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

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3Each participant executed the proposed 

amendment. The Participants are: BATS Exchange, 

Inc., BATS–Y Exchange, Inc., Chicago Board 

Options Exchange, Incorporated, Chicago Stock 

Exchange, Inc., EDGA Exchange, Inc. (‘‘EDGA’’), 

EDGX Exchange, Inc. (‘‘EDGX’’), Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’), International 

Securities Exchange, LLC, NASDAQ OMX BX, Inc. 

(‘‘Nasdaq BX’’), NASDAQ OMX PHLX, Inc. 

(‘‘Nasdaq PSX’’), Nasdaq Stock Market LLC, 

National Stock Exchange, New York Stock 

Exchange LLC (‘‘NYSE’’), NYSE MKT LLC (formerly 

NYSE Amex, Inc.), and NYSE Arca, Inc. (‘‘NYSE 

Arca’’). 

4See Securities Exchange Act Release No. 10787 

(May 10, 1974), 39 FR 17799 (declaring the CTA 

Plan effective). The CTA Plan, pursuant to which 

markets collect and disseminate last sale price 

information for non-NASDAQ listed securities, is a 

‘‘transaction reporting plan’’ under Rule 601 under 

the Act, 17 CFR 242.601, and a ‘‘national market 

system plan’’ under Rule 608 under the Act, 17 CFR 

242.608. 

5See Securities Exchange Act Release No. 69561 

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

FINRA–2013–013). 

by the United States Postal Service’s FY 

2014 Annual Compliance Report. 

2. The Postal Service is directed to 

provide the Commission with the 

material listed in the Forthcoming 

Information section of this order no later 

than January 5, 2015. 

3. Pursuant to 39 U.S.C. 505, the 

Commission appoints Tracy Ferguson as 

an officer of the Commission (Public 

Representative) in this proceeding to 

represent the interests of the general 

public. 

4. Comments on the United States 

Postal Service’s FY 2014 Annual 

Compliance Report to the Commission, 

including the Comprehensive Statement 

of Postal Operations and other reports, 

are due on or before February 2, 2015. 

5. Reply comments are due on or 

before February 13, 2015. 

6. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–30976 Filed 1–6–15; 8:45 am] 

BILLING CODE 7710–FW–P 

RAILROAD RETIREMENT BOARD 

Sunshine Act; Notice of Closed 

Meeting 

Notice is hereby given that the 

Railroad Retirement Board will hold a 

meeting on January 15, 2015, 10:00 a.m. 

at the Board’s meeting room on the 8th 

floor of its headquarters building, 844 

North Rush Street, Chicago, Illinois 

60611. The agenda for this meeting 

follows: 

Closed meeting notice: 

(1) Director of Programs Position 

The person to contact for more 

information is Martha P. Rico, Secretary 

to the Board, Phone No. 312–751–4920. 

Dated: January 5, 2015. 

Martha P. Rico, 

Secretary to the Board. 

[FR Doc. 2015–00060 Filed 1–5–15; 11:15 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73971; File No. SR–CTA– 

2014–04] 

Consolidated Tape Association; Notice 

of Filing of the Nineteenth Substantive 

Amendment to the Second 

Restatement of the CTA Plan 

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 Consolidated Tape 

Association (‘‘CTA’’) Plan participants 

(‘‘Participants’’) 3 filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposal to amend 

the Second Restatement of the CTA Plan 

(the ‘‘CTA Plan’’).4 The amendment 

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 on the proposed amendment. 

I. Rule 608(a) 

A. Purpose of the Amendment 

Currently, Section VIII(a) 

(Responsibility of Exchange 

Participants) of the CTA Plan provides 

that each Participant will ‘‘(i) report all 

last sale prices relating to transactions 

in Eligible Securities as promptly as 

possible, (ii) establish and maintain 

collection and reporting procedures and 

facilities such as to assure that under 

normal conditions not less than 90% of 

such last sale prices will be reported 

within that period of time (not in excess 

of one and one-half minutes) after the 

time of execution as may be determined 

by CTA from time to time in light of 

experience, and (iii) designate as ‘‘late’’ 

any last sale price not collected and 

reported in accordance with the abovereferenced procedures.’’ 

The amendment proposes to reduce 

from one-and-one-half minutes 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 revise the language of the 

requirement so that it requires the 

Participants to report ‘‘as soon as 

practicable, but not later than 10 

seconds,’’ after the time of execution of 

the trade. The amendment also proposes 

to remove the qualifier that called for 

trade reports to meet the time 

requirement not less than 90 percent of 

the time under normal conditions. 

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 The 

FINRA rule does not qualify the 10- 

second requirement by providing that 

one must comply 90 percent of the time 

under normal conditions. 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 CTA Plan seems warranted. 

In addition, the Participants 

understand that, contemporaneously 

with the filing of this amendment, the 

Participants in the UTP 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 CTA Plan 

Participants propose under this 

Agreement. 

B. Additional Information Required by 

Rule 608(a) 

1. Impact of the Proposed Amendment 

The Participants report the vast 

majority of trade reports in well less 

than 10 seconds, so that the Plan 

amendment is not likely to have a 

practical impact on trade reporting. 

2. Governing or Constituent Documents 

Not applicable. 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 4 / Wednesday, January 7, 2015 / Notices 909 

6 15 U.S.C. 78k–1(c)(1)(D). 7 17 CFR 200.30–3(a)(27). 

3. Implementation of the Amendment 

All of the Participants have 

manifested their approval of the 

proposed amendment by means of their 

execution of the Plan amendment. The 

Plan amendment would become 

operational upon approval by the 

Commission. 

4. Development and Implementation 

Phases 

Not applicable. 

5. 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 plan amendment introduces 

terms that are unreasonably 

discriminatory for the purposes of 

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

6. Written Understanding or Agreements 

Relating to Interpretation of, or 

Participation in, Plan 

Not applicable. 

7. Approval by Sponsors in Accordance 

With Plan 

Under Section IV(b) of the CTA Plan, 

each Participant must execute a written 

amendment to the CTA Plan before the 

amendment can become effective. The 

amendment is so executed. 

8. Description of Operation of Facility 

Contemplated by the Proposed 

Amendment 

Not applicable. 

9. Terms and Conditions of Access 

Not applicable. 

10. Method of Determination and 

Imposition, and Amount of, Fees and 

Charges 

Not applicable. 

11. Method of Frequency of Processor 

Evaluation 

Not applicable. 

12. 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 

CTA 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 would be 

required to establish and maintain 

collection and reporting procedures and 

facilities reasonably designed to assure 

that such last sale prices will be 

reported within not more than 10 

seconds (rather than the current 90 

seconds) following execution, 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 report 

trades, subject to the Participants’ 

obligation to report trades as soon as 

practicable. 

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 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed 

amendments are 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– 

CTA–2014–04 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–CTA–2014–04. 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 Amendments that 

are filed with the Commission, and all 

written communications relating to the 

Amendments 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 Amendments 

also will be available for inspection and 

copying at the principal office of the 

CTA. 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–CTA–2014–04 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. 2014–30975 Filed 1–6–15; 8:45 am] 

BILLING CODE 8011–01–P 


rljohnson on DSK3VPTVN1PROD with NOTICES