[Federal Register Volume 79, Number 237 (Wednesday, December 10, 2014)]
[Notices]
[Pages 73382-73389]
[FR Doc No: 2014-28877]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73739; File No. SR-NASDAQ-2014-116)

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Proposed Rule Change Relating to the NASDAQ Opening and Halt
Cross

December 4, 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 November 21, 2014, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``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 NASDAQ. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    NASDAQ proposes to modify and reorganize Chapter VI (Trading
Systems), Section 8 (NASDAQ Opening and Halt Cross) of the NASDAQ
Options Market, LLC (``NOM''). The proposal would update or add Section
1 and Section 8 definitions in respect of the NASDAQ Opening and Halt
Cross. The proposal would also make changes regarding: The criteria for
opening of trading or resumption of trading after a halt; NASDAQ
posting on its Web site any changes to the dissemination interval or
prior Order Imbalance Indicator; the procedure if more than one price
exists; the procedure if there are unexecuted contracts; and the
ability of firms to elect that orders be returned in symbols that were
not opened on NOM before the conclusion of the Opening Order Cancel
Timer.
    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at NASDAQ's principal office, 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, NASDAQ 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, and is set forth in Sections A, B, and C below.

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 change is to modify NOM Chapter
VI, Section 1 and Section 8 to update or add definitions, which include
Current Reference Price, NASDAQ Opening Cross, Eligible Interest, Valid
Width National Best Bid or Offer (``Valid Width NBBO''), Away Best Bid
or Offer (``ABBO''), and On the Open Order (``OPG''). The purpose is to
also make changes regarding: The criteria for opening of trading or
resumption of trading after a halt; NASDAQ posting on its Web site any
changes to the dissemination interval or prior Order Imbalance
Indicator; the procedure if more than one price exists; the procedure
if there are unexecuted contracts; and the ability of firms to elect
that orders be returned in symbols that were not opened on NOM before
the conclusion of the Opening Order Cancel Timer.\3\
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    \3\ The Exchange will explain the proposed change to its
participants via an Options Trader Alert.
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    Section 8 of Chapter VI describes the NASDAQ opening and halt cross
and opening imbalance process (``Opening Cross'').\4\ Section 8(a)
currently contains definitions that are applicable to Section 8.
Section 8(b) currently states that for the opening of trading of System
Securities,\5\ the Opening Cross shall occur at or after 9:30 a.m.
Eastern Time \6\ if any of the following ``conditions'' occur: (1)
There is no Imbalance; \7\ (2) the dissemination of a regular market
hours quote or trade (as determined by the Exchange on a class-by-class
basis) by the Market for the Underlying Security \8\ has occurred (or,
in the case

of index options, the Exchange has received the opening price of the
underlying index); or (3) in the case of a trading halt, when trading
resumes pursuant to Chapter V, Section 4, and a certain number (as the
Exchange may determine from time to time) of other options exchanges
have disseminated a firm quote on the Options Price Reporting Authority
(``OPRA'').\9\ Market hours trading on NOM in specific options
commences, or in the case of specific halted options resumes, when the
NASDAQ Opening Cross concludes. Section 8(c) currently describes the
procedure if firm quotes are not disseminated for an option by the
predetermined number of options exchanges by a specific time during the
day that is determined by the Exchange; \10\ provided that
dissemination of a regular market hours quote or trade by the Market
for the Underlying Security has occurred (or, in the case of index
options, the Exchange has received the opening price of the underlying
index). This filing proposes several changes to enhance the usability
and effectiveness of Section 8 regarding the opening and halt cross and
imbalance process.
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    \4\ See Securities Exchange Act Release No. 64463 (May 11,
2011), 76 FR 28257 (May 16, 2011)(SR-NASDAQ-2011-037)(approval order
regarding updates to Opening Cross).
    \5\ ``System Securities'' means all options that are currently
trading on NOM pursuant to Chapter IV. All other options shall be
``Non System Securities.'' Chapter VI, Section 1(b).
    \6\ In this proposal, all time is Eastern Time unless otherwise
noted.
    \7\ ``Imbalance'' means the number of contracts of Eligible
Interest that may not be equal. Chapter VI, Section 8(a)(1).
``Eligible Interest'' means any quotation or any order that may be
entered into the system and designated with a time-in-force of IOC,
DAY, GTC. Chapter VI, Section 8(a)(4). The Exchange is deleting the
reference to Imbalance from Section 8(b) because, as discussed, the
occurrence of the Opening Cross depends on the parameters proposed
in Section 8(b) rather than on whether there is an imbalance.
    \8\ ``Market for the Underlying Security'' means either the
primary listing market, the primary volume market (defined as the
market with the most liquidity in that underlying security for the
previous two calendar months), or the first market to open the
underlying security, as determined by the Exchange on an issue-by-
issue basis and announced to the membership on the Exchange's Web
site. Chapter VI, Section 8(a)(5).
    \9\ For better readability, this part of Section 8(b) is
proposed to be broken into two sentences and the phrase ``the
Opening Cross shall occur'' inserted. Reference to firm quote on
OPRA is proposed to be deleted from this part of Section 8(b) and
is, as discussed, put into proposed Section 8(b)(2)(B).
    \10\ The specific time of day, currently 9:45 a.m., is
disseminated at http://www.nasdaqtrader.com/content/technicalsupport/NOM_SystemSettings.pdf.
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    First, the Exchange proposes to update or add new Section 8
definitions.
    The Exchange proposes a change to the definition of ``Current
Reference Price''. Current Section 8(a)(2)(A) defines the ``Current
Reference Price'' to mean: (i) The single price at which the maximum
number of contracts of Eligible Interest can be paired at or within the
NBBO; (ii) If more than one price exists under subparagraph (i), the
Current reference Price shall mean the entered price at which contracts
will remain unexecuted in the cross; (iii) If more than one price
exists under subparagraph (ii), the Current Reference Price shall mean
the price that is closest to the midpoint of the (1) National Best Bid
or the last offer on NOM against which contracts will be traded
whichever is higher, and (2) National Best Offer or the last bid on NOM
against which contracts will be traded whichever is lower. Proposed
Section 8(a)(2)(A) seeks to simplify the definition of the ``Current
Reference Price'' to state that ``Current Reference Price'' shall mean
an indication of what the Opening Cross price would be at a particular
point in time. The ``Current Reference Price'' determination will be
substantively similar to what is currently described in Section
8(a)(2)(A), with the criteria for the Opening Cross price, as discussed
below, set forth elsewhere in Section 8,\11\ according to various
parameters (e.g. existence of opening interest, existence of Valid
Width NBBO, whether the issue is open elsewhere).\12\ The Exchange
believes that this construction makes the rule easier to follow. In
addition, this construction also makes the language contained in
current Section 8(a)(2)(E) no longer necessary as it is replaced with
the new definition proposed for ``Current Reference Price'' in Section
8(a)(2)(A) and proposed criteria for the Opening Cross price set forth
in Section 8(b). Thus, the Exchange proposes to delete current Section
8(a)(2)(E).
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    \11\ See proposed Section 8(b).
    \12\ Simultaneously, the price parameters are deleted from
current Section 8(a)(2)(A). In a similar vein, current Section
8(a)(2)(E) indicative prices are deleted. The Exchange is re-
organizing Section 8 and thereby deleting the noted price parameters
and indicative prices in order to offer an integrated description of
the opening process in proposed Section 8(b).
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    The Exchange proposes a change to the definition of ``NASDAQ
Opening Cross''. Specifically, in proposed Section 8(a)(3) the Exchange
introduces a clarifying change that references opening or resuming
trading, and states that ``NASDAQ Opening Cross'' shall mean the
process for opening or resuming trading pursuant to this rule and shall
include the process for determining the price at which Eligible
Interest, as discussed below, shall be executed at the open of trading
for the day, or the open of trading for a halted option, and the
process for executing that Eligible Interest.
    The Exchange proposes to define a new order type in Section
1(e)(7), ``On the Open Order'', which is an order with a designated
time-in-force of OPG.\13\ An On the Open Order will be executable only
during the Opening Cross. If such order is not executed in its entirety
during the Opening Cross, the order, or any unexecuted portion of such
order, will be cancelled back to the entering participant.
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    \13\ The term ``On the Open Order'' (OPG) is also proposed to be
added as a Time in Force to Chapter VI, Sec 1(g), and is added as an
Order Type to Chapter VI, Sec 8(a)(4).
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    The Exchange proposes a change to the definition of ``Eligible
Interest'' contained in current Section 8(a)(4). Specifically, in
Section 8(a)(4) the Exchange proposes a change to reflect the addition
of a new order type, On the Open Order, with a time-in force of OPG, so
that ``Eligible Interest'' shall mean any quotation or any order that
may be entered into the system and designated with a time-in-force of
IOC (immediate-or-cancel), DAY (day order), GTC (good-till-cancelled),
and OPG.\14\ The Exchange also proposes new language to indicate how
certain time-in-force orders will be handled, to state that orders
received via FIX protocol prior to the NASDAQ Opening Cross designated
with a time-in-force of IOC will be rejected and shall not be
considered Eligible Interest. Orders received via OTTO and SQF prior to
the NASDAQ Opening Cross designated with a time-in-force of IOC will
remain in-force through the opening and shall be cancelled immediately
after the opening. The Exchange notes that FIX protocol users generally
prefer a cancel if an order is not executed immediately in order that
these users have an a opportunity to access other markets; while OTTO
and SQF users are liquidity providers who prefer that the order lives
throughout the entire opening process, until it is clear their
liquidity was not utilized in the opening. Also, for purposes of
consistency the time-in-force designation is hyphenated throughout
Section 8. The Exchange believes that these changes help to clarify how
eligible quotations and orders are handled in the opening process.
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    \14\ The Exchange notes that EXPR (wait or expire time) was
deleted in a prior filing, see Securities Exchange Act Release No.
64311 (April 20, 2011), 76 FR 23349 (April 26, 2011) (NASDAQ-2011-
022) (notice of filing and immediate effectiveness), but
inadvertently was left in the rule text where ``and OPG'' is
proposed to be added. EXPR is, therefore, not shown in the proposed
rule text.
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    The Exchange proposes to add the concept of a Valid Width NBBO and
ABBO with respect to away and on-Exchange interest. Specifically, in
proposed Section 8(a)(6) the Exchange defines ``Valid Width NBBO'' as
the combination of all away market quotes and any combination of NOM-
registered Market Maker (``Market Maker'') orders and quotes received
over the OTTO or SQF Protocols within a specified bid/ask differential
as established and published by the Exchange. The Valid Width NBBO will
be configurable by underlying, and a table with valid width
differentials will be posted by NASDAQ

