594 Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 

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

6 15 U.S.C. 78f(b)(4). 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. 

after the date on which the Trading 

Permit was in effect during that first 

month divided by the total number of 

trading days in such month multiplied 

by the monthly rate. 

The Exchange proposes to implement 

the Trading Permit fees beginning 

January 1, 2015. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its fee schedule is 

consistent with Section 6(b) of the Act 5

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 6 in particular, 

in that it is an equitable allocation of 

reasonable fees and other charges among 

Exchange members. 

The Exchange believes that the 

proposed Trading Permit fee is 

reasonable, equitable and not unfairly 

discriminatory. The Exchange notes that 

the Trading Permit fees are lower than 

comparable fees at other exchanges as 

described in the Purpose section above. 

As such, the proposal is reasonably 

designed because it will incent market 

participants to register as EEMs on the 

Exchange in a manner that enables the 

Exchange to improve its overall 

competitiveness and strengthen its 

market quality for all market 

participants. The proposed fee is fair 

and equitable and not unreasonably 

discriminatory because the Trading 

Permit fee applies equally to all 

Members who choose to register as an 

EEM. All similarly situated EEMs will 

be subject to the same Trading Permit 

fee, and access to the Exchange is 

offered on terms that are not unfairly 

discriminatory. 

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 believes that the proposal 

increases both intermarket and 

intramarket competition by marginally 

increasing Trading Permit fees for EEMs 

on the Exchange in a manner that still 

remains lower than comparable fees on 

other exchanges. The Exchange 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. In such an environment, 

the Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow to 

the Exchange. The Exchange believes 

that the proposal reflects this 

competitive environment because it 

increases the Exchange’s fees in a 

manner that continues to encourage 

market participants to register as EEMs 

on the Exchange, to provide liquidity, 

and to attract order flow. To the extent 

that this purpose is achieved, all the 

Exchange’s market participants should 

benefit from the improved market 

liquidity. 

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 rule 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. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule 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– 

MIAX–2014–068 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–MIAX–2014–068. 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–MIAX– 

2014–068 and should be submitted on 

or before January 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30891 Filed 1–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73967; File No. SR– 

NASDAQ–2014–128] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

NASDAQ Rules 7014 and 7018 

December 30, 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 

19, 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. 


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Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 595 

3NASDAQ notes that a displayed order at the 

NBBO of an exchange, and the subsequent 

execution thereof, contributes significantly to price 

discovery because both the displayed order prior to 

execution, and the execution itself, provide a 

reference price to the market. Further, a nondisplayed order on an exchange contributes to price 

discovery as it is part of the continuous auction on 

a market with publicly displayed orders and 

quotes—albeit the contribution of a non-displayed 

order on an exchange is less than the contribution 

of a displayed order on the exchange. A nondisplayed order on an off-exchange venue 

contributes less to price discovery because it is 

resting in a less transparent trading venue that is 

not part of the continuous auction of a ‘‘lit’’ 

exchange. 

4See, e.g., Australian Securities and Investments 

Commission, Report 331 ‘‘Dark Liquidity and HighFrequency Trading’’ (March 2013) (available at: 

http://download.asic.gov.au/media/1344182/

rep331-published-18-March-2013.pdf); see also 

International Organization of Securities 

Commissions, Technical Committee, Final Report 

‘‘Principals for Dark Liquidity’’ (May 2011) 

(available at: http://www.iosco.org/library/pubdocs/ 

pdf/IOSCOPD353.pdf). 

5For example, through the Investor Support 

Program and Qualified Market Maker Program 

NASDAQ provides certain credits and reduced fees 

for member firms that improve the market 

significantly. See Rule 7014. NASDAQ notes that 

although the proposed new fees and credits are in 

lieu of other fees and credits, the trading activity 

in these securities will be accounted for in 

calculations of measures used to qualify for fees and 

credits under Rule 7018(a) applied to securities not 

in the proposed program (for example, Consolidated 

Volume as defined under Rule 7018(a)). 

6Namely, NASDAQ, The New York Stock 

Exchange, or other exchanges. 

7Each of the Select Symbol securities trade in 

excess of $1. NASDAQ notes that the proposed fees 

and credits applicable to the Select Symbols do not 

apply to participation in the NASDAQ Opening, 

Closing, and Halt Crosses. 

