[Federal Register Volume 76, Number 211 (Tuesday, November 1, 2011)]
[Notices]
[Pages 67432-67433]
[FR Doc No: 2011-28191]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER11-4021-001; ER11-4022-001; ER11-4023-001.
    Applicants: ISO New England Inc.
    Description: Compliance Filing of Northeast Utilities Service
Company and ISO-NE.
    Filed Date: 10/21/2011.
    Accession Number: 20111021-5218.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4116-001.
    Applicants: Michigan Electric Transmission Company, LLC.
    Description: Michigan Electric Transmission Company, LLC submits
tariff filing per 35: Compliance Filing to be effective 9/26/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5037.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4117-001.
    Applicants: Michigan Electric Transmission Company, LLC.
    Description: Michigan Electric Transmission Company, LLC submits
tariff filing per 35: Compliance Filing to be effective 9/26/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5038.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4145-000.
    Applicants: ITC Midwest LLC.
    Description: ITC Midwest LLC submits tariff filing per 35.19a(b):
Filing of a Refund Report to be effective N/A.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5051.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4146-000.
    Applicants: ITC Midwest LLC.
    Description: ITC Midwest LLC submits tariff filing per 35.19a(b):
Filing of a Refund Report to be effective N/A.
    Filed Date: 10/21/2011.
    Accession Number: 20111021-5041.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4152-000.
    Applicants: ITC Midwest LLC.
    Description: ITC Midwest LLC submits tariff filing per 35.19a(b):
Filing of a Refund Report to be effective N/A.
    Filed Date: 10/21/2011.
    Accession Number: 20111021-5046.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4153-000.
    Applicants: ITC Midwest LLC.
    Description: ITC Midwest LLC submits tariff filing per 35.19a(b):
Filing of a Refund Report to be effective N/A.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5052.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4159-000.
    Applicants: ITC Midwest LLC.
    Description: ITC Midwest LLC submits tariff filing per 35.19a(b):
Filing of a Refund Report to be effective N/A.

    Filed Date: 10/24/2011.
    Accession Number: 20111024-5053.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER11-4196-000.
    Applicants: Michigan Electric Transmission Company, Midwest
Independent Transmission System Operator, Inc.
    Description: Michigan Electric Transmission Company, LLC submits
tariff filing per 35.19a(b): METC-Gratiot Refund Report to be effective
N/A.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5032.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-162-001.
    Applicants: Bishop Hill Energy II LLC.
    Description: Bishop Hill Energy II LLC submits tariff filing per
35.17(b): Supplement to Market-Based Rate Application to be effective
12/21/2011.
    Filed Date: 10/21/2011.
    Accession Number: 20111021-5179.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-170-000.
    Applicants: San Diego Gas & Electric Company.
    Description: San Diego Gas & Electric Company submits tariff filing
per 35.13(a)(2)(iii): SDGE CSolar LGIA to be effective 10/21/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5000.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-171-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection, LLC submits tariff filing per
35.13(a)(2)(iii): Queue No. X1-070; Original Service Agreement No. 3080
to be effective 9/22/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5033.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-172-000.
    Applicants: Michigan Electric Transmission Company, Midwest
Independent Transmission System Operator, Inc.
    Description: Michigan Electric Transmission Company, LLC submits
tariff filing per 35.13(a)(2)(iii): Cancellation of METC-Gratiot E&P to
be effective 10/25/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5034.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-173-000.
    Applicants: Fairless Energy, LLC.
    Description: Fairless Energy, LLC submits tariff filing per 35:
Compliance Filing--MBR Tariff Order of Affiliate Restrictions to be
effective 10/24/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5035.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-174-000.
    Applicants: Citizens Choice Energy, LLC.
    Description: Citizens Choice Energy, LLC submits tariff filing per
35.1: Market-Based Rate Tariff Baseline to be effective 10/24/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5047.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-175-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection, LLC submits tariff filing per
35.13(a)(2)(iii): Queue No. X1-072; Original Service Agreement No. 3081
to be effective 9/22/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5048.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-176-000.
    Applicants: PJM Interconnection, LLC.
    Description: PJM Interconnection, LLC submits tariff filing per
35.13(a)(2)(iii): Queue No. W2-082; Original Service Agreement No. 3082
to be effective 9/22/2011.
    Filed Date: 10/24/2011.
    Accession Number: 20111024-5058.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    Docket Numbers: ER12-177-000.
    Applicants: Geneva Roth Holding, LLC.
    Description: Geneva Roth Holdings LLC submits notice of
cancellation effective 11/1/11 under ER12-177.
    Filed Date: 10/21/2011.
    Accession Number: 20111024-0201.
    Comment Date: 5 p.m. Eastern Time on Monday, November 14, 2011.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/
efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: October 24, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-28191 Filed 10-31-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 52 (Tuesday, March 18, 2014)]
[Notices]
[Pages 15172-15179]
[FR Doc No: 2014-05875]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71703; File No. SR-NASDAQ-2014-023]

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

March 12, 2014.
    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 March 3, 2014, 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.
---------------------------------------------------------------------------

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
amending Customer \3\ and Professional \4\ Rebates To Add Liquidity in
Penny Pilot Options \5\; amending note d and adopting proposed note e;
amending NOM Market Maker \6\ Rebates to Add Liquidity in Penny Pilot
Options; and amending the NOM Market Maker Fee for Removing Liquidity
in Penny Pilot Options.
---------------------------------------------------------------------------

    \3\ The term ``Customer'' means 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)). See
Chapter XV.
    \4\ 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. See Chapter XV.
    \5\ The Penny Pilot was established in March 2008 and in October
2009 was expanded and extended through June 30, 2014. 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) and 71105 (December 17, 2013), 78 FR 77530 (December 23, 2013)
(SR-NASDAQ-2013-154). See also NOM Rules, Chapter VI, Section 5.
    \6\ The term ``NOM Market Maker'' means 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. See Chapter XV.
---------------------------------------------------------------------------

    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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NASDAQ proposes to amend Customer, Professional and Market Maker
Rebates to Add Liquidity in Penny Pilot Options in order to continue to
incentivize Participants to select NOM as a venue when directing order
flow. The Exchange also proposes to increase the NOM Market Maker Fee
for Removing Liquidity in Penny Pilot Options in permit the Exchange to
continue to offer rebate incentives to attract liquidity to the
Exchange. Specifically, the Exchange proposes to amending Tier 1, Tier
2, Tier 3, Tier 4, and Tier 5 Customer and Professional Rebates to Add
Liquidity in Penny Pilot Options by modifying certain percentage
metrics; amending note d, which is applicable to Customer and
Professional rebate Tiers 7 and 8, and adopting proposed note e, which
would be applicable to Customer and Professional rebate Tier 8;
amending Tier 1, Tier 2, Tier 3, Tier 4, and Tier 5, and adding Tier 6,
regarding NOM Market Maker Rebates to Add Liquidity in Penny Pilot
Options by modifying certain percentage metrics; and amending the NOM
Market Maker Fee for Removing Liquidity in Penny Pilot Options.