on its Web site. Away markets that are crossed (e.g. AMEX crosses AMEX,
AMEX crosses CBOE) will void all Valid Width NBBO calculations. If any
Market Maker orders or quotes on NOM are crossed internally, then all
such orders and quotes will be excluded from the Valid Width NBBO
calculation. In addition, in proposed Section 8(a)(7), the Exchange
defines ``ABBO'' as the displayed National Best Bid or Offer not
including the Exchange's Best Bid or Offer.
    The Exchange is making these proposals to ensure that all away
market quotes and any combination of Market Maker orders and quotes
\15\, whether they include the Exchange's Best Bid or Offer or not, are
represented. The Exchange believes that including (or adding) the
proposed Valid Width NBBO and ABBO within the opening rule should be
beneficial to market participants by offering a more robust Opening
Cross process. The proposed change will significantly enhance the price
discovery mechanism in the opening process to include not only Market
Maker orders and quotes but also away market interest.\16\
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    \15\ In respect of the Valid Width NBBO, the orders and quotes
on the Exchange would be received over the OTTO or SQF Protocols.
    \16\ Current Section 8(b)(2)(B) and (b)(2)(C) discuss the
Opening Cross procedure if more than one price exists. As noted
below, the Exchange proposes to add language to current Section
8(b)(2)(C) regarding unexecuted contracts. Proposed Section 8(b)(5)
and (b)(6) (renumbered from current Section 8(b)(3) and (b)(4),
respectively) discuss how Eligible Interest would be handled vis a
vis the Opening Cross; proposed (b)(5) states that if the NASDAQ
Opening Cross price is selected and not all Eligible Interest
available in NOM is executed, then all Eligible Interest shall be
executed at the NASDAQ Opening Cross price in accordance with the
execution algorithm assigned to the associated underlying option. No
changes are proposed to Sections 8(b)(6) and 8(b)(7) other than re-
numbering. Section 8 (b)(6) (renumbered from current Section
8(b)(4)) states that all Eligible Interest executed in the Nasdaq
Opening Cross shall be executed at the Nasdaq Opening Cross price.
Proposed Section 8(b)(7) (renumbered from current Section 8(b)(5))
discusses the procedure of disseminating one additional Order
Imbalance Indicator, if the conditions specified in proposed Section
8(b) have occurred, but there is an imbalance containing marketable
routable interest; any remaining Imbalance will be canceled, posted,
or routed as per the directions on the customer's order.
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    Following are examples to illustrate, among other things, the
calculation of the Valid Width NBBO as proposed in Section 8(a)(6) and
the definition of the ABBO as proposed in Section 8(a)(7).

    Example 1 (normal market conditions). Assume that the Valid
Width NBBO bid/ask differential is set by the Exchange at .10. MM1
is quoting on the Exchange .90-1.15 and MM2 is quoting on the
Exchange .80-.95, thus making the NOM BBO .90-.95. Assume the ABBO
is .85-1.00. The Exchange considers all bid and all offers to
determine the bid/ask differential; in this example, the best bid/
ask is .90-.95 which satisfies the required .10 bid/ask differential
and is considered a Valid Width NBBO. Pursuant to the rule proposed
in Section 8(b)(2)(A), NOM will open with no trade and BBO
disseminated as .90-.95.
    Example 2 (away markets are crossed). Assume the Valid Width
NBBO bid/ask differential is set by the Exchange at .10. MM1 is
quoting on the Exchange 1.05-1.15 and MM2 is quoting on the Exchange
1.00-1.10, thus making the NOM BBO 1.05-.1.10. Assume Exchange 2 is
quoting .90-1.10 and Exchange 3 is quoting .70-.85. Since the ABBO
is crossed (.90-.85), Valid Width NBBO calculations are not taken
into account until the away markets are no longer crossed. Once the
away markets are no longer crossed, the Exchange will determine if a
Valid Width NBBO can be calculated. Assume the ABBO uncrosses
because Exchange 3 updates their quote to .90-1.15, the NOM BBO of
1.05-1.10 is considered a Valid Width NBBO. Pursuant to the rule
proposed in Section 8(b)(2)(A), NOM will open with no trade and BBO
disseminated as 1.05-1.10.
    Example 3 (NOM orders/quotes are crossed, ABBO is Valid Width
NBBO).  Assume that the Valid Width NBBO bid/ask differential is set
by the Exchange at .10. MM1 is quoting on the Exchange 1.05-1.15
(10x10 contracts) and MM2 is quoting on the Exchange .90-.95 (10x10
contracts), thus making the NOM BBO crossed, 1.05-.95, while another
MM3 is quoting on the Exchange at .90-1.15 (10x10 contracts). Since
the NOM BBO is crossed, the crossing quotes are excluded from the
Valid Width NBBO calculation. However, assume Exchange 2 is quoting
.95-1.10 and Exchange 3 is quoting .95-1.05, resulting in an
uncrossed ABBO of .95-1.05. The ABBO of .95-1.05 meets the required
.10 bid/ask differential and is considered a Valid Width NBBO. The
Opening Cross will follow the rules set forth in proposed Section
8(b)(4)(B) because MM1 and MM2 have 10 contracts each which cross
and there is more than one price at which those contracts could
execute. Thus, the Opening Cross will occur with 10 contracts
executing at 1.00, which is the mid-point of the National Best Bid
and the National Best Offer. At the end of the opening process, only
the quote from MM3 remains so the NOM disseminated quote at the end
of opening process will be .90-1.15 (10x10 contracts).

