[Federal Register: July 3, 2008 (Volume 73, Number 129)]
[Notices]
[Page 38191-38192]
[DOCID:fr03jy08-36]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. DI08-7-000]

Nushagak Electric and Telephone Cooperative; Notice of
Declaration of Intention and Soliciting Comments, Protests, and/or
Motions To Intervene

June 24, 2008.
    Take notice that the following application has been filed with the
Commission and is available for public inspection:
    a. Application Type: Declaration of Intention.
    b. Docket No.: DI08-7-000.
    c. Date Filed: June 6, 2008.

    d. Applicant: Nushagak Electric and Telephone Cooperative.
    e. Name of Project: Lake Elva Hydroelectric Project.
    f. Location: The proposed Lake Elva Hydroelectric Project will be
located on Elva Creek and Lake Elva, near the town of Dillingham,
Dillingham Borough, Alaska, affecting T. 6-7 S., R. 58 W, sec. 1, 2, 7,
11, and 12, Seward Meridian.
    g. Filed Pursuant to: Section 23(b)(1) of the Federal Power Act, 16
U.S.C. 817(b).
    h. Applicant Contact: Frank Corbin, CEO/General Manager, P. O. Box
350, 557 Kenny Wren Road, Dillingham, AK 99576; Telephone: (907) 842-
6315; Fax:<PHONE_NUMBER>; E-mail<EMAIL_ADDRESS>    i. FERC Contact: Any questions on this notice should be addressed
to Henry Ecton,<PHONE_NUMBER>, or E-mail address:
<EMAIL_ADDRESS>    j. Deadline for filing comments, protests, and/or motions: July 25,
2008.
    All documents (original and eight copies) should be filed with:
Secretary, Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426. Comments, protests, and/or interventions may be
filed electronically via the Internet in lieu of paper. Any questions,
please contact the Secretary's Office. See, 18 CFR 385.2001(a)(1)(iii)
and the instructions on the Commission's Web site at http://
www.ferc.gov under the ``e-Filing'' link.
    Please include the docket number (DI08-7-000) on any comments,
protests, and/or motions filed.
    k. Description of Project: The proposed Lake Elva Hydropower
Project will include: (1) A proposed 29,000-acre-feet storage
reservoir; (2) a 120-foot-high, 625-foot-long rock-fill dam on Elva
Creek; (3) a 4,100-foot-long, 4-foot-diameter lake-tap intake pipeline,
connecting at a surge tank to a 3,200-foot-long, 3-to-3.5-foot-diameter
penstock; (4) a 20-foot-wide, 80-foot-long, 20-foot-high powerhouse,
containing two 750-kW turbine/generators; (5) a 33-mile-long buried
transmission line; and (6) appurtenant facilities. The proposed project
will not be connected to an interstate grid, and will not occupy any
tribal or federal lands.
    When a Declaration of Intention is filed with the Federal Energy
Regulatory Commission, the Federal Power Act requires the Commission to
investigate and determine if the interests of interstate or foreign
commerce would be affected by the project. The Commission also
determines whether or not the project: (1) Would be located on a
navigable waterway; (2) would occupy or affect public lands or
reservations of the United States; (3) would utilize surplus water or
water power from a government dam; or (4) if applicable, has involved
or would involve any construction subsequent to 1935 that may have
increased or would increase the project's head or generating capacity,
or have otherwise significantly modified the project's pre-1935 design
or operation.
    l. Locations of the Application: Copies of this filing are on file
with the Commission and are available for public inspection. This
filing may be viewed on the Web at http://www.ferc.gov using the
``eLibrary'' link; select ``Docket'' and follow the
instructions. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>or toll-free at<PHONE_NUMBER>, or TTY,
contact<PHONE_NUMBER>.
    m. 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. 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.
    n. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``PROTESTS'', AND/
OR ``MOTIONS TO INTERVENE'', as applicable, and the Docket Number of
the particular application to which the filing refers. A copy of any
motion to intervene must also be served upon each representative of the
Applicant specified in the particular application.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-15086 Filed 7-2-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 159 (Thursday, August 18, 2022)]
[Notices]
[Pages 50902-50905]
[FR Doc No: 2022-17746]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95495; File No. SR-NASDAQ-2022-047]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule Nasdaq Equity 6, Section 5