8 ‘‘Trading Center’’ is defined by Regulation NMS 

as a national securities exchange or national 

securities association that operates an SRO trading 

facility, an alternative trading system, an exchange 

market maker, an OTC market maker, or any other 

broker or dealer that executes orders internally by 

trading as principal or crossing orders as agent. See 

17 CFR 242.600(b)(78). 

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 the Substance 

of the Proposed Rule Change 

NASDAQ is proposing to lower access 

fees in order to attract more investor 

orders to the public markets. In 

response to claims that public markets 

are too expensive, NASDAQ is 

proposing to amend Rule 7018(a) to 

lower execution fees for a select group 

of securities where access fees may be 

discouraging the use of public markets. 

NASDAQ believes that the data 

generated by this experimental 

approach will contribute to the on-going 

debate on the structure of U.S. markets. 

NASDAQ is also making clarifying 

changes to Rule 7014. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated that the amendments be 

operative on February 2, 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, 

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 

Hundreds of exchange-listed 

securities trade more volume on offexchange markets than on exchange 

markets. Off-exchange orders do not 

generate quotes on public markets, do 

not interact with orders on public 

markets and consequently do not 

promote or contribute to price discovery 

to the same extent as do orders posted 

and executed on exchanges.3 Economic 

studies from markets spanning the 

world conclude that as more orders 

migrate away from exchanges, the price 

discovery process weakens, trading 

spreads widen, and overall investor 

trading costs increase.4 NASDAQ has 

been an advocate for improvements to 

the market structure regulations that 

have enabled—and even exacerbated— 

this shift by failing to evolve as 

technological advances have 

transformed trading over the last 

decade. In the absence of market-wide 

regulatory changes, NASDAQ OMX, 

through its subsidiary exchanges 

including NASDAQ, has attempted 

multiple times and in multiple ways to 

improve market structure to the extent 

possible by a single player in an 

interconnected, multi-player ecosystem. 

While these programs have met mixed 

success, NASDAQ believes that each 

one makes an important contribution to 

the continued evolution of U.S. market 

structure by showing regulators and 

market participants potential paths to 

positive change. 

Now, in response to assertions that 

the shift in trading away from public 

markets is caused by high exchange 

access fees, NASDAQ is proposing 

another market structure experiment: To 

significantly reduce access fees, and 

related credits in a select set of 

securities. As discussed below, 

NASDAQ believes that proposed 

changes may improve price discovery in 

the select securities. Perhaps more 

importantly, the experimental fee 

reduction will generate much-needed 

data about the impact of access fees on 

the level of off-exchange trading and, 

potentially, on price discovery, trading 

costs, displayed liquidity and execution 

quality as well. NASDAQ further 

believes that a data driven, empiricallybased review of the impacts of fees and 

rebates on market quality is the sound 

and prudent method to drive the equity 

markets to the right conclusion. 

NASDAQ believes the proposal is a 

means to that end. 

Specifically, NASDAQ is proposing to 

amend NASDAQ Rule 7018(a) by 

reducing the fee assessed for accessing 

liquidity, and also reducing the credits 

provided for adding liquidity, on 

NASDAQ in certain securities. The 

proposed reduced fees and credits will 

be provided in lieu of other fees and 

credits under the fee schedule.5

Currently, NASDAQ assesses fees and 

provides credits under Rule 7018(a) in 

securities that trade at $1 or more based 

on the market on which it is listed.6

Under each section of the rule, 

NASDAQ provides various tiers of fees 

and rebates based on a member’s trading 

activity. NASDAQ is proposing to 

modify the fees and credits applicable to 

trading activity in fourteen equity 

securities, denoted in the proposed rule 

by their ticker symbols (‘‘Select 

Symbols’’).7 NASDAQ is also amending 

Rule 7014 to make clear that the fees 

and credits described in Rule 7014 do 

not apply to Select Symbols. The 

proposed change is a part of NASDAQ’s 

continuing efforts to improve market 

quality. 

Rule 610 of Regulation NMS generally 

limits the fees that any trading center 8

can charge for accessing the best bid and 

offer of an exchange to no more than 

$0.0030 per share; however, there is no 

limit on how low an access fee may be 

under the regulation. Most national 

securities exchanges operate what is 

commonly known as a ‘‘maker-taker’’ 

model of pricing, whereby a liquidity 

maker is provided with a rebate if its 

order is executed and a liquidity taker 

is assessed a fee for removing that 

liquidity. By using the maker-taker 

model, exchanges are able to provide an 


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596 Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 

9Other than Supplemental Orders and Designated 

Retail Orders, which have separate credits and 

eligibility requirements. 