    Second, in current Section 8(b) the Exchange proposes to remove
language that ``there is no Imbalance'' and language regarding ``on a
class-by-class basis'', and proposes to add additional clarifying
language pertaining to an Opening Cross after a trading halt. The
Imbalance language is being removed from the introductory sentence of
current Section 8(b) to make the language of the Processing of the
Opening Cross apply more generally. The details surrounding the Opening
Cross as it relates specifically to an Imbalance is currently provided
for in Section 8(b)(5) and is being added in new proposed Section
8(b)(4)(C). The Exchange proposes to remove the ``on a class-by-class
basis'' language because the Exchange will use a regular market hours
quote or trade (as determined by the Exchange) for all classes on the
Exchange for the Opening Cross, without distinguishing among different
classes. Additionally, the Exchange proposes to add language to current
Section 8(b) to make it clear that an Opening Cross shall occur after a
trading halt when trading resumes pursuant to Chapter V, Section 4.\17\
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    \17\ Chapter V, Section 4 states that trading in an option that
has been the subject of a halt under Section 3 of Chapter V shall be
resumed upon the determination by NASDAQ Regulation, that the
conditions which led to the halt are no longer present or that the
interests of a fair and orderly market are best served by a
resumption of trading. Trading shall resume according to the process
set forth in proposed Chapter VI, Section 8 of the rules.
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    Third, the Exchange proposes to add certain criteria to current
Section 8(b), in order to describe how the opening process will differ
depending on whether a trade is possible or not on NOM. Provided that
the ABBO is not crossed these criteria necessitate, per proposed new
Section 8(b)(1), that a Valid Width NBBO will always be required to
open a series when there is tradable interest on NOM; and require, per
proposed new Section 8(b)(2), that in cases where there is no tradable
interest, any one of three conditions could trigger a series on NOM to
open. Those conditions are listed in proposed new (b)(2) as: (A) A
Valid Width NBBO is present, (B) a certain number of other options
exchanges (as determined by the Exchange) have disseminated a firm
quote on OPRA, or (C) a certain period of time (as determined by the
Exchange) has elapsed.\18\ The Exchange believes that listing these
criteria will, similarly to other proposed changes, organize and
clarify the opening process and make it more robust and protective for
market participants. The requirement of a Valid Width NBBO being
present will help to ensure that opening execution prices are rational
based on what is present in the broader marketplace during the opening
process.
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    \18\ In the case of a crossed ABBO, the conditions set forth in
new proposed Section (8)(b)(1) and (b)(2) will become operative when
the ABBO becomes uncrossed.
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    Fourth, the Exchange proposes changes to provide additional
information during the opening process. Current Section 8(b)(1)
indicates that NASDAQ shall disseminate an Order Imbalance Indicator
every 5 seconds and does not allow for a shorter dissemination
interval. New proposed Section 8(b)(3) indicates that NASDAQ shall
disseminate by electronic means

an Order Imbalance Indicator \19\ every 5 seconds beginning between
9:20 a.m. and 9:28 a.m., or a shorter dissemination interval as
established by NASDAQ, with the default being set at 9:25 a.m. The
start of dissemination, dissemination interval, and changes to prior
Order Imbalance Indicators, if any, shall be posted on the Exchange Web
site. To further enhance price discovery and disclosure regarding the
Opening Cross process, the Exchange proposes to add the ability for it
to disseminate imbalances more frequently, which the rule currently
does not allow for. The Exchange will indicate start of dissemination
and the dissemination interval on its Web site. The Exchange believes
that, like the other proposed changes, this proposed enhancement
regarding additional information disclosure should prove to be very
helpful to market participants, particularly those that are involved in
adding liquidity during the Opening Cross process.
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    \19\ ``Order Imbalance Indicator'' means a message disseminated
by electronic means containing information about Eligible Interest
and the price in penny increments at which such interest would
execute at the time of dissemination. For the information
disseminated by the Order Imbalance Indicator (e.g. Current
Reference Price, number of paired contracts, size and buy/sell
direction of Imbalance, indicative prices), see Chapter VI, Section
8(a)(2). The term ``order'' means a firm commitment to buy or sell
options contracts. Chapter 1, Section 1(a)(44).
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    Fifth, the Exchange proposes to add language regarding how the
Opening Cross will occur in relation to the Valid Width NBBO, and
further what would happen if more than one price exists under certain
circumstances. With this proposal, current Section 8(b)(2)(B) will be
deleted and the determination of the Opening Cross price will be more
fully described under proposed new Section 8(b)(4)(A)-(C). The new
language added to current subparagraph (A) stipulates that the Opening
Cross shall occur at the price that maximizes the number of contracts
of Eligible Interest in NOM to be executed at or within the ABBO and
within a defined range, as established and published by the Exchange,
of the Valid Width NBBO. Current subparagraph (A) simply states the
Opening Cross shall occur at the price that maximizes the number of
contracts of Eligible Interest in NOM to be executed at or within the
NBBO. The new proposed language being added to (A) will require that
the Opening Cross price not only be at a price at or within the ABBO
but also be within a defined range of the Valid Width NBBO. This
addition will ensure that the Exchange does not open at a price too far
away from the best interest available in the marketplace as a whole.
    The new proposed Section 8(b)(4)(B) and (C) describe in detail at
what price the Opening Cross will occur if there exists more than one
price under Section 8(b)(4)(A) at which the maximum number of contracts
could be executed at or within the ABBO and equal to or within a
defined range of the Valid Width NBBO. Current Section 8(b)(2)(C)
(renumbered as proposed to (b)(4)(B)) states that if more than one
price exists under subparagraph (B),\20\ the NASDAQ Opening Cross shall
occur at the price that is closest to the midpoint price of (1) the
National Best Bid or the last offer on NOM against which contracts will
be traded whichever is higher, and (2) the National Best Offer or the
last bid on NOM against which contracts will be traded whichever is
lower. In an effort to make the rule language more precise and to
signify that to the extent possible the Opening Cross will occur at the
midpoint price, the Exchange proposes to delete the language ``the
price that is closest to''. New subparagraph (B), as proposed, will
read that if more than one price exists under subparagraph (A) \21\ and
there are no contracts that would remain unexecuted in the cross, the
Nasdaq Opening Cross shall occur at the midpoint price, rounded to the
penny closest to the price of the last execution in that series and in
the absence of a previous execution price, the price will round up, if
necessary.\22\ The price is determined using the midpoint of (1) the
National Best Bid or the last offer on NOM against which contracts will
be traded whichever is higher, and (2) National Best Offer or the last
bid on NOM against which contracts will be traded whichever is lower.
The Exchange believes the proposed language more fully describes how
rounding is applied to determine the opening execution price in place
of a general statement of ``the price that is closest to the midpoint
price''. In addition, the Exchange proposes new subparagraph (C) to
describe the price at which the Opening Cross will occur when more than
one price exists under subparagraph (A) and there are contracts which
would remain unexecuted in the cross which was previously described in
Section 8(b)(2)(B) with less granularity and without consideration of
the new Valid Width NBBO. New proposed subparagraph (C) will state if
more than one price exists under subparagraph (A), and contracts would
remain unexecuted in the cross, then the opening price will be the
highest/lowest price, in the case of a buy/sell imbalance, at which the
maximum number of contracts can trade which is equal to or within a
defined range as established and published by the Exchange,\23\ of the
Valid Width NBBO on the contra side of the imbalance that would not
trade through the ABBO. Where there is more than one price and there is
an imbalance, in Section 8(b)(4)(C) the Exchange is proposing that the
Opening Cross price also be within a defined range of the Valid Width
NBBO on the contra side of the imbalance, to help ensure that the
opening price does not stray too far from the best prices available and
that the opening price is rational. In addition, the Opening Cross
price will be the highest price, in the case of a buy imbalance, where
the maximum number of contracts can trade which is equal to or within
the defined range of the Valid Width NBBO. Similarly, in the case of a
sell imbalance, the Opening Cross price will be the lowest price at
which the maximum number of contracts can trade which is equal to or
within the defined range of the Valid Width NBBO. This serves to
provide opening execution price protections as well as an Opening Cross
price which will not have residual unexecuted interest reflected in the
marketplace, after the Opening Cross execution, at a price which
crosses the Opening Cross execution price.
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    \20\ Current Section 8(b)(2)(B) currently states that if more
than one price exists under subparagraph (A), the NASDAQ Opening
Cross shall occur at the entered price at which contracts will
remain unexecuted in the cross. Subparagraph (A) states that the
NASDAQ Opening Cross shall occur at the price that maximizes the
number of contracts of Eligible Interest in NOM to be executed at or
within the National Best Bid and Offer.
    \21\ The Exchange proposes to change the subparagraph reference
from (B) to (A) as current subparagraph (B) is being deleted and
expanded upon with new subparagraphs (B) and (C).
    \22\ The Exchange notes that rounding will be applied, if
needed, in the following manner: If the previous closing price is
less than the midpoint, then the opening price rounds down; and if
the previous closing price is greater than the midpoint, or if there
is no closing price, then the opening price rounds up. For example,
if there is a midpoint of 1.045, the opening price would be rounded
to 1.04 if the previous closing price was 1.00, and would be rounded
to 1.05 if the previous closing price was 1.10.
    \23\ The Exchange notes that the system will also calculate a
defined range to limit the range of prices at which an order will be
allowed to execute. Chapter VI, Section 10 (7).
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    The following examples illustrate, among other things, the
determination of the Opening Cross price.

