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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69964 Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 

standing that satisfies the RSQTO readiness 

requirements in Rule 507(a). 7 A JBO participant is a member, member 

organization or non-member organization 

that maintains a JBO arrangement with a 

clearing broker-dealer (‘‘JBO Broker’’) subject 

to the requirements of Regulation T Section 

220.7 of the Federal Reserve System as 

further discussed at Exchange Rule 703. 

* * * * * 

A. Mini Options Fees 

The following fees will apply to Mini 

Options as specified in Rule 1012, 

Commentary .13. 

[Mini Options symbols are AAPL7, 

AMZN7, GLD7, GOLG7, SPY7] 

Customer Professional 

Specialist 

and market 

maker 

Broker-dealer Firm 

Mini Options Transaction Fee—Electronic Adding Liquidity $0.00 $0.03 $0.02 $0.03 $0.03 

Mini Options Transaction Fee—Electronic Removing Liquidity ............................................................................... 0.00 0.09 0.04 0.09 0.09 

Mini Options Transaction Fee—Floor and QCC ................. 0.00 0.09 0.09 0.09 0.09 

For executions that occur as part of 

PIXL, the following fees and rebates will 

apply: 

• Initiating Order: $0.015 per contract 

• PIXL Order (Contra-party to the 

Initiating Order): Customer is $0.00 and 

all others will be assessed a transaction 

fee of $0.03 per contract. 

• PIXL Order (Contra-party to other 

than the Initiating Order): Customer will 

be assessed a transaction fee of $0.00 

and all others will be assessed a 

transaction fee of $0.03 per contract. 

The contra-party will be assessed a 

transaction fee of $0.03 per contract. 

Payment for Order Flow fees will be 

as follows: 

• Penny Pilot Options: $0.02 

• All Other Options: $0.06 

QCC Transaction Fees and rebates 

defined in Section II do not apply to 

Mini Options. Routing Fees set forth in 

Section V apply to Mini Options. 

The Monthly Market Maker Cap and 

the Monthly Firm Fee Cap set forth in 

Section II as well as other options 

transaction fee caps, discounts or 

rebates will not apply to transactions in 

Mini Options. 

Mini Options volume will be 

included in the calculations for the 

Customer Rebate Program eligibility but 

will not be eligible to receive the rebates 

associated with the Customer Rebate 

Program. 

B. Customer Rebate Program 

The Customer Rebate Tiers described 

below will be calculated by totaling 

Customer volume in Multiply Listed 

Options (including SPY) that are 

electronically-delivered and executed, 

except volume associated with 

electronic QCC Orders, as defined in 

Exchange Rule 1080(o). Rebates will be 

paid on Customer Rebate Tiers 

according to the below categories. 

Members and member organizations 

under Common Ownership may 

aggregate their Customer volume for 

purposes of calculating the Customer 

Rebate Tiers and receiving rebates. 

Customer rebate 

tiers 

Percentage thresholds of national customer volume in multiply-listed equity and ETF 

options classes, excluding SPY options 

(monthly) 

Category Category 

A B 

Tier 1 ................ 0.00%–0.60% ............................................................................................................................ $0.00 $0.00 

Tier 2 ................ Above 0.60%–1.10% ................................................................................................................ *0.10 *0.17 

Tier 3 ................ Above 1.10%–1.60% ................................................................................................................ *0.12 *0.17 

Tier 4 ................ Above 1.60%–2.50% ................................................................................................................ 0.16 0.19 

Tier 5 ................ Above 2.50% ............................................................................................................................ 0.17 0.19 

Category A: Rebate will be paid to members executing electronically-delivered Customer Simple Orders in Penny Pilot Options and Customer 

Simple Orders in Non-Penny Pilot Options in Section II symbols. Rebate will be paid on Customer PIXL Orders in Section II symbols that execute against non-Initiating Order interest. In the instance where member organizations qualify for Tier 4 or higher in the Customer Rebate Program, Customer PIXL Orders that execute against a PIXL Initiating Order will be paid a rebate of $0.14 per contract. 

Category B: Rebate will be paid to members executing electronically-delivered Customer Complex Orders in Penny Pilot Options and NonPenny Pilot Options in Section II symbols. Rebate will be paid on Customer PIXL Complex Orders in Section II symbols that execute against 

non-Initiating Order interest. In the instance where member organizations qualify for Tier 4 or higher in the Customer Rebate Program, Customer 

Complex PIXL Orders that execute against a Complex PIXL Initiating Order will be paid a rebate of $0.17 per contract. The Category B Rebate 

will not be paid when an electronically-delivered Customer Complex Order, including Customer Complex PIXL Order, executes against another 

electronically-delivered Customer Complex Order. 

