
[Federal Register Volume 78, Number 160 (Monday, August 19, 2013)]
[Notices]
[Pages 50465-50469]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-20099]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70175; File No. SR-NASDAQ-2013-104]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to a Non-Penny Pilot Option Rebate To Add Liquidity

August 13, 2013.
    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 5, 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by NASDAQ. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASDAQ proposes to modify Chapter XV, entitled ``Options Pricing,'' 
at Section 2 governing pricing for NASDAQ members using the NASDAQ 
Options Market (``NOM''), NASDAQ's facility for executing and routing 
standardized equity and index options. Specifically, NOM proposes to 
offer an additional rebate for transacting certain Non-Penny Pilot 
Options.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.nasdaq.cchwallstreet.

[[Page 50466]]

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. 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
    NASDAQ proposes to modify Chapter XV, entitled ``Options Pricing,'' 
at Section 2(1) governing the rebates and fees assessed for option 
orders entered into NOM. The Exchange proposes to offer an additional 
$0.01 per contract Non-Penny Pilot Customer Rebate to Add Liquidity to 
Participants that qualify for certain rebate tiers of the Customer or 
Professional Penny Pilot \3\ Options Rebates to Add Liquidity.
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    \3\ The Penny Pilot was established in March 2008 and in October 
2009 was expanded and extended through December 31, 2013. See 
Securities Exchange Act Release Nos. 57579 (March 28, 2008), 73 FR 
18587 (April 4, 2008) (SR-NASDAQ-2008-026) (notice of filing and 
immediate effectiveness establishing Penny Pilot); 60874 (October 
23, 2009), 74 FR 56682 (November 2, 2009) (SR-NASDAQ-2009-091) 
(notice of filing and immediate effectiveness expanding and 
extending Penny Pilot); 60965 (November 9, 2009), 74 FR 59292 
(November 17, 2009) (SR-NASDAQ-2009-097) (notice of filing and 
immediate effectiveness adding seventy-five classes to Penny Pilot); 
61455 (February 1, 2010), 75 FR 6239 (February 8, 2010) (SR-NASDAQ-
2010-013) (notice of filing and immediate effectiveness adding 
seventy-five classes to Penny Pilot); 62029 (May 4, 2010), 75 FR 
25895 (May 10, 2010) (SR-NASDAQ-2010-053) (notice of filing and 
immediate effectiveness adding seventy-five classes to Penny Pilot); 
65969 (December 15, 2011), 76 FR 79268 (December 21, 2011) (SR-
NASDAQ-2011-169) (notice of filing and immediate effectiveness 
extension and replacement of Penny Pilot); 67325 (June 29, 2012), 77 
FR 40127 (July 6, 2012) (SR-NASDAQ-2012-075) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through December 31, 2012); 68519 (December 21, 2012), 78 FR 136 
(January 2, 2013) (SR-NASDAQ-2012-143) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through June 30, 2013); and 69787 (June 18, 2013), 78 FR 37858 (June 
24, 2013) (SR-NASDAQ-2013-082). See also NOM Rules, Chapter VI, 
Section 5.
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    Today, the Exchange offers tiered Penny Pilot Options Rebates to 
Add Liquidity to Customers,\4\ Professionals \5\ and NOM Market Makers 
\6\ and a $0.10 per contract Penny Pilot Options Rebate to Add 
Liquidity to Firms,\7\ Non-NOM Market Makers \8\ and Broker-Dealers.\9\ 
With respect to Customers and Professionals, the Exchange pays Penny 
Pilot Options Rebates to Add Liquidity based on various criteria with 
rebates ranging from $0.25 to $0.48 per contract as follows:
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    \4\ The term ``Customer'' 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).
    \5\ The term ``Professional'' 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.
    \6\ The term ``NOM Market Maker'' 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. NOM Market Maker Rebates range from $0.25 
to $0.38 per contract depending on various criteria.
    \7\ The term ``Firm'' or (``F'') applies to any transaction that 
is identified by a Participant for clearing in the Firm range at 
OCC.
    \8\ The term ``Non-NOM Market Maker'' or (``O'') is a registered 
market maker on another options exchange that is not a NOM Market 
Maker. A Non-NOM Market Maker must append the proper Non-NOM Market 
Maker designation to orders routed to NOM.
    \9\ The 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.

