Federal Register / Vol. 79, No. 227 / Tuesday, November 25, 2014 / Notices 70253 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change; or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

ICEEU–2014–22 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–ICEEU–2014–22. 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 

filings also will be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s Web site at https://

www.theice.com/clear-europe/

regulation. 

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–ICEEU–2014–22 and 

should be submitted on or before 

December 16,2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27843 Filed 11–24–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73648; File No. SR– 

NASDAQ–2014–108] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

NASDAQ Rule 7018 Fees 

November 19, 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 

12, 2014, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NASDAQ is proposing to modify 

NASDAQ Rule 7018 fees assessed for 

execution and routing securities listed 

on NASDAQ, the New York Stock 

Exchange (‘‘NYSE’’) and on exchanges 

other than NASDAQ and NYSE. 

The text of the proposed rule change 

is available at nasdaq.cchwallstreet.com 

at NASDAQ’s principal office, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NASDAQ 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NASDAQ is proposing to amend 

NASDAQ Rule 7018(1), (2) and (3) to 

modify fees assessed for execution and 

routing securities listed on NASDAQ 

(‘‘Tape C’’), NYSE (‘‘Tape A’’) and on 

exchanges other than NASDAQ and the 

NYSE (‘‘Tape B’’), respectively, 

(together, the ‘‘Tapes’’) as well as the 

opening and closing crosses (‘‘Opening 

and Closing Crosses’’) in NASDAQ Rule 

7018(d) and (e). 

The Exchange is proposing across all 

of the tapes (the ‘‘Tapes’’) an increase to 

the fee for a firm that executes against 

resting midpoint liquidity from $0.0027 

per share executed to $0.0030 per share 

executed. NASDAQ is seeking to 

harmonize the remove rate for orders 

whether or not they execute against the 

midpoint so that the remove rate for 

orders is certain before the order is 

entered. Therefore, the Exchange is 

proposing to increase the charge from 

$0.0027 to $0.0030 per share executed 

across all the tapes. 

NASDAQ is also proposing to 

eliminate across all of the tapes the 

current $0.00293 per share executed 

rebate for a member with shares of 

liquidity provided in all securities 

through one or more of its Nasdaq 

Market Center MPIDs that represent 

more than 0.10% of Consolidated 

Volume during the month, with shares 

executed in the Opening and Closing 

Cross that represent more than 0.20% of 

Consolidated Volume and orders 

entered through a single Nasdaq Market 

Center MPID that represent more than 

0.50% of Consolidated Volume during 

the month. NASDAQ believes that the 

elimination of this rebate is warranted 

since it has failed to increase liquidity 

in Tape A, B or C securities or to 

provide members with additional 

incentive to improve market quality. 

The Exchange is also proposing to 

modify and add new rebates across all 

of the tapes. Specifically, NASDAQ is 

proposing to expand and modify the 

credit for non-displayed orders (other 

than Supplemental Orders) that provide 

liquidity. The rebate will now include a 

$0.0025 per share executed for midpoint 

orders. It will be offered provided that 


wreier-aviles on DSK4TPTVN1PROD with NOTICES
70254 Federal Register / Vol. 79, No. 227 / Tuesday, November 25, 2014 / Notices 

3 15 U.S.C. 78f. 

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

the member adds an average daily 

volume of 5 million or more shares 

through midpoint orders during the 

month and either adds Customer and/or 

Professional liquidity in Penny Pilot 

Options and/or Non- Penny Pilot 

Options of 1.40% or more of national 

customer volume in multiply-listed 

equity and exchange-traded fund 

(‘‘ETF’’) options classes in a month as 

pursuant to Chapter XV, Section 2 of the 

Nasdaq Options Market (‘‘NOM’’) rules 

or adds 8 million shares of nondisplayed liquidity (excluding retail 

price improvement orders). NASDAQ 

believes that this proposed credit will 

incentivize members to post more 

liquidity at the midpoint, which should 

improve price discovery for the benefit 

of investors. 

NASDAQ also proposes to also 

modify this rebate for Tape C securities 

only. Specifically, the credit of $0.0014 

per share executed tier for midpoint 

orders if the member provides an 

average daily volume of less than 5 

million shares through midpoint orders 

during the month is proposed to be 

modified by decreasing it to $0.0010 per 

share executed. The Exchange believes 

that is no longer necessary to pay a 

higher rebate for adding liquidity in 

Tape C. 

