910 Federal Register / Vol. 80, No. 4 / Wednesday, January 7, 2015 / Notices 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The Plan Participants (collectively, 

‘‘Participants’’) are the: BATS Exchange, Inc.; BATS 

Y–Exchange, Inc.; Chicago Board Options 

Exchange, Incorporated; Chicago Stock Exchange, 

Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; 

Financial Industry Regulatory Authority, Inc.; 

International Securities Exchange LLC; NASDAQ 

OMX BX, Inc.; NASDAQ OMX PHLX LLC; Nasdaq 

Stock Market LLC; National Stock Exchange, Inc.; 

New York Stock Exchange LLC; NYSE MKT LLC; 

and NYSE Arca, Inc. 

4The Plan governs the collection, processing, and 

dissemination on a consolidated basis of quotation 

information and transaction reports in Eligible 

Securities for each of its Participants. This 

consolidated information informs investors of the 

current quotation and recent trade prices of Nasdaq 

securities. It enables investors to ascertain from one 

data source the current prices in all the markets 

trading Nasdaq securities. The Plan serves as the 

required transaction reporting plan for its 

Participants, which is a prerequisite for their 

trading Eligible Securities. See Securities Exchange 

Act Release No. 55647 (April 19, 2007), 72 FR 

20891 (April 26, 2007). 

5See Securities Exchange Act Release No. 69561 

(May 13, 2013), 78 FR 29190 (May, 17, 2013) (SR– 

FINRA–2013–013). 6 15 U.S.C. 78k–1(c)(1)(D). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73970; File No. S7–24–89] 

Joint Industry Plan; Notice of Filing of 

Amendment No. 34 to the Joint SelfRegulatory Organization Plan 

Governing the Collection, 

Consolidation and Dissemination of 

Quotation and Transaction Information 

for Nasdaq-Listed Securities Traded on 

Exchanges on an Unlisted Trading 

Privileges Basis Submitted by the 

BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board 

Options Exchange, Incorporated, 

Chicago Stock Exchange, Inc., EDGA 

Exchange, Inc., EDGX Exchange, Inc., 

Financial Industry Regulatory 

Authority, Inc., International Securities 

Exchange LLC, NASDAQ OMX BX, Inc., 

NASDAQ OMX PHLX LLC, Nasdaq 

Stock Market LLC, National Stock 

Exchange, Inc., New York Stock 

Exchange LLC, NYSE MKT LLC, and 

NYSE Arca, Inc. 

December 31, 2014. 

Pursuant to section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 608 thereunder,2

notice is hereby given that on December 

24, 2014, the operating committee 

(‘‘Operating Committee’’ or 

‘‘Committee’’) 3 of the Joint SelfRegulatory Organization Plan Governing 

the Collection, Consolidation, and 

Dissemination of Quotation and 

Transaction Information for NasdaqListed Securities Traded on Exchanges 

on an Unlisted Trading Privilege Basis 

(‘‘Nasdaq/UTP Plan’’ or ‘‘Plan’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) an 

amendment to the Plan.4 This 

amendment represents Amendment No. 

34 (‘‘Amendment No. 34’’) to the Plan 

and proposes to shorten the maximum 

time within which Participants must 

report trades from 90 seconds to 10 

seconds, subject to the Participants’ 

obligation to report trades as soon as 

practicable. The Commission is 

publishing this notice to solicit 

comments from interested persons. 

I. Rule 608(a) 

A. Purpose of the Amendments 

Currently, section VIII(B) (Transaction 

Reports) of the UTP Plan provides that 

‘‘Each Participant shall, during the time 

it is open for trading, be responsible 

promptly to collect and transmit to the 

Processor Transaction Reports in 

Eligible Securities executed in its 

Market by means prescribed herein. . . . 

All such Transaction Reports shall be 

transmitted to the Processor within 90 

seconds after the time of execution of 

the transaction. Transaction Reports 

transmitted beyond the 90-second 

period shall be designated as ‘late’ by 

the appropriate code or message.’’ 

The amendment proposes to reduce 

from 90 seconds to 10 seconds the 

maximum amount of time by which 

each Participant is required to report 

trades. In addition to reducing the time 

frame, the Participants propose to 

change the promptly-collect-andtransmit standard to an as-soon-aspracticable standard. It would now 

require the Participants to ‘‘transmit all 

Transaction Reports as soon as 

practicable, but not later than 10 

seconds, after the time of execution.’’ 

In addition, the amendment would 

require each Participant to establish and 

maintain collection and reporting 

procedures and facilities reasonably 

designed to comply with the reporting 

requirement. This would harmonize 

with a similar, existing requirement 

under the CTA Plan. 

The Participants note that, during 

2013, the Commission approved a 

FINRA rule amendment that modified 

FINRA’s trade reporting rules to require 

that FINRA members report over-thecounter transactions in Eligible 

Securities to FINRA as soon as 

practicable, but no later than 10 

seconds, following execution.5 No other 

Participant has a trade reporting rule 

that permits trade reporting more than 

10 seconds after execution. As a result, 

shortening the trade reporting time 

under the UTP Plan seems warranted. 

