Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 38749 

221The CHX Holdings Bylaws require that the 

board must make a determination that: (1) Such 

acquisition of ownership or exercise of voting rights 

will not impair any of CHX Holdings’ or the 

Exchange’s ability to discharge its responsibilities 

under the Exchange Act and the rules and 

regulations thereunder and is otherwise in the best 

interests of CHX Holdings and its stockholders; (2) 

such acquisition of ownership or exercise of voting 

rights will not impair the Commission’s ability to 

enforce the Exchange Act; and (3) neither such 

Person nor any of its Related Persons is subject to 

any statutory disqualification as defined in Section 

3(a)(39) of the Exchange Act. See CHX Holdings 

Certificate Article FOURTH, Sections (b)(iii) and 

(c)(i)(B). 

222See CHX Holdings Certificate Article 

FOURTH, Sections (b)(ii)–(iii) and (c)(ii)(A)–(B). 

223See NA Casin Holdings Certificate Article IX, 

Sections (6)–(7), and (9). 

224See supra Section III.A. 

225See, e.g., NSX Approval Order, supra note 

153, 80 FR at 9288–89. 

226See supra note 10. 

227 15 U.S.C. 78s(b)(2). 

228 15 U.S.C. 78s(b)(2). 

229 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

acquire such ownership or exercise such 

voting rights; (2) the CHX Holdings 

board must resolve to expressly permit 

such ownership or exercise of voting 

rights; 221 and (3) such resolution must 

be filed with and approved by the 

Commission under Section 19(b) of the 

Exchange Act.222 The proposed NA 

Casin Holdings Certificate contains 

substantially identical provisions.223

The Commission believes that these 

provisions are reasonably designed to 

assist the Exchange in fulfilling its selfregulatory obligations, and in 

administering and complying with the 

requirements of the Exchange Act, by 

ensuring that the Commission will 

review and approve, if appropriate, any 

future change in ownership or voting 

power that gives rise to its concerns 

about a stockholder exercising undue 

control over the operation of the 

Exchange.224 Similarly, the Commission 

believes that this protection against 

such future changes in ownership or 

voting concentration without careful 

Commission review and approval is 

reasonably designed to promote just and 

equitable principles of trade and to 

protect investors and the public interest 

under the standards set forth in Section 

6(b)(5) of the Exchange Act. The 

Commission also notes that these 

requirements for acquiring ownership or 

exercising voting rights in excess of the 

ownership and voting limitations are 

consistent with other such provisions 

previously approved by the 

Commission.225

IV. Solicitation of Comments on 

Amendment No. 1 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether Amendment No. 1 to 

the proposed rule change is consistent 

with the Exchange 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– 

CHX–2016–20 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–CHX–2016–20. 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 this 

filing will also 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–CHX– 

2016–20 and should be submitted on or 

before September 5, 2017. 

V. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment No. 1, prior to 

the 30th day after the date of 

publication of notice of Amendment No. 

1 in the Federal Register. As noted 

above, Amendment No. 1 does not 

change the structure or purpose of the 

proposed rule change as it was 

previously published for notice and 

comment.226 Rather, the Exchange 

modified its proposed rule change to 

address certain concerns raised by 

commenters. The Commission believes 

that an additional notice and comment 

period for Amendment No. 1 before 

approval of the proposed rule change 

would not be in furtherance of the 

public interest or the protection of 

investors. Accordingly, the Commission 

finds good cause, pursuant to Section 

19(b)(2) of the Exchange Act,227 to 

approve the proposed rule change, as 

modified by Amendment No. 1, on an 

accelerated basis. 

VI. Conclusion 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change, as modified by Amendment 

No. 1, is consistent with the Exchange 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act 228

that the proposed rule change (SR– 

CHX–2016–20), as modified by 

Amendment No. 1, be, and hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.229

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–17179 Filed 8–14–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81361; File No. SR– 

NASDAQ–2017–080] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Fees 

August 9, 2017. 

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 August 1, 

2017, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

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38750 Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 

3The term ‘‘Customer’’ or (‘‘C’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Customer range at The Options 

Clearing Corporation (‘‘OCC’’) which is not for the 

account of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Chapter 

I, Section 1(a)(48)). 

