41298 Federal Register / Vol. 82, No. 167 / Wednesday, August 30, 2017 / Notices 

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

2 17 CFR 240.19b–4. 

3Any NOM Participant is permitted to avail itself 

of this arrangement, provided that its order routing 

functionality incorporates the features described 

herein and the Participant satisfies NOM that it 

appears to be robust and reliable. Participants 

remain solely responsible for implementing and 

operating its System. 

4For the purpose of qualifying for the MARS 

Payment, Eligible Contracts may include Firm, NonNOM Market Maker, Broker-Dealer, or Joint Back 

Office or ‘‘JBO’’ equity option orders that add 

liquidity and are electronically delivered and 

executed. Eligible Contracts do not include Mini 

Option orders. 

5The specified MARS Payment are paid on all 

executed Eligible Contracts that add liquidity, 

which are routed to NOM through a participating 

NOM Participant’s System and meet the requisite 

Eligible Contracts ADV. No payment [sic] are made 

with respect to orders that are routed to NOM, but 

not executed. Also, a Participant is not be [sic] 

entitled to receive any other revenue from the 

Exchange for the use of its System specifically with 

respect to orders routed to NOM. 

6A Participant is not entitled to receive any other 

revenue from the Exchange for the use of its System 

specifically with respect to orders routed to NOM. 

7Today, NOM Participants that qualify for 

Customer and Professional Penny Pilot Options 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81479; File No. SR– 

NASDAQ–2017–083] 

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 at 

Chapter XV, Section 2 Entitled 

‘‘NASDAQ Options Market—Fees and 

Rebates’’ 

August 24, 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 

16, 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. 

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 

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 

NOM proposes to amend the MARS 

subsidy program which pays a subsidy 

to NOM Participants that provide 

certain order routing functionalities to 

other NOM Participants and/or use such 

functionalities themselves. Generally, 

under MARS, the Exchange pays 

participating NOM Participants to 

subsidize their costs of providing 

routing services to route orders to NOM. 

The Exchange believes that the 

proposed amendment to MARS will 

continue to attract higher volumes of 

electronic equity and ETF options 

volume to the Exchange from non-NOM 

Participants as well as NOM 

Participants. 

Background 

Today, to qualify for MARS, a NOM 

Participant’s routing system (hereinafter 

‘‘System’’) is required to meet certain 

criteria. Specifically the Participant’s 

System is required to: (1) Enable the 

electronic routing of orders to all of the 

U.S. options exchanges, including 

NOM; (2) provide current consolidated 

market data from the U.S. options 

exchanges; and (3) be capable of 

interfacing with NOM’s API to access 

current NOM match engine 

functionality. The NOM Participant’s 

System would also need to cause NOM 

to be one of the top three default 

destination exchanges for (a) 

individually executed marketable orders 

if NOM is at the national best bid or 

offer (‘‘NBBO’’), regardless of size or 

time, (b) orders that establish a new 

NBBO on NOM’s Order Book, but allow 

any user to manually override NOM as 

the default destination on an order-byorder basis.3

MARS Payment are made to NOM 

Participants that have System Eligibility 

and have routed the requisite number of 

Eligible Contracts daily in a month 

(‘‘Average Daily Volume’’), which were 

executed on NOM.4 Today, NOM 

Participants that have System Eligibility 

and have executed the requisite number 

of Eligible Contracts in a month will be 

paid the following rebates: 5

Tiers 

Average 

daily volume 

(‘‘ADV’’) 

MARS 

payment 

(penny) 

MARS 

payment 

(non-penny) 

1 ................................................................................................................................................... 2,500 * $0.07 * $0.15 

2 ................................................................................................................................................... 5,000 * 0.09 * 0.20 

3 ................................................................................................................................................... 10,000 * 0.11 * 0.30 

4 ................................................................................................................................................... 20,000 * 0.15 * 0.50 

5 ................................................................................................................................................... 45,000 * 0.17 * 0.60 

Specifically, the specified MARS 

Payment are paid on all executed 

Eligible Contracts that add liquidity, 

which are routed to NOM through a 

participating NOM Participant’s System 

and meet the requisite Eligible Contracts 

ADV. No payments are made with 

respect to orders that are routed to 

NOM, but not executed.6

Amendment to MARS Payment 

The Exchange proposes to amend the 

MARS Payment tiers at Chapter XV, 

Section 2(6) by amending current tier 1 

to require an ADV of 2,000 contracts 

instead of the current ADV of 2,500 

contracts. The Exchange would 

continue to pay a $0.07 per contract 

MARS Payment for Penny Options and 

a $0.15 per contract rebate for Nonmstockstill on DSK30JT082PROD with NOTICES

Federal Register / Vol. 82, No. 167 / Wednesday, August 30, 2017 / Notices 41299 

Rebate to Add Liquidity Tier 8 in Section 2(1) 

receive $0.09 per contract in addition to any MARS 

Payment tier on MARS Eligible Contracts the NOM 

Participant qualifies for in a given month. This 

would remain unchanged. 