The Exchange is also proposing to 

modify across all of the tapes the 

existing credit for displayed Designated 

Retail Orders. The existing rebate of 

$0.0033 per share will remain, but the 

rebate will increase slightly to $0.0034 

per share executed if the member adds 

Customer and/or Professional liquidity 

in Penny Pilot Options and/or NonPenny Pilot Options of 1.40% or more 

of national customer volume in 

multiply-listed equity and ETF options 

classes in a month as pursuant to 

Chapter XV, Section 2 of the NOM rules. 

The Exchange believes that increasing 

the rebate will attract additional retail 

order flow. 

NASDAQ also is proposing to modify 

an existing fee for Tape A and Tape B 

securities. The proposed fee cap of 

$5,000 per month pertains to both a 

DOT or LIST Order that executes in the 

NYSE opening or re-opening process 

combined with a LIST Order that 

executes in the NYSEArca and 

NYSEAmex opening or re-opening 

process if a member adds Customer and/ 

or Professional liquidity in Penny Pilot 

Options and/or Non-Penny Pilot 

Options of 1.40% or more of national 

customer volume in multiply-listed 

equity and ETF options classes in a 

month as pursuant to Chapter XV, 

Section 2 of the NOM Rules. The 

Exchange believes that this will 

encourage firms that route options 

customer order flow and equity order 

flow that would qualify as retail to send 

more order flow to both NOM and 

NASDAQ. Additionally, NASDAQ is 

proposing to combine for Tape B 

securities the LIST order that executes 

in an exchange’s re-opening process 

with the language noted above regarding 

the LIST order that executes in an 

exchange’s opening process. Aside from 

simplifying the rule language by 

combining it for a LIST order that 

executes in the opening or re-opening 

process, this also serves to reduce and 

harmonize the fee for a LIST order that 

executes in an exchange’s re-opening 

process from $0.001 to $0.0005 per 

share executed in the NYSEArca reopening process. 

NASDAQ Rules 7018(d) and (e) set 

forth fees assessed for executions 

received in the Opening and Closing 

Crosses. The rule provides a fee of 

$0.0003 per share executed assessed for 

all other quotes and orders not 

otherwise noted under the rules. The 

Exchange is proposing to increase the 

fee from $0.0003 to $0.0004 per share 

executed in the Opening and Closing 

Crosses. The proposed increases to the 

fees assessed for executions in the 

Closing and Opening Crosses will help 

the Exchange recapture some of the 

costs it incurs operating the cross 

system, while maintaining very low fees 

for the execution of orders in these 

crosses. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,3 in 

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

6(b)(5) of the Act,4 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. 

NASDAQ believes that the increase 

across all of the tapes to the fee for a 

member that executes against resting 

midpoint liquidity from $0.0027 per 

share executed to $0.0030 per share 

executed is reasonable, equitably 

allocated and not unfairly 

discriminatory and will harmonize the 

remove rate for orders whether or not 

they execute against the midpoint so 

that the remove rate for orders is certain 

before the order is entered. The 

Exchange believes the increase is 

reasonable because the rate is consistent 

with the standard remove rate and 

members receive significant price 

improvement when accessing midpoint 

liquidity. The fee increase is equitably 

allocated and not unfairly 

discriminatory because the increase is 

being uniformly assessed across all of 

the tapes on all members that execute 

against resting midpoint liquidity. 

Further, the Exchange believes that the 

reduced remove rate for receiving a 

midpoint execution is no longer 

necessary because the reduction did not 

result in a meaningful change in 

midpoint activity. 

The Exchange believes that the 

elimination across all of the tapes of the 

current $0.00293 per share executed 

rebate for a member with shares of 

liquidity provided in all securities 

through one or more of its Nasdaq 

Market Center MPIDs that represent 

more than 0.10% of Consolidated 

Volume during the month, with shares 

executed in the Opening and Closing 

Cross that represent more than 0.20% of 

Consolidated Volume and orders 

entered through a single Nasdaq Market 

Center MPID that represent more than 

0.50% of Consolidated Volume during 

the month is consistent with an 

equitable allocation of a reasonable fee 

and not unfairly discriminatory. 

Specifically, the Exchange believes it is 

equitable and not unfairly 

discriminatory because this tier is being 

eliminated for all members and across 

all tapes so no members are being 

disadvantaged. Additionally, only one 

member qualified for the rebate in 

October and removing the rebate will 

impact their total rebates received by 

less than 1%. 