    Example 4 (no imbalance and one possible price).  Assume a Valid
Width NBBO bid/ask differential allowance of .10 and a defined range
of .10. Also, assume that the ABBO is 1.00-1.10 (10x10 contracts)
and the NOM BBO is .99-1.15 (10x10 contracts) which represents a
quote from MM1. Assume that

a Customer Order 1 comes in to Buy 10 contracts for 1.05 and a
Customer Order 2 comes in to Sell 10 contracts at 1.05. Once regular
markets hours have begun and the underlying security has opened, the
system determines if there is a Valid Width Quote present. While the
NOM BBO of .99-1.15 is wider than the allowed bid/ask differential
to qualify as a Valid Width NBBO on its own, the ABBO market of
1.00-1.10 does qualify as a Valid Width NBBO. In this scenario,
there is not an opening imbalance since there are 10 contracts on
both the buy and sell side which could possibly trade. Thus, the
Opening Cross will follow the rules set forth in proposed Section
8(b)(4)(A). Under this rule, the Opening Cross will occur at the
price which maximizes the number of contracts of Eligible Interest
at or within the ABBO and within a defined range of the Valid Width
NBBO. In this scenario, the Opening Cross price will be 1.05 with 10
contracts executing and NOM BBO disseminated as .99-1.15.
    Example 5 (no imbalance and more than one possible price).
Assume a Valid Width NBBO bid/ask differential allowance of .10 and
a defined range of .10. Assume the ABBO is 1.00-1.10 (10x10
contracts) and the NOM BBO is .99-1.11 (10x10 contracts) which
represents a quote from MM1. Assume that a Customer Order 1 comes in
to Buy 10 contracts for 1.08, and a Customer Order 2 comes in to
Sell 10 contracts at 1.00. Once regular markets hours have begun and
the underlying security has opened, the system determines if there
is a Valid Width Quote present. While the NOM BBO of .99-1.11 is
wider than the allowed bid/ask differential to qualify as a Valid
Width NBBO on its own, the ABBO market of 1.00-1.10 does qualify as
a Valid Width NBBO. In this scenario, there is not an imbalance as
there are 10 contracts to buy and 10 contracts to sell, however,
there exist multiple price points at which those 10 contracts could
execute within the ABBO and within a .10 range of the Valid Width
NBBO. Thus, the Opening Cross will follow the rules set forth in
proposed Section 8(b)(4)(B) and the Opening Cross will occur with 10
contracts executing at 1.04. 1.04 represents the midpoint of 1.00
(the last offer on NOM against which contracts will be traded or the
National Best Bid since the two are equal) and 1.08 (the last bid on
NOM against which contracts will be traded). If the example is
changed slightly such that Order 1 is a market order to Buy 10
contracts, the Opening Cross will occur with 10 contracts executing
at 1.05 which represents the midpoint of 1.00 (the last offer on NOM
against which contracts will be traded or the National Best Bid
since the two are equal) and 1.10 (the National Best Offer against
which contracts will be traded). The market order is considered to
be a price higher than the National Best Offer and outside of the
NBBO therefore, the National Best Offer is used in determining the
Opening Cross price. The NOM BBO disseminated after the opening in
either case will be .99-1.11.
    Example 6 (imbalance and more than one possible price).  Assume
that the ABBO is 1.05-1.50 (10x10 contracts) and MM1 is quoting on
NOM 1.15-1.20 (10x10 contracts) as well as MM2 is quoting on NOM
1.05-1.50 (10x10 contracts). Also assume that the Valid Width NBBO
bid/ask differential allowance and defined range are each .10. Also
assume a Customer Order 1 is entered to Buy 30 contracts for 1.45.
In this example, the Valid Width NBBO is comprised solely of the NOM
1.15-1.20 quote. There is more than one price at which the Exchange
can maximize the number of contracts executed, 10 contracts, during
the Opening Cross and there exist multiple prices at which 20
contracts will remain unexecuted in the Opening Cross. Thus, the
Opening Cross price will be determined under proposed Section
8(b)(4)(C). In this example, the Valid Width NBBO is 1.15-1.20 which
is the best bid and best offer of the MM1 quote and the ABBO and is
tighter than the allowed differential of .10. With a defined range
of .10 of the Valid Width NBBO on the contra side of the imbalance
(1.20 + .10), and a buy imbalance, the Opening Cross price will be
1.30 with Order 1 buying 10 contracts from MM1. The Opening Cross
price of 1.30 represents the highest price at which the maximum
number of contracts, 10 contracts, can trade which is equal to or
within the defined range of the Valid Width NBBO on the contra side
of the imbalance that would not trade through the ABBO. The
remaining unexecuted contracts will be posted on the book and
reflected in the NOM quote as a 1.30 bid with NOM BBO disseminated
as 1.30-150 [sic] with offer as non-firm, as proposed in Section
8(b)(4)(C)(iii). If this example were changed slightly such that the
ABBO was 1.05-1.25, the opening price would be 1.25 since the
Opening Cross cannot occur at a price outside of the ABBO.

    Because new proposed subsections (b)(1) and (b)(2) are added,
current subsections (b)(1) through (b)(5) are re-numbered to (b)(3)
through (b)(7), and the reference to (b)(2) in current (b)(7) is re-
numbered to (b)(4).
    Sixth, the Exchange is proposing new language to indicate the price
at which remaining unexecuted contracts will be posted. Specifically,
in proposed Section 8(b)(4)(C), formerly covered in (b)(2), the
Exchange proposes to state that if more than one price exists under
subparagraph (A), and contracts would remain unexecuted in the cross,
then the opening price will be the price at which the maximum number of
contracts can trade that are equal to or within the defined range of
the Valid Width NBBO on the contra side of the imbalance that would not
trade through the ABBO. New proposed subsections (i)-(iv) to Section
8(b)(4)(C) indicate the price at which unexecuted contracts will be
posted on the book following the Opening Cross and the subsequent
handling of the residual unexecuted contracts, as follows: (i) If
unexecuted contracts remain with a limit price that is equal to the
opening price, then the remaining unexecuted contracts will be posted
at the opening price, displayed one minimum price variation (MPV) away
if displaying at the opening price would lock or cross the ABBO, with
the contra-side NOM BBO reflected as firm; (ii) if unexecuted contracts
remain with a limit price that is through the opening price, and there
is a contra side ABBO at the opening price, then the remaining
unexecuted contracts will be posted at the opening price, displayed one
minimum price variation (MPV) away from the ABBO, with the contra side
NOM BBO reflected as firm and order handling of any remaining interest
will be done in accordance with the routing and time-in-force
instructions of such interest and shall follow the Acceptable Trade
Range mechanism set forth in Chapter VI, Section 10; (iii) if
unexecuted contracts remain with a limit price that is through the
opening price, and there is no contra side ABBO at the opening price,
then the remaining contracts will be posted at the opening price, with
the contra-side NOM BBO reflected as non-firm; and (iv) order handling
of any residual unexecuted contracts will be done in accordance with
the reference price set forth in Chapter VI, Section 10, with the
opening price representing the reference price. This proposed behavior
ensures that residual unexecuted contracts from the Opening Cross,
regardless of their limit prices, are posted on the book at the opening
price before subsequently being routed pursuant to Chapter VI, Section
11 or walked to the next potential execution price(s) under the
Acceptable Trade Range set forth in Chapter VI, Section 10(7), with the
opening price representing the ``reference price'' of that rule. This
enhancement to the NOM Opening Cross ensures that aggressively priced
interest does not immediately post at prices which may be considered to
be egregious if the interest were to post and execute immediately
following the Opening Cross. The `firm' versus `non-firm' tagging of
contra-side interest when residual Opening Cross interest is posted
follows the construct currently in place on the Exchange when
aggressive interest is received and triggers an Acceptable Trade Range
(ATR) process. Contra-side NOM BBO interest is reflected as non-firm
when the Exchange has interest with a limit price (or market order)
that is more aggressive than the Opening Cross price. The purpose
behind this is to ensure that aggressively priced residual interest
maintains priority should other aggressively priced interest be entered
before the residual interest is permitted to access the next allowable
range of prices.

