[Federal Register Volume 81, Number 225 (Tuesday, November 22, 2016)]
[Notices]
[Pages 83892-83896]
[FR Doc No: 2016-28037]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79330; File No. SR-NASDAQ-2016-155]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Limit Order Protection for Members Accessing the Nasdaq
Market Center

November 16, 2016.
    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 4, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II 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 the Limit Order Protection or
``LOP'' for members accessing the Nasdaq Market Center and adding rule
text related to a collar applicable to Primary Pegging and Market
Pegging Orders.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change 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 Exchange recently adopted a new mechanism to protect against
erroneous Limit Orders, which are entered into the Nasdaq Market
Center, at Rule 4757(c).\3\ This mechanism addresses risks to market
participants of human error in entering Limit Orders at unintended
prices. Specifically, LOP prevents certain Limit Orders from executing
or being placed on the Order Book at prices outside pre-set standard
limits.

The System rejects those Limit Orders, rather than executing them
automatically. LOP rejects Limit Orders back to the member when the
order exceeds certain defined logic. Specifically, LOP prevents certain
Limit Orders at prices outside of pre-set standard limits (``LOP
Limit'') from being accepted by the System.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 78246 [sic] (August
24, 2016), 81 FR 59672 (August 30, 2016) (SR-NASDAQ-2016-067).
---------------------------------------------------------------------------

Modifications of Orders
    In its adoptive filing, the Exchange noted that LOP shall apply to
all Quotes and Orders, including any modified Orders.\4\ At this time,
the Exchange proposes to remove ``including any modified Orders'' from
the rule text at rule 4757(c)(i). The Exchange proposes to amend this
language because it is misleading and may cause confusion. The Exchange
proposes to state that LOP shall apply to all Quotes and Orders,
including Quotes and Orders that have been modified, where the
modification results in a new timestamp and priority.\5\ Any Order that
is modified within the System, but does not lose priority, for example
an Order that was decremented, will not be subject to LOP after it was
modified because the system does not cancel decremented orders from the
Order Book. If an Order is cancelled either by the member or by the
system and a new Order entered into the System, the new Order would be
subject to LOP. For example, if the price of an Order is modified, the
system will cancel the Order and the modified Order would receive a new
timestamp and priority and this Order would be subject to LOP.
---------------------------------------------------------------------------

    \4\ If an Order is modified for price, LOP will review the order
anew and, if LOP is triggered, such modification will not take
effect and the original order will be rejected.
    \5\ See Rule 4756 (Entry and Display of Quotes and Orders) at
(a)(3).
---------------------------------------------------------------------------

Exceptions to LOP
    The Exchange also noted in its adoptive filing that LOP would not
apply to Market Orders, Market Maker Peg Orders \6\ or Intermarket
Sweep Orders (ISO).\7\ The Exchange proposes to modify this language to
specifically state that LOP would not apply to Orders with Market and
Primary Pegging.\8\
---------------------------------------------------------------------------

    \6\ A ``Market Maker Peg Order'' is an Order Type designed to
allow a Market Maker to maintain a continuous two-sided quotation at
a displayed price that is compliant with the quotation requirements
for Market Makers set forth in Rule 4613(a)(2). The displayed price
of the Market Maker Peg Order is set with reference to a ``Reference
Price'' in order to keep the displayed price of the Market Maker Peg
Order within a bounded price range. A Market Maker Peg Order may be
entered through RASH, FIX or QIX only. A Market Maker Peg Order must
be entered with a limit price beyond which the Order may not be
priced. The Reference Price for a Market Maker Peg Order to buy
(sell) is the then-current National Best Bid (National Best Offer)
(including Nasdaq), or if no such National Best Bid or National Best
Offer, the most recent reported last-sale eligible trade from the
responsible single plan processor for that day, or if none, the
previous closing price of the security as adjusted to reflect any
corporate actions (e.g., dividends or stock splits) in the security.
See Nasdaq Rule 4702(b)(7).
    \7\ An Intermarket Sweep or ISO Order, which is an Order that is
immediately executable within the Nasdaq Market Center against
Orders against which they are marketable, is not subject to LOP. See
NASDAQ Rule 4702.
    \8\ Orders with Market and Primary Pegging available through
RASH, FIX, and QIX only.
---------------------------------------------------------------------------