August 12, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 8, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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

    The Exchange proposes to amend Rule Nasdaq Equity 6, Section 5
(Risk Settings) to provide Participants with additional optional
settings.
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule changes under Rule Nasdaq Equity
6, Section 5 (Risk Settings) is to provide Participants \3\ with
additional optional settings to assist them in their efforts to

manage risk on their order flow. These additional settings provide
participants with extra oversight and controls on orders coming into
the exchange. Once the optional risk controls are set, the Exchange is
authorized to take automated action if a designated risk level for a
Participant is exceeded. Such risk settings would provide Participants
with enhanced abilities to manage their risk with respect to orders on
the Exchange.
---------------------------------------------------------------------------

    \3\ Pursuant to Rule Nasdaq Equity 1, Section 1(a)(5), a
``Participant'' is defined as an entity that fulfills the
obligations contained in Equity 2, Section 3 regarding participation
in the System, and shall include: (1) ``Nasdaq ECNs,'' members that
meet all of the requirements of Equity 2, Section 14, and that
participates in the System with respect to one or more System
Securities; (2) ``Nasdaq Market Makers'' or ``Market Makers'',
members that are registered as Nasdaq Market Makers for purposes of
participation in the System on a fully automated basis with respect
to one or more System securities; and (3) ``Order Entry Firms,''
members that are registered as Order Entry Firms for purposes of
entering orders in System Securities into the System. This term
shall also include any Electronic Communications Network or
Alternative Trading System (as such terms are defined in Regulation
NMS) that fails to meet all the requirements of Equity 2, Section
14.
---------------------------------------------------------------------------

    All proposed risk settings are optional for Participants and afford
flexibility to Participants to select their own risk tolerance levels.
The proposed new and amended risk settings are as follows.
    The Exchange is proposing to add an additional risk setting titled
``Restricted Stock List.'' This control allows a Participant to
restrict the types of securities transacted by setting a list of
symbols for which orders cannot be entered. This control also allows to
set an easy to borrow list, which is a list of symbols for which short
sale orders may be entered. Orders for symbols not on the easy to
borrow list will not be accepted; however, Participants will have an
option to indicate that short sales orders are permitted for all
symbols. This setting is similar to Interpretations and Policies .01(d)
of BZX Rule 11.13.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 80611 (May 5, 2017)
82 FR 22045 (May 11, 2017) (SR-BatsBZX-2017-24).
---------------------------------------------------------------------------

    The Exchange is proposing to add an additional risk setting titled
``ADV Check.'' This control relates to the size of an order as compared
to the 20 day consolidated average daily volume \5\ (ADV) of the
security and allows a Participant to set a specified percent of ADV
that an order size cannot exceed. This control also allows a
Participant to specify the minimum value on which such control is based
if the average daily volume of the securities is below such value. This
setting is similar to Interpretations and Policies .01(g) of BZX Rule
11.13.
---------------------------------------------------------------------------

    \5\ In certain circumstances, when the security does not have 20
days of trading history, the ADV Check is calculated on fewer than
20 data points.
---------------------------------------------------------------------------