------------------------------------------------------------------------
                                                           Rebate to Add
                                Monthly Volume               Liquidity
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Tier 1..............  Participant adds Customer and/or             $0.25
                       Professional liquidity of up to
                       0.20% of total industry customer
                       equity and ETF option average
                       daily volume (``ADV'') contracts
                       per day in a month.
Tier 2..............  Participant adds Customer and/or              0.40
                       Professional liquidity of 0.21%
                       to 0.30% of total industry
                       customer equity and ETF option
                       ADV contracts per day in a month.
Tier 3..............  Participant adds Customer and/or              0.43
                       Professional liquidity of 0.31%
                       to 0.49% of total industry
                       customer equity and ETF option
                       ADV contracts per day in a month.
Tier 4..............  Participant adds Customer and/or              0.45
                       Professional liquidity of 0.5% or
                       more of total industry customer
                       equity and ETF option ADV
                       contracts per day in a month.
Tier 5..............  Participant adds (1) Customer and/            0.42
                       or Professional liquidity of
                       25,000 or more contracts per day
                       in a month, (2) the Participant
                       has certified for the Investor
                       Support Program set forth in Rule
                       7014, and (3) the Participant
                       executed at least one order on
                       NASDAQ's equity market.
Tier 6..............  Participant has Total Volume of               0.45
                       130,000 or more contracts per day
                       in a month, of which 25,000 or
                       more contracts per day in a month
                       must be Customer and/or
                       Professional liquidity.
Tier 7..............  Participant has Total Volume of               0.47
                       175,000 or more contracts per day
                       in a month, of which 50,000 or
                       more contracts per day in a month
                       must be Customer and/or
                       Professional liquidity.
Tier 8..............  Participant (1) has Total Volume              0.48
                       of 325,000 or more contracts per
                       day in a month, or (2)
                       Participant has Total Volume of
                       200,000 or more contracts per day
                       in a month, of which 70,000 or
                       more contracts per day in a month
                       must be Customer and/or
                       Professional liquidity or (3)
                       adds Customer and/or Professional
                       liquidity of 1.00% or more of
                       national customer volume in
                       multiply-listed equity and ETF
                       options classes in a month..
------------------------------------------------------------------------

    The Exchange proposes to offer Participants that qualify for Tiers 
7 or 8 of the Customer and Professional Penny Pilot Options Rebate to 
Add Liquidity an additional $0.01 per contract Non-Penny Pilot Options 
Customer Rebate to Add Liquidity on each transaction which adds 
Customer liquidity in Non-Penny Pilot Options. For example, a 
Participant that qualifies for Tier 8 of the Customer or Professional 
Penny Pilot Options Rebate to Add Liquidity and transacted 20,000 Non-
Penny Pilot Options contracts in that month that added liquidity would 
receive a rebate of $0.82 per contract on the 20,000 contracts or 
$16,400. The Exchange believes that the additional rebate will 
encourage Participants to add additional liquidity in both Penny and 
Non-Penny Pilot Options on NOM.

[[Page 50467]]