    There are three types of Pegging Orders: Primary Pegging, Market
Pegging and Midpoint Pegging. Pegging is an Order Attribute that allows
an Order to have its price automatically set with reference to the
NBBO; provided, however, that if Nasdaq is the sole market center at
the Best Bid or Best Offer (as applicable), then the price of any
Displayed Order with Primary Pegging (as defined below) will be set
with reference to the highest bid or lowest offer disseminated by a
market center other than Nasdaq. An Order with a Pegging Order
Attribute may be referred to as a ``Pegged Order.'' \9\ For purposes of
this Rule 4703, the price to which an Order is pegged will be referred
to as the Inside Quotation, the Inside Bid, or the Inside Offer, as
appropriate. There are three varieties of Pegging:
---------------------------------------------------------------------------

    \9\ Rule 4703(d).

     Primary Pegging means Pegging with reference to the
Inside Quotation on the same side of the market. For example, if the
Inside Bid was $11, an Order to buy with Primary Pegging would be
priced at $11.
     Market Pegging means Pegging with reference to the
Inside Quotation on the opposite side of the market. For example, if
the Inside Offer was $11.06, an Order to buy with Market Pegging
would be priced at $11.06.
     Midpoint Pegging means Pegging with reference to the
midpoint between the Inside Bid and the Inside Offer (the
``Midpoint''). Thus, if the Inside Bid was $11 and the Inside Offer
was $11.06, an Order with Midpoint Pegging would be priced at
$11.03. An Order with Midpoint Pegging is not displayed. An Order
with Midpoint Pegging may be executed in sub-pennies if necessary to
obtain a midpoint price.

    Midpoint Pegging will be the only Pegging Order subject to LOP,
provided it has a limit price. Pegging is available only during Market
Hours. An Order with Pegging may specify a limit price beyond which the
Order may not be executed; provided, however, that if an Order has been
assigned a Pegging Order Attribute and a Discretion Order \10\
Attribute, the Order may execute at any price within the discretionary
price range, even if beyond the limit price specified with respect to
the Pegging Order Attribute. A Midpoint Pegging Order may have a
discretion attribute. A Midpoint Pegging Order with a discretion price
would not be subject to LOP. The Exchange notes that a Midpoint Pegging
Order, similar to a Primary or Market Pegging Order, as explained
below, may result is [sic] an aggressive or passive price. As a result,
the LOP may remove orders that were intended to be more aggressive or
passive due to the discretionary attribute. For this reason, the
Exchange will not subject a Midpoint Pegging Order with a discretion
price to LOP.
---------------------------------------------------------------------------

    \10\ Discretion is an Order Attribute under which an Order has a
non-displayed discretionary price range within which the entering
Participant is willing to trade; such an Order may be referred to as
a ``Discretionary Order.'' See NASDAQ Rule 4703(g).
---------------------------------------------------------------------------

    In addition, an Order with Primary Pegging or Market Pegging may
specify an Offset Amount,\11\ such that the price of the Order will
vary from the Inside Quotation by the selected Offset Amount. The
Offset Amount may be either aggressive or passive. Thus, for example,
if a Participant entered an Order to buy with Primary Pegging and a
passive Offset Amount of $0.05 and the Inside Bid was $11, the Order
would be priced at $10.95. If the Participant selected an aggressive
Offset Amount of $0.02, however, the Order would be priced at $11.02.
An Order with Primary Pegging and an Offset Amount will not be
Displayed, unless the Order is Attributable. The Exchange notes that
both Market and Primary Pegging may impact the market by effecting the
bid or offer.
---------------------------------------------------------------------------

    \11\ An offset is not supported for a Midpoint Pegging Order.
---------------------------------------------------------------------------