10For example, NASDAQ provides a credit of 

$0.00305 per share executed to member firms that 

have (i) shares of liquidity provided in all securities 

through one of its Nasdaq Market Center MPIDs that 

represent 1.60% or more of Consolidated Volume 

during the month, or (ii) shares of liquidity 

provided in all securities through one or more of 

its Nasdaq Market Center MPIDs that represent 

1.60% or more of Consolidated Volume during the 

month, and shares of liquidity provided in all 

securities through one of its Nasdaq Market Center 

MPIDs that represent 0.75% or more of 

Consolidated Volume during the month. 

Consolidated Volume is defined under the rule as 

the total consolidated volume reported to all 

consolidated transaction reporting plans by all 

exchanges and trade reporting facilities during a 

month in equity securities, excluding executed 

orders with a size of less than one round lot. As 

such, to qualify for the credit a member firm must 

consistently contribute significantly toward 

improving price discovery. 

11As defined by Rule 4751(f)(14). 

12 15 U.S.C. 78f. 

13 15 U.S.C. 78f(b)(4) and (5). 

incentive to liquidity makers to expose 

their orders, supported by the fee paid 

by the liquidity taker. 

Under Rule 7018(a), NASDAQ 

currently assesses a fee of $0.0030 per 

share executed for accessing liquidity 

on NASDAQ, and provides various 

credits under the rule for providing 

liquidity. NASDAQ is proposing to 

reduce the fees assessed for accessing 

liquidity on the Exchange in the Select 

Symbols in an effort to attract more 

liquidity to the Exchange in those 

securities and thereby improve the 

quality of the market in them on 

NASDAQ. In terms of the fee assessed 

for accessing all liquidity on NASDAQ, 

the Exchange proposes to lower the fee 

from $0.0030 to $0.0005 for the fourteen 

Select Symbols, which are comprised of 

securities listed on either NASDAQ or 

the New York Stock Exchange 

(‘‘NYSE’’). NASDAQ is proposing to 

reduce the access fee regardless of 

whether the liquidity removed is 

displayed or not. 

Concurrent with lowering the fee 

assessed for removing liquidity from 

NASDAQ in the Select Symbols, 

NASDAQ is also proposing to reduce 

the credits provided for adding liquidity 

in them. Currently, NASDAQ provides 

various credits to member firms that 

provide displayed liquidity 9 based on 

various measures of the nature and 

consistency of the member firm’s 

beneficial market activity.10 The credits 

NASDAQ provides for displayed 

liquidity range from $0.0015 to 

$0.00305 per share executed. NASDAQ 

is proposing to reduce the credit 

provided to a member firm that provides 

displayed liquidity in the select 

securities to $0.0004 per share executed. 

The Exchange also provides a credit 

to member firms that contribute nondisplayed mid-point liquidity to 

NASDAQ. Like the credits provided for 

displayed liquidity, NASDAQ provides 

several credits to member firms that 

provide non-displayed midpoint 

liquidity based on the nature and 

consistency of the member firm’s 

beneficial contribution to market 

quality. These credits NASDAQ 

provides for non-displayed midpoint 

liquidity range from $0.0010 to a credit 

of $0.0025 per share executed. NASDAQ 

notes that, while displayed liquidity 

provides the greatest contribution to 

market quality, non-displayed midpoint liquidity often provides liquidity 

takers with significant price 

improvement. Accordingly, NASDAQ 

provides an incentive to market 

participants to provide non-displayed 

midpoint liquidity, albeit at a level 

generally lower than what is provided 

for displayed liquidity. NASDAQ is 

proposing to provide a credit to a 

member firm that provides nondisplayed midpoint liquidity in the 

select securities of $0.0002 per share 

executed. 

Lastly, NASDAQ provides credits that 

range from $0.0018 to $0.0000 per share 

executed for certain other non-displayed 

orders, including Supplemental 

Orders,11 if that member firm 

contributes a significant level of nondisplayed liquidity during the month. 

Under the proposal, NASDAQ will not 

provide a credit for other non-displayed 

orders in the Select Symbols. 

NASDAQ notes that it may, from time 

to time, alter the securities that are 

included in the list of Select Symbols 

and will file the appropriate rule filing 

if such a chance [sic] is proposed. 