Rebates for Adding Customer and/or Professional Liquidity

    The Exchange currently pays Customer and Professional Rebates to
Add Liquidity in Penny Pilot Options based on an eight tier rebate
structure, which is found in Chapter XV Section 2(1), as follows:

------------------------------------------------------------------------
                                                        Rebate to add
                              Monthly volume              liquidity
------------------------------------------------------------------------
Tier 1..............  Participant adds Customer and/ $0.25.
                       or Professional liquidity in
                       Penny Pilot Options and/or
                       Non-Penny Pilot Options 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/ $0.42.
                       or Professional 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 3..............  Participant adds Customer and/ $0.43.
                       or Professional 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.
Tier 4..............  Participant adds Customer and/ $0.45.
                       or Professional liquidity in
                       Penny Pilot Options and/or
                       Non-Penny Pilot Options
                       above 0.40% or more of total
                       industry customer equity and
                       ETF option ADV contracts per
                       day in a month.
Tier 5..............  Participant adds (1) Customer  $0.45.
                       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 Volume   $0.45.
                       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 Volume   $0.47.
                       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 Customer and/ $0.48 (Customer)
                       or Professional liquidity in   and $0.47
                       Penny Pilot Options and/or     (Professional).
                       Non-Penny Pilot Options of
                       0.75% or more of national
                       customer volume in multiply-
                       listed equity and ETF
                       options classes in a month.
------------------------------------------------------------------------

    The Exchange is proposing to make amendments to Customer and
Professional Rebate to Add Liquidity Tiers 1 through 5 as noted below.
    The Exchange proposes to amend the Tier 1 Customer and Professional
Penny Pilot Options Rebates to Add Liquidity by modifying the
percentage of volume from 0.20% to 0.10% of the total industry customer
equity and ETF option ADV contracts per day in a month (generally known
in this proposal as the ``percentage eligibility metric''). The
Exchange proposes to also reduce from $0.25 to $0.20 per contract the
Tier 1 Customer and Professional Rebates to Add Liquidity. This
amendment simultaneously modifies the percentage eligibility metric and
the rebate for Tier 1. With this amendment, the Exchange would pay a
Tier 1 $0.20 per contract rebate to Participants that add Customer and/
or Professional liquidity in Penny Pilot Options and/or Non-Penny Pilot
Options of up to 0.10% of total industry customer equity and ETF option
ADV contracts per day in a month.
    The Exchange proposes to amend the Tier 2 Customer and Professional
Penny Pilot Options Rebates to Add Liquidity by modifying the
percentage of volume from above 0.20% to 0.30% to above 0.10% to 0.20%
of the total industry customer equity and ETF option ADV contracts per
day in a month. The Exchange proposes to also reduce from $0.42 to
$0.25 per contract the Customer and Professional Tier 2 Rebates to Add
Liquidity. This amendment simultaneously modifies the percentage
eligibility metric and the rebate for Tier 2. With this amendment, the
Exchange would pay a Tier 2 $0.25 per contract rebate to Participants
that add Customer and/or Professional liquidity in Penny Pilot Options
and/or Non-Penny Pilot Options above 0.10% to 20% of total industry
customer equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to amend the Tier 3 Customer and Professional
Penny Pilot Options Rebates to Add Liquidity by modifying the
percentage of volume from above 0.30% to 0.40% to above 0.20% to 0.30%
of the total industry customer equity and ETF option ADV contracts per
day in a month. The Exchange proposes to also reduce from $0.43 to
$0.42 per contract the Customer and Professional Tier 3 Rebates to Add
Liquidity. This amendment simultaneously modifies the percentage
eligibility metric and the rebate for Tier 3. With this amendment, the
Exchange would pay a Tier 3 $0.42 per contract rebate to Participants
that add Customer and/or Professional liquidity in Penny Pilot Options
and/or Non-Penny Pilot Options above 0.20% to 30% of total industry
customer equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to amend the Tier 4 Customer and Professional
Penny Pilot Options Rebates to Add Liquidity by changing the percentage
eligibility metric from above 0.40% to above 0.30% to 0.40% of the
total industry customer equity and ETF option ADV contracts per day in
a month. The Exchange proposes to also reduce from $0.45 to $0.43 per
contract the Customer and Professional Tier 4 Rebates to Add Liquidity.
This amendment simultaneously modifies the percentage eligibility
metric and the rebate for Tier 4. The Exchange believes that deleting
the words ``or more'' brings greater clarity to the rule text as
proposed. With this amendment, the Exchange would pay a Tier 4 rebate
of $0.43 per contract to Participants that add Customer and/or
Professional liquidity in Penny Pilot Options and/or Non-Penny Pilot
Options from above 0.40% to above 0.30% to 0.40% of total industry
customer equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to amend the Tier 5 Customer and Professional
Penny Pilot Options Rebates to Add Liquidity to add an alternative to
the current contracts per day metric. Specifically, the Exchange
proposes to add the alternative metric of above 0.40% of total industry
customer equity and ETF option ADV contracts per day in a month to the
requirements to qualify for Tier 5. With this amendment, the Exchange
would pay a Tier 5 $0.45 per contract rebate where Participants add
Customer and/or Professional 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
liquidity per the current Tier 5 metric where 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 is not amending the current
qualification for the Tier 5 Customer and Professional rebate, but is
adding an alternate method to qualify for the tier to provide
Participants another opportunity to earn a rebate.
    The Exchange would continue to incentivize Participants, with
Customer and Professional Tiers 1 through 5 rebates, as amended, to
direct liquidity to the Exchange by paying the specified rebates to
those Participants that add Customer and/or Professional liquidity in
Penny Pilot Options and/or Non-Penny Pilot Options according to metrics
keyed to industry customer equity and ETF option average ADV contracts
per day in a month.
    There are also four explanatory notes applicable to Customer and
Professional Tiers 5 through 8, notes b:

\a\ For purposes of Tier 5, the Exchange will allow a NOM Participant
to qualify for the rebate if a NASDAQ member under Common Ownership
with the NOM Participant has certified for the Investor Support Program
and executed at least one order on NASDAQ's equity market.
\b\ For purposes of Tiers 6, 7 and 8, ``Total Volume'' shall be 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.
\c\ For purposes of Tiers 6, 7 and 8, the Exchange will allow NOM
Participants under Common Ownership to aggregate their volume to
qualify for the rebate.
\d\ Participants that qualify for Customer or Professional Rebate to
Add Liquidity Tiers 7 or 8 in a given month will be assessed a
Professional, Firm, Non-NOM Market Maker or Broker-Dealer Fee for
Removing Liquidity in Penny Pilot Options of $0.48 per contract.