    The Exchange is proposing to add an additional risk setting titled
``Fat Finger Protection.'' This control relates to the limit price of
an order as compared to the NBBO and includes both percentage-based and
dollar-based controls. If the limit price of an order deviates from the
NBBO in excess of the amount set by a Participant (either percentage or
dollar based), the order will not be accepted. This setting is similar
to Interpretations and Policies .01(b) of BZX Rule 11.13.
    The Exchange is proposing to add an additional risk setting titled
``Rate Thresholds Check.'' A Participant will be able to set the
maximum number of messages (other than cancellations, but including new
orders, replacement orders and modifications) that can be sent in
during a configurable one second time window set by the Exchange. This
control can be set as a port level or per symbol. This setting is
similar to Interpretations and Policies .01(f) of BZX Rule 11.13.
    The Exchange is proposing to add an additional risk setting titled
``Gross Exposure Check.'' This control measures open, executed, or
notional exposure of a Participant on the Exchange; and, when breached,
prevents submission of all new orders and, optionally, will cancel all
open orders. Gross open order exposure is measured as the sum of booked
price times size for all open orders plus the sum of booked price times
size for all open sell orders. Gross executed order exposure is
measured as the sum of all executed buy and sell orders. Gross notional
order exposure is measured as the sum of the gross open exposure and
gross executed exposure. This setting is similar to Interpretations and
Policies .01(h) of BZX Rule 11.13.
    The Exchange is proposing to add an additional risk setting titled
``Market Impact Check.'' This optional control, if enabled, will result
in the rejection of a Participant's incoming limit order if the limit
price of the order is priced through the far-side of the current LULD
bands. In other words, a buy (sell) order cannot be priced more
aggressively than the upper (lower) LULD band.\6\ The Exchange notes
that pursuant to the existing LULD requirements, buy orders priced
below the lower price bands (and vice versa for sell orders) will be
accepted and are eligible for inclusion in the NBBO; however, these
orders are outside the price bands and will be non-executable. If the
price bands move in such a way that an order that was previously
outside the price band is now inside the band, the order will become
executable.
---------------------------------------------------------------------------

    \6\ The Limit Up-Limit Down (LULD) mechanism is intended to
prevent trades in National Market System (NMS) securities from
occurring outside of specified price bands. The bands are set at a
percentage level above and below the average reference price of the
security over the immediately preceding five-minute period. To
accommodate fundamental price moves, there is a five-minute trading
pause if trading is unable to occur within the specified price band
after 15 seconds.
---------------------------------------------------------------------------

    The Exchange believes that this new optional setting is similar to
the Exchange's existing Limit Order Protection (``LOP''). LOP is a
feature of the Nasdaq Market Center that prevents certain Limit Orders
at prices outside of pre-set standard limits (``LOP Limit'') from being
accepted by the System.\7\ LOP is operational each trading day, except
for orders designated for opening, re-opening, closing and halt
crosses. LOP does not apply in the event that there is no established
LOP Reference Price.\8\ LOP is applicable on all order entry
protocols.\9\ While the current LULD functionality would continue to
apply, this additional proposed risk setting would allow a Participant
to manage its risk more comprehensively.
---------------------------------------------------------------------------

    \7\ The LOP Limit is the greater of 10% of the LOP Reference
Price or $0.50 for all securities across all trading sessions. The
LOP Reference Price is the current National Best Bid or Best Offer,
the bid for sell orders and the offer for buy orders.
    \8\ For example, if there is a one-sided quote or if the NBB,
when used as the LOP Reference Price, is equal to or less than
$0.50.
    \9\ Nasdaq maintains several communications protocols for
Participants to use in entering Orders and sending other messages to
the Nasdaq Market Center, such as: OUCH, RASH, QIX, FLITE and FIX.
---------------------------------------------------------------------------

    The Exchange is also proposing to amend two existing risk settings
titled, ISO Control and Duplication Control.
    Currently, pursuant to Nasdaq Equity 6, Section 5(j), the
Duplication control will automatically reject an order that a
Participant submits to the Exchange to the extent that it is
duplicative of another order that the Participant submitted to the
Exchange during the prior five seconds. The Exchange proposes to
provide additional flexibility for Participants by allowing the
interval applicable to this risk check to vary from one to thirty
seconds, as set by a Participant. This setting is similar to
Interpretations and Policies .01(e) of BZX Rule 11.13.
    Pursuant to Nasdaq Equity 6, Section 5(b), ISO Control setting
prevents a Participant from entering an ISO order onto the Exchange.
The Exchange proposes to expand this setting to allow a Participant to
restrict additional order types from being entered. Specifically, a
Participant may restrict their ability to place any of the following:
ISO Orders (as currently provided by this risk setting), short sale
orders, non-auction market orders, pre-market orders or post-market
orders. The Exchange proposes to change the title of this risk setting
to Order Type/Attribution Check to better reflect its substance, as
amended. This setting is similar to Interpretations and Policies .01(c)
of BZX Rule 11.13.
    As currently provided for existing risk settings, the Exchange will
share any Participant risk settings in the trading system that are
specified Rule Nasdaq Equity 6, Section 5, with the clearing member
that clears transactions on