NASDAQ believes that the change 

across all tapes to the credit for nondisplayed orders (other than 

Supplemental Orders) that provide 

liquidity is reasonable, equitably 

allocated and not unfairly 

discriminatory. The new tier for the 

rebate of $0.0025 per share executed for 

midpoint orders when the member adds 

an average daily volume of 5 million or 

more shares through midpoint orders 

during the month and either adds 

Customer and/or Professional liquidity 

in Penny Pilot Options and/or NonPenny Pilot Options of 1.40% or more 

of national customer volume in 

multiply-listed equity and ETF options 

classes in a month as pursuant to 

Chapter XV, Section 2 of the NOM rules 

or adds 8 million shares of nondisplayed liquidity (excluding retail 

price improvement orders) is equitably 

allocated and not unfairly 

discriminatory because it treats all 

members uniformly since it is available 

to all members and across all tapes. The 


wreier-aviles on DSK4TPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 227 / Tuesday, November 25, 2014 / Notices 70255 

5See Exchange Rule 7018. 6 15 U.S.C. 78f(b)(8). 

Exchange believes that the proposed 

change is reasonable because it does not 

unfairly burden competition, but rather 

it will promote competition among 

member organizations to provide more 

meaningful non-displayed liquidity, 

specifically midpoint liquidity, on the 

Exchange to the benefit of investors and 

other members. 

NASDAQ also proposes to modify the 

credit for non-displayed orders (other 

than Supplemental Orders) in one 

additional way for Tape C securities 

only. Specifically, the credit of $0.0014 

per share executed tier for midpoint 

orders if the member provides an 

average daily volume of less than 5 

million shares through midpoint orders 

during the month is proposed to be 

modified by decreasing it to $0.0010 per 

share executed. The Exchange believes 

that this rebate modification applicable 

to Tape C securities only is reasonable, 

equitably allocated and not unfairly 

discriminatory. NASDAQ believes that 

the proposed decrease to the rebate is 

reasonable because it remains a higher 

rebate than the rebates provided to other 

non-displayed liquidity in Tape C 

securities and, thus, still incentivizes 

members to add midpoint liquidity over 

other forms of non-displayed liquidity 

in Tape C and represents only a modest 

decrease from the current rebate level. 

NASDAQ believes that the proposed 

credit is equitably allocated and not 

unfairly discriminatory because the 

rebate for this tier is available and 

applies uniformly to members that are 

eligible that provide such liquidity with 

regard to Tape C securities. 

Additionally, all members have 

incentives available and equal 

opportunity to earn higher rebates for 

adding more liquidity. 

NASDAQ believes that the 

modification of the existing rebate for 

Designated Retail Orders is consistent 

with an equitable allocation of a 

reasonable fee and not unfairly 

discriminatory. The existing rebate of 

$0.0033 per share will remain, but the 

rebate will increase slightly to $0.0034 

per share executed if the member adds 

Customer and/or Professional liquidity 

in Penny Pilot Options and/or NonPenny Pilot Options of 1.40% or more 

of national customer volume in 

multiply-listed equity and ETF options 

classes in a month as pursuant to 

Chapter XV, Section 2 of the NOM rules. 

The Exchange believes that the increase 

to the rebate under certain 

circumstances is reasonable because it is 

intended to incentivize liquidity for 

Designated Retail Orders and thereby 

improve overall liquidity in the 

marketplace. The modified rebate is 

equitably allocated and not unfairly 

discriminatory because it is available to 

all members that satisfy the criteria, 

regardless of the exchange upon which 

it is executed. The Exchange notes that 

rebates linked to options volume is not 

novel and that the Exchange has other 

tiers available for members based on 

options volume.5

The Exchange also believes that the 

modification to another existing fee that 

is for Tape A and Tape B securities is 

reasonable, equitably allocated and not 

unfairly discriminatory. Specifically, 

the fee is [sic] and relates to both a DOT 

or LIST Order that executes in the NYSE 

opening or re-opening process, and is 

combined with a LIST Order that 

executes in the NYSEArca and 

NYSEAmex opening or re-opening 

process for purposes of a cap of $0.0005 

per share executed not to exceed $5,000 

per month. This applies if a member 

adds Customer and/or Professional 

liquidity in Penny Pilot Options and/or 

Non-Penny Pilot Options of 1.40% or 

more of national customer volume in 

multiply-listed equity and ETF options 

classes in a month as pursuant to 

Chapter XV, Section 2 of the NOM 

Rules. The Exchange believes that the 

cap on total charges is reasonable 

because it provides additional 

incentives for members to utilize the 

Exchange router to access liquidity at 

away markets, as well as provide 

additional incentives to add options 

liquidity to receive this routing benefit. 