    The Exchange is proposing to amend note d, which is applicable to
Tiers 7 and 8, and to adopt note e, which would be applicable to Tier
8.
    In particular, the Exchange proposes to amend note d to indicate
that it is applicable to Participants under Common Ownership.\7\ As
such, note d would be applicable not only to individual Participants
but also to Participants under 75% common ownership or control. The
Exchange also proposes to add NOM Market Makers to the list of
participants to which a Fee for Removing Liquidity in Penny Pilot
Options will be assessed. With this amendment, note d would state that
``Participants or Participants under Common Ownership that qualify for
Customer or Professional Rebate to Add Liquidity Tiers 7 or 8 in a
given month will 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.'' \8\
---------------------------------------------------------------------------

    \7\ The term ``Common Ownership'' shall mean Participants under
75% common ownership or control. See Chapter XV definitions.
    \8\ Commensurate with adding a reference to NOM Market Maker in
note d as amended, the Exchange proposes to add a reference to note
d in the line reflecting a NOM Market Maker Fee for Removing
Liquidity in Penny Pilot Options, and to amend the Fee for Removing
Liquidy from $0.48 to $0.49 per contract, as proposed herein.
---------------------------------------------------------------------------

    The Exchange also proposes to adopt note e that would be applicable
to Tier 8 Customer Rebates.\9\ The proposed note would add an
additional $0.02 per contract Penny Pilot Options Customer Rebate to
Add Liquidity in addition to the Penny Pilot Option Customer rebate of
$0.48 per contract currently applicable to Tier 8. With this amendment,
proposed note e would state that Participants that add Customer and/or
Professional liquidity in Penny Pilot Options and/or Non-Penny Pilot
Options of 1.25% or more of national customer volume in multiply-listed
equity and ETF options classes 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. As such, Participants would continue to earn a $0.47 per
contract Professional Rebate per Tier 8, but, with this proposal, would
be able to earn a $0.50 per contract Customer Rebate per note e.
---------------------------------------------------------------------------

    \9\ Tier 8 pays a $0.48 per contract Customer Rebate to Add
Liquidity in Penny Pilot Options and a $0.47 per contract
Professional Rebate to Add Liquidity in Penny Pilot Options.
---------------------------------------------------------------------------

Rebates for Adding NOM Market Maker Liquidity
    The Exchange currently pays NOM Market Maker Rebates to Add
Liquidity based on a five tier rebate structure, which is found in
Chapter XV Section 2(1), as follows:

------------------------------------------------------------------------
                                                        Rebate to add
                              Monthly volume              liquidity
------------------------------------------------------------------------
Tier 1..............  Participant adds NOM Market    $0.25.
                       Maker liquidity in Penny
                       Pilot Options and/or Non-
                       Penny Pilot Options of up to
                       29,999 contracts per day in
                       a month.
Tier 2..............  Participant adds NOM Market    $0.30.
                       Maker liquidity in Penny
                       Pilot Options and/or Non-
                       Penny Pilot Options of
                       30,000 to 59,999 contracts
                       per day in a month.
Tier 3..............  Participant adds NOM Market    $0.32.
                       Maker liquidity in Penny
                       Pilot Options and/or Non-
                       Penny Pilot Options of
                       60,000 to 69,999 contracts
                       per day in a month.
Tier 4..............  Participant adds NOM Market    $0.32 or $0.38 in
                       Maker liquidity in Penny       the following
                       Pilot Options and/or Non-      symbols BAC, GLD,
                       Penny Pilot Options of         IWM, QQQ and VXX
                       70,000 or more contracts per   or $0.40 in SPY.
                       day in a month.
Tier 5..............  Participant adds NOM Market    $0.40.
                       Maker liquidity in Penny
                       Pilot Options and/or Non-
                       Penny Pilot Options of
                       40,000 or more contracts per
                       day in a month and qualifies
                       for the Tier 7 or Tier 8
                       Customer and/or Professional
                       Rebate to Add Liquidity in
                       Penny Pilot Options.
------------------------------------------------------------------------

    For purposes of qualifying for a NOM Market Maker Penny Pilot
Options Rebate to Add Liquidity tier, the Exchange today calculates the
number of contracts per day in a month. Similarly to the metric used to
calculate Customer and/or Professional Rebates to add Liquidity in
Penny Pilot Options, the Exchange proposes to make certain amendments
to the NOM Market Maker Rebate to Add Liquidity Tiers 1 through 5, and
add a new Tier 6, to establish a metric of total industry customer
equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to modify the Tier 1 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 29,999
contracts per day in a month to 0.10% of total industry customer equity
and ETF option ADV contracts per day in a month. The Exchange proposes
to also

