Back Office’’ or 

‘‘JBO’’ 7 applies to any transaction that 

is identified by a member or member 

organization for clearing in the Firm 

range at OCC and is identified with an 

origin code as a JBO. A JBO will be 

priced the same as a Broker-Dealer. [as 

of September 1, 2014.] 

The term ‘‘Common Ownership’’ shall 

mean members or member organizations 

under 75% common ownership or 

control. 

For purposes of determining average 

daily volume or volume-based pricing 

hereunder, any day that the market is 

not open for the entire trading day will 

be excluded from such calculation. 

2 Rule 1000(b)(14) provides in relevant 

part: ‘‘The term ‘‘professional’’ means any 

person or entity that (i) is not a broker or 

dealer in securities, and (ii) places more than 

390 orders in listed options per day on 

average during a calendar month for its own 

beneficial account(s). 3 A Specialist is an Exchange member who 

is registered as an options specialist pursuant 

to Rule 1020(a). An options Specialist 

includes a Remote Specialist which is [a] 

defined as an options specialist in one or 

more classes that does not have a physical 

presence on an Exchange floor and is 

approved by the Exchange pursuant to Rule 

501. 4 A Registered Option Trader is defined in 

Exchange Rule 1014(b) as a regular member 

of the Exchange located on the trading floor 

who has received permission from the 

Exchange to trade in options for his own 

account. A ROT includes SQTs and RSQTs 

as well as on and off-floor ROTS. 5 A Streaming Quote Trader is defined in 

Exchange Rule 1014(b)(ii)(A) as an ROT who 

has received permission from the Exchange 

to generate and submit option quotations 

electronically in options to which such SQT 

is assigned. 6 A Remote Streaming Quote Trader is 

defined in Exchange Rule in 1014(b)(ii)(B) as 

an ROT that is a member affiliated with an 

RSQTO with no physical trading floor 

presence who has received permission from 

the Exchange to generate and submit option 

quotations electronically in options to which 

such RSQT has been assigned. A Remote 

Streaming Quote Trader Organization or 

‘‘RSQTO,’’ which may also be referred to as 

a Remote Market Making Organization 

(‘‘RMO’’), is a member organization in good 


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