
[Federal Register Volume 80, Number 95 (Monday, May 18, 2015)]
[Notices]
[Pages 28308-28311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11873]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74931; File No. SR-NASDAQ-2015-047]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to NASDAQ Options Market Fees and Rebates

May 12, 2015.
    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 April 29, 2015, 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 amend the Exchange's transaction fees at Chapter 
XV, Section 2 entitled ``NASDAQ Options Market--Fees and Rebates,'' 
which governs pricing for NASDAQ members using the NASDAQ Options 
Market (``NOM''), NASDAQ's facility for executing and routing 
standardized equity and index options.
    While the changes proposed herein are effective upon filing, the 
Exchange has designated the amendments become operative on May 1, 2015.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.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. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Penny Pilot Options \3\ Rebates 
to Add Liquidity for Customers \4\ and Professionals.\5\ Today, the 
Exchange pays Customers and Professionals a Penny Pilot Options Rebate 
to Add Liquidity based on the following tiered rebate structure:
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    \3\ The Penny Pilot was established in March 2008 is currently 
expanded and extended through June 30, 2015. 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); 69787 (June 18, 
2013), 78 FR 37858 (June 24, 2013) (SR-NASDAQ-2013-082) (notice of 
filing and immediate effectiveness and extension and replacement of 
Penny Pilot through December 31, 2013); 71105 (December 17, 2013), 
78 FR 77530 (December 23, 2013) (SR-NASDAQ-2013-154) (notice of 
filing and immediate effectiveness and extension and replacement of 
Penny Pilot through June 30, 2014); 79 FR 31151 (May 23, 2014), 79 
FR 31151 (May 30, 2014) (SR-NASDAQ-2014-056) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through December 31, 2014); and 73686 (December 2, 2014), 79 FR 
71477 (November 25, 2014) (SR-NASDAQ-2014-115) (notice of filing and 
immediate effectiveness and extension and replacement of Penny Pilot 
through June 30, 2015). See also NOM Rules, Chapter VI, Section 5.
    \4\ The 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)).
    \5\ The 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.

------------------------------------------------------------------------
        Monthly volume                  Rebate to add liquidity
------------------------------------------------------------------------
Tier 1 Participant adds        $0.20.
 Customer, Professional,
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 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.
Tier 2 Participant adds        $0.25.
 Customer, Professional,
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 liquidity in Penny Pilot
 Options and/or Non-Penny
 Pilot Options above 0.10% to
 0.20% of total industry
 customer equity and ETF
 option ADV contracts per day
 in a month.
Tier 3 Participant adds        $0.42.
 Customer, Professional,
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 liquidity in Penny Pilot
 Options and/or Non-Penny
 Pilot Options above 0.20% to
 0.30% of total industry
 customer equity and ETF
 option ADV contracts per day
 in a month.
Tier 4 Participant adds        $0.43.
 Customer, Professional,
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 liquidity in Penny Pilot
 Options and/or Non-Penny
 Pilot Options above 0.30% to
 0.40% of total industry
 customer equity and ETF
 option ADV contracts per day
 in a month.

[[Page 28309]]

 
Tier 5 Participant adds        $0.45.
 Customer, Professional,
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 liquidity in Penny Pilot
 Options and/or Non-Penny
 Pilot Options above 0.40% of
 total industry customer
 equity and ETF option ADV
 contracts per day in a
 month, or Participant adds
 (1) Customer and/or
 Professional liquidity in
 Penny Pilot Options and/or
 Non-Penny Pilot Options 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   $0.45.
 Volume of 100,000 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 in
 Penny Pilot Options.
Tier 7 Participant has Total   $0.47.
 Volume of 150,000 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 in
 Penny Pilot Options.
Tier 8 Participant adds        $0.48 (Customer) and $0.47
 Customer, Professional,        (Professional).
 Firm, Non-NOM Market Maker
 and/or Broker-Dealer
 liquidity in Penny Pilot
 Options and/or Non-Penny
 Pilot Options of 0.75% or
 more of total industry
 customer equity and ETF
 option ADV contracts per day
 in a month.
------------------------------------------------------------------------