reduce the Tier 1 NOM Marker Maker Rebate to Add Liquidity in Penny
Pilot Options from $0.25 to $0.20 per contract. This amendment
simultaneously establishes a percentage eligibility metric and modifies
the Tier 1 rebate. With this amendment, the Exchange would pay a $0.20
per contract rebate to Participants that add NOM Market Maker liquidity
in Penny Pilot Options and/or Non-Penny Pilot Options of up to 0.10% of
total industry customer equity and ETF option ADV contracts per day in
a month.
    The Exchange proposes to modify the Tier 2 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 30,000
to 59,999 contracts per day in a month to above 0.10% to 0.30% of total
industry customer equity and ETF option ADV contracts per day in a
month. The Exchange proposes to also reduce the Tier 2 NOM Market Maker
Penny Pilot Options Rebate to Add Liquidity from $0.30 to $0.25 per
contract. This amendment simultaneously establishes a percentage
eligibility metric and modifies the Tier 2 rebate. With this amendment,
the Exchange would pay a $0.25 per contract Tier 2 rebate to
Participants that add NOM Market Maker liquidity in Penny Pilot Options
and/or Non-Penny Pilot Options above 0.10% to 0.30% of total industry
customer equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to modify the Tier 3 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric from
60,000 to 69,999 contracts per day in a month to above 0.30% to 0.60%
of total industry customer equity and ETF option ADV contracts per day
in a month. The Exchange proposes to also reduce the Tier 3 NOM Market
Maker Penny Pilot Options Rebate to Add Liquidity from $0.32 to $0.30
per contract. This amendment simultaneously establishes a percentage
eligibility metric and modifies the Tier 3 rebate. With this amendment,
the Exchange would pay a $0.30 per contract rebate to Participants that
add NOM Market Maker liquidity in Penny Pilot Options and/or Non-Penny
Pilot Options above 0.30% to 0.60% of total industry customer equity
and ETF option ADV contracts per day in a month.
    The Exchange proposes to modify the Tier 4 NOM Market Maker Rebate
to Add Liquidity by amending the metric of 70,000 or more contracts per
day in a month to above 0.60% of total industry customer equity and ETF
option ADV contracts per day in a month. The Exchange would continue to
pay a Tier 4 rebate of $0.32 or $.38 per contract in symbols BAC, GLD,
IWM, QQQ and VXX or $0.38 per contract in SPY; the rebate would be paid
to Participants that add NOM Market Maker liquidity in Penny Pilot
Options and/or Non-Penny Pilot Options above 0.60% of total industry
customer equity and ETF option ADV contracts per day in a month.
    The Exchange proposes to modify the Tier 5 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 40,000
or more contracts per day in a month to above 0.30% of total industry
customer equity and ETF option ADV contracts per day in a month, and
qualify for the Tier 7 or 8 Customer and/or Professional Rebate. The
Exchange would continue to pay a Tier 5 rebate of $.40 per contract
rebate to Participants that add NOM Market Maker liquidity in Penny
Pilot Options and/or Non-Penny Pilot Options above 0.30% of total
industry customer equity and ETF option ADV contracts per day in a
month and qualify for the Tier 7 or 8 Customer and/or Professional
Rebate to Add Liquidity in Penny Pilot Options.
    The Exchange also proposes to adopt a new Tier 6 NOM Market Maker
Penny Pilot Options Rebate to Add Liquidity by offering Participants
that add the highest level of NOM Market Maker liquidity a rebate.
Proposed Tier 6 would have a format similar to other NOM Market Maker
liquidity rebate tiers. With this amendment, the Exchange would pay a
$0.42 per contract rebate to Participants that add NOM Market Maker
liquidity in Penny Pilot Options and/or Non-Penny Pilot Options above
0.80% of total industry customer equity and ETF option ADV contracts
per day in a month and qualifies for the Tier 7 or Tier 8 Customer and/
or Professional Rebate to Add Liquidity in Penny Pilot Options.
    The Exchange would continue to incentivize Participants, with NOM
Market Maker rebate Tiers 1 through 6 as amended, to provide liquidity
by paying specified rebates to those Participants that add NOM Market
Maker liquidity in Penny Pilot Options and/or Non-Penny Pilot Options
according to percentage metrics keyed to industry customer equity and
ETF option average ADV contracts per day in a month. The proposed
percentage metrics are dynamic in that they reference total industry
options contracts per day rather than a static number of contracts, and
thereby make the NOM Market Maker rebate structure similar for Customer
and/or Professional Penny Pilot Options as well as for NOM Market
Makers for similar products (e.g. Penny Pilot Options and Non-Penny
Pilot Options).\10\
---------------------------------------------------------------------------

    \10\ The Exchange notes that if a Participant qualifies for two
tiers, the higher rebate will be paid in a given month.
---------------------------------------------------------------------------

2. Statutory Basis
    NASDAQ believes that its proposal to amend its Pricing Schedule is
consistent with Section 6(b) of the Act \11\ in general, and furthers
the objectives of Section 6(b)(4) and (b)(5) of the Act \12\ 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4), (5).
---------------------------------------------------------------------------

    The Exchange's goal is to modify or institute percentage
eligibility thresholds and adjust Penny Pilot Options Rebates to Add
Liquidity in order to continue to encourage market participants to
direct a greater amount of Customer, Professional and NOM Market Maker
liquidity to the Exchange. The Exchange's proposal does not eliminate
rebates or the ability for market participants to earn rebates, but
rather is modifying and explaining the methodology to earn rebates as
noted herein.
Rebates for Adding Customer and/or Professional Liquidity
    The Exchange proposes to amend Tiers 1, 2, 3, 4, and 5 regarding
Customer and Professional Penny Pilot Options Rebates to Add Liquidity
by modifying the applicable percentage metric and amending certain
rebates. This proposal is reasonable, equitable and not unfairly
discriminatory for the reasons noted below.
    The Exchange's proposal to amend the Tier 1 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.25 to $0.20 per contract and also reduce the percentage eligibility
metric from 0.20% to 0.10% is reasonable because while Participants may
get a moderately smaller rebate, they would qualify for the rebate at a
significantly lower percentage metric. Thus, the Exchange is still
paying a rebate to incentivize Participants to transact a qualifying
number of Customer and/or Professional contracts on the Exchange and
receive a rebate. While certain Participants that currently qualify for
certain rebate tiers may receive lower rebates with this proposal, the
Exchange believes that the rebates will continue to incentivize NOM
Participants to direct Customer