2. Statutory Basis
    NASDAQ believes that the proposed rule changes are consistent with 
the provisions of Section 6 of the Act,\10\ in general, and with 
Section 6(b)(4) of the Act,\11\ in particular, in that they provide for 
the equitable allocation of reasonable dues, fees and other charges 
among members and issuers and other persons using any facility or 
system which NASDAQ operates or controls as described in detail below.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the opportunity to earn an additional 
Non-Penny Pilot Options Customer Rebate to Add Liquidity is reasonable 
because the incentive encourages Participants to qualify for higher 
Customer or Professional Penny Pilot Options rebate tiers in order to 
also qualify for an additional Non-Penny Pilot Options Customer rebate. 
Participants would be encouraged to add liquidity in both Penny Pilot 
and Non-Penny Options liquidity because Tiers 7 and 8 allow Total 
Volume to be counted in qualifying for those tiers. Total Volume is 
defined at Chapter XV, Section 2(1) at note b as Customer, 
Professional, Firm, Broker-Dealer, Non-NOM Market Maker and NOM Market 
Maker volume in Penny Pilot Options and/or Non-Penny Pilot Options 
which either adds or removes liquidity on NOM. The Exchange believes 
that offering Customers and Professionals the continued opportunity to 
earn higher rebates is reasonable because by incentivizing Participants 
to select the Exchange as a venue to post Customer and Professional 
liquidity will attract additional order flow to the benefit of all 
market participants. Today the Exchange also incentivizes NOM Market 
Makers to post liquidity, by offering NOM Market Makers rebates, which 
also benefit market participants through increased order interaction. 
Firms, Non-NOM Market Makers and Broker-Dealers are also offered 
rebates under the current pricing structure.
    The Exchange believes that the opportunity to earn an additional 
Non-Penny Pilot Options Customer Rebate to Add Liquidity is equitable 
and not unfairly discriminatory because the rebate would continue to 
encourage Participants to transact a greater number of Customer and 
Professional orders to obtain higher rebates. The Exchange believes 
that continuing to pay Customers and Professionals tiered Rebates to 
Add Liquidity in Penny Pilot Options, as compared to other market 
participants, is equitable and not unfairly discriminatory because 
Customer order flow brings unique benefits to the market through 
increased liquidity which benefits all market participants. The 
Exchange believes that continuing to offer Professionals the same Penny 
Pilot Options Rebates to Add Liquidity as Customers is equitable and 
not unfairly discriminatory because the Exchange believes that offering 
Professionals the opportunity to earn the same rebates as Customers, as 
is the case today, and higher rebates as compared to Firms, Broker-
Dealers and Non-NOM Market Makers, and in some cases NOM Market Makers, 
is equitable and not unfairly discriminatory because the Exchange does 
not believe that the amount of the rebate offered by the Exchange has a 
material impact on a Participant's ability to execute orders in Penny 
Pilot Options. By offering Professionals, as well as Customers, higher 
rebates, the Exchange hopes to simply remain competitive with other 
venues so that it remains a choice for market participants when posting 
orders and the result may be additional Professional order flow for the 
Exchange, in addition to increased Customer order flow.
    In addition, a Participant may not be able to gauge the exact 
rebate tier it would qualify for until the end of the month because 
Professional volume would be commingled with Customer volume in 
calculating tier volume.\12\ A Professional could only otherwise 
presume the Tier 1 rebate would be achieved in a month when determining 
price.\13\ Further, the Exchange initially established Professional 
pricing in order to ``. . . bring additional revenue to the Exchange.'' 
\14\ The Exchange noted in the Professional Filing that it believes ``. 
. . that the increased revenue from the proposal would assist the 