    The Exchange is proposing to amend Tier 5 of the Customer and 
Professional Penny Pilot Options Rebate to Add Liquidity which 
currently pays a $0.45 per contract rebate if Participant adds 
Customer, Professional, Firm,\6\ Non-NOM Market Maker \7\ and/or 
Broker-Dealer \8\ liquidity in Penny Pilot Options and/or Non-Penny 
Pilot Options above 0.40% of total industry customer equity and ETF 
option ADV contracts per day in a month, or Participant adds (1) 
Customer and/or Professional liquidity in Penny Pilot Options and/or 
Non-Penny Pilot Options 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. The Exchange proposes to continue to pay a 
$0.45 per contract rebate, but amend the qualifier to apply to a 
Participant that adds Customer, Professional, Firm, Non-NOM Market 
Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non-
Penny Pilot Options above 0.40% to 0.75% of total industry customer 
equity and ETF option ADV contracts per day in a month. The Exchange is 
proposing this amendment to distinguish the Tier 5 qualification from 
the qualification for Tier 8 of the Penny Pilot Rebates for Customers 
and Professionals.
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    \6\ The term ``Firm'' or (``F'') applies to any transaction that 
is identified by a Participant for clearing in the Firm range at 
OCC.
    \7\ The 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.
    \8\ 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.
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    Additionally, the Exchange is proposing to amend Tier 8 of the 
Customer and Professional Penny Pilot Options Rebate to Add Liquidity 
which currently pays a $0.48 per contract rebate to Customers and a 
$0.47 per contract rebate to Professionals if Participant adds 
Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer 
liquidity in Penny Pilot Options and/or Non-Penny Pilot Options of 
0.75% or more of total industry customer equity and ETF option ADV 
contracts per day in a month. The Exchange proposes to amend the rebate 
to $0.48 per contract for Professionals, thereby increasing the 
Professional Tier 8 rebate from $0.47 to $0.48 per contract if the 
Participant adds Customer, Professional, Firm, Non-NOM Market Maker 
and/or Broker-Dealer 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 Participant adds (1) 
Customer and/or Professional liquidity in Penny Pilot Options and/or 
Non-Penny Pilot Options of 30,000 or more contracts per day in a month, 
(2) the Participant has certified for the Investor Support Program \9\ 
set forth in Rule 7014, and (3) the Participant qualifies for rebates 
under the Qualified Market Maker (``QMM'') Program \10\ set forth in 
Rule 7014. Customers will continue to receive the $0.48 per contract 
rebate. The Exchange is offering Participants additional avenues to 
qualify for the Tier 8 Customer and Professional Penny Pilot Options 
Rebate to Add Liquidity in different ways with this proposed rule 
change.
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    \9\ For a detailed description of the ISP, see Securities 
Exchange Act Release No. 63270 (November 8, 2010), 75 FR 69489 
(November 12, 2010) (NASDAQ-2010-141) (notice of filing and 
immediate effectiveness) (the ``ISP Filing''). See also Securities 
Exchange Act Release Nos. 63414 (December 2, 2010), 75 FR 76505 
(December 8, 2010) (NASDAQ-2010-153) (notice of filing and immediate 
effectiveness); and 63628 (January 3, 2011), 76 FR 1201 (January 7, 
2011) (NASDAQ-2010-154) (notice of filing and immediate 
effectiveness).
    \10\ A QMM is a NASDAQ member that makes a significant 
contribution to market quality by providing liquidity at the 
national best bid and offer (``NBBO'') in a large number of stocks 
for a significant portion of the day. In addition, the NASDAQ equity 
member must avoid imposing the burdens on NASDAQ and its market 
participants that may be associated with excessive rates of entry of 
orders away from the inside and/or order cancellation. The 
designation ``QMM'' reflects the QMM's commitment to provide 
meaningful and consistent support to market quality and price 
discovery by extensive quoting at the NBBO in a large number of 
securities. In return for its contributions, certain financial 
benefits are provided to a QMM with respect to a particular MPID (a 
``QMM MPID''), as described under Rule 7014(e).
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    With respect to Tier 8, Participants that qualify for Tier 8 will 
continue to be eligible to be assessed a Professional, Firm, Non-NOM 
Market Maker, NOM Market Maker or Broker-Dealer Fee for Removing 
Liquidity in Penny Pilot Options of $0.48 per contract and a Customer 
Fee for Removing Liquidity in Penny Pilot Options of $0.47 per 
contract.\11\ Also, with respect to Tier 8, Participants that add 
Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer 
liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 
1.25% or more of total industry customer equity and ETF option ADV 
contracts per day in a month will receive an additional $0.02 per 
contract Penny Pilot Options Customer Rebate to Add Liquidity for each 
transaction which adds liquidity in Penny Pilot Options in that 
month.\12\
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    \11\ See note ``d'' in Chapter XV, Section 2.
    \12\ See note ``e'' in Chapter XV, Section 2.
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    The Exchange is not amending the Penny Pilot Options Rebate to Add 
Liquidity for any other market participant.
    Finally, the Exchange is proposing to amend note ``a'' to attribute 
it to Tier 8 and amend the text of note ``a'' to add Tier 8 as well. 
The Exchange's proposal to qualify for Tier 8 will include 
certification in the Investor Support Program which is further 
explained in note ``a.'' The Exchange is also proposing to remove the 
reference to note ``b'' in Tier 8 as the definition of