    The Exchange is not applying LOP to orders with Market or Primary
Pegging because it may result in removing orders that were intended to
be more aggressive or to set the bid or offer on the market due to the
order attributes noted above. These Pegging Orders are also subject to
a collar, which is explained in this rule change.
    In contrast, an Order with Midpoint Pegging will only be at the
midpoint and not have the same impact as the other two types of orders
and therefore subjecting such an order to LOP does not impact the
potential of the order since by definition it is set to the midpoint.
An Order with Midpoint Pegging will not be displayed and is not subject
to a collar.
    An Order with Market Pegging and no Offset behaves as a ``market
order'' with respect to any liquidity on the Nasdaq Book at the Inside
Quotation on the opposite side of the market because it is

immediately executable at that price. If, at the time of entry, there
is no price to which a Pegged Order can be pegged, the Order will be
rejected; provided, however, that a Displayed Order that has Market
Pegging, or an Order with a Non-Display Attribute that has Primary
Pegging or Market Pegging, will be accepted at its limit price.
    In the case of an Order with Midpoint Pegging, if the Inside Bid
and Inside Offer are locked, the Order will be priced at the locking
price, if the Inside Bid and Inside Offer are crossed, the Order will
nevertheless be priced at the midpoint between the Inside Bid and
Inside Offer, and if there is no Inside Bid and/or Inside Offer, the
Order will be rejected.\12\ However, even if the Inside Bid and Inside
Offer are locked or crossed, an Order with Midpoint Pegging that locked
or crossed an Order on the Nasdaq Book would execute (provided,
however, that a Midpoint Peg Post-Only Order would execute or post as
described in Rule 4702(b)(5)(A)).\13\ It is important to note that only
to the extent that a Midpoint Pegging Order has a limit price that the
Order would be subject to LOP, unless the Midpoint Pegging Order also
has a discretion attribute. If no limit price is specified, the
Midpoint Pegging Order would not be subject to LOP.
---------------------------------------------------------------------------

    \12\ This provision is subject to change by another rule change.
See Securities Exchange Act Release No. 78908 (September 22, 2016),
81 FR 66702 (September 28, 2016) (SR-NASDAQ-2016-111). The
Commission notes that it approved SR-NASDAQ-2016-111 on November 10,
2016. See Securities Exchange Act Release No. 79290.
    \13\ Id.
---------------------------------------------------------------------------

    LOP will be operational each trading day, except for orders
designated for opening, re-opening and closing crosses and initial
public offerings. LOP would not be operational during trading halts and
pauses. LOP will not apply in the event that there is no established
LOP Reference Price.\14\ The LOP Reference Price shall be the current
National Best Bid or Best Offer (NBBO), the bid for sell orders and the
offer for buy orders.\15\ LOP will be applicable on all protocols.\16\
The LOP feature will be mandatory for all Nasdaq members.
---------------------------------------------------------------------------

    \14\ 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.
    \15\ The Exchange will not accept incoming Limit Orders that
exceed the LOP Reference Threshold. Limit Orders will not be
accepted if the price of the Limit Order is greater than the LOP
Reference Threshold for a buy Limit Order. Limit Orders will not be
accepted if the price of the Limit Order is less than the LOP
Reference Threshold for a sell Limit Order. The LOP Reference
Threshold for buy orders will be the LOP Reference Price (offer)
plus the applicable LOP Limit. The LOP Reference Threshold for sell
orders will be the LOP Reference Price (bid) minus the applicable
LOP Limit. The LOP Limit will be the greater of 10% of the LOP
Reference Price or $0.50 for all securities across all trading
sessions. The LOP Reference Price will be the current National Best
Bid or Best Offer (NBBO), the bid for sell orders and the offer for
buy orders.
    \16\ 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.
---------------------------------------------------------------------------