Exchange to recoup fixed costs.'' \15\ The Exchange also noted in that 
filing that it believes that establishing separate pricing for a 
Professional, which ranges between that of a Customer and market maker, 
accomplishes this objective.\16\ The Exchange does not believe that 
providing Professionals with the opportunity to obtain higher rebates 
equivalent to that of a Customer creates a competitive environment 
where Professionals would be necessarily advantaged on NOM as compared 
to NOM Market Makers, Firms, Broker-Dealers or Non-NOM Market Makers. 
Also, a Professional is assessed the same fees as other market 
participants, except Customers and NOM Market Makers, as discussed 
herein.\17\ For these reasons, the Exchange believes that continuing to 
offer Professionals the same rebates as Customers is equitable and not 
unfairly discriminatory. The Exchange believes that continuing to offer 
NOM Market Makers the opportunity to earn higher rebates as compared to 
Non-NOM Market Makers, Firms and Broker Dealers is equitable and not 
unfairly discriminatory because NOM Market Makers add value through 
continuous quoting \18\ and a commitment of capital. Firms, Non-NOM 
Market Makers and Broker-Dealers would continue to be offered a $0.10 
per contract Rebate to Add Liquidity in Penny Pilot Options, as is the 
case today.\19\
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    \12\ Customer and Professional volume is aggregated for purposes 
of determining which rebate tier a Participant qualifies for with 
respect to the Professional Rebate to Add Liquidity in Penny Pilot 
Options.
    \13\ A Professional would be unable to determine the exact 
rebate that would be paid on a transaction by transaction basis with 
certainty until the end of a given month when all Customer and 
Professional volume is aggregated for purposes of determining which 
tier the Participant qualified for in a given month.
    \14\ See Securities Exchange Act Release No. 64494 (May 13, 
2011), 76 FR 29014 (May 19, 2011) (SR-NASDAQ-2011-066) 
(``Professional Filing''). In this filing, the Exchange addressed 
the perceived favorable pricing of Professionals who were assessed 
fees and paid rebates like a Customer prior to the filing. The 
Exchange noted in that filing that a Professional, unlike a retail 
Customer, has access to sophisticated trading systems that contain 
functionality not available to retail Customers.
    \15\ See Securities Exchange Act Release No. 64494 (May 13, 
2011), 76 FR 29014 (May 19, 2011) (SR-NASDAQ-2011-066).
    \16\ See Securities Exchange Act Release No. 64494 (May 13, 
2011), 76 FR 29014 (May 19, 2011) (SR-NASDAQ-2011-066). The Exchange 
noted in this filing that it believes the role of the retail 
customer in the marketplace is distinct from that of the 
professional and the Exchange's fee proposal at that time accounted 
for this distinction by pricing each market participant according to 
their roles and obligations.
    \17\ The Fee for Removing Liquidity in Penny Pilot Options is 
$0.48 per contract for all market participants, except Customers and 
NOM Market Makers. Customers are assessed $0.45 per contract and NOM 
Market Makers would continue to be assessed $0.47 per contract.
    \18\ Pursuant 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 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.
    \19\ Similar to other market participants, Firms, Non-NOM Market 
Makers and Broker-Dealers have the opportunity to earn a higher 
Penny Pilot Options Rebate to Add Liquidity if they transact 15,000 
contracts per day or more of Penny Pilot Options or Non-Penny Pilot 
Options liquidity in a given month. The volume requirement for 
Firms, Non-NOM Market Makers and Broker-Dealers to qualify for the 
higher Penny Pilot Options Rebate to Add Liquidity is less than is 
required to earn a Tier 1 Customer or Professional Rebate to Add 
Liquidity in Penny Pilot Options or a Tier 1 NOM Market Maker Rebate 
to Add Liquidity in Penny Pilot Option. The 15,000 contract 
threshold for Firms, Non-NOM Market Makers and Broker-Dealers to 
earn the Penny Pilot Options Rebate to Add Liquidity equates to 
approximately 0.12% of the industry customer equity and ETF volume.