and Professional order flow to the Exchange to receive these rebates.
However, for those Participants as for all NOM Participants, there are
no barriers to earning greater Penny Pilot Options rebates by adding
further liquidity on NOM in Penny Pilot Options and Non-Penny Pilot
Options. A NOM Participant may choose to earn greater or lower rebates
dependent on the amount of order flow directed to NOM. It also worth
noting that the Exchange is under no obligation to offer rebates and
does so to provide incentives to market participants to choose NOM over
other similarly positioned options exchanges.
    The Exchange's proposal to amend the Tier 1 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.25 to $0.20 per contract and also reduce the percentage eligibility
metric from 0.20% to 0.10% is equitable and not unfairly discriminatory
because all eligible Participants that qualify for the Tier 1 Customer
and Professional Penny Pilot Options Rebate to Add Liquidity will be
uniformly paid the rebate.
    The Exchange's proposal to amend the Tier 2 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.42 to $0.25 per contract and also reduce the percentage eligibility
metric from above 0.20% to 0.30% to above 0.10% to 0.20% is reasonable
because, while the rebate is being reduced, the Exchange is still
paying a rebate incentive to Participants to transact qualifying
Customer and/or Professional volume on the Exchange. The Exchange
believes that the amendment is reasonable because while there is a
rebate reduction, the Exchange also proposes to significantly reduce
the eligibility metric to achieve the rebate, and with corresponding
drops in the metrics in this tier and other tiers, Participants may
qualify for other rebates when directing liquidity to the Exchange.
While the change in the Tier 2 rebate appears to be a steep reduction,
the change was made to realign the rebate tier structure (e.g. the
combination of Tiers 4 and 5 into a single Tier and the introduction of
the amended Tier 1 [sic]). It also important to note that no NOM
Participant earned the Tier 2 $0.42 rebate so far in 2014.
    The Exchange's proposal to amend the Tier 2 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.42 to $0.25 per contract and also reduce the percentage eligibility
metric from above 0.20% to 0.30% to above 0.10% to 0.20% is equitable
and not unfairly discriminatory because all eligible Participants that
qualify for the Tier 2 Customer and Professional Penny Pilot Options
Rebate to Add Liquidity will be uniformly paid the rebate.
    The Exchange's proposal to amend the Tier 3 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.43 to $0.42 per contract and also reduce the percentage eligibility
metric from above 0.30% to 0.40% to above 0.20% to 0.30% is reasonable
because, while the rebate is being reduced, the Exchange is still
paying a rebate incentive to Participants to transact qualifying
Customer and/or Professional volume on the Exchange. Participants may
get a moderately smaller rebate, but they would qualify for the rebate
at a significantly lower percentage metric. Thus, the Exchange is still
paying a rebate to incentivize Participants to transact a qualifying
number of Customer and/or Professional contracts on the Exchange and
receive a significant rebate. It also important to note that no NOM
Participant earned the $0.43 rebate in 2014.
    The Exchange's proposal to amend the Tier 3 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.43 to $0.42 per contract and also reduce the percentage eligibility
metric from above 0.30% to 0.40% to above 0.20% to 0.30% is equitable
and not unfairly discriminatory because all eligible Participants that
qualify for the Tier 3 Customer and Professional Penny Pilot Options
Rebate to Add Liquidity will be uniformly paid the rebate.
    The Exchange's proposal to amend the Tier 4 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.45 to $0.43 per contract and also reduce the percentage eligibility
metric from above 0.40% to above 0.30% to 0.40% is reasonable because,
while the rebate is being reduced, the Exchange is still paying a
rebate incentive to Participants to transact qualifying Customer and/or
Professional volume on the Exchange. Participants may get a moderately
smaller rebate, but they would qualify for the rebate at a
significantly lower percentage metric. Thus, the Exchange is still
paying a rebate to incentivize Participants to transact a qualifying
number of Customer and/or Professional contracts on the Exchange and
receive a significant rebate. The criteria from Tier 4 today was merged
into Tier 5 and current Tier 4 was amended as proposed above. It also
important to note no NOM Participants earned rebate pursuant to the
Tier 4 in place for February.
    The Exchange's proposal to amend the Tier 4 Customer and
Professional Penny Pilot Options Rebate to Add Liquidity rebates from
$0.45 to $0.43 per contract and also reduce the percentage eligibility
metric from above 0.40% to above 0.30% to 0.40% is equitable and not
unfairly discriminatory because all eligible Participants that qualify
for the Tier 4 Customer and Professional Penny Pilot Options Rebate to
Add Liquidity will be uniformly paid the rebate.
    The Exchange believes its proposal to amend Chapter XV, Section 2
to delete deleting the words ``or more'' in Tier 4 is reasonable,
equitable and not unfairly discriminatory because it adds greater
clarity to the rule text and this change would be applied uniformly in
calculating the Tier 4 rebate. Also, the Exchange believes that this
amendment is non-substantive and merely clarifies the rule text.
    The Exchange's proposal to adopt an alternative percentage
eligibility metric to the Tier 5 Customer and Professional Penny Pilot
Options Tier 5 Rebate to Add Liquidity of above 0.40% of total is
reasonable because the additional new metric will provide another
method for Participants to qualify for the Customer and Profesional
Tier 5 rebate and will continue to incentivize Participants to transact
an even greater number of qualifying Customer and/or Professional
volume on the Exchange. Additionally, Participants that receive a Tier
5 rebate of $0.45 per contract will continue to earn the rebate but
will have an additional means to qualify for this rebate.
    The Exchange's proposal to adopt an alternative percentage
eligibility metric to the Tier 5 Customer and Professional Penny Pilot
Options Tier 5 Rebate to Add Liquidity of above 0.40% of total 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's proposal to amend note d is reasonable because
today, Participants under Common Ownership and NOM Market Makers are
not included in note d. This amendment provides that all Participants
or Participants under Common Ownership that qualify for Customer or
Professional Rebate to Add Liquidity Tiers 7 or 8 in a given month will
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 uniformly. As is the case with the
rebates proposed above and the fee discount provided in note d,
competition among similarly positioned

options exchanges (e.g., price/time priority) is the driver behind
assessing NOM Market Makers the Fee for Removing Liquidity.
    The Exchange's proposal to amend note d is equitable and not
unfairly discriminatory because as amended the note would be uniformly
applied to all Participants.
    The Exchange's proposal to adopt note e is reasonable because
Participants would have an opportunity to earn 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
\13\ and incentivize Participants to transact an even greater number of
qualifying Customer volume.
---------------------------------------------------------------------------

    \13\ The proposal would provide Participants an opportunity to
earn a rebate of $0.50 per contract, similar to the rebates offered
at BATS Options Exchange.
---------------------------------------------------------------------------

    The Exchange's proposal to adopt note e is equitable and not
unfairly discriminatory because they will be uniformly applied to all
Participants. All Participants will have an equal opportunity to
benefit from the proposals if they qualify for the additional
rebate.\14\
---------------------------------------------------------------------------

    \14\ The Exchange believes that it is not unfair or unfairly
discriminatory to offer Professionals an additional $0.02 rebate
because by offering Professionals slightly higher rebates as
compared to other market participants, 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.
---------------------------------------------------------------------------