    Following are examples illustrating the proposed rule text
regarding the handling of unexecuted contracts.

    Example 7 (proposed Section 8(b)(4)(C)(i)). Assume the ABBO is
1.00-1.10 (10x10 contracts), and the NOM BBO is .99-1.11 (10x10
contracts). Assume there is a Customer order to Buy 10 contracts at
the market and a Customer order to Sell 50 contracts at 1.00.
Further assume the Valid Width NBBO is defined as .10 and the
defined range is also .10. The Valid Width NBBO in this example is
comprised solely of the ABBO which has a bid/ask differential equal
to the allowance of .10. Since there is 1) an imbalance, 2) multiple
prices at which the maximum number of contracts (10) can execute
equal to or within the ABBO and, 3) multiple prices at which the
maximum number of contracts can execute equal to or within a defined
range of the Valid Width NBBO on the contra side of the imbalance
that would not trade through the ABBO, the Opening Cross will occur
at a price determined under Section 8(b)(4)(C). The Opening Cross
will result in 10 contracts being executed at 1.00. The 40 remaining
unexecuted contracts will be posted as a 40 contract offer at 1.00
and displayed at 1.01 (one MPV away from the away market bid of
1.00) in order to not display at a price which locks the ABBO under
proposed Section 8(b)(4)(C)(i). The resulting displayed NOM BBO
would be .99-1.01, reflected as firm on both sides of the market,
and the remaining interest would be handled in accordance with the
routing and time in-force instructions of the residual interest
\24\. Since the residual interest is posted at its limit and
therefore would not be permitted to execute at more aggressive
prices, the contra-side NOM BBO is reflected as firm.
---------------------------------------------------------------------------

    \24\ As set forth in proposed Section 8(b)(4)(C)(iv), order
handling of any residual interest in the Opening Cross will also be
done in accordance with the reference price set forth in Chapter VI,
Section 10, with the opening price representing the reference price.
---------------------------------------------------------------------------

    Example 8 (proposed Section 8(b)(4)(C)(ii)). Assume the ABBO is
1.00-1.10 (10x10 contracts), and the NOM BBO is .99-1.11 (10x10
contracts). Assume there is a Customer order to Buy 10 contracts at
the market and a Customer order to Sell 50 contracts at .85. Further
assume the Valid Width NBBO is defined as .10 and the defined range
is also .10. The Valid Width NBBO in this example is comprised
solely of the ABBO which has a bid/ask differential equal to the
allowance of .10. Since there is an imbalance and multiple prices
exist at which the maximum number of contracts (10) can execute
equal to or within the ABBO and within a defined range of the Valid
Width NBBO without trading through the ABBO, the Opening Cross will
occur at a price determined under Section 8(b)(4)(C). The Opening
Cross would result in 10 contracts being executed at 1.00. The 40
remaining unexecuted contracts will be posted as a 1.00 offer and be
displayed at 1.01 so as not to lock the away market bid under
proposed Section 8(b)(4)(C)(ii). Since the residual interest is
posted at a price which internally locks the ABBO and therefore
would not be permitted to execute at more aggressive prices until
the ABBO moves, the contra-side NOM BBO is reflected as firm. The
resulting displayed NOM BBO would be .99-1.01, reflected as firm on
both sides of the market, and the remaining interest would be
handled in accordance with the routing and time-in-force
instructions of the residual interest and in accordance with Chapter
VI, Section 10 of the NOM rules, and the contra-side BBO will be
marked as firm or non-firm in accordance with the same Section 10
rule.
    Example 9 (proposed Section 8(b)(4)(C)(iii)). Assume the ABBO is
.00-5.00 (0x10 contracts). Also assume the Valid Width NBBO bid/ask
differential is defined as 0.10 and the defined range as described
in proposed Section 8(b)(4)(C) is .10. Further, assume NOM has
received a quote of .99-1.09 (10x10), a Customer order to Buy 10
contracts at the market, a Customer order to Buy 10 contracts for
.70, and a Customer order to Sell 50 contracts at .85. There is a
Valid Width NBBO present with the NOM quote of .99-1.09, which is
equal to the defined bid/ask differential of .10. The Opening Cross
has an imbalance on the sell side. Since there is more than one
price at which contracts would remain unexecuted in the cross, the
Opening Cross price is determined using the logic included in
proposed Section 8(b)(4)(C). This will result in an execution of 20
contracts at .89, since the Valid Width NBBO on the bid side (contra
to the imbalance side) is .99 less the defined range of .10, with
the residual contracts of the .85 Sell Order posted on the book at
.89. The resulting NOM BBO would be reflected as .70-.89, reflected
as non-firm on the bid, firm on the offer, and the remaining
unexecuted interest would be handled in accordance with the routing
and time-in-force instructions of the residual interest. The .70 bid
is reflected as non-firm to ensure that incoming interest will not
be permitted to immediately execute ahead of the more aggressively
priced Opening Cross residual interest. The residual interest from
the Opening Cross will been handled in accordance with Chapter VI,
Section 10 of the NOM rules, and the contra-side BBO will be marked
as firm or non-firm in accordance with the same Section 10 rule.

    Seventh, the Exchange is proposing new language to indicate the use
of execution algorithms assigned to the underlying options.
Specifically, in proposed Section 8(b)(5) (formerly (b)(3)), the
Exchange proposes to delete price/time priority and add the use of
execution algorithms by stating that if the Nasdaq Opening Cross price
is selected and fewer than all contracts of Eligible Interest that are
available in NOM would be executed, all Eligible Interest shall be
executed at the Nasdaq Opening Cross price in accordance with the
execution algorithm assigned to the associated underlying option. By
substituting language indicating use of execution algorithms rather
than price/time priority, the Exchange recognizes that there are now
multiple execution allocation models,\25\ and these are factored into
the Opening Cross.
---------------------------------------------------------------------------

    \25\ See, e.g., Chapter VI, Section 10(1).
---------------------------------------------------------------------------