In addition, the Participants 

understand that, contemporaneously 

with the filing of this amendment, the 

Participants in the CTA Plan 

contemplate submitting a plan 

amendment that would amend the 

trade-reporting requirement under that 

plan to provide for the same tradereporting requirements as the UTP Plan 

Participants propose under this 

Agreement. 

B. Impact of the Proposed Amendment 

The Participants receive the vast 

majority of trade reports in well less 

than 10 seconds, so that the UTP Plan 

amendment is not likely to have a 

practical impact on trade reporting. 

C. Governing or Constituent Documents 

Not applicable. 

D. Implementation of Amendment 

All of the Participants have 

manifested their approval of the 

proposed amendment by means of their 

execution of the UTP Plan amendment. 

The UTP Plan amendment would 

become operational upon approval by 

the Commission. 

E. Development and Implementation 

Phases 

Not applicable. 

F. Analysis of Impact on Competition 

The proposed amendment does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Participants do not believe that the 

proposed UTP Plan amendment 

introduces terms that are unreasonably 

discriminatory for the purposes of 

section 11A(c)(1)(D) of the Act.6

G. Written Understanding or 

Agreements Relating to Interpretation 

of, or Participation in, Plan 

Not applicable. 

H. Approval by Sponsors in Accordance 

With Plan 

Section IV(C)(1)(a) of the UTP Plan 

requires the Participants to 

unanimously approve the amendment. 

They have so approved it. 

I. Description of Operation of Facility 

Contemplated by the Proposed 

Amendment 

Not applicable. 

J. Terms and Conditions of Access 

Not applicable. 

K. Method of Determination and 

Imposition, and Amount of, Fees and 

Charges 

Not applicable. 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 4 / Wednesday, January 7, 2015 / Notices 911 

7 17 CFR 200.30–3(a)(27). 

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

2 17 CFR 240.19b–4. 

L. Method and Frequency of Processor 

Evaluation 

Not applicable. 

M. Dispute Resolution 

Not applicable. 

II. Rule 601(a) 

A. Equity Securities for Which 

Transaction Reports Shall Be Required 

by the Plan 

Not applicable. 

B. Reporting Requirements 

As a result of the amendment, the 

UTP Plan would require each 

Participant to report each trade as soon 

as practicable, but no more than 10 

seconds from the time of the trade. In 

addition, each Participant’s members 

would be required to establish and 

maintain collection and reporting 

procedures and facilities such as to 

assure that such last sale prices will be 

reported within not more than 10 

seconds (rather than the current 90 

seconds) following execution (or such 

shorter period as the Participants may 

approve), regardless of whether they do 

so 90 percent of the time under normal 

conditions. Currently, each Participant 

has 90 seconds to report 90 percent of 

its trades within 10 seconds following 

execution under normal conditions. 

C. Manner of Collecting, Processing, 

Sequencing, Making Available and 

Disseminating Last Sale Information 

Not applicable. 

D. Manner of Consolidation 

Not applicable. 

E. Standards and Methods Ensuring 

Promptness, Accuracy and 

Completeness of Transaction Reports 

The amendment will support the 

prompt reporting of transaction reports 

by reducing from 90 seconds to 10 

seconds the maximum amount of time 

by which each Participant must receive 

transaction reports from its members, 

subject to the Participants’ obligation to 

report trades as promptly as possible. 

F. Rules and Procedures Addressed to 

Fraudulent or Manipulative 

Dissemination 

Not applicable. 

G. Terms of Access to Transaction 

Reports 

Not applicable. 

H. Identification of Marketplace of 

Execution 

Not Applicable. 

III. Solicitation of Comments 

The Commission seeks general 

comments on Amendment No. 34. 

Interested persons are invited to submit 

written data, views, and arguments 

concerning the foregoing, including 

whether the proposal 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 S7– 

24–89 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 S7–24–89. 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 

Web site (http://www.sec.gov/rules/

sro.shtml). Copies of the submission, all 

written statements with respect to the 

proposed Plan Amendment that are 

filed with the Commission, and all 

written communications relating to the 

proposed Plan Amendment 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 Web site 

viewing and printing at the Office of the 

Secretary of the Committee, currently 

located at the CBOE, 400 S. LaSalle 

Street, Chicago, IL 60605. 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 S7–24–89 

and should be submitted on or before 

January 28, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30974 Filed 1–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73974; File No. SR–CBOE– 

2014–093] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 6.54 

December 31, 2014. 

Pursuant to section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on December 

30, 2014, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘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 extend its 

program that allows transactions to take 

place at a price that is below $1 per 

option contract through January 5, 2016. 

The text of the proposed rule change is 

available on the Exchange’s Web site 

(http://www.cboe.com/AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 


rljohnson on DSK3VPTVN1PROD with NOTICES