    The Exchange's proposal to add a reference to note d in the line
reflecting the NOM Market Maker Fee for Removing Liquidity in Penny
Pilot Options Liquidity, and to amend the NOM Marker Maker Fee for
Removing Liquidity from $0.48 to $0.49 per contract is reasonable
because the proposed fee will be equal to the fees assessed to other
non-Customers. Further, the Exchange's ability to offer increased
Customer and Professional Penny Pilot Options Rebates to Add Liquidity
is possible with a corresponding increase to the NOM Market Maker Fee
for Removing Liquidity in Penny Pilot Options. The Exchange believes
that the rebate brings a greater amount of liquidity to the Exchange
which benefits all market participants. As is the case with the rebates
proposed above and the fee discount provided in note d, competition
among similarly positioned options exchanges (e.g., price/time
priority) is the driver behind the inclusion of NOM Market Makers into
note d.
    The Exchange's proposal to add a reference to note d in the line
reflecting the NOM Market Maker Fee for Removing Liquidity in Penny
Pilot Options Liquidity, and to amend the NOM Marker Maker Fee for
Removing Liquidity from $0.48 to $0.49 per contract is equitable and
not unfairly discriminatory because the Exchange is increasing the NOM
Market Maker Fee for Removing Liquidity in Penny Pilot Options so that
all non-Customer market participants are uniformly assessed this fee.
Customers will continue to be assessed the lowest Fees for Removing
Liquidity in Penny Pilot Options, as is the case today.\15\ Customer
liquidity brings unique benefits to the market in terms of liquidity
which benefits all market participants.
---------------------------------------------------------------------------

    \15\ The Customer removal fee is $0.47. 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.
---------------------------------------------------------------------------

Rebates for Adding NOM Market Maker Liquidity
    The Exchange's proposal to amend NOM Market Maker Rebate to Add
Liquidity Tiers 1, 2, 3, 4, and 5, and add new Tier 6, in Penny Pilot
Options and establish the applicable percentage metric is reasonable,
equitable and not unfairly discriminatory for the reasons noted below.
    The Exchange's proposal to modify the Tier 1 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 29,999
contracts per day in a month to 0.10% of total industry customer equity
and ETF option ADV contracts per day in a month, and to reduce the Tier
1 rebate from $0.32 to $0.30 [sic] per contract is reasonable because
the decreased rebate, in light of establishment of the new percentage
eligibility metric, would be the same for adding NOM Market Maker
liquidity as for adding Customer and/or Professional Liquidity. This
provides pricing/rebate consistency within the tiers and is continuing
to incentivize Participants to transact an even greater number of
qualifying Customer and/or Professional volume on NOM.
    The Exchange's proposal to modify the Tier 1 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 29,999
contracts per day in a month to 0.10% of total industry customer equity
and ETF option ADV contracts per day in a month, and to reduce the Tier
1 rebate from $0.32 to $0.30 [sic] `per contract is equitable and not
unfairly discriminatory because all eligible Participants that qualify
for the Tier 1 NOM Market Maker Rebate to Add Liquidity will be
uniformly paid the rebate.
    The Exchange's proposal to modify the Tier 2 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 30,000
to 59,999 contracts per day in a month to above 0.10% to 0.30% of total
industry customer equity and ETF option ADV contracts per day in a
month, and to reduce the Tier 2 rebate from $0.30 to $0.25 per contract
is reasonable because the decreased rebate, in light of establishment
of the new percentage eligibility metric that would be the same for
adding NOM Market Maker liquidity as for adding Customer and/or
Professional Liquidity will provide pricing consistency and continue to
incentivize Participants to transact an even greater number of
qualifying Customer and/or Professional volume on NOM.
    The Exchange's proposal to modify the Tier 2 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 30,000
to 59,999 contracts per day in a month to above 0.10% to 0.30% of total
industry customer equity and ETF option ADV contracts per day in a
month, and to reduce the Tier 2 rebate from $0.30 to $0.25 per contract
the Rebate to Add Liquidity, is equitable and not unfairly
discriminatory because all eligible Participants that qualify for the
Tier 2 NOM Market Maker Rebate to Add Liquidity will be uniformly paid
the rebate.
    The Exchange's proposal to modify the Tier 3 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of from
60,000 to 69,999 contracts per day in a month to above 0.30% to 0.60%
of total industry customer equity and ETF option ADV contracts per day
in a month, and to reduce the Tier 3 rebate from reduce from $0.32 to
$0.30 per contract is reasonable because the decreased rebate, in light
of establishment of the new percentage eligibility metric, would be the
same for adding NOM Market Maker liquidity as for adding Customer and/
or Professional Liquidity will provide pricing consistency and continue
to incentivize Participants to transact an even greater number of
qualifying Customer and/or Professional volume on NOM.
    The Exchange's proposal to modify the Tier 3 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of from
60,000 to 69,999 contracts per day in a month to above 0.30% to 0.60%
of total industry customer equity and ETF option ADV contracts per day
in a

month, and to reduce the Tier 3 rebate from reduce from $0.32 to $0.30
per contract is equitable and not unfairly discriminatory because all
eligible Participants that qualify for the Tier 3 NOM Market Maker
Rebate to Add Liquidity will be uniformly paid the rebate.
    The Exchange's proposal to modify the Tier 4 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of from
70,000 or more contracts per day in a month to above 0.60% of total
industry customer equity and ETF option ADV contracts per day in a
month and continue to pay a Rebate to Add Liquidity is reasonable
because the amendment will provide pricing consistency and continue to
incentivize Participants to transact an even greater number of
qualifying Customer and/or Professional volume on NOM.
    The Exchange's proposal to modify the Tier 4 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of from
70,000 or more contracts per day in a month to above 0.60% of total
industry customer equity and ETF option ADV contracts per day in a
month and continue to pay a $0.32 or $0.38 per contract Rebate to Add
Liquidity as currently provided, is equitable and not unfairly
discriminatory because all eligible Participants that qualify for the
Tier 4 NOM Market Maker Rebate to Add Liquidity will be uniformly paid
the rebate.
    The Exchange's proposal to modify the Tier 5 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 40,000
or more contracts per day in a month to above 0.30% of total industry
customer equity and ETF option ADV contracts per day in a month and
continue to pay a $0.40 per contract Rebate to Addis reasonable because
the amendment will provide pricing consistency and continue to
incentivize Participants to transact an even greater number of
qualifying Customer and/or Professional volume on NOM.
    The Exchange's proposal to modify the Tier 5 NOM Market Maker Penny
Pilot Options Rebate to Add Liquidity by amending the metric of 40,000
or more contracts per day in a month to above 0.30% of total industry
customer equity and ETF option ADV contracts per day in a month and
continue to pay a $0.40 Rebate to Add is equitable and not unfairly
discriminatory because all eligible Participants that qualify for the
Tier 5 NOM Market Maker Rebate to Add Liquidity will be uniformly paid
the rebate.
    The Exchange's proposal to adopt a new Tier 6 NOM Market Maker
Penny Pilot Options Rebate to Add Liquidity for Participants that add
the highest level of NOM Market Maker liquidity that would pay a $0.42
per contract rebate to Participants that add NOM Market Maker liquidity
in Penny Pilot Options and/or Non-Penny Pilot Options above 0.80% of
total industry customer equity and ETF option ADV contracts per day in
a month, and in addition qualify for the Tier 7 or Tier 8 Customer and/
or Professional Rebate to Add Liquidity in Penny Pilot Options \16\ is
reasonable because the amendment will provide pricing consistency and
continue to incentivize Participants to transact an even greater number
of qualifying Customer and/or Professional volume on NOM.
---------------------------------------------------------------------------