4The term ‘‘Professional’’ or (‘‘P’’) means any 

person or entity that (i) is not a broker or dealer in 

securities, and (ii) places more than 390 orders in 

listed options per day on average during a calendar 

month for its own beneficial account(s) pursuant to 

Chapter I, Section 1(a)(48). All Professional orders 

shall be appropriately marked by Participants. 

5The Penny Pilot was established in March 2008. 

See Securities Exchange Act Release No. 57579 

(March 28, 2008), 73 FR 18587 (April 4, 2008) (SR– 

NASDAQ–2008–026) (notice of filing and 

immediate effectiveness establishing Penny Pilot). 

Since that date, the Penny Pilot has been expanded 

and is currently extended through December 31, 

2016 or the date of permanent approval, if earlier. 

See Securities Exchange Act Release No. 78037 

(June 10, 2016), 81 FR 39299 (June 16, 2016) (SR– 

NASDAQ–2016–052). 

6The term ‘‘Firm’’ or (‘‘F’’) applies to any 

transaction that is identified by a Participant for 

clearing in the Firm range at OCC. 

7The term ‘‘Non-NOM Market Maker’’ or (‘‘O’’) is 

a registered market maker on another options 

exchange that is not a NOM Market Maker. A NonNOM Market Maker must append the proper NonNOM Market Maker designation to orders routed to 

NOM. 

8The term ‘‘Broker-Dealer’’ or (‘‘B’’) applies to 

any transaction which is not subject to any of the 

other transaction fees applicable within a particular 

category. 

9MARS refers to the Market Access and Routing 

Subsidy, which is set forth in Chapter XV, Section 

6. The MARS payment currently comprises of four 

volume-based tiers, and is paid to NOM 

Participants that route eligible contracts to NOM 

through a participating NOM Participant’s routing 

system. The MARS payment is paid on all executed 

eligible contracts that add liquidity. See NOM Rules 

at Chapter XV, Section 6. 

10Consolidated Volume would be determined as 

set forth in Nasdaq Rule 7018(a). 

11 In calculating total volume, the Exchange 

would add the NOM Participant’s total volume 

transacted on the NASDAQ Stock Market in a given 

month across its Nasdaq Market Center MPIDs, and 

will divide this number by the total industry 

Consolidated Volume. 

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 the 

Exchange’s transaction fees at Chapter 

XV, Section 2 entitled ‘‘NASDAQ 

Options Market—Fees and Rebates,’’ 

which governs pricing for Nasdaq 

Participants using the NASDAQ Options 

Market (‘‘NOM’’), Nasdaq’s facility for 

executing and routing standardized 

equity and index options. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaq.cchwallstreet.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 

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 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes two NOM 

pricing amendments at Chapter XV, 

Section 2(1), as described below in 

greater detail. 

Customer and Professional Rebate to 

Add Liquidity 

The Exchange proposes to amend an 

existing method for earning a rebate for 

adding liquidity for both Customers 3

and Professionals 4 in Penny Pilot 5 and 

Non-Penny Pilot Options. For 

Customers and Professionals transacting 

in Penny Pilot Options, the Exchange 

currently pays a volume-based tiered 

Rebate to Add Liquidity, as set forth in 

Chapter XV, Section 2(1) of NOM Rules. 

That rebate consists of 8 tiers, ranging 

from $0.20 per contract to $0.48 per 

contract, with the volume requirements 

increasing with each tier. Thus, a NOM 

Participant would qualify for a rebate of 

$0.20 per contract in Tier 1 for 

Customers and Professionals if it added 

Customer, Professional, Firm,6 NonNOM Market Maker 7 and/or BrokerDealer 8 liquidity in Penny Pilot Options 

