Document ID: SEC-2013-0946-0001
Agency: sec
Document Type: Notice
Title: Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information, etc.; Amendment
Posted Date: 2013-05-21T04:00Z

[Federal Register Volume 78, Number 98 (Tuesday, May 21, 2013)]
[Notices]
[Pages 29793-29795]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12041]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69587; File No. S7-24-89]

Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment No. 29 to the Joint Self-Regulatory 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 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.

May 15, 2013.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on May 10, 2013, the operating committee (``Operating Committee'' or 
``Committee'') \3\ of the Joint Self-Regulatory Organization Plan 
Governing the Collection, Consolidation, and Dissemination of Quotation 
and Transaction Information for Nasdaq-Listed 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

[[Page 29794]]

amendment represents Amendment No. 29 (``Amendment No. 29'') to the 
Plan and proposes to reverse the changes (the ``Fee Changes'') that the 
Participants made in Amendment No. 27 \5\ to the Nasdaq/UTP Plan and 
Amendment No. 28 \6\ to the Nasdaq/UTP Plan (the ``Fee Change 
Filings''). Under the Fee Change Filings, the Fee Changes became 
effective on April 1, 2013. Amendment No. 29 would cause the Fee 
Changes not to have become effective as of April 1, 2013. Pursuant to 
Rule 608(b)(3)(i) under the Act, the Participants designated the 
Amendment No. 29 as establishing or changing a fee or other charge 
collected on behalf of all of the Participants in connection with 
access to, or use of, the facilities contemplated by the Amendment. As 
a result, Amendment No. 29 has been put into effect upon filing with 
the Commission. Accordingly, the Participants would not implement the 
Fee Changes for the month of April 2013 or otherwise.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The 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.
    \4\ The 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).
    \5\ See Securities Exchange Act Release No. 69215 (March 22, 
2013), 78 FR 19029 (March 28, 2013) (``Amendment No. 27'').
    \6\ See Securities Exchange Act Release No. 69361 (April 10, 
2013), 78 FR 22588 (April 16, 2013) (``Amendment No. 28'').
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    At any time within 60 days of the filing of Amendment No. 29, the 
Commission may summarily abrogate Amendment No. 29 and require that the 
Amendment be refiled in accordance with paragraph (a)(1) of Rule 608 
and reviewed in accordance with paragraph (b)(2) of Rule 608, if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or the 
maintenance of fair and orderly markets, to remove impediments to, and 
perfect the mechanisms of, a national market system or otherwise in 
furtherance of the purposes of the Act. The Commission is publishing 
this notice to solicit comments from interested persons.

I. Rule 608(a)

A. Purpose of the Amendments

    On March 22, 2013, the Participants filed with the Commission 
Amendment No. 27. That amendment revised the metric by which the 
Participants calculate the annual increase in the Enterprise Maximum.
    On March 27, 2013, the Participants filed with the Commission 
Amendment No. 28. That amendment increased the professional subscriber 
device fee from $20 to $25, introduced a new redistribution fee and 
established a net reporting program.
    Amendment No. 27 and Amendment No. 28 made the Fee Changes 
effective as of April 1, 2013.
    After consultation with Commission staff,\7\ the Participants 
propose to reverse all of the Fee Changes. As a result of the reversal, 
the Fee Changes would not be deemed to have taken effect on April 1, 
2013, meaning that the Participants would not implement the Fee Changes 
for the month of April 2013 or otherwise. The Participants anticipate 
re-examining the Fee Change Filings and re-filing them at a later date
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    \7\ See also Letter to John Ramsay, Acting Director, Division of 
Trading and Markets, Commission, et al. from Ira D. Hammerman, 
Senior Managing Director & General Counsel, Securities Industry and 
Financial Markets Association, dated March 28, 2013 (``SIFMA 
Letter''); Letter to Chairperson White and Commissioners, 
Commission, from Gene L. Finn, Ph.D., dated April 24, 2013 (``Finn 
Letter 1''); Letter to the Commission, from Gene L. Finn, Ph.D., 
dated April 25, 2013 (``Finn Letter 2''); and Letter to Elizabeth M. 
Murphy, Secretary, Commission from Peter Moss, Managing Director, 
Thomson Reuters, dated May 7, 2013 (``Thomson Reuters Letter'').
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B. Governing or Constituent Documents

    Not applicable.

C. Implementation of Amendment

    All of the Participants have manifested their approval of the 
proposed amendment by means of their execution of Amendment No. 29. 
Amendment No. 29 shall be effective when this Agreement has been 
executed on behalf of each Participant and the amendment has been filed 
with the Commission. Once effective, Amendment No. 29 would cause the 
changes set forth in the Fee Change Filings not to have become 
effective on April 1, 2013. This means that the Participants would not 
implement the Fee Changes for the month of April 2013 or otherwise, 
although the Participants may elect to re-file the Fee Changes at a 
later date.

D. Development and Implementation Phases

    Not applicable.

E. 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.\8\
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    \8\ 15 U.S.C. 78k-1(c)(1)(D).
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F. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    The Participants have no written understandings or agreements 
relating to interpretation of the Plan as a result of the amendment.

G. Approval by Sponsors in Accordance With Plan

    Each of the Plan's Participants has approved the changes and has 
executed a written amendment to the Plan.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendment

    Not applicable.

I. Terms and Conditions of Access

    See Item I(A) above.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    See Item I(A) above.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. 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

    Not applicable.

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

    Not applicable.

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

G. Terms of Access to Transaction Reports

    Not applicable.

[[Page 29795]]

H. Identification of Marketplace of Execution

    Not Applicable.

III. Solicitation of Comments

    The Commission seeks general comments on Amendment No. 29. 
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 Elizabeth M. Murphy, 
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 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 June 11, 2013.
    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(27).

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12041 Filed 5-20-13; 8:45 am]
BILLING CODE 8011-01-P