    \16\ For purposes of Tier 7, Participants may add Customer,
Professional, Firm, Broker-Dealer, Non-NOM Market Maker and NOM
Market Maker volume in Penny Pilot Options and/or Non-Penny Pilot
Options and for purposes of Tier 8, Participants may add Customer or
Professional liquidity in Penny Pilot or Non-Penny Pilot Options.
---------------------------------------------------------------------------

    The Exchange's proposal to adopt a new Tier 6 NOM Market Maker
Penny Pilot Options Rebate to Add Liquidity for Participants that add
the highest level of NOM Market Maker liquidity that would pay a $0.42
per contract rebate to Participants that add NOM Market Maker liquidity
in Penny Pilot Options and/or Non-Penny Pilot Options above 0.80% of
total industry customer equity and ETF option ADV contracts per day in
a month, and in addition qualify for the Tier 7 or Tier 8 Customer and/
or Professional Rebate to Add Liquidity in Penny Pilot Options \17\ is
equitable and not unfairly discriminatory because all eligible
Participants that qualify for the Tier 6 NOM Market Maker Rebate to Add
Liquidity will be uniformly paid the rebate. The Exchange notes that
NOM Market Makers have obligations to the market and regulatory
requirements,\18\ which normally do not apply to other market
participants. A NOM Market Maker has the obligation, for example, to
make continuous markets, engage in a course of dealings reasonably
calculated to contribute to the maintenance of a fair and orderly
market, and not make bids or offers or enter into transactions that are
inconsistent with a course of dealings. The proposed differentiation as
between Customers and NOM Market Makers and other market participants
recognizes the differing contributions made to the liquidity and
trading environment on the Exchange by Customers and NOM Market Makers,
as well as the differing mix of orders entered.
---------------------------------------------------------------------------

    \17\ For purposes of Tier 7, Participants may add Customer,
Professional, Firm, Broker-Dealer, Non-NOM Market Maker and NOM
Market Maker volume in Penny Pilot Options and/or Non-Penny Pilot
Options and for purposes of Tier 8, Participants may add Customer or
Professional liquidity in Penny Pilot or Non-Penny Pilot Options.
    \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.
---------------------------------------------------------------------------

    The Exchange would continue to incentivize Participants, with Tiers
1 through 6 NOM Market Maker Penny Pilot Options Rebates to Add
Liquidity, as amended, to provide liquidity by paying specified rebates
to those Participants that add NOM Market Maker liquidity in Penny
Pilot Options and/or Non-Penny Pilot Options according to percentage
metrics keyed to industry customer equity and ETF option average ADV
contracts per day in a month. The proposed percentage metrics are
dynamic in nature in that they reference total industry options
contracts per day rather than a static number of contracts per day, and
thereby make the Rebate structure similar for Customers and/or
Professionals as well as for NOM Market Makers for similar products
(e.g. Penny Pilot Options and Non-Penny Pilot Options).\19\
---------------------------------------------------------------------------

    \19\ The Exchange notes that if a Participant qualifies for two
tiers, the higher rebate will be paid.
---------------------------------------------------------------------------

    In addition, the Exchange believes it is reasonable to use
percentage metrics keyed to industry customer equity and ETF option
average ADV contracts per day in a month because that is a benchmark
that Participants are comfortable with in respect to Customer and
Professional liquidity. Moreover, while the Exchange evaluated the
continued use of industry market maker volume, the Exchange believes
that industry customer volume is a fair metric because it does not have
the periodic spikes that may occur due to floor trading. Because NOM is
an electronic market place with no trading floor, the Exchange believes
that an industry volume metric is fair and reasonable.

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 purposes of the Act.
    The Exchange believes that lowering percentage eligibility
thresholds in Tiers 1 through 4 and adding a percentage eligibility
metric in Tier 5 for Customer and Professional rebates, and amending
Tiers 1 through 5 and adding Tier 6 to add percentage eligibility
thresholds, will incentivize market participants to send additional
order Customer and/or Professional flow to the Exchange. The attraction
of additional order flow to the Exchange and should in turn promote
competition. The Exchange's addition of percentage eligibility
thresholds to the Tier 5 Customer and Professional liquidity rebate
should encourage additional Customer and/or Professional order flow to
the Exchange. The Exchange's addition of a new Tier 6 NOM Market Maker
liquidity rebate for Participants that bring the largest amount of such
liquidity should encourage Participants to direct additional NOM Market
Maker order flow to the Exchange, and will dovetail with the amended
rebate tiers below Tier 6.
    Added liquidity benefits all market participants by providing more
trading opportunities, which attracts market participants to the
Exchange. 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 Customer,
Professional, and NOM Market Maker 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 order flow.
The Exchange is continuing to offer rebates at specified, lower
percentage metrics in exchange for additional add Customer,
Professional, and NOM Market Maker order flow being executed at the
Exchange, which additional order flow should benefit other market
participants.
    The Exchange believes that the increase to the NOM Market Maker
Penny Pilot Options Fees for Removing Liquidity does not create an
undue burden on competition as the Exchange will uniformly assess non-
NOM Market Makers the same Fees for Removing Liquidity in Penny Pilot
Options and offer these Participants the opportunity to reduce these
fees by adding liquidity to the Exchange and qualifying for certain
Customer and/or Professional and NOM Market Maker rebates. Thus, all
but Customers will be assessed a uniform fee and Customers will
continue to earn a lower fee because Customer liquidity offers unique
benefits to the market which benefits all market participants.
    Finally, the Exchange's proposal to amend note d and adopt note e
does not create an undue burden on competition but rather further
clarifies the Exchange's structure of fees for removing liquidity and
rebates for adding liquidity.
    The Exchange operates in a highly 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.\20\ 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.
---------------------------------------------------------------------------

