Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Notices 271 

6 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4At the time the current rule was approved, 

Exchange systems could not accept orders with a 

size greater than one million shares. See Securities 

Exchange Act Release No. 71331 (January 16, 2014), 

79 FR 3907 (January 23, 2014) (SR–NYSEArca– 

2014–92) [sic]. Exchange systems are now ready to 

accept orders up to five million shares. 

5The Exchange notes that the New York Stock 

Exchange, LLC (‘‘NYSE’’) supports the entry of 

orders up to 25,000,000 in size. See NYSE Rule 

1000. 

6 17 CFR 240.15c3–5. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

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 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s Web site at https://www.

theice.com/clear-credit/regulation. 

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–ICC–2014–23 and should 

be submitted on or before January 26, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–30802 Filed 1–2–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73952; File No. SR– 

NYSEArca–2014–146] 

Self-Regulatory Organizations; NYSE 

Arca Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending NYSE Arca 

Equities Rules 7.32 in Order To 

Increase the Maximum Order Entry 

Size to Five Million Shares 

December 29, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

18, 2014, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 self-regulatory 

organization. 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 

NYSE Arca Equities Rules 7.32 in order 

to increase the maximum order entry 

size to five million shares. The text of 

the proposed rule change is available on 

the Exchange’s Web site at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NYSE Arca Equities Rule 7.32 (‘‘Rule 

7.32’’) currently provides that orders 

entered with a size greater than one 

million shares shall be rejected. The 

Exchange proposes to amend Rule 7.32 

to increase the size of orders that may 

be entered on the Exchange. As 

proposed, Rule 7.32 would be amended 

to specify that orders entered with a size 

greater than five million shares would 

be rejected.4 The Exchange believes that 

the increased maximum order size 

would enable ETP Holders with orders 

sized larger than one million shares to 

enter a single order at the Exchange 

rather than have to break such order 

into separate orders of one million 

shares or less for purposes of order entry 

at the Exchange.5 The Exchange notes 

that ETP Holders entering such largesized orders would be subject to the 

market access control requirements set 

forth in Rule 15c3–5 under the Act 

(‘‘Rule 15c3–5’’) relating to the entry of 

orders.6 The Exchange also proposes, 

upon at least 24 hours advance notice to 

market participants, to decrease the 

maximum order size of five million 

shares on a security-by-security basis. 

Because of the technology changes 

associated with the proposed rule 

change, the Exchange proposes to 

announce the implementation date via 

Trader Update. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 7 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5),8 in particular, in that it 

is designed to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, and to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

Specifically, the Exchange believes that 

increasing the maximum order size 

would remove impediments to and 

perfect a national market system by 

increasing capacity and providing more 

efficient methods for ETP Holders to 

transmit large-sized orders to the 

Exchange. The Exchange believes that 

the proposed rule change would not be 

inconsistent with the public interest and 

the protection of investors because 

investors would not be harmed by the 

increase in the maximum size of orders 

that the Exchange would accept since 

ETP Holders entering such large-sized 

orders would continue to be subject to 

the market access control requirements 

of Rule 15c3–5. The Exchange further 

believes that the proposed ability for the 

Exchange to decrease the maximum 

order size on a security-by-security basis 

following notice to the market also 

would remove impediments and perfect 

the mechanism of a free and open 

market because it provides the Exchange 

with the flexibility to reduce order entry 

size to respond to a market event that 

may warrant a smaller order size entry 

for a symbol. The Exchange believes 

that providing at least 24 hours-notice 

would be consistent with the public 

interest and the protection of investors 

at is [sic] would provide time for ETP 

Holders to adjust their order entry for a 

symbol should such a decrease be 

warranted for a symbol. 

mstockstill on DSK4VPTVN1PROD with NOTICES

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, 

mstockstill on DSK4VPTVN1PROD with NOTICES