Implementation of LOP
    The Exchange indicated in its adoptive rule change that it would
implement this rule within ninety (90) days of the approval of the
proposed rule change.\17\ At this time, the Exchange proposes to delay
this implementation an additional sixty (60) days from the original
timeframe in order to implement the LOP with the changes proposed
herein. The Exchange will issue an Equities Trader Alert in advance to
inform market participants of such implementation date.
---------------------------------------------------------------------------

    \17\ See note 3 above.
---------------------------------------------------------------------------

Pegging Order Collar
    In 2009, the Exchange adopted a collar for certain Unpriced
Orders.\18\ At that time, the Exchange defined a Collared Order as all
Unpriced Orders except: (1) Market On Open Orders as defined in Rule
4752; (2) Market On Close Orders as defined in Rule 4754; (3) Unpriced
Orders included by the System in any Nasdaq Halt Cross or Nasdaq
Imbalance Cross, each as defined in Rule 4753; or (4) Unpriced Orders
that are Reference Price Cross Orders as defined in Rule 4770. Any
portion of a Collared Order that would execute (either on NASDAQ or
when routed to another market center) at a price more than $0.25 or 5
percent worse than the NBBO at the time when the order reaches the
System, whichever is greater, will be cancelled. This rule related to
the collar was inadvertently removed from the Exchange's rules.\19\ At
this time, the Exchange proposes to amend the Nasdaq rules to add the
collar into the rules once again.
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 60371 (July 23,
2009), 74 FR 38075 (July 30, 2009) (SR-NASDAQ-2009-070). An
``Unpriced Order'' was defined in this rule change as any order type
permitted by the System to buy or sell shares of a security at the
national best bid (best offer) (``NBBO'') at the time when the order
reaches the System.
    \19\ See Securities Exchange Act Release No. 75252 (June 22,
2016), 80 FR 36865 (June 26, 2015) (SR-NASDAQ-2015-024).
---------------------------------------------------------------------------

    The purpose of the collar is to protect market participants by
reducing the risk that Primary and Market Pegging Orders will execute
at prices that are significantly worse than the national best bid and
offer (``NBBO'') at the time the Exchange receives the order. The
Exchange believes that most market participants expect that their order
will be executed at its full size at a price reasonably related to the
prevailing market. However, market participants may not be aware that
there is insufficient liquidity at or near the NBBO to fill the entire
order, particularly for more thinly-traded securities.
    The Exchange proposes to memorialize this collar, which currently
exists in its trading and routing systems functionality, and define it
specifically as applicable to Primary and Market Pegging Orders. The
Exchange seeks to memorialize the rule within Rule 4703, entitled
``Order Attributes.'' The new rule text would state, ``Primary Pegging
Orders and Market Pegging Orders are subject to a collar. Any portion
of a Primary Pegging Order or Market Pegging Order that would execute,
either on the Exchange or when routed to another market center, at a
price of more than $0.25 or 5 percent worse than the NBBO at the time
when the order reaches the System, whichever is greater, will be
cancelled.''
    The following example illustrates how the collar works. A market
participant submits a routable order to buy 500 shares. The NBBO is
$6.00 bid by $6.05 offer, with 100 shares available on each side. Both
sides of the NBBO are set by another market center (``Away Market''),
but Nasdaq has 100 shares available at the $6.05 to sell at the offer
price and also has reserve orders to sell 100 shares at $6.32 and 400
shares at $6.40. No other market center is publishing offers to sell
the security in between $6.05 and $6.40.
    In this example, the order would be executed in the following
manner:
     100 shares would be executed by Nasdaq at the $6.05;
     400 shares would be routed to the Away Market as an
immediate or cancel order with a price of $6.05;
     100 shares executed by the Away Market; \20\
---------------------------------------------------------------------------

    \20\ This assumes that the Away Market's offer was still
available and that the Away Market had no additional non-displayed
orders at this price.
---------------------------------------------------------------------------