and/or Non-Penny Pilot Options of up 

to 0.10% of total industry customer 

equity and ETF option average daily 

volume (‘‘ADV’’) contracts per day in a 

month. In comparison, a Participant 

would qualify for a rebate of $0.48 in 

Tier 8 for Customers and Professionals 

if it added Customer, Professional, Firm, 

Non-NOM Market Maker and/or BrokerDealer liquidity in Penny Pilot Options 

and/or Non-Penny Pilot Options above 

0.75% or more of total industry 

customer equity and ETF option ADV 

contracts per day in a month, or if the 

Participant adds: (1) Customer and/or 

Professional liquidity in Penny Pilot 

Options and/or Non-Penny Pilot 

Options of 0.20% or more of total 

industry customer equity and ETF 

option ADV contracts per day in a 

month, and (2) has added liquidity in all 

securities through one or more of its 

Nasdaq Market Center MPIDs that 

represent 1.00% or more of 

Consolidated Volume in a month or 

qualifies for MARS.9

Currently, Customers and 

Professionals transacting in Non-Penny 

Pilot Options on NOM receive a $0.80 

per contract Rebate to Add Liquidity, as 

set forth in Chapter XV, Section 2(1) of 

NOM Rules. In addition, footnote ‘‘1’’ in 

Chapter XV, Section 2(1) provides that 

a Participant that qualifies for a 

Customer or Professional Penny Pilot 

Options Rebate to Add Liquidity in 

Tiers 2, 3, 4, 5 or 6 in a month will 

receive an additional $0.10 per contract 

Non-Penny Pilot Options Rebate to Add 

Liquidity for each transaction which 

adds liquidity in Non-Penny Options in 

that month. A Participant that qualifies 

for Customer or Professional Penny Pilot 

Options Rebate to Add Liquidity in 

Tiers 7 or 8 in a month will receive an 

additional $0.20 per contract NonPenny Pilot Options Rebate to Add 

Liquidity for each transaction which 

adds liquidity in Non-Penny Pilot 

Options in that month. 

In addition, note ‘‘e’’ in Chapter XV, 

Section 2(1) provides that a Participant 

may receive a $0.53 per contract Rebate 

to Add Liquidity in Penny Pilot Options 

as Customer or Professional, and a $1.00 

per contract Rebate to Add Liquidity in 

Non-Penny Pilot Options as a Customer 

or Profession, if that NOM Participant 

transacts on the NASDAQ Stock Market 

through one or more of its Nasdaq 

Market Center MPIDs in the same 

month, and such transactions in all 

securities on the NASDAQ Stock Market 

that month through all of its Nasdaq 

Market Center MPIDs represent 3.00% 

or more of Consolidated Volume.10

Participants that qualify for this rebate 

would not be eligible for any other 

rebates in Tiers 1 through 8 or other 

rebate incentives on NOM for Customer 

and Professional order flow in Chapter 

XV, Section 2(1) of NOM Rules.11

Lastly, note ‘‘f’’ in Chapter XV, 

Section 2(1) provides that a Participant 

may receive a $0.55 per contract Rebate 

to Add Liquidity in Penny Pilot Options 

as Customer or Professional, and a $1.05 

per contract Rebate to Add Liquidity in 

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Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 38751 

12MOC/LOC, as set forth in NASDAQ Rule 4754, 

represents the volume in the NASDAQ Stock 

Market Closing Cross that allows market 

participants to contribute order flow that will result 

in executions at the official closing price for the day 

in the NASDAQ listed security. A ‘‘MOC Order’’ is 

an order type entered without a price that may be 

executed only during the NASDAQ Closing Cross, 

which refers to the equity closing cross. A ‘‘LOC 

Order’’ is an order type entered with a price that 

may be executed only in the NASDAQ Closing 

Cross. 

13Participants that meet the new qualifications 

for the note ‘‘f’’ incentive would continue to be 

ineligible for any other rebates in Tiers 1 through 

8 or other rebate incentives on NOM for Customer 

and Professional order flow in Chapter XV, Section 

2(1). 

14The term ‘‘NOM Market Maker’’ or (‘‘M’’) is a 

Participant that has registered as a Market Maker on 

NOM pursuant to Chapter VII, Section 2, and must 

also remain in good standing pursuant to Chapter 

VII, Section 4. In order to receive NOM Market 

Maker pricing in all securities, the Participant must 

be registered as a NOM Market Maker in at least one 

security. 

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

16 15 U.S.C. 78f(b)(4) and (5). 

17Pursuant to Chapter VII (Market Participants), 

Section 5 (Obligations of Market Makers), in 

registering as a market maker, an Options 

Participant commits himself to various obligations. 