[[Page 28310]]

Total Volume is not utilized in Tier 8 and this reference is 
unnecessary.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\13\ in general, and with 
Section 6(b)(4) and 6(b)(5) of the Act,\14\ 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 or system which NASDAQ operates or controls, and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange's proposal to amend the Tier 5 Customer and 
Professional Penny Pilot Options Rebate to Add Liquidity is reasonable 
because the Exchange seeks to cap the current qualifying volume for the 
Tier 5 rebate to coincide with the amendment to the Tier 8 rebate, 
which would apply to Participants with similar volume over 0.75% of 
total industry customer equity and ETF option ADV contracts per day in 
a month. The Exchange desires to continue to encourage Participants to 
add more liquidity on NOM. The Tier 5 rebate requires Participants to 
add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-
Dealer liquidity to obtain the $0.45 per contract rebate. The Exchange 
will continue to require Participants to add such liquidity above 0.40% 
of total industry customer equity and ETF option ADV contracts per day 
in a month. The Exchange is adding the qualifier that the liquidity for 
this Tier 5 is above 0.40% to 0.75% of total industry customer equity 
and ETF option ADV contracts per day in a month.\15\ The Exchange 
desires to incentivize Participants to continue to add liquidity to 
NOM.
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    \15\ The Tier 8 Customer and Professional Penny Pilot Options 
Rebate to Add Liquidity has a qualifier with volume above 0.75% or 
more of total industry customer equity and ETF option ADV contracts 
per day in a month. Any volume more than 0.75% would therefore 
qualify for the Tier 8 Customer or Professional Penny Pilot Options 
Rebate to Add Liquidity.
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    The Exchange's proposal to amend the Tier 5 Customer and 
Professional Penny Pilot Options Rebate to Add Liquidity is equitable 
and not unfairly discriminatory because all eligible Participants that 
qualify for the Tier 5 Customer and Professional Penny Pilot Options 
Rebate to Add Liquidity will be uniformly paid the rebate. The Exchange 
will continue to pay all Participants a $0.45 per contract rebate that 
qualify for the Tier 5 rebate based on the new tier qualifications. All 
Participants are eligible for the Tier 5 rebate, provided they transact 
the requisite volume.
    The Exchange's proposal to amend the Tier 8 Customer and 
Professional Penny Pilot Options Rebate to Add Liquidity is reasonable 
because the Exchange seeks to first adjust the volume level for 
liquidity to above 0.75% to account for the modification to the Tier 5 
volume which is up to 0.75% of total industry customer equity and ETF 
option ADV contracts per day in a month. Any similar volume more than 
0.75% would therefore qualify for the Tier 8 Customer or Professional 
Penny Pilot Options Rebate to Add Liquidity.
    The Exchange's proposal to expand the qualifier for the Tier 8 
Customer or Professional Rebate to Add Liquidity to offer the rebate to 
Participants that add (1) Customer and/or Professional liquidity in 
Penny Pilot Options and/or Non-Penny Pilot Options of 30,000 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 qualifies for rebates under the Qualified Market Maker 
(``QMM'') Program set forth in Rule 7014 will provide additional 
opportunities for Participants to qualify for this rebate. The Exchange 
offers similar incentives such as these today to qualify for the Tier 5 
rebate. The Exchange proposes to similarly incentivize Participants to 
add even more Customer and/or Professional liquidity in Penny Pilot 
Options and/or Non-Penny Pilot Options (30,000 vs. 25,000 contracts), 
and also continues to offer opportunities to participate in the 
equities market as a means of qualifying for the Tier 8 rebate.
    Today, Participants that add Customer, Professional, Firm, Non-NOM 
Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/
or Non-Penny Pilot Options of 0.75% or more of total industry customer 
equity and ETF option ADV contracts per day in a month are paid a $0.48 
per Customer Rebate to Add Liquidity in Penny Pilot Options and a $0.47 
per contract Professional Rebate to Add Liquidity in Penny Pilot 
Options. This proposal would provide Participants with additional 
opportunities to earn the same Customer rebate and an increased 
Professional rebate of $0.48 per contract (increase from today's $0.47 
per rebate). The Exchange believes that offering these opportunities to 
earn the Tier 8 rebate will encourage Participants to add liquidity to 
NOM. It is also reasonable to pay the same Tier 8 rebate of $0.48 per 
contract for Customer and Professionals as the qualifiers for this 
rebate are the same.\16\
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    \16\ Participants that add Customer, Professional, Firm, Non-NOM 
Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options 
and/or Non- Penny Pilot Options of 1.25% or more of total industry 
customer equity and ETF option ADV contracts per day in a month will 
continue to receive an additional $0.02 per contract Penny Pilot 
Options Customer Rebate to Add Liquidity for each transaction which 
adds liquidity in Penny Pilot Options in that month.
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    The Exchange's proposal to amend the Tier 8 Customer and 
Professional Penny Pilot Options Rebate to Add Liquidity is equitable 
and not unfairly discriminatory because all eligible Participants that 
qualify for the Tier 8 Customer and Professional Penny Pilot Options 
Rebate to Add Liquidity will be uniformly paid the rebate. The Exchange 
will pay Customers and Professionals alike a $0.48 per contract rebate 
that qualify for the Tier 8 rebate based on the existing and new tier 
qualifications. Further, all Participants may qualify to be eligible 
for these rebates, provided they transact the requisite amount of 
liquidity. Customer liquidity offers unique benefits to the market 
which benefits all market participants. Customer liquidity benefits all 
market participants by providing more trading opportunities, which 
attracts market makers. An increase in the activity of these market 
participants in turn facilitates tighter spreads, which may cause an 
additional corresponding increase in order flow from other market 
participants. The Exchange believes that encouraging Participants to 
add Professional liquidity creates competition among options exchanges 
because the Exchange believes that the rebates may cause market 
participants to select NOM as a venue to send Professional order flow.
    Finally, the Exchange believes that the Exchange's proposal to 
amend note ``a'' to attribute it to Tier 8 and amend the text of note 
``a'' to add Tier 8 as well is reasonable, equitable and not unfairly 
discriminatory because the Exchange desires to further explain what 
qualifies for inclusion in the Investor Support Program and provide 
Participants with clarity as to the fees. The Exchange's proposal to 
remove the reference to note ``b'' in Tier 8 is reasonable, equitable 
and not unfairly discriminatory as the definition of Total Volume is 
not utilized in Tier 8 and this reference is unnecessary.

