272 Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Notices 

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

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive market environment and 

the proposed change, by expanding the 

size of the orders the Exchange would 

accept, is designed to attract order flow 

to the Exchange by making the entry of 

large-sized orders more efficient for ETP 

Holders. 

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 

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 

prior to 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, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

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 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– 

NYSEArca–2014–146 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–NYSEArca–2014–146. 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– 

NYSEArca–2014–146 and should be 

submitted on or before January 26, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30803 Filed 1–2–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73948; File No. SR– 

NASDAQ–2014–124] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

NASDAQ Rule 7018 Fees 

December 29, 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 December 

16, 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 execution and routing securities 

listed on the New York Stock Exchange 

(‘‘NYSE’’) as well as a few minor 

clarifications to NASDAQ Rules 

7018(a)(2) and (3). 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated that the amendments be 

operative on January 1, 2015. 

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, 

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Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Notices 273 

3 15 U.S.C. 78f. 

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

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(a)(2) to modify fees 

assessed for execution and routing 

securities listed on the NYSE, as well as 

a few minor clarifications to NASDAQ 

Rules 7018(a)(2) and (3). 

Specifically, the Exchange is 

proposing to increase the charge for 

DOT or LIST orders that execute in the 

NYSE closing process from $0.00095 per 

share executed to $0.0010 per share 

executed. The Exchange is proposing to 

increase the charge for DOT or LIST 

orders that execute in the NYSE opening 

process or reopening process from 

$0.0005 per share executed to $0.0015 

per share executed. 

The Exchange is raising both of the 

above fees for DOT or LIST orders 

routed to NYSE because NASDAQ is 

seeking to cover the cost of routing and 

to reflect recent increases in the fees 

charged by NYSE with respect to orders 

routed to it by NASDAQ. Each time NES 

executes an order at an away market, 

NES is charged a clearing fee and, in the 

case of certain exchanges, a transaction 

fee is also charged in certain symbols, 

which fees are passed through to the 

Exchange. 

The Exchange currently recoups 

clearing and transaction charges 

incurred by the Exchange as well as 

certain other costs incurred by the 

Exchange when routing to away 

markets, such as administrative and 

technical costs associated with 

operating NES, membership fees at 

away markets, staffing and technical 

costs associated with routing orders. 

The Exchange assesses the actual away 

market fee at the time that the order was 

entered into the Exchange’s trading 

system. This transaction fee is 

calculated on an order-by-order basis 

since different away markets charge 

different amounts. The Exchange desires 

to recoup additional costs at this time. 

Additionally, 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 $0.0004 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 $0.0004 to $0.0006 per share 

executed for imbalance-only and 

continuous book orders 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. 

The Exchange is also eliminating 

NASDAQ Rule 7018(g), the subsection 

concerning retail price improvement 

program (the ‘‘Program’’) pricing for 

retail orders and retail price 

improvement orders, because the pilot 

program expires at the end of 2014. 

Finally, the Exchange is clarifying in 

two places in each of NASDAQ Rule 

7018(a)(2) and NASDAQ Rule 7018(a)(3) 

that the language regarding DOT or LIST 

orders explicitly refers to a charge. 

These changes are being made solely for 

the purpose of adding additional clarity. 

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. 

This proposal is reasonable, equitable 

and not unfairly discriminatory for the 

reasons noted below. 

The Exchange believes that increasing 

the fees for DOT or LIST orders that 

execute in the NYSE closing from 

$0.00095 per share executed to $0.0010 

per share executed, as well as increasing 

the fees for DOT or LIST orders that 

execute in the NYSE opening or 

reopening processes from $0.0005 per 

share executed to $0.0015 per share 

executed, are reasonable because the 

Exchange would apply such fees 

uniformly and desires to recoup an 

additional portion of the cost it incurs 

when routing such orders that execute 

in the NYSE closing, opening or 

reopening processes. 

The Exchange believes that increasing 

these fees for DOT or LIST orders that 

execute in the NYSE closing, opening or 

reopening processes are equitable and 

not unfairly discriminatory because the 

Exchange would assess the same 

increased fees to all market participants 

utilizing routing for DOT or LIST orders 

that execute in the NYSE opening or 

reopening processes. 

When routing orders to non-NASDAQ 

OMX exchanges such as NYSE, the 

Exchange incurs costly connectivity 

charges related to telecommunication 

lines, membership and access fees, and 

other related costs when routing orders. 

The Exchange believes that the 

proposed fee increases for DOT or LIST 

orders that execute in the NYSE closing, 

opening or reopening processes will 

enable Nasdaq to recover the costs it 

incurs to route such orders to NYSE. 

Each destination market’s transaction 

charge varies and there is a cost 

incurred by the Exchange when routing 

orders to away markets, including 

administrative and technical costs 

associated with operating NES, as well 

as membership fees at away markets. 

NASDAQ also believes that the 

changes to the fees assessed for 

participation in 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 $0.0004 to 

$0.0006 per share executed for 

imbalance-only and continuous book 

orders 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 

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274 Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Notices 

5 15 U.S.C. 78f. 

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

7 15 U.S.C. 78f(b)(8). 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 200.30–3(a)(12). 

less than the standard fee for accessing 

liquidity. 

The Exchange believes that removing 

NASDAQ Rule 7018(g), the subsection 

concerning pricing for the Program, is 

reasonable because the Program is a 

pilot that is not being renewed so the 

related pricing is made moot. The 

Exchange also believes that this change 

is consistent with an equitable 

allocation of a reasonable fee and not 

unfairly discriminatory because the 

ending of the pilot for this Program and 

associated pricing applies uniformly 

across all Exchange members. 

The Exchange also believes that the 

proposed rule change clarifications to 

DOT or LIST orders in two places in 

each of NASDAQ Rule 7018(a)(2) and 

NASDAQ Rule 7018(a)(3) is consistent 

with the provisions of Section 6 of the 

Act,5 in general, and with Sections 

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

it is designed 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. 

Specifically, this is achieved through 

clarifications to the language regarding 

DOT or LIST orders that will now 

explicitly refer to a charge and thereby 

promote market participants’ improved 

understanding of the rule. 

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.7

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 

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 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 increased fees for DOT 

or LIST orders that execute in the NYSE 

closing, opening or reopening processes 

are reflective of the Exchange’s need to 

recover the costs it incurs to route such 

orders to NYSE. In sum, if the changes 

proposed herein are unattractive to 

market participants, it is likely that 

NASDAQ will lose market share or 

routable order flow as a result. 

Additionally, the modestly 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. 

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.8 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– 

NASDAQ–2014–124 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–2014–124. 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–2014–124 and should be 

submitted on or before January 26, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30801 Filed 1–2–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 8992] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Buddhist Art of Myanmar’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

mstockstill on DSK4VPTVN1PROD with NOTICES