     300 shares returned to Nasdaq;
     100 shares executed by Nasdaq at $6.32 (more than $0.25
but less than 5 percent worse than the NBBO); and 200 shares,
representing the remainder of the order, would be cancelled because the
remaining liquidity available at $6.40 is more than 5 percent worse
than the NBBO.
Implementation of Pegging Order Collar
    The Exchange intends to implement the Pegging Order Collar as soon
as practicable pursuant to this proposal. The Exchange requests a
waiver of the

operative delay to implement the Pegging Order Collar.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \21\ in general, and furthers the objectives of Section
6(b)(5) of the Act \22\ 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, by mitigating risks to market participants of human error in
entering Limit Orders at clearly unintended prices. The proposal will
allow for protections for Limit Orders, which should encourage price
continuity and, in turn, protect investors and the public interest by
reducing executions occurring at dislocated prices.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange's proposal to amend the language concerning the
modification of Orders is consistent with the Act because only new
Orders would be subject to LOP. The proposed new language specifies
that Orders that are modified for size and remain in the Order Book
with the same priority, because only size was modified to reduce the
size, will not be subject to LOP. Other modifications to Orders that
amend the timestamp or priority will subject the modified orders to LOP
because these Orders will be submitted into the System as new Orders.
The LOP functionality protects market participants by reducing the risk
that Midpoint Pegging Orders will execute at prices that are
significantly worse than the national best bid and offer (``NBBO'') at
the time the Exchange receives the order.
    The LOP feature assists with the maintenance of fair and orderly
markets by mitigating the risks associated with errors resulting in
executions at prices that are away from the Best Bid or Offer and
potentially erroneous. Further, it protects investors from potentially
receiving executions away from the prevailing prices at any given time.
The Exchange adopted LOP to avoid a series of improperly priced
aggressive orders transacting in the Order Book.
    The Exchange believes that excluding Primary Pegging and Market
Pegging Orders is consistent with the Act because including such orders
may result in removing orders that were intended to be more aggressive
or to set the bid or offer on the market due to the order attributes
noted in the Purpose section of this rule change. Market and Primary
Pegging Orders are also currently subject to a collar. Market and
Primary Pegging Orders that would execute, either on the Exchange or
when routed to another market center, at a price of more than $0.25 or
5 percent worse than the NBBO at the time when the order reaches the
System, whichever is greater, will be cancelled.\23\ Further, the
Market Pegging Order has its own process for rejecting those orders
where no price exists to which a Pegged Order can be pegged.
---------------------------------------------------------------------------

    \23\ The Exchange inadvertently removed the rule from the Nasdaq
Rulebook. The Exchange proposes to adopt the rule herein.
---------------------------------------------------------------------------

    This feature should create a level of protection that prevents the
Limit Orders from entering the Order Book outside of an acceptable
range for the Limit Order to execute. The LOP should reduce the
negative impacts of sudden, unanticipated volatility, and serve to
preserve an orderly market in a transparent and uniform manner,
increase overall market confidence, and promote fair and orderly
markets and the protection of investors.
Pegging Order Collar
    The Exchange believes that the collar proposal is consistent with
the Act because 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, by avoiding execution of
Primary and Market Pegging Orders (either on Nasdaq or on other market
centers as a result of orders routed by Nasdaq) at prices that are
significantly worse than the NBBO at the time the order is initially
received. The NBBO provides reasonable guidance of the current value of
a given security and therefore market participants should have
confidence that their Market and Primary Pegging Orders will not be
executed at a significantly worse price than the NBBO.

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. The LOP feature should provide
market participants with additional price protection from anomalous
executions. This feature is not optional and is applicable to all
members submitting Limit Orders. Thus, the Exchange does not believe
the proposal creates any significant impact on competition. In
addition, the proposed collar in Rule 4703 would be applicable to all
Market and Primary Pegging Orders entered into the Nasdaq System.
Similarly, all Midpoint Pegging Order will be subject to LOP, unless
they have a discretion attribute.