Transactions of a Market Maker in its market 

Continued 

Non-Penny Pilot Options as Customer or 

Professional, if that NOM Participant (a) 

adds Customer, Professional, Firm, NonNOM Market Maker and/or BrokerDealer liquidity in Penny Pilot Options 

and/or Non-Penny Pilot Options above 

1.45% of total industry customer equity 

and ETF option ADV contracts per day 

in a month (‘‘NOM Volume 

Threshold’’), (b) executes greater than 

0.04% of Consolidated Volume (‘‘CV’’) 

via Market-on-Close/Limit-on-Close 

(‘‘MOC/LOC’’) 12 volume within the 

NASDAQ Stock Market Closing Cross 

within a month, and (c) adds greater 

than 1.5 million shares per day of nondisplayed volume within the NASDAQ 

Stock Market within a month. 

Participants that qualify for this rebate 

would not be eligible for any other 

rebates in Tiers 1 through 8 or other 

rebate incentives on NOM for Customer 

and Professional order flow in Chapter 

XV, Section 2(1). 

The Exchange now proposes to amend 

the current qualifications for earning the 

Rebate to Add Liquidity in note ‘‘f’’ by 

lowering the NOM Volume Threshold. 

Specifically, the Exchange is proposing 

to continue to pay a $0.55 per contract 

Rebate to Add Liquidity in Penny Pilot 

Options as Customer or Professional, 

and a $1.05 per contract Rebate to Add 

Liquidity in Non-Penny Pilot Options as 

Customer or Professional, if that NOM 

Participant (a) adds Customer, 

Professional, Firm, Non-NOM Market 

Maker and/or Broker-Dealer liquidity in 

Penny Pilot Options and/or Non-Penny 

Pilot Options above 1.20% of total 

industry customer equity and ETF 

option ADV contracts per day in a 

month, (b) executes greater than 0.04% 

of CV via MOC/LOC volume within the 

NASDAQ Stock Market Closing Cross 

within a month, and (c) adds greater 

than 1.5 million shares per day of nondisplayed volume within the NASDAQ 

Stock Market within a month.13

The Exchange’s proposal to lower the 

NOM Volume Threshold from above 

1.45% of total industry customer equity 

and ETF option ADV contracts per day 

in a month to above 1.20% should 

provide Participants the ability to 

qualify for this incentive by executing 

less contracts which represent industry 

volume in a given month. The Exchange 

believes that this amendment should 

incentivize Participants to transact more 

volume to qualify for the rebate in 

footnote ‘‘f’’ since one of the qualifiers 

requires a lower percentage of total 

industry customer equity and ETF 

option ADV contracts per day in a 

month as compared to the current 

percentage. 

NOM Market Maker Non-Penny Pilot 

Options Fee for Adding Liquidity 

The Exchange proposes to offer 

Participants that send NOM Market 

Maker 14 order flow an opportunity to 

lower their Fee for Adding Liquidity in 

Non-Penny Pilot Options, as set forth in 

Chapter XV, Section 2(1). In particular, 

the Exchange proposes to offer 

Participants the opportunity to reduce 

the NOM Market Maker Non-Penny 

Pilot Options Fee for Adding Liquidity 

from $0.35 to $0.00 per contract, 

provided the Participant adds NOM 

Market Maker liquidity in Non-Penny 

Pilot Options of 7,500 or more ADV 

contracts per day in a month. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,15 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,16 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, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

Customer and Professional Rebate to 

Add Liquidity 

The Exchange’s proposal to lower the 

NOM Volume Threshold is reasonable 

because the rebates in footnote ‘‘f’’ 

should continue to attract Customer and 

Professional order flow to NOM. The 

additional Customer and Professional 

order flow to NOM benefits other 

market participants by providing 

additional liquidity with which to 

interact. Customer liquidity offers 

unique benefits to the market by 

providing more trading opportunities, 

which attracts market makers. An 

increase in the activity of market makers 

in turn facilitates tighter spreads, which 

may cause an additional corresponding 

increase in order flow from other market 

participants. Furthermore, the Exchange 

believes that encouraging Participants to 

add Professional liquidity creates 

competition among options exchanges 

because the amended note ‘‘f’’ rebates 

may cause market participants to select 

NOM as a venue to send Professional 

order flow. Amending the existing NOM 

Volume Threshold affords more 

Participants the ability to qualify for the 

note ‘‘f’’ rebates because it requires less 

volume as a result of the proposed lower 

percentage of industry volume. With 

this proposal, Participants that 

consistently send order flow to the 

Exchange may continue to qualify for 

the rebates in note ‘‘f’’ and other 

Participants may send additional order 

flow to qualify for the note ‘‘f’’ rebates 

with the lower requirement. 