NASDAQ will consider the impact the 

pricing has had on market quality and 

off-exchange volume of existing Select 

Symbols, and will also consider similar 

factors when selecting securities to be 

added as Select Symbols. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,12 in 

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

6(b)(5) of the Act,13 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 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 is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

NASDAQ believes that the proposed 

fee and credits for trading in the Select 

Symbols are reasonable and equitably 

allocated because they are designed to 

improve market quality in securities 

that currently trade significantly offexchange. NASDAQ notes that the 

proposed access fee is significantly 

lower than the access fee assessed by 

NASDAQ for all equity securities 

trading above $1. Although access fees 

have been debated before Regulation 

NMS was adopted, these fees and 

related credits have recently been the 

subject of intense debate and part of the 

larger discussion on U.S. market 

structure. Many commenters have noted 

that the exchange’s fee and rebate 

structures have become too complex, 

which has resulted in a significant 

number of market participants to [sic] 

direct order flow to venues other than 

exchanges. NASDAQ believes that 

orders interacting on ‘‘lit’’ exchanges 

provide the greatest contribution to 

price competition and transparency. 

Accordingly, NASDAQ is proposing to 

reduce the access fee significantly in 

certain securities that have greater than 

average off-exchange transactions, 

which it believes may attract order flow 

that is currently directed to off-exchange 

trading venues. As a consequence of the 

access fee reduction in these securities, 

NASDAQ is also generally reducing the 

credit provided to liquidity makers for 

providing liquidity in the Select 

Symbols. As noted above, exchanges 

using the maker-taker model use, in 

part, the access fee assessed the 

liquidity taker to cover the credit 

provided to the liquidity maker. As 

such, NASDAQ believes that it 

reasonable to reduce the credits 

provided to liquidity makers in the 

Select Symbols given the reduction in 

the fee assessed liquidity takers. The 

Exchange notes that the credits 

provided for adding liquidity in the 

Select Symbols are tiered to provide the 

greatest credit to liquidity makers that 

provide the most beneficial liquidity. 

NASDAQ believes that providing such 

tiered credits is reasonable and an 

equitable allocation of the credit 

because doing so is consistent with the 

current structure under the rule, 


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Federal Register / Vol. 80, No. 3 / Tuesday, January 6, 2015 / Notices 597 

14 15 U.S.C. 78f(b)(8). 15 15 U.S.C. 78s(b)(3)(A)(ii). 16 17 CFR 200.30–3(a)(12). 

whereby member firms that provide 

displayed liquidity are generally 

provided the greatest credit and those 

that provide non-displayed liquidity 

receive the lowest. 

NASDAQ believes that the proposed 

changes are not unfairly discriminatory 

because they will apply uniformly to all 

member firms that trade in the Select 

Symbols. Moreover, applying the 

reduced access fee to the Select Symbols 

is not unfairly discriminatory because 

the Exchange seeks to provide incentive 

to member firms to direct order flow 

away from off-exchange venues and on 

to NASDAQ. NASDAQ notes that it is 

also reducing the credits provided to 

liquidity makers in the Select Symbols, 

which will offset the reduced fee 

received by NASDAQ from liquidity 

takers. As such, liquidity makers will 

continue to be rewarded for providing 

liquidity to NASDAQ, while liquidity 

takers will continue to be assessed a fee 

for removing liquidity. Lastly, NASDAQ 

is continuing its practice of providing 

greater credits to liquidity makers that 

provide liquidity that contributes most 

to price discovery. 

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.14 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, NASDAQ is 

making a significant reduction in the 

access fee assessed for removing 

liquidity in the Select Symbols. 

NASDAQ’s goal in doing so is to attract 

liquidity to NASDAQ in these 

securities, thereby improving the level 

of price discovery. NASDAQ does not 

believe that the proposed changes will 

serve as a burden on competition in any 

way, but rather may promote 

competition among exchanges in the 

fees assessed and credits provided in 

the Select Symbols. Moreover, the 

proposed changes are reflective of the 

competition that exists between 

exchanges and off-exchange venues that 

are subject to lesser regulatory burdens 

than the exchanges, including 

transparency. Lastly, the proposed 

changes are designed to benefit market 

quality and ultimately, price 

competition among market participants 

on the Exchange. 

In sum, if the changes proposed 

herein are unattractive to market 

participants, it is likely that NASDAQ 

will lose market share as a result. To the 

extent the proposed changes are 

effective at attracting order flow to the 

Exchange, the changes will promote 

competition among exchanges and other 

trading venues. Accordingly, NASDAQ 

does not believe that the proposed 

changes will unnecessarily impair the 

ability of members or other order 

execution venues to compete 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 15. 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–2014–128 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–2014–128. 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 

offices 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–2014–128, and should be 

submitted on or before January 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30903 Filed 1–5–15; 8:45 am] 

BILLING CODE 8011–01–P 


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