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) of the Act and Rule 19b-
4(f)(6) thereunder.\24\
---------------------------------------------------------------------------

    \24\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \25\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \26\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. When the
Exchange first proposed the LOP, the Exchange represented that it would
implement the LOP within 90 days of obtaining Commission approval
(i.e., by November 22, 2016).\27\ The Exchange now proposes to extend
the LOP implementation date by 60 days in order to include the
modifications in this proposed rule change with the implementation of
the LOP. Waiver of the 30-day operative delay would allow the Exchange
to immediately extend the

LOP implementation date. The waiver would also permit the Exchange to
immediately clarify the application of the LOP to modified orders.
Moreover, the waiver would allow the Exchange to immediately exclude
from the LOP Market Pegging Orders, Primary Pegging Orders, and
Midpoint Pegging Orders that have a discretion price. As noted above,
the Exchange proposes to exclude these Orders because these Orders may
be intended to be aggressive or to set the bid or offer on the market.
Moreover, as noted above, Market and Primary Pegging Orders are
currently subject to collars. Lastly, the waiver would allow the
Exchange's rules to immediately and accurately reflect the current
collars for Market and Primary Pegging Orders, which were removed
inadvertently. Accordingly, the Commission finds that waiving the 30-
day operative delay is consistent with the protection of investors and
the public interest and designates the proposal operative upon
filing.\28\
---------------------------------------------------------------------------

    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 17 CFR 240.19b-4(f)(6)(iii).
    \27\ See Securities Exchange Act Release Nos. 78246 (July 7,
2016), 81 FR 45332 (July 13, 2016) (noticing SR-NASDAQ-2016-067) and
78667 (August 24, 2016), 81 FR 59672 (August 30, 2016) (approving
SR-NASDAQ-2016-067).
    \28\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 change 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_ADDRESS>Please include
File Number SR-NASDAQ-2016-155 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-2016-155. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
    Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2016-155 and should
be submitted on or before December 13, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-28037 Filed 11-21-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 109 (Thursday, June 6, 2013)]
[Notices]
[Pages 34116-34117]
[FR Doc No: 2013-13376]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2013-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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

SUMMARY: New or modified Base (1% annual-chance) Flood Elevations
(BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries
or zone designations, and/or the regulatory floodway (hereinafter
referred to as flood hazard determinations) as shown on the indicated
Letter of Map Revision (LOMR) for each of the communities listed in the
table below are finalized. Each LOMR revises the Flood Insurance Rate
Maps (FIRMs), and in some cases the Flood Insurance Study (FIS)
reports, currently in effect for the listed communities. The flood
hazard determinations modified by each LOMR will be used to calculate
flood insurance premium rates for new buildings and their contents.

DATES: The effective date for each LOMR is indicated in the table
below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at www.msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Luis Rodriguez, Chief, Engineering
Management Branch, Federal Insurance and Mitigation Administration,
FEMA, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or
(email<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and ninety (90) days have elapsed since that
publication. The Deputy Associate Administrator for Mitigation has
resolved any appeals resulting from this notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard determinations are the basis for
the floodplain management measures that the community is required
either to adopt or to show evidence of being already in effect in order
to remain qualified for participation in the National Flood Insurance
Program (NFIP).
    These new or modified flood hazard determinations, together with
the floodplain management criteria required by 44 CFR 60.3, are the
minimum that are required. They should not be construed to mean that
the community must change any existing ordinances that are more
stringent in their floodplain management requirements. The community
may at any time enact stricter requirements of its own or pursuant to
policies established by other Federal, State, or regional entities.
    These new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and also are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA