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

9 15 U.S.C. 78f(b)(4) and (5). 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

Penny Options.7 All other tiers would 

remain unchanged. The Exchange 

believes that the proposed change to the 

MARS Payment will attract additional 

liquidity to NOM. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

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

of the Act,9 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among Participants and issuers and 

other persons using any facility or 

system which the Exchange operates or 

controls, and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange’s proposal to amend 

Tier 1 to lower the requisite ADV from 

2,500 to 2,000 contracts and continue to 

pay a MARS Payment of $0.07 per 

contract for Penny Pilot Options and 

$0.15 per contract for Non-Penny Pilot 

Options is reasonable because 

additional Participants would be able to 

qualify for a Tier 1 rebate, because of the 

lower requirement, provided the 

Participant has System Eligibility and 

executes the requisite ADV of Eligible 

Contracts. The Exchange believes this 

amendment may attract higher volumes 

of electronic equity and ETF options 

volume to NOM, which would in turn 

benefit all NOM Participants by offering 

greater price discovery, increased 

transparency, and an increased 

opportunity to trade on the Exchange. 

Also, the proposal should enhance the 

competitiveness of the Exchange, 

particularly with respect to those 

exchanges that offer their own front-end 

order entry system or one they subsidize 

in some manner. The amendment to 

Tier 1 may incentivize NOM 

Participants to participate in MARS to 

obtain the rebate, provided the NOM 

Participant is eligible for MARS. 

Further, the tier structure will continue 

to allow NOM Participants to price their 

services at a level that will enable them 

to attract order flow from market 

participants who would otherwise 

utilize an existing front-end order entry 

mechanism offered by the Exchange’s 

competitors instead of incurring the cost 

in time and money to develop their own 

internal systems to be able to deliver 

orders directly to the Exchange’s 

System. 

The Exchange’s proposal to amend 

Tier 1 to lower the requisite ADV from 

2,500 to 2,000 contracts and continue to 

pay a MARS Payment of $0.07 per 

contract for Penny Pilot Options and 

$0.15 per contract for Non-Penny Pilot 

Options is equitable and not unfairly 

discriminatory because the Exchange 

will uniformly pay all NOM Participants 

the rebates specified in the proposed 

MARS Payment tiers provided the NOM 

Participant has executed the requisite 

ADV of Eligible Contracts. Moreover, 

the Exchange believes that the proposed 

MARS Payments offered by the 

Exchange are equitable and not unfairly 

discriminatory because any qualifying 

NOM Participant that offers market 

access and connectivity to the Exchange 

and/or utilize such functionality 

themselves may earn the MARS 

Payment for all Eligible Contracts. 

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’s proposal to amend 

Tier 1 to lower the requisite ADV from 

2,500 to 2,000 contracts and continue to 

pay a MARS Payment of $0.07 per 

contract for Penny Pilot Options and 

$0.15 per contract for Non-Penny Pilot 

Options does not impose an undue 

burden on intra-market competition 

because the Exchange will uniformly 

pay all NOM Participants the MARS 

Payments specified in the proposed 

MARS Payment tiers for Penny and 

Non-Penny Pilot Options provided the 

NOM Participant has executed the 

requisite number of Eligible Contracts. 

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.10

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–2017–083 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–2017–083. 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., 

mstockstill on DSK30JT082PROD with NOTICES

41300 Federal Register / Vol. 82, No. 167 / Wednesday, August 30, 2017 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 81102 

(July 7, 2017), 82 FR 32413. 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

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–2017–083, and should be 

submitted on or before September 20, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–18352 Filed 8–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81478; File No. SR–NYSE– 

2017–31] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of Longer Period for 

Commission Action on Proposed Rule 

Change To Amend the Listed Company 

Manual To Adopt Initial and Continued 

Listing Standards for Subscription 

Receipts 

August 24, 2017. 

On June 26, 2017, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend the Listed Company Manual to 

adopt initial and continued listing 

standards for Subscription Receipts. The 

proposed rule change was published for 

comment in the Federal Register on July 

13, 2017.3 The Commission received no 

comments regarding the proposal. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day for this filing 

is August 27, 2017. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds that it is appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, pursuant to Section 

19(b)(2) of the Act 5 and for the reasons 

stated above, the Commission 

designates October 11, 2017, as the date 

by which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSE–2017–31). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–18351 Filed 8–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15259 and #15260; 

Oklahoma Disaster Number OK–00117] 

Administrative Declaration of a 

Disaster for the State of Oklahoma 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Oklahoma dated August 

22, 2017. 

DATES: Issued on 08/22/2017. 

Physical Loan Application Deadline 

Date: 10/23/2017. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/22/2018. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

Incident: Tornadoes, Severe Storms, 

Straight-line Winds and Flooding. 

Incident Period: 08/05/2017 through 

08/14/2017. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Tulsa 

Contiguous Counties: 

Oklahoma: Creek, Okmulgee, Osage, 

Pawnee, Rogers, Wagoner, 

Washington. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 3.500 

Homeowners Without Credit 

Available Elsewhere .............. 1.750 

Businesses With Credit Available Elsewhere ...................... 6.610 

Businesses Without Credit 

Available Elsewhere .............. 3.305 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.500 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 3.305 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

The number assigned to this disaster 

for physical damage is 15259 C and for 

economic injury is 15260 0. 

The State which received an EIDL 

Declaration # is Oklahoma. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Dated: August 22, 2017. 

Linda E. McMahon, 

Administrator. 

[FR Doc. 2017–18373 Filed 8–29–17; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Disaster Declaration #15249 and 

#15250; WISCONSIN Disaster Number 

WI–00060 Administrative Declaration 

of a Disaster for the State of 

WISCONSIN 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

mstockstill on DSK30JT082PROD with NOTICES