* The Exchange will pay a $0.02 per contract rebate in addition to the applicable Tier 2 and 3 rebate to a Specialist or Market Maker or its 

member or member organization affiliate under Common Ownership provided the Specialist or Market Maker has reached the Monthly Market 

Maker Cap, as defined in Section II. 

* * * * * VI. MEMBERSHIP FEES 

* * * * * 

B. STREAMING QUOTE TRADER (‘‘SQT’’) FEES

Number of Option Class Assignments 22 SQT Fees 

Tier 1: Up to 200 classes ...................................................................................................................................... $0.00 per calendar month. 

Tier 2: Up to 400 classes ...................................................................................................................................... $2,200 per calendar month. 

Tier 3: Up to 600 classes ...................................................................................................................................... $3200.00 per calendar month. 

Tier 4: Up to 800 classes ...................................................................................................................................... $4200.00 per calendar month. 

Tier 5: Up to 1000 classes .................................................................................................................................... $5200.00 per calendar month. 


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Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 69965 

3 15 U.S.C. 78f(b). 

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

B. STREAMING QUOTE TRADER (‘‘SQT’’) FEES—Continued 

Number of Option Class Assignments 22 SQT Fees 

Tier 6: Up to 1200 classes .................................................................................................................................... $6200.00 per calendar month. 

Tier 7: All equity issues ......................................................................................................................................... $7,200 per calendar month. 

22 In calculating the number of option class assignments, equity options including ETFs and ETNs will be counted. Currencies and indexes will 

not be counted in the number of option class assignments. 

C. [REMOTE STREAMING QUOTE TRADER ORGANIZATION (‘‘RSQTO’’) FEE] Remote Market Maker Organization (RMO) 

Fee 

Number of Option Class Assignments 23 [RSQTO]RMO Fee 

Tier 1: less than 100 classes ................................................................................................................................ $5,000 per month. 

Tier 2: More than 100 classes and less than 999 classes ................................................................................... 8,000 per month. 

Tier 3: 1000 or more classes ................................................................................................................................ 11,000 per month. 

Remote Specialist Fee 24 ....................................................................................................................................... 200 per option allocation per 

month. 

23 In calculating the number of option class assignments, equity options including ETFs and ETNs will be counted. Currencies and indexes will 

not be counted in the number of option class assignments. 24The Remote Specialist Fee will be capped at $4,500 per month. 

* * * * * 

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 Exchange is proposing to amend 

various sections of the Pricing Schedule, 

which applies to options, to add rule 

text to clarify the Pricing Schedule. 

Each change will be discussed in more 

detail below. 

Preface—Joint Back Office (‘‘JBO’’) 

The Exchange notes in the Preface to 

the Pricing Schedule that a JBO will be 

priced the same as a Broker-Dealer. [sic] 

as of September 1, 2014. The Exchange 

believes that the date is no longer 

necessary and proposes to remove this 

reference. 

Preface—RMM Amendment 

The Exchange proposes to add a 

sentence to the term ‘‘ROT, SQT and 

RSQT’’ to state that ‘‘RSQTs may also be 

referred to as Remote Market Makers 

(‘‘RMMs’’).’’ The Exchange already 

includes this statement in note 6 of the 

Preface. The Exchange proposes to add 

this in the definition of the term for ease 

of reference. 

Chapter VI—RMO Amendment 

The Exchange also proposes to utilize 

this term to describe the fees at Chapter 

VI, Membership Fees, Section C, 

currently titled ‘‘Remote Streaming 

Quote Trader Organization Fee.’’ The 

Exchange believes that titling this fee as 

‘‘Remote Market Maker Organization 

(RMO) Fee’’ more specifically defines 

the fee. The Exchange also proposes to 

add the term ‘‘RMO’’ in place of 

‘‘RSQTO’’ throughout Section C fee 

table for consistency. 

Chapter VI—Adding Tier Numbers 

The Exchange proposes to amend 

Chapter VI, Section B, Streaming Quote 

Trader (‘‘SQT’’) Fees and Section C to 

assign tier numbers before each tier in 

each of those fees for ease of reference 

in referring to the fees. 

The Exchange believes that each of 

the aforementioned amendments will 

make the Pricing Schedule easier to 

understand and reference. 

Section A—Mini Options Symbols 

The Exchange is also proposing to 

delete the Mini Options symbols listed 

in Section A, Mini Options Fees and 

instead note that the pricing applies to 

all Mini Options as specified in Rule 

1012, Commentary .13. The Exchange 

believes this will assist the Exchange in 

maintaining a current, accurate Pricing 

Schedule. 