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[[Page 50468]]

    The Exchange believes that offering Participants that qualify for 
Tiers 7 or 8 of the Customer and Professional Penny Pilot Options 
Rebate to Add Liquidity an opportunity to earn an additional $0.01 per 
contract Non-Penny Pilot Customer Rebate to Add Liquidity is equitable 
and not unfairly discriminatory because all Customers and Professionals 
have an opportunity to qualify for a Tier 7 or 8 Penny Pilot Option 
Rebate to Add Liquidity and, in turn, qualify to obtain the Customer 
Non-Penny Pilot Options rebate. Today, no other market participant is 
entitled to a Non-Penny Pilot Options Rebate to Add Liquidity other 
than a Customer. The Exchange believes that it is reasonable, equitable 
and not unfairly discriminatory to only pay Customers a rebate in Non-
Penny Pilot Options because Customer order flow is unique and benefits 
all market participants through the increased liquidity that such order 
flow brings to the market. The opportunity to increase the Non-Penny 
Pilot Options rebate will further encourage the addition of Penny Pilot 
and Non-Penny Pilot Options liquidity as well as Customer and 
Professional liquidity. Today, Total Volume \20\ includes both Penny 
and Non-Penny Options volume so Tiers 7 or 8 encourage Participants to 
add and remove liquidity in Penny and Non-Penny Pilot Options.\21\
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    \20\ For purposes of Tiers 6, 7 and 8, ``Total Volume'' is 
defined as Customer, Professional, Firm, Broker-Dealer, Non-NOM 
Market Maker and NOM Market Maker volume in Penny Pilot Options and/
or Non-Penny Pilot Options which either adds or removes liquidity on 
NOM.
    \21\ Tier 7 requires a certain amount of the Total Volume to be 
comprised of Customer and/or Professional liquidity. Tier 8 provides 
three options to qualify for the rebate including Total Volume, some 
of which must be comprised of Customer and/or Professional 
liquidity.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ does not believe that the proposed rule changes will result 
in any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.
    Customers have traditionally been paid the highest rebates offered 
by options exchanges. The Exchange does not believe that continuing to 
provide Professionals with the opportunity to obtain higher rebates 
equivalent to that of a Customer creates an undue burden on competition 
where Professionals would be necessarily advantaged on NOM as compared 
to NOM Market Makers, Firms, Broker-Dealers or Non-NOM Market Makers 
because the Exchange does not believe that the amount of the rebate 
offered by the Exchange has a material impact on a Participant's 
ability to execute orders in Penny Pilot Options. The Exchange does not 
believe that offering Participants that qualify for Tier 7 or 8 of the 
Customer and Professional Penny Pilot Options Rebate to Add Liquidity 
an additional Non-Penny Pilot Options Customer rebate would result in 
any burden on competition as between market participants because the 
remaining market participants, NOM Market Makers, Firms, Non-NOM Market 
Makers and Broker-Dealers would continue to have an opportunity to earn 
Penny Pilot Options rebates. Today, the Exchange only pays Customers 
Non-Penny Pilot Options Rebates to Add Liquidity.\22\ Customer order 
flow brings unique benefits to the market through increased liquidity 
which benefits all market participants.
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    \22\ NASDAQ OMX BX, Inc. Options pays a Rebate to Remove 
Liquidity in All Other Penny Pilot Options of $0.32 per contract to 
Customers only.
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    The Exchange's proposal to pay an additional Non-Penny Pilot 
Options Customer Rebate to Add Liquidity, presuming the Participant 
qualifies for Tier 7 or 8 of the Customer and Professional Penny Pilot 
Options Rebate to Add Liquidity, will incentivize Participants to 
direct Penny and Non-Penny Pilot Options order flow, as well as 
Customer and Professional order flow, to NOM to the benefit of all 
other market participants. The Exchange believes the proposed pricing 
incentives contribute to the overall health of the market and benefit 
all Participants willing to choose to transact options on NOM. For the 
reasons specified herein, the Exchange does not believe this proposal 
creates an undue burden on competition.
    The Exchange operates in a hyper competitive market comprised of 
twelve U.S. options exchanges in which many sophisticated and 
knowledgeable market participants can readily and do send order flow to 
competing exchanges if they deem fee levels or rebate incentives at a 
particular exchange to be excessive or inadequate. These market forces 
support the Exchange belief that the proposed rebate structure and 
tiers proposed herein are competitive with rebates and tiers in place 
on other exchanges. The Exchange believes that this competitive 
marketplace continues to impact the rebates present on the Exchange 
today and substantially influences the proposals set forth above.

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.\23\ 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 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 shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.
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    \23\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-2013-104 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 SR-NASDAQ-2013-104. 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

[[Page 50469]]

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-2013-104, and should be submitted on or before 
September 9, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20099 Filed 8-16-13; 8:45 am]
BILLING CODE 8011-01-P