The Exchange’s proposal to lower the 

NOM Volume Threshold is equitable 

and not unfairly discriminatory because 

all Participants are eligible to earn 

rebates. These rebates would be paid 

uniformly to all qualifying Participants. 

NOM Market Maker Non-Penny Pilot 

Options Fee for Adding Liquidity 

The proposed change to offer 

Participants that send NOM Market 

Maker order flow the opportunity to 

reduce the NOM Market Maker NonPenny Pilot Options Fee for Adding 

Liquidity from $0.35 to $0.00 per 

contract, provided the Participant adds 

NOM Market Maker liquidity in NonPenny Pilot Options of 7,500 or more 

ADV contracts per day in a month is 

reasonable because the Exchange seeks 

to encourage Participants to add NOM 

Market Maker liquidity in Non-Penny 

Options to obtain the discount. The 

Exchange believes that its proposal will 

incentivize Participants to select NOM 

as a venue and in turn benefit other 

market participants with the 

opportunity to interact with such 

liquidity. 

Furthermore, the Exchange believes 

that its proposal to reduce the NOM 

Market Maker fee as described above is 

equitable and not unfairly 

discriminatory because NOM Market 

Makers, unlike other market 

participants, add value through 

continuous quoting 17 and the 

mstockstill on DSK30JT082PROD with NOTICES

38752 Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 

making capacity must constitute a course of 

dealings reasonably calculated to contribute to the 

maintenance of a fair and orderly market, and 

Market Makers should not make bids or offers or 

enter into transactions that are inconsistent with 

such course of dealings. Further, all Market Makers 

are designated as specialists on NOM for all 

purposes under the Act or rules thereunder. See 

Chapter VII, Section 5. 

18See note 17 above. 

19 15 U.S.C. 78s(b)(3)(A)(ii). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

commitment of capital. In addition, 

encouraging NOM Market Makers to add 

greater liquidity benefits all Participants 

in the quality of order interaction. The 

Exchange believes it is equitable and not 

unfairly discriminatory to offer only 

NOM Market Makers the opportunity to 

earn the discounted fee described above 

because of the obligations borne by 

these market participants, as noted 

herein. 

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. In terms of 

inter-market competition, 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, or 

rebate opportunities available at other 

venues to be more favorable. The 

Exchange believes that the proposed 

pricing changes are competitive and 

does not impose a burden on intermarket competition. If the changes 

proposed herein are unattractive to 

market participants, it is likely that the 

Exchange will lose market share as a 

result. Accordingly, the Exchange 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. 

As it relates to the proposed fee 

change to lower the NOM Volume 

Threshold, the Exchange does not 

believe that its proposal imposes an 

undue burden on intra-market 

competition because all Participants are 

eligible to earn rebates and these rebates 

would be uniformly paid to all 

qualifying Participants. The Exchange 

also does not believe that its proposal to 

offer Participants an opportunity to 

reduce the NOM Market Maker NonPenny Pilot Options Fee for Adding 

Liquidity from $0.35 to $0.00 if they 

meet the volume-based standard 

described above imposes an undue 

burden on intra-market competition 

because NOM Market Makers, unlike 

other market participants, add value 

through continuous quoting 18 and the 

commitment of capital. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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.19

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

NASDAQ–2017–080 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–NASDAQ–2017–080. 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– 

NASDAQ–2017–080, and should be 

submitted on or before September 5, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–17169 Filed 8–14–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81360; File No. SR– 

NASDAQ–2017–079] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Market Access and Routing Subsidy 

Program 

August 9, 2017. 

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 August 1, 

2017, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the 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. 

mstockstill on DSK30JT082PROD with NOTICES