    Lastly, the Exchange proposes to add a provision regarding the
return of orders in un-opened symbols in the absence of an Opening
Cross. Proposed new Section 8(c) is substituted for current Section
8(c) and provides the procedure if an Opening Cross in a symbol is not
initiated before the conclusion of the Opening Order Cancel Timer.
Specifically, proposed new Section 8(c) states that if an Opening Cross
is not initiated under such circumstances, a firm may elect to have
orders returned by providing written notification to the Exchange.
These orders include all non GTC orders received over the FIX protocol.
The Opening Order Cancel Timer represents a period of time since the
underlying market has opened, and shall be established and disseminated
by NASDAQ on its Web site. Proposed Section 8(c) will provide
participants the ability to have their orders returned to them if NOM
is unable to initiate an Opening Cross within a reasonable time of the
opening of the underlying market. In addition, proposed Section 8(c)
deletes language which is present in current Section 8(c) regarding how
the Opening Cross operates in relation to the presence or absence of a
regular market hour quote or trade by the Market for the Underlying and
the process of the Opening Cross in relation to opening quotes or
orders which lock or cross each other. The deleted provisions are now
being more thoroughly described in proposed Section 8(b).
    The Exchange believes that the proposed changes significantly
improve the quality of execution of NOM's opening. The proposed changes
give participants more choice about where, and when, they can send
orders for the opening that would afford them the best experience. The
Exchange believes that this should attract new order flow. The proposed
changes should prove to be very helpful to market participants,
particularly those that are involved in adding liquidity during the
Opening Cross. Absent these proposed enhancements, NOM's opening
quality will remain less robust than on other exchanges.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \26\ in general, and furthers the

objectives of Section 6(b)(5) of the Act \27\ in particular, in that
the proposal 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.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposal is consistent with the goals of the Act because it
will enhance and clarify the Opening Cross process, minimize or negate
unnecessary complexity, and encourage liquidity at the crucial time of
market open. The proposed change will also enhance the price discovery
mechanism in the opening process to include not only Market Maker
orders and quotes but also away market interest as represented by
quotes. The Exchange believes this change will make the transition from
the Opening Cross period to regular market trading more efficient and
thus promote just and equitable principles of trade and serve to
protect investors and the public interest.
    The proposal is designed to promote just and equitable principles
of trade by updating and clarifying the rules regarding the NASDAQ
Opening and Halt Cross. In particular, the proposal would update or add
Chapter VI, Section 8 definitions regarding NASDAQ Opening Cross,
Eligible Interest, NBBO, and ABBO in respect of the Opening Cross and
resuming options trading after a halt. The Exchange would add to
Chapter VI, Section 1 the definition of ``On the Opening Order'' (OPG)
as used in Section 8 in respect of the Opening Cross. The proposal
would also, as discussed, make changes in Section 8 regarding: The
criteria for opening of trading or resumption of trading after a halt;
NASDAQ posting on its Web site any changes to the dissemination
interval or prior Order Imbalance Indicator; the procedure if more than
one price exists; the procedure if there are unexecuted contracts; and
the ability of firms to elect that orders be returned in symbols that
were not opened on NOM before the conclusion of the Opening Order
Cancel Timer.
    The proposal is designed to remove impediments to and perfect the
mechanism of a free and open market and a national market system. In
particular, the Exchange proposes in Chapter VI, Section 8(b) to remove
the class-by-class quote or trade characteristic because for the
Opening Cross the Exchange will use a regular market hours quote or
trade (as determined by the Exchange) for all underylings [sic] on the
Exchange, without distinguishing among underlying symbols, or, in the
case of a trading halt the Opening Cross shall occur when trading
resumes pursuant to Chapter V, Section 4. The Exchange proposes to set
forth in Section 8(b) clear language describing under what
circumstances an Opening Cross will occur, and how the Opening Cross
will occur if more than one price exists under certain circumstances.
Thus, for example, proposed Section 8(b)(4) specifies that if more than
one price exists under subparagraph (A), and contracts would remain
unexecuted in the cross, then the opening price will be the highest/
lowest price, in the case of a buy/sell imbalance, at which the maximum
number of contracts can trade which is equal to or within a defined
range, as established and published by the Exchange, of the Valid Width
NBBO on the contra side of the imbalance that would not trade through
the ABBO. The Exchange proposes, in Section 8(b)(4)(C), three
alternatives for how remaining unexecuted contracts will be handled.
These include: If unexecuted contracts remain with a limit price that
is equal to the opening price, if unexecuted contracts remain with a
limit price that is through the opening price and there is a contra
side ABBO at the opening price, and if unexecuted contracts remain with
a limit price that is through the opening price and there is no contra
side ABBO at the opening price. The Exchange also proposes to clarify
what happens if an Opening Cross in a symbol is not initiated before
the conclusion of the Opening Order Cancel Timer. In that case,
proposed Section 8(c)(2) [sic] indicates that a firm may elect to have
orders returned by providing written notification to the Exchange.
These orders include all non GTC orders received over the FIX protocol.
The Opening Order Cancel Timer represents a period of time since the
underlying market has opened, and shall be established and disseminated
by the Exchange on its Web site.
    The proposal is designed in general to protect investors and the
public interest. The Exchange proposes to add certain criteria to
current Section 8(b), in order to describe how the opening process will
differ depending on whether a trade is possible or not on NOM. Assuming
that ABBO is not crossed, proposed new Chapter VI, Section 8(b)(1)
states that if there is a possible trade on NOM, a Valid Width NBBO
must be present. Assuming that ABBO is not crossed, proposed Section
8(b)(2) states that if no trade is possible on NOM, then NOM will open
dependent upon one of the following: A Valid Width NBBO is present; A
certain number of other options exchanges (as determined by the
Exchange) have disseminated a firm quote on OPRA; or A certain period
of time (as determined by the Exchange) has elapsed. The Exchange
proposes to further enhance price discovery and disclosure regarding
the Opening Cross process, by proposing in current Section (b)(1)
(renumbered to be (b)(3)) that NASDAQ may choose to establish a
dissemination interval that is shorter than every 5 seconds; and that
the Exchange will indicate the interval on its Web site in conjunction
to other information regarding the Opening Process. Moreover, the
Exchange proposes to add language in current Section 8(c)(2) regarding
the return of orders in un-opened symbols in the absence of an Opening
Cross. Thus, if an Opening Cross in a symbol is not initiated before
the conclusion of the Opening Order Cancel Timer, a firm may elect to
have orders returned by providing written notification to the Exchange.
These orders include all non GTC orders received over the FIX protocol.
The Opening Order Cancel Timer represents a period of time since the
underlying market has opened, and shall be established and disseminated
by NASDAQ on its Web site.
    For the above reasons, NASDAQ believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act. The
Exchange believes that the proposed changes significantly improve the
quality of execution of NOM's opening. The proposed changes give
participants more choice about where, and when, they can send orders
for the opening that would afford them the best experience. The
Exchange believes that this should attract new order flow. The proposed
changes should prove to be more robust and helpful to market
participants, particularly those that are involved in adding liquidity
during the Opening Cross.

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. While the Exchange does not
believe that the proposal should have any direct impact on competition,
it believes the proposal should help to further clarify the Opening
Cross process and make it more efficient, reduce order entry
complexity, enhance market liquidity, and be beneficial to market
participants. Moreover, the Exchange believes that

the proposed changes significantly improve the quality of execution of
NOM's opening. The proposed changes give participants more choice about
where, and when, they can send orders for the opening that would afford
them the best experience. The Exchange believes that this should
attract new order flow. Absent these proposed enhancements, NOM's
opening quality will remain less robust than on other exchanges, and
the Exchange will remain at a competitive disadvantage.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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_ADDRESS>Please include
File Number SR-NASDAQ-2014-116 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2014-116. 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 such filing also will be available
for inspection and copying at the principal offices 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-
116, and should be submitted on or before December 31, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------

    \28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-28877 Filed 12-9-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 71 (Thursday, April 12, 2018)]
[Notices]
[Pages 15826-15827]
[FR Doc No: 2018-07554]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EL18-126-000; EL18-127-000; EL18-128-000; EL18-129-000;
EL18-130-000]

Ontelaunee Power Operating Company, LLC; Liberty Electric Power,
LLC; Dynegy Hanging Rock II, LLC; Dynegy Washington II, LLC; Dynegy
Fayette II, LLC; Notice of Institution of Section 206 Proceeding and
Refund Effective Date

    On April 5, 2018, the Commission issued an order in Docket Nos.
EL18-126-000, EL18-127-000, EL18-128-000, EL18-129-000, and EL18-130-
000, pursuant to section 206 of the Federal Power Act (FPA), 16 U.S.C.
824e (2012), instituting an investigation into whether Ontelaunee Power
Operating Company, LLC, Liberty Electric Power, LLC, Dynegy Hanging
Rock II, LLC, Dynegy Washington II, LLC, and Dynegy Fayette II, LLC's
reactive power rates may be unjust and unreasonable. Ontelaunee

Power Operating Company, LLC, et al., 163 FERC ] 61, 014 (2018).
    The refund effective date in Docket Nos. EL18-126-000, EL18-127-
000, EL18-128-000, EL18-129-000, and EL18-130-000, established pursuant
to section 206(b) of the FPA, will be the date of publication of this
notice in the Federal Register.
    Any interested person desiring to be heard in Docket Nos. EL18-126-
000, EL18-127-000, EL18-128-000, EL18-129-000, and EL18-130-000 must
file a notice of intervention or motion to intervene, as appropriate,
with the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426, in accordance with Rule 214 of the Commission's
Rules of Practice and Procedure, 18 CFR 385.214, within 21 days of the
date of issuance of the order.