This cap is also equitably allocated and 

not unfairly discriminatory because all 

members have an equal opportunity to 

receive this incentive should they 

choose to avail themselves of this 

benefit. As noted above, incentives and 

benefits that combine options and 

equities volume is [sic] not novel. 

NASDAQ also believes that, in 

connection with the rebate above, 

combining for Tape B securities the 

LIST order that executes in an 

exchange’s re-opening process with the 

LIST order that executes in an 

exchange’s opening process, as well as 

reducing the fee from $0.001 to $0.0005 

per share executed in the NYSEArca reopening process is reasonable, equitably 

allocated and not unfairly 

discriminatory. Specifically, the 

Exchange believes that reducing the fee 

for the NYSEArca re-opening process is 

reasonable because it incentivizes 

members to utilize the Exchange router 

to access liquidity at away markets. 

Additionally, this fee reduction is 

equitably allocated and not unfairly 

discriminatory because the reduced fee 

harmonizes the fee for a LIST order that 

executes in an exchange’s re-opening 

process and applies to all members. 

Lastly, NASDAQ believes that the 

changes to the fees assessed for 

participation the Opening and Closing 

Crosses are consistent with an equitable 

allocation of a reasonable fee and not 

unfairly discriminatory. Specifically, 

the Exchange is proposing to increase 

the fee from $0.0003 to $0.0004 per 

share executed in the Opening and 

Closing Crosses. The Exchange believes 

that the fees are reasonable because 

supporting the crosses requires capital 

investment to maintain a system that 

facilitates an orderly auction process, 

and the proposed increases are designed 

to offset the costs the Exchange incurs 

in operating the crosses. Moreover, the 

proposed fees are equitably allocated 

because they apply a fee on all members 

that benefit from participation in the 

Opening and Closing Crosses, and are 

based on the type of order entered and 

contribution to market quality. 

Similarly, the proposed fees are not 

unfairly discriminatory because they are 

based on the type of order executed in 

the crosses and the benefit to market 

quality that such orders provide. 

NASDAQ believes that the proposal to 

increase the charges assessed for 

executions in the crosses is reasonable, 

equitably allocated and not unfairly 

discriminatory because the increased 

fees are identical in amount and apply 

to all members that elect to participate 

in the crosses and receive an execution. 

Moreover, NASDAQ does not believe 

that the increased fees will negatively 

impact participation in the crosses as 

current rates assessed for the open and 

closing cross continue to be materially 

less than the standard fee for accessing 

liquidity. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NASDAQ does not believe that the 

proposed rule changes will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended.6

NASDAQ notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, 

NASDAQ must continually adjust its 

fees to remain competitive with other 

exchanges and with alternative trading 

systems that have been exempted from 

compliance with the statutory standards 

applicable to exchanges. Because 


wreier-aviles on DSK4TPTVN1PROD with NOTICES
70256 Federal Register / Vol. 79, No. 227 / Tuesday, November 25, 2014 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

competitors are free to modify their own 

fees in response, and because market 

participants may readily adjust their 

order routing practices, NASDAQ 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. In this instance, the changes to 

routing fees and credits do not impose 

a burden on competition because 

NASDAQ’s routing services are optional 

and are the subject of competition from 

other exchanges and broker-dealers that 

offer routing services, as well as the 

ability of members to develop their own 

routing capabilities. The slightly 

increased fees for execution in the 

NASDAQ crosses are reflective of a need 

to support and improve NASDAQ 

systems, which in turn benefit market 

quality and ultimately, competition. In 

sum, if the changes proposed herein are 

unattractive to market participants, it is 

likely that NASDAQ will lose market 

share as a result. 

Accordingly, NASDAQ does not 

believe that the proposed changes will 

impair the ability of members or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.7 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. 

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 rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2014–108 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–2014–108. 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 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–2014–108 and should be 

submitted on or before December 16, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27845 Filed 11–24–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73646; File No. SR–BX– 

2014–056] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Clarify Rule 

7018(a) with Respect to Execution and 

Routing of Orders in Securities Priced 

at $1 or More Per Share 

November 19, 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 

12, 2014, NASDAQ OMX BX, Inc. (‘‘BX’’ 

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 make 

minor clarifying changes to Rule 7018(a) 

with respect to execution and routing of 

orders in securities priced at $1 or more 

per share. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqomxbx. 

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. 


wreier-aviles on DSK4TPTVN1PROD with NOTICES