Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 70605 

6 15 U.S.C. 78s(b)(3)(a)(ii). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

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. The Exchange has satisfied this 

requirement. 

8 17 CFR 240.19b–4(f)(6)(iii). 

9For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 10 15 U.S.C. 78s(b)(3)(C). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 6 and Rule 19b– 

4(f)(6) 7 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 8 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay period to allow the Exchange to 

immediately implement a change in rule 

language that will serve to enhance the 

clarity and application of fees assessed 

and credits provided under the rule. 

The Commission believes that the 

proposed rule change will enhance 

clarity and avoid possible 

misinterpretation of the rule. For these 

reasons, the Commission believes that 

the proposed rule change presents no 

novel issues and that waiver of the 30- 

day operative delay is consistent with 

the protection of investors and the 

public interest. Therefore, the 

Commission designates the proposed 

rule change to be operative upon filing.9

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.10

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–2014–107 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–2014–107. 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–2014–107 and should be 

submitted on or before December 17, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27979 Filed 11–25–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73660; File No. SR–Phlx– 

2014–74] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to Clarify the 

Exchange’s Pricing Schedule Under 

Section VIII With Respect to Execution 

and Routing of Orders in Securities 

Priced at $1 or More Per Share 

November 20, 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 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 make a 

minor clarifying change to Section VIII 

of the Pricing Schedule entitled 

‘‘NASDAQ OMX PSX Fees,’’ 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://

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 

mstockstill on DSK4VPTVN1PROD with NOTICES

70606 Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 

3See SR–Phlx–2014–70, filed with the 

Commission on October 24, 2014 (awaiting 

publication in the Federal Register). 

4 15 U.S.C. 78f. 

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

6 15 U.S.C. 78s(b)(3)(a)(ii). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

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. The Exchange has satisfied this 

requirement. 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). 

10For purposes only of waiving the 30-day 

operative delay for this proposal, the Commission 

has considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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 the proposed rule 

change is to make a minor clarifying 

change to the Pricing Schedule 

applicable to shares executed on the 

NASDAQ OMX PSX System (‘‘PSX’’). 

Specifically, the Exchange proposes to 

clarify the definition of Consolidated 

Volume under Section VIII(a) of the 

Pricing Schedule. The Exchange 

recently adopted 3 the definition of 

Consolidated Volume, which is used as 

a measure in determining market 

participant eligibility for certain credits 

for participation in PSX. Consolidated 

Volume is currently defined as the total 

consolidated volume reported to all 

consolidated transaction reporting plans 

by all exchanges and trade reporting 

facilities during a month, excluding 

executed orders with a size of less than 

one round lot. The Exchange compares 

a participant’s equity transactions in 

PSX to Consolidated Volume to 

determine how impactful its particular 

order activity in PSX is in relation to 

overall equity market volume. The 

Exchange notes that the definition of 

Consolidated Volume does not 

expressly state that it encompasses 

equity securities only. Accordingly, the 

Exchange is proposing to add language 

to the definition to clarify that the 

definition under Section VIII(a) applies 

only to equity securities. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6 of the Act,4 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,5 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 the Exchange 

operates or controls, and 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 regulating, clearing, 

settling, processing information with 

respect to, and 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 

are not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. Specifically, 

the proposed change furthers these 

objectives because it clarifies the rule 

and helps avoid potential investor 

confusion on how the credits that use 

the definition are applied. The 

Exchange notes that it is not changing 

how the rule is applied, and therefore 

the credits provided continue to be 

reasonable and equitably allocated 

among market participants. 

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. 

Specifically, the change does not alter 

the meaning or application of the 

Exchange’s Pricing Schedule, and 

therefore does not affect competition in 

any respect. 