    Dated: April 6, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-07554 Filed 4-11-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 43 (Monday, March 8, 2021)]
[Proposed Rules]
[Pages 13229-13232]
[FR Doc No: 2021-04441]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2021-0128; Project Identifier MCAI-2020-01406-T]
RIN 2120-AA64

Airworthiness Directives; Airbus SAS Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for certain Airbus SAS Model A321-211, -231, and -232 airplanes. This
proposed AD was prompted by a report of false drill starts found around
the latch hook mounting holes of certain door frames of the fuselage
due to erroneous manufacturing processes. This proposed AD would
require a one-time inspection of the area around the latch hook
mounting holes of the forward and aft door frames to detect damage from
false drill starts, and repair if necessary, as specified in a European
Union Aviation Safety Agency (EASA) AD, which is proposed for
incorporation by reference. The FAA is proposing this AD to address the
unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by April 22,
2021.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For material that will be incorporated by reference (IBR) in this
AD, For EASA, use: Contact the EASA, Konrad-Adenauer-Ufer 3, 50668
Cologne, Germany; telephone +49 221 8999 000; email<EMAIL_ADDRESS>
internet www.easa.europa.eu. You may find this IBR material on the EASA
website at https://ad.easa.europa.eu. You may view this IBR material at
the FAA, Airworthiness Products Section, Operational Safety Branch,
2200 South 216th St., Des Moines, WA. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>. It is also
available in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2021-
0128.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2021-
0128; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this NPRM, any comments received, and other information. The street
address for Docket Operations is listed above.

FOR FURTHER INFORMATION CONTACT: Sanjay Ralhan, Aerospace Engineer,
Large Aircraft Section, International Validation Branch, FAA, 2200
South 216th St., Des Moines, WA 98198; telephone and fax<PHONE_NUMBER>;
email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under ADDRESSES. Include ``Docket No. FAA-2021-0128; Project Identifier
MCAI-2020-01406-T'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
the proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this proposed AD.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial information that is customarily treated

as private, that you actually treat as private, and that is relevant or
responsive to this NPRM, it is important that you clearly designate the
submitted comments as CBI. Please mark each page of your submission
containing CBI as ``PROPIN.'' The FAA will treat such marked
submissions as confidential under the FOIA, and they will not be placed
in the public docket of this NPRM. Submissions containing CBI should be
sent to Sanjay Ralhan, Aerospace Engineer, Large Aircraft Section,
International Validation Branch, FAA, 2200 South 216th St., Des Moines,
WA 98198; telephone and fax<PHONE_NUMBER>; email<EMAIL_ADDRESS>
Any commentary that the FAA receives which is not specifically
designated as CBI will be placed in the public docket for this
rulemaking.

Background

    The EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA AD 2020-0222, dated October 14, 2020
(EASA AD 2020-0222) (also referred to as the Mandatory Continuing
Airworthiness Information, or the MCAI), to correct an unsafe condition
for certain Airbus SAS Model A321-211, -231, and -232 airplanes.
    This proposed AD was prompted by a report of false drill starts
found around the latch hook mounting holes of certain door frames of
the fuselage due to erroneous manufacturing processes. These false
drill starts were found around the latch hook mounting holes on frames
16 and 66 of the left- and right-hand sides of forward and aft
passenger doors 1 and 4.
    The FAA is proposing this AD to address damage from false drill
starts, which could result in reduced structural integrity of the
airplane. See the MCAI for additional background information.

Related Service Information Under 1 CFR Part 51

    EASA AD 2020-0222 describes procedures for a one-time detailed
inspection of the area around the latch hook mounting holes of the
forward and aft door frames to detect damage from false drill starts,
and repair of any damage found. This material is reasonably available
because the interested parties have access to it through their normal
course of business or by the means identified in the ADDRESSES section.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to the FAA's bilateral agreement with the State of Design Authority,
the FAA has been notified of the unsafe condition described in the MCAI
referenced above. The FAA is proposing this AD because the FAA
evaluated all the relevant information and determined the unsafe
condition described previously is likely to exist or develop in other
products of the same type design.

Proposed AD Requirements

    This proposed AD would require accomplishing the actions specified
in EASA AD 2020-0222 described previously, as incorporated by
reference, except for any differences identified as exceptions in the
regulatory text of this AD.

Clarification of Compliance Times to Certain Proposed AD Requirements

    Although EASA AD 2020-0222 does not specifically state compliance
times for the corrective actions required by paragraph (2) of EASA AD
2020-0222, paragraph (2) of EASA AD 2020-0222 does specify to
accomplish applicable corrective actions within the compliance time as
specified in Airbus Service Bulletin A320-53-1473, dated December 20,
2019. Airbus Service Bulletin A320-53-1473, dated December 20, 2019,
specifies the compliance times for these actions are before further
flight. Therefore, paragraph (g) of this proposed AD would require the
corrective actions to be done before further flight.

Explanation of Required Compliance Information

    In the FAA's ongoing efforts to improve the efficiency of the AD
process, the FAA initially worked with Airbus and EASA to develop a
process to use certain EASA ADs as the primary source of information
for compliance with requirements for corresponding FAA ADs. The FAA has
since coordinated with other manufacturers and civil aviation
authorities (CAAs) to use this process. As a result, EASA AD 2020-0222
will be incorporated by reference in the FAA final rule. This proposed
AD would, therefore, require compliance with EASA AD 2020-0222 in its
entirety, through that incorporation, except for any differences
identified as exceptions in the regulatory text of this proposed AD.
Using common terms that are the same as the heading of a particular
section in the EASA AD does not mean that operators need comply only
with that section. For example, where the AD requirement refers to
``all required actions and compliance times,'' compliance with this AD
requirement is not limited to the section titled ``Required Action(s)
and Compliance Time(s)'' in the EASA AD. Service information specified
in EASA AD 2020-0222 that is required for compliance with EASA AD 2020-
0222 will be available on the internet at https://www.regulations.gov
by searching for and locating Docket No. FAA-2021-0128 after the FAA
final rule is published.

Costs of Compliance

    The FAA estimates that this proposed AD affects 21 airplanes of
U.S. registry. The FAA estimates the following costs to comply with
this proposed AD:

                                     Estimated Costs for Required Actions *
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
14 work-hours x $85 per hour = $1,190........................              $0           $1,190          $24,990
----------------------------------------------------------------------------------------------------------------
* Table does not include estimated costs for reporting.

    The FAA estimates that it would take about 1 work-hour per product
to comply with the proposed reporting requirement in this proposed AD.
The average labor rate is $85 per hour. Based on these figures, the FAA
estimates the cost of reporting the inspection results on U.S.
operators to be $1,785, or $85 per product.
    The FAA estimates the following costs to do any necessary on-
condition repairs that would be required based on the results of any
required actions. The FAA has no way of determining the number of
aircraft that might need these on-condition repairs:

                 Estimated Costs of On-Condition Actions
------------------------------------------------------------------------
           Labor cost                Parts cost      Cost per  product
------------------------------------------------------------------------
Up to 42 work-hours x $85 per               * $0   Up to $3,570.
 hour = $3,570 (per door).
------------------------------------------------------------------------
* The FAA has received no definitive data on which to base the parts
  cost estimates for the on-condition repairs specified in this proposed
  AD.