Map Service Center at www.msc.fema.gov.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                     Location and case    Chief executive officer       Community map
         State and county                   No.                 of community             repository       Effective date of modification   Community No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alabama: Lee (FEMA Docket No.: B-  City of Auburn (11-   The Honorable Bill Ham,    Public Works          May 4, 2012...................          010144
 1245).                             04-8290P).            Jr., Mayor, City of        Department, 171
                                                          Auburn, 144 Tichenor       North Ross Street,
                                                          Avenue, Auburn, AL 36830.  Auburn, AL 36830.
Louisiana: Ascension (FEMA Docket  Unincorporated areas  The Honorable Tommy        Ascension Parish      March 29, 2013................          220013
 No.: B-1305).                      of Ascension Parish   Martinez, President,       President's Office,
                                    (11-06-4231P).        Ascension Parish, 208      208 East Railroad
                                                          East Railroad Avenue,      Avenue, Gonzales,
                                                          Gonzales, LA 70737.        LA 70737.
Oklahoma:
    Tulsa (FEMA Docket No.: B-     City of Collinsville  The Honorable Herb         106 North 12th        March 28, 2013................          400360
     1289).                         (12-06-4005P).        Weaver, Mayor, City of     Street,
                                                          Collinsville, 106 North    Collinsville, OK
                                                          12th Street,               74021.
                                                          Collinsville, OK 74021.
    Tulsa (FEMA Docket No.: B-     Unincorporated areas  The Honorable John         Tulsa County Annex    March 28, 2013................          400462
     1289).                         of Tulsa County (12-  Smaligo, Chairman, Tulsa   Building, 633 West
                                    06-4005P).            County Board of            3rd Street, Room
                                                          Commissioners, 500 South   140, Tulsa, OK
                                                          Denver Avenue, Tulsa, OK   74127.
                                                          74103.
Texas:
    Bexar (FEMA Docket No.: B-     Unincorporated areas  The Honorable Nelson W.    Bexar County Public   March 25, 2013................          480035
     1289).                         of Bexar County (12-  Wolff, Bexar County        Works Department,
                                    06-2613P).            Judge, Paul Elizondo       233 North Pecos-La
                                                          Tower, 101 West Nueva      Trinidad Street,
                                                          Street, 10th Floor, San    Suite 420, San
                                                          Antonio, TX 78205.         Antonio, TX 78207.
    Harris (FEMA Docket No.: B-    Unincorporated areas  The Honorable Ed Emmett,   Harris County, 10555  March 28, 2013................          480287
     1289).                         of Harris County      Harris County Judge,       Northwest Freeway,
                                    (12-06-1133P).        1001 Preston Street,       Houston, TX 77092.
                                                          Suite 911, Houston, TX
                                                          77002.
    Tarrant (FEMA Docket No.: B-   City of North         The Honorable T. Oscar     City Hall, 7301       April 4, 2013.................          480607
     1305).                         Richland Hills (12-   Trevino, Jr., P.E.,        Northeast Loop 820,
                                    06-2052P).            Mayor, City of North       North Richland
                                                          Richland Hills, 7301       Hills, TX 76180.
                                                          Northeast Loop 820,
                                                          North Richland Hills, TX
                                                          76180.
    Travis (FEMA Docket No.: B-    City of Austin (12-   The Honorable Lee          Watershed Protection  April 1, 2013.................          480624
     1289).                         06-2306P).            Leffingwell, Mayor, City   Department, 505
                                                          of Austin, P.O. Box        Barton Springs
                                                          1088, Austin, TX 78767.    Road, 12th Floor,
                                                                                Austin, TX 78704.
    Travis (FEMA Docket No.: B-    Unincorporated areas  The Honorable Samuel T.    Travis County         March 25, 2013................          481026
     1302).                         of Travis County      Biscoe, Travis County      Permits Counter,
                                    (12-06-2557P).        Judge, P.O. Box 1748,      700 Lavaca Street,
                                                          Austin, TX 78767.          Suite 547, Austin,
                                                                                TX 78701.
    Travis (FEMA Docket No.: B-    Unincorporated areas  The Honorable Samuel T.    Travis County         April 1, 2013.................          481026
     1289).                         of Travis County      Biscoe, Travis County      Permits Counter,
                                    (12-06-2306P).        Judge, P.O. Box 1748,      700 Lavaca Street,
                                                          Austin, TX 78767.          Suite 547, Austin,
                                                                                TX 78701.
    Webb (FEMA Docket No.: B-      City of Laredo (12-   The Honorable Raul G.      1120 San Bernardo     March 18, 2013................          480651
     1289).                         06-2634P).            Salinas, Mayor, City of    Avenue, Laredo, TX
                                                          Laredo, 1110 Houston       78042.
                                                          Street, Laredo, TX 78040.
Virginia:
    Loudoun (FEMA Docket No.: B-   Town of Purcellville  The Honorable Robert W.    Town Hall, 221 South  March 18, 2013................          510231
     1305).                         (12-03-0984P).        Lazaro, Jr., Mayor, Town   Nursery Avenue,
                                                          of Purcellville, 221       Purcellville, VA
                                                          South Nursery Avenue,      20132.
                                                          Purcellville, VA 20132.
    Loudoun (FEMA Docket No.: B-   Unincorporated areas  The Honorable Scott K.     Loudoun County        March 18, 2013................          510090
     1305).                         of Loudoun County     York, Chairman-at-Large,   Building and
                                    (12-03-0984P).        Loudoun County Board of    Development
                                                          Supervisors, 1 Harrison    Department, 1
                                                          Street Southeast, 5th      Harrison Street
                                                          Floor, Mailstop 1,         Southeast,
                                                          Leesburg, VA 20175.        Leesburg, VA 20175.
    Prince William (FEMA Docket    Unincorporated areas  The Honorable Melissa S.   Prince William        March 18, 2013................          510119
     No.: B-1289).                  of Prince William     Peacor, County             County Watershed
                                    County (12-03-        Executive, Prince          Management Branch,
                                    0457P).               William County, 1 County   5 County Complex
                                                          Complex Court, Prince      Court, Suite 170,
                                                          William, VA 22192.         Prince William, VA
                                                                                22192.
--------------------------------------------------------------------------------------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Roy E. Wright,
Deputy Associate Administrator for Mitigation, Department of Homeland
Security, Federal Emergency Management Agency.
[FR Doc. 2013-13376 Filed 6-4-13; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register: November 9, 2009 (Volume 74, Number 215)]
[Notices]
[Page 57732-57733]
[DOCID:fr09no09-100]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Notice of Applications for Certificates of Public Convenience and
Necessity and Foreign Air Carrier Permits Filed Under Subpart B
(Formerly Subpart Q) During the Week Ending October 24, 2009