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 6 and Rule 19b– 

4(f)(6) thereunder.7

A proposed rule change filed under 

Rule 19b–4(f)(6) 8 normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 9 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission to waive the 30-day 

operative delay period to allow the 

Exchange to immediately implement a 

change in rule language that will serve 

to enhance the clarity and consistency 

of the Exchange’s Pricing Schedule. The 

Commission believes that the proposed 

rule change will enhance clarity and 

avoid possible misinterpretation of the 

rule. For these reasons, the Commission 

believes that the proposed rule change 

presents no novel issues and that waiver 

of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

designates the proposed rule change to 

be operative upon filing.10

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 rule-comments@

sec.gov. Please include File Number SR– 

Phlx–2014–74 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–2014–74. 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 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 70607 

11 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73342 

(Oct. 10, 2014), 79 FR 62492. 

4 In Amendment No. 1, the Exchange clarified 

certain aspects of the original filing. All comments 

on the proposed rule change, including 

Amendment No. 1, are available on the 

Commission’s Web site at: http://www.sec.gov/

comments/sr-nysearca-2014-114/

nysearca2014114.shtml. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 6.1(b)(3) defining ‘‘Clearing 

Member’’ as ‘‘an Exchange OTP Firm or OTP Holder 

which has been admitted to membership in the 

Options Clearing Corporation pursuant to the 

provisions of the Rules of the Options Clearing 

Corporation.’’ 

4See Exchange Rule 6.1A(a)(19) defining ‘‘User’’ 

as ‘‘any OTP Holder, OTP Firm or Sponsored 

Participant that is authorized to obtain access to OX 

pursuant to Rule 6.2A.’’ 

5See Securities Exchange Act Release No. 73281 

(October 1, 2014), 79 FR 60552. 

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

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– 

2014–74 and should be submitted on or 

before December 17, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27978 Filed 11–25–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73659; File No. SR– 

NYSEArca–2014–114] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change To List and 

Trade Shares of the iShares Interest 

Rate Hedged 0–5 Year High Yield Bond 

ETF, iShares Interest Rate Hedged 10+ 

Year Credit Bond ETF, and the iShares 

Interest Rate Hedged Emerging 

Markets Bond ETF Under NYSE Arca 

Equities Rule 8.600 

November 20, 2014. 

On September 29, 2014, NYSE Arca, 

Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade shares of the 

iShares Interest Rate Hedged 0–5 Year 

High Yield Bond ETF; iShares Interest 

Rate Hedged 10+ Year Credit Bond ETF; 

and the iShares Interest Rate Hedged 

Emerging Markets Bond ETF. The 

proposed rule change was published for 

comment in the Federal Register on 

October 17, 2014.3 The Commission 

received one comment on the proposal, 

and, on November 18, 2014, the 

Exchange filed Amendment No. 1 to the 

proposed rule change, which replaced 

and superseded its proposal as 

originally filed.4

Section 19(b)(2) of the Act 5 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is December 1, 

2014. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider this proposed rule change, 

as modified by Amendment No. 1. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,6

designates January 15, 2014, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEArca–2014–114) 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27977 Filed 11–25–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73668; File No. SR– 

NYSEArca–2014–110] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change, as 

Modified by Amendment No. 1 Thereto, 

Amending Rule 6.2A To Authorize the 

Exchange To Share Any UserDesignated Risk Settings in Exchange 

Systems With the Clearing Member 

That Clears Transactions on Behalf of 

the User 

November 21, 2014. 

On September 19, 2014, NYSE Arca, 

Inc., (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change to amend Rule 

6.2A to authorize the Exchange to share 

any User-designated risk settings in 

Exchange systems with the Clearing 

Member 3 that clears transactions on 

behalf of the User.4 The proposed rule 

change was published for comment in 

the Federal Register on October 7, 

2014.5 On November 19, 2014, the 

Exchange submitted Amendment No. 1 

to the proposed rule change. The 

Commission received no comments on 

the proposed rule change. 

Section 19(b)(2) of the Act 6 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day for this filing 

mstockstill on DSK4VPTVN1PROD with NOTICES