behalf of the Participant even if the clearing member is not
designated.
Implementation
    The Exchange intends to implement of the proposed rule changes on
or before December 30, 2022. The Exchange will issue an Equity Trader
Alert to members announcing the exact date the Exchange will implement
the risk protections.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes the proposed amendment will
remove impediments to and perfect the mechanism of a free and open
market and a national market system because it provides functionality
for a Participant to manage its risk exposure, while also maintaining a
notification system under Rule Nasdaq Equity 6, Section 5 that would
help to ensure the Participant and its clearing member are aware of
developing issues.
    A clearing member guarantees transactions executed on Nasdaq for
members with whom it has entered into a clearing arrangement, and
therefore bears the risk associated with those transactions. The
Exchange therefore believes that it is appropriate for the clearing
member to have knowledge of what risk settings the Participant may
utilize within the Exchange's trading system, as well as the option to
set and adjust the risk levels. The proposal will permit clearing
members who have a financial interest in the risk settings of
Participants with whom the Participants have entered into clearing
arrangements to better monitor and manage the potential risks assumed
by clearing members, thereby providing clearing members with greater
control and flexibility over setting their own risk tolerance and
exposure and aiding clearing members in complying with the Act.
    In addition, the Exchange believes that the proposed amendments
under Rule Nasdaq Equity 6, Section 5, are designed to protect
investors and the public interest because the proposed functionalities
are a form of risk mitigation that will aid Participants and clearing
members in minimizing their financial exposure and reduce the potential
for disruptive, market-wide events. The proposed new:
     Gross Executed Check settings are appropriate measures to
serve as an additional tool for Participants and clearing members to
assist them in identifying open, executed, or notional exposure risk;
     Market Impact Check and ADV check may assist Participants
in avoiding placing orders with unintentional market impact;
     Rate Thresholds Check may help alert a Participant to
excessive message traffic that could affect technical port performance;
     Fat Finger Protection will assist a Participant in
avoiding submission of orders with unintended price limits or share
sizes;
     Restricted Stock List will assist a Participant in
limiting trading for a particular security.
    The proposed amendments to ISO Control will a Participant prevent
trading in a particular order type by expanding the types of orders
subject to this check to pre-market, post-market, short sales, non-
auction market orders. The proposed amendments to the Duplication
Control will allow a Participant additional flexibility in using this
control by letting a Participant to choose the period of time over
which this control applies.
    The Exchange also believes the proposed amendments will assist
Participants and clearing members in managing their financial exposure
which, in turn, could enhance the integrity of trading on the
securities markets and help to assure the stability of the financial
system.
    Finally, the Exchange believes that the proposed rule changes do
not unfairly discriminate among the Exchange's Participants because use
of the risk settings under Rule Nasdaq Equity 6, Section 5 are optional
and available to all Participants, and not a prerequisite for
participation on the Exchange.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In fact, the Exchange believes
that the proposal will have a positive effect on competition because,
it would allow the Exchange to offer risk management functionality that
is comparable to functionality being offered by other national
securities exchanges. Moreover, by providing Participants and their
clearing members additional means to monitor and control risk, the
proposed rule may increase confidence in the proper functioning of the
markets and contribute to additional competition among trading venues
and broker-dealers. Rather than impede competition, the proposal is
designed to facilitate more robust risk management by Participants and
clearing members, which, in turn, could enhance the integrity of
trading on the securities markets and help to assure the stability of
the financial system.

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

    Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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.

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 protected]. Please include
File Number SR-NASDAQ-2022-047 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-2022-047. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2022-047 and should be submitted
on or before September 8, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17746 Filed 8-17-22; 8:45 am]
BILLING CODE 8011-01-P