    The following Applications for Certificates of Public Convenience
and Necessity and Foreign Air Carrier Permits were filed under Subpart
B (formerly Subpart Q) of the Department of Transportation's Procedural
Regulations (See 14 CFR 301.201 et. seq.). The due date for Answers,
Conforming Applications, or Motions to Modify Scope are set forth below
for each application. Following the Answer period DOT may process the
application by expedited procedures. Such procedures may consist of the
adoption of a show-cause order, a tentative order, or in appropriate
cases a final order without further proceedings.
    Docket Number: DOT-OST-2009-0267.
    Date Filed: October 23, 2009.

    Due Date for Answers, Conforming Applications, or Motion to Modify
Scope: November 13, 2009.
    Description: Application of Atlas Air, Inc. (``Atlas'') requesting
a certificate of public convenience and necessity authorizing Atlas to
engage in foreign charter air transportation of persons, property and
mail. Atlas further requests an exemption to permit Atlas to conduct
foreign charter air transportation of persons, property and mail for an
initial period of one year or until the grant of the requested
certificate authority, whichever is earlier.

    Docket Number: DOT-OST-2009-0268.
    Date Filed: October 23, 2009.
    Due Date for Answers, Conforming Applications, or Motion to Modify
Scope: November 13, 2009.
    Description: Application of Atlas Air, Inc. (``Atlas'') requesting
a certificate of public convenience and necessity authorizing Atlas to
engage in interstate charter air transportation of persons, property
and mail.

Renee V. Wright,
Program Manager, Docket Operations, Federal Register Liaison.
[FR Doc. E9-26906 Filed 11-6-09; 8:45 am]

BILLING CODE 4910-9X-P