    \20\ 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<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2014-023 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-2014-023. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2014-023, and should
be submitted on or before April 8, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-05875 Filed 3-17-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: September 22, 2009 (Volume 74, Number 182)]
[Notices]
[Page 48261-48262]
[DOCID:fr22se09-75]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER09-1645-000]

Devonshire Energy LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

September 15, 2009.
    This is a supplemental notice in the above-referenced proceeding of
Devonshire Energy, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214). Anyone filing a motion to intervene or protest must serve a
copy of that document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of

future issuances of securities and assumptions of liability, is October
5, 2009.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-22706 Filed 9-21-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: August 10, 2006 (Volume 71, Number 154)]
[Notices]
[Page 45812]
[DOCID:fr10au06-61]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL06-93-000]

Alabama Municipal Electric Authority, Complainant v. Alabama
Power Company and Southern Company Services, Inc., Respondents; Notice
of Complaint

August 2, 2006.
    Take notice that on August 1, 2006, Alabama Municipal Electric
Authority (AMEA) filed a formal complaint against Alabama Power Company
and Southern Company Services, Inc., pursuant to sections 206 and 306
of the Federal Power Act, alleging that the rates in Respondent's
transmission tariff do not meet the Commission's comparability standard
and thus are unjust, unreasonable, and unduly discriminatory.
    AMEA certifies that copies of the complaint were served on the
contacts for Alabama Power Company and Southern Company Services, Inc.,
as listed on the Commission's list of Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive E-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on August 21, 2006.

Magalie R. Salas,
Secretary.
[FR Doc. E6-13047 Filed 8-9-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 237 (Wednesday, December 9, 2020)]
[Notices]
[Pages 79176-79177]
[FR Doc No: 2020-27035]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 5912-003]

Town of Dover-Foxcroft; Notice of Application for Amendment of
Exemption Accepted for Filing and Soliciting Comments, Motions To
Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Non-capacity Amendment of Exemption.
    b. Project No: 5912-003.
    c. Date Filed: November 23, 2020.
    d. Applicant: Town of Dover-Foxcroft.
    e. Name of Project: Moosehead Hydroelectric Project.
    f. Location: The project is located on the Piscataquis River in
Piscataquis County, Maine.
    g. Filed Pursuant to: Public Utility Regulatory Policies Act of
1978, 16 U.S.C. 2705, 2708.
    h. Applicant Contact: Jack Clukey, Town of Dover-Foxcroft, 43
Morton Avenue, Suite A, Dover-Foxcroft, ME 04426; phone: (207) 564-
exception occurred on : 2020-27035.htm
exception occurred on : 2020-27035.htm
3318; email foxcroft.org">[email protected]foxcroft.org.
    i. FERC Contact: Elizabeth Moats,<PHONE_NUMBER>,
<EMAIL_ADDRESS>    j. Deadline for filing comments, motions to intervene, and
protests: January 4, 2021.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, and protests using the Commission's
eFiling system at http://www.ferc.gov/docs-filing/efiling.asp.
Commenters can submit brief comments up to 6,000 characters, without
prior registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact
information at the end of your comments. For assistance, please contact
FERC Online Support at<EMAIL_ADDRESS>(866) 208-3676 (toll
free), or<PHONE_NUMBER> (TTY). In lieu of electronic filing, you may
submit a paper copy. Submissions sent via the U.S. Postal Service must
be addressed to: Kimberly D. Bose, Secretary, Federal Energy Regulatory
Commission, 888 First Street NE, Room 1A, Washington, DC 20426.
Submissions sent via any other carrier must be addressed to: Kimberly
D. Bose, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins
Avenue, Rockville, Maryland 20852. The first page of any filing should
include the docket number P-5912-003. Comments emailed to Commission
staff are not considered part of the Commission record.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person whose name appears on the official service
list for the project. Further, if an intervenor files comments or
documents with the Commission relating to the merits of an issue that
may affect the responsibilities of a

particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. Description of Request: The exemptee requests to amend its
exemption by replacing the two authorized, non-operational units (total
capacity of 300 kilowatt) with a single unit of the same capacity. The
exemptee also proposes to replace and upgrade powerhouse equipment and
infrastructure, repair the existing dam and fish ladder, and add a new
intake structure with movable fish screens and bypass channel for
downstream fish passage. The proposal will not change the nameplate
capacity or discharge at the project. The exemptee has consulted with
the resource agencies on the proposed amendment. The work would require
a drawdown of the reservoir and would begin in July 2021.
    l. Locations of the Application: This filing may be viewed on the
Commission's website at http://www.ferc.gov using the eLibrary link.
Enter the docket number excluding the last three digits in the docket
number field to access the document. You may also register online at
http://www.ferc.gov/docs-filing/esubscription.asp to be notified via
email of new filings and issuances related to this or other pending
projects. For assistance, call 1-866-208-3676 or email
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. Agencies may
obtain copies of the application directly from the applicant.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214, respectively. In determining the appropriate action to take, the
Commission will consider all protests or other comments filed, but only
those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application.
    o. Filing and Service of Documents: Any filing must: (1) Bear in
all capital letters the title COMMENTS, PROTEST, or MOTION TO INTERVENE
as applicable; (2) set forth in the heading the name of the applicant
and the project number of the application to which the filing responds;
(3) furnish the name, address, and telephone number of the person
commenting, protesting or intervening; and (4) otherwise comply with
the requirements of 18 CFR 385.2001 through 385.2005. All comments,
motions to intervene, or protests must set forth their evidentiary
basis. Any filing made by an intervenor must be accompanied by proof of
service on all persons listed in the service list prepared by the
Commission in this proceeding, in accordance with 18 CFR 385.2010.

    Dated: December 3, 2020.
Kimberly D. Bose,
Secretary.
[FR Doc. 2020-27035 Filed 12-8-20; 8:45 am]
BILLING CODE 6717-01-P