    According to the manufacturer, some or all of the costs of this
proposed AD may be covered under warranty, thereby reducing the cost
impact on affected operators. The FAA does not control warranty
coverage for affected operators. As a result, the FAA has included all
known costs in the cost estimate.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to penalty for
failure to comply with a collection of information subject to the
requirements of the Paperwork Reduction Act unless that collection of
information displays a current valid OMB control number. The control
number for the collection of information required by this proposed AD
is 2120-0056. The paperwork cost associated with this proposed AD has
been detailed in the Costs of Compliance section of this document and
includes time for reviewing instructions, as well as completing and
reviewing the collection of information. Therefore, all reporting
associated with this proposed AD is mandatory. Comments concerning the
accuracy of this burden and suggestions for reducing the burden should
be directed to Information Collection Clearance Officer, Federal
Aviation Administration, 10101 Hillwood Parkway, Fort Worth, TX 76177-
1524.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive:

Airbus SAS: Docket No. FAA-2021-0128; Project Identifier MCAI-2020-
01406-T.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) action by April 22, 2021.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Airbus SAS Model A321-211, -231, and -232
airplanes, certificated in any category, as identified in European
Union Aviation Safety Agency (EASA) AD 2020-0222, dated October 14,
2020 (EASA AD 2020-0222).

(d) Subject

    Air Transport Association (ATA) of America Code 53, Fuselage.

(e) Reason

    This AD was prompted by a report of false drill starts found
around the latch hook mounting holes of certain door frames of the
fuselage due to erroneous manufacturing processes. The FAA is
issuing this AD to address damage from false drill starts, which
could result in reduced structural integrity of the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, EASA AD 2020-0222.

(h) Exceptions to EASA AD 2020-0222

    (1) Paragraph (3) of EASA AD 2020-0222 specifies to report
inspection results to Airbus within a certain compliance time. For
this AD, report inspection results at the applicable time specified
in paragraph (h)(1)(i) or (ii) of this AD.
    (i) If the inspection was done on or after the effective date of
this AD: Submit the report within 90 days after the inspection.
    (ii) If the inspection was done before the effective date of
this AD: Submit the report within 90 days after the effective date
of this AD.
    (2) The ``Remarks'' section of EASA AD 2020-0222 does not apply
to this AD.

(i) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Large Aircraft Section, International Validation Branch, FAA, has
the authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or responsible Flight
Standards Office, as appropriate. If sending information directly to
the Large Aircraft Section, International Validation Branch, send it
to the attention of the person identified in paragraph (j)(2) of
this AD. Information may be emailed to<EMAIL_ADDRESS>
Before using any approved AMOC, notify your appropriate principal
inspector, or lacking a principal

inspector, the manager of the responsible Flight Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, Large Aircraft
Section, International Validation Branch, FAA; or EASA; or Airbus
SAS's EASA Design Organization Approval (DOA). If approved by the
DOA, the approval must include the DOA-authorized signature.
    (3) Required for Compliance (RC): Except as required by
paragraph (i)(2) of this AD, if any service information contains
procedures or tests that are identified as RC, those procedures and
tests must be done to comply with this AD; any procedures or tests
that are not identified as RC are recommended. Those procedures and
tests that are not identified as RC may be deviated from using
accepted methods in accordance with the operator's maintenance or
inspection program without obtaining approval of an AMOC, provided
the procedures and tests identified as RC can be done and the
airplane can be put back in an airworthy condition. Any
substitutions or changes to procedures or tests identified as RC
require approval of an AMOC.
    (4) Paperwork Reduction Act Burden Statement: A federal agency
may not conduct or sponsor, and a person is not required to respond
to, nor shall a person be subject to a penalty for failure to comply
with a collection of information subject to the requirements of the
Paperwork Reduction Act unless that collection of information
displays a current valid OMB Control Number. The OMB Control Number
for this information collection is 2120-0056. Public reporting for
this collection of information is estimated to be approximately 1
hour per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data
needed, and completing and reviewing the collection of information.
All responses to this collection of information are mandatory as
required by this AD. Send comments regarding this burden estimate or
any other aspect of this collection of information, including
suggestions for reducing this burden to Information Collection
Clearance Officer, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX 76177-1524.

(j) Related Information

    (1) For information about EASA AD 2020-0222, contact the EASA,
Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49 221
8999 000; email<EMAIL_ADDRESS>internet www.easa.europa.eu. You
may find this EASA AD on the EASA website at https://ad.easa.europa.eu. You may view this material at the FAA,
Airworthiness Products Section, Operational Safety Branch, 2200
South 216th St., Des Moines, WA. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>. This material may be
found in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-
2021-0128.
    (2) For more information about this AD, contact Sanjay Ralhan,
Aerospace Engineer, Large Aircraft Section, International Validation
Branch, FAA, 2200 South 216th St., Des Moines, WA 98198; telephone
and fax<PHONE_NUMBER>; email<EMAIL_ADDRESS>
    Issued on February 26, 2021.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2021-04441 Filed 3-5-21; 8:45 am]
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[Federal Register Volume 77, Number 175 (Monday, September 10, 2012)]
[Notices]
[Pages 55468-55469]
[FR Doc No: 2012-22184]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13005-003]

Oliver Hydro LLC; Notice Soliciting Scoping Comments

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: Original Major License.
    b. Project No.: P-13005-003.
    c. Date filed: December 14, 2011.
    d. Applicant: Oliver Hydro LLC.
    e. Name of Project: William Bacon Oliver Lock and Dam Hydroelectric
Project
    f. Location: At the U.S. Army Corps of Engineers' (Corps) William
Bacon Oliver Lock and Dam on the Black Warrior River, in Tuscaloosa
County, Alabama. The project would occupy 8.7 acres of United States
lands administered by the Corps' Mobile District.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791 (a)-825(r).
    h. Applicant Contact: Brent Smith, Symbiotics LLC, 371 Upper
Terrace, Suite 2, Bend, OR 97702;<PHONE_NUMBER>; or email at
<EMAIL_ADDRESS>    i. FERC Contact: Allan Creamer at<PHONE_NUMBER>, or via email at
<EMAIL_ADDRESS>    j. Deadline for filing scoping comments: October 4, 2012.
    All documents may be filed electronically via the Internet. See 18
CFR 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site 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>or toll free at 1-866-208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be

paper-filed. To paper-file, mail an original and seven copies to:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street NE., Washington, DC 20426.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person 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. This application is not ready for environmental analysis at this
time.
    l. The proposed project would utilize the Corps' existing William
Bacon Oliver Lock and Dam, and would consist of the following new
facilities: (1) A forebay; (2) an intake structure; (3) a powerhouse
containing two generating units with a total capacity of 11.72
megawatts (MW); (4) a 150-foot-long, 68-foot-wide tailrace; (5) a
proposed 1.7-mile-long, 25 kilovolt (kV) transmission line; (6) a
switchyard; and (7) appurtenant facilities. The proposed project would
have an average annual generation of 42.6 GWh, and operate in a run-of-
river mode utilizing surplus water from the William Bacon Oliver Lock
and Dam, as directed by the Corps.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site 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. For assistance, contact
FERC Online Support. A copy is also available for inspection and
reproduction at the address in item h above.
    n. 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, contact FERC
Online Support.
    o. Scoping Process
    The Commission staff intends to prepare a single Environmental
Assessment (EA) for the William Oliver Bacon Lock and Dam Hydroelectric
Project in accordance with the National Environmental Policy Act. The
EA will consider both site-specific and cumulative environmental
impacts and reasonable alternatives to the proposed action.
    Commission staff does not propose to conduct any on-site scoping
meetings at this time. Instead, we are soliciting comments,
recommendations, and information, on the Scoping Document (SD) issued
on August 31, 2012.
    Copies of the SD outlining the subject areas to be addressed in the
EA were distributed to the parties on the Commission's mailing list and
the applicant's distribution list. Copies of the SD may be viewed on
the web 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. For assistance, call 1-866-208-3676 or
for TTY,<PHONE_NUMBER>.

    Dated: September 4, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-22184 Filed 9-7-12; 8:45 am]
BILLING CODE 6717-01-P