Section B—Customer Rebate Program 

The Exchange is proposing to clarify 

rule text in Section B, Customer Rebate 

Program, related to Category B rebates. 

Currently the Category B rebate is paid 

to members executing electronicallydelivered Customer Complex Orders in 

Penny Pilot Options and Non-Penny 

Pilot Options in Section II symbols. The 

rebate will be paid on Customer PIXL 

Complex Orders in Section II symbols 

that execute against non-Initiating Order 

interest. In the instance where member 

organizations qualify for Tier 4 or higher 

in the Customer Rebate Program, 

Customer Complex PIXL Orders that 

execute against a Complex PIXL 

Initiating Order will be paid a rebate of 

$0.17 per contract. The Category B 

Rebate will not be paid when an 

electronically-delivered Customer 

Complex Order executes against another 

electronically-delivered Customer 

Complex Order. The Exchange proposes 

to amend the last sentence to state, ‘‘The 

Category B Rebate will not be paid when 

an electronically-delivered Customer 

Complex Order, including Customer 

Complex PIXL Order, executes against 

another electronically-delivered 

Customer Complex Order.’’ The 

Exchange believes that this sentence 

helps further clarify the manner in 

which the Category B rebate is applied 

today. 

The Exchange is also making other 

clarifying amendments in the 

definitions to correct typographical 

errors. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 3 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 4


asabaliauskas on DSK5VPTVN1PROD with NOTICES
69966 Federal Register / Vol. 79, No. 226 / Monday, November 24, 2014 / Notices 

5See Chapter XV, Section 2(4). 

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

7 17 CFR 240.19b–4(f)(6). 

8 17 CFR 200.30–3(a)(12). 

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

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest, in that 

the amendments will provide greater 

clarity to the Pricing Schedule. 

The Exchange believes that removing 

the historical reference date to the JBO 

definition in the Preface will provide 

greater clarity to the Pricing Schedule. 

The Exchange believes that the 

amendments provide greater specificity 

and conforms word usage with the 

Rulebook with respect to the usage of 

the terms RMM and RMO. Also, by 

adding tier numbers, it will be easier to 

reference the various streaming fees. 

The Exchange believes that generally 

referring to Mini Options as specified in 

the Rulebook will assist the Exchange in 

maintaining a current list of Mini 

Options which are subject to Section A 

pricing. The NASDAQ Options Market 

LLC pricing for Mini Options does not 

specifically reference the Mini Options 

symbols.5

The Exchange believes that further 

clarifying the manner in which a 

Category B Customer Rebate is paid by 

stating that a Customer Complex PIXL 

Order is excluded in the same manner 

as other Customer Complex Orders adds 

further clarity to the rule text. The 

Exchange excludes Customer Complex 

PIXL Orders today from the Category B 

rebate. The Exchange will not change 

the manner in which the Exchange pays 

a rebate as a result of this filing. 

Customer Complex PIXL Orders will 

continue to be excluded. 

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 is merely seeking to add 

greater clarity to the Pricing Schedule 

by conforming the RMM and RMO 

language to the current usage in Rule 

507 of the Rulebook. The Exchange also 

believes that the addition of tiers 

provides greater clarity and 

transparency to the Pricing Schedule 

which benefits all market participants. 

Generally citing to all Mini Options 

provides greater accuracy to the Pricing 

Schedule. Specifically stating that 

Customer Complex PIXL Orders are 

excluded in a manner similar to 

Customer Complex Orders adds more 

specificity to the manner in which the 

Exchange pays the Category B Customer 

Rebate. Finally, correcting typographical 

errors and removing historical dates 

avoid confusion. 

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 

subparagraph (f)(6) of Rule 19b–4 

thereunder.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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

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–2014–75 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–2014–75. 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– 

2014–75 and should be submitted on or 

before December 15, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27710 Filed 11–21–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73630; File No. SR– 

NASDAQ–2014–038] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Order 

Granting Approval of a Proposed Rule 

Change, as Modified by Amendments 

No. 1 and No. 2 Thereto, Relating to the 

Listing and Trading of the Shares of 

the Reality Shares NASDAQ–100 DIVS 

Index ETF Under Nasdaq Rule 5705 

November 18, 2014. 

I. Introduction 

On April 10, 2014, The NASDAQ 

Stock Market LLC (‘‘Exchange’’ or 

‘‘NASDAQ’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

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


asabaliauskas on DSK5VPTVN1PROD with NOTICES