B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ does not believe that the proposed rule change will impose 
any burden on competition not necessary or appropriate in furtherance 
of the

[[Page 28311]]

purposes of the Act. The Exchange believes that amending the Tier 5 
rebate to cap the volume at 0.75% of total industry customer equity and 
ETF option ADV contracts per day in a month and amending Tier 8 for 
volume above 0.75% of total industry customer equity and ETF option ADV 
contracts per day in a month will clarify which volume tier a 
Participant qualifies for when adding Customer, Professional, Firm, 
Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot 
Options and/or Non-Penny Pilot Options.
    Additionally, the Exchange is proposing to add additional 
qualifiers for the Tier 8 rebate. Both the Tier 5 and 8 rebates permit 
Participants to add all types of market participant liquidity to 
qualify for the rebate. This proposal does not create an undue burden 
on competition, rather the proposal will incentivize market 
participants to add greater liquidity on NOM. Customer liquidity offers 
unique benefits to the market which benefits all market participants. 
Customer liquidity benefits all market participants by providing more 
trading opportunities, which attract Specialists and Market Makers. An 
increase in the activity of these market participants in turn 
facilitates tighter spreads, which may cause an additional 
corresponding increase in order flow from other market participants. 
The Exchange believes that encouraging Participants to add Professional 
liquidity creates competition among options exchanges because the 
Exchange believes that the rebates may cause market participants to 
select NOM as a venue to send Professional order flow. The Exchange is 
offering to pay increased rebates in exchange for additional 
Professional order flow being executed at the Exchange, which 
additional order flow should benefit other market participants. 
Further, all Participants are eligible for the Customer and 
Professional rebates, provided they transact the requisite volume.
    The Exchange operates in a highly competitive market 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.\17\ 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.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

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-2015-047 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-2015-047. 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 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-NASDAQ-2015-047 and should 
be submitted on or before June 8, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11873 Filed 5-15-15; 8:45 am]
 BILLING CODE 8011-01-P


